Placeholder won’t interfere with mortgage rates:
In contrast, when Mr. Oliver spoke to [BMO CEO] Mr. [Bill] Downe this week, he told the bank CEO that the government wants to be less involved in the mortgage market, and gave him the tacit go-ahead to cut rates.
Mr. Oliver went so far as to tell reporters in Ottawa Thursday that he would not be concerned if other banks followed suit, suggesting it was a private sector decision.
“There’s a market, and the bank made its decision,” he said.
“The chief executive officer of the Bank of Montreal informed me about it. I listened to his explanation, his reasons. I reiterated what I just stated, which is the government is gradually reducing its involvement in the mortgage market.”
Assiduous Readers will be used to, and perhaps even tired of, my complaints about SEDAR – a bank-owned (via the Canadian Depository for Securities) outfit that has been granted a monopoly on the publication of public documents that issuers are required to file, and which abuses that monopoly to an appalling extent with the smiling approval of the Canadian Securities Administrators.
But I don’t care if you’re tired of my complaints! I recently had occasion to require some information on CI Income Fund … and turned to SEDAR. So, the first thing on the document list found after a preliminary search is:
Jan 3 2014 16:06:24 ET Amended and restated final fund facts – English
So, let’s look at the precious Fund Facts, shall we? The wise securities administrators keep chanting about how vital and important Fund Facts are, so let’s start off by taking a peek at them.
Open the file and what do we find? There are actually quite a few:
- CI Canadian Dividend Growth Fund (Class A units): Fund Facts
- CI Canadian Dividend Growth Fund (Class D units): Fund Facts
- CI Canadian Dividend Growth Fund (Class F units): Fund Facts
- CI Canadian Dividend Growth Fund (Class I units): Fund Facts
- CI Canadian Dividend Growth Fund (Class O units): Fund Facts
- CI U.S. Dividend Growth Fund (Class A units): Fund Facts
- CI U.S. Dividend Growth Fund (Class AT6 units): Fund Facts
- CI U.S. Dividend Growth Fund (Class D units): Fund Facts
- CI U.S. Dividend Growth Fund (Class F units): Fund Facts
- CI U.S. Dividend Growth Fund (Class I units): Fund Facts
- CI U.S. Dividend Growth Fund (Class O units): Fund Facts
Nothing – not a single damned thing – about CI Income Fund. Well done!
It was a good, if mixed, day for the Canadian preferred share market, which some might consider surprising because TMXMoney reports that TXPR was off 12bp and TXPL was down 17bp. A lot of issues went ex-dividend today … maybe somebody forgot to accrue? Anyway, PerpetualDiscounts were up 21bp, FixedResets were off 1bp and DeemedRetractibles gained 7bp. The Performance Highlights table is of average length, but notable for the inclusion of both Westcoast issues, which went ex-dividend but didn’t lose much bid. Volume was low, but block trading held up well.
| 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 | 0.1003 % | 2,421.9 |
| FixedFloater | 4.69 % | 4.29 % | 35,922 | 17.73 | 1 | 0.0000 % | 3,619.2 |
| Floater | 3.01 % | 3.09 % | 49,954 | 19.49 | 4 | 0.1003 % | 2,615.0 |
| OpRet | 4.65 % | -0.89 % | 100,030 | 0.23 | 3 | 0.0258 % | 2,687.9 |
| SplitShare | 4.81 % | 4.27 % | 66,349 | 4.29 | 5 | 0.1273 % | 3,087.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0258 % | 2,457.9 |
| Perpetual-Premium | 5.63 % | -5.06 % | 92,885 | 0.09 | 11 | 0.0644 % | 2,366.0 |
| Perpetual-Discount | 5.44 % | 5.50 % | 123,002 | 14.56 | 26 | 0.2086 % | 2,454.5 |
| FixedReset | 4.70 % | 3.55 % | 222,391 | 4.42 | 79 | 0.0118 % | 2,516.8 |
| Deemed-Retractible | 5.06 % | 2.29 % | 160,674 | 0.16 | 42 | 0.0693 % | 2,472.8 |
| FloatingReset | 2.62 % | 2.58 % | 191,055 | 4.31 | 5 | -0.0283 % | 2,453.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CIU.PR.C | FixedReset | -1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-03-28 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 3.75 % |
| W.PR.H | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-03-28 Maturity Price : 24.31 Evaluated at bid price : 24.62 Bid-YTW : 5.59 % |
| MFC.PR.B | Deemed-Retractible | 1.23 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.29 Bid-YTW : 6.08 % |
| W.PR.J | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-03-28 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.65 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PR.Y | FixedReset | 146,774 | TD crossed blocks of 60,000 shares, 55,200 and 19,800, all at 25.30. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 3.42 % |
| MFC.PR.L | FixedReset | 115,261 | RBC crossed 107,500 at 24.49. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.47 Bid-YTW : 4.20 % |
| CU.PR.D | Perpetual-Discount | 102,100 | Nesbitt crossed two blocks of 50,000 each, both at 23.58. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2044-03-28 Maturity Price : 23.14 Evaluated at bid price : 23.46 Bid-YTW : 5.26 % |
| TD.PR.I | FixedReset | 101,600 | TD crossed blocks of 25,000 shares, 55,200 and 19,800, all at 25.67. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 1.50 % |
| RY.PR.Z | FixedReset | 87,730 | RBC crossed blocks of 50,000 and 25,000, both at 25.52. YTW SCENARIO Maturity Type : Call Maturity Date : 2019-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 3.70 % |
| TD.PR.K | FixedReset | 86,325 | TD crossed blocks of 60,000 and 19,800, both at 25.67. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 1.50 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.A | Floater | Quote: 19.32 – 19.99 Spot Rate : 0.6700 Average : 0.5440 YTW SCENARIO |
| TD.PR.R | Deemed-Retractible | Quote: 26.39 – 26.70 Spot Rate : 0.3100 Average : 0.1871 YTW SCENARIO |
| ELF.PR.F | Perpetual-Discount | Quote: 23.26 – 23.58 Spot Rate : 0.3200 Average : 0.2334 YTW SCENARIO |
| GWO.PR.M | Deemed-Retractible | Quote: 25.86 – 26.18 Spot Rate : 0.3200 Average : 0.2348 YTW SCENARIO |
| CIU.PR.C | FixedReset | Quote: 21.30 – 21.63 Spot Rate : 0.3300 Average : 0.2486 YTW SCENARIO |
| ENB.PR.N | FixedReset | Quote: 24.78 – 24.99 Spot Rate : 0.2100 Average : 0.1399 YTW SCENARIO |