“I understand why the finance minister is concerned about the Canadian economy, but I just philosophically don’t think” government should be setting product pricing, Waugh said yesterday in an interview in Halifax, Nova Scotia, where the bank held its annual shareholders meeting. “Despite the difficulties of central banks to use interest rates, the alternative of trying to manage specific products or prices, to me, is fraught with difficulty.”
The article did not address Mr. Waugh’s views on auctioning off CMHC mortgage insurance, rather than allocating it from an enormous supply at a cheap price.
Toron Investment Management has hooked up with AMI Partners:
Toron Investment Management and AMI Partners have agreed to combine to create a pre-eminent, privately-owned Canadian investment management firm with unique expertise and top-tier track records in global and domestic investing. The firm, once unified, will serve clients who have entrusted more than $3.5 billion of assets in Canadian and global mandates.
The combined firm will operate as Toron Asset Management International (Toron AMI), will be based in Toronto, and will continue to serve clients in Canada and abroad. Toron AMI’s professionals will be shareholders and the firm will operate as a partnership.
Founded more than 50 years ago, AMI specializes in Canadian equity, fixed-income and balanced mandates for institutional clients. Toron Investment Management began operating 25 years ago as a risk management consultancy; for the past 15 years it has focused on global investment management, serving a growing client base of private clients and select institutions.
Today’s report will be delayed. Why? I’ll tell you why! Later.
Update, 2013-4-12
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| 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 | 0.1158 % | 2,579.1 |
| FixedFloater | 4.09 % | 3.45 % | 33,775 | 18.35 | 1 | 0.4762 % | 3,973.4 |
| Floater | 2.70 % | 2.92 % | 85,978 | 19.95 | 4 | 0.1158 % | 2,784.8 |
| OpRet | 4.78 % | -0.19 % | 53,745 | 0.19 | 5 | 0.2006 % | 2,618.7 |
| SplitShare | 4.80 % | 4.00 % | 136,266 | 4.15 | 5 | 0.1873 % | 2,959.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2006 % | 2,394.6 |
| Perpetual-Premium | 5.19 % | 3.02 % | 86,957 | 0.55 | 32 | -0.0599 % | 2,378.4 |
| Perpetual-Discount | 4.85 % | 4.83 % | 182,427 | 15.74 | 4 | 0.0508 % | 2,684.0 |
| FixedReset | 4.91 % | 2.62 % | 258,016 | 3.24 | 80 | -0.0419 % | 2,515.0 |
| Deemed-Retractible | 4.86 % | 2.39 % | 123,396 | 0.55 | 44 | -0.0793 % | 2,457.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.C | FixedReset | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-01 Maturity Price : 25.00 Evaluated at bid price : 26.95 Bid-YTW : 2.14 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.D | FixedReset | 117,290 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 3.35 % |
| RY.PR.P | FixedReset | 104,150 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 2.08 % |
| BAM.PR.G | FixedFloater | 101,550 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-04-10 Maturity Price : 23.38 Evaluated at bid price : 23.21 Bid-YTW : 3.45 % |
| BNS.PR.Q | FixedReset | 86,199 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 2.94 % |
| BAM.PF.C | Perpetual-Discount | 73,468 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-04-10 Maturity Price : 24.51 Evaluated at bid price : 24.90 Bid-YTW : 4.88 % |
| BAM.PR.M | Perpetual-Discount | 70,858 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-04-10 Maturity Price : 24.10 Evaluated at bid price : 24.60 Bid-YTW : 4.83 % |
| There were 24 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| W.PR.J | Perpetual-Premium | Quote: 25.30 – 25.83 Spot Rate : 0.5300 Average : 0.3290 YTW SCENARIO |
| TRI.PR.B | Floater | Quote: 23.99 – 24.55 Spot Rate : 0.5600 Average : 0.4243 YTW SCENARIO |
| PWF.PR.F | Perpetual-Premium | Quote: 25.31 – 25.72 Spot Rate : 0.4100 Average : 0.3112 YTW SCENARIO |
| TD.PR.G | FixedReset | Quote: 26.06 – 26.27 Spot Rate : 0.2100 Average : 0.1331 YTW SCENARIO |
| PWF.PR.S | Perpetual-Premium | Quote: 25.40 – 25.60 Spot Rate : 0.2000 Average : 0.1249 YTW SCENARIO |
| HSB.PR.E | FixedReset | Quote: 26.27 – 26.49 Spot Rate : 0.2200 Average : 0.1533 YTW SCENARIO |