| 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 | -0.2689 % | 3,067.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2689 % | 5,627.7 |
| Floater | 3.26 % | 3.41 % | 105,079 | 18.73 | 4 | -0.2689 % | 3,243.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1177 % | 3,164.6 |
| SplitShare | 4.69 % | 4.32 % | 58,729 | 3.26 | 5 | 0.1177 % | 3,779.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1177 % | 2,948.7 |
| Perpetual-Premium | 5.59 % | -0.91 % | 77,873 | 0.09 | 11 | -0.0179 % | 2,845.6 |
| Perpetual-Discount | 5.34 % | 5.45 % | 85,410 | 14.67 | 23 | -0.0817 % | 2,942.8 |
| FixedReset | 4.29 % | 4.56 % | 175,017 | 5.88 | 104 | -0.3864 % | 2,510.5 |
| Deemed-Retractible | 5.18 % | 5.75 % | 91,981 | 5.73 | 28 | -0.2866 % | 2,918.4 |
| FloatingReset | 2.93 % | 3.01 % | 35,919 | 3.65 | 10 | -0.7219 % | 2,736.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.T | FixedReset | -23.76 % | Completely nonsensical, of course, but this type of thing must be expected when the financial system is controlled by a privileged oligarchy. The issue traded a whopping 4,220 shares today in a range of 21.07-23; the last trade, 100 shares at 21.07 at 3:51pm, appears to have overwhelmed the system. Perhaps the closing quote is due to unexpectedly high retail demand! I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 16.08 Evaluated at bid price : 16.08 Bid-YTW : 6.39 % |
| PWF.PR.Q | FloatingReset | -8.69 % | More nonsense from Nonsense Central. The issue traded 11,800 shares in a range of 21.40-75, with the last trade of 100 shares at 21.40 coming at 3:37pm. I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 3.35 % |
| GWO.PR.M | Deemed-Retractible | -1.24 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-04-30 Maturity Price : 25.25 Evaluated at bid price : 25.50 Bid-YTW : -4.67 % |
| BAM.PF.E | FixedReset | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 22.80 Evaluated at bid price : 23.13 Bid-YTW : 4.88 % |
| BAM.PF.A | FixedReset | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 23.46 Evaluated at bid price : 24.19 Bid-YTW : 5.01 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.R | FixedReset | 383,944 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.19 Bid-YTW : 4.39 % |
| RY.PR.H | FixedReset | 208,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 23.00 Evaluated at bid price : 23.45 Bid-YTW : 4.51 % |
| TD.PF.E | FixedReset | 115,009 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 23.21 Evaluated at bid price : 24.40 Bid-YTW : 4.79 % |
| CM.PR.Q | FixedReset | 94,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 23.21 Evaluated at bid price : 24.28 Bid-YTW : 4.73 % |
| BAM.PF.C | Perpetual-Discount | 89,362 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-03-20 Maturity Price : 21.68 Evaluated at bid price : 21.68 Bid-YTW : 5.62 % |
| MFC.PR.Q | FixedReset | 60,400 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.89 % |
| There were 27 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.T | FixedReset | Quote: 16.08 – 21.16 Spot Rate : 5.0800 Average : 2.7700 YTW SCENARIO |
| PWF.PR.Q | FloatingReset | Quote: 19.86 – 21.64 Spot Rate : 1.7800 Average : 1.0088 YTW SCENARIO |
| GWO.PR.M | Deemed-Retractible | Quote: 25.50 – 25.87 Spot Rate : 0.3700 Average : 0.2108 YTW SCENARIO |
| BMO.PR.S | FixedReset | Quote: 23.66 – 23.99 Spot Rate : 0.3300 Average : 0.2329 YTW SCENARIO |
| PVS.PR.B | SplitShare | Quote: 25.22 – 25.62 Spot Rate : 0.4000 Average : 0.3104 YTW SCENARIO |
| TD.PF.F | Perpetual-Discount | Quote: 24.75 – 24.99 Spot Rate : 0.2400 Average : 0.1558 YTW SCENARIO |
Looks like Enbridge preferred shares are down around 3% over past couple of days. Any idea as to why?
You are right. The US prefs got killed today even the one that is about to reset at a rate close to 6 pc in a few weeks ( if the 5 years treasuries stay at the same rate of course). I don’t get it myself either. I have not heard of anything that would make the credit risk increase. Weird.
A good possibility is Pipeline selloff deepens as tax change threatens Enbridge unit’s rating:
Thanks for this James.
I had not picked up on it.