The six largest S&P/TSX banks and all eight insurers fell. TD dropped 1.6 percent to C$80.55. Royal Bank of Canada (RY), its bigger domestic rival, lost 1.1 percent to C$56.15. Manulife Financial Corp. (MFC), North America’s third-largest insurer, retreated 4.1 percent to C$11.81.
The Canadian preferred share market followed equities, with PerpetualPremiums down 12bp FixedResets off 15bp and DeemedRetractibles losing 24bp. All entries on the relatively length Performance Highlights table, almost entirely comprised of insurers today, were negative. Volume was very low.
| 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 | -0.1918 % | 2,367.8 |
| FixedFloater | 4.57 % | 3.95 % | 40,152 | 17.38 | 1 | 0.0481 % | 3,412.5 |
| Floater | 3.03 % | 3.06 % | 48,663 | 19.50 | 3 | -0.1918 % | 2,556.6 |
| OpRet | 4.88 % | 2.67 % | 54,485 | 1.21 | 6 | -0.2673 % | 2,507.7 |
| SplitShare | 5.28 % | -1.79 % | 86,486 | 0.77 | 4 | 0.1895 % | 2,678.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2673 % | 2,293.0 |
| Perpetual-Premium | 5.40 % | -1.89 % | 110,592 | 0.15 | 25 | -0.1166 % | 2,216.1 |
| Perpetual-Discount | 5.08 % | 5.08 % | 187,586 | 15.28 | 7 | -0.3861 % | 2,424.8 |
| FixedReset | 5.05 % | 2.89 % | 208,131 | 2.25 | 66 | -0.1486 % | 2,385.2 |
| Deemed-Retractible | 4.93 % | 3.76 % | 225,612 | 2.92 | 46 | -0.2443 % | 2,310.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| ELF.PR.G | Perpetual-Discount | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-06 Maturity Price : 22.25 Evaluated at bid price : 22.55 Bid-YTW : 5.33 % |
| PWF.PR.P | FixedReset | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-06 Maturity Price : 23.51 Evaluated at bid price : 25.81 Bid-YTW : 2.97 % |
| PWF.PR.O | Perpetual-Premium | -1.27 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.41 Bid-YTW : 4.93 % |
| MFC.PR.A | OpRet | -1.13 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2015-12-18 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 3.64 % |
| MFC.PR.C | Deemed-Retractible | -1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 5.40 % |
| BAM.PR.R | FixedReset | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-06 Maturity Price : 23.53 Evaluated at bid price : 26.08 Bid-YTW : 3.77 % |
| SLF.PR.C | Deemed-Retractible | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.93 Bid-YTW : 5.54 % |
| SLF.PR.D | Deemed-Retractible | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.01 Bid-YTW : 5.49 % |
| MFC.PR.D | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 4.07 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.F | FixedReset | 85,027 | RBC crossed 73,900 at 25.40. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-06 Maturity Price : 23.23 Evaluated at bid price : 25.42 Bid-YTW : 3.75 % |
| BNS.PR.M | Deemed-Retractible | 68,688 | TD crossed 40,000 at 25.80; Desjardins crossed 10,900 at the same price. YTW SCENARIO Maturity Type : Call Maturity Date : 2016-07-27 Maturity Price : 25.00 Evaluated at bid price : 25.83 Bid-YTW : 3.80 % |
| PWF.PR.R | Perpetual-Premium | 65,736 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 5.17 % |
| BAM.PR.H | OpRet | 60,374 | Called for redemption. YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2012-04-05 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 2.67 % |
| TD.PR.K | FixedReset | 49,034 | TD crossed 45,000 at 27.22. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 27.21 Bid-YTW : 2.71 % |
| ENB.PR.D | FixedReset | 49,025 | RBC crossed 25,000 at 25.55. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-06 Maturity Price : 23.28 Evaluated at bid price : 25.55 Bid-YTW : 3.59 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| RY.PR.H | Deemed-Retractible | Quote: 27.20 – 27.60 Spot Rate : 0.4000 Average : 0.2461 YTW SCENARIO |
| TCA.PR.Y | Perpetual-Premium | Quote: 52.23 – 52.65 Spot Rate : 0.4200 Average : 0.2921 YTW SCENARIO |
| CIU.PR.A | Perpetual-Premium | Quote: 25.20 – 25.69 Spot Rate : 0.4900 Average : 0.3652 YTW SCENARIO |
| PWF.PR.O | Perpetual-Premium | Quote: 26.41 – 26.75 Spot Rate : 0.3400 Average : 0.2420 YTW SCENARIO |
| ELF.PR.G | Perpetual-Discount | Quote: 22.55 – 22.87 Spot Rate : 0.3200 Average : 0.2223 YTW SCENARIO |
| ELF.PR.F | Perpetual-Discount | Quote: 24.61 – 24.99 Spot Rate : 0.3800 Average : 0.2842 YTW SCENARIO |