Nothing happened today.
It was a strong day for the Canadian preferred share market, probably a result of all the RY.PR.N, RY.PR.P & RY.PR.R redemption money appearing in brokerage accounts and being spent. PerpetualDiscounts were up 17bp, FixedResets won 21bp and DeemedRetractibles gained 10bp. There are not a lot of performance highlights, but they’re uniformly positive. Volume was high and all the volume highlights were FixedResets.
| 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 | 0.8155 % | 2,428.9 |
| FixedFloater | 4.75 % | 4.35 % | 30,623 | 17.71 | 1 | 0.6042 % | 3,569.2 |
| Floater | 2.98 % | 3.08 % | 54,519 | 19.46 | 4 | 0.8155 % | 2,622.5 |
| OpRet | 4.62 % | -1.07 % | 72,488 | 0.10 | 3 | -0.1283 % | 2,689.7 |
| SplitShare | 4.87 % | 4.65 % | 58,934 | 4.36 | 5 | 0.3794 % | 3,038.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1283 % | 2,459.5 |
| Perpetual-Premium | 5.65 % | 2.07 % | 110,337 | 0.08 | 12 | 0.1370 % | 2,341.5 |
| Perpetual-Discount | 5.53 % | 5.59 % | 148,224 | 14.47 | 26 | 0.1725 % | 2,400.5 |
| FixedReset | 4.73 % | 3.59 % | 214,123 | 4.50 | 78 | 0.2071 % | 2,499.6 |
| Deemed-Retractible | 5.09 % | 3.83 % | 164,884 | 1.20 | 42 | 0.0990 % | 2,437.5 |
| FloatingReset | 2.65 % | 2.65 % | 158,496 | 4.57 | 6 | 0.0537 % | 2,437.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BNA.PR.C | SplitShare | 1.07 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 24.46 Bid-YTW : 4.85 % |
| PWF.PR.A | Floater | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-02-25 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 2.76 % |
| ENB.PR.N | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.93 Bid-YTW : 4.07 % |
| CIU.PR.A | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-02-25 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.42 % |
| PWF.PR.O | Perpetual-Premium | 1.30 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.69 Bid-YTW : 5.26 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.I | FixedReset | 243,112 | Nesbitt crossed blocks of 110,400 and 25,000, both at 24.96. Scotia crossed 65,800 at 25.00. YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 3.55 % |
| MFC.PR.L | FixedReset | 140,571 | New issue settled today. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 4.13 % |
| TD.PR.Y | FixedReset | 132,382 | RBC crossed blocks of 46,400 and 58,000, both at 25.15. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 3.44 % |
| BNS.PR.Q | FixedReset | 106,900 | RBC crossed 100,000 at 25.16. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 3.49 % |
| BMO.PR.M | FixedReset | 92,946 | TD crossed blocks of 25,000 and 46,800, both at 24.89. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.89 Bid-YTW : 3.46 % |
| BAM.PR.R | FixedReset | 87,055 | RBC crossed 50,000 and 25,000, both at 25.20. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-02-25 Maturity Price : 23.58 Evaluated at bid price : 25.21 Bid-YTW : 4.10 % |
| There were 53 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.G | FixedFloater | Quote: 19.98 – 20.51 Spot Rate : 0.5300 Average : 0.3600 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 21.16 – 21.37 Spot Rate : 0.2100 Average : 0.1520 YTW SCENARIO |
| SLF.PR.B | Deemed-Retractible | Quote: 22.47 – 22.70 Spot Rate : 0.2300 Average : 0.1735 YTW SCENARIO |
| FTS.PR.F | Perpetual-Discount | Quote: 22.81 – 23.05 Spot Rate : 0.2400 Average : 0.1843 YTW SCENARIO |
| MFC.PR.G | FixedReset | Quote: 25.70 – 25.84 Spot Rate : 0.1400 Average : 0.0902 YTW SCENARIO |
| POW.PR.B | Perpetual-Discount | Quote: 24.01 – 24.16 Spot Rate : 0.1500 Average : 0.1003 YTW SCENARIO |
Perhaps you meant to title this table Feb 25 rather than Feb 24 again?
😉
Happens to us all….
Oopsy! Fixed it!