Well, the hardworking folks at FAIR Canada have finally released (some time after November 11, when I sent my still-unanswered eMail of inquiry) their Financial Statements for the Year Ended 2017-6-30 and they’re most interesting. Their good buddies and former employers at the OSC continue to regard the funds under OSC’s control as some kind of superannuation scheme.
Click for Big
Click for Big
It’s a disgusting situation. The source of these funds is fines and penalties levied on the investment industry, which makes this flim-flam nothing more than the most offensive kind of civil forfeiture scheme. The OSC should be required to remit all fines and penalties to the Ontario treasury immediately upon receipt to discourage this sort of backscratching. The current system is just ridiculous:
The OSC has a number of settlement agreements and orders arising from enforcement proceedings where monies from these settlements and orders are to be set aside and allocated to such third parties as the Board of the OSC may determine. As a result of an amendment to the Securities Act (Ontario) effective June 2012, these funds are eligible to be allocated to the OSC for the purpose of educating investors, or promoting or otherwise enhancing knowledge and information of persons regarding the operation of the securities and financial markets, including such designated internal costs as approved by the Board.
| 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 | 1.0982 % | 2,515.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.0982 % | 4,616.6 |
| Floater | 3.63 % | 3.83 % | 33,891 | 17.72 | 4 | 1.0982 % | 2,660.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0721 % | 3,123.8 |
| SplitShare | 4.72 % | 3.57 % | 54,258 | 1.08 | 6 | -0.0721 % | 3,730.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0721 % | 2,910.6 |
| Perpetual-Premium | 5.35 % | 3.50 % | 53,990 | 0.09 | 20 | -0.0392 % | 2,841.1 |
| Perpetual-Discount | 5.18 % | 5.23 % | 71,496 | 15.04 | 14 | -0.0727 % | 3,027.4 |
| FixedReset | 4.24 % | 4.28 % | 144,195 | 4.46 | 98 | -0.4710 % | 2,491.0 |
| Deemed-Retractible | 5.03 % | 5.29 % | 89,953 | 5.97 | 30 | -0.0561 % | 2,955.8 |
| FloatingReset | 2.71 % | 2.73 % | 40,317 | 3.94 | 8 | -0.1845 % | 2,681.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.E | FixedReset | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 22.56 Evaluated at bid price : 22.90 Bid-YTW : 4.39 % |
| BAM.PR.X | FixedReset | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 4.59 % |
| HSE.PR.A | FixedReset | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 4.61 % |
| BAM.PF.E | FixedReset | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 22.91 Evaluated at bid price : 23.65 Bid-YTW : 4.46 % |
| BAM.PF.B | FixedReset | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 23.46 Evaluated at bid price : 23.92 Bid-YTW : 4.48 % |
| TRP.PR.D | FixedReset | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 22.26 Evaluated at bid price : 22.65 Bid-YTW : 4.43 % |
| RY.PR.Z | FixedReset | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 22.80 Evaluated at bid price : 23.23 Bid-YTW : 4.13 % |
| SLF.PR.G | FixedReset | -1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.44 Bid-YTW : 7.53 % |
| RY.PR.J | FixedReset | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 23.27 Evaluated at bid price : 24.47 Bid-YTW : 4.30 % |
| IAG.PR.G | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 4.75 % |
| RY.PR.M | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 23.11 Evaluated at bid price : 24.30 Bid-YTW : 4.21 % |
| BAM.PR.Z | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 22.94 Evaluated at bid price : 24.40 Bid-YTW : 4.68 % |
| MFC.PR.G | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-19 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 4.41 % |
| BAM.PR.K | Floater | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 14.78 Evaluated at bid price : 14.78 Bid-YTW : 3.83 % |
| PWF.PR.A | Floater | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 3.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.H | FixedReset | 159,215 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.19 Bid-YTW : 3.75 % |
| W.PR.K | FixedReset | 113,160 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 3.79 % |
| BMO.PR.T | FixedReset | 56,181 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 22.56 Evaluated at bid price : 22.93 Bid-YTW : 4.21 % |
| BMO.PR.D | FixedReset | 27,250 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 3.97 % |
| MFC.PR.J | FixedReset | 23,474 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.61 Bid-YTW : 4.47 % |
| TD.PF.A | FixedReset | 21,484 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-12-01 Maturity Price : 23.03 Evaluated at bid price : 23.38 Bid-YTW : 4.15 % |
| There were 31 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.E | FixedReset | Quote: 23.65 – 24.14 Spot Rate : 0.4900 Average : 0.3466 YTW SCENARIO |
| BAM.PF.B | FixedReset | Quote: 23.92 – 24.30 Spot Rate : 0.3800 Average : 0.2525 YTW SCENARIO |
| TRP.PR.G | FixedReset | Quote: 24.02 – 24.47 Spot Rate : 0.4500 Average : 0.3287 YTW SCENARIO |
| BAM.PR.Z | FixedReset | Quote: 24.40 – 24.70 Spot Rate : 0.3000 Average : 0.2134 YTW SCENARIO |
| IAG.PR.G | FixedReset | Quote: 23.85 – 24.07 Spot Rate : 0.2200 Average : 0.1352 YTW SCENARIO |
| PVS.PR.B | SplitShare | Quote: 25.20 – 25.49 Spot Rate : 0.2900 Average : 0.2159 YTW SCENARIO |