FAIR Canada, that superannuation scheme for tired old regulatory hacks, is in some well-deserved trouble:
The primary advocacy group for Canadian investors is losing money, looking for an executive director – and struggling to survive.
…
FAIR Canada has survived in large part in recent years on a $2-million gift from Stephen Jarislowsky, the founder of investment firm Jarislowsky Fraser Ltd., and an additional $2-million contribution from the Ontario Securities Commission, which used money collected in settlements and from fines.Mr. Jarislowsky’s 2014 gift was conditional on FAIR finding $4-million in matching gifts, but outside of the OSC money, it has fallen far short, Mr. Pascutto said. Mr. Jarislowsky has extended a deadline for the match several times, most recently agreeing to postpone it to this coming September from March 31.
…
The Investment Industry Regulatory Organization of Canada (IIROC), which provided the initial funding for FAIR Canada, has given a total of $4.9-million over the years, including a $250,000 grant in the fall of 2018 from its restricted fund that comes from fines and settlements, spokeswoman Andrea Zviedris said in an e-mailed statement.
| 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 | -1.1780 % | 2,083.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.1780 % | 3,823.4 |
| Floater | 5.62 % | 6.00 % | 51,942 | 13.89 | 3 | -1.1780 % | 2,203.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,284.7 |
| SplitShare | 4.87 % | 4.72 % | 75,126 | 3.80 | 8 | 0.0000 % | 3,922.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,060.6 |
| Perpetual-Premium | 5.58 % | -10.05 % | 85,440 | 0.09 | 10 | -0.0079 % | 2,953.5 |
| Perpetual-Discount | 5.40 % | 5.54 % | 79,726 | 14.62 | 23 | 0.1771 % | 3,105.9 |
| FixedReset Disc | 5.21 % | 5.36 % | 178,946 | 14.94 | 61 | 0.3795 % | 2,206.0 |
| Deemed-Retractible | 5.22 % | 5.78 % | 99,734 | 8.12 | 27 | 0.0505 % | 3,075.8 |
| FloatingReset | 4.24 % | 4.36 % | 55,148 | 2.66 | 5 | -0.2158 % | 2,409.7 |
| FixedReset Prem | 5.07 % | 3.75 % | 288,500 | 2.18 | 23 | 0.2649 % | 2,586.3 |
| FixedReset Bank Non | 1.98 % | 3.87 % | 143,155 | 2.68 | 3 | 0.1951 % | 2,641.9 |
| FixedReset Ins Non | 4.98 % | 6.77 % | 105,651 | 8.25 | 22 | 0.7076 % | 2,261.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.B | Floater | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 11.65 Evaluated at bid price : 11.65 Bid-YTW : 6.00 % |
| PWF.PR.Q | FloatingReset | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 14.36 Evaluated at bid price : 14.36 Bid-YTW : 5.73 % |
| TRP.PR.C | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 5.84 % |
| BIP.PR.E | FixedReset Disc | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 21.43 Evaluated at bid price : 21.77 Bid-YTW : 5.79 % |
| TRP.PR.B | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 12.36 Evaluated at bid price : 12.36 Bid-YTW : 5.83 % |
| BAM.PR.K | Floater | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 11.61 Evaluated at bid price : 11.61 Bid-YTW : 6.02 % |
| BIP.PR.C | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.88 Bid-YTW : 5.74 % |
| BMO.PR.C | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 22.98 Evaluated at bid price : 24.04 Bid-YTW : 5.08 % |
| HSE.PR.G | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 6.44 % |
| SLF.PR.J | FloatingReset | 1.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.93 Bid-YTW : 9.07 % |
| BNS.PR.I | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 22.25 Evaluated at bid price : 22.93 Bid-YTW : 4.61 % |
| CU.PR.I | FixedReset Prem | 1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 2.49 % |
| BNS.PR.H | FixedReset Prem | 1.18 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.81 Bid-YTW : 3.60 % |
| SLF.PR.G | FixedReset Ins Non | 1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.03 Bid-YTW : 8.78 % |
| IFC.PR.E | Deemed-Retractible | 1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.78 % |
| MFC.PR.Q | FixedReset Ins Non | 1.37 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.68 Bid-YTW : 6.79 % |
| MFC.PR.N | FixedReset Ins Non | 1.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.40 Bid-YTW : 7.63 % |
| EMA.PR.H | FixedReset Disc | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 22.71 Evaluated at bid price : 23.75 Bid-YTW : 5.19 % |
| BAM.PR.Z | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 5.64 % |
| BIP.PR.F | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 21.51 Evaluated at bid price : 21.80 Bid-YTW : 5.90 % |
| MFC.PR.L | FixedReset Ins Non | 2.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.90 Bid-YTW : 7.81 % |
| CU.PR.C | FixedReset Disc | 3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.33 % |
| IAF.PR.G | FixedReset Ins Non | 5.12 % | Just a reversal of Friday’s nonsense.
YTW SCENARIO |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| NA.PR.C | FixedReset Disc | 77,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 21.97 Evaluated at bid price : 22.36 Bid-YTW : 5.50 % |
| CM.PR.R | FixedReset Disc | 67,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 22.22 Evaluated at bid price : 22.70 Bid-YTW : 5.37 % |
| BMO.PR.F | FixedReset Prem | 56,651 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 4.91 % |
| TRP.PR.D | FixedReset Disc | 41,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-22 Maturity Price : 16.93 Evaluated at bid price : 16.93 Bid-YTW : 5.94 % |
| TRP.PR.K | FixedReset Prem | 23,236 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.84 % |
| MFC.PR.R | FixedReset Ins Non | 18,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.77 % |
| There were 5 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.H | FixedReset Ins Non | Quote: 17.70 – 17.98 Spot Rate : 0.2800 Average : 0.2049 YTW SCENARIO |
| BAM.PF.D | Perpetual-Discount | Quote: 21.75 – 22.20 Spot Rate : 0.4500 Average : 0.3850 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 18.88 – 19.20 Spot Rate : 0.3200 Average : 0.2551 YTW SCENARIO |
| BAM.PF.F | FixedReset Disc | Quote: 20.00 – 20.22 Spot Rate : 0.2200 Average : 0.1637 YTW SCENARIO |
| BAM.PR.N | Perpetual-Discount | Quote: 20.76 – 21.07 Spot Rate : 0.3100 Average : 0.2570 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 21.22 – 21.63 Spot Rate : 0.4100 Average : 0.3655 YTW SCENARIO |