Aristocrats have fallen on hard times:
Companies across a range of industries are slashing or suspending dividends to cope with the economic fallout from the coronavirus outbreak, complicating the stock selection process for money managers eager to buttress their portfolios with a steady stream of income.
…
The S&P 500 dividend aristocrats index, which tracks companies that have increased dividends annually for the past 25 years and includes Exxon and Chevron, has fallen about 19% so far in 2020 as of Thursday, greater than the 12.9% drop over that time for the S&P 500 total return index.
…
The S&P 500’s dividend yield recently exceeded the yield on the benchmark 10-year U.S. Treasury by its highest margin in nearly five decades.
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Goldman Sachs expects S&P 500 aggregate dividends to fall 23% to $398 billion in 2020 after rising each year over the past decade.
| 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 | -0.9054 % | 1,429.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9054 % | 2,622.2 |
| Floater | 5.40 % | 5.46 % | 37,473 | 14.72 | 4 | -0.9054 % | 1,511.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2744 % | 3,281.6 |
| SplitShare | 5.06 % | 6.04 % | 74,507 | 3.92 | 7 | 0.2744 % | 3,919.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2744 % | 3,057.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2221 % | 2,820.4 |
| Perpetual-Discount | 5.95 % | 6.15 % | 87,658 | 13.71 | 35 | 0.2221 % | 3,025.2 |
| FixedReset Disc | 6.63 % | 5.55 % | 201,628 | 14.28 | 83 | 0.5680 % | 1,711.8 |
| Deemed-Retractible | 5.71 % | 6.05 % | 100,293 | 13.69 | 27 | 0.1503 % | 2,969.7 |
| FloatingReset | 3.21 % | 4.87 % | 29,094 | 14.35 | 4 | 0.1396 % | 1,668.0 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5680 % | 2,367.3 |
| FixedReset Bank Non | 1.95 % | 3.79 % | 110,980 | 1.73 | 3 | 0.2748 % | 2,735.1 |
| FixedReset Ins Non | 7.07 % | 5.85 % | 127,898 | 13.66 | 22 | 0.4295 % | 1,680.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.A | Floater | -3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 8.30 Evaluated at bid price : 8.30 Bid-YTW : 5.16 % |
| TRP.PR.B | FixedReset Disc | -2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 7.20 Evaluated at bid price : 7.20 Bid-YTW : 6.08 % |
| BAM.PF.B | FixedReset Disc | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 13.51 Evaluated at bid price : 13.51 Bid-YTW : 6.40 % |
| SLF.PR.J | FloatingReset | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 8.40 Evaluated at bid price : 8.40 Bid-YTW : 4.87 % |
| SLF.PR.G | FixedReset Ins Non | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 8.31 Evaluated at bid price : 8.31 Bid-YTW : 5.66 % |
| RY.PR.P | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 23.19 Evaluated at bid price : 23.65 Bid-YTW : 5.53 % |
| BAM.PF.H | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.66 Evaluated at bid price : 23.30 Bid-YTW : 5.39 % |
| TRP.PR.K | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 21.76 Evaluated at bid price : 22.25 Bid-YTW : 5.57 % |
| CU.PR.I | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.39 Evaluated at bid price : 23.25 Bid-YTW : 4.86 % |
| GWO.PR.N | FixedReset Ins Non | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 8.36 Evaluated at bid price : 8.36 Bid-YTW : 5.33 % |
| HSE.PR.E | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 10.10 Evaluated at bid price : 10.10 Bid-YTW : 10.77 % |
| GWO.PR.T | Deemed-Retractible | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 6.14 % |
| PWF.PR.H | Perpetual-Discount | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.84 Evaluated at bid price : 23.12 Bid-YTW : 6.24 % |
| PVS.PR.F | SplitShare | 1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 6.04 % |
| HSE.PR.G | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 9.50 Evaluated at bid price : 9.50 Bid-YTW : 10.66 % |
| TD.PF.C | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 5.37 % |
| TRP.PR.F | FloatingReset | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 9.45 Evaluated at bid price : 9.45 Bid-YTW : 5.70 % |
| W.PR.M | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.87 Evaluated at bid price : 23.30 Bid-YTW : 5.60 % |
| CM.PR.Q | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 5.96 % |
| CM.PR.T | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 5.50 % |
| BIK.PR.A | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 21.87 Evaluated at bid price : 22.25 Bid-YTW : 6.64 % |
| RY.PR.Z | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 5.11 % |
| IFC.PR.F | Deemed-Retractible | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 21.75 Evaluated at bid price : 22.10 Bid-YTW : 6.05 % |
| BAM.PR.T | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 11.60 Evaluated at bid price : 11.60 Bid-YTW : 6.21 % |
| IAF.PR.B | Deemed-Retractible | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.82 % |
| IAF.PR.G | FixedReset Ins Non | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.18 Evaluated at bid price : 14.18 Bid-YTW : 6.00 % |
| RY.PR.H | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 5.19 % |
| BNS.PR.G | FixedReset Disc | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 23.35 Evaluated at bid price : 23.83 Bid-YTW : 5.45 % |
| MFC.PR.Q | FixedReset Ins Non | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 5.69 % |
| CIU.PR.A | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.80 % |
| BAM.PR.X | FixedReset Disc | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 5.85 % |
| RY.PR.M | FixedReset Disc | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 5.47 % |
| PVS.PR.H | SplitShare | 1.49 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 5.66 % |
| W.PR.K | FixedReset Disc | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.25 Evaluated at bid price : 23.00 Bid-YTW : 5.71 % |
| MFC.PR.N | FixedReset Ins Non | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 5.85 % |
| PWF.PR.S | Perpetual-Discount | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.18 % |
| TD.PF.B | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.15 Evaluated at bid price : 14.15 Bid-YTW : 5.27 % |
| BMO.PR.F | FixedReset Disc | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.29 % |
| BIP.PR.F | FixedReset Disc | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.59 % |
| TRP.PR.H | FloatingReset | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 7.39 Evaluated at bid price : 7.39 Bid-YTW : 5.09 % |
| NA.PR.A | FixedReset Disc | 2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.55 Evaluated at bid price : 23.00 Bid-YTW : 5.57 % |
| BMO.PR.W | FixedReset Disc | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 5.43 % |
| TD.PF.M | FixedReset Disc | 2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.27 % |
| TRP.PR.D | FixedReset Disc | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.23 % |
| IFC.PR.A | FixedReset Ins Non | 2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 10.45 Evaluated at bid price : 10.45 Bid-YTW : 5.73 % |
| TRP.PR.A | FixedReset Disc | 2.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 11.19 Evaluated at bid price : 11.19 Bid-YTW : 6.07 % |
| MFC.PR.M | FixedReset Ins Non | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 5.88 % |
| BMO.PR.S | FixedReset Disc | 2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.02 Evaluated at bid price : 14.02 Bid-YTW : 5.52 % |
| HSE.PR.C | FixedReset Disc | 3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 10.31 % |
| TD.PF.D | FixedReset Disc | 3.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.98 Evaluated at bid price : 14.98 Bid-YTW : 5.45 % |
| CU.PR.C | FixedReset Disc | 4.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 4.97 % |
| PWF.PR.P | FixedReset Disc | 10.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 9.03 Evaluated at bid price : 9.03 Bid-YTW : 5.75 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| W.PR.M | FixedReset Disc | 63,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.87 Evaluated at bid price : 23.30 Bid-YTW : 5.60 % |
| TRP.PR.E | FixedReset Disc | 52,580 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 12.56 Evaluated at bid price : 12.56 Bid-YTW : 6.14 % |
| NA.PR.W | FixedReset Disc | 51,419 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 5.68 % |
| RY.PR.Q | FixedReset Disc | 27,959 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 22.88 Evaluated at bid price : 23.41 Bid-YTW : 5.32 % |
| BNS.PR.I | FixedReset Disc | 27,288 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 4.93 % |
| TD.PF.M | FixedReset Disc | 26,108 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-24 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.27 % |
| There were 21 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| RY.PR.M | FixedReset Disc | Quote: 14.10 – 16.85 Spot Rate : 2.7500 Average : 1.7529 YTW SCENARIO |
| CU.PR.I | FixedReset Disc | Quote: 23.25 – 24.48 Spot Rate : 1.2300 Average : 0.7870 YTW SCENARIO |
| PVS.PR.F | SplitShare | Quote: 24.00 – 25.00 Spot Rate : 1.0000 Average : 0.6386 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 20.75 – 21.90 Spot Rate : 1.1500 Average : 0.8619 YTW SCENARIO |
| BIP.PR.E | FixedReset Disc | Quote: 19.15 – 20.00 Spot Rate : 0.8500 Average : 0.5925 YTW SCENARIO |
| MFC.PR.R | FixedReset Ins Non | Quote: 18.18 – 18.93 Spot Rate : 0.7500 Average : 0.5462 YTW SCENARIO |