June 26, 2018

I’ve never really understood the stock market excitement about marijuana. Sure, there will be some good money to be made in branding and retailing, but at its core the business is about farming. Now it’s even more about farming:

However, new regulations the federal government is expected to unveil this week will open the door to commercial outdoor cultivation. While it is too late in the production cycle in most of the country to start outdoor cultivation this year, the new rules will be in place for next year’s production season.

“Our decision to allow outdoor grow under strict rules is the result of extensive consultations and will contribute to creating a diverse and competitive legal cannabis industry with the ultimate goal of displacing the illegal market,” said Thierry Bélair, a spokesman for Health Minister Ginette Petitpas Taylor.

Nothing wrong with farming and a lot of people earn their daily bread by farming … but it’s not a business that gushes money. Now, if we can only convince the politicians that it cannot be infinitely taxed, we might even be able to squeeze organized crime out of the picture.

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 0.0979 % 2,981.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0979 % 5,470.6
Floater 3.37 % 3.58 % 75,337 18.33 4 0.0979 % 3,152.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1755 % 3,173.1
SplitShare 4.63 % 4.61 % 66,035 4.97 5 0.1755 % 3,789.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1755 % 2,956.6
Perpetual-Premium 5.62 % -8.11 % 61,856 0.09 9 0.0785 % 2,891.1
Perpetual-Discount 5.37 % 5.54 % 61,933 14.59 26 -0.0328 % 2,971.0
FixedReset 4.32 % 4.64 % 144,725 5.69 106 -0.0470 % 2,533.4
Deemed-Retractible 5.17 % 5.84 % 74,046 5.53 27 -0.0486 % 2,956.3
FloatingReset 3.05 % 3.72 % 33,201 3.42 9 0.0250 % 2,797.0
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.92 %
IFC.PR.E Deemed-Retractible -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.17
Bid-YTW : 5.84 %
TRP.PR.C FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 4.80 %
CU.PR.F Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.37 %
MFC.PR.O FixedReset 1.27 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.23
Bid-YTW : 3.90 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Q FixedReset 80,511 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 3.72 %
BMO.PR.W FixedReset 78,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 22.54
Evaluated at bid price : 22.96
Bid-YTW : 4.53 %
BNS.PR.Z FixedReset 76,089 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 4.57 %
RY.PR.W Perpetual-Discount 75,330 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 24.44
Evaluated at bid price : 24.68
Bid-YTW : 5.01 %
BMO.PR.R FloatingReset 74,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 1.71 %
BAM.PF.J FixedReset 65,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.16 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.B FixedReset Quote: 23.11 – 23.63
Spot Rate : 0.5200
Average : 0.3456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 22.52
Evaluated at bid price : 23.11
Bid-YTW : 4.92 %

BAM.PR.X FixedReset Quote: 18.00 – 18.79
Spot Rate : 0.7900
Average : 0.6316

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.92 %

HSE.PR.G FixedReset Quote: 24.96 – 25.39
Spot Rate : 0.4300
Average : 0.2865

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 4.69 %

CU.PR.H Perpetual-Discount Quote: 24.30 – 24.70
Spot Rate : 0.4000
Average : 0.2816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 23.88
Evaluated at bid price : 24.30
Bid-YTW : 5.44 %

MFC.PR.M FixedReset Quote: 23.21 – 23.51
Spot Rate : 0.3000
Average : 0.2126

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.21
Bid-YTW : 5.57 %

CU.PR.E Perpetual-Discount Quote: 22.83 – 23.14
Spot Rate : 0.3100
Average : 0.2304

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 22.50
Evaluated at bid price : 22.83
Bid-YTW : 5.41 %

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