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 | 0.7333 % | 2,098.8 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7333 % | 4,025.5 |
Floater | 11.07 % | 11.18 % | 60,717 | 8.75 | 1 | 0.7333 % | 2,319.9 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1727 % | 3,451.3 |
SplitShare | 4.88 % | 6.94 % | 30,187 | 1.61 | 7 | 0.1727 % | 4,121.6 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1727 % | 3,215.9 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1690 % | 2,610.4 |
Perpetual-Discount | 6.59 % | 6.77 % | 53,334 | 12.78 | 28 | 0.1690 % | 2,846.5 |
FixedReset Disc | 5.38 % | 7.39 % | 121,018 | 12.06 | 49 | 0.7264 % | 2,481.2 |
Insurance Straight | 6.43 % | 6.58 % | 60,370 | 13.15 | 20 | -0.0413 % | 2,821.3 |
FloatingReset | 9.71 % | 9.52 % | 38,020 | 10.00 | 3 | -0.4709 % | 2,620.0 |
FixedReset Prem | 6.38 % | 6.80 % | 219,332 | 12.51 | 7 | 0.0000 % | 2,519.6 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7264 % | 2,536.3 |
FixedReset Ins Non | 5.46 % | 7.05 % | 105,634 | 12.80 | 14 | 2.0909 % | 2,601.6 |
Performance Highlights | |||
Issue | Index | Change | Notes |
CU.PR.E | Perpetual-Discount | -5.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 17.97 Evaluated at bid price : 17.97 Bid-YTW : 6.90 % |
GWO.PR.G | Insurance Straight | -3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.77 % |
BIP.PR.E | FixedReset Disc | -2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 7.88 % |
CU.PR.D | Perpetual-Discount | -2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.70 % |
PWF.PR.F | Perpetual-Discount | -2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 6.89 % |
RY.PR.O | Perpetual-Discount | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.75 Evaluated at bid price : 22.01 Bid-YTW : 5.61 % |
MFC.PR.I | FixedReset Ins Non | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.73 Evaluated at bid price : 22.00 Bid-YTW : 7.03 % |
SLF.PR.C | Insurance Straight | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.11 % |
MFC.PR.F | FixedReset Ins Non | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 7.34 % |
PWF.PR.Z | Perpetual-Discount | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 6.79 % |
BN.PF.G | FixedReset Disc | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.90 % |
BN.PF.H | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.88 Evaluated at bid price : 22.42 Bid-YTW : 8.06 % |
PWF.PR.G | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 6.76 % |
SLF.PR.J | FloatingReset | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 9.51 % |
FTS.PR.G | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 19.87 Evaluated at bid price : 19.87 Bid-YTW : 7.21 % |
RY.PR.N | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.00 Evaluated at bid price : 22.25 Bid-YTW : 5.55 % |
GWO.PR.L | Insurance Straight | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 6.66 % |
MFC.PR.Q | FixedReset Ins Non | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.84 Evaluated at bid price : 22.22 Bid-YTW : 6.68 % |
BN.PF.I | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 8.00 % |
BMO.PR.W | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.39 Evaluated at bid price : 23.25 Bid-YTW : 5.94 % |
TD.PF.A | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.46 Evaluated at bid price : 23.37 Bid-YTW : 5.95 % |
GWO.PR.T | Insurance Straight | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.64 % |
PVS.PR.K | SplitShare | 1.80 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 6.84 % |
CU.PR.C | FixedReset Disc | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 18.73 Evaluated at bid price : 18.73 Bid-YTW : 7.60 % |
CM.PR.S | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 23.56 Evaluated at bid price : 23.56 Bid-YTW : 6.28 % |
TD.PF.J | FixedReset Disc | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.73 Evaluated at bid price : 23.70 Bid-YTW : 6.36 % |
FFH.PR.K | FixedReset Disc | 2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 8.25 % |
TD.PF.C | FixedReset Disc | 2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.89 Evaluated at bid price : 22.41 Bid-YTW : 6.22 % |
FFH.PR.M | FixedReset Disc | 2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.75 Evaluated at bid price : 23.37 Bid-YTW : 7.71 % |
BN.PF.D | Perpetual-Discount | 2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 7.04 % |
CM.PR.O | FixedReset Disc | 2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 23.84 Evaluated at bid price : 24.88 Bid-YTW : 5.70 % |
CM.PR.P | FixedReset Disc | 3.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.22 Evaluated at bid price : 22.95 Bid-YTW : 6.05 % |
CM.PR.Q | FixedReset Disc | 3.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.38 Evaluated at bid price : 22.85 Bid-YTW : 6.51 % |
BN.PF.C | Perpetual-Discount | 4.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 6.97 % |
IFC.PR.G | FixedReset Ins Non | 4.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.35 Evaluated at bid price : 21.66 Bid-YTW : 6.86 % |
NA.PR.W | FixedReset Disc | 6.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 6.79 % |
MIC.PR.A | Perpetual-Discount | 20.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.38 % |
MFC.PR.L | FixedReset Ins Non | 32.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.83 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
RY.PR.H | FixedReset Disc | 144,569 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-24 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 5.46 % |
TD.PF.C | FixedReset Disc | 138,456 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.89 Evaluated at bid price : 22.41 Bid-YTW : 6.22 % |
CM.PR.O | FixedReset Disc | 96,597 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 23.84 Evaluated at bid price : 24.88 Bid-YTW : 5.70 % |
CM.PR.S | FixedReset Disc | 91,649 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 23.56 Evaluated at bid price : 23.56 Bid-YTW : 6.28 % |
TD.PF.B | FixedReset Disc | 89,281 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 22.88 Evaluated at bid price : 24.25 Bid-YTW : 5.77 % |
TD.PF.D | FixedReset Disc | 85,873 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-18 Maturity Price : 21.81 Evaluated at bid price : 22.30 Bid-YTW : 6.67 % |
There were 33 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
IFC.PR.C | FixedReset Ins Non | Quote: 19.30 – 22.25 Spot Rate : 2.9500 Average : 2.0846 YTW SCENARIO |
BN.PF.E | FixedReset Disc | Quote: 16.40 – 18.40 Spot Rate : 2.0000 Average : 1.1388 YTW SCENARIO |
TD.PF.D | FixedReset Disc | Quote: 22.30 – 24.00 Spot Rate : 1.7000 Average : 1.0318 YTW SCENARIO |
GWO.PR.G | Insurance Straight | Quote: 19.30 – 20.46 Spot Rate : 1.1600 Average : 0.7089 YTW SCENARIO |
IFC.PR.F | Insurance Straight | Quote: 20.42 – 21.50 Spot Rate : 1.0800 Average : 0.6610 YTW SCENARIO |
CU.PR.E | Perpetual-Discount | Quote: 17.97 – 18.95 Spot Rate : 0.9800 Average : 0.6536 YTW SCENARIO |
IAF.PR.B To Be Redeemed, Maybe
June 17th, 2024iA Financial Corporation Inc. has announced:
The affected issue is IAF.PR.B. This issue closed the day at a price of 24.92, up 17.22% from Friday’s close of 21.26, on volume of 91,010 – large by any non-new-issue standards, and huge by the standards of this sleepy little preferred.
I’m pretty mad about this. I presume that word got out about the potential redemption of IAF.PR.B from the ‘intended use of proceeds’ section of whatever pre-marketting material’s going around, assuming that nobody who was approached had already figured out that IAF.PR.B was a prime candidate for a redemption of this nature. It is, after all, one of the last (if not the last) preferred shares issued by an actual insurer rather than an insurance holding company.
So why didn’t Industrial Alliance get a trading halt on the issue prior to all this? Other companies have been scrupulous in announcing their intention to try to refinance a preferred issue on the day before going to market. And, given that Industrial Alliance did not do this, why didn’t CIRO halt trading ‘pending an announcement from the company’? The price had gained about $1 from the opening by about 1pm; after that it really took off. It was something like 45-60 minutes before the announcement finally appeared on the company website.
How’s this from CIRO’s/IIROC’s website?
Bad work, Industrial Alliance! Bad work, CIRO!
Update, 2024-6-18 This just in, although it is dated 2024-6-17 … must have been very late last night or not posted until this morning … iA Financial Corporation Inc. has announced:
Posted in Better Communication, Please!, Issue Comments | 4 Comments »