{"id":49658,"date":"2018-09-13T20:51:00","date_gmt":"2018-09-14T00:51:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49658"},"modified":"2025-08-22T20:52:41","modified_gmt":"2025-08-23T00:52:41","slug":"september-13-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49658","title":{"rendered":"September 13, 2018"},"content":{"rendered":"

S&P downgraded Hydro One<\/a> today:<\/p>\n

\n

\u2022The Government of Ontario recently implemented legislation, requiring Hydro One’s board of directors to establish a new executive compensation framework for the board, CEO, and other executives. The legislation also amends the current Ontario Energy Board Act, requiring the Ontario Energy Board to exclude any compensation paid to the CEO and other executives from consumer rates.
\n\u2022We consider such action as a governance deficiency related to Hydro One’s ownership structure and are lowering our management and governance (M&G) assessment on Hydro One Ltd. (HOL) and Hydro One Inc. (HOI) to fair from satisfactory.
\n\u2022At the same time, we are lowering the issuer credit ratings on both HOL and HOI by one notch to ‘A-‘ from ‘A’, reflecting the change in our M&G assessment.
\n\u2022We are also lowering the issue-level rating on HOI’s senior unsecured debt to ‘A-‘, the rating on its commercial paper program to ‘A-2’, and the global short-term and Canadian National Scale ratings to ‘A-1 (Low)’.\u2022All ratings remain on CreditWatch with negative implications.\n<\/p>\n<\/blockquote>\n

Well done, Doug Ford! Does anybody want to try their hand at calculating how much the downgrade may be expected to cost us due to increased interest charges on Hydro One’s debt<\/a> as it rolls over?:<\/p>\n

\n

\u2022Hydro One Inc. currently has $9,923 billion [sic]<\/i> in public long-term debt outstanding.<\/p>\n<\/blockquote>\n\n\n\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>\n1.9422 %<\/td>\n3,096.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.9422 %<\/td>\n5,681.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.51 %<\/td>\n3.69 %<\/td>\n38,818<\/td>\n18.11<\/td>\n4<\/td>\n1.9422 %<\/td>\n3,274.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0873 %<\/td>\n3,229.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.61 %<\/td>\n4.61 %<\/td>\n57,677<\/td>\n4.82<\/td>\n5<\/td>\n0.0873 %<\/td>\n3,857.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0873 %<\/td>\n3,009.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.54 %<\/td>\n-0.72 %<\/td>\n50,396<\/td>\n0.13<\/td>\n12<\/td>\n0.0361 %<\/td>\n2,919.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.41 %<\/td>\n5.52 %<\/td>\n56,894<\/td>\n14.54<\/td>\n22<\/td>\n0.0810 %<\/td>\n3,005.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.16 %<\/td>\n4.93 %<\/td>\n137,931<\/td>\n15.72<\/td>\n41<\/td>\n-0.0264 %<\/td>\n2,578.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.15 %<\/td>\n5.92 %<\/td>\n62,538<\/td>\n5.39<\/td>\n27<\/td>\n0.1277 %<\/td>\n3,000.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.31 %<\/td>\n3.94 %<\/td>\n40,144<\/td>\n5.68<\/td>\n5<\/td>\n0.3344 %<\/td>\n2,864.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.84 %<\/td>\n4.18 %<\/td>\n173,474<\/td>\n2.89<\/td>\n35<\/td>\n0.1070 %<\/td>\n2,565.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n3.19 %<\/td>\n3.57 %<\/td>\n64,395<\/td>\n0.44<\/td>\n9<\/td>\n0.0271 %<\/td>\n2,572.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.29 %<\/td>\n5.13 %<\/td>\n95,442<\/td>\n5.46<\/td>\n22<\/td>\n0.3857 %<\/td>\n2,574.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\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
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 23.89
\nEvaluated at bid price : 24.37
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.40
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.95
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 17.37
\nEvaluated at bid price : 17.37
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.39
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 17.17
\nEvaluated at bid price : 17.17
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 6.02 %<\/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
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n946,070<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.92
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n154,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Prem<\/td>\n136,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.11
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n56,619<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 22.77
\nEvaluated at bid price : 23.42
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n51,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 23.41
\nEvaluated at bid price : 24.48
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n33,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
There were 10 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
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.74 – 23.50
\nSpot Rate : 0.7600
\nAverage : 0.4266<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.74
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 20.58 – 21.33
\nSpot Rate : 0.7500
\nAverage : 0.4512<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 24.37 – 24.94
\nSpot Rate : 0.5700
\nAverage : 0.3452<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 23.89
\nEvaluated at bid price : 24.37
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 23.50 – 23.90
\nSpot Rate : 0.4000
\nAverage : 0.2367<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n

SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 20.05 – 20.50
\nSpot Rate : 0.4500
\nAverage : 0.2931<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 19.06 – 19.49
\nSpot Rate : 0.4300
\nAverage : 0.2805<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-09-13
\nMaturity Price : 19.06
\nEvaluated at bid price : 19.06
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

S&P downgraded Hydro One today: \u2022The Government of Ontario recently implemented legislation, requiring Hydro One’s board of directors to establish a new executive compensation framework for the board, CEO, and other executives. The legislation also …<\/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-49658","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49658","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=49658"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49658\/revisions"}],"predecessor-version":[{"id":49659,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49658\/revisions\/49659"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}