Today is World Toilet Day and the markets behaved accordingly.
The TXPR Index hit a new 52-week low today, touching 661.68 at the close, well below the prior low (set on November 16) of 667.15. There have now been eight straight days of losses, during which the price index has gone down 3.62%.
CPD closed at 13.27, its low for the day, well below the prior 52-week low of 13.37 set on October 30.
ZPR closed at a new low of 10.86 today, far below the prior figure of 10.98, hit on November 16.
All the above are price measures, not total return measures.
Volume was up today, with 29 issues trading 10,000+ shares – which still qualifies it as a ‘below average’ volume day. Like Assiduous Reader malcolmm, I have a hard time taking this seriously – I believe that retail has heard that the economy’s rushing down a well-oiled track:
The plummeting price of Canadian heavy crude oil has been a source of of rising anxiety in Calgary and misery for investors in the energy sector. But it is more than that. As the downturn deepens, it’s becoming a cause of worry for the entire domestic economy, and for government finances that haven’t fully recovered yet from the oil crash of 2014 to 2016.
The numbers are extraordinary. This week, the country’s heavy-oil benchmark, Western Canadian Select (WCS), fell to US$13.46 per barrel, lower than at any point during the oil recession of several years ago.
Jim Gray, a veteran of Canada’s energy sector and chairman of the energy group at Brookfield Asset Management Inc., offers another eye-popping figure to describe the potential damage: By some calculations, total government revenue from royalties and taxable income related to heavy oil could fall by $10-billion. That works out to about $700 per Canadian household. But that’s only one fairly narrow measure of the costs.
and are, as usual, fighting the last war. Who knows? Maybe this time they’ll be right! In the meantime, I’m just clipping my coupons.
| 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 | -1.8192 % | 2,925.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.8192 % | 5,368.2 |
| Floater | 3.97 % | 4.25 % | 37,857 | 16.86 | 4 | -1.8192 % | 3,093.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0868 % | 3,200.7 |
| SplitShare | 4.50 % | 5.02 % | 67,404 | 4.15 | 6 | 0.0868 % | 3,822.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0868 % | 2,982.4 |
| Perpetual-Premium | 5.91 % | 4.79 % | 51,090 | 0.08 | 3 | -0.2781 % | 2,872.6 |
| Perpetual-Discount | 5.65 % | 5.80 % | 70,124 | 14.20 | 31 | -0.5793 % | 2,898.6 |
| FixedReset Disc | 4.67 % | 5.42 % | 156,445 | 14.79 | 58 | -1.4340 % | 2,387.7 |
| Deemed-Retractible | 5.39 % | 7.01 % | 72,765 | 5.16 | 27 | -0.2310 % | 2,882.6 |
| FloatingReset | 3.87 % | 4.39 % | 36,752 | 5.37 | 6 | -0.4271 % | 2,711.5 |
| FixedReset Prem | 5.10 % | 4.75 % | 222,221 | 2.53 | 22 | -0.4525 % | 2,509.0 |
| FixedReset Bank Non | 2.97 % | 4.08 % | 124,894 | 2.97 | 6 | -0.0618 % | 2,574.0 |
| FixedReset Ins Non | 4.71 % | 6.81 % | 123,273 | 5.28 | 22 | -1.2585 % | 2,390.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.T | FixedReset Disc | -4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.03 % |
| BAM.PR.R | FixedReset Disc | -4.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.99 % |
| GWO.PR.N | FixedReset Ins Non | -3.68 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.01 Bid-YTW : 10.18 % |
| HSE.PR.C | FixedReset Disc | -3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.38 Evaluated at bid price : 21.69 Bid-YTW : 6.26 % |
| CU.PR.C | FixedReset Disc | -3.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.56 % |
| BAM.PF.E | FixedReset Disc | -3.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.79 % |
| BAM.PR.Z | FixedReset Disc | -3.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.52 Evaluated at bid price : 21.79 Bid-YTW : 5.94 % |
| IFC.PR.C | FixedReset Ins Non | -3.00 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.01 Bid-YTW : 7.57 % |
| HSE.PR.A | FixedReset Disc | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 6.24 % |
| CU.PR.G | Perpetual-Discount | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.80 % |
| BAM.PF.F | FixedReset Disc | -2.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.68 Evaluated at bid price : 22.09 Bid-YTW : 5.88 % |
| PWF.PR.P | FixedReset Disc | -2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.49 % |
| CU.PR.I | FixedReset Prem | -2.52 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.39 Bid-YTW : 5.74 % |
| BAM.PR.X | FixedReset Disc | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 5.65 % |
| BAM.PF.G | FixedReset Disc | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.80 Evaluated at bid price : 22.30 Bid-YTW : 5.76 % |
| HSE.PR.E | FixedReset Disc | -2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.34 Evaluated at bid price : 22.75 Bid-YTW : 6.38 % |
| BAM.PF.D | Perpetual-Discount | -2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.13 % |
| BIP.PR.E | FixedReset Disc | -2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.56 Evaluated at bid price : 21.85 Bid-YTW : 6.05 % |
| BAM.PF.A | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.14 Evaluated at bid price : 22.75 Bid-YTW : 5.73 % |
| SLF.PR.H | FixedReset Ins Non | -2.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.77 Bid-YTW : 8.15 % |
| MFC.PR.F | FixedReset Ins Non | -2.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.61 Bid-YTW : 10.50 % |
| BAM.PR.K | Floater | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 4.28 % |
| BAM.PR.B | Floater | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 4.28 % |
| VNR.PR.A | FixedReset Disc | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.35 Evaluated at bid price : 23.00 Bid-YTW : 5.47 % |
| TRP.PR.G | FixedReset Disc | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.31 Evaluated at bid price : 21.60 Bid-YTW : 5.90 % |
| BAM.PR.C | Floater | -2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 4.25 % |
| BAM.PF.C | Perpetual-Discount | -1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 20.19 Evaluated at bid price : 20.19 Bid-YTW : 6.11 % |
| MFC.PR.L | FixedReset Ins Non | -1.94 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.25 Bid-YTW : 8.39 % |
| TD.PF.A | FixedReset Disc | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.32 % |
| BAM.PF.I | FixedReset Prem | -1.86 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.27 Bid-YTW : 6.03 % |
| SLF.PR.J | FloatingReset | -1.82 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.78 Bid-YTW : 9.47 % |
| BAM.PR.M | Perpetual-Discount | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 19.64 Evaluated at bid price : 19.64 Bid-YTW : 6.15 % |
| MFC.PR.G | FixedReset Ins Non | -1.77 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.28 Bid-YTW : 6.66 % |
| MFC.PR.M | FixedReset Ins Non | -1.76 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.71 Bid-YTW : 8.08 % |
| TRP.PR.A | FixedReset Disc | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.84 % |
| TRP.PR.C | FixedReset Disc | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 15.63 Evaluated at bid price : 15.63 Bid-YTW : 5.87 % |
| RY.PR.J | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.78 Evaluated at bid price : 23.20 Bid-YTW : 5.31 % |
| EMA.PR.H | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.70 Evaluated at bid price : 23.80 Bid-YTW : 5.12 % |
| NA.PR.S | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.53 Evaluated at bid price : 21.53 Bid-YTW : 5.49 % |
| NA.PR.W | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.45 % |
| MFC.PR.N | FixedReset Ins Non | -1.62 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.60 Bid-YTW : 8.06 % |
| RY.PR.M | FixedReset Disc | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.35 Evaluated at bid price : 22.65 Bid-YTW : 5.28 % |
| BMO.PR.T | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.33 % |
| MFC.PR.Q | FixedReset Ins Non | -1.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.15 Bid-YTW : 7.00 % |
| TD.PF.C | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.31 % |
| RY.PR.Z | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.38 Evaluated at bid price : 21.67 Bid-YTW : 5.20 % |
| CU.PR.F | Perpetual-Discount | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 5.72 % |
| PWF.PR.K | Perpetual-Discount | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.87 % |
| IFC.PR.A | FixedReset Ins Non | -1.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.56 Bid-YTW : 9.25 % |
| TD.PF.B | FixedReset Disc | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 5.28 % |
| EMA.PR.F | FixedReset Disc | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.40 Evaluated at bid price : 21.72 Bid-YTW : 5.64 % |
| BNS.PR.I | FixedReset Disc | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.89 Evaluated at bid price : 24.29 Bid-YTW : 4.89 % |
| SLF.PR.G | FixedReset Ins Non | -1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.78 Bid-YTW : 9.72 % |
| TD.PF.K | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.80 Evaluated at bid price : 24.05 Bid-YTW : 5.06 % |
| MFC.PR.K | FixedReset Ins Non | -1.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.40 Bid-YTW : 8.34 % |
| NA.PR.E | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.75 Evaluated at bid price : 22.12 Bid-YTW : 5.45 % |
| MFC.PR.J | FixedReset Ins Non | -1.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.66 Bid-YTW : 6.73 % |
| SLF.PR.D | Deemed-Retractible | -1.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.78 Bid-YTW : 9.11 % |
| RY.PR.H | FixedReset Disc | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.44 Evaluated at bid price : 21.75 Bid-YTW : 5.22 % |
| BIP.PR.A | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.25 Evaluated at bid price : 22.61 Bid-YTW : 6.42 % |
| CU.PR.H | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 23.07 Evaluated at bid price : 23.44 Bid-YTW : 5.61 % |
| TRP.PR.D | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.82 % |
| CM.PR.Q | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 22.58 Evaluated at bid price : 22.95 Bid-YTW : 5.40 % |
| PWF.PR.A | Floater | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 3.39 % |
| BAM.PR.N | Perpetual-Discount | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 6.11 % |
| BMO.PR.S | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.44 Evaluated at bid price : 21.75 Bid-YTW : 5.32 % |
| IAG.PR.I | FixedReset Ins Non | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 6.04 % |
| CM.PR.S | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.91 Evaluated at bid price : 22.33 Bid-YTW : 5.27 % |
| MFC.PR.I | FixedReset Ins Non | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.46 Bid-YTW : 6.63 % |
| BMO.PR.W | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.29 % |
| IFC.PR.F | Deemed-Retractible | 1.29 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.55 Bid-YTW : 6.64 % |
| IFC.PR.E | Deemed-Retractible | 1.50 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.99 Bid-YTW : 7.01 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.H | FixedReset Prem | 402,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.59 Bid-YTW : 4.18 % |
| HSE.PR.A | FixedReset Disc | 361,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 6.24 % |
| TRP.PR.J | FixedReset Prem | 353,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.78 % |
| BMO.PR.B | FixedReset Prem | 318,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 4.49 % |
| BAM.PR.R | FixedReset Disc | 287,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-19 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.99 % |
| TD.PF.H | FixedReset Prem | 179,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.39 Bid-YTW : 4.40 % |
| There were 23 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.I | FixedReset Prem | Quote: 24.39 – 25.20 Spot Rate : 0.8100 Average : 0.4967 YTW SCENARIO |
| HSE.PR.C | FixedReset Disc | Quote: 21.69 – 22.69 Spot Rate : 1.0000 Average : 0.7166 YTW SCENARIO |
| TD.PF.A | FixedReset Disc | Quote: 21.40 – 21.96 Spot Rate : 0.5600 Average : 0.3552 YTW SCENARIO |
| BMO.PR.T | FixedReset Disc | Quote: 21.31 – 21.81 Spot Rate : 0.5000 Average : 0.3235 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 21.00 – 21.48 Spot Rate : 0.4800 Average : 0.3068 YTW SCENARIO |
| BAM.PF.H | FixedReset Prem | Quote: 25.25 – 25.70 Spot Rate : 0.4500 Average : 0.2793 YTW SCENARIO |
Just a penny above its 52-week low of 13.37
to
Just a penny below its 52-week low of 13.37?
What do preferred investors really want?
Yield- they have got it.
Preferred tax treatment- they have got it.
No corporate trouble- they have got it.
Rising interest rates- they have got it.
Falling interest rates- not yet!
I can’t figure out what the investors in Preferreds really want…which at the same time means this is a patient buy and holder’s dream. I wish more markets were like this.
ENB.PR.A is yielding about 6.1%. It’s not great credit as per James, but preferreds are ahead of about $80 billion of equity. That should be lots of safety. Many similar issues with better credit. Good time to buy.
Perhaps better times are ahead if do get some sizable equities correction.
I sure hope that we see some 7% yeilds on issues similar to Enbridge etc…
Just a penny above its 52-week low of 13.37
to
Just a penny below its 52-week low of 13.37?
Oops! Fixed it.
I can’t figure out what the investors in Preferreds really want
Basically, double or triple what they can get on a GIC with zero price volatility. That’s a good place to start, anyway.
Agree w/ skeptical.
It is a good time to buy. Today especially. My time horizon is 10+ years as this is a portion of my early-years retirement income (portfolio limit is 25% for prefs). So taking authors advice, I will now shut up and continue with more coupon clipping.