5Banc Split Inc., proud issuer of FBS.PR.C, was confirmed at Pfd-2 by DBRS:
The Preferred Shares pay a quarterly fixed, cumulative, preferential distribution of $0.11875 per Preferred Share yielding 4.75% per annum on their initial issue price. Based on the current dividend yields on the underlying banks, the Preferred Share dividend coverage ratio is approximately 2.2 times. Holders of the Capital Shares are expected to receive all excess dividend income after the Preferred Share distributions and other expenses of the Company have been paid.
Since the rating was upgraded in April 2013, the Company’s performance has been positive, with net asset values increasing steadily. Downside protection available to holders of the Preferred Shares was 68.6% as of April 3, 2014.
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 3bp, while FixedResets and DeemedRetractibles were both off 5bp. Volatility was minimal. Volume was low, but the highlights are comprised entirely of FixedResets.
| 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 | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3830 % | 2,452.4 |
| FixedFloater | 4.71 % | 4.25 % | 34,316 | 17.96 | 1 | 0.3810 % | 3,647.3 |
| Floater | 2.97 % | 3.09 % | 49,764 | 19.53 | 4 | 0.3830 % | 2,647.9 |
| OpRet | 4.36 % | -4.15 % | 32,066 | 0.14 | 2 | -0.0388 % | 2,691.1 |
| SplitShare | 4.81 % | 4.42 % | 60,253 | 4.25 | 5 | 0.0239 % | 3,084.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0388 % | 2,460.7 |
| Perpetual-Premium | 5.54 % | -5.86 % | 106,003 | 0.09 | 13 | 0.0181 % | 2,386.6 |
| Perpetual-Discount | 5.43 % | 5.36 % | 122,435 | 14.60 | 23 | 0.0262 % | 2,483.7 |
| FixedReset | 4.68 % | 3.63 % | 203,923 | 4.20 | 79 | -0.0484 % | 2,531.4 |
| Deemed-Retractible | 5.03 % | -0.19 % | 146,820 | 0.13 | 42 | -0.0469 % | 2,489.9 |
| FloatingReset | 2.64 % | 2.46 % | 206,782 | 4.11 | 5 | 0.0159 % | 2,480.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.X | FixedReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-04-11 Maturity Price : 21.36 Evaluated at bid price : 21.67 Bid-YTW : 4.20 % |
| PWF.PR.A | Floater | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-04-11 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 2.68 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.R | FixedReset | 189,665 | RBC crossed blocks of 140,800 and 25,000, both at 25.30. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-04-11 Maturity Price : 23.65 Evaluated at bid price : 25.33 Bid-YTW : 3.96 % |
| TRP.PR.E | FixedReset | 101,900 | Scotia crossed 80,000 at 25.45. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-04-11 Maturity Price : 23.26 Evaluated at bid price : 25.42 Bid-YTW : 3.86 % |
| RY.PR.Z | FixedReset | 57,135 | TD crossed 50,000 at 25.65. YTW SCENARIO Maturity Type : Call Maturity Date : 2019-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.64 Bid-YTW : 3.63 % |
| MFC.PR.L | FixedReset | 53,680 | Nesbitt crossed 50,000 at 24.80. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.81 Bid-YTW : 4.02 % |
| BNS.PR.Z | FixedReset | 37,683 | TD crossed 25,000 at 24.37. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.36 Bid-YTW : 3.53 % |
| BAM.PR.X | FixedReset | 34,899 | RBC crossed 30,200 at 21.60. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-04-11 Maturity Price : 21.36 Evaluated at bid price : 21.67 Bid-YTW : 4.20 % |
| There were 18 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.R | FixedReset | Quote: 25.33 – 25.55 Spot Rate : 0.2200 Average : 0.1356 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 21.80 – 22.10 Spot Rate : 0.3000 Average : 0.2218 YTW SCENARIO |
| IAG.PR.E | Deemed-Retractible | Quote: 26.07 – 26.25 Spot Rate : 0.1800 Average : 0.1198 YTW SCENARIO |
| GWO.PR.H | Deemed-Retractible | Quote: 23.01 – 23.25 Spot Rate : 0.2400 Average : 0.1811 YTW SCENARIO |
| FTS.PR.F | Perpetual-Discount | Quote: 24.30 – 24.47 Spot Rate : 0.1700 Average : 0.1127 YTW SCENARIO |
| IFC.PR.C | FixedReset | Quote: 25.70 – 25.99 Spot Rate : 0.2900 Average : 0.2336 YTW SCENARIO |