| 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 | -0.2340 % | 2,060.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2340 % | 3,951.2 |
| Floater | 11.82 % | 12.14 % | 52,526 | 7.98 | 2 | -0.2340 % | 2,277.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9312 % | 3,346.7 |
| SplitShare | 5.02 % | 7.61 % | 55,140 | 1.83 | 8 | -0.9312 % | 3,996.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9312 % | 3,118.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4798 % | 2,492.6 |
| Perpetual-Discount | 6.86 % | 7.08 % | 48,805 | 12.42 | 33 | -0.4798 % | 2,718.0 |
| FixedReset Disc | 5.99 % | 8.54 % | 118,493 | 11.14 | 55 | -0.0948 % | 2,145.9 |
| Insurance Straight | 6.68 % | 6.83 % | 63,279 | 12.69 | 19 | -0.0395 % | 2,698.5 |
| FloatingReset | 10.81 % | 11.13 % | 32,251 | 8.62 | 1 | 3.0612 % | 2,436.8 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0948 % | 2,426.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0948 % | 2,193.5 |
| FixedReset Ins Non | 5.92 % | 8.11 % | 86,935 | 11.58 | 14 | 0.0644 % | 2,398.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.C | Insurance Straight | -4.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 6.73 % |
| RY.PR.N | Perpetual-Discount | -4.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.23 % |
| PVS.PR.J | SplitShare | -3.65 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 8.35 % |
| BN.PF.I | FixedReset Disc | -3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 10.35 % |
| POW.PR.D | Perpetual-Discount | -2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.92 % |
| PWF.PR.K | Perpetual-Discount | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.17 % |
| BN.PF.J | FixedReset Disc | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 9.38 % |
| MFC.PR.L | FixedReset Ins Non | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 8.32 % |
| TD.PF.J | FixedReset Disc | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 7.68 % |
| TD.PF.E | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 8.88 % |
| CIU.PR.A | Perpetual-Discount | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.02 % |
| BN.PR.X | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 10.51 % |
| BN.PR.N | Perpetual-Discount | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 7.42 % |
| BN.PR.M | Perpetual-Discount | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 7.37 % |
| BNS.PR.I | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 22.07 Evaluated at bid price : 22.67 Bid-YTW : 6.98 % |
| RY.PR.J | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.94 Evaluated at bid price : 17.94 Bid-YTW : 8.73 % |
| TD.PF.C | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 8.86 % |
| BN.PF.H | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 9.50 % |
| BN.PF.E | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 10.89 % |
| BN.PF.D | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 7.42 % |
| GWO.PR.G | Insurance Straight | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 7.04 % |
| PWF.PR.F | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 7.12 % |
| BN.PF.C | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.46 % |
| BN.PR.K | Floater | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 12.26 % |
| MFC.PR.Q | FixedReset Ins Non | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 20.74 Evaluated at bid price : 20.74 Bid-YTW : 7.56 % |
| CM.PR.O | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 8.37 % |
| BIK.PR.A | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 21.83 Evaluated at bid price : 22.30 Bid-YTW : 8.84 % |
| CM.PR.P | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.86 % |
| IFC.PR.C | FixedReset Ins Non | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 8.65 % |
| NA.PR.W | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 8.95 % |
| PVS.PR.H | SplitShare | 1.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.75 Bid-YTW : 7.85 % |
| PVS.PR.G | SplitShare | 1.48 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.10 Bid-YTW : 6.57 % |
| MFC.PR.J | FixedReset Ins Non | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 7.53 % |
| PWF.PR.P | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 9.60 % |
| PVS.PR.K | SplitShare | 1.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.80 Bid-YTW : 7.31 % |
| TD.PF.D | FixedReset Disc | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 8.72 % |
| MFC.PR.K | FixedReset Ins Non | 2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 7.41 % |
| SLF.PR.J | FloatingReset | 3.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 11.13 % |
| IFC.PR.F | Insurance Straight | 5.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.80 % |
| MFC.PR.N | FixedReset Ins Non | 8.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.59 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.S | FixedReset Disc | 52,318 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 8.31 % |
| RY.PR.Z | FixedReset Disc | 45,711 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 8.09 % |
| GWO.PR.N | FixedReset Ins Non | 43,567 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 9.21 % |
| BN.PF.J | FixedReset Disc | 37,990 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 9.38 % |
| RY.PR.M | FixedReset Disc | 34,601 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 8.66 % |
| MFC.PR.I | FixedReset Ins Non | 32,812 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-21 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 7.80 % |
| There were 33 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.I | FixedReset Disc | Quote: 21.30 – 22.98 Spot Rate : 1.6800 Average : 1.0363 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 20.00 – 22.05 Spot Rate : 2.0500 Average : 1.5180 YTW SCENARIO |
| MFC.PR.C | Insurance Straight | Quote: 16.76 – 17.87 Spot Rate : 1.1100 Average : 0.6545 YTW SCENARIO |
| TD.PF.J | FixedReset Disc | Quote: 20.80 – 22.00 Spot Rate : 1.2000 Average : 0.7786 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 17.20 – 18.75 Spot Rate : 1.5500 Average : 1.1514 YTW SCENARIO |
| TD.PF.E | FixedReset Disc | Quote: 17.68 – 18.80 Spot Rate : 1.1200 Average : 0.7258 YTW SCENARIO |
Why is the preferred market suddenly getting bid so hard?
any reason?
Apparently it’s “peak rates are in”, quote by Mr. BoC.
https://www.bnnbloomberg.ca/bank-of-canada-says-rates-may-be-restrictive-enough-1.2002241
On the other hand, the bond market seems to be ignoring this. Bond Yields are up a bit today. He also said that they should not fight inflation half-heartedly and he was ready to hike again if need be.
I have given up trying to explain price movements in the pref market. I just collect my divs.
Yes, what is going on? I came here to check out assiduous reader comments on this.
Prefs are up 3+% so far today but broad Canadian bond AND equity funds (e.g. ZAG and ZCN) are unchanged.
Something general like Tiff Macklem’s comments would move other segments of the market if investors really thought this was big news.
Strange market activity… I mean, happy for the price appreciation, but ???
As Niagara says, just buy the divs on the cheap and then collect and collect.
Looking forward to seeing if this lasts and hearing from James. The bump at the end of Sept. from TD redeeming one issue faded fast.
Is it the news ALA is redeeming their series E prefs? Perhaps there is a belief more prefs will be redeemed?
I’ve come to believe that the force motivating preferred shares is fear. Some times fear is associated with falling rates, sometimes with rising rates.
This feels like the start of the long awaited third crash in FR spreads this decade.
… in the past decade I mean, not just the 2020s.