|Bid||20.10 x 4000|
|Ask||20.11 x 800|
|Day's Range||20.00 - 20.34|
|52 Week Range||15.50 - 21.23|
|Beta (5Y Monthly)||1.38|
|PE Ratio (TTM)||21.87|
|Earnings Date||Feb 08, 2017 - Feb 12, 2017|
|Forward Dividend & Yield||0.76 (3.76%)|
|Ex-Dividend Date||Nov 17, 2019|
|1y Target Est||23.61|
(Bloomberg) -- Alberta is pulling back on borrowing, a move that could contain the recent widening of the province’s debt risk spreads as the coronavirus slams oil prices, a key revenue source for the western Canadian territory.“Our current cash flow forecasts suggest that less financing will be required than what was previously forecast, due in part to actions taken by the government to improve cash management,” Jerrica Goodwin, Edmonton-based spokeswoman at Alberta’s finance ministry, said in an email. “There are a number of measures related to cash management including a reduction in deficit,” she said, adding that further details will be disclosed when the next budget is released.In October, Alberta released a budget plan that called for C$12.2 billion to be raised in the long-term debt markets for the fiscal year ended March 31 -- of which C$5.5 billion was remaining as of today. Ontario, by comparison, completed its C$31.6 billion borrowing plan last week, according to Laurentian Bank Securities Inc. data. Meanwhile, Quebec began pre-funding for the following fiscal year in late 2019.Investors demand 10.2 basis points more to hold Alberta’s bonds maturing in September 2029 over similar-duration Ontario securities. That’s near the widest since mid-December. The gap was as tight as 6.9 basis points on Aug. 2 before pushing out to as wide as 12.2 basis points after the federal election.Alberta had already been playing catch-up to other Canadian provinces, selling C$700 million of bonds earlier this month -- its first domestic currency debt offering in almost four months. Since that Jan. 14 note sale, Alberta’s bond spreads over those of Ontario and Quebec widened.“We will continue to monitor the domestic and global markets and will borrow when we feel it is in the province’s best interests, not to time the market,” said Goodwin.While Alberta bond spreads may widen further in the short term, in the medium term pricing for the province may improve, according to Hosen Marjaee, senior managing director at Manulife Investment Management.That’s because, “pipelines that Enbridge and TransCanada are building are getting close to completion and once they are up and running, there will be much more Alberta oil going through them and more royalties,” he said.(Updates with investor quote in last two paragraphs.)To contact the reporter on this story: Esteban Duarte in Toronto at firstname.lastname@example.orgTo contact the editors responsible for this story: Nikolaj Gammeltoft at email@example.com, Jacqueline ThorpeFor 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.
Manulife Investment Management Announces Acquisition of Upscale Multifamily Property in Montreal for $105 Million
Manulife Investment Management announces anticipated monthly cash distribution for the Closed-End Funds
(Bloomberg) -- Stephen Poloz, one of the few central bankers to resist the global push toward easier monetary policy last year, said the door is open for the Bank of Canada to cut interest rates if the current economic slowdown persists.The governor, speaking to reporters after a rate decision Wednesday that left the key interest rate unchanged at 1.75%, said growing slack in the economy threatens to dampen inflation pressures. The central bank chose not to cut, however, because policy makers didn’t want to fuel household debt levels that remain a vulnerability to the economy.“I’m not saying that the door is not open to an interest rate cut, obviously it is, it is open,” Poloz said when pressed on the issue, adding borrowing costs remain “appropriate” for the time being.The more negative outlook is a departure from recent communications in which officials sought to accentuate the positives of an economy deemed resilient in the face of global uncertainty. The decision to hold for a 10th-straight meeting leaves the Bank of Canada with the highest policy rate among major advanced economies, but the downturn in domestic data since the end of last year has clearly spooked policy makers.Officials expressed heightened concern about an economy that may have stalled in the fourth quarter, and revised near-term growth projections. They said global weakness may be spreading to households, affecting domestic spending more than previously thought. They also seem to be entertaining the idea that underlying factors may be behind the slowdown, rather than temporary drivers.Canada’s currency sold off after the release, depreciating 0.5% to C$1.3134 against its U.S. counterpart at 4:54 p.m. Toronto time. Two-year government bond yields dropped 8 basis points to 1.55%. Investors ramped up bets for rate cuts over the next year, with a move now fully priced in over the next 12 months. On Tuesday, markets were pricing in a 50% chance.Watching ‘Closely’The change in tone reflects a shift in growth risks to domestic from global. Three months ago, the central bank was highlighting the nation’s resiliency to elevated international risks. Since then domestic economic concerns have come to the forefront.“In determining the future path for the Bank’s policy interest rate, Governing Council will be watching closely to see if the recent slowdown in growth is more persistent than forecast,” policy makers said in the rate statement. “In assessing incoming data, the Bank will be paying particular attention to developments in consumer spending, the housing market, and business investment.”The near-term slowdown coupled with a slight upward revision to potential growth prompted the central bank to increase its estimate for the amount of slack in the economy -- from about 0.25% of output in the third quarter to about 0.75%. The bank also projected the economy will be in a state of excess capacity through the end of 2021. That build up in slack -- which bolsters the case for a rate cut -- is being weighed against the possibility that lower interest rates will fuel financial vulnerabilities, Poloz said at the press conference.All things considered, “it was Governing Council’s view that the balance of risks does not warrant lower interest rates at this time,” Poloz said. “Clearly, this balance can change over time as the data evolve.”The bank has been here before. In October, officials acknowledged they considered an “insurance” rate cut to counter growing risks associated with global trade tensions, ultimately deciding against it. Poloz indicated the motives for a future move would now be different.‘Meaningful Shortfall’If the bank cuts in the future, “it would not be a cut against a hypothetical or a possibility” rather it would mean that the forecast was showing a “meaningful shortfall on our inflation target,” he said.Even while cutting near-term forecasts, long-term estimates for growth were mostly unchanged from October, with a slightly lower growth forecast in 2020 of 1.6%, but 2021 faster than previously forecast at 2%.This suggests the base case scenario at the bank remains that the slowdown that began in the second half of last year will be temporary. The Bank of Canada anticipates that over the next two years household spending will pick up, helped in part by a recent tax cut, as will exports and business investment. It also anticipates inflation will stay around the 2% target over the projection horizon.(Updates with economist’s comment in sixth paragraph.)\--With assistance from Shelly Hagan.To contact the reporters on this story: Erik Hertzberg in Ottawa at firstname.lastname@example.org;Theophilos Argitis in Ottawa at email@example.comTo contact the editors responsible for this story: Theophilos Argitis at firstname.lastname@example.org, Chris Fournier, Stephen WicaryFor 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.
John Hancock and the Boston Athletic Association (B.A.A.) today announced the elite international fields for the 124th Boston Marathon on April 20. Complete field lists follow.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.Stephen Poloz is heading into the final few months of his term as Bank of Canada governor showing few signs of giving up his status as one of the industrialized world’s most hawkish central bankers.At a decision Wednesday, the bank is widely expected to hold its key interest rate at 1.75%, keeping it unchanged for a 10th-straight meeting and leaving Canada with the highest rate among advanced economies.Markets also don’t see much chance that Poloz, who leaves office in June, will lower borrowing costs in any of his final three meetings after this one, with odds of a cut at less than 40% over that time. That’s despite having reason to cut, given the economy looks to have slowed sharply at the end of last year.Here are some of the reasons why he’s seen remaining on hold:Neutral ToneIn public appearances since October, including a number from Poloz, officials have sought to accentuate the positive, highlighting the nation’s strong jobs market and on-target inflation. At the same time, they’ve been reluctant to put much stock in weaker indicators they say are transitory.Last month, Deputy Governor Timothy Lane defended the Bank of Canada’s decision to buck the global easing trend, saying the nation’s resilient economy is allowing it to “chart its own course in monetary policy.”“The more that we hear from Bank of Canada the less they seem willing” to cut rates, said Frances Donald, Toronto-based global chief economist at Manulife Investment Management.InflationUnderlying price pressure as measured by core inflation has been stable near the Bank of Canada’s 2% target for about two years. That reflects an economy running nicely at around its capacity -- neither too hot nor too cold.Of course, what matters more for policy makers is where inflation is headed rather than where it’s been, and the central bank will update its outlook with new quarterly forecasts on Wednesday. They will probably revise down fourth quarter growth estimates, from their October projection of 1.3%. Growth is trending at less than 1% for the final three months of last year, according to the latest Bloomberg survey of economists.But the net effect of the changes isn’t clear. For all of 2019, growth may be higher than the bank previously forecast because upward historical revisions by Statistics Canada means the economy probably had less slack to begin with.A weak fourth quarter also doesn’t necessarily mean the central bank will cut its growth forecasts for 2020, given the stabilizing outlook for the global economy and some positive developments on the trade front.Home PricesOfficials sometimes downplay the extent to which household debt and financial stability factor into rate setting, but the recent housing rebound and acceleration in borrowing will only amplify their concern.Poloz highlighted the possibility earlier this month that speculative activity is returning in some major real estate markets. That’s one more reason not to cut.Core MandateTo be sure, Poloz won’t hesitate to lower rates if there’s a discernible worsening in the outlook. The central bank’s primary inflation-targeting objective is aimed at ensuring the economy grows at a sustainable pace over the medium term. Financial stability is a secondary concern.So if the data continue to disappoint, a rate cut may be in the offing. While investors are sanguine about a move, nine of 17 economists surveyed by Bloomberg are anticipating at least one rate cut by June.Nor, if history is any guide, will Poloz’s imminent departure hinder him from acting. David Dodge cut rates in his final decision as governor in January 2008. So did Gordon Thiessen in 2001.That said, as long as the economy remains in a relatively good place and household debt levels continue to pick up, Poloz may be content to simply stand pat before he stands down.To contact the reporter on this story: Theophilos Argitis in Ottawa at email@example.comTo contact the editors responsible for this story: Theophilos Argitis at firstname.lastname@example.org, Chris Fournier, Stephen WicaryFor 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.
Manulife Investment Management today released its biannual Global Intelligence report, a firmwide outlook highlighting notable perspectives from its private and public markets investment teams. In the new report, Manulife Investment Management draws attention to Asia and believes the region remains attractive, particularly within emerging markets, amid the economic slowdown that's expected to continue and hit a trough later this year, and likely followed by a gradual recovery.
Manulife Investment Management's Global Intelligence report outlines potential risks and opportunities over the next 12 months, and beyond
EDMONTON , Jan. 14, 2020 /CNW/ - Manulife Investment Management announced today plans for a $30 million redevelopment of Manulife Place, its landmark 36-storey office and retail tower in the heart of Edmonton's downtown core. A 45,000 square foot rooftop terrace will also be constructed, providing an acre of fully-landscaped parkland in the heart of downtown Edmonton—an amenity that is exclusive to Manulife Place.
Today, John Hancock announces a major step forward in significantly streamlining the life insurance buying experience through a strategic collaboration with Human API, a leading health data platform, offering a simple, digital way for consumers to share access to their electronic health records (EHR) in real time.
Manulife Investment Management (Manulife) announced today the closing of approximately US$1.5 billion in commitments to Manulife Private Equity Partners, L.P. ("MPEP" or "the Fund"). MPEP is the first fund-of-funds product raised by Manulife Investment Management's Private Markets group as part of its ongoing effort to provide specialized asset management solutions for global investors.
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
en-US Losing a veteran manager The retirement of the fund's longest-tenured manager drops its People Pillar Rating from Above Average to Average. Lisa Welch, an analyst here since 1998 and manager since ...
The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.
John Hancock Hedged Equity & Income Fund (NYSE: HEQ) (the "Fund"), a closed-end fund managed by John Hancock Investment Management LLC (the "Adviser") and subadvised by Wellington Management Company LLP (the "Subadviser"), announced today sources of its quarterly distribution of $0.3760 per share paid to all shareholders of record as of December 12, 2019, pursuant to the Fund's managed distribution plan. This press release is issued as required by an exemptive order granted to the Fund by the U.S. Securities and Exchange Commission.
Manulife Investment Management Announces Final Reinvested Distributions for Manulife Exchange Traded Funds
Manulife Investment Management Announces Final 2019 Cash Distributions for Manulife Exchange Traded Funds
The traditional ways to plan for your retirement may mean income can no longer cover expenses post-employment. But what if there was another option that could provide a steady, reliable source of income in your nest egg years?
Israel's Harel Insurance Investments and Financial Services said on Wednesday it would invest up to $1.2 billion together with Canada's Manulife Investment Management in U.S. real estate. Manulife Investment Management is the investment arm of Toronto-based Manulife Financial Corp . Harel said the two firms will invest in offices, industrial properties and residential real estate.