Nothing happened today, but it looks as if the US government might take a week off:
President Barack Obama and the top two leaders in Congress failed to reach a budget deal in their third White House meeting in two days, taking the government to the brink of a partial shutdown.
It was a poor day for the Canadian preferred share market, with PerpetualDiscounts losing 15bp, FixedResets off 8bp and DeemedRetractibles down 6bp. Volatility remains low, and volume was light.
| 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 | -0.0594 % | 2,410.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0594 % | 3,625.1 |
| Floater | 2.50 % | 2.27 % | 41,326 | 21.57 | 4 | -0.0594 % | 2,602.5 |
| OpRet | 4.92 % | 3.51 % | 56,624 | 2.11 | 8 | -0.1060 % | 2,410.5 |
| SplitShare | 5.20 % | -2.94 % | 119,777 | 0.68 | 6 | -0.2224 % | 2,495.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1060 % | 2,204.1 |
| Perpetual-Premium | 5.80 % | 5.48 % | 125,172 | 1.18 | 8 | -0.2430 % | 2,049.3 |
| Perpetual-Discount | 5.55 % | 5.53 % | 133,655 | 14.44 | 16 | -0.1493 % | 2,134.2 |
| FixedReset | 5.16 % | 3.39 % | 205,467 | 2.96 | 57 | -0.0835 % | 2,292.4 |
| Deemed-Retractible | 5.23 % | 5.11 % | 335,856 | 8.20 | 53 | -0.0554 % | 2,093.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.I | Deemed-Retractible | -1.41 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 6.21 % |
| IGM.PR.B | Perpetual-Premium | -1.18 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 5.79 % |
| BNA.PR.C | SplitShare | -1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 6.43 % |
| TD.PR.P | Deemed-Retractible | -1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 5.01 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.E | Deemed-Retractible | 50,176 | RBC crossed 35,000 at 25.26. YTW SCENARIO Maturity Type : Call Maturity Date : 2012-11-30 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 4.74 % |
| BMO.PR.Q | FixedReset | 38,500 | Recent new issue. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 3.93 % |
| TD.PR.G | FixedReset | 31,528 | TD crossed 20,000 at 27.15. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 27.13 Bid-YTW : 3.33 % |
| RY.PR.E | Deemed-Retractible | 24,593 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.87 Bid-YTW : 5.14 % |
| BMO.PR.P | FixedReset | 23,108 | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-03-27 Maturity Price : 25.00 Evaluated at bid price : 26.88 Bid-YTW : 3.52 % |
| TD.PR.O | Deemed-Retractible | 23,108 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.51 Bid-YTW : 5.08 % |
| There were 25 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.M | Perpetual-Discount | Quote: 21.19 – 21.58 Spot Rate : 0.3900 Average : 0.2578 YTW SCENARIO |
| BAM.PR.I | OpRet | Quote: 25.19 – 25.67 Spot Rate : 0.4800 Average : 0.3758 YTW SCENARIO |
| IGM.PR.B | Perpetual-Premium | Quote: 25.13 – 25.42 Spot Rate : 0.2900 Average : 0.1860 YTW SCENARIO |
| RY.PR.W | Deemed-Retractible | Quote: 25.15 – 25.39 Spot Rate : 0.2400 Average : 0.1605 YTW SCENARIO |
| TRP.PR.A | FixedReset | Quote: 25.80 – 26.00 Spot Rate : 0.2000 Average : 0.1218 YTW SCENARIO |
| PWF.PR.M | FixedReset | Quote: 26.70 – 26.95 Spot Rate : 0.2500 Average : 0.1763 YTW SCENARIO |