January 16, 2014

Protecting investors is boring! It’s time for a brave new world of social engineering!

The Ontario Securities Commission has proposed a new rule that would require companies to report annually on their policies to add more women to their boards and executive ranks.

The new rules unveiled Thursday will also require companies to report on their term limits for directors, which would bring Canada in line with many other countries that have also required companies to disclose whether they have term limits for their boards. Proponents argue term limits help ensure there is more board turnover so new directors – including women – can be added to the mix.

Companies are also being asked to report on whether they have voluntarily adopted targets for women on their boards or in executive roles.

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 3bp, FixedResets gaining 9bp and DeemedRetractibles down 21bp. Volatility was minimal. Volume was high.

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 -0.3542 % 2,536.8
FixedFloater 4.43 % 3.67 % 32,734 18.08 1 0.7046 % 3,830.0
Floater 2.95 % 2.96 % 68,981 19.83 3 -0.3542 % 2,739.0
OpRet 4.62 % 0.23 % 77,743 0.08 3 0.0256 % 2,675.3
SplitShare 4.84 % 4.58 % 62,320 4.42 5 0.0480 % 3,030.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0256 % 2,446.2
Perpetual-Premium 5.63 % 3.45 % 126,472 0.13 13 0.1043 % 2,323.6
Perpetual-Discount 5.64 % 5.66 % 162,764 14.42 25 -0.0340 % 2,356.5
FixedReset 4.95 % 3.46 % 221,646 3.44 82 0.0894 % 2,487.9
Deemed-Retractible 5.16 % 4.50 % 166,136 2.21 42 -0.2119 % 2,396.6
FloatingReset 2.60 % 2.35 % 221,949 4.32 5 -0.1663 % 2,469.8
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2044-01-16
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 3.94 %
MFC.PR.F FixedReset 1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.51
Bid-YTW : 4.65 %
Volume Highlights
Issue Index Shares
Traded
Notes
HSB.PR.E FixedReset 154,215 RBC crossed blocks of 100,000 and 50,000, both at 25.53.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : 2.53 %
PWF.PR.T FixedReset 150,660 Scotia crossed blocks of 80,000 and 23,700, both at 25.50.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 3.78 %
ENB.PR.J FixedReset 149,157 TD crossed 40,000 at 25.00; Scotia crossed 50,000 and RBC crossed 18,500, all at the same price.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2044-01-16
Maturity Price : 23.14
Evaluated at bid price : 24.95
Bid-YTW : 4.29 %
IGM.PR.B Perpetual-Premium 130,743 Deleted from TXPR.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.51 %
ENB.PR.Y FixedReset 107,737 TD crossed 49,300 at 23.85.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2044-01-16
Maturity Price : 22.70
Evaluated at bid price : 23.90
Bid-YTW : 4.27 %
NA.PR.L Deemed-Retractible 74,100 TD bought 29,900 from Canaccord at 25.00; then crossed 24,700; then bought another 10,400 from Canaccord, all at the same price.
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-05-15
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 3.89 %
There were 44 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Quote: 21.82 – 22.22
Spot Rate : 0.4000
Average : 0.2695

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.82
Bid-YTW : 4.71 %

TRP.PR.B FixedReset Quote: 20.15 – 20.48
Spot Rate : 0.3300
Average : 0.2153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2044-01-16
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 3.89 %

BNS.PR.B FloatingReset Quote: 25.00 – 25.28
Spot Rate : 0.2800
Average : 0.1774

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-10-25
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 2.46 %

RY.PR.F Deemed-Retractible Quote: 25.06 – 25.28
Spot Rate : 0.2200
Average : 0.1456

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 4.54 %

IAG.PR.F Deemed-Retractible Quote: 25.36 – 25.64
Spot Rate : 0.2800
Average : 0.2098

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 5.80 %

TRP.PR.A FixedReset Quote: 23.68 – 23.90
Spot Rate : 0.2200
Average : 0.1543

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2044-01-16
Maturity Price : 23.11
Evaluated at bid price : 23.68
Bid-YTW : 3.92 %

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