Another month draws to a close, with TXPR up 4.05% since year-end. That, together with the appalling January of 2016 dropping out of the trailing twelve months, means that TXPR has achieved a +24.23% total return over the past year … a pretty good recovery, but there’s still a ways to go! The five-year annualized total return is a miserable +0.42%, but at least it’s positive for the first time since August, 2015; the four-year figure is an abysmal -0.55%.
As near as I can make out, the Solactive Laddered Canadian Preferred Share Index is up 31.37% on the year (+4.76% on the month), but the four year annualized total return is still an awful -2.19%.
| 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 | 3.93 % | 4.67 % | 17,971 | 18.29 | 1 | 0.4091 % | 1,984.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2411 % | 3,640.5 |
| Floater | 3.81 % | 3.92 % | 47,529 | 17.57 | 4 | -0.2411 % | 2,098.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0459 % | 2,962.9 |
| SplitShare | 4.78 % | 4.46 % | 64,683 | 4.17 | 6 | 0.0459 % | 3,538.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0459 % | 2,760.8 |
| Perpetual-Premium | 5.58 % | -5.29 % | 72,434 | 0.09 | 12 | 0.0033 % | 2,711.1 |
| Perpetual-Discount | 5.22 % | 5.26 % | 87,532 | 14.94 | 26 | 0.1296 % | 2,862.8 |
| FixedReset | 4.52 % | 4.23 % | 227,207 | 6.74 | 97 | -0.2471 % | 2,276.1 |
| Deemed-Retractible | 5.09 % | 5.17 % | 132,714 | 4.37 | 32 | 0.1577 % | 2,807.9 |
| FloatingReset | 2.43 % | 3.21 % | 44,584 | 4.71 | 11 | -0.0868 % | 2,445.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.P | FixedReset | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 4.33 % |
| CCS.PR.C | Deemed-Retractible | -1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.21 Bid-YTW : 6.26 % |
| BAM.PR.X | FixedReset | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 4.69 % |
| VNR.PR.A | FixedReset | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 4.82 % |
| BAM.PR.T | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 18.42 Evaluated at bid price : 18.42 Bid-YTW : 4.72 % |
| PWF.PR.S | Perpetual-Discount | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 22.51 Evaluated at bid price : 22.83 Bid-YTW : 5.27 % |
| BMO.PR.Q | FixedReset | 1.51 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.47 Bid-YTW : 5.07 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.H | FixedReset | 257,827 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 4.10 % |
| TRP.PR.K | FixedReset | 155,759 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.47 % |
| BAM.PR.K | Floater | 116,351 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 12.11 Evaluated at bid price : 12.11 Bid-YTW : 3.93 % |
| BIP.PR.D | FixedReset | 115,134 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 23.21 Evaluated at bid price : 25.18 Bid-YTW : 4.88 % |
| MFC.PR.R | FixedReset | 75,823 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 4.51 % |
| RY.PR.Z | FixedReset | 65,106 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-01-31 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 4.08 % |
| There were 42 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: 13.37 – 13.73 Spot Rate : 0.3600 Average : 0.2166 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 23.21 – 23.92 Spot Rate : 0.7100 Average : 0.5817 YTW SCENARIO |
| TRP.PR.G | FixedReset | Quote: 22.81 – 23.22 Spot Rate : 0.4100 Average : 0.3067 YTW SCENARIO |
| BAM.PR.T | FixedReset | Quote: 18.42 – 18.75 Spot Rate : 0.3300 Average : 0.2432 YTW SCENARIO |
| BAM.PF.H | FixedReset | Quote: 26.17 – 26.55 Spot Rate : 0.3800 Average : 0.2952 YTW SCENARIO |
| BAM.PR.R | FixedReset | Quote: 18.76 – 19.02 Spot Rate : 0.2600 Average : 0.1756 YTW SCENARIO |
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Forgetting the fretful days when most prefs were falling like stones, I have to be very grateful on the conviction. My tiny little basket of prefs is up handsomely. Notably VSN.PR.A and TRI.PR.B up 32% and 24% respectively. This should be enough to withstand the upcoming downdraft.