Protecting investors is boring! It’s time for a brave new world of social engineering!
The Ontario Securities Commission has proposed a new rule that would require companies to report annually on their policies to add more women to their boards and executive ranks.
The new rules unveiled Thursday will also require companies to report on their term limits for directors, which would bring Canada in line with many other countries that have also required companies to disclose whether they have term limits for their boards. Proponents argue term limits help ensure there is more board turnover so new directors – including women – can be added to the mix.
Companies are also being asked to report on whether they have voluntarily adopted targets for women on their boards or in executive roles.
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 3bp, FixedResets gaining 9bp and DeemedRetractibles down 21bp. Volatility was minimal. 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 | -0.3542 % | 2,536.8 |
| FixedFloater | 4.43 % | 3.67 % | 32,734 | 18.08 | 1 | 0.7046 % | 3,830.0 |
| Floater | 2.95 % | 2.96 % | 68,981 | 19.83 | 3 | -0.3542 % | 2,739.0 |
| OpRet | 4.62 % | 0.23 % | 77,743 | 0.08 | 3 | 0.0256 % | 2,675.3 |
| SplitShare | 4.84 % | 4.58 % | 62,320 | 4.42 | 5 | 0.0480 % | 3,030.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0256 % | 2,446.2 |
| Perpetual-Premium | 5.63 % | 3.45 % | 126,472 | 0.13 | 13 | 0.1043 % | 2,323.6 |
| Perpetual-Discount | 5.64 % | 5.66 % | 162,764 | 14.42 | 25 | -0.0340 % | 2,356.5 |
| FixedReset | 4.95 % | 3.46 % | 221,646 | 3.44 | 82 | 0.0894 % | 2,487.9 |
| Deemed-Retractible | 5.16 % | 4.50 % | 166,136 | 2.21 | 42 | -0.2119 % | 2,396.6 |
| FloatingReset | 2.60 % | 2.35 % | 221,949 | 4.32 | 5 | -0.1663 % | 2,469.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.C | FixedReset | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-01-16 Maturity Price : 21.31 Evaluated at bid price : 21.60 Bid-YTW : 3.94 % |
| MFC.PR.F | FixedReset | 1.81 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.51 Bid-YTW : 4.65 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| HSB.PR.E | FixedReset | 154,215 | RBC crossed blocks of 100,000 and 50,000, both at 25.53. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 2.53 % |
| PWF.PR.T | FixedReset | 150,660 | Scotia crossed blocks of 80,000 and 23,700, both at 25.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2019-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 3.78 % |
| ENB.PR.J | FixedReset | 149,157 | TD crossed 40,000 at 25.00; Scotia crossed 50,000 and RBC crossed 18,500, all at the same price. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-01-16 Maturity Price : 23.14 Evaluated at bid price : 24.95 Bid-YTW : 4.29 % |
| IGM.PR.B | Perpetual-Premium | 130,743 | Deleted from TXPR. YTW SCENARIO Maturity Type : Call Maturity Date : 2018-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.51 % |
| ENB.PR.Y | FixedReset | 107,737 | TD crossed 49,300 at 23.85. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-01-16 Maturity Price : 22.70 Evaluated at bid price : 23.90 Bid-YTW : 4.27 % |
| NA.PR.L | Deemed-Retractible | 74,100 | TD bought 29,900 from Canaccord at 25.00; then crossed 24,700; then bought another 10,400 from Canaccord, all at the same price. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-15 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 3.89 % |
| There were 44 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| GWO.PR.N | FixedReset | Quote: 21.82 – 22.22 Spot Rate : 0.4000 Average : 0.2695 YTW SCENARIO |
| TRP.PR.B | FixedReset | Quote: 20.15 – 20.48 Spot Rate : 0.3300 Average : 0.2153 YTW SCENARIO |
| BNS.PR.B | FloatingReset | Quote: 25.00 – 25.28 Spot Rate : 0.2800 Average : 0.1774 YTW SCENARIO |
| RY.PR.F | Deemed-Retractible | Quote: 25.06 – 25.28 Spot Rate : 0.2200 Average : 0.1456 YTW SCENARIO |
| IAG.PR.F | Deemed-Retractible | Quote: 25.36 – 25.64 Spot Rate : 0.2800 Average : 0.2098 YTW SCENARIO |
| TRP.PR.A | FixedReset | Quote: 23.68 – 23.90 Spot Rate : 0.2200 Average : 0.1543 YTW SCENARIO |