And that’s a wrap for another year!
2016 began with appalling performance but since then we’ve done pretty well and all in all it’s been a pretty good year. Now we’ll see what 2017 will bring!
| 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 | 0.1756 % | 1,826.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1756 % | 3,335.9 |
| Floater | 4.14 % | 4.22 % | 58,616 | 16.95 | 4 | 0.1756 % | 1,922.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1453 % | 2,935.0 |
| SplitShare | 4.83 % | 4.73 % | 58,456 | 4.26 | 6 | -0.1453 % | 3,505.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1453 % | 2,734.7 |
| Perpetual-Premium | 5.43 % | 5.11 % | 83,482 | 14.51 | 23 | 0.1396 % | 2,675.6 |
| Perpetual-Discount | 5.41 % | 5.45 % | 102,461 | 14.71 | 15 | 0.5371 % | 2,787.7 |
| FixedReset | 4.69 % | 4.54 % | 242,628 | 6.77 | 96 | 0.1182 % | 2,183.1 |
| Deemed-Retractible | 5.15 % | 4.54 % | 131,006 | 4.51 | 32 | 0.2418 % | 2,769.4 |
| FloatingReset | 2.79 % | 3.71 % | 42,643 | 4.78 | 12 | 0.0629 % | 2,348.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.N | FixedReset | -1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.10 Bid-YTW : 10.44 % |
| BAM.PR.X | FixedReset | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 4.97 % |
| GWO.PR.R | Deemed-Retractible | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.53 Bid-YTW : 6.42 % |
| IFC.PR.A | FixedReset | 1.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.18 Bid-YTW : 8.51 % |
| FTS.PR.H | FixedReset | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 4.64 % |
| TRP.PR.G | FixedReset | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 21.67 Evaluated at bid price : 21.97 Bid-YTW : 4.64 % |
| HSE.PR.A | FixedReset | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 5.21 % |
| IFC.PR.C | FixedReset | 1.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 6.07 % |
| BNS.PR.D | FloatingReset | 1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.17 Bid-YTW : 5.83 % |
| VNR.PR.A | FixedReset | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.09 % |
| TRP.PR.E | FixedReset | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.58 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.N | Deemed-Retractible | 137,965 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-02-26 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 2.78 % |
| FTS.PR.J | Perpetual-Discount | 50,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 22.21 Evaluated at bid price : 22.49 Bid-YTW : 5.33 % |
| HSE.PR.A | FixedReset | 49,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 5.21 % |
| BAM.PR.Z | FixedReset | 29,275 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.06 % |
| MFC.PR.R | FixedReset | 21,996 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.86 % |
| NA.PR.S | FixedReset | 21,426 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-12-30 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 4.67 % |
| There were 8 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.D | FloatingReset | Quote: 20.51 – 23.00 Spot Rate : 2.4900 Average : 1.8057 YTW SCENARIO |
| BMO.PR.Z | Perpetual-Premium | Quote: 24.62 – 24.96 Spot Rate : 0.3400 Average : 0.2105 YTW SCENARIO |
| TRP.PR.H | FloatingReset | Quote: 11.90 – 12.38 Spot Rate : 0.4800 Average : 0.3516 YTW SCENARIO |
| NA.PR.S | FixedReset | Quote: 19.36 – 19.62 Spot Rate : 0.2600 Average : 0.1479 YTW SCENARIO |
| BNS.PR.P | FixedReset | Quote: 24.61 – 24.90 Spot Rate : 0.2900 Average : 0.1942 YTW SCENARIO |
| HSE.PR.C | FixedReset | Quote: 21.73 – 22.00 Spot Rate : 0.2700 Average : 0.1786 YTW SCENARIO |
It has been a stellar year, for me. I do, however recall almost throwing in the towel in January. Complete ignorance led me to double and in some cases triple down on a number of issues. In the end luck prevailed. Cant get back those sleepless nights, altho I might now afford a better blanket.
Thx for your thoughts in 2016. Appreciated.
B&H