{"id":51069,"date":"2019-12-05T21:12:00","date_gmt":"2019-12-06T02:12:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51069"},"modified":"2025-11-26T21:13:58","modified_gmt":"2025-11-27T02:13:58","slug":"december-5-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51069","title":{"rendered":"December 5, 2019"},"content":{"rendered":"

I was pleased to see that Atlantic Power ‘fessed up to their error<\/a> regarding the reset rate for AZP.PR.B. Very impressive! It isn’t “making no errors” that makes you good; errors happen all the time. It’s recognizing, acknowledging and fixing errors that makes you good.<\/p>\n

I just wish Husky Energy was as prompt<\/a>! I have used their online form to contact Investor Relations<\/a>:<\/p>\n

I would appreciate greater detail regarding the reset rate for HSE.PR.C announced December 2, specifically the Government of Canada 5-Year Bond Yield used as the basis for this calculation.<\/p>\n

Can you please tell me the effective date and time that the Government of Canada 5-Year Bond Yield was measured for the purpose of this calculation?<\/p>\n

Sincerely,<\/p>\n<\/blockquote>\n

I urge anybody who has a spare minute today to similarly contact the company to ask this question. This is a brief, simple question regarding a matter of fact and while I appreciate that they have a lot going on at the moment, this is my third eMail to them. First be polite, then be annoying, that’s my motto!<\/p>\n

Shaw Communications issued 30-Year Notes today<\/a>:<\/p>\n

Shaw Communications Inc. (\u201cShaw\u201d or the \u201cCorporation\u201d) announced today the terms of an offering of C$800 million of senior notes, comprised of C$500 million principal amount of 3.30% senior notes due 2029 (the \u201c2029 Notes\u201d) and C$300 million principal amount of 4.25% senior notes due 2049 (the \u201c2049 Notes\u201d, and together with the 2029 Notes, the \u201cNotes\u201d).<\/p>\n<\/blockquote>\n

SJR.PR.A currently yields 6.59% (equivalent to interest of 8.57%) and SJR.PR.B yields 6.89% (equivalent to interest of 8.96%), based on GOC yields of 1.54% and 1.66% respectively. A Straight Perpetual would probably yield a little less, given the current state of the markets, but that’s quite a spread! No wonder that they – and nobody else, either – aren’t issuing new preferreds!<\/p>\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>\n0.3779 %<\/td>\n1,973.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3779 %<\/td>\n3,620.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.12 %<\/td>\n6.33 %<\/td>\n50,954<\/td>\n13.31<\/td>\n4<\/td>\n0.3779 %<\/td>\n2,086.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2198 %<\/td>\n3,430.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.65 %<\/td>\n4.45 %<\/td>\n44,031<\/td>\n3.86<\/td>\n7<\/td>\n0.2198 %<\/td>\n4,097.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2198 %<\/td>\n3,196.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.55 %<\/td>\n-12.88 %<\/td>\n55,946<\/td>\n0.09<\/td>\n10<\/td>\n-0.1837 %<\/td>\n3,040.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.29 %<\/td>\n5.38 %<\/td>\n69,203<\/td>\n14.79<\/td>\n25<\/td>\n0.0517 %<\/td>\n3,265.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.64 %<\/td>\n5.74 %<\/td>\n195,234<\/td>\n14.27<\/td>\n66<\/td>\n0.3857 %<\/td>\n2,088.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.18 %<\/td>\n5.26 %<\/td>\n70,573<\/td>\n14.96<\/td>\n27<\/td>\n-0.0141 %<\/td>\n3,215.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.32 %<\/td>\n6.62 %<\/td>\n129,739<\/td>\n13.09<\/td>\n2<\/td>\n1.1932 %<\/td>\n2,434.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n3.70 %<\/td>\n131,535<\/td>\n1.56<\/td>\n20<\/td>\n-0.0507 %<\/td>\n2,627.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.95 %<\/td>\n3.99 %<\/td>\n62,683<\/td>\n2.09<\/td>\n3<\/td>\n0.2337 %<\/td>\n2,710.1<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.53 %<\/td>\n5.80 %<\/td>\n125,460<\/td>\n14.21<\/td>\n22<\/td>\n0.4004 %<\/td>\n2,118.8<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\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
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 17.94
\nEvaluated at bid price : 17.94
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 12.90
\nEvaluated at bid price : 12.90
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 23.38
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 14.22
\nEvaluated at bid price : 14.22
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 13.01
\nEvaluated at bid price : 13.01
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 16.57
\nEvaluated at bid price : 16.57
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 12.75
\nEvaluated at bid price : 12.75
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 15.75
\nEvaluated at bid price : 15.75
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 11.30
\nEvaluated at bid price : 11.30
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 17.36
\nEvaluated at bid price : 17.36
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 18.61
\nEvaluated at bid price : 18.61
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 18.02
\nEvaluated at bid price : 18.02
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 11.86
\nEvaluated at bid price : 11.86
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n2.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 12.75
\nEvaluated at bid price : 12.75
\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
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n127,985<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 16.54
\nEvaluated at bid price : 16.54
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n116,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 10.70
\nEvaluated at bid price : 10.70
\nBid-YTW : 7.50 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n83,810<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-01-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 0.72 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n75,658<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 16.88
\nEvaluated at bid price : 16.88
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n64,980<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 19.42
\nEvaluated at bid price : 19.42
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n62,940<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 15.80
\nEvaluated at bid price : 15.80
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
There were 68 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
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.35 – 18.83
\nSpot Rate : 0.4800
\nAverage : 0.3510<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 18.35
\nEvaluated at bid price : 18.35
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.04 – 18.45
\nSpot Rate : 0.4100
\nAverage : 0.2975<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 18.04
\nEvaluated at bid price : 18.04
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n

POW.PR.C<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.60 – 25.89
\nSpot Rate : 0.2900
\nAverage : 0.1809<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-01-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : -12.88 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 17.45 – 17.83
\nSpot Rate : 0.3800
\nAverage : 0.2811<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.09 – 23.35
\nSpot Rate : 0.2600
\nAverage : 0.1698<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-12-05
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.09
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

PVS.PR.F<\/td>\nSplitShare<\/td>\nQuote: 25.40 – 25.69
\nSpot Rate : 0.2900
\nAverage : 0.2055<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I was pleased to see that Atlantic Power ‘fessed up to their error regarding the reset rate for AZP.PR.B. Very impressive! It isn’t “making no errors” that makes you good; errors happen all the time. …<\/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-51069","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51069","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=51069"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51069\/revisions"}],"predecessor-version":[{"id":51070,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51069\/revisions\/51070"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51069"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51069"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51069"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}