Bank of Canada

HSE.PR.C : Convert or Hold?

It will be recalled that HSE.PR.C will reset at 4.689% effective December 31, 2019. HSE.PR.C is a FixedReset, 4.50%+313, that commenced trading 2014-12-9 after being announced 2014-12-1. The initial reset rate announcement was quickly determined to be anomalous and eventually corrected. The issue i ...

TRP.PR.A & TRP.PR.F : Convert or Hold?

It will be recalled that TRP.PR.A will reset at 3.479% effective December 31, 2019. TRP.PR.A commenced trading 2009-9-30 after being announced 2009-9-22. It commenced life as a FixedReset, 4.60%+192, that reset to 3.266% effective 2014-12-31. Assiduous Readers may recall that I have blamed the 2014 ...

AZP.PR.B & AZP.PR.C : Convert or Hold?

It will be recalled that AZP.PR.B will reset at 5.739% effective January 1, 2020. AZP.PR.B used to be CZP.PR.B, which used to be EPP.PR.B, and throughout these changes was a FixedReset, 7.00%+418, which commenced trading 2009-11-2 after being announced 2009-10-13. You can’t tell your players with ...

BPO.PR.A : Convert or Hold?

It will be recalled that BPO.PR.A will reset at 4.709% effective January 1, 2020. BPO.PR.A is a FixedReset, 4.75%+315, that commenced trading 2014-10-23 after being announced 2014-10-7. The issue is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns. The most logical way to ...

FFH.PR.C & FFH.PR.D : Convert or Hold?

It will be recalled that FFH.PR.C will reset at 4.709% effective January 1, 2020. FFH.PR.C was issued as a cumulative FixedReset issue, 5.75%+315 that commenced trading 2009-10-5 after being announced 2009-9-29. It reset to 4.578% in 2014. I recommended in favour of conversion to FloatingResets. Th ...

2019 Closes Without a Bank of Canada Rate Cut

The Bank of Canada’s overnight lending rate will end the year exactly where it started—unchanged at 1.75%. As was widely expected, the Bank of Canada decided once again to leave rates on hold as it continues to assess the need for monetary policy easing given a strong domestic economy against a ...

December 4, 2019

There was nothing particularly surprising in the Bank of Canada’s policy rate announcement this morning: The Bank of Canada today maintained its target for the overnight rate at 1 ¾ percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 ½ percent. The Bank’s October pro ...

Tech Talk for Wednesday December 4th 2019

Pre-opening Comments for Wednesday December 4th U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade. Index futures responded to news that trade negotiations between China and the U.S. are progressing. Index futures moved lower following relea ...

Aussie drops as growth slows

  Q3 GDP growth below forecast The Australian economy expanded 0.4% in the third quarter on a quarter-by-quarter basis, a slower pace than Q2’s revised +0.6% and below economists’ estimates of +0.5% growth. Taking some sting out of the downside miss was the upward revision to Q2’s quarterly ...

MFC.PR.M : Convert or Hold?

It will be recalled that MFC.PR.M will reset at 3.800% effective December 20, 2019. MFC.PR.M is a FixedReset, 3.90%+236, that commenced trading 2014-8-15 after being announced 2014-8-11. Notice of extension was published 2019-11-8. It is tracked by HIMIPref™ and has been assigned to the FixedRese ...