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 | -2.5671 % | 1,885.2 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.5671 % | 3,459.2 |
Floater | 6.28 % | 6.54 % | 72,646 | 13.14 | 3 | -2.5671 % | 1,993.5 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0569 % | 3,312.0 |
SplitShare | 4.70 % | 4.79 % | 77,817 | 4.20 | 7 | -0.0569 % | 3,955.2 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0569 % | 3,086.0 |
Perpetual-Premium | 5.62 % | -10.19 % | 72,645 | 0.09 | 7 | 0.0225 % | 2,950.1 |
Perpetual-Discount | 5.50 % | 5.60 % | 60,969 | 14.49 | 26 | 0.1758 % | 3,077.1 |
FixedReset Disc | 5.54 % | 5.39 % | 163,225 | 14.70 | 70 | -0.0173 % | 2,062.6 |
Deemed-Retractible | 5.28 % | 5.97 % | 74,749 | 8.01 | 27 | -0.0112 % | 3,078.9 |
FloatingReset | 4.08 % | 4.62 % | 53,335 | 2.49 | 4 | 0.0796 % | 2,335.7 |
FixedReset Prem | 5.11 % | 3.91 % | 188,672 | 1.82 | 16 | -0.0048 % | 2,583.7 |
FixedReset Bank Non | 1.97 % | 4.05 % | 147,435 | 2.51 | 3 | 0.3763 % | 2,650.8 |
FixedReset Ins Non | 5.38 % | 7.57 % | 94,974 | 8.10 | 22 | 0.0025 % | 2,112.5 |
Performance Highlights | |||
Issue | Index | Change | Notes |
PWF.PR.A | Floater | -3.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 11.91 Evaluated at bid price : 11.91 Bid-YTW : 5.88 % |
BAM.PR.B | Floater | -2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 6.54 % |
PWF.PR.T | FixedReset Disc | -2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 5.48 % |
NA.PR.G | FixedReset Disc | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.32 % |
BAM.PR.K | Floater | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 6.61 % |
BIP.PR.D | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 22.11 Evaluated at bid price : 22.46 Bid-YTW : 5.69 % |
TRP.PR.F | FloatingReset | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 13.38 Evaluated at bid price : 13.38 Bid-YTW : 6.72 % |
BAM.PF.A | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.09 % |
MFC.PR.M | FixedReset Ins Non | -1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.58 Bid-YTW : 8.68 % |
MFC.PR.O | FixedReset Ins Non | -1.11 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.77 Bid-YTW : 4.05 % |
MFC.PR.F | FixedReset Ins Non | -1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.50 Bid-YTW : 9.68 % |
IAF.PR.I | FixedReset Ins Non | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.04 Bid-YTW : 7.14 % |
SLF.PR.H | FixedReset Ins Non | 1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.96 Bid-YTW : 8.63 % |
RY.PR.M | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.29 % |
CU.PR.D | Perpetual-Discount | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 22.24 Evaluated at bid price : 22.55 Bid-YTW : 5.47 % |
BIP.PR.E | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.92 % |
MFC.PR.J | FixedReset Ins Non | 1.21 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.21 Bid-YTW : 7.54 % |
RY.PR.J | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 5.24 % |
EMA.PR.F | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.89 % |
CM.PR.S | FixedReset Disc | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 5.26 % |
CIU.PR.A | Perpetual-Discount | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.47 % |
HSE.PR.C | FixedReset Disc | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.15 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
GWO.PR.G | Deemed-Retractible | 312,800 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.37 Bid-YTW : 6.07 % |
BMO.PR.T | FixedReset Disc | 57,338 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 5.49 % |
CM.PR.R | FixedReset Disc | 45,127 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.24 Evaluated at bid price : 21.52 Bid-YTW : 5.48 % |
TD.PF.M | FixedReset Disc | 41,103 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 23.04 Evaluated at bid price : 24.66 Bid-YTW : 4.98 % |
TD.PF.C | FixedReset Disc | 37,778 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.32 % |
HSE.PR.C | FixedReset Disc | 29,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.15 % |
There were 37 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
PVS.PR.G | SplitShare | Quote: 25.15 – 25.56 Spot Rate : 0.4100 Average : 0.2401 YTW SCENARIO |
MFC.PR.G | FixedReset Ins Non | Quote: 18.81 – 19.31 Spot Rate : 0.5000 Average : 0.3357 YTW SCENARIO |
PWF.PR.T | FixedReset Disc | Quote: 17.87 – 18.30 Spot Rate : 0.4300 Average : 0.2754 YTW SCENARIO |
CCS.PR.C | Deemed-Retractible | Quote: 23.85 – 24.20 Spot Rate : 0.3500 Average : 0.2378 YTW SCENARIO |
IFC.PR.C | FixedReset Ins Non | Quote: 17.98 – 18.33 Spot Rate : 0.3500 Average : 0.2397 YTW SCENARIO |
PWF.PR.K | Perpetual-Discount | Quote: 22.13 – 22.39 Spot Rate : 0.2600 Average : 0.1613 YTW SCENARIO |
PWF.PR.A and BAM.PRK are both 70% of Canada prime payers right? Both are pfd-2 The price difference seems rather big, 10$ vs 12$. The market seems to dislike brookfield, is it because they have too many issues?
I would honestly buy more brookfield but I find that I have too much as it is… Canada prime never went below 2.5% (from what I am seeing) Nothing explains why the share price would go so low that it yields now what is equivalent to close to 200% the prime rate (in brookfield’s case)
The market seems to dislike brookfield, is it because they have too many issues?
I would honestly buy more brookfield but I find that I have too much as it is…
You basically answered your own question. I very often find myself in the position in which I would love to sell an issue of Company X to buy a company in the Brookfield group, but am full up.
It’s not surprising, really, since if we look at ZPR, we find that BAM weight is 5.3%, Related entities 9.6%
For the two particular issues you mention, though, an important consideration is that PWF is simply a better credit than BAM.
Question- PWF comprises mostly GWO and IGM holdings (and bits of European holdings as well). And these are the GWO and IGM’s common stock.
GWO preferred stock is rated P2(H).
And PWF preferred stock is rated P2(H).
I understand that the combined earnings power of GWO/IGM common stock gives the earnings cushion that gives the high ratings to PWF preferred stock.
But assuming the worst case scenario and GWO/IGM blow up. In that case, GWO/IGM common stock would be worth zero and nothing would be left for PWF shareholders. Yet GWO Preferred holders might have some scraps left to fight over. Yet both GWO and PWF share the same credit ratings.
What am I missing here?
Any comments would be deeply appreciated.
But assuming the worst case scenario and GWO/IGM blow up.
Well, that’s a worst-case scenario indeed! The chance of them blowing up simultaneously will be more than if they were completely unrelated companies, but much less than of either one hitting the skids.
According to DBRS:
Or, to put it another way, PWF’s diversification due to IGM is enough to offset its structural subordination with respect to GWO. In the view of DBRS.
Thanks for the informative link and explanation.
Thank you for answering me 🙂