Today’s inspiring photograph has been taken from the website of a company owned by a distant relative.
Click for big
It was another mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 1bp, FixedResets off 5bp and DeemedRetractibles gaining 3bp. Volatility was low. Volume was relatively heavy, with quite a few issues breaking the 100,000 barrier as the RBC desk did land-office business.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2001 % | 2,460.5 |
| FixedFloater | 4.16 % | 3.49 % | 31,395 | 18.32 | 1 | 1.1062 % | 3,870.3 |
| Floater | 2.81 % | 3.02 % | 54,910 | 19.64 | 4 | -0.2001 % | 2,656.7 |
| OpRet | 4.59 % | 0.25 % | 38,298 | 0.62 | 4 | 0.0284 % | 2,586.9 |
| SplitShare | 5.35 % | 4.54 % | 56,140 | 4.44 | 3 | 0.3263 % | 2,867.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0284 % | 2,365.5 |
| Perpetual-Premium | 5.25 % | 2.16 % | 74,587 | 0.28 | 30 | 0.0105 % | 2,318.1 |
| Perpetual-Discount | 4.89 % | 4.93 % | 98,741 | 15.54 | 3 | -0.0137 % | 2,601.7 |
| FixedReset | 4.98 % | 2.90 % | 211,542 | 3.91 | 75 | -0.0460 % | 2,449.2 |
| Deemed-Retractible | 4.90 % | 3.44 % | 122,866 | 0.94 | 46 | 0.0338 % | 2,399.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.C | FixedReset | -1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.92 Bid-YTW : 3.34 % |
| IAG.PR.F | Deemed-Retractible | 1.10 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-03-31 Maturity Price : 26.00 Evaluated at bid price : 26.60 Bid-YTW : 4.99 % |
| BAM.PR.G | FixedFloater | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-11-13 Maturity Price : 23.16 Evaluated at bid price : 22.85 Bid-YTW : 3.49 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FTS.PR.J | Perpetual-Premium | 1,173,968 | New issue settled today. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.69 % |
| TD.PR.I | FixedReset | 233,860 | RBC crossed 226,800 at 26.65. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 2.29 % |
| NA.PR.Q | FixedReset | 213,195 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2017-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 3.44 % |
| RY.PR.Y | FixedReset | 204,530 | RBC sold 19,500 to TD at 26.93, then crossed 176,700 at 26.85. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-11-24 Maturity Price : 25.00 Evaluated at bid price : 26.90 Bid-YTW : 2.18 % |
| TD.PR.K | FixedReset | 148,500 | RBC corssed 146,100 at 26.65. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.75 Bid-YTW : 2.22 % |
| BNS.PR.T | FixedReset | 142,239 | RBC crossed 125,000 at 26.60. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 1.76 % |
| TD.PR.E | FixedReset | 120,920 | RBC crossed 118,600 at 26.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.51 Bid-YTW : 2.18 % |
| SLF.PR.I | FixedReset | 107,342 | Nesbitt crossed 100,000 at 26.00. YTW SCENARIO Maturity Type : Call Maturity Date : 2016-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 3.36 % |
| RY.PR.P | FixedReset | 105,044 | RBC crossed 100,000 at 26.30. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 2.14 % |
| RY.PR.T | FixedReset | 104,853 | RBC crossed 100,000 at 26.30. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.74 Bid-YTW : 2.16 % |
| RY.PR.X | FixedReset | 104,600 | RBC crossed 98,800 at 26.85. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.76 Bid-YTW : 2.12 % |
| There were 35 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| HSB.PR.C | Deemed-Retractible | Quote: 25.83 – 26.50 Spot Rate : 0.6700 Average : 0.5796 YTW SCENARIO |
| PWF.PR.R | Perpetual-Premium | Quote: 26.71 – 27.00 Spot Rate : 0.2900 Average : 0.2064 YTW SCENARIO |
| BAM.PR.K | Floater | Quote: 17.45 – 17.68 Spot Rate : 0.2300 Average : 0.1483 YTW SCENARIO |
| PWF.PR.O | Perpetual-Premium | Quote: 26.75 – 27.04 Spot Rate : 0.2900 Average : 0.2153 YTW SCENARIO |
| HSB.PR.D | Deemed-Retractible | Quote: 25.60 – 25.88 Spot Rate : 0.2800 Average : 0.2065 YTW SCENARIO |
| BAM.PR.X | FixedReset | Quote: 25.10 – 25.27 Spot Rate : 0.1700 Average : 0.1061 YTW SCENARIO |