reports
- Marcos Alvarez
- Patrick Douville
- Marcos Alvarez
- Patrick Douville
- Carl De Souza
- Komal Rizvi
- Marcos Alvarez
Can Limited Recourse Capital Notes Be Wiped Out in Canada à la Credit ...
DBRS Morningstar published a commentary discussing the differences between the limited recourse capital notes (LRCNs) issued by Canadian banks and insurance companies and the AT1 notes issued by Credit Suisse. The commentary explains why Canadian LRCNs will not function in the same manner as the Credit Suisse AT1s in a default scenario and what the implications are for investors. Key highlights include the following: -- LRCNs issued by Canadian financial institutions differ from the AT1s issue...
SLF. MANULIFE FINANCIAL CORPORATION
RY. GREAT-WEST LIFECO INC.
MFC. BANK NOVA SCOTIA PFD.
BNS. GREAT WEST LIFECO- PFD
BMO. ROYAL BANK OF CANADA 4.90% PFD. SERIES W
CM GREAT-WEST LIFECO PFD. SERIES H
NA BANK OF MONTREAL PFD.
GWO SUN LIFE FINANCIAL PFD. (CL A) SER. 2
BNS.PR.F BANK OF NOVA SCOTIA PFD.
GWO_ps MANULIFE FINANCIAL CORP
RY.PR.W CANADIAN WESTERN BANK PR C PFD.
CM_po BANK OF MONTREAL PR B PFD.
GWO.PR.H NATIONAL BANK OF CANADA PR X PFD.
BMO_pr TORONTO-DOMINION BANK C PFD.
SLF.PR.B EMPIRE LIFE INSURANCE CO NON CUM RATE RESET PFD REGISTERED SHS SERIES 1
SLF_ph BANK OF MONTREAL
BNS_pb BANK OF MONTREAL CL B SERIES 25 PFD.
BMO_py BANK OF MONTREAL CL B SERIES 10 PFD.
NA.PR.W BANK OF MONTREAL- PFD
MFC_pl ROYAL BANK OF CANADA PFD.
CWB.PR.C ROYAL BANK OF CANADA 1ST PFD.
BMO.PR.B ROYAL BANK OF CANADA 1ST PFD. SERIES AE
NA.PR.X ROYAL BANK OF CANADA PFD. H
TD_pfc ROYAL BANK OF CANADA- PFD
EML.PR.A ROYAL BANK CANADA MONTREAL QUEBEC PR J PFD.
IFC ROYAL BANK PR M PFD.
LB ROYAL BANK PR P PFD.
CWB ROYAL BANK PR Q PFD.
ROYAL BANK OF CANADA - PREF SHARE
BMO.PR.Q NATIONAL BANK OF CANADA PFD. SERIES 15
BMO.PR.A NATIONAL BANK OF CANADA- PFD
BMO_ps NATIONAL BNK CAN PFD.
RY.PR.A LAURENTIAN BANK OF CANADA
RY.PR.C LAURENTIAN PR J PFD.
RY.PR.E CANADIAN IMPERIAL BANK OF COMMERCE CL A
RY.PR.F CANADIAN IMPERIAL BANK OF COMMERCE SERIES 32 PFD.
RY_pz CANADIAN IMPERIAL BANK OF COMMERCE PFD. CL A
RY_pj TORONTO DOMINION PFD.
RY_pm TORONTO-DOMINION BANK D PFD.
RY_pp TORONTO DOMINION BANK
RY_pq TORONTO-DOMINI PFD.
RYPRT CANADIAN WESTERN BANK PR B PFD.
RY/TO BANK OF NOVA SCOTIA PRD PFD.
NA.PR.K BANK OF NOVA SCOTIA 5-YEAR PFD. SERIES 30
NA_ps BANK OF NOVA SCOTIA 5-YEAR PFD. SERIES 32
NA.PR.A BANK OF NOVA SCOTIA PR G PFD.
LB_ph INTACT FINANCIAL CORP PFD.
LB.PR.J INTACT FINANCIAL CORPORATION
CM_pq GREAT-WEST LIFECO INC. 5.9% 1ST PFD. SERIES F
TD.PF.B GREAT-WEST LIFECO INC. 5.2% PFD.
TD_pfd GREAT-WEST LIFECO
TD_pfe GREAT-WEST LIFECO INC. 5.65% 1ST PFD.
TD.PF.H GREAT-WEST LIFECO INC. 5.8% 1ST PFD.
CWB_pb GREAT-WEST LIFECO INC. PFD. N
CWB-W GREAT-WEST LIFECO INC PFD.
CBWBF MANULIFE FINANCIAL CL A PFD. SERIES 2
BNS_pd MANULIFE FINANCIAL 4.5% PFD. CL A SERIES 3
BNS.PR.Y MANULIFE FINANCIAL PRF P PFD.
BNS.PR.Z MANULIFE FINANCIAL CORP. CL 1 SERIES 3 PFD F
BNS.PR.G MANULIFE FINANCIAL CORP PFD.
IFC_pa MANULIFE FI PR N PFD.
IFC_pc MANULIFE FIN PR O PFD.
IIC SUN LIFE FINANCIAL (CL A) PFD. SERIES 1
IIC/LV SUN LIFE FINANCIAL CL A PFD. SERIES 3
GWO.PR.F SUN LIFE FINANCIAL INC. CL A PFD. SERIES 4
GWO.PR.G SUN LIFE FINANCIAL INC. CL A PFD. SERIES 5
GWO.PR.I SUN LIFE FINANCIAL INC PFD.
GWO.PR.L EMPIRE LIFE INSURANCE COMPANY
GWO.PR.M THE
GWO.PR.N CANADIAN WESTERN BANK PFD SERIES 9
GWO_pp GREAT WEST LIFECO SERIES T
GWO.P.Q BANK OF MONTREAL SERIES 44 CLASS B
GWO_pr NATIONAL BANK OF CANADA PFD SERIES 40
GWLIF TORONTO-DOMINION BANK
MFC.PR.B CANADIAN WESTERN BANK
MFC.PR.C ROYAL BANK OF CANADA
MFC.PR.P NATIONAL BANK OF CANADA
MFC.PR.F BANK OF NOVA SCOTIA
MFC_ph CANADIAN IMPERIAL BANK OF COMMERCE
Empire Life Investments Inc. announces changes to certain Empire Life ...
Empire Life Investments Inc. announces changes to certain Empire Life Emblem Portfolios TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Empire Life Investments Inc., the manager of the Empire Life Mutual Funds (the “Manager”), is announcing that, effective December 5, 2022, it will terminate certain series of Empire Life Emblem Diversified Income Portfolio, Empire Life Emblem Conservative Portfolio, Empire Life Emblem Balanced Portfolio, Empire Life Emblem Moderate Growth Portfolio, Empire Life Emblem Growth Portfolio, Empire Life Emblem Aggressive Growth Portfolio and Empire Life Monthly Inco...
Empire Life Investments Inc. to terminate the Empire Life Dividend Gro...
Empire Life Investments Inc. to terminate the Empire Life Dividend Growth Mutual Fund TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Empire Life Investments Inc., the manager of the Empire Life Mutual Funds will terminate the Empire Life Dividend Growth Mutual Fund (the “Fund”), effective December 5, 2022. Investors may redeem their units of the Fund up to the close of business on December 5, 2022. Empire Life Investments Inc. will waive any redemption fees, sales charges or short-term trading fees for redemptions of units of the Fund. Effective immediately, the Fund is closed to new purcha...
Placements Empire Vie Inc. annonce des changements apportés à certains...
Placements Empire Vie Inc. annonce des changements apportés à certains Portefeuilles Emblème Empire Vie TORONTO, 03 oct. 2022 (GLOBE NEWSWIRE) -- Placements Empire Vie Inc., le gestionnaire des fonds communs de placement Empire Vie (le « gestionnaire »), annonce la dissolution de certaines séries du Portefeuille de revenu diversifié Emblème Empire Vie, du Portefeuille conservateur Emblème Empire Vie, du Portefeuille équilibré Emblème Empire Vie, du Portefeuille de croissance modérée Emblème Empire Vie, du Portefeuille de croissance Emblème Empire Vie, du Portefeuille de croissance dynamiq...
Placements Empire Vie Inc. met fin au Fonds commun de croissance de di...
Placements Empire Vie Inc. met fin au Fonds commun de croissance de dividendes Empire Vie TORONTO, 03 oct. 2022 (GLOBE NEWSWIRE) -- Placements Empire Vie Inc., le gestionnaire des fonds communs de placement Empire Vie, mettra fin au Fonds commun de croissance de dividendes Empire Vie (le « Fonds ») le 5 décembre 2022. Les investisseurs pourront racheter les parts qu’ils détiennent dans ce Fonds jusqu’à la fermeture des bureaux le 5 décembre 2022. Placements Empire Vie Inc. renonce à tous frais de rachat, d’acquisition et de négociation à court terme pour le rachat de parts du Fonds. Le ...
- Marcos Alvarez
- Patrick Douville
- Michael Driscoll
- Patrick Douville
- Marcos Alvarez
- Victor Adesanya
Empire Life Insurance Company, The: Rating Report
The rating confirmations and Stable trends reflect Empire's long-standing presence in the consolidated Canadian life insurance market. The Company's franchise strengths lie in its diverse suite of primary products, including life and group (employee benefits) insurance products as well as wealth-management products sold through a multichannel distribution strategy. Empire has good earnings generation, prudent risk management, and strong capitalization relative to the risks undertaken.
- Michael Driscoll
- Victor Adesanya
- Marcos Alvarez
- Robert Colangelo
- Victor Adesanya
Canadian Banks and Insurance Companies Begin to Issue LRCNs After OSFI...
DBRS Limited (DBRS Morningstar) released a commentary titled “Canadian Banks and Insurance Companies Begin to Issue LRCNs After OSFI Ruling” that discusses the capital implications and advantages of Limited Recourse Capital Notes (LRCNs) for federally regulated financial institutions.
MFC. MANULIFE FINANCIAL CORPORATION
BMO. ROYAL BANK OF CANADA 4.90% PFD. SERIES W
CM CANADIAN IMPERIAL BANK OF COMMERCE
NA NATIONAL BANK OF CANADA
RY.PR.W MANULIFE FINANCIAL CORP
CM_po CANADIAN WESTERN BANK PR C PFD.
BMO_pr BANK OF MONTREAL PR B PFD.
BMO_py NATIONAL BANK OF CANADA PR X PFD.
NA.PR.W EMPIRE LIFE INSURANCE CO NON CUM RATE RESET PFD REGISTERED SHS SERIES 1
MFC_pl CANADIAN WESTERN BANK
CWB.PR.C BANK OF MONTREAL
BMO.PR.B BANK OF MONTREAL CL B SERIES 25 PFD.
NA.PR.X BANK OF MONTREAL PFD.
EML.PR.A BANK OF MONTREAL CL B SERIES 10 PFD.
CWB BANK OF MONTREAL- PFD
ROYAL BANK OF CANADA PFD.
BMO.PR.Q ROYAL BANK OF CANADA 1ST PFD.
BMO.PR.A ROYAL BANK OF CANADA 1ST PFD. SERIES AE
BMO_ps ROYAL BANK OF CANADA PFD. H
RY.PR.A ROYAL BANK OF CANADA- PFD
RY.PR.C ROYAL BANK CANADA MONTREAL QUEBEC PR J PFD.
RY.PR.E ROYAL BANK PR M PFD.
RY.PR.F ROYAL BANK PR P PFD.
RY_pz ROYAL BANK PR Q PFD.
RY_pj ROYAL BANK PR R PFD.
RY_pm ROYAL BANK OF CANADA - PREF SHARE
RY_pp NATIONAL BANK OF CANADA PFD. SERIES 15
RY_pq NATIONAL BANK OF CANADA- PFD
RY.PR.R NATIONAL BNK CAN PFD.
RYPRT CANADIAN IMPERIAL BANK OF COMMERCE CL A
RY/TO CANADIAN IMPERIAL BANK OF COMMERCE SERIES 32 PFD.
NA.PR.K CANADIAN IMPERIAL BANK OF COMMERCE PFD. CL A
NA_ps CANADIAN WESTERN BANK PR B PFD.
NA.PR.A MANULIFE FINANCIAL CL A PFD. SERIES 2
CM_pq MANULIFE FINANCIAL 4.5% PFD. CL A SERIES 3
CWB_pb MANULIFE FINANCIAL PRF P PFD.
CWB-W MANULIFE FINANCIAL CORP. CL 1 SERIES 3 PFD F
CBWBF MANULIFE FINANCIAL CORP PFD.
MFC.PR.B MANULIFE FI PR N PFD.
MFC.PR.C MANULIFE FIN PR O PFD.
MFC.PR.P EMPIRE LIFE INSURANCE COMPANY
MFC.PR.F THE
MFC_pg CANADIAN WESTERN BANK PFD SERIES 9
MFC_ph BANK OF MONTREAL SERIES 44 CLASS B
MFC_pi NATIONAL BANK OF CANADA PFD SERIES 40
- Elisabeth Rudman
- Marcos Alvarez
MFC. MANULIFE FINANCIAL CORPORATION
GWO GREAT-WEST LIFECO INC.
FFH FAIRFAX FINANCIAL HOLDINGS LIMITED
GWO_ps GREAT WEST LIFECO- PFD
GWO.PR.H GREAT-WEST LIFECO PFD. SERIES H
SLF.PR.B SUN LIFE FINANCIAL PFD. (CL A) SER. 2
SLF_ph SUN LIFE FINANCIAL INC PFD.
MFC_pl MANULIFE FINANCIAL CORP
EML.PR.A EMPIRE LIFE INSURANCE CO NON CUM RATE RESET PFD REGISTERED SHS SERIES 1
IFC CO-OPERATORS FINANCIAL SERVICES LIMITED
61926Z FAIRFAX FINANCIAL HOLDINGS LTD PFD.
312791 FAIRFAX FINANCIAL HOLDINGS LTD. PFD. SERIES C
FFH_pk. FAIRFAX FINANCIAL HOLDINGS PR D PFD.
FRFZF FAIRFAX FINANCIAL PFD F
FFH_pd FAIRFAX FINANCIAL HOLDINGS LTD. PFD. SERIES E
FFH.PR.F FAIRFAX FINANCIAL HOLDINGS PR H PFD.
FFH.PR.E FAIRFAX FINANCIAL HOLDINGS LTD
FFH_ph FAIRFAX FIN PR J PFD.
FAXRF FAIRFAX FIN PR M PFD.
FFH_pj INTACT FINANCIAL CORP PFD.
FRFXF INTACT FINANCIAL CORPORATION
FFH_pm GREAT-WEST LIFECO INC. 5.9% 1ST PFD. SERIES F
FFH/SV GREAT-WEST LIFECO INC. 5.2% PFD.
160570Z GREAT-WEST LIFECO
IFC_pa GREAT-WEST LIFECO INC. 5.65% 1ST PFD.
IFC_pc GREAT-WEST LIFECO INC. 5.8% 1ST PFD.
IIC GREAT-WEST LIFECO INC. PFD. N
IIC/LV GREAT-WEST LIFECO INC PFD.
GWO.PR.F MANULIFE FINANCIAL CL A PFD. SERIES 2
GWO.PR.G MANULIFE FINANCIAL 4.5% PFD. CL A SERIES 3
GWO.PR.I MANULIFE FINANCIAL PRF P PFD.
GWO.PR.L MANULIFE FINANCIAL CORP. CL 1 SERIES 3 PFD F
GWO.PR.M MANULIFE FINANCIAL CORP PFD.
GWO.PR.N MANULIFE FI PR N PFD.
GWO_pp MANULIFE FIN PR O PFD.
GWO.P.Q SUN LIFE FINANCIAL (CL A) PFD. SERIES 1
GWO_pr SUN LIFE FINANCIAL CL A PFD. SERIES 3
GWLIF SUN LIFE FINANCIAL INC. CL A PFD. SERIES 4
MFC.PR.B SUN LIFE FINANCIAL INC. CL A PFD. SERIES 5
MFC.PR.C EMPIRE LIFE INSURANCE COMPANY
MFC.PR.P THE
MFC.PR.F GREAT WEST LIFECO SERIES T
MFC_pg SAGEN MI CANADA INC.
- Elisabeth Rudman
- Marcos Alvarez
Canadian Insurance Companies Tapped Debt Markets at Record Levels Duri...
Despite the initial volatility of debt capital markets following the start of the Coronavirus Disease (COVID-19) pandemic, Canadian insurance companies issued debt and preferred shares in record numbers during 2020. Nine DBRS Morningstar-rated insurance issuers tapped long-term debt markets, issuing almost $13 billion of bonds and preferred shares.
MFC. MANULIFE FINANCIAL CORPORATION
GWO GREAT-WEST LIFECO INC.
FFH FAIRFAX FINANCIAL HOLDINGS LIMITED
GWO_ps GREAT WEST LIFECO- PFD
GWO.PR.H GREAT-WEST LIFECO PFD. SERIES H
SLF.PR.B SUN LIFE FINANCIAL PFD. (CL A) SER. 2
SLF_ph SUN LIFE FINANCIAL INC PFD.
MFC_pl MANULIFE FINANCIAL CORP
EML.PR.A EMPIRE LIFE INSURANCE CO NON CUM RATE RESET PFD REGISTERED SHS SERIES 1
IFC CO-OPERATORS FINANCIAL SERVICES LIMITED
61926Z FAIRFAX FINANCIAL HOLDINGS LTD PFD.
312791 FAIRFAX FINANCIAL HOLDINGS LTD. PFD. SERIES C
FFH_pk. FAIRFAX FINANCIAL HOLDINGS PR D PFD.
FRFZF FAIRFAX FINANCIAL PFD F
FFH_pd FAIRFAX FINANCIAL HOLDINGS LTD. PFD. SERIES E
FFH.PR.F FAIRFAX FINANCIAL HOLDINGS PR H PFD.
FFH.PR.E FAIRFAX FINANCIAL HOLDINGS LTD
FFH_ph FAIRFAX FIN PR J PFD.
FAXRF FAIRFAX FIN PR M PFD.
FFH_pj INTACT FINANCIAL CORP PFD.
FRFXF INTACT FINANCIAL CORPORATION
FFH_pm GREAT-WEST LIFECO INC. 5.9% 1ST PFD. SERIES F
FFH/SV GREAT-WEST LIFECO INC. 5.2% PFD.
160570Z GREAT-WEST LIFECO
IFC_pa GREAT-WEST LIFECO INC. 5.65% 1ST PFD.
IFC_pc GREAT-WEST LIFECO INC. 5.8% 1ST PFD.
IIC GREAT-WEST LIFECO INC. PFD. N
IIC/LV GREAT-WEST LIFECO INC PFD.
GWO.PR.F MANULIFE FINANCIAL CL A PFD. SERIES 2
GWO.PR.G MANULIFE FINANCIAL 4.5% PFD. CL A SERIES 3
GWO.PR.I MANULIFE FINANCIAL PRF P PFD.
GWO.PR.L MANULIFE FINANCIAL CORP. CL 1 SERIES 3 PFD F
GWO.PR.M MANULIFE FINANCIAL CORP PFD.
GWO.PR.N MANULIFE FI PR N PFD.
GWO_pp MANULIFE FIN PR O PFD.
GWO.P.Q SUN LIFE FINANCIAL (CL A) PFD. SERIES 1
GWO_pr SUN LIFE FINANCIAL CL A PFD. SERIES 3
GWLIF SUN LIFE FINANCIAL INC. CL A PFD. SERIES 4
MFC.PR.B SUN LIFE FINANCIAL INC. CL A PFD. SERIES 5
MFC.PR.C EMPIRE LIFE INSURANCE COMPANY
MFC.PR.P THE
MFC.PR.F GREAT WEST LIFECO SERIES T
MFC_pg SAGEN MI CANADA INC.
- Michael Driscoll
- Victor Adesanya
Empire Life Investments Inc. announces changes in risk ratings of cert...
Empire Life Investments Inc. announces changes in risk ratings of certain funds TORONTO , Feb. 04, 2021 (GLOBE NEWSWIRE) -- Empire Life Investments Inc. (ELII) announced that the risk ratings for the funds listed below have changed as indicated. FundPrior Risk RatingNew Risk RatingEmpire Life Emblem Balanced PortfolioLowLow to mediumEmpire Life Monthly Income Mutual FundLowLow to mediumEmpire Life Emblem Moderate Growth PortfolioLowLow to mediumEmpire Life Dividend Growth Mutual FundLow to mediumMedium Empire reviews the risk rating for each fund at a minimum on an annual basis, as well a...
- Michael Driscoll
- Victor Adesanya
Empire Life Investments Acquires Shares of CES Energy Solutions Corp
Empire Life Investments Acquires Shares of CES Energy Solutions Corp TORONTO, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Empire Life Investments Inc. (“ELII”) announced that it has filed an early warning report with respect to the acquisition of common shares of CES Energy Solutions Corp. (the “Issuer”) held by certain funds managed by ELII. This press release is being filed to report certain acquisitions made by ELII through the facilities of the Toronto Stock Exchange. ELII is an investment manager as defined in National Instrument 62-103 in relation to securities over which it exercises discre...
- Hema Singh
- Marcos Alvarez
Empire Life Insurance Company, The: Rating Report
The rating confirmations and Stable trends reflect Empire's long-standing presence in the consolidated Canadian life insurance market. The Company's franchise strengths lie in its diverse suite of primary products, including life and group insurance products as well as wealth-management products sold through a multichannel distribution strategy. Empire has good earnings generation, prudent risk management, and strong capitalization relative to the risks undertaken.
- Komal Rizvi
- Marcos Alvarez
MFC. MANULIFE FINANCIAL CORPORATION
GWO GREAT-WEST LIFECO INC.
GWO_ps GREAT WEST LIFECO- PFD
GWO.PR.H GREAT-WEST LIFECO PFD. SERIES H
SLF.PR.B SUN LIFE FINANCIAL PFD. (CL A) SER. 2
SLF_ph SUN LIFE FINANCIAL INC PFD.
MFC_pl MANULIFE FINANCIAL CORP
EML.PR.A EMPIRE LIFE INSURANCE CO NON CUM RATE RESET PFD REGISTERED SHS SERIES 1
GWO.PR.F GREAT-WEST LIFECO INC. 5.9% 1ST PFD. SERIES F
GWO.PR.G GREAT-WEST LIFECO INC. 5.2% PFD.
GWO.PR.I GREAT-WEST LIFECO
GWO.PR.L GREAT-WEST LIFECO INC. 5.65% 1ST PFD.
GWO.PR.M GREAT-WEST LIFECO INC. 5.8% 1ST PFD.
GWO.PR.N GREAT-WEST LIFECO INC. PFD. N
GWO_pp GREAT-WEST LIFECO INC PFD.
GWO.P.Q MANULIFE FINANCIAL CL A PFD. SERIES 2
GWO_pr MANULIFE FINANCIAL 4.5% PFD. CL A SERIES 3
GWLIF MANULIFE FINANCIAL PRF P PFD.
MFC.PR.B MANULIFE FINANCIAL CORP. CL 1 SERIES 3 PFD F
MFC.PR.C MANULIFE FINANCIAL CORP PFD.
MFC.PR.P MANULIFE FI PR N PFD.
MFC.PR.F MANULIFE FIN PR O PFD.
MFC_pg SUN LIFE FINANCIAL (CL A) PFD. SERIES 1
MFC_ph SUN LIFE FINANCIAL CL A PFD. SERIES 3
MFC_pi SUN LIFE FINANCIAL INC. CL A PFD. SERIES 4
MFC_pj SUN LIFE FINANCIAL INC. CL A PFD. SERIES 5
MFC_pk EMPIRE LIFE INSURANCE COMPANY
MFC_pn THE
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