PerpetualDiscounts now yield 5.00%, equivalent to 6.50% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.93%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 255bp from the 260bp reported February 23.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 3.29 % | 3.90 % | 36,330 | 19.57 | 1 | 0.8602 % | 2,672.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2187 % | 5,108.5 |
| Floater | 3.44 % | 3.46 % | 58,946 | 18.53 | 3 | 0.2187 % | 2,944.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1205 % | 3,638.6 |
| SplitShare | 4.71 % | 4.29 % | 30,819 | 3.43 | 7 | -0.1205 % | 4,345.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1205 % | 3,390.3 |
| Perpetual-Premium | 5.32 % | -4.83 % | 48,861 | 0.08 | 16 | 0.1232 % | 3,205.5 |
| Perpetual-Discount | 4.96 % | 5.00 % | 65,429 | 15.37 | 16 | 0.5526 % | 3,727.8 |
| FixedReset Disc | 4.23 % | 4.30 % | 120,899 | 16.73 | 46 | 1.8583 % | 2,681.0 |
| Insurance Straight | 5.04 % | 4.74 % | 91,322 | 15.53 | 18 | 0.4572 % | 3,558.0 |
| FloatingReset | 3.21 % | 2.78 % | 59,519 | 20.31 | 2 | 0.4367 % | 2,800.2 |
| FixedReset Prem | 4.78 % | 3.92 % | 145,177 | 3.43 | 23 | 0.3230 % | 2,687.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.8583 % | 2,740.6 |
| FixedReset Ins Non | 4.36 % | 4.38 % | 81,251 | 16.63 | 17 | 0.3701 % | 2,784.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CM.PR.Q | FixedReset Disc | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.40 Evaluated at bid price : 23.00 Bid-YTW : 4.41 % |
| MFC.PR.K | FixedReset Ins Non | -2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 21.39 Evaluated at bid price : 21.70 Bid-YTW : 4.32 % |
| PWF.PR.F | Perpetual-Premium | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 24.88 Evaluated at bid price : 25.10 Bid-YTW : 5.29 % |
| FTS.PR.K | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 4.64 % |
| TD.PF.M | FixedReset Prem | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.94 Bid-YTW : 3.70 % |
| BAM.PF.D | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.74 Evaluated at bid price : 24.00 Bid-YTW : 5.19 % |
| BMO.PR.Y | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.67 Evaluated at bid price : 23.50 Bid-YTW : 4.21 % |
| NA.PR.S | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.46 Evaluated at bid price : 22.75 Bid-YTW : 4.30 % |
| CM.PR.O | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.00 Evaluated at bid price : 22.26 Bid-YTW : 4.29 % |
| SLF.PR.E | Insurance Straight | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.70 Evaluated at bid price : 24.01 Bid-YTW : 4.67 % |
| TRP.PR.B | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 4.89 % |
| CU.PR.C | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 21.37 Evaluated at bid price : 21.65 Bid-YTW : 4.49 % |
| POW.PR.D | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.06 % |
| GWO.PR.S | Insurance Straight | 1.37 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 4.74 % |
| TRP.PR.A | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 4.86 % |
| TRP.PR.E | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.00 % |
| BIP.PR.F | FixedReset Prem | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.52 Evaluated at bid price : 24.70 Bid-YTW : 5.10 % |
| BAM.PR.N | Perpetual-Discount | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.31 Evaluated at bid price : 23.59 Bid-YTW : 5.11 % |
| BAM.PR.M | Perpetual-Discount | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.21 Evaluated at bid price : 23.51 Bid-YTW : 5.13 % |
| BIP.PR.A | FixedReset Disc | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 21.91 Evaluated at bid price : 22.25 Bid-YTW : 5.43 % |
| GWO.PR.N | FixedReset Ins Non | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 4.09 % |
| IFC.PR.G | FixedReset Ins Non | 2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.03 Evaluated at bid price : 23.50 Bid-YTW : 4.40 % |
| MFC.PR.F | FixedReset Ins Non | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 4.14 % |
| PWF.PR.T | FixedReset Disc | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.47 Evaluated at bid price : 22.80 Bid-YTW : 4.29 % |
| BAM.PF.E | FixedReset Disc | 2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 4.93 % |
| BAM.PR.X | FixedReset Disc | 2.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 4.81 % |
| TD.PF.E | FixedReset Disc | 3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.89 Evaluated at bid price : 24.00 Bid-YTW : 4.28 % |
| NA.PR.W | FixedReset Disc | 5.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 21.94 Evaluated at bid price : 22.25 Bid-YTW : 4.22 % |
| TD.PF.D | FixedReset Disc | 10.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.83 Evaluated at bid price : 23.80 Bid-YTW : 4.26 % |
| TRP.PR.G | FixedReset Disc | 81.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 21.95 Evaluated at bid price : 22.35 Bid-YTW : 4.72 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.S | FixedReset Prem | 57,250 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.56 Evaluated at bid price : 24.90 Bid-YTW : 3.90 % |
| GWO.PR.N | FixedReset Ins Non | 42,766 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 4.09 % |
| BIP.PR.A | FixedReset Disc | 31,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 21.91 Evaluated at bid price : 22.25 Bid-YTW : 5.43 % |
| GWO.PR.Y | Insurance Straight | 24,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 23.31 Evaluated at bid price : 23.61 Bid-YTW : 4.75 % |
| RY.PR.J | FixedReset Disc | 23,329 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-09 Maturity Price : 22.85 Evaluated at bid price : 23.80 Bid-YTW : 4.22 % |
| TRP.PR.K | FixedReset Prem | 20,837 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 2.75 % |
| There were 11 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CM.PR.Q | FixedReset Disc | Quote: 23.00 – 24.32 Spot Rate : 1.3200 Average : 0.9619 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 19.27 – 21.25 Spot Rate : 1.9800 Average : 1.7408 YTW SCENARIO |
| BIP.PR.A | FixedReset Disc | Quote: 22.25 – 23.25 Spot Rate : 1.0000 Average : 0.7767 YTW SCENARIO |
| SLF.PR.D | Insurance Straight | Quote: 23.66 – 24.39 Spot Rate : 0.7300 Average : 0.5200 YTW SCENARIO |
| IFC.PR.C | FixedReset Disc | Quote: 22.75 – 23.34 Spot Rate : 0.5900 Average : 0.3947 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 23.40 – 24.00 Spot Rate : 0.6000 Average : 0.4492 YTW SCENARIO |
So TRP.PR.K is gone.
https://www.tcenergy.com/announcements/2022-03-07-tc-energy-announces-closing-of-u.s.-$800-million-subordinated-notes-offering-by-transcanada-trust/
For those who pay attention to the spreads, here’s the offering TC Energy made just about a year ago to redeem TRP.PR.J
https://www.tcenergy.com/announcements/2021/2021-03-04-tc-energy-announces-closing-of-$500-million-subordinated-notes-offering-by-transcanada-trust/
Last year they did 60 year notes for 4.2%.
This year they did at 5.6%
[…] PerpetualDiscounts now yield 5.15%, equivalent to 6.70% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.19%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 250bp from the 255bp reported March 9. […]