TXPR closed at 579.69, down 0.66% on the day. Volume today was 1.41-million, below the median of the past 21 trading days.
CPD closed at 11.53, down 0.35% on the day. Volume was 44,560, third-lowest of the past 21 trading days.
ZPR closed at 9.83, down 0.20% on the day. Volume was 144,200, near the median of the past 21 trading days.
Five-year Canada yields were down to 3.34%.
Well, that’s been a day of interest! My server-guy bricked my website server this morning and I’ve been without eMail and uncertain about when anything would come back; and all this on a PrefLetter weekend! Things appear to OK … for now.
| 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 | -2.8375 % | 2,158.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.8375 % | 4,139.1 |
| Floater | 10.76 % | 10.85 % | 59,293 | 8.98 | 1 | -2.8375 % | 2,385.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2131 % | 3,458.9 |
| SplitShare | 4.86 % | 6.84 % | 31,805 | 1.62 | 7 | -0.2131 % | 4,130.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2131 % | 3,222.9 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.2139 % | 2,637.5 |
| Perpetual-Discount | 6.53 % | 6.69 % | 55,332 | 12.88 | 28 | -1.2139 % | 2,876.1 |
| FixedReset Disc | 5.35 % | 7.32 % | 115,954 | 12.17 | 49 | -0.6483 % | 2,494.9 |
| Insurance Straight | 6.35 % | 6.46 % | 58,947 | 13.31 | 20 | -0.1400 % | 2,856.0 |
| FloatingReset | 9.61 % | 9.51 % | 38,346 | 10.02 | 3 | -1.6997 % | 2,647.1 |
| FixedReset Prem | 6.38 % | 6.76 % | 211,861 | 12.57 | 7 | 0.1421 % | 2,523.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6483 % | 2,550.2 |
| FixedReset Ins Non | 5.40 % | 6.94 % | 105,324 | 12.94 | 14 | -0.7358 % | 2,630.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| RY.PR.O | Perpetual-Discount | -8.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.90 % |
| MFC.PR.N | FixedReset Ins Non | -4.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.42 % |
| PWF.PR.S | Perpetual-Discount | -4.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 6.86 % |
| BN.PF.H | FixedReset Disc | -2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 22.25 Evaluated at bid price : 22.62 Bid-YTW : 7.99 % |
| FTS.PR.H | FixedReset Disc | -2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 8.07 % |
| SLF.PR.H | FixedReset Ins Non | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 7.15 % |
| CU.PR.C | FixedReset Disc | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 7.47 % |
| IFC.PR.E | Insurance Straight | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.58 % |
| BN.PF.F | FixedReset Disc | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 8.25 % |
| CU.PR.I | FixedReset Disc | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.48 Evaluated at bid price : 21.83 Bid-YTW : 7.78 % |
| BN.PR.T | FixedReset Disc | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 8.73 % |
| PWF.PR.F | Perpetual-Discount | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 6.74 % |
| PWF.PR.G | Perpetual-Discount | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 6.69 % |
| BN.PR.R | FixedReset Disc | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 8.77 % |
| GWO.PR.N | FixedReset Ins Non | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 7.71 % |
| GWO.PR.Q | Insurance Straight | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 6.57 % |
| PWF.PR.O | Perpetual-Discount | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.68 Evaluated at bid price : 21.93 Bid-YTW : 6.72 % |
| BN.PF.G | FixedReset Disc | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.64 % |
| PWF.PR.K | Perpetual-Discount | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.67 % |
| FFH.PR.C | FixedReset Disc | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 7.76 % |
| PWF.PR.R | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 6.71 % |
| PWF.PR.T | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 6.73 % |
| PWF.PF.A | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 6.50 % |
| FFH.PR.G | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 8.39 % |
| FFH.PR.M | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 22.88 Evaluated at bid price : 23.50 Bid-YTW : 7.66 % |
| SLF.PR.E | Insurance Straight | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 6.05 % |
| FFH.PR.K | FixedReset Disc | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 8.01 % |
| NA.PR.E | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 22.62 Evaluated at bid price : 23.50 Bid-YTW : 6.31 % |
| MFC.PR.C | Insurance Straight | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.12 % |
| BN.PR.X | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 8.46 % |
| BN.PR.M | Perpetual-Discount | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 6.84 % |
| GWO.PR.G | Insurance Straight | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.47 % |
| CM.PR.P | FixedReset Disc | 2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.76 Evaluated at bid price : 22.21 Bid-YTW : 6.26 % |
| BN.PF.J | FixedReset Disc | 4.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.64 Evaluated at bid price : 21.90 Bid-YTW : 7.32 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.H | FixedReset Disc | 228,042 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-24 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 5.15 % |
| FFH.PR.M | FixedReset Disc | 57,254 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 22.88 Evaluated at bid price : 23.50 Bid-YTW : 7.66 % |
| SLF.PR.C | Insurance Straight | 53,385 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 5.96 % |
| MFC.PR.M | FixedReset Ins Non | 44,532 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 7.19 % |
| TD.PF.C | FixedReset Disc | 27,109 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.89 Evaluated at bid price : 22.40 Bid-YTW : 6.21 % |
| POW.PR.G | Perpetual-Discount | 20,197 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-14 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 6.71 % |
| There were 9 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: 19.85 – 23.22 Spot Rate : 3.3700 Average : 2.5272 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 19.62 – 22.25 Spot Rate : 2.6300 Average : 1.8546 YTW SCENARIO |
| IFC.PR.I | Insurance Straight | Quote: 21.05 – 23.49 Spot Rate : 2.4400 Average : 1.6957 YTW SCENARIO |
| RY.PR.O | Perpetual-Discount | Quote: 21.01 – 22.80 Spot Rate : 1.7900 Average : 1.0626 YTW SCENARIO |
| BN.PF.H | FixedReset Disc | Quote: 22.62 – 23.49 Spot Rate : 0.8700 Average : 0.5168 YTW SCENARIO |
| CU.PR.I | FixedReset Disc | Quote: 21.83 – 23.00 Spot Rate : 1.1700 Average : 0.8474 YTW SCENARIO |
Anything special going on with iA Financial? IAF.PR.B is seeing crazy movement, now up by nearly $2.5.
Now up by $3.
my guess…. they are going to redeem it… lol.. and the company along with some friends are buying what they can today.. or is it friends first then the company?
Very likely possibility. But this is so blatant? Hello Canadian equivalent of SEC, ooops.
It will be funny if it is a redemption to be announced after the close – what with the market tanking on the same day an issuer says it’s really, really, really cheap.
But I’ll admit, I’d love to know why trading hasn’t been halted ‘pending an announcement by the issuer.’
IAG is doing an LRCN today. IAF.PR.B rising on expectation that could be money to redeem the pref.
Does seem like something better announced overnight.
Hot off the press.
https://ia.ca/newsroom/2024/june/iafc-announces-consideration-limited-recourse-capital-notes-offering-and-iaifs-announces-potential-redemption-of-its-preferred-shares
So even 4.6% tax favoured yield for the plebs is too much?
Don’t know the details but my understanding was one was structurally kind of a unique case.
” … my understanding was one was structurally kind of a unique case.
Yes, I suspect one of the reasons for IAF.PR.B being redeemed would be that (after the reorg in 2016)) they were held by the operating company, a bit of a rarity given the more typical structure where the holding company IAG) would have held the prefs.
And after any redemption there will be no further publicly traded shares of IAF outstanding, another benefit.
how long before other insurance co’s start pulling their prefs from the market?… seems like prefs are going to be slowly disappearing.
how long before other insurance co’s start pulling their prefs from the market?… seems like prefs are going to be slowly disappearing.
It’s the usual market follies. The market is cheap now, so issuers are raising money elsewhere, sometimes to refinance. It’s been expensive before – remember the Great FixedReset Issuance Bonanza of 2009-13? Give it another decade and we’ll be sick to bloody death of new issue announcements and I’ll be complaining that I’ve had to hire staff just to deal with bare-bones commentary on them.