PrefBlog

TXPR closed at 500.86, down 0.57% on the day. Volume today was 3.01-million, about average in the context of the past thirty days.

CPD closed at 9.93, down 0.50% on the day. Volume was 101,126, on the low side in the context of the past 30 trading days.

ZPR closed at 7.66, down 1.16% on the day. Volume of 240,784 was below average in the context of the past 30 trading days.

Five-year Canada yields were down 2bp to 0.42% today.

Alberta Investment Management Corp., known as AIMCo, has had a nasty accident:

Alberta’s government-owned money manager has lost more than $4-billion on what clients are calling a wrong-way bet against sharp swings in stock prices, dealing a heavy financial blow to a province already reeling from falling oil prices and the COVID-19 pandemic.

Alberta Investment Management Corp., known as AIMCo, suffered far larger losses than comparable funds after investing in contracts that pay off only if stock markets remain stable. It lost billions of dollars when the economic collapse wrought by COVID-19 sent the S&P 500 and other stock benchmarks on a roller coaster ride, putting it on the losing end of the trades, according to several senior pension plan officials and other sources who are familiar with the situation.
…
AIMCo’s hit on volatility-based investment strategies came on top of a sharp drop in the value of its traditional equity, bond and real estate investments in March, when virtually every investor lost money. The average Canadian pension plan lost 8.7 per cent of its value in the first three months of this year, according to consulting firm Mercer. When it formally reports quarterly results to clients later this month, AIMCo is expected to be down far more than this.

In the five years to December 31, 2018, AIMCo reported total performance of 7.2% vs. benchmark 6.5%, while each of the five years prior to that were above benchmark. On April 8, 2020, they announced:

For the one-year period ending December 31, 2019, AIMCo’s total fund return is 0.5% below that of its benchmark. On a four- and ten-year basis, AIMCo continues to demonstrate strong value add, outperforming its benchmark by 0.5% and 0.8% for each period respectively.

AIMCo has been publicly criticized by LAPP, the Local Authorities Pension Plan:

LAPP’s Statement of Investment Policies and Procedures (SIPP) specifies that AIMCo is expected to deliver a return of 0.85% (net of fees) above the return generated by the Plan’s policy benchmark asset mix over a four-year, annualized time horizon.

As at December 31, 2019, AIMCo generated a four-year, annualized return of 7.40% for LAPP. As at the same date, LAPP’s policy benchmark asset mix generated a 7.02% return over the same four-year, annualized time horizon. Therefore, the value added by AIMCo for the time period was 0.38%, which is short of LAPP’s SIPP-specified value added expectation of 0.85%. As measured by quarter ends, AIMCo has been short of LAPP’s SIPP-specified value added expectations for 46 consecutive quarters, or 11 years and 6 months.

Missing from this statement, however, is an indication of how meeting such an expectation over the past 11 years and 6 months would rank the fund’s performance against its peers. In the ten years to December 31, 2019, Ontario Teachers’ outperformed by 1.4% with a 9.8% return, while OMERS had a 10-year return of 8.2%. HOOPP, for which I have a deep respect, achieved a 10-year return of 11.38%, outperforming their benchmark by 253bp.

Of course, I haven’t delved into the composition of the benchmarks of these funds or how outperformance was achieved; important considerations before taking a view.

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	1.5233 %	1,434.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.5233 %	2,632.1
Floater	5.36 %	5.48 %	41,494	14.70	4	1.5233 %	1,516.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1848 %	3,268.5
SplitShare	5.08 %	6.38 %	77,656	3.93	7	-0.1848 %	3,903.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1848 %	3,045.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0080 %	2,800.8
Perpetual-Discount	5.98 %	6.19 %	90,274	13.65	35	0.0080 %	3,004.1
FixedReset Disc	6.70 %	5.63 %	207,389	14.17	83	-0.2287 %	1,692.5
Deemed-Retractible	5.72 %	6.01 %	102,664	13.63	27	0.1801 %	2,955.9
FloatingReset	3.24 %	0.43 %	31,278	0.09	4	-0.2008 %	1,650.4
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	-0.2287 %	2,340.6
FixedReset Bank Non	1.96 %	4.53 %	116,820	1.73	3	0.0551 %	2,721.2
FixedReset Ins Non	7.15 %	5.97 %	136,684	13.58	22	-0.1112 %	1,662.4

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.T	FixedReset Disc	-4.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 6.49 %
SLF.PR.I	FixedReset Ins Non	-3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 6.01 %
BNS.PR.H	FixedReset Disc	-3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.40 Evaluated at bid price : 21.72 Bid-YTW : 5.37 %
NA.PR.C	FixedReset Disc	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.12 %
BAM.PR.X	FixedReset Disc	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 9.74 Evaluated at bid price : 9.74 Bid-YTW : 6.01 %
GWO.PR.L	Deemed-Retractible	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 22.24 Evaluated at bid price : 22.51 Bid-YTW : 6.34 %
HSE.PR.E	FixedReset Disc	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 9.05 Evaluated at bid price : 9.05 Bid-YTW : 12.09 %
TRP.PR.C	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 7.92 Evaluated at bid price : 7.92 Bid-YTW : 6.35 %
BMO.PR.C	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 5.89 %
MFC.PR.G	FixedReset Ins Non	-2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 6.31 %
BNS.PR.G	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 23.11 Evaluated at bid price : 23.60 Bid-YTW : 5.50 %
GWO.PR.P	Deemed-Retractible	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.84 Evaluated at bid price : 22.08 Bid-YTW : 6.17 %
PWF.PR.P	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 5.76 %
MFC.PR.R	FixedReset Ins Non	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.13 %
MFC.PR.M	FixedReset Ins Non	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 6.17 %
TD.PF.D	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.63 %
SLF.PR.H	FixedReset Ins Non	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 11.17 Evaluated at bid price : 11.17 Bid-YTW : 5.97 %
PVS.PR.E	SplitShare	-1.62 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.25 Bid-YTW : 7.16 %
BIP.PR.A	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.43 Evaluated at bid price : 13.43 Bid-YTW : 7.57 %
BAM.PF.H	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 22.10 Evaluated at bid price : 22.75 Bid-YTW : 5.51 %
CM.PR.Y	FixedReset Disc	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.40 %
MFC.PR.I	FixedReset Ins Non	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 6.25 %
PWF.PR.H	Perpetual-Discount	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 6.32 %
W.PR.M	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.96 Evaluated at bid price : 22.55 Bid-YTW : 5.78 %
ELF.PR.H	Perpetual-Discount	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.74 Evaluated at bid price : 22.06 Bid-YTW : 6.27 %
BIP.PR.D	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.49 %
EML.PR.A	FixedReset Ins Non	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.85 Evaluated at bid price : 22.35 Bid-YTW : 6.13 %
TRP.PR.F	FloatingReset	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 9.20 Evaluated at bid price : 9.20 Bid-YTW : 5.85 %
HSE.PR.G	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 8.50 Evaluated at bid price : 8.50 Bid-YTW : 11.93 %
POW.PR.A	Perpetual-Discount	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 22.05 Evaluated at bid price : 22.34 Bid-YTW : 6.31 %
PWF.PR.I	Perpetual-Discount	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 23.92 Evaluated at bid price : 24.16 Bid-YTW : 6.23 %
HSE.PR.C	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 8.95 Evaluated at bid price : 8.95 Bid-YTW : 11.50 %
GWO.PR.M	Deemed-Retractible	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 22.98 Evaluated at bid price : 23.25 Bid-YTW : 6.30 %
BAM.PF.B	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 6.14 %
EIT.PR.A	SplitShare	-1.04 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 23.75 Bid-YTW : 6.45 %
RY.PR.J	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 5.36 %
RY.PR.H	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.88 Evaluated at bid price : 13.88 Bid-YTW : 5.41 %
CIU.PR.A	Perpetual-Discount	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.91 %
BAM.PR.B	Floater	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 7.90 Evaluated at bid price : 7.90 Bid-YTW : 5.48 %
IAF.PR.B	Deemed-Retractible	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 5.90 %
BMO.PR.Y	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 5.70 %
BAM.PF.E	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 6.23 %
PWF.PR.S	Perpetual-Discount	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 6.19 %
CU.PR.F	Perpetual-Discount	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 5.75 %
RY.PR.P	Perpetual-Discount	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 23.73 Evaluated at bid price : 24.20 Bid-YTW : 5.49 %
CU.PR.G	Perpetual-Discount	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.79 %
RY.PR.S	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 4.84 %
MFC.PR.J	FixedReset Ins Non	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.39 Evaluated at bid price : 14.39 Bid-YTW : 5.92 %
BMO.PR.E	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 16.78 Evaluated at bid price : 16.78 Bid-YTW : 5.30 %
PVS.PR.H	SplitShare	1.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 5.65 %
IAF.PR.G	FixedReset Ins Non	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.31 %
MFC.PR.F	FixedReset Ins Non	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 8.60 Evaluated at bid price : 8.60 Bid-YTW : 5.54 %
GWO.PR.S	Deemed-Retractible	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.19 %
BAM.PF.F	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 6.22 %
IFC.PR.A	FixedReset Ins Non	2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 10.72 Evaluated at bid price : 10.72 Bid-YTW : 5.58 %
MFC.PR.C	Deemed-Retractible	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.04 %
TD.PF.M	FixedReset Disc	2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 5.26 %
TRP.PR.E	FixedReset Disc	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.16 %
IAF.PR.I	FixedReset Ins Non	2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.29 Evaluated at bid price : 14.29 Bid-YTW : 6.19 %
BIK.PR.A	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 6.92 %
IFC.PR.G	FixedReset Ins Non	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 5.58 %
CCS.PR.C	Deemed-Retractible	4.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 6.03 %
PWF.PR.A	Floater	4.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 8.51 Evaluated at bid price : 8.51 Bid-YTW : 5.12 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.J	FixedReset Disc	179,528	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 5.36 %
BAM.PF.F	FixedReset Disc	163,960	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 6.22 %
NA.PR.S	FixedReset Disc	142,620	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.42 Evaluated at bid price : 13.42 Bid-YTW : 5.85 %
NA.PR.W	FixedReset Disc	133,019	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 5.77 %
TD.PF.B	FixedReset Disc	107,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 5.48 %
TD.PF.L	FixedReset Disc	101,573	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 5.21 %
RY.PR.H	FixedReset Disc	100,573	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 13.88 Evaluated at bid price : 13.88 Bid-YTW : 5.41 %
There were 33 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BMO.PR.C	FixedReset Disc	Quote: 16.77 – 17.99 Spot Rate : 1.2200 Average : 0.7778 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 5.89 %
NA.PR.C	FixedReset Disc	Quote: 16.25 – 17.38 Spot Rate : 1.1300 Average : 0.7605 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.12 %
BAM.PR.T	FixedReset Disc	Quote: 11.10 – 12.17 Spot Rate : 1.0700 Average : 0.7857 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 6.49 %
PWF.PR.T	FixedReset Disc	Quote: 12.81 – 14.00 Spot Rate : 1.1900 Average : 0.9169 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 6.21 %
PVS.PR.E	SplitShare	Quote: 24.25 – 24.99 Spot Rate : 0.7400 Average : 0.4761 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.25 Bid-YTW : 7.16 %
BNS.PR.H	FixedReset Disc	Quote: 21.72 – 22.60 Spot Rate : 0.8800 Average : 0.6374 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-21 Maturity Price : 21.40 Evaluated at bid price : 21.72 Bid-YTW : 5.37 %

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