Click for Big
TXPR closed at 627.58, up 0.57% on the day. Volume was 2.48-million, on the high side but nothing special in the context of the past thirty days.
CPD closed at 12.55, up 0.72% on the day. Volume of 94,423 was low in the context of the past thirty days.
ZPR closed at 10.12, up 0.60% on the day. Volume of 474,940 was very high in the context of the past thirty days, second only to March 13, when a stunning 1,007,639 shares changed hands.
Five-year Canada yields were up, up 6bp to 1.52% today, but that’s not sufficient to be considered a glib explanation.
So it was a fine way to close the month, but not enough to save the TXPR total return index, which saw performance of -0.46% in March but (thank heavens for small mercies) +1.11% for the quarter.
| 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 | 2.7848 % | 2,062.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.7848 % | 3,785.1 |
| Floater | 5.68 % | 5.83 % | 41,833 | 14.14 | 3 | 2.7848 % | 2,181.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0645 % | 3,282.6 |
| SplitShare | 4.88 % | 4.50 % | 77,421 | 3.87 | 8 | -0.0645 % | 3,920.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0645 % | 3,058.6 |
| Perpetual-Premium | 5.67 % | -9.74 % | 62,689 | 0.09 | 7 | 0.1629 % | 2,939.6 |
| Perpetual-Discount | 5.37 % | 5.40 % | 85,986 | 14.65 | 26 | -0.0605 % | 3,111.7 |
| FixedReset Disc | 5.24 % | 5.22 % | 193,716 | 15.10 | 64 | 0.8245 % | 2,177.4 |
| Deemed-Retractible | 5.20 % | 5.73 % | 96,349 | 8.18 | 27 | 0.1733 % | 3,082.4 |
| FloatingReset | 4.23 % | 3.93 % | 42,339 | 2.71 | 5 | 0.9318 % | 2,390.5 |
| FixedReset Prem | 5.06 % | 3.60 % | 314,659 | 2.22 | 19 | 0.4293 % | 2,579.1 |
| FixedReset Bank Non | 1.97 % | 4.00 % | 147,480 | 2.74 | 3 | 0.2506 % | 2,636.7 |
| FixedReset Ins Non | 4.98 % | 6.35 % | 116,194 | 8.37 | 22 | 0.8645 % | 2,262.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.F | FixedReset Disc | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 5.78 % |
| BAM.PF.E | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 5.90 % |
| TD.PF.C | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 5.11 % |
| RY.PR.W | Perpetual-Discount | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 24.54 Evaluated at bid price : 24.79 Bid-YTW : 4.99 % |
| MFC.PR.B | Deemed-Retractible | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.93 Bid-YTW : 6.28 % |
| PWF.PR.T | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 4.98 % |
| MFC.PR.K | FixedReset Ins Non | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.45 Bid-YTW : 7.05 % |
| IFC.PR.F | Deemed-Retractible | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.25 Bid-YTW : 5.71 % |
| BMO.PR.E | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 22.32 Evaluated at bid price : 23.05 Bid-YTW : 4.69 % |
| HSE.PR.E | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.44 % |
| TRP.PR.B | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 5.71 % |
| BAM.PF.A | FixedReset Disc | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.40 % |
| TRP.PR.A | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 14.54 Evaluated at bid price : 14.54 Bid-YTW : 5.84 % |
| SLF.PR.I | FixedReset Ins Non | 1.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.86 Bid-YTW : 6.22 % |
| W.PR.K | FixedReset Prem | 1.29 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 3.96 % |
| TD.PF.K | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 21.53 Evaluated at bid price : 21.83 Bid-YTW : 4.90 % |
| GWO.PR.N | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.56 Bid-YTW : 8.69 % |
| PWF.PR.S | Perpetual-Discount | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 22.04 Evaluated at bid price : 22.40 Bid-YTW : 5.43 % |
| BAM.PR.K | Floater | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 5.88 % |
| SLF.PR.H | FixedReset Ins Non | 1.45 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.53 Bid-YTW : 7.51 % |
| IFC.PR.A | FixedReset Ins Non | 1.55 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.35 Bid-YTW : 8.17 % |
| SLF.PR.J | FloatingReset | 1.55 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.37 Bid-YTW : 9.44 % |
| PWF.PR.Q | FloatingReset | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.79 % |
| NA.PR.S | FixedReset Disc | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.22 % |
| TRP.PR.D | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 5.65 % |
| CU.PR.C | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 5.34 % |
| MFC.PR.L | FixedReset Ins Non | 1.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.00 Bid-YTW : 7.48 % |
| IFC.PR.C | FixedReset Ins Non | 1.76 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.07 Bid-YTW : 7.10 % |
| NA.PR.G | FixedReset Disc | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 21.92 Evaluated at bid price : 22.39 Bid-YTW : 4.97 % |
| CM.PR.P | FixedReset Disc | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 17.71 Evaluated at bid price : 17.71 Bid-YTW : 5.23 % |
| TRP.PR.C | FixedReset Disc | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 12.77 Evaluated at bid price : 12.77 Bid-YTW : 5.73 % |
| TRP.PR.F | FloatingReset | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 6.26 % |
| BAM.PF.G | FixedReset Disc | 2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.68 % |
| BAM.PR.X | FixedReset Disc | 2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 5.67 % |
| TRP.PR.E | FixedReset Disc | 2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 5.68 % |
| BAM.PR.R | FixedReset Disc | 2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 15.92 Evaluated at bid price : 15.92 Bid-YTW : 5.78 % |
| MFC.PR.N | FixedReset Ins Non | 2.59 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.24 Bid-YTW : 7.50 % |
| TD.PF.E | FixedReset Disc | 2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.14 % |
| PWF.PR.A | Floater | 2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 5.45 % |
| PWF.PR.P | FixedReset Disc | 2.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 5.37 % |
| SLF.PR.G | FixedReset Ins Non | 3.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.48 Bid-YTW : 8.96 % |
| NA.PR.W | FixedReset Disc | 3.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.24 % |
| TRP.PR.G | FixedReset Disc | 3.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.83 % |
| MFC.PR.F | FixedReset Ins Non | 3.68 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.36 Bid-YTW : 8.93 % |
| BAM.PR.B | Floater | 4.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 11.89 Evaluated at bid price : 11.89 Bid-YTW : 5.83 % |
| BAM.PR.T | FixedReset Disc | 9.87 % | Just a reversal of yesterday‘s idiocy.
YTW SCENARIO |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.H | FixedReset Prem | 95,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.06 Bid-YTW : 3.59 % |
| EMA.PR.H | FixedReset Disc | 78,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 22.58 Evaluated at bid price : 23.50 Bid-YTW : 5.23 % |
| MFC.PR.R | FixedReset Ins Non | 65,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 4.76 % |
| VNR.PR.A | FixedReset Disc | 62,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 23.35 Evaluated at bid price : 25.13 Bid-YTW : 4.27 % |
| BAM.PF.I | FixedReset Prem | 50,227 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.38 % |
| RY.PR.Z | FixedReset Disc | 41,450 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-03-29 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.05 % |
| There were 37 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.F | FixedReset Disc | Quote: 18.81 – 19.54 Spot Rate : 0.7300 Average : 0.4730 YTW SCENARIO |
| CM.PR.Q | FixedReset Disc | Quote: 19.91 – 20.54 Spot Rate : 0.6300 Average : 0.4331 YTW SCENARIO |
| TD.PF.C | FixedReset Disc | Quote: 18.45 – 18.99 Spot Rate : 0.5400 Average : 0.3716 YTW SCENARIO |
| TRP.PR.K | FixedReset Disc | Quote: 25.18 – 25.62 Spot Rate : 0.4400 Average : 0.2757 YTW SCENARIO |
| BAM.PR.Z | FixedReset Disc | Quote: 20.03 – 20.51 Spot Rate : 0.4800 Average : 0.3181 YTW SCENARIO |
| BAM.PF.E | FixedReset Disc | Quote: 17.21 – 17.80 Spot Rate : 0.5900 Average : 0.4304 YTW SCENARIO |