| 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 | 0.4810 % | 1,905.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4810 % | 3,495.8 |
| Floater | 4.56 % | 4.56 % | 49,930 | 16.33 | 2 | 0.4810 % | 2,014.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0283 % | 3,614.9 |
| SplitShare | 4.79 % | 4.38 % | 46,205 | 3.83 | 9 | 0.0283 % | 4,317.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0283 % | 3,368.3 |
| Perpetual-Premium | 5.33 % | 3.34 % | 78,439 | 0.19 | 19 | 0.0619 % | 3,199.5 |
| Perpetual-Discount | 4.98 % | 5.05 % | 74,050 | 15.40 | 12 | -0.0103 % | 3,689.4 |
| FixedReset Disc | 5.03 % | 3.91 % | 145,114 | 17.20 | 56 | -0.0144 % | 2,318.6 |
| Insurance Straight | 5.01 % | 4.68 % | 91,997 | 15.44 | 22 | 0.1828 % | 3,587.3 |
| FloatingReset | 1.96 % | 1.50 % | 44,353 | 1.12 | 3 | -0.1960 % | 1,853.9 |
| FixedReset Prem | 5.16 % | 3.35 % | 216,685 | 0.85 | 22 | 0.0341 % | 2,673.8 |
| FixedReset Bank Non | 1.93 % | 1.84 % | 183,620 | 1.11 | 2 | -0.0200 % | 2,878.0 |
| FixedReset Ins Non | 5.07 % | 3.88 % | 87,523 | 17.29 | 22 | -0.6359 % | 2,410.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.X | FixedReset Disc | -5.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 4.74 % |
| MFC.PR.H | FixedReset Ins Non | -4.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 21.93 Evaluated at bid price : 22.50 Bid-YTW : 3.98 % |
| NA.PR.E | FixedReset Disc | -2.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 4.01 % |
| BIP.PR.F | FixedReset Disc | -2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 22.73 Evaluated at bid price : 23.53 Bid-YTW : 5.39 % |
| SLF.PR.G | FixedReset Ins Non | -1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 11.60 Evaluated at bid price : 11.60 Bid-YTW : 3.97 % |
| SLF.PR.I | FixedReset Ins Non | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 3.84 % |
| MFC.PR.G | FixedReset Ins Non | -1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 3.88 % |
| NA.PR.W | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 3.99 % |
| MFC.PR.J | FixedReset Ins Non | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 3.93 % |
| GWO.PR.N | FixedReset Ins Non | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 10.85 Evaluated at bid price : 10.85 Bid-YTW : 4.00 % |
| TRP.PR.F | FloatingReset | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 11.16 Evaluated at bid price : 11.16 Bid-YTW : 4.59 % |
| BMO.PR.Y | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 3.79 % |
| SLF.PR.H | FixedReset Ins Non | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 3.71 % |
| MFC.PR.M | FixedReset Ins Non | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 3.96 % |
| BAM.PF.I | FixedReset Prem | 1.00 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 3.85 % |
| IFC.PR.F | Insurance Straight | 1.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-09-30 Maturity Price : 25.25 Evaluated at bid price : 25.45 Bid-YTW : 5.04 % |
| BIP.PR.E | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 23.13 Evaluated at bid price : 24.07 Bid-YTW : 5.16 % |
| PWF.PR.T | FixedReset Disc | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 4.10 % |
| CU.PR.C | FixedReset Disc | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 3.98 % |
| MFC.PR.C | Insurance Straight | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 24.50 Evaluated at bid price : 24.75 Bid-YTW : 4.55 % |
| BAM.PF.B | FixedReset Disc | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 4.84 % |
| GWO.PR.H | Insurance Straight | 2.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 24.46 Evaluated at bid price : 24.70 Bid-YTW : 4.91 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.P | FixedReset Disc | 90,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 4.47 % |
| SLF.PR.H | FixedReset Ins Non | 52,470 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 3.71 % |
| TRP.PR.K | FixedReset Disc | 49,759 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 23.71 Evaluated at bid price : 24.90 Bid-YTW : 4.89 % |
| MFC.PR.R | FixedReset Ins Non | 32,875 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 23.83 Evaluated at bid price : 25.04 Bid-YTW : 4.23 % |
| BAM.PF.A | FixedReset Disc | 32,652 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 4.62 % |
| CM.PR.T | FixedReset Disc | 30,807 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-15 Maturity Price : 23.24 Evaluated at bid price : 24.75 Bid-YTW : 4.00 % |
| There were 27 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.D | Perpetual-Discount | Quote: 24.84 – 26.94 Spot Rate : 2.1000 Average : 1.2171 YTW SCENARIO |
| MFC.PR.H | FixedReset Ins Non | Quote: 22.50 – 23.63 Spot Rate : 1.1300 Average : 0.6831 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 18.17 – 19.17 Spot Rate : 1.0000 Average : 0.6342 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 24.11 – 25.00 Spot Rate : 0.8900 Average : 0.5524 YTW SCENARIO |
| BAM.PR.X | FixedReset Disc | Quote: 12.00 – 13.00 Spot Rate : 1.0000 Average : 0.6734 YTW SCENARIO |
| NA.PR.W | FixedReset Disc | Quote: 18.50 – 19.50 Spot Rate : 1.0000 Average : 0.6864 YTW SCENARIO |
Quick update regarding the payment of the proceeds from the 2020 special retraction of FTN.PR.A. A lady from Quadravest told me that the fund transferred the money to CDS today, and now it’s up to CDS to transfer the money to the brokers. Which means the money should be posted in brokerage accounts either tomorrow or in the following days. Case closed.
Re. the Husky prefs: the resolution approving the exchange of Husky preferred shares for Cenovus preferred shares was approved by 97.85% of the votes cast by Husky preferred shareholders, voting together as a single class.
Husky I voted no… surprised only 2.15% did the same. Wonder if there was some institutional holder that pushed this through?
Re FTN – how long do we think it will be before Quadravest starts doing overnight offerings again? Can’t believe how high the pref split share prices have gone and since capital units are trading above NAV… surely Quadravest must want to restore their management fee earnings…. any predictions out there?
prefman,
With regards to FTN-FTN.PR.A, the fund usually issues new shares by way of its at-the-market equity program. I think it’s less expensive and less cumbersome for the fund to do it this way, as it doesn’t seem to have to issue a prospectus when it uses this method.
The at-the-market equity program was explained by the fund in a press release on October 30 2019. This press release is available both on SEDAR and on the Financial 15 Split page in the Quadravest’s web site.
But if the fund wants to do a large issue someday, perhaps it will do it through an overnight offering again.
Of note, DFN-DFN.PR.A also has its own at-the-market equity program, but you’re probably aware that it still did an overnight offering solely for DFN.PR.A last month.