Some hilarity about account statements:
Whether it’s out of dread or complacency, a lot of investors aren’t reading their account statements.
That’s the conclusion to be drawn from a J.D. Power survey in which investors were asked if they noticed any change during the past year in how fees and performance information was communicated by their advisory firm. Just 23 per cent noticed a change, a strikingly low number in light of the fact that new regulatory transparency rules have added some key data to client statements. Over all, the number of investors reporting a complete understanding of fees was 24 per cent, down from 27 per cent in 2016.
Let us all congratulate the Canadian Securities Administrators on their fine work in performing user acceptance testing prior to enacting a vast load of idiocy!
| 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 | -0.1665 % | 2,345.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1665 % | 4,304.5 |
| Floater | 3.69 % | 3.73 % | 116,545 | 17.94 | 3 | -0.1665 % | 2,480.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1103 % | 3,077.7 |
| SplitShare | 4.73 % | 3.98 % | 54,382 | 1.34 | 5 | -0.1103 % | 3,675.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1103 % | 2,867.7 |
| Perpetual-Premium | 5.40 % | 4.80 % | 57,680 | 5.88 | 17 | 0.0093 % | 2,779.9 |
| Perpetual-Discount | 5.31 % | 5.32 % | 64,078 | 14.89 | 20 | -0.0021 % | 2,929.4 |
| FixedReset | 4.36 % | 4.41 % | 139,871 | 6.35 | 98 | 0.2956 % | 2,389.9 |
| Deemed-Retractible | 5.07 % | 5.49 % | 105,819 | 6.04 | 31 | -0.0815 % | 2,867.1 |
| FloatingReset | 2.62 % | 3.04 % | 39,708 | 4.19 | 9 | -0.0204 % | 2,618.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSE.PR.G | FixedReset | -1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 22.83 Evaluated at bid price : 23.67 Bid-YTW : 5.26 % |
| HSE.PR.A | FixedReset | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.68 % |
| BAM.PR.X | FixedReset | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 4.55 % |
| RY.PR.Z | FixedReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 21.40 Evaluated at bid price : 21.72 Bid-YTW : 4.30 % |
| TD.PF.C | FixedReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 21.31 Evaluated at bid price : 21.61 Bid-YTW : 4.36 % |
| NA.PR.W | FixedReset | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 4.38 % |
| IFC.PR.A | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.02 Bid-YTW : 6.89 % |
| MFC.PR.J | FixedReset | 1.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.46 Bid-YTW : 5.09 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.B | Deemed-Retractible | 319,647 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-09-23 Maturity Price : 25.00 Evaluated at bid price : 25.07 Bid-YTW : 1.29 % |
| TD.PR.Z | FloatingReset | 211,800 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.46 Bid-YTW : 2.82 % |
| RY.PR.R | FixedReset | 160,498 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.84 Bid-YTW : 3.54 % |
| RY.PR.L | FixedReset | 104,117 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 3.67 % |
| TRP.PR.J | FixedReset | 72,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.59 Bid-YTW : 3.67 % |
| HSE.PR.A | FixedReset | 67,680 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-08-24 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.68 % |
| There were 16 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.H | FloatingReset | Quote: 15.26 – 15.80 Spot Rate : 0.5400 Average : 0.3607 YTW SCENARIO |
| VNR.PR.A | FixedReset | Quote: 21.40 – 21.90 Spot Rate : 0.5000 Average : 0.3628 YTW SCENARIO |
| GWO.PR.I | Deemed-Retractible | Quote: 21.91 – 22.25 Spot Rate : 0.3400 Average : 0.2031 YTW SCENARIO |
| HSE.PR.E | FixedReset | Quote: 23.71 – 24.14 Spot Rate : 0.4300 Average : 0.2997 YTW SCENARIO |
| PVS.PR.E | SplitShare | Quote: 26.11 – 26.50 Spot Rate : 0.3900 Average : 0.2653 YTW SCENARIO |
| TRP.PR.A | FixedReset | Quote: 19.30 – 19.71 Spot Rate : 0.4100 Average : 0.2910 YTW SCENARIO |