TXPR closed at 617.40, down 0.67% on the day. Volume today was 1.28-million, third-lowest of the past 21 trading days.
CPD closed at 12.29, up 0.08% on the day. Volume was 87,210, lowest of the past 21 trading days.
ZPR closed at 10.245 down 0.53% on the day. Volume of 440,140 was third-highest of the past 21 trading days.
Five-year Canada yields were down a bit to 2.75% today.
Brookfield Asset Management has announced:
In our year-end letter, we mentioned that we were considering publicly listing a partial interest in our asset management organization. We have been very encouraged by the feedback we received from shareholders and concluded that publicly listing a 25% interest in our asset management business will be overwhelmingly positive. We expect that these shares can be distributed to shareholders before year end. The distribution will be tax-free for Canadian and U.S. shareholders and we are working through the taxation in other jurisdictions.
This move will be credit-negative for BAM issues to some extent, since there will be structural subordination of the preferreds, which I assume will stay at the holding company level. I have not yet seen any credit agency commentary regarding this announcement.
| 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 | 3.89 % | 4.57 % | 21,768 | 18.28 | 1 | -0.5042 % | 2,530.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6614 % | 4,795.6 |
| Floater | 4.30 % | 4.35 % | 47,410 | 16.68 | 3 | -0.6614 % | 2,763.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4023 % | 3,497.0 |
| SplitShare | 4.86 % | 5.61 % | 40,182 | 3.28 | 8 | -0.4023 % | 4,176.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4023 % | 3,258.4 |
| Perpetual-Premium | 5.94 % | 5.98 % | 62,402 | 13.91 | 1 | 0.0000 % | 2,940.5 |
| Perpetual-Discount | 5.84 % | 5.93 % | 67,304 | 13.98 | 35 | -0.2036 % | 3,180.2 |
| FixedReset Disc | 4.68 % | 6.05 % | 138,606 | 13.99 | 59 | -0.7616 % | 2,480.0 |
| Insurance Straight | 5.75 % | 5.86 % | 96,411 | 14.02 | 20 | -0.1603 % | 3,117.2 |
| FloatingReset | 4.77 % | 5.12 % | 62,129 | 15.25 | 2 | 2.2258 % | 2,609.5 |
| FixedReset Prem | 5.14 % | 5.54 % | 134,953 | 2.08 | 9 | -0.1211 % | 2,567.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7616 % | 2,535.1 |
| FixedReset Ins Non | 4.59 % | 6.15 % | 80,197 | 13.88 | 15 | -0.6084 % | 2,613.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.G | FixedReset Disc | -38.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 12.29 Evaluated at bid price : 12.29 Bid-YTW : 10.34 % |
| MFC.PR.L | FixedReset Ins Non | -6.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.67 % |
| PWF.PR.T | FixedReset Disc | -3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 6.30 % |
| PVS.PR.F | SplitShare | -2.79 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 6.32 % |
| BAM.PR.X | FixedReset Disc | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 17.16 Evaluated at bid price : 17.16 Bid-YTW : 6.90 % |
| GWO.PR.P | Insurance Straight | -2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 6.01 % |
| BAM.PF.B | FixedReset Disc | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.81 % |
| IFC.PR.G | FixedReset Ins Non | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 21.68 Evaluated at bid price : 22.11 Bid-YTW : 6.15 % |
| CU.PR.C | FixedReset Disc | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.29 % |
| BIP.PR.E | FixedReset Disc | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.50 Evaluated at bid price : 23.05 Bid-YTW : 6.38 % |
| MFC.PR.I | FixedReset Ins Non | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.94 Evaluated at bid price : 23.80 Bid-YTW : 6.04 % |
| BAM.PR.R | FixedReset Disc | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.85 % |
| IFC.PR.K | Perpetual-Discount | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.37 Evaluated at bid price : 22.67 Bid-YTW : 5.88 % |
| CCS.PR.C | Insurance Straight | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.39 Evaluated at bid price : 22.65 Bid-YTW : 5.58 % |
| BMO.PR.F | FixedReset Prem | -1.35 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 24.81 Bid-YTW : 5.43 % |
| CU.PR.G | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.82 % |
| CU.PR.I | FixedReset Prem | -1.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.01 Bid-YTW : 5.70 % |
| BMO.PR.Y | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.06 % |
| MFC.PR.K | FixedReset Ins Non | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.00 % |
| MFC.PR.B | Insurance Straight | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.83 % |
| BIP.PR.B | FixedReset Prem | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.73 % |
| GWO.PR.G | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.01 Evaluated at bid price : 22.25 Bid-YTW : 5.92 % |
| TRP.PR.F | FloatingReset | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.12 % |
| POW.PR.B | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.39 Evaluated at bid price : 22.65 Bid-YTW : 5.97 % |
| IFC.PR.E | Insurance Straight | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 22.02 Evaluated at bid price : 22.30 Bid-YTW : 5.90 % |
| CM.PR.Y | FixedReset Prem | 1.61 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.70 % |
| RS.PR.A | SplitShare | 1.82 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 10.06 Bid-YTW : 5.22 % |
| RY.PR.S | FixedReset Disc | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 23.18 Evaluated at bid price : 23.55 Bid-YTW : 5.52 % |
| TD.PF.D | FixedReset Disc | 2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 21.47 Evaluated at bid price : 21.47 Bid-YTW : 6.03 % |
| SLF.PR.J | FloatingReset | 3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 4.51 % |
| MFC.PR.F | FixedReset Ins Non | 4.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 15.27 Evaluated at bid price : 15.27 Bid-YTW : 6.28 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RS.PR.A | SplitShare | 59,900 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 10.06 Bid-YTW : 5.22 % |
| BMO.PR.D | FixedReset Disc | 57,968 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 6.02 % |
| TD.PF.B | FixedReset Disc | 34,169 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 6.00 % |
| BNS.PR.I | FixedReset Disc | 32,268 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 23.09 Evaluated at bid price : 23.48 Bid-YTW : 5.62 % |
| CM.PR.T | FixedReset Prem | 27,979 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 5.40 % |
| IFC.PR.G | FixedReset Ins Non | 26,968 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-12 Maturity Price : 21.68 Evaluated at bid price : 22.11 Bid-YTW : 6.15 % |
| There were 14 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.G | FixedReset Disc | Quote: 12.29 – 21.90 Spot Rate : 9.6100 Average : 5.6900 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 22.11 – 24.05 Spot Rate : 1.9400 Average : 1.1281 YTW SCENARIO |
| BAM.PR.Z | FixedReset Disc | Quote: 22.45 – 24.99 Spot Rate : 2.5400 Average : 1.7533 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 23.10 – 24.70 Spot Rate : 1.6000 Average : 0.9222 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 18.50 – 20.00 Spot Rate : 1.5000 Average : 0.9603 YTW SCENARIO |
| CM.PR.O | FixedReset Disc | Quote: 20.50 – 22.00 Spot Rate : 1.5000 Average : 0.9620 YTW SCENARIO |