{"id":5920,"date":"2009-03-17T19:52:30","date_gmt":"2009-03-17T23:52:30","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5920"},"modified":"2009-03-17T19:52:30","modified_gmt":"2009-03-17T23:52:30","slug":"march-17-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5920","title":{"rendered":"March 17, 2009"},"content":{"rendered":"

PrefBlog’s SEDAR<\/a>-watching Department, otherwise known as Assiduous Reader MP, points out that Sun Life Financial has issued a new $5-billion shelf prospectus. Of particular interest are the Class B Preferred Shares:<\/p>\n

The Class B Shares of each series rank on a parity with the Class B Shares of each other series with respect to the payment of dividends and the return of capital on the liquidation, dissolution or winding-up of SLF. The Class B Shares are entitled to preference over the Common Shares and any other shares ranking junior to the Class B Shares with respect to the payment of dividends and the return of capital, but are subordinate to the Class A Shares and any other shares ranking senior to the Class B Shares with respect to the payment of dividends and return of capital.<\/p><\/blockquote>\n

However, there are no shares of this class currently outstanding (all the extant SLF preferreds are Series A) and the ability to issue Class Bs has been around for some time – see, for example, the shelf prospectus dated November 4, 2005.<\/p>\n

Canadian equities continued their rally today<\/a> and PerpetualDiscounts rose with them. SplitShares did quite well today – not surprisingly, what with asset coverage improving by leaps and bounds.<\/p>\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>\n0.7904 %<\/td>\n807.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7904 %<\/td>\n1,305.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.90 %<\/td>\n6.13 %<\/td>\n60,322<\/td>\n13.73<\/td>\n3<\/td>\n0.7904 %<\/td>\n1,008.5<\/td>\n<\/tr>\n
OpRet<\/td>\n5.29 %<\/td>\n4.87 %<\/td>\n128,758<\/td>\n3.89<\/td>\n15<\/td>\n0.1696 %<\/td>\n2,047.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.94 %<\/td>\n9.77 %<\/td>\n53,844<\/td>\n4.79<\/td>\n6<\/td>\n1.7565 %<\/td>\n1,599.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n6.15 %<\/td>\n10.70 %<\/td>\n34,350<\/td>\n0.75<\/td>\n1<\/td>\n0.5149 %<\/td>\n1,910.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3343 %<\/td>\n1,481.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n7.29 %<\/td>\n7.38 %<\/td>\n159,728<\/td>\n12.06<\/td>\n71<\/td>\n0.3343 %<\/td>\n1,364.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.18 %<\/td>\n5.84 %<\/td>\n621,908<\/td>\n13.73<\/td>\n30<\/td>\n0.5363 %<\/td>\n1,788.9<\/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\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
LFE.PR.A<\/td>\nSplitShare<\/td>\n-2.14 %<\/td>\nAsset coverage of 1.1-:1 as of March 13 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 6.85
\nBid-YTW : 17.33 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 13.25
\nEvaluated at bid price : 13.25
\nBid-YTW : 9.21 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.81
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 20.52
\nEvaluated at bid price : 20.52
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 7.15
\nEvaluated at bid price : 7.15
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 15.77
\nEvaluated at bid price : 15.77
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 14.76
\nEvaluated at bid price : 14.76
\nBid-YTW : 9.23 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 17.31
\nEvaluated at bid price : 17.31
\nBid-YTW : 7.74 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.41
\nBid-YTW : 10.77 %<\/td>\n<\/tr>\n
TD.PR.C<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 23.76
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 17.53
\nEvaluated at bid price : 17.53
\nBid-YTW : 8.01 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 16.64
\nEvaluated at bid price : 16.64
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
BNS.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 17.72
\nEvaluated at bid price : 17.72
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 14.98
\nEvaluated at bid price : 14.98
\nBid-YTW : 8.06 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.51
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 22.75
\nEvaluated at bid price : 22.79
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n1.33 %<\/td>\nAsset coverage of 1.7-:1 as of February 28 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2010-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 12.95 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 21.48
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 8.03 %<\/td>\n<\/tr>\n
PWF.PR.M<\/td>\nFixedReset<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 24.95
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
IGM.PR.A<\/td>\nOpRet<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2009-07-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.48
\nBid-YTW : -0.07 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 7.80 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 14.84
\nEvaluated at bid price : 14.84
\nBid-YTW : 7.80 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 18.17
\nEvaluated at bid price : 18.17
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetual-Discount<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 16.96
\nEvaluated at bid price : 16.96
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n2.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 14.21
\nEvaluated at bid price : 14.21
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 17.61
\nEvaluated at bid price : 17.61
\nBid-YTW : 7.28 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitShare<\/td>\n2.73 %<\/td>\nAsset coverage of 1.6-:1 as of March 12 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.27
\nBid-YTW : 9.27 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n3.42 %<\/td>\nAsset coverage of 1.7-:1 as of February 28 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2016-03-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.85
\nBid-YTW : 8.18 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n3.58 %<\/td>\nAsset coverage of 1.5-:1 as of March 13 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.11
\nBid-YTW : 9.77 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n3.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 23.21
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.49 %<\/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
RY.PR.T<\/td>\nFixedReset<\/td>\n287,644<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.08
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n89,637<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.06
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n48,541<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 23.94
\nEvaluated at bid price : 23.98
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n32,937<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n28,248<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n26,723<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-03-17
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.78
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
There were 18 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PrefBlog’s SEDAR-watching Department, otherwise known as Assiduous Reader MP, points out that Sun Life Financial has issued a new $5-billion shelf prospectus. Of particular interest are the Class B Preferred Shares: The Class B Shares …<\/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-5920","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5920","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=5920"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5920\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}