PerpetualDiscounts now yield 5.76%, equivalent to 7.49% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.98%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 450bp from the 440bp reported June 24. We are now back above the pre-2020 record of 445bp briefly touched in 2008.
| 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 | 0.3617 % | 1,441.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3617 % | 2,644.8 |
| Floater | 5.79 % | 5.84 % | 78,654 | 14.16 | 3 | 0.3617 % | 1,524.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0458 % | 3,454.7 |
| SplitShare | 4.86 % | 4.94 % | 61,347 | 3.79 | 7 | -0.0458 % | 4,125.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0458 % | 3,219.0 |
| Perpetual-Premium | 5.21 % | 5.26 % | 64,639 | 14.95 | 1 | -0.1190 % | 3,021.4 |
| Perpetual-Discount | 5.59 % | 5.76 % | 77,576 | 14.29 | 35 | -0.0272 % | 3,248.4 |
| FixedReset Disc | 6.14 % | 5.07 % | 138,722 | 15.01 | 75 | -0.4114 % | 1,834.6 |
| Deemed-Retractible | 5.34 % | 5.63 % | 82,913 | 14.37 | 27 | -0.2189 % | 3,208.9 |
| FloatingReset | 2.47 % | 3.12 % | 32,455 | 1.54 | 4 | -0.0149 % | 1,719.9 |
| FixedReset Prem | 5.48 % | 5.12 % | 351,694 | 15.15 | 3 | 0.3333 % | 2,558.8 |
| FixedReset Bank Non | 1.98 % | 3.01 % | 127,657 | 1.54 | 2 | 0.0000 % | 2,787.8 |
| FixedReset Ins Non | 6.45 % | 5.19 % | 102,679 | 14.69 | 22 | -0.2964 % | 1,844.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| W.PR.M | FixedReset Disc | -12.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 6.05 % |
| GWO.PR.N | FixedReset Ins Non | -5.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 8.85 Evaluated at bid price : 8.85 Bid-YTW : 4.80 % |
| PWF.PR.P | FixedReset Disc | -3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 8.73 Evaluated at bid price : 8.73 Bid-YTW : 5.79 % |
| EIT.PR.B | SplitShare | -2.00 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 5.39 % |
| BMO.PR.F | FixedReset Disc | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.07 % |
| BIP.PR.A | FixedReset Disc | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 14.62 Evaluated at bid price : 14.62 Bid-YTW : 6.79 % |
| NA.PR.E | FixedReset Disc | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 16.21 Evaluated at bid price : 16.21 Bid-YTW : 4.93 % |
| IFC.PR.I | Perpetual-Discount | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 23.43 Evaluated at bid price : 23.75 Bid-YTW : 5.72 % |
| CM.PR.Y | FixedReset Disc | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.18 % |
| TRP.PR.C | FixedReset Disc | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 8.38 Evaluated at bid price : 8.38 Bid-YTW : 5.73 % |
| CM.PR.P | FixedReset Disc | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.03 % |
| MFC.PR.K | FixedReset Ins Non | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 5.15 % |
| TD.PF.I | FixedReset Disc | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 4.92 % |
| BAM.PF.A | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 5.92 % |
| IFC.PR.A | FixedReset Ins Non | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 5.25 % |
| BNS.PR.I | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 17.34 Evaluated at bid price : 17.34 Bid-YTW : 4.60 % |
| TRP.PR.D | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 5.94 % |
| MFC.PR.F | FixedReset Ins Non | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 9.08 Evaluated at bid price : 9.08 Bid-YTW : 5.00 % |
| BAM.PF.B | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 14.09 Evaluated at bid price : 14.09 Bid-YTW : 5.99 % |
| SLF.PR.G | FixedReset Ins Non | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 4.93 % |
| PVS.PR.H | SplitShare | 1.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.94 % |
| TD.PF.J | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.85 % |
| CU.PR.C | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 14.53 Evaluated at bid price : 14.53 Bid-YTW : 4.94 % |
| BAM.PR.R | FixedReset Disc | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.79 % |
| BIK.PR.A | FixedReset Disc | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 22.97 Evaluated at bid price : 24.20 Bid-YTW : 6.04 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| NA.PR.S | FixedReset Disc | 37,430 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 15.34 Evaluated at bid price : 15.34 Bid-YTW : 4.93 % |
| BAM.PR.R | FixedReset Disc | 27,391 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.79 % |
| CU.PR.G | Perpetual-Discount | 27,250 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 21.79 Evaluated at bid price : 21.79 Bid-YTW : 5.23 % |
| TRP.PR.A | FixedReset Disc | 25,135 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 11.60 Evaluated at bid price : 11.60 Bid-YTW : 5.69 % |
| MFC.PR.C | Deemed-Retractible | 23,974 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.35 % |
| BAM.PR.T | FixedReset Disc | 23,750 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-07-08 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 5.93 % |
| There were 24 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| W.PR.M | FixedReset Disc | Quote: 21.55 – 24.49 Spot Rate : 2.9400 Average : 1.5975 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 15.88 – 18.00 Spot Rate : 2.1200 Average : 1.3013 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 14.60 – 17.00 Spot Rate : 2.4000 Average : 1.6732 YTW SCENARIO |
| PVS.PR.D | SplitShare | Quote: 25.18 – 26.18 Spot Rate : 1.0000 Average : 0.5637 YTW SCENARIO |
| NA.PR.G | FixedReset Disc | Quote: 17.45 – 18.29 Spot Rate : 0.8400 Average : 0.5984 YTW SCENARIO |
| BAM.PF.F | FixedReset Disc | Quote: 14.60 – 15.39 Spot Rate : 0.7900 Average : 0.5686 YTW SCENARIO |