{"id":49605,"date":"2018-08-16T22:22:00","date_gmt":"2018-08-17T02:22:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49605"},"modified":"2025-08-21T22:23:49","modified_gmt":"2025-08-22T02:23:49","slug":"august-16-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49605","title":{"rendered":"August 16, 2018"},"content":{"rendered":"

Apparently there’s another “mini-tender” offer being made by TRC Capital<\/a>:<\/p>\n

TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) has been notified of an unsolicited mini-tender offer by TRC Capital Corporation (TRC Capital) to purchase up to 2,500,000 common shares of TransCanada, representing approximately 0.28 per cent of TransCanada’s outstanding common shares at a price of CDN $55.35 per common share. TransCanada does not endorse this unsolicited mini-tender offer.<\/p>\n

Shareholders are cautioned that the mini-tender offer has been made at a 4.32 per cent discount to the closing price of TransCanada’s common shares on the Toronto Stock Exchange on August 14, 2018, the last trading day before the mini-tender offer was announced.<\/p>\n

Any person considering tendering to the offer should consult his or her financial advisor.<\/p>\n

TransCanada does not endorse TRC Capital’s unsolicited mini-tender offer and is not associated with TRC Capital, the mini-tender offer, or the offer documentation. TRC Capital has made similar unsolicited mini-tender offers for shares of other companies.<\/p>\n<\/blockquote>\n

The Financial Post did a piece on a similar offer a few years back for Enbridge stock<\/a> (emphasis added):<\/p>\n

Shareholders sometimes accept a below-market mini tender to avoid paying brokerage commissions for trading their shares and are therefore willing to accept a discount. However, a CSA advisory notes this is a very limited circumstance.<\/p>\n

\u201cThese are bad news, I would say,\u201d University of Calgary finance professor Ari Pandes said, calling mini-tender offers an \u201cunscrupulous and unethical tactic.\u201d<\/p>\n

He said mini tenders often catch investors \u201coff-guard\u201d and cause them to \u201cpush the panic button so that some investors decide to sell.\u201d<\/p>\n

\u201cThe important thing is for the companies to get on top of it quickly,\u201d Pandes said. He said companies should warn their shareholders not to accept the mini-tenders before retail investors, who might not do their homework, accept the offer.
…<\/b>
Lorne Albaum<\/b>, a Toronto securities lawyer who heads TRC Capital, did not respond to a request for comment.<\/p>\n<\/blockquote>\n

The practice is discussed in CSA Staff Notice 61-301<\/a>, issued in 1999.<\/p>\n

Well, I won’t be doing any business with Lorne Albaum<\/b>, I can tell you that much! Nor, I hope, with any entity that has done business with him!<\/p>\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>\n0.1757 %<\/td>\n3,092.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1757 %<\/td>\n5,674.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.49 %<\/td>\n3.72 %<\/td>\n50,197<\/td>\n17.99<\/td>\n4<\/td>\n0.1757 %<\/td>\n3,270.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0866 %<\/td>\n3,214.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.57 %<\/td>\n4.75 %<\/td>\n48,396<\/td>\n4.83<\/td>\n5<\/td>\n0.0866 %<\/td>\n3,839.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0866 %<\/td>\n2,995.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n-10.55 %<\/td>\n56,809<\/td>\n0.09<\/td>\n10<\/td>\n-0.0157 %<\/td>\n2,913.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.40 %<\/td>\n5.52 %<\/td>\n55,889<\/td>\n14.59<\/td>\n25<\/td>\n0.0881 %<\/td>\n2,994.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.30 %<\/td>\n4.78 %<\/td>\n118,165<\/td>\n3.91<\/td>\n107<\/td>\n0.0656 %<\/td>\n2,574.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.13 %<\/td>\n5.93 %<\/td>\n61,351<\/td>\n5.39<\/td>\n26<\/td>\n-0.0951 %<\/td>\n2,980.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.43 %<\/td>\n3.77 %<\/td>\n34,789<\/td>\n5.70<\/td>\n7<\/td>\n0.0456 %<\/td>\n2,841.5<\/td>\n<\/tr>\n<\/table>\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
GWO.PR.R<\/td>\nDeemed-Retractible<\/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 : 22.27
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
EMA.PR.H<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.55
\nBid-YTW : 2.99 %<\/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
NA.PR.E<\/td>\nFixedReset<\/td>\n179,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 22.82
\nEvaluated at bid price : 24.06
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n93,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 22.58
\nEvaluated at bid price : 23.04
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n70,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n67,530<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n66,152<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.02
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n56,128<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
There were 19 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
BAM.PR.X<\/td>\nFixedReset<\/td>\nQuote: 19.05 – 19.60
\nSpot Rate : 0.5500
\nAverage : 0.3504<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n

TRP.PR.J<\/td>\nFixedReset<\/td>\nQuote: 26.00 – 26.39
\nSpot Rate : 0.3900
\nAverage : 0.2416<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n

W.PR.M<\/td>\nFixedReset<\/td>\nQuote: 25.90 – 26.35
\nSpot Rate : 0.4500
\nAverage : 0.3142<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.27 – 22.65
\nSpot Rate : 0.3800
\nAverage : 0.2548<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.27
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.40 – 17.78
\nSpot Rate : 0.3800
\nAverage : 0.2588<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-08-16
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n

IAG.PR.I<\/td>\nFixedReset<\/td>\nQuote: 25.25 – 26.25
\nSpot Rate : 1.0000
\nAverage : 0.8806<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Apparently there’s another “mini-tender” offer being made by TRC Capital: TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) has been notified of an unsolicited mini-tender offer by TRC Capital Corporation (TRC Capital) to purchase up to 2,500,000 …<\/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-49605","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49605","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=49605"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49605\/revisions"}],"predecessor-version":[{"id":49606,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49605\/revisions\/49606"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}