Another very good day for the Canadian preferred share market on moderate volume as PerpetualDiscounts gained 30bp and FixedResets lost 14bp.
There were new issue announcements from PWF and TRP while the announcement that PWF.PR.D will be redeemed turns that issue into a very attractive money market alternative.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 2.71 % | 2.77 % | 35,135 | 20.55 | 1 | 0.0000 % | 2,092.7 |
| FixedFloater | 5.20 % | 3.33 % | 24,056 | 19.82 | 1 | -0.4284 % | 3,079.0 |
| Floater | 2.41 % | 2.78 % | 78,704 | 20.29 | 3 | -0.3118 % | 2,246.8 |
| OpRet | 4.87 % | 3.48 % | 93,013 | 0.92 | 11 | 0.1415 % | 2,329.1 |
| SplitShare | 6.30 % | 4.64 % | 97,078 | 0.08 | 2 | -0.0217 % | 2,202.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1415 % | 2,129.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2952 % | 1,903.4 |
| Perpetual-Discount | 5.95 % | 6.03 % | 202,794 | 13.84 | 77 | 0.2952 % | 1,801.7 |
| FixedReset | 5.40 % | 3.90 % | 362,738 | 3.48 | 45 | -0.1384 % | 2,188.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.M | FixedReset | -1.10 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-02 Maturity Price : 25.00 Evaluated at bid price : 27.00 Bid-YTW : 3.91 % |
| PWF.PR.G | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 24.18 Evaluated at bid price : 24.45 Bid-YTW : 6.12 % |
| PWF.PR.L | Perpetual-Discount | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 6.15 % |
| POW.PR.D | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.09 % |
| W.PR.H | Perpetual-Discount | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 22.29 Evaluated at bid price : 22.71 Bid-YTW : 6.16 % |
| ELF.PR.F | Perpetual-Discount | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.77 % |
| W.PR.J | Perpetual-Discount | 2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 22.80 Evaluated at bid price : 23.08 Bid-YTW : 6.17 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.D | OpRet | 189,360 | Called for redemption. YTW SCENARIO Maturity Type : Call Maturity Date : 2010-11-30 Maturity Price : 25.40 Evaluated at bid price : 25.80 Bid-YTW : 3.11 % |
| TD.PR.R | Perpetual-Discount | 72,012 | RBC crossed 35,400 at 23.75. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 24.00 Evaluated at bid price : 24.21 Bid-YTW : 5.87 % |
| MFC.PR.C | Perpetual-Discount | 51,250 | Desjardins crossed 50,000 at 18.85. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 6.04 % |
| TRP.PR.A | FixedReset | 50,565 | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 4.23 % |
| TRP.PR.B | FixedReset | 44,750 | Nesbitt crossed 20,000 at 24.60. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 24.46 Evaluated at bid price : 24.51 Bid-YTW : 4.11 % |
| CM.PR.J | Perpetual-Discount | 42,499 | TD crossed 24,000 at 19.17. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-06-17 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.99 % |
| There were 26 other index-included issues trading in excess of 10,000 shares. | |||