Holy smokes! GOC-5 closed at 4.47% today!
| 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 | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2676 % | 2,160.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2676 % | 4,144.0 |
| Floater | 11.27 % | 11.42 % | 53,434 | 8.55 | 2 | -0.2676 % | 2,388.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1431 % | 3,293.5 |
| SplitShare | 5.08 % | 8.35 % | 42,312 | 1.94 | 7 | 0.1431 % | 3,933.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1431 % | 3,068.8 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9591 % | 2,464.4 |
| Perpetual-Discount | 6.97 % | 7.13 % | 44,403 | 12.31 | 31 | -0.9591 % | 2,687.3 |
| FixedReset Disc | 6.06 % | 9.49 % | 99,362 | 10.40 | 56 | -0.4722 % | 2,107.3 |
| Insurance Straight | 6.91 % | 7.01 % | 56,994 | 12.56 | 16 | -0.7347 % | 2,600.7 |
| FloatingReset | 11.05 % | 11.21 % | 39,370 | 8.69 | 1 | 0.9421 % | 2,412.6 |
| FixedReset Prem | 4.72 % | 7.15 % | 328,734 | 12.20 | 1 | 0.0000 % | 2,320.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4722 % | 2,154.1 |
| FixedReset Ins Non | 6.36 % | 9.24 % | 58,430 | 10.77 | 13 | -0.4453 % | 2,273.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.E | Insurance Straight | -5.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.29 % |
| PWF.PR.S | Perpetual-Discount | -4.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.40 % |
| BIP.PR.E | FixedReset Disc | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 9.32 % |
| RY.PR.O | Perpetual-Discount | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.07 % |
| MFC.PR.I | FixedReset Ins Non | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 9.02 % |
| BN.PR.N | Perpetual-Discount | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.03 Evaluated at bid price : 16.03 Bid-YTW : 7.48 % |
| CM.PR.T | FixedReset Disc | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 22.19 Evaluated at bid price : 22.90 Bid-YTW : 8.39 % |
| IFC.PR.K | Perpetual-Discount | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.99 % |
| BN.PF.G | FixedReset Disc | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 14.28 Evaluated at bid price : 14.28 Bid-YTW : 11.83 % |
| CU.PR.C | FixedReset Disc | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 9.55 % |
| BN.PF.I | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 17.23 Evaluated at bid price : 17.23 Bid-YTW : 10.86 % |
| BN.PF.D | Perpetual-Discount | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.57 Evaluated at bid price : 16.57 Bid-YTW : 7.47 % |
| BN.PF.C | Perpetual-Discount | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 7.46 % |
| MFC.PR.J | FixedReset Ins Non | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 8.80 % |
| MFC.PR.Q | FixedReset Ins Non | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 8.81 % |
| TD.PF.I | FixedReset Disc | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 21.96 Evaluated at bid price : 22.40 Bid-YTW : 8.15 % |
| CM.PR.P | FixedReset Disc | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 9.86 % |
| TD.PF.A | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 9.25 % |
| IFC.PR.A | FixedReset Ins Non | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 9.42 % |
| CU.PR.G | Perpetual-Discount | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 7.00 % |
| POW.PR.G | Perpetual-Discount | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 7.16 % |
| BN.PR.M | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 7.38 % |
| FTS.PR.G | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 8.79 % |
| TD.PF.C | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 9.58 % |
| POW.PR.B | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 7.15 % |
| PWF.PR.G | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 7.07 % |
| CM.PR.S | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 8.42 % |
| BN.PR.X | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 12.97 Evaluated at bid price : 12.97 Bid-YTW : 11.20 % |
| BMO.PR.W | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 9.81 % |
| GWO.PR.R | Insurance Straight | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 17.16 Evaluated at bid price : 17.16 Bid-YTW : 7.06 % |
| BN.PF.J | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 9.91 % |
| BN.PF.A | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 10.19 % |
| SLF.PR.G | FixedReset Ins Non | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 10.13 % |
| RY.PR.Z | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 9.21 % |
| PVS.PR.H | SplitShare | 1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.10 Bid-YTW : 8.89 % |
| BN.PF.B | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 10.42 % |
| BNS.PR.I | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 21.56 Evaluated at bid price : 21.90 Bid-YTW : 7.90 % |
| PWF.PR.P | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 10.75 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.P | FixedReset Disc | 52,852 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 10.75 % |
| NA.PR.W | FixedReset Disc | 42,868 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.72 Evaluated at bid price : 16.72 Bid-YTW : 9.79 % |
| RY.PR.Z | FixedReset Disc | 42,703 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 9.21 % |
| BN.PF.J | FixedReset Disc | 35,079 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 9.91 % |
| BN.PF.B | FixedReset Disc | 32,509 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 10.42 % |
| BMO.PR.E | FixedReset Disc | 31,296 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-03 Maturity Price : 22.30 Evaluated at bid price : 23.05 Bid-YTW : 7.88 % |
| There were 10 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.E | Insurance Straight | Quote: 18.00 – 19.09 Spot Rate : 1.0900 Average : 0.6445 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 12.62 – 13.64 Spot Rate : 1.0200 Average : 0.6281 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 16.60 – 17.37 Spot Rate : 0.7700 Average : 0.4762 YTW SCENARIO |
| MFC.PR.I | FixedReset Ins Non | Quote: 19.48 – 20.76 Spot Rate : 1.2800 Average : 1.0107 YTW SCENARIO |
| BN.PR.X | FixedReset Disc | Quote: 12.97 – 14.00 Spot Rate : 1.0300 Average : 0.7634 YTW SCENARIO |
| MFC.PR.F | FixedReset Ins Non | Quote: 13.22 – 13.99 Spot Rate : 0.7700 Average : 0.5175 YTW SCENARIO |
we were over 4.5% by a hair for a brief moment yesterday.
good times for resets and floaters !!!
Only if it will last. It looks like every time when I have had a reset preferred share to reset, the GOC 5 was at the minimum for that period of time.
i personally have believed (early of course) that we were due for a secular change in the interest rate environment. the bond bull market from 1982 was way too long in the tooth. but you can’t time things like that i had figured by 2015/16 we were due, and we started to move rates up, but covid hit. now we’re back on track.
no way to know how long this bond bear will last or how high rates will go, but i’m in that camp. if history is some sort of guide, seeing 8% US 10 year rates within a decade wouldn’t surprise me. maybe higher, maybe not. who knows.
in the end, all i can do is try and buy the best quality prefs, spread out the rest dates over a 5 year period, mix in a bunch of floaters and see what happens. if i’m right, it will pay off. if i’m wrong, i’m still in the better vehicles since the resets are better deals than perpetuals.