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 | 0.7059 % | 2,013.9 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7059 % | 3,695.5 |
Floater | 4.29 % | 4.34 % | 45,123 | 16.73 | 3 | 0.7059 % | 2,129.7 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1971 % | 3,636.8 |
SplitShare | 4.69 % | 4.28 % | 39,417 | 3.74 | 8 | -0.1971 % | 4,343.1 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1971 % | 3,388.6 |
Perpetual-Premium | 5.34 % | -5.99 % | 66,504 | 0.09 | 18 | 0.0761 % | 3,232.7 |
Perpetual-Discount | 5.00 % | 5.04 % | 69,837 | 15.42 | 13 | 0.1838 % | 3,696.7 |
FixedReset Disc | 4.92 % | 3.79 % | 142,844 | 17.50 | 56 | 0.0467 % | 2,385.9 |
Insurance Straight | 5.04 % | 4.82 % | 86,228 | 15.34 | 22 | 0.1580 % | 3,568.7 |
FloatingReset | 2.50 % | 0.66 % | 27,003 | 0.12 | 3 | 0.1650 % | 1,914.3 |
FixedReset Prem | 5.13 % | 3.02 % | 194,344 | 0.99 | 20 | -0.0275 % | 2,699.2 |
FixedReset Bank Non | 1.93 % | 1.97 % | 181,562 | 1.02 | 2 | -0.0200 % | 2,884.3 |
FixedReset Ins Non | 4.86 % | 3.74 % | 89,920 | 17.57 | 22 | -0.2244 % | 2,505.5 |
Performance Highlights | |||
Issue | Index | Change | Notes |
IAF.PR.G | FixedReset Ins Non | -3.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 3.88 % |
BAM.PR.X | FixedReset Disc | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 4.45 % |
BAM.PF.E | FixedReset Disc | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 16.33 Evaluated at bid price : 16.33 Bid-YTW : 4.81 % |
PWF.PR.T | FixedReset Disc | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 4.08 % |
NA.PR.E | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 3.62 % |
SLF.PR.H | FixedReset Ins Non | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 3.55 % |
TRP.PR.F | FloatingReset | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 11.89 Evaluated at bid price : 11.89 Bid-YTW : 4.19 % |
PWF.PR.P | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 4.19 % |
BIP.PR.A | FixedReset Disc | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 4.98 % |
BAM.PR.B | Floater | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 10.08 Evaluated at bid price : 10.08 Bid-YTW : 4.29 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
MFC.PR.O | FixedReset Ins Non | 122,750 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.42 Bid-YTW : 2.71 % |
TD.PF.I | FixedReset Disc | 82,695 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 23.70 Evaluated at bid price : 24.05 Bid-YTW : 3.65 % |
MFC.PR.F | FixedReset Ins Non | 61,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-01-19 Maturity Price : 12.87 Evaluated at bid price : 12.87 Bid-YTW : 3.62 % |
TD.PF.H | FixedReset Prem | 56,898 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 2.74 % |
RS.PR.A | SplitShare | 43,110 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 10.25 Bid-YTW : 4.77 % |
PWF.PR.Z | Perpetual-Premium | 25,770 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.25 Evaluated at bid price : 25.30 Bid-YTW : 5.04 % |
There were 18 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
RS.PR.A | SplitShare | Quote: 10.25 – 11.69 Spot Rate : 1.4400 Average : 0.8007 YTW SCENARIO |
MFC.PR.N | FixedReset Ins Non | Quote: 20.10 – 21.10 Spot Rate : 1.0000 Average : 0.6384 YTW SCENARIO |
TRP.PR.E | FixedReset Disc | Quote: 15.50 – 16.33 Spot Rate : 0.8300 Average : 0.5128 YTW SCENARIO |
POW.PR.G | Perpetual-Premium | Quote: 25.50 – 26.25 Spot Rate : 0.7500 Average : 0.4373 YTW SCENARIO |
TRP.PR.F | FloatingReset | Quote: 11.89 – 12.87 Spot Rate : 0.9800 Average : 0.7020 YTW SCENARIO |
BAM.PR.Z | FixedReset Disc | Quote: 19.10 – 19.67 Spot Rate : 0.5700 Average : 0.3346 YTW SCENARIO |
Atlantic Power Proposes Redeeming AZP.PR.A, AZP.PR.B & AZP.PR.C at $22.00 Under Plan of Arrangement
January 16th, 2021Atlantic Power Corporation has announced:
A nice deal for the preferred shareholders, I think, as the yield on the preferreds is now 5.59%, 5.59% and 4.87% for AZP.PR.A, AZP.PR.B and AZP.PR.C, respectively, well within the range of issues in the “Pfd-3 Group” (not bad for issues rated P-4(low)!), although I have received an eMail that stated in part:
Presumably the elimination of the pro-rata dividend will be specified in the Plan of Arrangement.
It remains to be seen whether preferred shareholders are able to replicate their success realized in the negotiations regarding the Rona preferred shares in which Fidelity Investments Canada ULC was able to squeeze Lowes for a significant sum.
Many thanks to Assiduous Readers TS and JD for bringing this to my attention!
Posted in Issue Comments | 4 Comments »