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 | -1.4999 % | 2,115.4 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.4999 % | 3,881.6 |
Floater | 5.77 % | 5.88 % | 48,762 | 14.11 | 4 | -1.4999 % | 2,237.0 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1827 % | 3,437.1 |
SplitShare | 4.79 % | 4.57 % | 35,747 | 4.22 | 6 | -0.1827 % | 4,104.7 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1827 % | 3,202.6 |
Perpetual-Premium | 5.55 % | -4.78 % | 62,398 | 0.09 | 11 | 0.1323 % | 3,050.2 |
Perpetual-Discount | 5.26 % | 5.36 % | 70,730 | 14.84 | 24 | 0.2083 % | 3,292.4 |
FixedReset Disc | 5.47 % | 5.75 % | 201,230 | 14.28 | 64 | 0.3615 % | 2,176.4 |
Deemed-Retractible | 5.17 % | 5.29 % | 65,952 | 14.90 | 27 | 0.0359 % | 3,228.4 |
FloatingReset | 6.02 % | 6.05 % | 84,325 | 13.73 | 3 | 0.2180 % | 2,556.2 |
FixedReset Prem | 5.06 % | 3.34 % | 137,697 | 1.55 | 22 | 0.2615 % | 2,653.4 |
FixedReset Bank Non | 1.93 % | 3.62 % | 65,211 | 2.01 | 3 | 0.0679 % | 2,739.5 |
FixedReset Ins Non | 5.31 % | 5.72 % | 141,655 | 14.32 | 22 | 0.1412 % | 2,206.8 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.K | Floater | -2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.95 % |
BAM.PR.C | Floater | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 11.77 Evaluated at bid price : 11.77 Bid-YTW : 5.92 % |
IAF.PR.G | FixedReset Ins Non | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.84 % |
NA.PR.C | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 5.82 % |
BAM.PR.N | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 21.32 Evaluated at bid price : 21.59 Bid-YTW : 5.52 % |
TD.PF.I | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.61 % |
BAM.PR.R | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 15.87 Evaluated at bid price : 15.87 Bid-YTW : 6.19 % |
BAM.PR.M | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 21.45 Evaluated at bid price : 21.71 Bid-YTW : 5.49 % |
CU.PR.I | FixedReset Prem | 1.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 1.84 % |
BAM.PR.Z | FixedReset Disc | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 5.85 % |
NA.PR.G | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 5.78 % |
TRP.PR.C | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.22 % |
SLF.PR.I | FixedReset Ins Non | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.72 % |
HSE.PR.E | FixedReset Disc | 2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.05 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
CU.PR.H | Perpetual-Discount | 53,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 24.28 Evaluated at bid price : 24.77 Bid-YTW : 5.34 % |
PWF.PR.G | Perpetual-Premium | 52,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-02-02 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : -7.39 % |
NA.PR.E | FixedReset Disc | 27,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.79 % |
NA.PR.S | FixedReset Disc | 26,425 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 5.73 % |
MFC.PR.N | FixedReset Ins Non | 25,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 5.83 % |
SLF.PR.D | Deemed-Retractible | 24,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-01-03 Maturity Price : 21.29 Evaluated at bid price : 21.29 Bid-YTW : 5.26 % |
There were 20 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
BMO.PR.T | FixedReset Disc | Quote: 17.35 – 18.12 Spot Rate : 0.7700 Average : 0.4744 YTW SCENARIO |
BMO.PR.Y | FixedReset Disc | Quote: 19.27 – 20.00 Spot Rate : 0.7300 Average : 0.5326 YTW SCENARIO |
SLF.PR.B | Deemed-Retractible | Quote: 22.73 – 23.10 Spot Rate : 0.3700 Average : 0.2840 YTW SCENARIO |
GWO.PR.P | Deemed-Retractible | Quote: 24.92 – 25.20 Spot Rate : 0.2800 Average : 0.1970 YTW SCENARIO |
PWF.PR.A | Floater | Quote: 12.62 – 13.14 Spot Rate : 0.5200 Average : 0.4459 YTW SCENARIO |
MFC.PR.J | FixedReset Ins Non | Quote: 19.36 – 19.61 Spot Rate : 0.2500 Average : 0.1788 YTW SCENARIO |
AZP.PR.B / AZP.PR.C : Net Conversion of 12% to FixedResets
January 3rd, 2020AZP.PR.B used to be CZP.PR.B, which used to be EPP.PR.B, and throughout these changes was a FixedReset, 7.00%+418, which commenced trading 2009-11-2 after being announced 2009-10-13. You can’t tell your players without a programme! Notice of extension was provided in November, 2014, and it reset to 5.57% effective 2014-12-31. I recommended in favour of conversion and the conversion rate was 42%. The company announced the extension to 2024 on 2019-11-14. An erroneous announcement of a reset to 5.67% was announced 2019-12-2 but it was later announced that AZP.PR.B will reset at 5.739% effective January 1, 2020.
AZP.PR.C resulted from the partial conversion of AZP.PR.B and commenced trading 2014-12-31.
Atlantic Power can’t be bothered to issue a press release or otherwise indicate on their website just what the results of the conversion option were (just like 2014), but there is information available on TMXMoney, maybe.
According to the TMX Money page for AZP.PR.C (the FloatingReset), there are 1,077,391 shares outstanding (down from 1,661,906). There are reporting 2,504,131 AZP.PR.B outstanding (up from 2,338,094).
In its 2018 Annual Financial Statements (inconveniently available via SEDAR with a search for “Atlantic ower Corporation Feb 28 2019 18:10:49 ET Audited annual financial statements – English PDF 2381 K”, since neither the company nor the regulators want you reading this stuff – who do you think you are?) the company states:
… so obviously the company knows a bargain when it sees one! If only they were more prolific with their press releases!
So the 2014-12-31 proportion of AZP.PR.B was 58% and the 2019-12-31 proportion is 70%. So call it a net conversion to FixedResets of 12%.
So that’s a conversion rate of about 42%. In my post just before the decision deadline, I recommended conversion.
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