{"id":48563,"date":"2017-07-24T21:53:00","date_gmt":"2017-07-25T01:53:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48563"},"modified":"2025-07-22T21:54:22","modified_gmt":"2025-07-23T01:54:22","slug":"july-24-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48563","title":{"rendered":"July 24, 2017"},"content":{"rendered":"

The Tembec Empty Voting controversy, discussed on July 20<\/a>, now looks like a fizzle<\/a>:<\/p>\n

Shares in Tembec Inc. rose the most since May after Rayonier Advanced Materials Inc. won support from two key shareholders for its increased bid for the Canadian lumber and paper producer.
…<\/b>
Rayonier Advanced is now offering Tembec investors the choice of receiving C$4.75 a share in cash — valuing the company at about C$475 million ($379 million) — or 0.2542 Rayonier Advanced shares for each Tembec share.
…<\/b>
Paul Boynton, chief executive officer of Rayonier Advanced, said in an interview Sunday that the companies have entered into an irrevocable agreement with Tembec\u2019s two biggest shareholders, Oaktree Capital Group LLC and Restructuring Capital Associates to support the deal. The pair collectively hold about 37 percent of the target\u2019s shares.<\/p>\n<\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3963 %<\/td>\n2,407.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3963 %<\/td>\n4,417.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.60 %<\/td>\n3.62 %<\/td>\n128,413<\/td>\n18.25<\/td>\n3<\/td>\n0.3963 %<\/td>\n2,545.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1799 %<\/td>\n3,062.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.33 %<\/td>\n52,316<\/td>\n3.80<\/td>\n5<\/td>\n-0.1799 %<\/td>\n3,656.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1799 %<\/td>\n2,853.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n4.74 %<\/td>\n65,793<\/td>\n6.10<\/td>\n21<\/td>\n0.0977 %<\/td>\n2,770.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.27 %<\/td>\n84,045<\/td>\n14.99<\/td>\n15<\/td>\n0.2211 %<\/td>\n2,912.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.33 %<\/td>\n4.35 %<\/td>\n185,099<\/td>\n6.38<\/td>\n98<\/td>\n0.1692 %<\/td>\n2,400.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.08 %<\/td>\n5.44 %<\/td>\n121,990<\/td>\n6.13<\/td>\n30<\/td>\n0.0861 %<\/td>\n2,855.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.54 %<\/td>\n2.84 %<\/td>\n43,306<\/td>\n4.28<\/td>\n10<\/td>\n0.0315 %<\/td>\n2,635.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 21.90
\nEvaluated at bid price : 22.40
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.26
\nBid-YTW : 8.33 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 22.47
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 22.54
\nEvaluated at bid price : 23.01
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 17.06
\nEvaluated at bid price : 17.06
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 15.89
\nEvaluated at bid price : 15.89
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.86
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.67
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset<\/td>\n516,248<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n51,084<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.39
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset<\/td>\n49,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset<\/td>\n34,405<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.03
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n29,338<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.77
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n27,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.84
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
There were 23 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.84 – 26.20
\nSpot Rate : 0.3600
\nAverage : 0.2321<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.84
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n

PVS.PR.E<\/td>\nSplitShare<\/td>\nQuote: 26.10 – 26.40
\nSpot Rate : 0.3000
\nAverage : 0.1997<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n

TRP.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 20.12 – 20.50
\nSpot Rate : 0.3800
\nAverage : 0.2940<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 20.12
\nEvaluated at bid price : 20.12
\nBid-YTW : 3.20 %<\/td>\n<\/tr>\n

NA.PR.S<\/td>\nFixedReset<\/td>\nQuote: 22.39 – 22.65
\nSpot Rate : 0.2600
\nAverage : 0.1867<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.39
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.98 – 24.29
\nSpot Rate : 0.3100
\nAverage : 0.2506<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-07-24
\nMaturity Price : 23.71
\nEvaluated at bid price : 23.98
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n

SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 17.00 – 17.18
\nSpot Rate : 0.1800
\nAverage : 0.1276<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 7.77 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Tembec Empty Voting controversy, discussed on July 20, now looks like a fizzle: Shares in Tembec Inc. rose the most since May after Rayonier Advanced Materials Inc. won support from two key shareholders for …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-48563","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48563"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48563\/revisions"}],"predecessor-version":[{"id":48564,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48563\/revisions\/48564"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}