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 | -1.2605 % | 2,269.7 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.2605 % | 4,353.3 |
Floater | 10.72 % | 10.96 % | 49,100 | 8.80 | 1 | -1.2605 % | 2,508.9 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3410 % | 3,366.4 |
SplitShare | 5.01 % | 7.48 % | 47,566 | 2.38 | 7 | -0.3410 % | 4,020.2 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3410 % | 3,136.7 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2729 % | 2,555.6 |
Perpetual-Discount | 6.66 % | 6.84 % | 47,248 | 12.78 | 28 | -0.2729 % | 2,786.8 |
FixedReset Disc | 5.81 % | 8.49 % | 86,498 | 11.17 | 64 | 0.0316 % | 2,148.8 |
Insurance Straight | 6.64 % | 6.77 % | 56,990 | 12.82 | 19 | -0.3757 % | 2,710.4 |
FloatingReset | 11.40 % | 10.92 % | 35,872 | 8.82 | 2 | 0.0000 % | 2,418.7 |
FixedReset Prem | 7.01 % | 6.93 % | 253,592 | 3.70 | 1 | 0.0399 % | 2,305.4 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0316 % | 2,196.5 |
FixedReset Ins Non | 6.18 % | 7.98 % | 62,686 | 11.60 | 11 | -0.1077 % | 2,318.0 |
Performance Highlights | |||
Issue | Index | Change | Notes |
CCS.PR.C | Insurance Straight | -3.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 6.94 % |
RY.PR.N | Perpetual-Discount | -2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.79 % |
POW.PR.D | Perpetual-Discount | -2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.87 % |
TRP.PR.G | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 9.83 % |
TD.PF.B | FixedReset Disc | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.77 % |
SLF.PR.G | FixedReset Ins Non | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 9.47 % |
PVS.PR.K | SplitShare | -1.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 7.40 % |
PWF.PR.S | Perpetual-Discount | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.87 % |
TRP.PR.F | FloatingReset | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 12.44 % |
BN.PR.B | Floater | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 10.96 % |
BIP.PR.A | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 10.44 % |
TD.PF.I | FixedReset Disc | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 22.70 Evaluated at bid price : 23.72 Bid-YTW : 7.12 % |
MFC.PR.C | Insurance Straight | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.65 % |
SLF.PR.D | Insurance Straight | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.44 % |
CU.PR.I | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 22.36 Evaluated at bid price : 22.75 Bid-YTW : 7.91 % |
MFC.PR.K | FixedReset Ins Non | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.99 % |
PVS.PR.G | SplitShare | -1.04 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 7.48 % |
SLF.PR.E | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.44 % |
BMO.PR.Y | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 8.58 % |
PWF.PR.O | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.84 % |
BN.PF.A | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 8.36 % |
SLF.PR.J | FloatingReset | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 15.29 Evaluated at bid price : 15.29 Bid-YTW : 10.92 % |
BIP.PR.B | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 9.43 % |
FTS.PR.H | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 9.37 % |
BN.PF.H | FixedReset Disc | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 9.48 % |
PWF.PR.P | FixedReset Disc | 2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 9.87 % |
TRP.PR.C | FixedReset Disc | 5.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 11.25 Evaluated at bid price : 11.25 Bid-YTW : 10.54 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
TRP.PR.A | FixedReset Disc | 87,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 10.33 % |
RY.PR.Z | FixedReset Disc | 59,523 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 8.49 % |
FTS.PR.H | FixedReset Disc | 46,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 9.37 % |
MFC.PR.B | Insurance Straight | 42,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.71 % |
TRP.PR.F | FloatingReset | 22,870 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 12.44 % |
BIP.PR.E | FixedReset Disc | 20,050 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-07-28 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 8.08 % |
There were 13 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
CU.PR.J | Perpetual-Discount | Quote: 17.52 – 20.00 Spot Rate : 2.4800 Average : 1.8088 YTW SCENARIO |
CU.PR.C | FixedReset Disc | Quote: 18.28 – 19.79 Spot Rate : 1.5100 Average : 0.9690 YTW SCENARIO |
MFC.PR.J | FixedReset Ins Non | Quote: 20.70 – 21.92 Spot Rate : 1.2200 Average : 0.7330 YTW SCENARIO |
CCS.PR.C | Insurance Straight | Quote: 18.28 – 19.80 Spot Rate : 1.5200 Average : 1.1308 YTW SCENARIO |
CM.PR.P | FixedReset Disc | Quote: 16.95 – 17.90 Spot Rate : 0.9500 Average : 0.5941 YTW SCENARIO |
SLF.PR.G | FixedReset Ins Non | Quote: 12.81 – 13.99 Spot Rate : 1.1800 Average : 0.8274 YTW SCENARIO |
TRP To Spin Out Liquids Business
July 27th, 2023Hot on the heels of yesterday’s downgrade, TC Energy has announced:
As noted in the release, the company has created a spinoff information page; this includes a slide deck that projects Debt / EBITDA of 4.75x for TC Energy commencing by the end of 2024 and an initial 5.0x for the liquids business. Assuming there has been no jiggery-pokery with the EBITDA calculations, this implies that debt will be redistributed more or less proportionately to EBITDA.
I have no information regarding what will happen to the preferreds. Most likely is that they will stay with TC Energy (by far the larger of the two companies going forward), but who knows?
Affected issues are: TRP.PR.A, TRP.PR.B, TRP.PR.C, TRP.PR.D, TRP.PR.E, TRP.PR.F, TRP.PR.G, TRP.PR.H and TRP.PR.I.
Update, 2023-7-28: DBRS states:
S&P states:
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