| 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 | 0.5447 % | 1,870.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5447 % | 3,432.6 |
| Floater | 4.65 % | 4.60 % | 74,996 | 16.23 | 2 | 0.5447 % | 1,978.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3316 % | 3,620.2 |
| SplitShare | 4.78 % | 4.48 % | 42,035 | 3.81 | 9 | -0.3316 % | 4,323.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3316 % | 3,373.2 |
| Perpetual-Premium | 5.35 % | 1.01 % | 72,842 | 0.08 | 19 | -0.0971 % | 3,200.6 |
| Perpetual-Discount | 5.01 % | 5.04 % | 76,902 | 15.44 | 12 | -0.1067 % | 3,666.7 |
| FixedReset Disc | 5.05 % | 3.92 % | 142,266 | 17.30 | 56 | -0.4459 % | 2,315.0 |
| Insurance Straight | 5.06 % | 4.83 % | 85,186 | 15.37 | 22 | 0.0738 % | 3,551.6 |
| FloatingReset | 1.93 % | 1.80 % | 39,960 | 1.09 | 3 | 0.0819 % | 1,853.0 |
| FixedReset Prem | 5.15 % | 3.01 % | 217,665 | 0.78 | 22 | 0.0773 % | 2,679.0 |
| FixedReset Bank Non | 1.93 % | 1.82 % | 178,987 | 1.09 | 2 | 0.0400 % | 2,881.5 |
| FixedReset Ins Non | 5.12 % | 3.92 % | 85,853 | 17.15 | 22 | -1.4472 % | 2,391.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TD.PF.D | FixedReset Disc | -9.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 4.05 % |
| IAF.PR.G | FixedReset Ins Non | -7.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 4.37 % |
| MFC.PR.M | FixedReset Ins Non | -6.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 4.25 % |
| RY.PR.Z | FixedReset Disc | -3.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 3.53 % |
| SLF.PR.H | FixedReset Ins Non | -3.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 3.75 % |
| MFC.PR.G | FixedReset Ins Non | -2.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 3.89 % |
| CU.PR.F | Perpetual-Discount | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 22.73 Evaluated at bid price : 23.00 Bid-YTW : 4.92 % |
| RY.PR.M | FixedReset Disc | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 3.66 % |
| GWO.PR.N | FixedReset Ins Non | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 3.94 % |
| MFC.PR.H | FixedReset Ins Non | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 22.54 Evaluated at bid price : 23.00 Bid-YTW : 3.91 % |
| BAM.PR.Z | FixedReset Disc | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 4.95 % |
| MFC.PR.I | FixedReset Ins Non | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 3.84 % |
| MFC.PR.Q | FixedReset Ins Non | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 3.92 % |
| MFC.PR.N | FixedReset Ins Non | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 3.89 % |
| MFC.PR.L | FixedReset Ins Non | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 17.59 Evaluated at bid price : 17.59 Bid-YTW : 4.01 % |
| IFC.PR.C | FixedReset Ins Non | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 3.95 % |
| BMO.PR.Y | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 3.76 % |
| CM.PR.P | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 3.71 % |
| TRP.PR.A | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 5.15 % |
| PVS.PR.E | SplitShare | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 4.50 % |
| BAM.PR.X | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 11.95 Evaluated at bid price : 11.95 Bid-YTW : 4.79 % |
| BAM.PF.A | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.89 % |
| TD.PF.A | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 3.52 % |
| BMO.PR.T | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 3.64 % |
| BIP.PR.D | FixedReset Disc | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 23.64 Evaluated at bid price : 24.10 Bid-YTW : 5.19 % |
| BMO.PR.S | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 3.63 % |
| BAM.PF.C | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 23.41 Evaluated at bid price : 23.67 Bid-YTW : 5.13 % |
| TRP.PR.E | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.20 % |
| TRP.PR.D | FixedReset Disc | 8.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 5.19 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.Q | FixedReset Bank Non | 51,509 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 1.92 % |
| TD.PF.B | FixedReset Disc | 21,060 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.37 Evaluated at bid price : 20.37 Bid-YTW : 3.59 % |
| CM.PR.P | FixedReset Disc | 20,407 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 3.71 % |
| BNS.PR.Z | FixedReset Bank Non | 15,300 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 1.82 % |
| NA.PR.E | FixedReset Disc | 14,233 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-24 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 3.93 % |
| NA.PR.X | FixedReset Prem | 14,094 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 2.98 % |
| There were 4 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.H | FixedReset Ins Non | Quote: 17.50 – 19.00 Spot Rate : 1.5000 Average : 0.8328 YTW SCENARIO |
| TD.PF.D | FixedReset Disc | Quote: 20.15 – 22.10 Spot Rate : 1.9500 Average : 1.2865 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 17.77 – 19.27 Spot Rate : 1.5000 Average : 0.9774 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 18.40 – 20.22 Spot Rate : 1.8200 Average : 1.3565 YTW SCENARIO |
| IAF.PR.G | FixedReset Ins Non | Quote: 19.12 – 20.70 Spot Rate : 1.5800 Average : 1.2398 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 25.45 – 26.30 Spot Rate : 0.8500 Average : 0.5332 YTW SCENARIO |
Hi,
Just wondering if preferreds will survive a high inflation environment with Yield curve control (by Fed and BOC). If they go down this path, are preferreds going to get hit?
Happy New Year to all,
Ferris
hello ,fsabbagh says: , in my opinion , and i have been wrong before , with ycc the fed is still holding rates down , and if you are a fixed income investor , you want the cash flow so the pref or div paying stocks will maybe go up, and the yield come down . the supply of prefs may go down as companies can buy them back and issue cheaper debt . the inflation environment i see as a separate issue , for that you want some hard assets that should increase with inflation , but those generally dont pay much divs .
Any thoughts on the impact of an increase in the capital gains inclusion rate? Would that drive more investors to fixed income?
paradon says: , an increase in the capital gains inclusion rate , would make stocks less valuable , as more of the gain is taxed . i think you are trying to compare apples and oranges . an increase in the amount of divs that have to be included in income , would also lower the value of stocks , and may have more of an effect on fixed income investments . i do believe that both the cap gain inclusion and div inclusion rates will be raised .