Click for Big
Each of the mainstream indicators made a new 52-week low today.
TXPR closed at 577.43, a new 52-week low and down 0.56% on the day. Volume was 2.40-million, above average but nothing special in the context of the past 30 days.
CPD closed at 11.53, a new 52-week low and down 0.69% on the day. Volume of 138,446 was above average but nothing special in the constext of the past 30 days.
ZPR closed at 9.16, a new 52-week low and down 0.97% on the day. Volume of 249,098 was high but oddly the “Price History” tab on tmxmoney refuses to display data for this issue. Yahoo Finance comes through with the information that today had the third-highest volume of the past thirty days, behind August 13 and August 14.
Five-year Canada yields were down 2bp to 1.20% today.
| 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 | -1.7615 % | 1,782.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.7615 % | 3,271.1 |
| Floater | 6.70 % | 6.95 % | 41,541 | 12.52 | 4 | -1.7615 % | 1,885.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1684 % | 3,351.2 |
| SplitShare | 4.65 % | 4.67 % | 60,407 | 4.05 | 7 | -0.1684 % | 4,002.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1684 % | 3,122.5 |
| Perpetual-Premium | 5.64 % | -9.54 % | 61,245 | 0.09 | 9 | -0.0176 % | 2,973.6 |
| Perpetual-Discount | 5.49 % | 5.61 % | 53,284 | 14.45 | 25 | -0.2211 % | 3,106.9 |
| FixedReset Disc | 5.96 % | 5.60 % | 154,586 | 14.47 | 66 | -0.8623 % | 1,954.0 |
| Deemed-Retractible | 5.29 % | 6.13 % | 68,100 | 7.84 | 27 | -0.1550 % | 3,080.1 |
| FloatingReset | 4.76 % | 7.56 % | 60,898 | 7.86 | 3 | -1.3190 % | 2,233.7 |
| FixedReset Prem | 5.21 % | 4.85 % | 167,784 | 1.90 | 21 | -0.1098 % | 2,556.2 |
| FixedReset Bank Non | 1.99 % | 4.39 % | 90,251 | 2.37 | 3 | -0.0700 % | 2,639.2 |
| FixedReset Ins Non | 5.65 % | 8.20 % | 102,069 | 7.98 | 21 | -1.0963 % | 2,032.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.F | FixedReset Ins Non | -3.92 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.26 Bid-YTW : 10.76 % |
| SLF.PR.J | FloatingReset | -3.89 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.35 Bid-YTW : 11.65 % |
| TD.PF.J | FixedReset Disc | -3.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 5.46 % |
| RY.PR.J | FixedReset Disc | -3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 5.61 % |
| NA.PR.C | FixedReset Disc | -3.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.80 % |
| MFC.PR.K | FixedReset Ins Non | -3.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.44 Bid-YTW : 9.03 % |
| MFC.PR.G | FixedReset Ins Non | -3.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.27 Bid-YTW : 8.59 % |
| RY.PR.H | FixedReset Disc | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 5.35 % |
| BMO.PR.C | FixedReset Disc | -2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 5.58 % |
| TD.PF.M | FixedReset Prem | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 22.67 Evaluated at bid price : 23.75 Bid-YTW : 5.16 % |
| BAM.PR.B | Floater | -2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.12 Evaluated at bid price : 10.12 Bid-YTW : 6.95 % |
| TRP.PR.A | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 11.82 Evaluated at bid price : 11.82 Bid-YTW : 6.76 % |
| PWF.PR.P | FixedReset Disc | -2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 5.68 % |
| BAM.PR.C | Floater | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.12 Evaluated at bid price : 10.12 Bid-YTW : 6.95 % |
| BAM.PR.K | Floater | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.12 Evaluated at bid price : 10.12 Bid-YTW : 6.95 % |
| RY.PR.Z | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.23 % |
| BAM.PF.E | FixedReset Disc | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 6.72 % |
| MFC.PR.N | FixedReset Ins Non | -1.97 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.91 Bid-YTW : 9.77 % |
| PWF.PR.T | FixedReset Disc | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 5.46 % |
| CM.PR.O | FixedReset Disc | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.87 Evaluated at bid price : 15.87 Bid-YTW : 5.71 % |
| MFC.PR.J | FixedReset Ins Non | -1.85 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.05 Bid-YTW : 8.20 % |
| BAM.PF.B | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 6.40 % |
| BAM.PF.G | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 6.70 % |
| TD.PF.C | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 5.54 % |
| SLF.PR.H | FixedReset Ins Non | -1.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.34 Bid-YTW : 9.16 % |
| TD.PF.I | FixedReset Disc | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.30 % |
| NA.PR.W | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 14.93 Evaluated at bid price : 14.93 Bid-YTW : 5.85 % |
| IFC.PR.G | FixedReset Ins Non | -1.51 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.22 Bid-YTW : 8.36 % |
| BAM.PF.A | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 6.27 % |
| TRP.PR.G | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 6.59 % |
| HSE.PR.G | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.30 % |
| CM.PR.Q | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.91 % |
| CU.PR.H | Perpetual-Discount | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 23.55 Evaluated at bid price : 24.00 Bid-YTW : 5.47 % |
| CM.PR.Y | FixedReset Disc | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 22.78 Evaluated at bid price : 24.01 Bid-YTW : 5.16 % |
| TRP.PR.B | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 9.76 Evaluated at bid price : 9.76 Bid-YTW : 6.45 % |
| TD.PF.E | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 5.61 % |
| MFC.PR.Q | FixedReset Ins Non | -1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.12 Bid-YTW : 8.13 % |
| TRP.PR.F | FloatingReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 7.56 % |
| BMO.PR.D | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.44 % |
| GWO.PR.Q | Deemed-Retractible | -1.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.98 Bid-YTW : 6.35 % |
| GWO.PR.T | Deemed-Retractible | -1.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.06 Bid-YTW : 6.31 % |
| RY.PR.M | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 5.54 % |
| POW.PR.B | Perpetual-Discount | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 5.79 % |
| HSE.PR.C | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.92 % |
| HSE.PR.A | FixedReset Disc | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 6.80 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.M | FixedReset Prem | 73,569 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 22.67 Evaluated at bid price : 23.75 Bid-YTW : 5.16 % |
| TD.PF.C | FixedReset Disc | 58,185 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 5.54 % |
| IAF.PR.I | FixedReset Ins Non | 56,200 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.91 Bid-YTW : 7.95 % |
| PWF.PR.P | FixedReset Disc | 52,343 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 5.68 % |
| MFC.PR.O | FixedReset Ins Non | 51,177 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 3.89 % |
| RY.PR.J | FixedReset Disc | 46,133 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-20 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 5.61 % |
| There were 36 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.K | FixedReset Ins Non | Quote: 16.44 – 17.10 Spot Rate : 0.6600 Average : 0.4798 YTW SCENARIO |
| TD.PF.M | FixedReset Prem | Quote: 23.75 – 24.20 Spot Rate : 0.4500 Average : 0.2974 YTW SCENARIO |
| BAM.PF.A | FixedReset Disc | Quote: 17.68 – 18.01 Spot Rate : 0.3300 Average : 0.2133 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 15.34 – 15.66 Spot Rate : 0.3200 Average : 0.2149 YTW SCENARIO |
| GWO.PR.T | Deemed-Retractible | Quote: 23.06 – 23.48 Spot Rate : 0.4200 Average : 0.3229 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 24.00 – 24.32 Spot Rate : 0.3200 Average : 0.2284 YTW SCENARIO |
I’ve been watching TD.PF.M getting hammered the last four weeks. Good rate, good reset rate and good quality company. Any thoughts on what’s going there?
Prefs doing their usual thing as retail owners sh!t their pants and sell at fire-sale prices!!!
And TRI.PR.B. Whoosh to the down side. Delivers around 6%. Income stream for the family – its not going away any time soon.
My dry powder is getting very low adding to some positions. It has been painful.
FYI: Pembina Pipeline corporation to acquire Kinder Morgan
Canada assuming Kinder Morgan Canada’s preferred
shares.
I’ve been watching TD.PF.M getting hammered the last four weeks.
See TD.PF.M & CM.PR.Y: Still Expensive
FYI: Pembina Pipeline corporation to acquire Kinder Morgan
See PPL To Acquire KML Under Proposed Plan of Arrangement and KML.PR.A & KML.PR.C On Review-Developing by DBRS
And TRI.PR.B. Whoosh to the down side.
Actually, TRI.PR.B has done relatively well! Consider the other issues with the “Floater” structure: