Sino-Forest is for sale! Who wants to buy … er … something?
Sino-Forest Corp., the embattled timber firm facing fraud allegations is filing for court protection from creditors as it tries to find a buyer for what was once the largest publicly traded forestry firm on the Toronto Stock Exchange.
…
While under court protection from its creditors, Sino-Forest hopes to sell its assets to a third party. It has launched a process to consider offers. If the company is unable to find a buyer its assets will be transferred to its debtholders, Sino-Forest said in a statement.
The Canadian preferred share market had a strong day to close the quarter, with PerpetualPremiums up 14bp, FixedResets winning 20bp and DeemedRetractibles gaining 12bp. Volatility was low. Volume was very light.
PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.5% (maybe just a little bit over) so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 230bp, a significant narrowing over two days from the 240bp reported March 28.
HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1914 % | 2,399.3 |
FixedFloater | 4.52 % | 3.92 % | 38,636 | 17.39 | 1 | -1.4085 % | 3,447.0 |
Floater | 3.01 % | 3.01 % | 44,259 | 19.68 | 3 | 0.1914 % | 2,590.6 |
OpRet | 4.93 % | 3.17 % | 46,398 | 1.21 | 6 | 0.0129 % | 2,496.9 |
SplitShare | 5.26 % | -4.59 % | 88,092 | 0.71 | 4 | 0.2589 % | 2,684.8 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0129 % | 2,283.2 |
Perpetual-Premium | 5.45 % | 2.65 % | 93,138 | 0.78 | 25 | 0.1378 % | 2,207.6 |
Perpetual-Discount | 5.22 % | 5.26 % | 189,316 | 15.04 | 7 | 0.1148 % | 2,381.8 |
FixedReset | 5.05 % | 3.16 % | 193,024 | 2.23 | 68 | 0.2044 % | 2,382.1 |
Deemed-Retractible | 4.98 % | 4.01 % | 207,671 | 3.09 | 46 | 0.1157 % | 2,295.0 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.G | FixedFloater | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-30 Maturity Price : 21.80 Evaluated at bid price : 21.00 Bid-YTW : 3.92 % |
SLF.PR.G | FixedReset | 1.48 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.61 Bid-YTW : 3.70 % |
BAM.PR.X | FixedReset | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-30 Maturity Price : 23.04 Evaluated at bid price : 24.70 Bid-YTW : 3.66 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
ENB.PR.H | FixedReset | 80,667 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-30 Maturity Price : 23.09 Evaluated at bid price : 25.00 Bid-YTW : 3.70 % |
GWO.PR.P | Deemed-Retractible | 36,922 | TD bought 10,000 from Scotia at 25.55. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 5.23 % |
RY.PR.E | Deemed-Retractible | 31,397 | TD crossed 30,000 at 25.54. YTW SCENARIO Maturity Type : Call Maturity Date : 2016-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 4.03 % |
BNS.PR.Z | FixedReset | 28,718 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 3.22 % |
HSE.PR.A | FixedReset | 27,388 | Desjardins crossed 25,000 at 25.83. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-30 Maturity Price : 23.50 Evaluated at bid price : 25.83 Bid-YTW : 3.28 % |
FTS.PR.E | OpRet | 26,603 | Desjardins crossed 25,000 at 26.35. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-06-01 Maturity Price : 25.75 Evaluated at bid price : 26.32 Bid-YTW : 3.17 % |
There were 16 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
GWO.PR.M | Deemed-Retractible | Quote: 26.00 – 26.50 Spot Rate : 0.5000 Average : 0.3200 YTW SCENARIO |
BAM.PR.G | FixedFloater | Quote: 21.00 – 21.50 Spot Rate : 0.5000 Average : 0.3409 YTW SCENARIO |
BMO.PR.Q | FixedReset | Quote: 25.42 – 25.76 Spot Rate : 0.3400 Average : 0.1840 YTW SCENARIO |
BAM.PR.X | FixedReset | Quote: 24.70 – 25.15 Spot Rate : 0.4500 Average : 0.3083 YTW SCENARIO |
PWF.PR.O | Perpetual-Premium | Quote: 26.20 – 26.55 Spot Rate : 0.3500 Average : 0.2339 YTW SCENARIO |
NA.PR.M | Deemed-Retractible | Quote: 26.76 – 27.12 Spot Rate : 0.3600 Average : 0.2533 YTW SCENARIO |
[…] PerpetualDiscounts now yield 5.17%, equivalent to 6.72% interest at the current conversion factor of 1.3x. Long corporates now yield about 4.6%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 215bp, a dramatic drop from the 230bp reported March 30. […]