| 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 | 0.7519 % | 2,321.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7519 % | 4,260.4 |
| Floater | 3.41 % | 3.43 % | 86,443 | 18.71 | 3 | 0.7519 % | 2,455.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1250 % | 3,065.9 |
| SplitShare | 4.69 % | 4.29 % | 59,453 | 1.44 | 5 | -0.1250 % | 3,661.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1250 % | 2,856.7 |
| Perpetual-Premium | 5.36 % | 4.50 % | 72,374 | 0.09 | 21 | -0.0713 % | 2,784.0 |
| Perpetual-Discount | 5.24 % | 5.19 % | 86,010 | 15.13 | 15 | -0.3312 % | 2,951.3 |
| FixedReset | 4.35 % | 4.32 % | 189,090 | 6.42 | 97 | 0.0018 % | 2,388.0 |
| Deemed-Retractible | 5.03 % | 5.27 % | 117,759 | 6.18 | 30 | -0.2591 % | 2,876.6 |
| FloatingReset | 2.66 % | 3.07 % | 48,856 | 4.31 | 10 | 0.2056 % | 2,602.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CCS.PR.C | Deemed-Retractible | -2.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.06 % |
| MFC.PR.H | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.77 Bid-YTW : 4.80 % |
| TRP.PR.C | FixedReset | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.38 % |
| TD.PF.D | FixedReset | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 22.87 Evaluated at bid price : 23.80 Bid-YTW : 4.30 % |
| BAM.PF.I | FixedReset | 1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 3.87 % |
| TD.PF.H | FixedReset | 1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 3.78 % |
| SLF.PR.J | FloatingReset | 1.49 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.35 Bid-YTW : 8.42 % |
| TRP.PR.A | FixedReset | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.28 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.C | Deemed-Retractible | 172,162 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-08-09 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : -0.85 % |
| TRP.PR.C | FixedReset | 71,678 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.38 % |
| TRP.PR.B | FixedReset | 70,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 4.36 % |
| TRP.PR.A | FixedReset | 65,411 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.28 % |
| BAM.PR.C | Floater | 53,781 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-10 Maturity Price : 13.90 Evaluated at bid price : 13.90 Bid-YTW : 3.42 % |
| BNS.PR.H | FixedReset | 52,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.11 Bid-YTW : 3.75 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| NA.PR.W | FixedReset | Quote: 21.40 – 21.95 Spot Rate : 0.5500 Average : 0.3321 YTW SCENARIO |
| PWF.PR.E | Perpetual-Premium | Quote: 25.19 – 25.71 Spot Rate : 0.5200 Average : 0.3094 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 23.50 – 24.10 Spot Rate : 0.6000 Average : 0.4031 YTW SCENARIO |
| TRP.PR.H | FloatingReset | Quote: 14.56 – 15.20 Spot Rate : 0.6400 Average : 0.4864 YTW SCENARIO |
| TRP.PR.D | FixedReset | Quote: 22.36 – 22.62 Spot Rate : 0.2600 Average : 0.1695 YTW SCENARIO |
| NA.PR.A | FixedReset | Quote: 26.30 – 26.57 Spot Rate : 0.2700 Average : 0.1801 YTW SCENARIO |
I’m pretty sure BBD.PR.B/C/D are in your scraps pile but I’m curious on your thoughts on the conversion option for BBD.PR.B/D.
Based on this morning’s release, the BBD.PR.D are getting a 27% hike in its dividend for the next five years and now yields above 10% versus the the BBD.PR.C which yields 8.6%.
Meanwhile, the BBD.PR.B will have an increase in dividends with the increase in prime based on the BOC move today but Prime will still be a long way from 4%.
See BBD.PR.B / BBD.PR.D : Convert or Hold?