Best & Worst Performers: July 2010

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref™ indices.

July 2010
Issue Index DBRS Rating Monthly Performance Notes (“Now” means “July 30”)
TRI.PR.B Floater Pfd-2(low) -1.06%  
BAM.PR.H OpRet Pfd-2(low) -1.04% Now with a pre-tax bid-YTW of 1.21% based on a bid of 25.65 and a call 2010-10-30 at 25.25.
BAM.PR.J OpRet Pfd-2(low) -1.02% Recently deleted from TXPR. Now with a pre-tax bid-YTW of 4.82% based on a bid of 26.08 and a softMaturity 2018-3-30.
BAM.PR.O OpRet Pfd-2(low) -0.39% Now with a pre-tax bid-YTW of 4.08% based on a bid of 25.75 and optionCertainty 2013-6-30 at 25.00.
IAG.PR.E Perpetual-Discount Pfd-2(high) -0.32% Recently deleted from TXPR. Now with a pre-tax bid-YTW of 6.10% based on a bid of 24.88 and a limitMaturity.
RY.PR.W Perpetual-Discount Pfd-1(low) +4.71% Now with a pre-tax bid-TTW of 5.58% based on a bid of 21.95 and a limitMaturity.
BAM.PR.M Perpetual-Discount Pfd-2(low) +5.18% The third-best performer in June. Now with a pre-tax bid-TTW of 6.30% based on a bid of 19.10 and a limitMaturity.
GWO.PR.J FixedReset Pfd-1(low) +5.36% The third-worst performer in June, which was due to a disappearing bid and lackadaisical market-making. Now with a pre-tax bid-TTW of 3.36% based on a bid of 27.31 and a call 2014-1-30 at 25.00..
ELF.PR.F Perpetual-Discount Pfd-2(low) +5.36% Now with a pre-tax bid-TTW of 6.42% based on a bid of 20.87 and a limitMaturity.
BAM.PR.N Perpetual-Discount Pfd-2(low) +5.74% Now with a pre-tax bid-YTW of 6.34% based on a bid of 18.99 and a limitMaturity.

It’s interesting to see the BAM OpRet issues dominating the lower end of the monthly returns …. one is tempted to think that BAM.PR.J declined due to the TXPR rebalancing, and the other OpRets went down due to swaps triggered by the initial decline.

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