Canada’s regulatory revolving door has gone around again:
Mark Zelmer has more than 30 years of experience dealing with financial sector policy and regulatory issues. He was formerly an Assistant Superintendent and Deputy Superintendent of Financial Institutions at the Office of the Superintendent of Financial Institutions (OSFI). Prior to that, he worked for the Bank of Canada and the International Monetary Fund.
Among his many accomplishments, Mark was an active contributor to the global regulatory reform agenda in the wake of the financial crisis. As a member of the Basel Committee on Banking Supervision from September 2008 through June 2016, he chaired the development of several components of the Basel III framework and led a peer-review assessment of the European Union’s adoption of Basel III capital requirements. He also served on the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation from July 2014 to June 2016 and co-chaired its work on structural vulnerabilities associated with the global asset management industry.
Mark holds a Master of Science (Business Administration) degree from the University of British Columbia and a Bachelor of Commerce (Honours) degree from Queen’s University.
Mr. Zelmer was elected to the Board of Directors of Assuris in 2017.
There was another bump in the Canada five-year yield today … to 1.44%
| 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 | 0.7243 % | 2,176.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7243 % | 3,993.7 |
| Floater | 3.64 % | 3.66 % | 70,779 | 18.20 | 3 | 0.7243 % | 2,301.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0156 % | 3,069.0 |
| SplitShare | 4.69 % | 4.18 % | 59,023 | 1.46 | 5 | -0.0156 % | 3,665.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0156 % | 2,859.6 |
| Perpetual-Premium | 5.31 % | 1.85 % | 71,626 | 0.09 | 21 | 0.0597 % | 2,792.0 |
| Perpetual-Discount | 5.14 % | 5.16 % | 86,435 | 15.13 | 15 | -0.1349 % | 2,995.5 |
| FixedReset | 4.36 % | 4.33 % | 190,027 | 6.44 | 97 | 0.0799 % | 2,379.6 |
| Deemed-Retractible | 5.00 % | 5.10 % | 120,761 | 6.19 | 30 | -0.0792 % | 2,893.5 |
| FloatingReset | 2.65 % | 3.06 % | 51,720 | 4.31 | 10 | 0.2661 % | 2,589.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSE.PR.G | FixedReset | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 23.04 Evaluated at bid price : 24.15 Bid-YTW : 5.04 % |
| CU.PR.I | FixedReset | -1.15 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.71 Bid-YTW : 2.53 % |
| MFC.PR.N | FixedReset | 1.00 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.15 Bid-YTW : 5.69 % |
| TRP.PR.A | FixedReset | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.34 % |
| SLF.PR.G | FixedReset | 1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.00 Bid-YTW : 8.42 % |
| SLF.PR.H | FixedReset | 1.20 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.25 Bid-YTW : 6.38 % |
| BAM.PR.K | Floater | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 13.03 Evaluated at bid price : 13.03 Bid-YTW : 3.64 % |
| TD.PF.E | FixedReset | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 23.01 Evaluated at bid price : 24.18 Bid-YTW : 4.33 % |
| HSE.PR.A | FixedReset | 2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 4.69 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.D | FixedReset | 72,051 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 4.46 % |
| NA.PR.C | FixedReset | 25,222 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.57 % |
| RY.PR.Z | FixedReset | 19,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 21.50 Evaluated at bid price : 21.87 Bid-YTW : 4.23 % |
| BMO.PR.S | FixedReset | 16,202 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 21.73 Evaluated at bid price : 22.20 Bid-YTW : 4.29 % |
| BAM.PR.B | Floater | 14,044 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 12.98 Evaluated at bid price : 12.98 Bid-YTW : 3.66 % |
| TRP.PR.E | FixedReset | 12,655 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-07-04 Maturity Price : 22.09 Evaluated at bid price : 22.36 Bid-YTW : 4.28 % |
| There were 3 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| VNR.PR.A | FixedReset | Quote: 21.96 – 22.48 Spot Rate : 0.5200 Average : 0.3178 YTW SCENARIO |
| HSE.PR.G | FixedReset | Quote: 24.15 – 24.63 Spot Rate : 0.4800 Average : 0.2956 YTW SCENARIO |
| MFC.PR.M | FixedReset | Quote: 21.86 – 22.35 Spot Rate : 0.4900 Average : 0.3505 YTW SCENARIO |
| BMO.PR.B | FixedReset | Quote: 26.21 – 26.50 Spot Rate : 0.2900 Average : 0.1617 YTW SCENARIO |
| MFC.PR.G | FixedReset | Quote: 23.75 – 24.07 Spot Rate : 0.3200 Average : 0.1941 YTW SCENARIO |
| HSE.PR.C | FixedReset | Quote: 23.29 – 23.62 Spot Rate : 0.3300 Average : 0.2105 YTW SCENARIO |