Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!
Hello world!
November 25th, 2013Last Post For The Old Server
November 23rd, 2013As many of you will know, my old server is retiring after seven years or so of sterling service.
A new server has been rented and is now hosting several sites, PrefInfo.com among them. I am now transferring the others.
This will probably involve PrefBlog being down for a while, for the period between propogation of the DNS change and the time when I upload the data to the new server – for reasons that I don’t understand and my simply reflect my lack of knowledge, I can’t install the PrefBlog software and data on the new machine until the DNS change has propogated.
So long, 70.86.75.42 ! It’s time for 184.172.98.210 to take over!
November 22, 2013
November 22nd, 2013Nothing happened today, except for more server-fiddling.
It was another mixed day for the Canadian preferred share market, with PerpetualDiscounts down 10bp, FixedResets up 13bp and DeemedRetractibles off 2bp. Volatility was low. Volume was above average, led by two FloatingReset issues.
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 | -0.1117 % | 2,528.6 |
FixedFloater | 4.29 % | 3.57 % | 30,007 | 18.21 | 1 | -0.3602 % | 3,910.1 |
Floater | 2.93 % | 2.96 % | 63,114 | 19.77 | 3 | -0.1117 % | 2,730.2 |
OpRet | 4.62 % | -4.78 % | 72,755 | 0.08 | 3 | -0.1537 % | 2,662.3 |
SplitShare | 4.74 % | 4.14 % | 68,459 | 3.66 | 6 | 0.0198 % | 2,986.3 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1537 % | 2,434.4 |
Perpetual-Premium | 5.58 % | 3.88 % | 123,557 | 0.09 | 11 | -0.0054 % | 2,308.1 |
Perpetual-Discount | 5.56 % | 5.55 % | 181,561 | 14.50 | 27 | -0.1050 % | 2,369.6 |
FixedReset | 4.97 % | 3.26 % | 230,360 | 3.28 | 82 | 0.1313 % | 2,483.7 |
Deemed-Retractible | 5.05 % | 4.00 % | 191,190 | 1.45 | 42 | -0.0183 % | 2,424.9 |
FloatingReset | 2.65 % | 2.42 % | 305,032 | 4.46 | 5 | -0.0475 % | 2,459.5 |
Performance Highlights | |||
Issue | Index | Change | Notes |
CIU.PR.A | Perpetual-Discount | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-22 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.49 % |
IFC.PR.A | FixedReset | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.91 Bid-YTW : 4.38 % |
BAM.PF.B | FixedReset | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-22 Maturity Price : 23.02 Evaluated at bid price : 24.65 Bid-YTW : 4.36 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
BMO.PR.R | FloatingReset | 277,640 | Scotia crossed blocks of 200,000 and 66,600, both at 25.06. Nice tickets! YTW SCENARIO Maturity Type : Call Maturity Date : 2018-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 2.42 % |
TD.PR.Z | FloatingReset | 242,000 | Scotia crossed blocks of 188,200 and 50,000, both at 25.03. More nice tickets! YTW SCENARIO Maturity Type : Call Maturity Date : 2018-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 2.50 % |
CM.PR.L | FixedReset | 60,408 | RBC crossed 25,000 at 25.63. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 1.87 % |
BAM.PF.D | Perpetual-Discount | 50,775 | RBC crossed 12,400 at 19.85. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-22 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.25 % |
BNS.PR.X | FixedReset | 47,000 | RBC crossed 30,000 at 25.58. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 1.83 % |
BNS.PR.T | FixedReset | 42,575 | RBC crossed 38,200 at 25.58. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 1.83 % |
There were 40 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
BNS.PR.P | FixedReset | Quote: 25.10 – 25.43 Spot Rate : 0.3300 Average : 0.2118 YTW SCENARIO |
GWO.PR.R | Deemed-Retractible | Quote: 23.01 – 23.27 Spot Rate : 0.2600 Average : 0.1615 YTW SCENARIO |
W.PR.H | Perpetual-Discount | Quote: 24.45 – 24.73 Spot Rate : 0.2800 Average : 0.2045 YTW SCENARIO |
FTS.PR.F | Perpetual-Discount | Quote: 23.25 – 23.47 Spot Rate : 0.2200 Average : 0.1545 YTW SCENARIO |
BAM.PR.Z | FixedReset | Quote: 25.80 – 26.00 Spot Rate : 0.2000 Average : 0.1401 YTW SCENARIO |
BNS.PR.O | Deemed-Retractible | Quote: 26.45 – 26.80 Spot Rate : 0.3500 Average : 0.2903 YTW SCENARIO |
November 21, 2013
November 21st, 2013Wholesale prices in the U.S. fell in October for a second month, reflecting cheaper energy costs.
The 0.2 percent drop in the producer-price index followed a 0.1 percent decline the prior month, a Labor Department report showed today in Washington. The decrease matched the median estimate in a Bloomberg survey of 75 economists. The so-called core measure, which excludes food and energy, increased 0.2 percent as the cost of cars jumped by the most in four years.
Server fiddling continues. PrefInfo.com has been moved to the new server and works fine! PrefShares.com has also been moved; the DNS change should be propogated across the Internet by 6pm Friday 22.
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 24bp, FixedResets gaining 3bp and DeemedRetractibles off 3bp. BAM issues were conspicuous in the Performance Highlights, with Floaters down and PerpetualDiscounts up. Volume was well above average.
PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.8%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 245bp, a slight (and perhaps spurious) decline from the 250bp reported November 6.
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 | -1.1953 % | 2,531.4 |
FixedFloater | 4.28 % | 3.56 % | 31,164 | 18.24 | 1 | 0.0000 % | 3,924.2 |
Floater | 2.93 % | 2.96 % | 58,595 | 19.79 | 3 | -1.1953 % | 2,733.2 |
OpRet | 4.61 % | -6.76 % | 71,484 | 0.08 | 3 | 0.1026 % | 2,666.4 |
SplitShare | 4.74 % | 4.14 % | 67,901 | 3.66 | 6 | 0.2372 % | 2,985.7 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1026 % | 2,438.2 |
Perpetual-Premium | 5.58 % | 4.35 % | 123,349 | 0.28 | 11 | 0.0666 % | 2,308.3 |
Perpetual-Discount | 5.55 % | 5.57 % | 178,648 | 14.50 | 27 | 0.2445 % | 2,372.1 |
FixedReset | 4.97 % | 3.38 % | 225,655 | 3.32 | 82 | 0.0261 % | 2,480.4 |
Deemed-Retractible | 5.05 % | 3.87 % | 191,361 | 1.45 | 42 | -0.0298 % | 2,425.3 |
FloatingReset | 2.65 % | 2.41 % | 308,165 | 4.47 | 5 | 0.0396 % | 2,460.7 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.K | Floater | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 2.97 % |
BAM.PR.B | Floater | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 17.99 Evaluated at bid price : 17.99 Bid-YTW : 2.94 % |
MFC.PR.K | FixedReset | -1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.22 Bid-YTW : 4.24 % |
BNS.PR.K | Deemed-Retractible | 1.03 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2013-12-21 Maturity Price : 25.25 Evaluated at bid price : 25.47 Bid-YTW : -2.49 % |
HSE.PR.A | FixedReset | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 22.98 Evaluated at bid price : 23.79 Bid-YTW : 3.79 % |
BAM.PF.C | Perpetual-Discount | 2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 19.89 Evaluated at bid price : 19.89 Bid-YTW : 6.21 % |
BAM.PF.D | Perpetual-Discount | 2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 6.21 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TRP.PR.C | FixedReset | 164,084 | Scotia crossed 20,000 at 22.72 and 131,400 at 22.70. Nice tickets! YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 22.30 Evaluated at bid price : 22.63 Bid-YTW : 3.79 % |
RY.PR.W | Perpetual-Premium | 84,583 | RBC crossed 74,700 at 25.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-21 Maturity Price : 24.75 Evaluated at bid price : 24.99 Bid-YTW : 4.91 % |
SLF.PR.D | Deemed-Retractible | 61,779 | Scotia crossed 39,500 at 21.80. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.82 Bid-YTW : 6.15 % |
SLF.PR.E | Deemed-Retractible | 58,650 | Scotia crossed 45,100 at 22.15. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.16 Bid-YTW : 6.02 % |
TD.PR.K | FixedReset | 58,646 | Scotia crossed 53,400 at 25.80. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 2.63 % |
BMO.PR.N | FixedReset | 58,320 | Nesbitt crossed 50,000 at 25.28. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 2.41 % |
There were 43 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
CIU.PR.A | Perpetual-Discount | Quote: 21.41 – 21.84 Spot Rate : 0.4300 Average : 0.3278 YTW SCENARIO |
CIU.PR.B | FixedReset | Quote: 25.55 – 25.78 Spot Rate : 0.2300 Average : 0.1438 YTW SCENARIO |
FTS.PR.K | FixedReset | Quote: 24.11 – 24.39 Spot Rate : 0.2800 Average : 0.2003 YTW SCENARIO |
POW.PR.D | Perpetual-Discount | Quote: 22.80 – 23.08 Spot Rate : 0.2800 Average : 0.2041 YTW SCENARIO |
IAG.PR.F | Deemed-Retractible | Quote: 25.90 – 26.30 Spot Rate : 0.4000 Average : 0.3266 YTW SCENARIO |
BAM.PR.K | Floater | Quote: 17.84 – 18.02 Spot Rate : 0.1800 Average : 0.1249 YTW SCENARIO |
November 20, 2013
November 21st, 2013A tale of two economies! Europe contemplates easing:
The European Central Bank is considering a smaller-than-normal cut in the deposit rate if officials decide to take it negative for the first time, according to two people with knowledge of the debate.
Policy makers would reduce the rate for commercial lenders who park excess cash at the ECB to minus 0.1 percent from zero, said the people who asked not to be identified because the talks aren’t public. It would be the first time the central bank has adjusted interest rates by less than a quarter of a percentage point. The concept, which has been discussed by Governing Council members, doesn’t yet have a consensus, the people said.
Members of the council, which is holding a mid-month meeting in Frankfurt this week, have said that a negative deposit rate is a potential tool for warding off deflation. They’ve also cautioned that the consequences of such an unprecedented measure aren’t clear. The central bank this month refrained from cutting the deposit rate even as it reduced its benchmark lending rate to a record low of 0.25 percent, and Governing Council member Jens Weidmann has warned against further loosening of monetary policy.
… while the US contemplates less easing:
The U.S. Federal Reserve is getting closer to curbing its experiment in buying financial assets – but is still a long way from ending the age of easy money.
Recent communications by the central bank show that policy makers are poised to reduce, or “taper,” their monthly bond-buying program. Minutes of the Fed’s October policy meeting, released Wednesday after the customary three-week delay, state that “some” officials believed the pace of purchases could be slowed at “one of the next few meetings,” so long as key indicators continue to show the U.S. economy gaining strength.
…
But the Fed minutes also make it clear that policy makers will slow the bond-buying program because they are nervous about unintended future outcomes – not because they think the economy is ready for higher short-term rates. The majority of the Fed’s leaders favour leaving its benchmark rate near zero for a period that most likely will be measured in years rather than months.
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 9bp, FixedResets up 7bp and DeemedRetractibles gaining 6bp. The Performance Highlights table is dominated by losers. Volume was well above average.
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 | 0.3321 % | 2,562.0 |
FixedFloater | 4.28 % | 3.56 % | 31,672 | 18.24 | 1 | -0.0900 % | 3,924.2 |
Floater | 2.90 % | 2.92 % | 58,835 | 19.88 | 3 | 0.3321 % | 2,766.3 |
OpRet | 4.62 % | -0.82 % | 72,566 | 0.08 | 3 | 0.0256 % | 2,663.7 |
SplitShare | 4.74 % | 4.19 % | 68,414 | 3.90 | 6 | 0.1312 % | 2,978.6 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0256 % | 2,435.7 |
Perpetual-Premium | 5.58 % | 4.92 % | 124,143 | 0.28 | 11 | -0.0540 % | 2,306.7 |
Perpetual-Discount | 5.57 % | 5.56 % | 165,987 | 14.53 | 27 | -0.0906 % | 2,366.3 |
FixedReset | 4.97 % | 3.33 % | 225,015 | 3.29 | 82 | 0.0694 % | 2,479.8 |
Deemed-Retractible | 5.05 % | 3.92 % | 192,794 | 1.45 | 42 | 0.0578 % | 2,426.0 |
FloatingReset | 2.65 % | 2.42 % | 310,988 | 4.47 | 5 | 0.0158 % | 2,459.7 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.T | FixedReset | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-20 Maturity Price : 23.04 Evaluated at bid price : 24.25 Bid-YTW : 4.26 % |
MFC.PR.F | FixedReset | -1.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.69 Bid-YTW : 4.48 % |
PWF.PR.S | Perpetual-Discount | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-20 Maturity Price : 22.24 Evaluated at bid price : 22.54 Bid-YTW : 5.36 % |
BAM.PF.C | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-20 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.35 % |
IAG.PR.G | FixedReset | 1.51 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.18 Bid-YTW : 3.11 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
RY.PR.W | Perpetual-Premium | 174,215 | Desjardins crossed blocks of 40,000 and 46,200, both at 25.00. RBC crossed 20,000 at the same price. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-20 Maturity Price : 24.74 Evaluated at bid price : 24.98 Bid-YTW : 4.92 % |
RY.PR.R | FixedReset | 105,388 | Nesbitt crossed 100,000 at 25.24. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 2.63 % |
RY.PR.N | FixedReset | 104,663 | Nesbitt crossed 100,000 at 25.24. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 2.78 % |
BNS.PR.O | Deemed-Retractible | 58,780 | RBC crossed 38,800 and 19,000, both at 26.59. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-12-20 Maturity Price : 26.00 Evaluated at bid price : 26.45 Bid-YTW : -11.60 % |
MFC.PR.K | FixedReset | 51,732 | Nesbitt crossed 40,000 at 24.55. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 4.11 % |
HSE.PR.A | FixedReset | 46,320 | RBC crossed 19,800 at 23.70. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-20 Maturity Price : 22.76 Evaluated at bid price : 23.39 Bid-YTW : 3.88 % |
There were 43 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
RY.PR.G | Deemed-Retractible | Quote: 25.43 – 25.84 Spot Rate : 0.4100 Average : 0.2341 YTW SCENARIO |
PWF.PR.S | Perpetual-Discount | Quote: 22.54 – 22.92 Spot Rate : 0.3800 Average : 0.2549 YTW SCENARIO |
MFC.PR.H | FixedReset | Quote: 26.07 – 26.44 Spot Rate : 0.3700 Average : 0.2596 YTW SCENARIO |
BAM.PR.X | FixedReset | Quote: 22.36 – 22.63 Spot Rate : 0.2700 Average : 0.1749 YTW SCENARIO |
TCA.PR.Y | Perpetual-Premium | Quote: 50.17 – 50.40 Spot Rate : 0.2300 Average : 0.1541 YTW SCENARIO |
ELF.PR.G | Perpetual-Discount | Quote: 21.57 – 21.97 Spot Rate : 0.4000 Average : 0.3289 YTW SCENARIO |
November 19, 2013
November 20th, 2013Nothing happened today, as the world waits with bated breath for me to finish server-fiddling.
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts and FixedResets both down 9bp, while DeemedRetractibles were up 18bp. Volatility was long-term normal. Volume was average.
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 | 0.1848 % | 2,553.5 |
FixedFloater | 4.27 % | 3.55 % | 31,624 | 18.25 | 1 | 0.0450 % | 3,927.7 |
Floater | 2.91 % | 2.93 % | 59,023 | 19.87 | 3 | 0.1848 % | 2,757.1 |
OpRet | 4.62 % | -6.46 % | 71,956 | 0.08 | 3 | 0.5026 % | 2,663.0 |
SplitShare | 4.72 % | 5.15 % | 66,921 | 3.90 | 6 | 0.1418 % | 2,974.7 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5026 % | 2,435.1 |
Perpetual-Premium | 5.58 % | 4.30 % | 124,961 | 0.29 | 11 | 0.1315 % | 2,308.0 |
Perpetual-Discount | 5.56 % | 5.56 % | 182,699 | 14.54 | 27 | -0.0857 % | 2,368.5 |
FixedReset | 4.98 % | 3.41 % | 227,582 | 3.32 | 82 | -0.0890 % | 2,478.1 |
Deemed-Retractible | 5.05 % | 3.93 % | 194,529 | 1.45 | 42 | 0.1774 % | 2,424.6 |
FloatingReset | 2.65 % | 2.41 % | 313,698 | 4.47 | 5 | 0.0238 % | 2,459.3 |
Performance Highlights | |||
Issue | Index | Change | Notes |
CIU.PR.C | FixedReset | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-19 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 3.81 % |
GWO.PR.N | FixedReset | -1.50 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.31 Bid-YTW : 4.52 % |
CGI.PR.D | SplitShare | 1.03 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 4.14 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TRP.PR.C | FixedReset | 181,003 | Desjardins crossed blocks of 77,400 and 80,000, both at 22.75. Nesbitt crossed 12,000 at 22.95. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-19 Maturity Price : 22.38 Evaluated at bid price : 22.75 Bid-YTW : 3.77 % |
HSE.PR.A | FixedReset | 75,652 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-19 Maturity Price : 22.67 Evaluated at bid price : 23.24 Bid-YTW : 3.91 % |
BMO.PR.L | Deemed-Retractible | 69,450 | RBC crossed 64,300 at 26.60. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-12-19 Maturity Price : 26.00 Evaluated at bid price : 26.55 Bid-YTW : -19.96 % |
SLF.PR.A | Deemed-Retractible | 60,216 | RBC crossed 49,600 at 22.75. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.83 Bid-YTW : 5.94 % |
RY.PR.Y | FixedReset | 49,202 | RBC crossed 48,700 at 26.10. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-11-24 Maturity Price : 25.00 Evaluated at bid price : 26.02 Bid-YTW : 1.96 % |
TRP.PR.B | FixedReset | 46,549 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-19 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 3.81 % |
There were 35 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: 22.31 – 22.89 Spot Rate : 0.5800 Average : 0.4312 YTW SCENARIO |
CIU.PR.C | FixedReset | Quote: 21.15 – 21.68 Spot Rate : 0.5300 Average : 0.4010 YTW SCENARIO |
BNA.PR.E | SplitShare | Quote: 25.00 – 25.32 Spot Rate : 0.3200 Average : 0.2138 YTW SCENARIO |
TD.PR.P | Deemed-Retractible | Quote: 26.05 – 26.51 Spot Rate : 0.4600 Average : 0.3553 YTW SCENARIO |
BNS.PR.Y | FixedReset | Quote: 23.61 – 24.04 Spot Rate : 0.4300 Average : 0.3342 YTW SCENARIO |
HSE.PR.A | FixedReset | Quote: 23.24 – 23.70 Spot Rate : 0.4600 Average : 0.3651 YTW SCENARIO |
November 18, 2013
November 18th, 2013Nothing happened today.
However, I am having server problems. After having given sterling service on the farm for many years, IBM informs me that my server is getting unreliable. Rather than refurbish the old server, I have rented a new one and am in the process of copying files and installing software and, when that nightmare is over, will be changing the DNS. Ideally, this will be invisible to Assiduous Readers.
It was a modestly good day for the Canadian preferred share market, with PerpetualDiscounts winning 14bp, FixedResets gaining 1bp and DeemedRetractibles up 10bp. There was a relatively lengthy Performance Highlights table, with FixedResets scattered around like straws in the wind. Volume was average.
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 | 0.6137 % | 2,548.8 |
FixedFloater | 4.28 % | 3.56 % | 32,844 | 18.25 | 1 | -1.6379 % | 3,926.0 |
Floater | 2.91 % | 2.93 % | 59,640 | 19.86 | 3 | 0.6137 % | 2,752.0 |
OpRet | 4.64 % | 2.13 % | 72,900 | 0.36 | 3 | -0.0644 % | 2,649.7 |
SplitShare | 4.72 % | 5.09 % | 67,054 | 3.90 | 6 | 0.0928 % | 2,970.5 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0644 % | 2,422.9 |
Perpetual-Premium | 5.58 % | 4.72 % | 125,539 | 0.29 | 11 | -0.1241 % | 2,305.0 |
Perpetual-Discount | 5.56 % | 5.58 % | 180,403 | 14.51 | 27 | 0.1392 % | 2,370.5 |
FixedReset | 4.97 % | 3.47 % | 230,181 | 3.32 | 82 | 0.0103 % | 2,480.3 |
Deemed-Retractible | 5.06 % | 3.96 % | 193,651 | 1.39 | 42 | 0.1014 % | 2,420.3 |
FloatingReset | 2.65 % | 2.42 % | 317,392 | 4.47 | 5 | 0.0555 % | 2,458.7 |
Performance Highlights | |||
Issue | Index | Change | Notes |
HSE.PR.A | FixedReset | -2.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 22.57 Evaluated at bid price : 23.07 Bid-YTW : 3.94 % |
BAM.PR.G | FixedFloater | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 22.55 Evaluated at bid price : 22.22 Bid-YTW : 3.56 % |
MFC.PR.G | FixedReset | -1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-12-19 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 3.52 % |
CIU.PR.A | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.41 % |
BAM.PR.T | FixedReset | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 23.18 Evaluated at bid price : 24.60 Bid-YTW : 4.19 % |
PWF.PR.L | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 23.36 Evaluated at bid price : 23.80 Bid-YTW : 5.38 % |
CU.PR.E | Perpetual-Discount | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 23.41 Evaluated at bid price : 23.75 Bid-YTW : 5.16 % |
TRP.PR.C | FixedReset | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 22.51 Evaluated at bid price : 22.80 Bid-YTW : 3.76 % |
GWO.PR.N | FixedReset | 1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.65 Bid-YTW : 4.35 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TD.PR.Z | FloatingReset | 182,050 | Nesbitt crossed blocks of 25,000 and 153,400, both at 25.01. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 2.57 % |
BMO.PR.L | Deemed-Retractible | 172,710 | RBC crossed blocks of 100,000 shares, 20,000 and 30,000, all at 26.60. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-12-18 Maturity Price : 26.00 Evaluated at bid price : 26.52 Bid-YTW : -18.89 % |
RY.PR.Y | FixedReset | 82,285 | TD crossed 71,100 at 26.00. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-11-24 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 1.99 % |
RY.PR.I | FixedReset | 44,870 | Nesbitt crossed 40,000 at 25.18. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 2.00 % |
BNS.PR.Z | FixedReset | 41,299 | RBC crossed 23,300 at 23.70. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 4.08 % |
BAM.PF.D | Perpetual-Discount | 37,520 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-11-18 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 6.32 % |
There were 30 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
MFC.PR.G | FixedReset | Quote: 25.56 – 26.19 Spot Rate : 0.6300 Average : 0.3605 YTW SCENARIO |
BAM.PR.G | FixedFloater | Quote: 22.22 – 22.75 Spot Rate : 0.5300 Average : 0.3672 YTW SCENARIO |
HSE.PR.A | FixedReset | Quote: 23.07 – 23.48 Spot Rate : 0.4100 Average : 0.2610 YTW SCENARIO |
TD.PR.P | Deemed-Retractible | Quote: 26.02 – 26.39 Spot Rate : 0.3700 Average : 0.2405 YTW SCENARIO |
FTS.PR.E | OpRet | Quote: 25.84 – 26.19 Spot Rate : 0.3500 Average : 0.2232 YTW SCENARIO |
BMO.PR.P | FixedReset | Quote: 26.09 – 26.44 Spot Rate : 0.3500 Average : 0.2294 YTW SCENARIO |
LBS.PR.A To Get Bigger
November 18th, 2013Brompton Group has announced:
Life & Banc Split Corp. (the “Company”) is pleased to announce it has filed a preliminary short form prospectus with respect to a treasury offering of class A shares and preferred shares.
Life & Banc Split Corp. invests in a portfolio of common shares of the six largest Canadian banks (“Banks”) and the four major publicly traded Canadian life insurance companies (“Lifecos”). Currently, the portfolio consists of common shares of the following Banks and Lifecos:
The Bank of Nova Scotia Royal Bank of Canada National Bank of Canada Industrial Alliance Insurance and Financial Services Inc. The Toronto-Dominion Bank Great-West Lifeco Inc. Canadian Imperial Bank of Commerce Manulife Financial Corporation Bank of Montreal Sun Life Financial Inc. The investment objectives for the class A shares are to provide holders with regular monthly cash distributions targeted to be $0.10 per class A share and to provide the opportunity for growth in net asset value per class A share.
The investment objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.475 per annum paid in equal quarterly amounts, representing a yield on the $10.00 par value of the preferred shares of 4.75% per annum, and to return the original issue price to holders of preferred shares on the current maturity date of November 29, 2018.
The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC, Scotiabank, and TD Securities Inc., and includes BMO Capital Markets, National Bank Financial Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., and Mackie Research Capital Corporation.
LBS.PR.A was last mentioned on PrefBlog when the new dividend rate on the preferreds, 4.75%, was announced. LBS.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.
Update, 2013-11-22:Priced.
Life & Banc Split Corp. (the “Company”) is pleased to announce that the Company’s treasury offering of class A and preferred shares has been priced at $10.31 per class A share and $10.09 per preferred share. The final class A share and preferred share offering prices were determined so as to be non-dilutive to the most recent calculated net asset value per unit of the Company on November 21, 2013, as adjusted for dividends, certain expenses accrued prior to or upon settlement of the offering, and voluntary payment of certain costs of the offering by the Manager
CBW.PR.A To Be Extended
November 16th, 2013Manulife Financial Corp. has announced:
Manulife Asset Management Limited, the manager (the “Manager”) of Copernican World Banks Split Inc. (TSX: CBW.PR.A; CBW) (the “Fund”), today announced that securityholders have approved a special resolution proposed by the Manager.
By approving the special resolution, securityholders have approved the following:
- Extending the scheduled final redemption date for Preferred Shares and Class A Shares of the Fund from December 2, 2013 to December 2, 2018;
- Providing a special retraction right (the “Special Retraction Right”) to holders of Preferred Shares and Class A Shares of the Fund to enable them to retract their Shares on December 2, 2013 in a manner calculated on the same basis as would have applied had the Fund redeemed all Preferred Shares and Class A Shares in accordance with its existing terms;
- Providing for further extensions of additional terms of approximately five years each, if the Board of Directors of the Fund so determines, and providing holders of Preferred Shares and Class A Shares with a continuing special retraction right (the “Continuing Special Retraction Right”), beginning on December 2, 2018 or on such other date as may be determined by the Board of Directors of the Fund, in connection with such extension;
- Providing a special redemption right to the Fund in connection with the Special Retraction Right and Continuing Special Retraction Right that would permit the Fund to redeem Class A Shares and Preferred Shares on a pro rata basis, or take such other action as the Board of Directors of the Fund so determines, to maintain the same number of Class A Shares and Preferred Shares outstanding;
- Amending the management agreement effective December 1, 2013 for the Fund to provide for a reduction in the management fees paid to the Manager from the current 1.95% per annum of the net asset value (“NAV”) of the Fund (plus applicable taxes) to 1.65% per annum of the NAV of the Fund (plus applicable taxes);
- Broadening the investment strategy and removing an investment restriction for the Fund; and
- Permitting the Fund to be terminated prior to any scheduled final redemption date if the Preferred Shares or Class A Shares are delisted from the Toronto Stock Exchange or if the NAV of the Fund declines to less than $5 million for a period of 60 consecutive business days.
The fund has a NAVPU of $4.56 to cover a preferred share liability of $10.00 and furthermore sports a management fee of 1.65% as disclosed in the press release. Then there’s expenses on top of that, of about 2% p.a. according to a quick glance at their semi-annual report (the manager did absorb some expenses, essentially refunding their fee).
It’s not worth it. Two-points-plus is not worth it for what is essentially a mutual fund with a cap placed on possible gains (as the Capital Unitholders will get all value in excess of $10). I recommend holders exercise their retraction rights – but be quick! There’s not much time! According to the Management Information Circular (SEDAR, 2013-10-16):
To participate in the Special Retraction Right, Preferred Shares and Class A Shares must be surrendered during the period beginning on November 18, 2013 and ending on November 25, 2013 (the “Special Retraction Notice Period”) for retraction by the registered Shareholder to Computershare Investor Services Inc. in Toronto, Ontario (“Computershare” or “Transfer Agent”), as registrar and transfer agent, subject to the Funds’ right to suspend retractions (described below)
CBW.PR.A was last mentioned on PrefBlog when the term extension was proposed. CBW.PR.A is not tracked by HIMIPref™.
DF.PR.A To Get Bigger
November 18th, 2013Quadravest has announced:
DF.PR.A was last mentioned on PrefBlog when it was confirmed at Pfd-3(low) by DBRS. DF.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.
Posted in Issue Comments | No Comments »