Craig Torres and Aki Ito provide some interesting charts illustrating the Fed’s insouciance regarding the prospects of oil-fuelled deflation:
There’s core inflation:
There’s consumer expectations of inflation:
… and there’s trimmed mean inflation:
Oil, Schmoil!
But hey, how ’bout that Canadian economy, eh?
Canadian payroll employment dropped in November by the most in almost five years, a government report showed Thursday, adding to concern the outlook for the nation’s labor market is dimming as oil prices tumble.
The number of non-farm payroll employees fell by 33,000, Statistics Canada said, the most since August 2009, just after the last recession. The Ottawa-based agency also published revised labor force data Wednesday that cut the total number of 2014 job gains by more than a third.
It’s not doing the loonie any good:
Weak oil prices and a surging U.S. currency made another dent in the value of the Canadian dollar Thursday, adding momentum to the loonie’s unprecedented downward spiral.
The dollar, which has fallen about 14 per cent in the past six months, closed at 79.30 cents (U.S.), down more than half a cent on the day.
Artis REIT, proud issuer of AX.PR.A, AX.PR.E and AX.PR.G, was confirmed at Pfd-3(low) by DBRS:
DBRS Limited (DBRS) has today confirmed the ratings of Artis Real Estate Investment Trust’s (Artis or the Trust) Senior Unsecured Debentures at BBB (low) and Preferred Trust Units at Pfd-3 (low), all with Stable trends. The rating confirmation reflects the expected improvement in key financial metrics and growth in operating income driven mainly by significant property acquisitions over the last few years. The ratings continue to be supported by Artis’s mid-sized and diversified commercial real estate portfolio, diverse tenant base and conservative financial profile; however, they remain constrained by a concentration of properties in suburban office and smaller retail formats as well as the Trust’s exposure to small or secondary markets, limited scale within each asset type segment and high proportion of secured debt.
…
DBRS notes that the achievement of a positive rating action for Artis will be less dependent on improving coverage and leverage metrics and more reliant on increasing size and scale while improving overall asset quality. On the other hand, weaker-than-expected operating and earnings performance and/or higher financial leverage that leads to EBITDA interest coverage falling below 2.20 times on a sustained basis could result in a negative rating action.
Happy preferred share investors are so excited about this market they can hardly speak!:
This is not the worst day ever for FixedResets! There was November 25, 2008 (-3.38%), October 10, 2008 (-2.92%) [which ended so wildly that I had to issue an update to PrefLetter a week later, because the prices didn’t make any sense at all], November 19, 2008 (-2.67%), October 23, 2008 (-2.37%) and November 21, 2008 (-2.21%). So this is only the sixth worse day for FixedResets ever. Note that the quoted numbers are taken from the monthly revisions to the indices and therefore will not necessarily match the originally published figures.
Alert Assiduous Readers will have noticed, however, that all these chart-topping days were in October and November, 2008, when information regarding the impending collapse of the Canadian economy and zero-recovery bankruptcy of every Canadian bank was first leaked to the better-connected individuals in the market (these events were later cancelled), so these were all credit-based disasters. So we have the privilege of having witnessed the worst ever yield-based FixedReset day. And, of course, FixedResets are now a much larger part of the market than they were back in the old days.
It was (ahem) a poor day for the Canadian preferred share market, with PerpetualDiscounts and DeemedRetractibles both off 16bp and FixedResets down 174bp. The Performance Highlights table … well, yeah, the Performance Highlights table. Volume was high.
For as long as the FixedReset market is so violently unsettled, I’ll keep publishing updates of the more interesting and meaningful series of FixedResets’ Implied Volatilities. This doesn’t include Enbridge because although Enbridge has a large number of issues outstanding, all of which are quite liquid, the range of Issue Reset Spreads is too small for decent conclusions. The low is 212bp (ENB.PR.H; second-lowest is ENB.PR.D at 237bp) and the high is a mere 268 for ENB.PF.G.
Remember that all rich /cheap assessments are:
» based on Implied Volatility Theory only
» are relative only to other FixedResets from the same issuer
» assume constant GOC-5 yield
» assume constant Implied Volatility
» assume constant spread
Here’s TRP:
So according to this, the cheapest issue is now TRP.PR.C, bid at 17.30; it is $0.57 cheap, and will reset 2016-1-30 at +154. TRP.PR.E, bid at 25.11 and resetting at +235bp on 2019-10-30 is $0.75 rich.
MFC.PR.F is now visibly above the line defined by its peers.
Implied Volatility for MFC continues to be a conundrum. It is still too high if we consider that NVCC rules will never apply to these issues; it is still too low if we consider them to be NVCC non-compliant issues (and therefore with Deemed Maturities in the call schedule).
Changes in the market level, which have had the visible effect of reducing Implied Volatility, have resulted in the cheapest issue relative to its peers being BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 23.01 to be $0.29 cheap. BAM.PR.T, resetting at +231bp 2017-3-31 is bid at 23.85 and appears to be $0.55 rich.
This is just weird because the middle is expensive and the ends are cheap but anyway … FTS.PR.H, with a spread of +145bp, and bid at 17.30, looks $1.28 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp, and bid at 25.21, looks $1.31 expensive and resets 2019-3-1.
The point representing the DC.PR.B / DC.PR.D pair, interconvertible 2019-9-30, is not shown: it has an implied three-month bill yield of negative 1.16% – rather an extreme view for the market to take!
It is interesting to see that while the TRP.PR.A / TRP.PR.F pair is now showing a positive breakeven three-month bill yield over the next five years, the BNS.PR.P / BNS.PR.A pair, resetting 2018-4-26, is calculated at negative 0.19%. surprising to see this in an investment-grade pair, but when the market goes nuts, it doesn’t fool around!
Pairs equivalence is looking more rational, with the investment grade pairs (which are presumably more closely watched and easier to trade) do show a rising trend with increasing time to interconversion which, qualitatively speaking, is entirely reasonable, although the increase (over five years-odd) looks pretty substantial given the scale of the chart (two years-odd).
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 | -2.4838 % | 2,284.2 |
FixedFloater | 4.32 % | 3.50 % | 20,044 | 18.43 | 1 | 0.1821 % | 4,093.0 |
Floater | 3.16 % | 3.34 % | 54,162 | 18.89 | 4 | -2.4838 % | 2,428.3 |
OpRet | 4.05 % | 1.90 % | 101,958 | 0.38 | 1 | 0.0395 % | 2,752.0 |
SplitShare | 4.30 % | 4.12 % | 31,975 | 3.59 | 5 | -0.3032 % | 3,181.1 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0395 % | 2,516.4 |
Perpetual-Premium | 5.43 % | -6.99 % | 56,222 | 0.08 | 19 | -0.0638 % | 2,506.5 |
Perpetual-Discount | 5.03 % | 4.88 % | 110,630 | 15.03 | 16 | -0.1621 % | 2,755.6 |
FixedReset | 4.41 % | 3.55 % | 204,947 | 17.06 | 77 | -1.7390 % | 2,429.7 |
Deemed-Retractible | 4.93 % | 0.31 % | 100,758 | 0.15 | 39 | -0.1564 % | 2,636.6 |
FloatingReset | 2.51 % | 2.85 % | 74,515 | 6.44 | 7 | -0.7000 % | 2,333.5 |
Performance Highlights | |||
Issue | Index | Change | Notes |
HSE.PR.A | FixedReset | -7.11 % | Yep, this is real all right. Of the last twenty-five trades, twenty three were board lots and all but five of these were executed at or below the closing bid. So it’s real. Volume was 33,561, with a VWAP of 17.95. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 3.74 % |
MFC.PR.N | FixedReset | -5.21 % | Sort of real! Three board lots traded just above the last bid, but most of the final twenty-five trades were fifty cents higher than this figure. Volume was 20,800, with a VWAP of 24.55. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.65 Bid-YTW : 4.23 % |
TRP.PR.B | FixedReset | -5.06 % | Yes, sir, this is real all right! Of the last twenty five trades, all but one were at or below the last bid. Volume on the day was 57,112, with a VWAP of 15.21. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 3.51 % |
BNS.PR.Y | FixedReset | -4.72 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.21 Bid-YTW : 4.39 % |
PWF.PR.P | FixedReset | -4.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 3.22 % |
TRP.PR.E | FixedReset | -4.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.82 Evaluated at bid price : 24.05 Bid-YTW : 3.43 % |
TRP.PR.D | FixedReset | -4.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.66 Evaluated at bid price : 23.63 Bid-YTW : 3.46 % |
MFC.PR.L | FixedReset | -3.85 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 4.10 % |
BAM.PR.B | Floater | -3.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 15.05 Evaluated at bid price : 15.05 Bid-YTW : 3.34 % |
TRP.PR.A | FixedReset | -3.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 3.57 % |
ENB.PF.G | FixedReset | -3.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.26 Evaluated at bid price : 23.02 Bid-YTW : 4.05 % |
BAM.PR.K | Floater | -3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 14.91 Evaluated at bid price : 14.91 Bid-YTW : 3.37 % |
BNS.PR.Z | FixedReset | -3.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 4.20 % |
PWF.PR.T | FixedReset | -3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.30 Evaluated at bid price : 25.15 Bid-YTW : 3.19 % |
BMO.PR.Q | FixedReset | -3.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 4.19 % |
ENB.PF.A | FixedReset | -3.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.23 Evaluated at bid price : 22.91 Bid-YTW : 4.02 % |
MFC.PR.K | FixedReset | -3.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.74 Bid-YTW : 4.00 % |
BAM.PR.C | Floater | -3.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 3.35 % |
GWO.PR.N | FixedReset | -2.96 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.05 Bid-YTW : 6.02 % |
GWO.PR.F | Deemed-Retractible | -2.90 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.31 % |
MFC.PR.M | FixedReset | -2.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 4.08 % |
ENB.PR.F | FixedReset | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 21.47 Evaluated at bid price : 21.47 Bid-YTW : 4.03 % |
ENB.PF.C | FixedReset | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.27 Evaluated at bid price : 23.00 Bid-YTW : 4.00 % |
IAG.PR.A | Deemed-Retractible | -2.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 4.98 % |
MFC.PR.F | FixedReset | -2.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.08 Bid-YTW : 5.72 % |
BAM.PR.R | FixedReset | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 21.90 Evaluated at bid price : 22.45 Bid-YTW : 3.59 % |
ENB.PR.J | FixedReset | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.33 Evaluated at bid price : 23.00 Bid-YTW : 3.88 % |
ENB.PF.E | FixedReset | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.26 Evaluated at bid price : 23.00 Bid-YTW : 4.03 % |
ENB.PR.Y | FixedReset | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 4.05 % |
BAM.PR.T | FixedReset | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.09 Evaluated at bid price : 23.40 Bid-YTW : 3.46 % |
SLF.PR.H | FixedReset | -2.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 3.45 % |
CM.PR.P | FixedReset | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.97 Evaluated at bid price : 24.46 Bid-YTW : 3.18 % |
FTS.PR.K | FixedReset | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.07 Evaluated at bid price : 24.54 Bid-YTW : 3.03 % |
MFC.PR.J | FixedReset | -2.00 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 3.67 % |
BMO.PR.T | FixedReset | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.02 Evaluated at bid price : 24.51 Bid-YTW : 3.14 % |
BAM.PR.X | FixedReset | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 3.54 % |
ENB.PR.D | FixedReset | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 3.96 % |
BNS.PR.B | FloatingReset | -1.89 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.90 Bid-YTW : 2.89 % |
BNS.PR.C | FloatingReset | -1.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.24 Bid-YTW : 2.85 % |
CM.PR.O | FixedReset | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.09 Evaluated at bid price : 24.70 Bid-YTW : 3.20 % |
NA.PR.S | FixedReset | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.15 Evaluated at bid price : 24.80 Bid-YTW : 3.26 % |
FTS.PR.M | FixedReset | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.14 Evaluated at bid price : 24.91 Bid-YTW : 3.38 % |
BMO.PR.W | FixedReset | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 22.96 Evaluated at bid price : 24.40 Bid-YTW : 3.13 % |
BAM.PF.G | FixedReset | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.11 Evaluated at bid price : 24.92 Bid-YTW : 3.77 % |
SLF.PR.B | Deemed-Retractible | -1.48 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.63 Bid-YTW : 5.07 % |
MFC.PR.I | FixedReset | -1.48 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 3.78 % |
FTS.PR.H | FixedReset | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 3.36 % |
SLF.PR.G | FixedReset | -1.44 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.80 Bid-YTW : 6.23 % |
BMO.PR.R | FloatingReset | -1.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.90 Bid-YTW : 2.84 % |
CGI.PR.D | SplitShare | -1.34 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 3.83 % |
TD.PF.A | FixedReset | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.07 Evaluated at bid price : 24.70 Bid-YTW : 3.13 % |
MFC.PR.G | FixedReset | -1.28 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-12-19 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 3.54 % |
TRP.PR.C | FixedReset | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 3.55 % |
TD.PF.C | FixedReset | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.02 Evaluated at bid price : 24.60 Bid-YTW : 3.16 % |
TD.PF.B | FixedReset | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.06 Evaluated at bid price : 24.61 Bid-YTW : 3.14 % |
ENB.PR.H | FixedReset | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 3.90 % |
FTS.PR.J | Perpetual-Discount | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 24.18 Evaluated at bid price : 24.60 Bid-YTW : 4.88 % |
IFC.PR.A | FixedReset | -1.20 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 5.48 % |
TD.PR.Z | FloatingReset | -1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.98 Bid-YTW : 2.82 % |
RY.PR.Z | FixedReset | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.22 Evaluated at bid price : 25.00 Bid-YTW : 3.04 % |
BAM.PF.F | FixedReset | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.20 Evaluated at bid price : 25.05 Bid-YTW : 3.73 % |
NA.PR.Q | FixedReset | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 3.22 % |
TRP.PR.F | FloatingReset | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 3.29 % |
BMO.PR.S | FixedReset | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.11 Evaluated at bid price : 24.70 Bid-YTW : 3.20 % |
NA.PR.W | FixedReset | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.05 Evaluated at bid price : 24.70 Bid-YTW : 3.14 % |
SLF.PR.A | Deemed-Retractible | -1.00 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 4.95 % |
BMO.PR.J | Deemed-Retractible | 1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-02-28 Maturity Price : 25.50 Evaluated at bid price : 25.70 Bid-YTW : -8.87 % |
MFC.PR.B | Deemed-Retractible | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 5.03 % |
GWO.PR.P | Deemed-Retractible | 1.72 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.55 Bid-YTW : 4.35 % |
GWO.PR.I | Deemed-Retractible | 1.82 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.10 Bid-YTW : 5.04 % |
BNS.PR.A | FloatingReset | 2.94 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.15 Bid-YTW : 3.08 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TD.PR.Q | Deemed-Retractible | 136,060 | Called for redemption March 2. YTW SCENARIO Maturity Type : Call Maturity Date : 2015-03-02 Maturity Price : 25.50 Evaluated at bid price : 25.58 Bid-YTW : 1.39 % |
ENB.PR.H | FixedReset | 103,708 | Nesbitt crossed 72,000 at 20.45. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 3.90 % |
MFC.PR.M | FixedReset | 56,850 | Nesbitt crossed 40,000 at 24.34. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 4.08 % |
CU.PR.G | Perpetual-Discount | 46,428 | National bought 25,000 from RBC at 23.71. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 23.27 Evaluated at bid price : 23.60 Bid-YTW : 4.82 % |
TRP.PR.B | FixedReset | 38,012 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 3.51 % |
TRP.PR.C | FixedReset | 34,936 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-01-29 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 3.55 % |
There were 48 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
GWO.PR.F | Deemed-Retractible | Quote: 25.15 – 26.04 Spot Rate : 0.8900 Average : 0.5147 YTW SCENARIO |
MFC.PR.N | FixedReset | Quote: 23.65 – 24.20 Spot Rate : 0.5500 Average : 0.3349 YTW SCENARIO |
MFC.PR.H | FixedReset | Quote: 25.63 – 26.13 Spot Rate : 0.5000 Average : 0.3028 YTW SCENARIO |
TRP.PR.F | FloatingReset | Quote: 19.00 – 19.95 Spot Rate : 0.9500 Average : 0.7742 YTW SCENARIO |
SLF.PR.I | FixedReset | Quote: 25.53 – 25.99 Spot Rate : 0.4600 Average : 0.3048 YTW SCENARIO |
TRP.PR.A | FixedReset | Quote: 20.00 – 20.49 Spot Rate : 0.4900 Average : 0.3410 YTW SCENARIO |
Brompton Oil Split Corp. To Close February 24
January 31st, 2015Brompton Group has announced:
The issuance of the preliminary prospectus was reported on PrefBlog.
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