Great news! FAIR Canada, that superannuation scheme for surplus regulatory staff is on its last legs:
The primary advocacy group for Canadian investors is facing extinction after it has returned a $2-million grant, unable to raise matching funds.
The Canadian Foundation for the Advancement of Investor Rights, known as FAIR Canada, has given back money provided in 2012 by Stephen Jarislowsky, the founder of investment firm Jarislowsky Fraser Ltd. Mr. Jarislowsky provided the endowment funding on the condition that FAIR found two-for-one matching money within two years.
FAIR Canada received $2-million from the Ontario Securities Commission as part of the match, but has fallen short since and required multiple extensions on the Jarislowsky deadline.
…
All told, the self-regulatory IIROC and its predecessors have given FAIR Canada a total of $4.9-million over the years. In the fall of 2018, it gave a $250,000 grant from its restricted fund that comes from fines and settlements.
| 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 | 0.5533 % | 1,900.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5533 % | 3,487.8 |
| Floater | 6.34 % | 6.50 % | 46,133 | 13.19 | 4 | 0.5533 % | 2,010.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0337 % | 3,391.0 |
| SplitShare | 4.65 % | 4.55 % | 50,319 | 3.94 | 7 | -0.0337 % | 4,049.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0337 % | 3,159.6 |
| Perpetual-Premium | 5.50 % | -21.92 % | 56,554 | 0.09 | 8 | 0.0294 % | 3,024.5 |
| Perpetual-Discount | 5.38 % | 5.38 % | 70,327 | 14.77 | 25 | 0.2357 % | 3,221.7 |
| FixedReset Disc | 5.65 % | 5.72 % | 170,195 | 14.34 | 66 | 0.0885 % | 2,078.9 |
| Deemed-Retractible | 5.20 % | 5.76 % | 61,324 | 7.85 | 27 | 0.1778 % | 3,169.4 |
| FloatingReset | 6.31 % | 6.86 % | 79,116 | 12.72 | 2 | -0.0758 % | 2,409.6 |
| FixedReset Prem | 5.15 % | 4.04 % | 167,715 | 1.69 | 20 | -0.0647 % | 2,598.8 |
| FixedReset Bank Non | 1.98 % | 4.53 % | 82,478 | 2.21 | 3 | -0.1111 % | 2,669.9 |
| FixedReset Ins Non | 5.46 % | 8.16 % | 114,725 | 7.77 | 21 | 0.0834 % | 2,116.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| NA.PR.A | FixedReset Prem | -1.21 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.51 % |
| TRP.PR.C | FixedReset Disc | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 11.67 Evaluated at bid price : 11.67 Bid-YTW : 6.48 % |
| NA.PR.G | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.73 % |
| W.PR.K | FixedReset Prem | -1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.71 % |
| SLF.PR.E | Deemed-Retractible | 1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.22 Bid-YTW : 6.62 % |
| TRP.PR.E | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 15.69 Evaluated at bid price : 15.69 Bid-YTW : 6.21 % |
| BAM.PR.C | Floater | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 6.50 % |
| BMO.PR.S | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 5.51 % |
| RY.PR.S | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 5.22 % |
| BNS.PR.I | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 20.19 Evaluated at bid price : 20.19 Bid-YTW : 5.19 % |
| BAM.PR.N | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.70 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| SLF.PR.A | Deemed-Retractible | 175,541 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.19 Bid-YTW : 6.32 % |
| POW.PR.D | Perpetual-Discount | 137,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 22.41 Evaluated at bid price : 22.67 Bid-YTW : 5.54 % |
| GWO.PR.M | Deemed-Retractible | 137,737 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-11-17 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : -14.77 % |
| TRP.PR.D | FixedReset Disc | 119,098 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.14 % |
| MFC.PR.M | FixedReset Ins Non | 73,602 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.24 Bid-YTW : 9.36 % |
| RY.PR.Z | FixedReset Disc | 54,267 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-18 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.51 % |
| There were 62 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IAF.PR.G | FixedReset Ins Non | Quote: 18.90 – 19.62 Spot Rate : 0.7200 Average : 0.4730 YTW SCENARIO |
| CM.PR.R | FixedReset Disc | Quote: 21.30 – 21.80 Spot Rate : 0.5000 Average : 0.2862 YTW SCENARIO |
| BAM.PF.I | FixedReset Prem | Quote: 25.30 – 25.69 Spot Rate : 0.3900 Average : 0.2183 YTW SCENARIO |
| W.PR.K | FixedReset Prem | Quote: 25.18 – 25.62 Spot Rate : 0.4400 Average : 0.2830 YTW SCENARIO |
| NA.PR.A | FixedReset Prem | Quote: 25.30 – 25.65 Spot Rate : 0.3500 Average : 0.2114 YTW SCENARIO |
| BMO.PR.C | FixedReset Disc | Quote: 22.17 – 22.59 Spot Rate : 0.4200 Average : 0.2923 YTW SCENARIO |