Still no commentary! Sorry, guys, I’m sure next week will be better.
The Canadian preferred share market continued to slide today on above average volume, with PerpetualDiscounts down 21bp and FixedReset losing 13bp. Yield on FixedResets has climbed all the back up to 3.58%, which is a big difference from just over a month ago when it set a new all-time low of 2.88%. The current all-time low of 2.84% was reached on November 10.
| 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 | 0.0125 % | 2,274.3 |
| FixedFloater | 4.73 % | 3.21 % | 27,723 | 19.02 | 1 | 0.0000 % | 3,557.5 |
| Floater | 2.62 % | 2.39 % | 53,906 | 21.26 | 4 | 0.0125 % | 2,455.7 |
| OpRet | 4.80 % | 3.48 % | 71,437 | 2.37 | 8 | 0.1828 % | 2,375.5 |
| SplitShare | 5.33 % | 0.72 % | 1,258,989 | 0.99 | 4 | -0.4278 % | 2,452.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1828 % | 2,172.2 |
| Perpetual-Premium | 5.71 % | 5.53 % | 155,289 | 6.44 | 27 | -0.2139 % | 2,006.1 |
| Perpetual-Discount | 5.39 % | 5.39 % | 273,259 | 14.77 | 51 | -0.2084 % | 2,018.2 |
| FixedReset | 5.25 % | 3.58 % | 369,111 | 3.12 | 52 | -0.1307 % | 2,249.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| POW.PR.D | Perpetual-Discount | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 22.67 Evaluated at bid price : 22.86 Bid-YTW : 5.55 % |
| BNS.PR.K | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 22.81 Evaluated at bid price : 23.03 Bid-YTW : 5.27 % |
| BNS.PR.N | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 24.05 Evaluated at bid price : 24.27 Bid-YTW : 5.47 % |
| CIU.PR.A | Perpetual-Discount | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 5.39 % |
| PWF.PR.P | FixedReset | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 25.17 Evaluated at bid price : 25.22 Bid-YTW : 4.08 % |
| GWO.PR.H | Perpetual-Discount | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 22.89 Evaluated at bid price : 23.10 Bid-YTW : 5.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNA.PR.E | SplitShare | 190,750 | New issue settled today. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2017-12-10 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 4.93 % |
| BNS.PR.Q | FixedReset | 105,870 | TD crossed two blocks of 50,000 each, both at 26.10. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-11-24 Maturity Price : 25.00 Evaluated at bid price : 25.91 Bid-YTW : 3.84 % |
| BNS.PR.T | FixedReset | 81,560 | RBC crossed blocks of 20,000 and 50,000, both at 27.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-25 Maturity Price : 25.00 Evaluated at bid price : 27.45 Bid-YTW : 3.49 % |
| RY.PR.L | FixedReset | 70,786 | RBC crossed two blocks of 30,000 each, both at 26.65. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 26.44 Bid-YTW : 3.78 % |
| GWO.PR.I | Perpetual-Discount | 66,740 | Nesbitt crossed 50,000 at 21.12. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.36 % |
| BAM.PR.T | FixedReset | 31,940 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-12-10 Maturity Price : 23.08 Evaluated at bid price : 24.96 Bid-YTW : 4.56 % |
| There were 47 other index-included issues trading in excess of 10,000 shares. | |||