PerpetualDiscounts now yield 5.23%, equivalent to 6.80% interest at the standard equivalency factor of 1.3x. Long corporates now yield just a bit under 4.1%, so the pre-tax interest-equivalent spread is now about 270bp, unchanged from the March 1 report.
| 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 | 0.1912 % | 2,093.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1912 % | 3,842.1 |
| Floater | 3.61 % | 3.81 % | 49,231 | 17.75 | 4 | 0.1912 % | 2,214.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0861 % | 3,003.0 |
| SplitShare | 4.98 % | 3.90 % | 62,556 | 0.74 | 5 | -0.0861 % | 3,586.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0861 % | 2,798.2 |
| Perpetual-Premium | 5.35 % | 3.91 % | 65,850 | 0.09 | 20 | 0.0059 % | 2,741.0 |
| Perpetual-Discount | 5.16 % | 5.23 % | 99,541 | 15.00 | 18 | 0.0400 % | 2,919.9 |
| FixedReset | 4.46 % | 4.15 % | 225,285 | 6.73 | 97 | 0.0830 % | 2,315.3 |
| Deemed-Retractible | 5.04 % | -0.49 % | 137,496 | 0.15 | 31 | -0.0185 % | 2,858.1 |
| FloatingReset | 2.47 % | 3.20 % | 50,583 | 4.62 | 9 | 0.1230 % | 2,474.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| No individual gains or losses exceeding 1%! | |||
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.O | Deemed-Retractible | 369,825 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-04-26 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 0.65 % |
| TRP.PR.K | FixedReset | 164,811 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 4.39 % |
| TD.PF.E | FixedReset | 106,499 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-08 Maturity Price : 22.88 Evaluated at bid price : 23.98 Bid-YTW : 4.10 % |
| RY.PR.G | Deemed-Retractible | 102,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-04-07 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : -2.44 % |
| BNS.PR.P | FixedReset | 80,034 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.83 Bid-YTW : 3.49 % |
| TRP.PR.E | FixedReset | 76,726 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-08 Maturity Price : 22.37 Evaluated at bid price : 22.83 Bid-YTW : 3.96 % |
| There were 41 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.C | FixedReset | Quote: 21.56 – 21.89 Spot Rate : 0.3300 Average : 0.2522 YTW SCENARIO |
| W.PR.M | FixedReset | Quote: 26.11 – 26.34 Spot Rate : 0.2300 Average : 0.1761 YTW SCENARIO |
| PVS.PR.E | SplitShare | Quote: 26.21 – 26.45 Spot Rate : 0.2400 Average : 0.1913 YTW SCENARIO |
| SLF.PR.D | Deemed-Retractible | Quote: 22.25 – 22.41 Spot Rate : 0.1600 Average : 0.1170 YTW SCENARIO |
| RY.PR.W | Perpetual-Discount | Quote: 25.08 – 25.22 Spot Rate : 0.1400 Average : 0.0976 YTW SCENARIO |
| TRP.PR.A | FixedReset | Quote: 18.67 – 18.88 Spot Rate : 0.2100 Average : 0.1702 YTW SCENARIO |