| 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 | 0.5764 % | 2,374.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5764 % | 4,356.9 |
| Floater | 3.69 % | 3.68 % | 59,222 | 18.12 | 3 | 0.5764 % | 2,510.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1777 % | 3,684.1 |
| SplitShare | 4.76 % | 4.15 % | 44,647 | 3.60 | 9 | 0.1777 % | 4,399.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1777 % | 3,432.7 |
| Perpetual-Premium | 5.31 % | -5.29 % | 84,093 | 0.09 | 21 | 0.1190 % | 3,258.5 |
| Perpetual-Discount | 4.94 % | 4.99 % | 77,338 | 15.49 | 13 | 0.0950 % | 3,754.8 |
| FixedReset Disc | 4.39 % | 3.88 % | 205,794 | 17.21 | 52 | -0.1524 % | 2,649.9 |
| Insurance Straight | 4.98 % | 4.57 % | 98,118 | 4.01 | 22 | -0.0326 % | 3,657.3 |
| FloatingReset | 2.93 % | 3.25 % | 51,418 | 19.10 | 2 | 0.4719 % | 2,401.2 |
| FixedReset Prem | 5.07 % | 3.42 % | 255,127 | 0.99 | 26 | -0.0456 % | 2,728.9 |
| FixedReset Bank Non | 1.81 % | 2.42 % | 208,858 | 0.84 | 1 | -0.1201 % | 2,886.2 |
| FixedReset Ins Non | 4.41 % | 3.84 % | 142,846 | 17.48 | 22 | 0.1227 % | 2,790.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.E | FixedReset Disc | -6.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 4.83 % |
| TD.PF.J | FixedReset Disc | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 23.26 Evaluated at bid price : 24.27 Bid-YTW : 3.89 % |
| TRP.PR.G | FixedReset Disc | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 4.63 % |
| BAM.PR.X | FixedReset Disc | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 4.49 % |
| TRP.PR.A | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 4.60 % |
| CM.PR.Q | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 22.40 Evaluated at bid price : 23.15 Bid-YTW : 3.87 % |
| BAM.PR.R | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 4.59 % |
| CU.PR.E | Perpetual-Discount | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 24.47 Evaluated at bid price : 24.74 Bid-YTW : 4.99 % |
| IFC.PR.C | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 22.31 Evaluated at bid price : 23.10 Bid-YTW : 3.90 % |
| BAM.PF.F | FixedReset Disc | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 21.64 Evaluated at bid price : 21.90 Bid-YTW : 4.43 % |
| TRP.PR.D | FixedReset Disc | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 19.18 Evaluated at bid price : 19.18 Bid-YTW : 4.58 % |
| BAM.PR.Z | FixedReset Disc | 8.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 21.86 Evaluated at bid price : 22.40 Bid-YTW : 4.46 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| NA.PR.C | FixedReset Disc | 109,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 4.10 % |
| NA.PR.W | FixedReset Disc | 72,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 22.27 Evaluated at bid price : 22.87 Bid-YTW : 3.66 % |
| BAM.PF.A | FixedReset Disc | 67,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 22.34 Evaluated at bid price : 22.75 Bid-YTW : 4.44 % |
| TD.PF.A | FixedReset Disc | 65,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-03-26 Maturity Price : 22.25 Evaluated at bid price : 22.80 Bid-YTW : 3.63 % |
| RY.PR.R | FixedReset Prem | 59,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 25.42 Bid-YTW : 2.59 % |
| TD.PF.H | FixedReset Prem | 57,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 2.37 % |
| There were 55 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| EIT.PR.B | SplitShare | Quote: 25.91 – 26.91 Spot Rate : 1.0000 Average : 0.6354 YTW SCENARIO |
| TRP.PR.E | FixedReset Disc | Quote: 18.01 – 19.30 Spot Rate : 1.2900 Average : 0.9748 YTW SCENARIO |
| BAM.PR.K | Floater | Quote: 11.58 – 15.88 Spot Rate : 4.3000 Average : 4.0192 YTW SCENARIO |
| CM.PR.Q | FixedReset Disc | Quote: 23.15 – 23.75 Spot Rate : 0.6000 Average : 0.4051 YTW SCENARIO |
| TD.PF.J | FixedReset Disc | Quote: 24.27 – 24.87 Spot Rate : 0.6000 Average : 0.4161 YTW SCENARIO |
| BIP.PR.B | FixedReset Prem | Quote: 25.55 – 26.75 Spot Rate : 1.2000 Average : 1.0452 YTW SCENARIO |
James – you OK ?
No update since March 26th ?
BPO Preferreds upgraded to 3H by DBRS
Anyone else noticed this upgrade from a rating of 3 – supposedly on 29 March?
CanSiamCyp, you refer to March 29 — as I read DBRS, they actually downgraded Brookfield Office Properties Inc.’s Preferred Shares, Class AAA from Pfd-3 to Pfd-3 (low) on that day. Do you have more current information that changes this?
Peet: In the BMO monthly pref report they stated a change to 3H from 3. So what you are saying is that it was a change to 3L from 3? That seems counterintuitive as BPO will move directly under BAM as the latter absorbs BPY under the deal announced today.
James – you OK ?
Sorry – I’ve got a lot going on right now.
CamSiamCyp, all I can do is refer you to DBRS as of March 29. Also DBRS already factored in the implicit support of BAM into their downgrade and also downgraded Brookfield Property Partners LP.
“DBRS Limited (DBRS Morningstar) downgraded Brookfield Property Partners L.P.’s (BPP) Issuer Rating and Senior Unsecured Debt rating to BBB (low) from BBB. DBRS Morningstar also downgraded its ratings on …Brookfield Office Properties Inc.’s Cumulative Redeemable Preferred Shares, Class AAA to Pfd-3 (low) from Pfd-3. All trends have been changed to Stable from Negative. DBRS Morningstar notes that the ratings are based on the credit risk profile of the consolidated entity, including BPP and its subsidiaries (collectively, BPY or the Partnership).
The rating downgrades principally reflect BPY’s weaker-than-expected key financial risk metrics …
The ratings continue to be supported by … [ list of factors] … DBRS Morningstar’s view of implicit support from Brookfield Asset Management Inc. “
It looks like DBRS does not rate BPO prefs on their own merits but uses the same ratings as BPY. I don’t think this is very useful given that BPO has no responsibility for BPY debts.
@jiHymas – all good. Just checking.