Low borrowing costs and strong investor demand have led to a rush of activity in the “maple” bond market, as global public-sector entities tap the Canadian debt market for cash.
Public-sector borrowers have issued $5.2-billion worth of maple bonds in the past three months.
…
There have been nine Canadian-dollar bond offerings by SSAs [sovereigns, supranationals and agencies] totalling $7.2-billion since the start of 2019. That’s more than was issued in the past three years combined. Public-sector borrowers issued $5.5-billion worth of maple bonds in all of 2018, none in 2017 and $1-billion in 2016, according to data from RBC.
| 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 | 0.9515 % | 1,849.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.9515 % | 3,393.5 |
| Floater | 6.52 % | 6.71 % | 43,184 | 12.93 | 4 | 0.9515 % | 1,955.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1070 % | 3,391.2 |
| SplitShare | 4.65 % | 4.55 % | 58,159 | 3.97 | 7 | 0.1070 % | 4,049.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1070 % | 3,159.8 |
| Perpetual-Premium | 5.48 % | -12.23 % | 59,607 | 0.09 | 8 | 0.0684 % | 3,007.8 |
| Perpetual-Discount | 5.42 % | 5.50 % | 63,086 | 14.51 | 25 | 0.1630 % | 3,181.4 |
| FixedReset Disc | 5.70 % | 5.48 % | 163,626 | 14.66 | 66 | 0.2768 % | 2,055.6 |
| Deemed-Retractible | 5.22 % | 5.74 % | 62,900 | 7.87 | 27 | 0.2909 % | 3,157.6 |
| FloatingReset | 6.54 % | 6.98 % | 86,156 | 12.59 | 2 | 0.3976 % | 2,308.2 |
| FixedReset Prem | 5.15 % | 4.19 % | 160,830 | 1.71 | 20 | 0.0570 % | 2,593.2 |
| FixedReset Bank Non | 1.97 % | 4.08 % | 85,780 | 2.25 | 3 | 0.0972 % | 2,674.4 |
| FixedReset Ins Non | 5.55 % | 8.07 % | 98,696 | 7.88 | 21 | 0.5383 % | 2,080.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.B | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 6.01 % |
| HSE.PR.C | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 15.87 Evaluated at bid price : 15.87 Bid-YTW : 7.02 % |
| TD.PF.D | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.48 % |
| MFC.PR.N | FixedReset Ins Non | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.61 Bid-YTW : 9.43 % |
| TRP.PR.D | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 6.04 % |
| GWO.PR.S | Deemed-Retractible | 1.07 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.49 Bid-YTW : 5.56 % |
| BAM.PR.C | Floater | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 10.30 Evaluated at bid price : 10.30 Bid-YTW : 6.78 % |
| BIP.PR.A | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 6.71 % |
| BAM.PF.A | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.86 % |
| TRP.PR.A | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 12.91 Evaluated at bid price : 12.91 Bid-YTW : 6.26 % |
| BAM.PR.B | Floater | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 10.34 Evaluated at bid price : 10.34 Bid-YTW : 6.75 % |
| SLF.PR.H | FixedReset Ins Non | 1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.56 Bid-YTW : 9.06 % |
| BAM.PR.Z | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 5.95 % |
| BAM.PR.R | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 6.15 % |
| MFC.PR.J | FixedReset Ins Non | 1.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.50 Bid-YTW : 8.07 % |
| IAF.PR.B | Deemed-Retractible | 1.55 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.34 Bid-YTW : 6.05 % |
| BAM.PR.K | Floater | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 10.40 Evaluated at bid price : 10.40 Bid-YTW : 6.71 % |
| PWF.PR.P | FixedReset Disc | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 12.36 Evaluated at bid price : 12.36 Bid-YTW : 5.84 % |
| MFC.PR.Q | FixedReset Ins Non | 2.39 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.45 Bid-YTW : 8.07 % |
| MFC.PR.F | FixedReset Ins Non | 2.56 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.44 Bid-YTW : 10.83 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.R | FixedReset Disc | 95,239 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.44 % |
| TD.PF.M | FixedReset Disc | 79,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 23.09 Evaluated at bid price : 24.75 Bid-YTW : 5.00 % |
| TD.PF.L | FixedReset Disc | 79,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 22.94 Evaluated at bid price : 24.31 Bid-YTW : 4.85 % |
| PWF.PR.P | FixedReset Disc | 45,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-07 Maturity Price : 12.36 Evaluated at bid price : 12.36 Bid-YTW : 5.84 % |
| TRP.PR.J | FixedReset Prem | 40,105 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.92 Bid-YTW : 3.55 % |
| TD.PF.H | FixedReset Prem | 37,068 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 4.61 % |
| There were 27 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BMO.PR.W | FixedReset Disc | Quote: 16.25 – 16.85 Spot Rate : 0.6000 Average : 0.4087 YTW SCENARIO |
| BAM.PF.B | FixedReset Disc | Quote: 17.02 – 17.48 Spot Rate : 0.4600 Average : 0.2721 YTW SCENARIO |
| EMA.PR.F | FixedReset Disc | Quote: 16.45 – 16.99 Spot Rate : 0.5400 Average : 0.4213 YTW SCENARIO |
| MFC.PR.B | Deemed-Retractible | Quote: 21.55 – 21.93 Spot Rate : 0.3800 Average : 0.2860 YTW SCENARIO |
| HSE.PR.A | FixedReset Disc | Quote: 10.51 – 10.94 Spot Rate : 0.4300 Average : 0.3450 YTW SCENARIO |
| BMO.PR.E | FixedReset Disc | Quote: 20.15 – 20.50 Spot Rate : 0.3500 Average : 0.2716 YTW SCENARIO |