Boom! The Canadian preferred share market took a whacking today; perhaps due to renewed NAFTA fears:
President Donald Trump reiterated his threat to withdraw the U.S. from Nafta while saying that gains from a new deal could be used to pay for a wall at the Mexican border.
A day after Canadian officials said they viewed the odds of withdrawal as rising, Trump repeated his threat to pull out of the North American Free Trade Agreement if it can’t be reworked in his favor, the Wall Street Journal reported Thursday, citing an interview with the president. However, Trump said he was willing to be “a little bit flexible” about the deal until after Mexico’s presidential election in July. He didn’t elaborate on what that means.
| 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 | -0.8197 % | 2,831.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.8197 % | 5,196.0 |
| Floater | 3.25 % | 3.37 % | 35,831 | 18.85 | 4 | -0.8197 % | 2,994.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0621 % | 3,156.3 |
| SplitShare | 4.65 % | 4.01 % | 58,138 | 3.42 | 5 | -0.0621 % | 3,769.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0621 % | 2,940.9 |
| Perpetual-Premium | 5.37 % | 1.93 % | 59,513 | 0.09 | 18 | -0.0939 % | 2,858.8 |
| Perpetual-Discount | 5.30 % | 5.26 % | 70,980 | 15.03 | 16 | 0.0509 % | 2,998.7 |
| FixedReset | 4.19 % | 4.34 % | 139,823 | 3.86 | 98 | -0.4687 % | 2,534.9 |
| Deemed-Retractible | 5.06 % | 5.38 % | 81,280 | 5.86 | 28 | -0.3302 % | 2,946.6 |
| FloatingReset | 2.97 % | 2.71 % | 37,647 | 1.02 | 10 | -0.2001 % | 2,755.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.N | FixedReset | -1.65 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.82 Bid-YTW : 4.99 % |
| BAM.PR.K | Floater | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 3.42 % |
| MFC.PR.L | FixedReset | -1.48 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.37 Bid-YTW : 5.28 % |
| BAM.PR.T | FixedReset | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 4.95 % |
| MFC.PR.M | FixedReset | -1.32 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.90 Bid-YTW : 5.03 % |
| CU.PR.C | FixedReset | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 21.96 Evaluated at bid price : 22.42 Bid-YTW : 4.65 % |
| SLF.PR.I | FixedReset | -1.25 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 4.36 % |
| BAM.PF.E | FixedReset | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 23.04 Evaluated at bid price : 23.86 Bid-YTW : 4.71 % |
| MFC.PR.K | FixedReset | -1.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.38 Bid-YTW : 5.35 % |
| MFC.PR.I | FixedReset | -1.18 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.29 % |
| NA.PR.X | FixedReset | -1.16 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.45 Bid-YTW : 3.60 % |
| BMO.PR.W | FixedReset | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 23.28 Evaluated at bid price : 23.64 Bid-YTW : 4.43 % |
| BAM.PF.G | FixedReset | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 23.29 Evaluated at bid price : 24.52 Bid-YTW : 4.83 % |
| BAM.PF.F | FixedReset | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 23.52 Evaluated at bid price : 24.63 Bid-YTW : 4.85 % |
| MFC.PR.G | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-19 Maturity Price : 25.00 Evaluated at bid price : 24.74 Bid-YTW : 4.27 % |
| BAM.PF.D | Perpetual-Discount | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 21.99 Evaluated at bid price : 22.32 Bid-YTW : 5.52 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.J | FixedReset | 408,175 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.58 Bid-YTW : 3.72 % |
| TRP.PR.E | FixedReset | 302,075 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 24.03 Evaluated at bid price : 24.35 Bid-YTW : 4.43 % |
| CM.PR.R | FixedReset | 186,314 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 3.98 % |
| BMO.PR.T | FixedReset | 158,425 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-11 Maturity Price : 23.61 Evaluated at bid price : 24.00 Bid-YTW : 4.40 % |
| TD.PF.H | FixedReset | 146,293 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 3.55 % |
| TD.PR.S | FixedReset | 120,800 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 3.22 % |
| There were 43 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| VNR.PR.A | FixedReset | Quote: 25.07 – 25.36 Spot Rate : 0.2900 Average : 0.2008 YTW SCENARIO |
| PWF.PR.Z | Perpetual-Discount | Quote: 24.52 – 24.75 Spot Rate : 0.2300 Average : 0.1495 YTW SCENARIO |
| BAM.PF.C | Perpetual-Discount | Quote: 21.92 – 22.14 Spot Rate : 0.2200 Average : 0.1530 YTW SCENARIO |
| IAG.PR.G | FixedReset | Quote: 24.22 – 24.48 Spot Rate : 0.2600 Average : 0.1959 YTW SCENARIO |
| NA.PR.A | FixedReset | Quote: 26.37 – 26.55 Spot Rate : 0.1800 Average : 0.1250 YTW SCENARIO |
| PWF.PR.A | Floater | Quote: 19.20 – 19.75 Spot Rate : 0.5500 Average : 0.4995 YTW SCENARIO |