{"id":48657,"date":"2017-08-17T21:47:00","date_gmt":"2017-08-18T01:47:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48657"},"modified":"2025-07-23T21:48:09","modified_gmt":"2025-07-24T01:48:09","slug":"august-17-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48657","title":{"rendered":"August 17, 2017"},"content":{"rendered":"

The Government of Canada is considering reopening an ultra-long bond issue<\/a>:<\/p>\n

\n

The Government of Canada is considering issuing ultra-long bonds, subject to favourable market conditions, through a reopening of the 2.75% December 1, 2064 ultra-long bond, using a modified auction process. The potential for issuing ultra-long bonds and the option of issuing via auction were highlighted in the Debt Management Strategy for 2017\u201318. <\/p>\n

The additional issuance of bonds in the ultra-long sector is in keeping with the commitment that the Government made in Budget 2017 to reallocate short-term issuance towards long-term bonds in order to lock in low funding costs and reduce refinancing risk. <\/p>\n

Any ultra-long bond issuance would be subject to a set of issuance criteria. These criteria include projections of cost savings based on market expectations of interest rates over time and the costs of rolling over short-term funding relative to the constant costs of issuing long-term debt, and indications of sufficient demand for ultra-long bonds. <\/p>\n

That said, ultra-long bond issuance remains a tactical funding measure and is not part of the regular bond program. There is no commitment to issue ultra-long bonds and other factors may preclude the Government from issuing these securities, even if the above criteria are met.<\/p>\n

To facilitate market preparations for potential ultra-long bond issuances, the Government will consult its primary dealers regarding possible issuance dates and auction sizes. Potential issuance dates during the current quarter will be assessed and potential issuance dates in future quarters will be communicated through quarterly bond schedules posted on the Bank of Canada’s website. If a decision is made to hold an ultra-long bond auction, a Call for Tenders confirming the date and size of the auction will be posted on the Bank of Canada’s website.<\/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>\n-0.5635 %<\/td>\n2,367.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5635 %<\/td>\n4,343.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.66 %<\/td>\n3.69 %<\/td>\n113,253<\/td>\n18.04<\/td>\n3<\/td>\n-0.5635 %<\/td>\n2,503.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4556 %<\/td>\n3,067.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.28 %<\/td>\n53,789<\/td>\n1.34<\/td>\n5<\/td>\n0.4556 %<\/td>\n3,663.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4556 %<\/td>\n2,858.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.41 %<\/td>\n4.81 %<\/td>\n63,053<\/td>\n6.10<\/td>\n17<\/td>\n0.0768 %<\/td>\n2,776.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.33 %<\/td>\n5.35 %<\/td>\n66,559<\/td>\n14.86<\/td>\n20<\/td>\n0.0749 %<\/td>\n2,918.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.40 %<\/td>\n4.44 %<\/td>\n150,994<\/td>\n6.31<\/td>\n98<\/td>\n0.0979 %<\/td>\n2,368.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n5.50 %<\/td>\n113,063<\/td>\n6.06<\/td>\n30<\/td>\n0.0000 %<\/td>\n2,862.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.63 %<\/td>\n3.12 %<\/td>\n42,850<\/td>\n4.21<\/td>\n9<\/td>\n0.0919 %<\/td>\n2,616.2<\/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
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 16.07
\nEvaluated at bid price : 16.07
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 8.59 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 14.10
\nEvaluated at bid price : 14.10
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.27
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 22.74
\nEvaluated at bid price : 23.49
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
PVS.PR.E<\/td>\nSplitShare<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-09-16
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.42
\nBid-YTW : -1.96 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 22.27
\nEvaluated at bid price : 22.56
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.59
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.16 %<\/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
SLF.PR.I<\/td>\nFixedReset<\/td>\n77,476<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.41
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n74,400<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.43
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset<\/td>\n59,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.78
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n37,149<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.47
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n28,230<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.64
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n17,231<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.81
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
There were 3 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
EML.PR.A<\/td>\nFixedReset<\/td>\nQuote: 26.39 – 26.84
\nSpot Rate : 0.4500
\nAverage : 0.2944<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.39
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 16.07 – 16.43
\nSpot Rate : 0.3600
\nAverage : 0.2061<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 16.07
\nEvaluated at bid price : 16.07
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 17.00 – 17.49
\nSpot Rate : 0.4900
\nAverage : 0.3682<\/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 : 8.59 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.61 – 25.00
\nSpot Rate : 0.3900
\nAverage : 0.2777<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.61
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

MFC.PR.G<\/td>\nFixedReset<\/td>\nQuote: 23.75 – 24.09
\nSpot Rate : 0.3400
\nAverage : 0.2431<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n

RY.PR.J<\/td>\nFixedReset<\/td>\nQuote: 23.05 – 23.22
\nSpot Rate : 0.1700
\nAverage : 0.1090<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-08-17
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.05
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Government of Canada is considering reopening an ultra-long bond issue: The Government of Canada is considering issuing ultra-long bonds, subject to favourable market conditions, through a reopening of the 2.75% December 1, 2064 ultra-long …<\/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-48657","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48657","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=48657"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48657\/revisions"}],"predecessor-version":[{"id":48658,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48657\/revisions\/48658"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}