NextEra’s legal tactics and understanding of the word “terror” terrify me.
The losing streak on the Canadian preferred share market continued today, with PerpetualPremiums losing 17bp, FixedResets down 14bp and DeemedRetractibles off 11bp. The performance highlights table is comprised entirely of losers, mostly Straight Perpetuals – but it’s only a little above average in length! Volume was high.
| 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 | 0.1593 % | 2,554.2 |
| FixedFloater | 4.03 % | 3.35 % | 40,545 | 18.60 | 1 | 0.3828 % | 4,081.5 |
| Floater | 2.61 % | 2.94 % | 77,405 | 19.80 | 5 | 0.1593 % | 2,757.8 |
| OpRet | 4.82 % | 1.49 % | 64,165 | 0.08 | 5 | 0.0000 % | 2,615.2 |
| SplitShare | 4.65 % | 4.18 % | 100,358 | 4.05 | 6 | -0.1576 % | 2,975.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 2,391.3 |
| Perpetual-Premium | 5.27 % | 3.73 % | 85,550 | 0.72 | 32 | -0.1671 % | 2,354.8 |
| Perpetual-Discount | 4.89 % | 5.00 % | 386,432 | 15.41 | 6 | -0.5539 % | 2,593.0 |
| FixedReset | 4.90 % | 2.87 % | 241,366 | 3.28 | 82 | -0.1363 % | 2,506.0 |
| Deemed-Retractible | 4.94 % | 3.92 % | 146,106 | 1.65 | 44 | -0.1072 % | 2,439.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| ABK.PR.C | SplitShare | -1.49 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-10 Maturity Price : 31.64 Evaluated at bid price : 31.72 Bid-YTW : 3.61 % |
| BAM.PR.M | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-06-06 Maturity Price : 23.20 Evaluated at bid price : 23.61 Bid-YTW : 5.10 % |
| CU.PR.D | Perpetual-Premium | -1.09 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-01 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.70 % |
| MFC.PR.J | FixedReset | -1.08 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 3.48 % |
| FTS.PR.J | Perpetual-Premium | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-06-06 Maturity Price : 24.41 Evaluated at bid price : 24.80 Bid-YTW : 4.80 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.Y | FixedReset | 1,482,004 | New issue settled today. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-06-06 Maturity Price : 23.15 Evaluated at bid price : 25.16 Bid-YTW : 3.65 % |
| MFC.PR.D | FixedReset | 335,902 | Nesbitt crossed two blocks of 100,000 each, both at 25.90. Desjardins crossed 100,000 at the same price. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.87 Bid-YTW : 2.97 % |
| PWF.PR.S | Perpetual-Premium | 181,680 | RBC crossed blocks of 49,300 and 100,000, both at 24.90. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-06-06 Maturity Price : 24.46 Evaluated at bid price : 24.85 Bid-YTW : 4.87 % |
| CU.PR.G | Perpetual-Discount | 156,620 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2043-06-06 Maturity Price : 23.97 Evaluated at bid price : 24.32 Bid-YTW : 4.65 % |
| SLF.PR.D | Deemed-Retractible | 118,869 | Desjardins crossed 100,000 at 23.57. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 5.13 % |
| RY.PR.A | Deemed-Retractible | 116,855 | RBC crossed 105,900 at 25.39. YTW SCENARIO Maturity Type : Call Maturity Date : 2015-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 3.73 % |
| RY.PR.X | FixedReset | 114,765 | Nesbitt crossed 100,000 at 26.26. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.23 Bid-YTW : 2.33 % |
| CIU.PR.B | FixedReset | 100,600 | Nesbitt crossed 100,000 at 26.05. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-06-01 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 2.49 % |
| There were 41 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.R | Perpetual-Premium | Quote: 26.16 – 27.00 Spot Rate : 0.8400 Average : 0.5309 YTW SCENARIO |
| ABK.PR.C | SplitShare | Quote: 31.72 – 32.40 Spot Rate : 0.6800 Average : 0.4391 YTW SCENARIO |
| PWF.PR.A | Floater | Quote: 23.35 – 23.84 Spot Rate : 0.4900 Average : 0.3582 YTW SCENARIO |
| MFC.PR.J | FixedReset | Quote: 25.55 – 25.85 Spot Rate : 0.3000 Average : 0.1913 YTW SCENARIO |
| NA.PR.O | FixedReset | Quote: 25.66 – 25.90 Spot Rate : 0.2400 Average : 0.1484 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 24.32 – 24.65 Spot Rate : 0.3300 Average : 0.2510 YTW SCENARIO |