Great news! The Ontario Securities Commission is poised to use its awesome power for some good old-fashioned top-down social engineering:
Ontario is crafting new rules requiring public companies to set targets for the number of women in senior roles, a move with national implications that could reverse Canada’s decline in global standings for gender diversity in the corporate world.
Laurel Broten, Ontario’s minister responsible for women’s issues, revealed in an interview that the provincial government is working with the Ontario Securities Commission on ways to compel companies to set goals for boosting the number of women sitting as corporate directors, as well as in senior management.
It was a distinctly negative day for the Canadian preferred share market, with PerpetualPremiums down 9bp, FixedResets losing 15bp and DeemedRetractibles off 5bp. A distinct tilt in the Performance Highlights table towards losing FixedResets was lead by ENB issues, which are experiencing competitition from an attractive new issue. Volume was high.
| 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 | 0.8144 % | 2,543.4 |
| FixedFloater | 3.92 % | 3.15 % | 35,120 | 18.76 | 1 | -1.3821 % | 4,195.7 |
| Floater | 2.74 % | 2.99 % | 75,415 | 19.70 | 4 | 0.8144 % | 2,746.1 |
| OpRet | 4.82 % | 0.94 % | 68,236 | 0.10 | 5 | 0.0932 % | 2,616.4 |
| SplitShare | 4.80 % | 3.98 % | 101,017 | 4.07 | 5 | 0.0550 % | 2,990.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0932 % | 2,392.4 |
| Perpetual-Premium | 5.19 % | 3.61 % | 95,040 | 0.75 | 32 | -0.0903 % | 2,380.6 |
| Perpetual-Discount | 4.86 % | 4.92 % | 195,477 | 15.55 | 4 | -0.3648 % | 2,679.3 |
| FixedReset | 4.88 % | 2.70 % | 248,056 | 3.10 | 81 | -0.1536 % | 2,519.5 |
| Deemed-Retractible | 4.87 % | 3.45 % | 132,186 | 0.73 | 44 | -0.0485 % | 2,463.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSE.PR.A | FixedReset | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.57 Evaluated at bid price : 25.50 Bid-YTW : 3.05 % |
| BAM.PR.G | FixedFloater | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.07 Evaluated at bid price : 24.26 Bid-YTW : 3.15 % |
| ENB.PR.H | FixedReset | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.26 Evaluated at bid price : 25.35 Bid-YTW : 3.37 % |
| ENB.PR.T | FixedReset | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.25 Evaluated at bid price : 25.44 Bid-YTW : 3.65 % |
| ENB.PR.P | FixedReset | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.26 Evaluated at bid price : 25.44 Bid-YTW : 3.65 % |
| ENB.PR.D | FixedReset | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.34 Evaluated at bid price : 25.51 Bid-YTW : 3.53 % |
| BAM.PF.B | FixedReset | -1.11 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.94 Bid-YTW : 3.62 % |
| TRI.PR.B | Floater | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 2.20 % |
| MFC.PR.F | FixedReset | 1.59 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 2.92 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.O | OpRet | 197,490 | Nesbitt crossed blocks of 91,200 and 100,000, both at 25.27. YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2013-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 1.67 % |
| HSB.PR.E | FixedReset | 131,695 | RBC crossed blocks of 64,300 and 50,000, both at 26.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-06-30 Maturity Price : 25.00 Evaluated at bid price : 26.47 Bid-YTW : 2.10 % |
| RY.PR.X | FixedReset | 111,336 | TD crossed 99,300 at 26.25. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.23 Bid-YTW : 2.28 % |
| ENB.PR.T | FixedReset | 99,570 | RBC bought 12,000 from Scotia at 25.44. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-05-28 Maturity Price : 23.25 Evaluated at bid price : 25.44 Bid-YTW : 3.65 % |
| ENB.PR.B | FixedReset | 70,302 | Nesbitt bought 10,000 from RBC at 25.40. YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 3.46 % |
| GWO.PR.Q | Deemed-Retractible | 69,596 | Scotia sold 24,300 to National at 26.33, then crossed 35,000 at the same price. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 4.54 % |
| There were 43 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.G | FixedReset | Quote: 26.16 – 26.70 Spot Rate : 0.5400 Average : 0.4022 YTW SCENARIO |
| CU.PR.E | Perpetual-Premium | Quote: 26.35 – 26.64 Spot Rate : 0.2900 Average : 0.1783 YTW SCENARIO |
| CU.PR.C | FixedReset | Quote: 26.54 – 26.91 Spot Rate : 0.3700 Average : 0.2790 YTW SCENARIO |
| BAM.PR.R | FixedReset | Quote: 26.74 – 26.97 Spot Rate : 0.2300 Average : 0.1459 YTW SCENARIO |
| BNS.PR.K | Deemed-Retractible | Quote: 25.40 – 25.61 Spot Rate : 0.2100 Average : 0.1339 YTW SCENARIO |
| PWF.PR.E | Perpetual-Premium | Quote: 25.61 – 25.82 Spot Rate : 0.2100 Average : 0.1427 YTW SCENARIO |