|Bid||14.22 x 0|
|Ask||14.35 x 0|
|Day's Range||14.29 - 14.35|
|52 Week Range||9.31 - 18.84|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
We asked our writers for their top stock picks from the financial sector. Some of the picks include Toronto-Dominion Bank (TSX:TD)(NYSE:TD), goeasy Ltd (TSX:GSY), and TMX Group Ltd (TSX:X). The post Top TSX Financial Stocks for June 2020 appeared first on The Motley Fool Canada.
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (14,913.64, up 28.79 points.)HEXO Corp. (TSX:HEXO). Health care. Up 15 cents, or 20.55 per cent, to 88 cents on 24.5 million shares.Manulife Financial Corp. (TSX:MFC). Financials. Down 26 cents, or 1.61 per cent, to $15.89 on 12.8 million shares.Suncor Energy Inc. (TSX:SU). Energy. Down 55 cents, or 2.25 per cent, to $23.80 on 10.3 million shares.Zenabis Global Inc. (TSX:ZENA). Health care. Unchanged at 16 cents on 8.8 million shares.Enbridge Inc. (TSX:ENB). Energy. Up eight cents, or 0.18 per cent, to $43.97 on 8.3 million shares.Roxgold Inc. (TSX:ROXG). Materials. Up one cent, or 0.71 per cent, to $1.41 on 8.3 million shares.Companies in the news:Air Canada (TSX:AC). Down 27 cents, or 1.6 per cent, to $16.71. Air Canada is revising its cancellation policy amid mounting customer frustration, offering travellers the option of a voucher with no expiration date or discount Aeroplan points if the airline cancels their flight due to the COVID-19 pandemic. The airline says the new policy — the previous one capped travel vouchers at 24 months, with no Aeroplan option — applies to non-refundable tickets issued up to the end of June, with an original travel date between March 1 and June 30. Air Canada said it has refunded nearly $1 billion to customers since Jan. 1, largely to travellers who paid for refundable tickets.CAE Inc. (TSX:CAE). Down $1.12, or 5.6 per cent, to $19.00. Flight simulator maker CAE Inc. saw profits fall six per cent last quarter due to the impact of the COVID-19 pandemic — and the turbulence isn't over. The virus has hit the Montreal-based company's civil aviation training business particularly hard. CAE kicked off its fiscal year last month with about one-third of its training centres around the globe closed and production at its main manufacturing facility in Montreal suspended. The outbreak has also prompted delays in executing defence programs, CAE said.This report by The Canadian Press was first published May 22, 2020.The Canadian Press
(Bloomberg) -- Japan’s government and its central bank issued a rare joint statement Friday, vowing to cooperate further on aggressive measures to fund struggling companies and support a battered economy.On a day when inflation fell below zero for the first time in more than three years, Prime Minister Shinzo Abe’s administration and the Bank of Japan focused on battling the economic impact of the coronavirus while putting the risk of deflation on the back burner for now.First the BOJ unveiled an additional 30 trillion yen ($279 billion) of loan support for small businesses at an emergency meeting that makes its package of virus measures roughly equivalent to the annual lending of one of the nation’s three mega banks.Then came the joint statement pledging BOJ cooperation with the government after a meeting between Governor Haruhiko Kuroda and Finance Minister Taro Aso.“The Bank of Japan and the government must send the message to the world that we are coming together as one,” said Aso. Central banks and governments in some countries simply weren’t on the same page and needed a reminder of the benefits of joint action, he added.“Even if Japan manages to escape this predicament by itself, it’ll still suffer if other nations can’t, and exports and inbound tourism can’t grow,” Aso said.The vow to take any action needed in support of the economy, corporate financing and market stabilization highlights the needs of a world changed by Covid-19. A previous joint statement in 2013 had focused on action to escape deflation.Kuroda said the BOJ would continue to collaborate with the government and emphasized the significance of the new lending program.Combined with an earlier lending facility and its buying of corporate bonds and commercial paper, the BOJ said its coronavirus response measures now total 75 trillion yen. By comparison, the overall size of the government’s record stimulus package in response to the pandemic is 117 trillion yen.“They are certainly trying to avoid the stigma of doing ‘too little, too late’ because that led to the yen strengthening after the global financial crisis,” said Masamichi Adachi, chief Japan economist at UBS Securities, referring to the BOJ’s package of programs.The latest lending program, due to run through March next year, won’t offer direct assistance to businesses like the Fed’s Main Street Lending Program. Instead, it will funnel money to companies via commercial banks and other financial institutions.The facility will encourage lending to companies by providing free loans to financial institutions and then paying them 0.1% interest on the amount they in turn lend out.The combination of BOJ support programs is big enough to have an impact on the economy, said Shunsuke Oshida, head of credit research at Manulife Asset Management, comparing it in size to one of Japan’s big three banks. “Mizuho’s total lending is about 85 trillion yen, so with BOJ programs worth a total 75 trillion yen it seems Japan now has another mega bank,” Oshida said.The program’s financial incentive for banks to lend will likely work positively over the short term for the economy because there are companies needing cash, said Ryoji Yoshizawa, senior director at S&P Global Ratings.“But there are negative elements as well as positive ones. If you help companies that have little prospect of surviving stay afloat, their existence might end up undermining firms that have worked hard to stay competitive,” he added.What Bloomberg’s Economist Says“The Bank of Japan is moving swiftly to deliver more financial support for Japan’s hard-hit small companies, with a new 30 trillion yen loan program. If extended by commerical banks as intended, it would be a large dose -- equal to 185% of total new loans extended in April.”\--Yuki Masujima, economistClick here to read more(Adds comments from Kuroda, Aso joint press conference)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- It turns out the corporate bond market still needs traders.The algorithms that dealers use to buy and sell bonds with their customers failed in March at the height of extreme volatility from the coronavirus pandemic, according to investors and price data. The nimble analysis of flesh-and-blood traders was suddenly needed to price bonds, edging out machines that normally can trade large portions of the market without any human input.The bond market has been one of the last corners of finance to move into the digital age, slowly modernizing from the rise of electronic trading to new venues that will remove much of the interpersonal communication from the process of selling company debt. Yet even as digital platforms set record volumes in the first quarter, market watchers said the bots failed a test when Treasuries and credit spreads were so disorderly.“Good old-fashioned blocking and tackling is still very much a part of the business,”said Chris Coccoluto, head of investment-grade bond trading at Manulife Investment Management. “It was almost nice to see in a way you had to rely on your relationships.”The virus-related disruptions were profound. At the height of the volatility, Treasuries rallied to record low yields and corporate bond spreads gapped out to levels last seen in 2009. The securities are linked as the vast majority of investment-grade bonds trade at a premium to Treasuries, adding an extra layer of complexity when neither market was fully functional.While humans were able to spot the new patterns quickly, the bots couldn’t adapt because algorithms are built on historical data, said Chris White, founder of advisory firm ViableMkts LLC.“This is a reminder to a lot of people who may have been vilifying human interaction in the bond-buying process,” said White, a former fixed-income executive at Goldman Sachs Group Inc. “When things get really volatile, people become extremely valuable to the process.”Cutting RiskFor decades, banks have stepped back when prices are unpredictable and buying too much from a customer could trigger multimillion-dollar losses in just days. At the end of March, dealers cut risk-taking mainly by shutting off algorithms that were spitting out incorrect prices left and right.With Wall Street pulling back, asset managers stepped up to fill the void, according to MarketAxess Holdings Inc. data. Voice trades -- in which counterparties agree to a price over the phone, but process and hedge digitally -- rose to a record, according to Tradeweb Markets Inc.Roughly 70% of the investment-grade corporate bond market still trades with some element of human interaction, especially larger transactions over $2 million. The record credit trading volumes handled on MarketAxess, Tradeweb and Trumid Financial LLC show how traders took advantage of platforms to execute smaller, simpler transactions electronically, which in turn allowed them to focus their attention on more difficult deals that require complex analysis, said Chris Bruner, head of U.S. credit at Tradeweb.“Taking out any of the steps of manual work flow was really important in March so people could focus on risk,” Bruner said. “They were less worried about exact price, and more worried about moving an entire risk profile.”Bloomberg LP, the parent company of Bloomberg News, competes with Tradeweb, MarketAxess and Trumid in providing fixed-income trading services.Market turmoil also led to record volumes in portfolio trading, a relatively new practice that can price and sell a bundle of hundreds of bonds in minutes. Barely a concept three years ago, it is now a fast-growing part of the market. New data-analysis tools that allow prices to be fully automated are part of the reason that traders have seen their ranks greatly thinned in recent years.The events of this year may end up making bots better. JPMorgan Chase & Co. found that algorithms can in fact learn from humans in tempestuous markets. An algorithm it trained to recommend trades based on human market commentary significantly outperformed those based on only market observable features in March, strategists led by Joshua Younger said in a report dated April 23.The pace of tech innovation and disruption won’t be slowed by the events of March -- in fact, it will continue to gain speed, said James Switzer, global head of fixed-income trading at AllianceBernstein Holding LP. In March and April, his firm boosted by 500% its usage of MarketAxess’s all-to-all protocol, which allows for anonymous trading and can match investors with each other, as well as banks, on the other side of a transaction.“That’s what’s going to come out of this, a desire by the buy side to embrace all-to-all trading because we can’t always depend on dealer balance sheets,” Switzer said. “If we have to find the other side of the trade in an anonymous all-to-all fashion, we’ll do it.”Electronic powerhouses like AllianceBernstein and BlackRock Inc. have forged ahead to embrace technology. While both value having traders with market experience, they’ve also expanded recruiting criteria to include coding skills.Others like Mike Nappi, head of investment-grade credit trading at Eaton Vance, still like the old school way of getting the job done.“We don’t have a fully automated trading desk for a reason -- I want our traders to have a sense of what’s going on in the market,” Nappi said. “We’ll never live long enough to see who the winner is. But through our careers, there are going to be humans needed, just maybe not as many.”(Updates with JPMorgan report in 14th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- In January, Ecuador sold $400 million in government social bonds to help finance affordable houses.Four months on, the value of the debt, which matures in 2035, has slid, pushing the yield to 7.6%, as the South American nation grapples with the economic fallout from the spread of the coronavirus outbreak.Yet, so far, there’s little sign that Ecuador’s struggles are keeping investors away from social bonds, the fastest-growing part of sustainable finance. Originally designed to finance improvements in society, issuance has surged as governments seek to pay for the health and employment programs in the battle against the coronavirus. Social bond sales outpaced green bonds for the first time in March and April, according to fund manager Amundi SA.Social bonds “were certainly easier to place” than green bonds sold by companies in recent weeks, especially if used to pay for pandemic measures, according to Magdalena Polan, global emerging-market economist at Legal & General Investment Management.“During the crisis, bonds - even green - issued by companies may be less attractive,” she said. “Governments are safer, even if we’re talking about the still quite exotic social impact bond.”Why the Virus Is Making ‘S’ the Hot Part of ESG : QuickTakeThe issuance of social bonds globally more than quadrupled this year to $24.5 billion, according to data compiled by Bloomberg, with development banks such as the World Bank and the Inter American Development Bank selling debt to tackle the impact of the virus.Social bond issuance across emerging-market sovereign and corporate borrowers has doubled to $5.2 billion this year, compared with $2.3 billion for the whole of 2019. Last month, Paraguay sold a $1 billion, 11-year Covid relief bond to yield 4.95%.The government-owned Korea Housing Finance Corporation, which provides long-term mortgage loans, sold 1 billion euros social bonds in January. Bank of China, also state owned, sold Hong Kong dollar-bonds in February to support employment generation through financing smaller companies, with the yield falling more than 30 basis points since March to 1.7%. Latin American supranational lender CAF mandated banks to arrange a series of investor calls to sell a euro-denominated social bond, according to information from person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. Earlier this month, Bank of America Corp. priced a $1 billion bond issue to fund Covid-19 relief efforts, the first sale from a U.S. financial institution that explicitly links all proceeds to tackling the virus.“Social bonds are particularly well suited to showcase the efforts made by public financial institutions to support healthcare services and the economic recovery,” said Timothee Jaulin, Paris-based head of global supranational entities coverage at Amundi. “The recent uptick in social bond issuance shows that issuers and investors have shown signs of confidence in the use of the format.”That remains despite the travails of Ecuador’s social bond. Last month, the government won consent from bondholders to suspend coupon payments on its foreign debt until mid-August. The country is seeking relief on $18 billion of foreign debt as it grapples with the Covid-19 virus, as well as a crash in the price of oil, its biggest export.The nation’s the social bonds have generated a negative return of 51%, compared with the nation’s conventional debt, which has generated negative returns of 60%.“That’s a special case, being Ecuador risk, though I would suggest this will deter investors in the future from buying social bonds from countries with a history of being stressed, unless they have guarantees the country’s conventional bonds don’t,” said Richard Segal, a senior analyst at Manulife Investment Management in London, which has $625 billion of assets.Social bonds from higher-rated emerging nations such as China, South Korea or Poland “would be considered very safe,” he said.(Updates with new bond offering in the 9th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Financial stocks like Manulife Financial Corp. (TSX:MFC)(NYSE:MFC) have been trounced in the recent downturn. Unlike tech stocks, they have not come back from the pounding. Is it time to load up on these high-yielding stocks?The post Should I Buy These 2 Ridiculously Cheap Financial Stocks? appeared first on The Motley Fool Canada.
TORONTO , Dec. 5, 2019 /CNW/ - Manulife Financial Corporation ("Manulife") today announced that after having taken into account all election notices received by the December 4, 2019 deadline for conversion of its currently outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred Shares") (MFC-PM.TO) into Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife (the "Series 18 Preferred Shares"), the holders of Series 17 Preferred Shares are not entitled to convert their Series 17 Preferred Shares into Series 18 Preferred Shares. There were 227,435 Series 17 Preferred Shares elected for conversion, which is less than the minimum one million shares required to give effect to conversions into Series 18 Preferred Shares.
TORONTO , Nov. 20, 2019 /CNW/ - Manulife Financial Corporation ("Manulife") today announced the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred Shares") (MFC-PM.TO) and Non-cumulative Floating Rate Class 1 Shares Series 18 (the "Series 18 Preferred Shares"). With respect to any Series 17 Preferred Shares that remain outstanding after December 19, 2019, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act ( Canada ).
TORONTO, Nov. 8, 2019 /CNW/ - Manulife Financial Corporation ("Manulife") today announced that it does not intend to exercise its right to redeem all or any of its currently outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred Shares") (TSX:MFC-PM.TO - News) on December 19, 2019. As a result, subject to certain conditions described in the prospectus supplement dated August 11, 2014 relating to the issuance of the Series 17 Preferred Shares (the "Prospectus"), the holders of the Series 17 Preferred Shares have the right, at their option, to convert all or part of their Series 17 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife (the "Series 18 Preferred Shares") on December 19, 2019.