{"id":49534,"date":"2018-07-23T11:59:00","date_gmt":"2018-07-23T15:59:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49534"},"modified":"2025-08-20T11:59:54","modified_gmt":"2025-08-20T15:59:54","slug":"july-23-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49534","title":{"rendered":"July 23, 2018"},"content":{"rendered":"

Assiduous Readers will remember that I am following the Fortress receivership with great interest<\/a> and today there was a new development<\/a>:<\/p>\n

\n

Companies affiliated with Fortress Real Developments Inc. misled syndicated mortgage lenders about the value of land earmarked for real estate development projects, putting investors at risk of losing their money if the loans could not be repaid, the RCMP alleged in a search-warrant application filed in court in April.<\/p>\n

In the Collier Centre condominium development in Barrie, Ont., the RCMP allege investors were told in 2012 that the \u201cas is\u201d value of the land was $21.9-million, but the RCMP believe the land was worth only about $7-million, according to the application.<\/p>\n

Syndicated mortgage lenders provided $16.9-million in financing for the project, believing the amount was fully secured by the value of the land.<\/p>\n<\/blockquote>\n

The plot thickens!<\/p>\n

DBRS has confirmed Enbridge at Pfd-3(high)<\/a>:<\/p>\n

\n

DBRS Limited (DBRS) confirmed the Issuer Rating of Enbridge Inc. (ENB or the Company) at BBB (high) and the ratings on the Company\u2019s Medium-Term Notes & Unsecured Debentures at BBB (high), Fixed-to-Floating Subordinated Notes at BBB (low), Cumulative Redeemable Preferred Shares at Pfd-3 (high) and Commercial Paper (CP) at R-2 (high), all with Stable trends. <\/p>\n

The confirmations incorporate DBRS\u2019s assessment of ENB\u2019s strong business risk profile, which should benefit over the medium term from its strategic plan to reposition its asset mix to a pure regulated pipeline and utility business model (demonstrated by $7.5 billion of announced non-core asset sales to date) and completion of its current large portfolio of low-risk capital projects, combined with an improving financial risk profile that should benefit from ENB\u2019s more conservative recent funding plan (including the expected $4.0 billion consolidated debt reduction), corporate simplification and the potential for reduced structural subordination at the ENB level over time. The Stable trends incorporate DBRS\u2019s expectation that any incremental investments in new projects would be consistent with maintaining a strong overall business risk profile and medium-term improvement in key credit metrics with the completion of the current large capital expenditure (capex) program.
…<\/b>
A positive rating action is unlikely without substantial reduction in structural subordination. DBRS expects ENB to meet its key target metrics of 15% funds from operations-to-debt and five times debt-to-EBITDA, likely in late 2018 or early 2019. A negative rating action is not expected over the medium term.<\/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-0.2404 %<\/td>\n3,110.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2404 %<\/td>\n5,707.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.47 %<\/td>\n3.67 %<\/td>\n64,297<\/td>\n18.13<\/td>\n4<\/td>\n-0.2404 %<\/td>\n3,289.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2216 %<\/td>\n3,200.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.42 %<\/td>\n58,174<\/td>\n4.90<\/td>\n5<\/td>\n0.2216 %<\/td>\n3,822.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2216 %<\/td>\n2,982.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n-16.14 %<\/td>\n61,712<\/td>\n0.09<\/td>\n9<\/td>\n0.0567 %<\/td>\n2,911.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.38 %<\/td>\n5.50 %<\/td>\n56,089<\/td>\n14.66<\/td>\n26<\/td>\n-0.0066 %<\/td>\n2,983.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.29 %<\/td>\n4.65 %<\/td>\n127,869<\/td>\n4.14<\/td>\n106<\/td>\n0.1833 %<\/td>\n2,563.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n6.01 %<\/td>\n64,129<\/td>\n5.45<\/td>\n27<\/td>\n-0.1636 %<\/td>\n2,968.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.27 %<\/td>\n3.75 %<\/td>\n34,727<\/td>\n3.36<\/td>\n9<\/td>\n0.1189 %<\/td>\n2,829.5<\/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
SLF.PR.I<\/td>\nFixedReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.19
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 23.31
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.82
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.14
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.85
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
EMA.PR.H<\/td>\nFixedReset<\/td>\n2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 4.46 %<\/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
TRP.PR.K<\/td>\nFixedReset<\/td>\n106,825<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n90,848<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 23.17
\nEvaluated at bid price : 23.78
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n79,653<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 22.92
\nEvaluated at bid price : 23.34
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n75,456<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.92
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset<\/td>\n66,044<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n62,800<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.15
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
There were 18 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
IFC.PR.C<\/td>\nFixedReset<\/td>\nQuote: 23.35 – 23.86
\nSpot Rate : 0.5100
\nAverage : 0.3499<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset<\/td>\nQuote: 23.52 – 23.97
\nSpot Rate : 0.4500
\nAverage : 0.3024<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 23.13
\nEvaluated at bid price : 23.52
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset<\/td>\nQuote: 24.19 – 24.50
\nSpot Rate : 0.3100
\nAverage : 0.1935<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.19
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 21.60 – 22.00
\nSpot Rate : 0.4000
\nAverage : 0.3023<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n

RY.PR.L<\/td>\nFixedReset<\/td>\nQuote: 25.23 – 25.50
\nSpot Rate : 0.2700
\nAverage : 0.1829<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 20.77 – 21.01
\nSpot Rate : 0.2400
\nAverage : 0.1606<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-07-23
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Assiduous Readers will remember that I am following the Fortress receivership with great interest and today there was a new development: Companies affiliated with Fortress Real Developments Inc. misled syndicated mortgage lenders about the value …<\/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-49534","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49534","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=49534"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49534\/revisions"}],"predecessor-version":[{"id":49535,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49534\/revisions\/49535"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}