These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref™ indices.
| December, 2008 | ||||
| Issue | Index | DBRS Rating | Monthly Performance | Notes (“Now” means “December 31”) |
| BCE.PR.Z | FixFloat | Pfd-2(low) | -23.35% | |
| BCE.PR.Y | Ratchet | Pfd-2(low) | -22.73% | |
| BCE.PR.S | FixFloat | Pfd-2(low) | -20.97% | |
| BCE.PR.R | FixFloat | Pfd-2(low) | -19.35% | |
| BCE.PR.I | FixFloat | Pfd-2(low) | -18.83% | |
| … | … | … | … | … |
| BNA.PR.B | SplitShare | Pfd-2(low) | +31.21% | Asset coverage of 1.8-:1 as of December 31 based on BAM.A at 18.55 and 2.4 BAM.A per preferred. Now with a pre-tax bid-YTW of 8.87% based on a bid of 20.01 and a hardMaturity 2016-3-25 at 25.00. Presumably helped out a lot by very favourable monthly retraction terms – estimated retraction price is now $21.77 based on an NAV of 44.52. |
| FTN.PR.A | SplitShare | Pfd-2(low) Review Negative |
+31.27% | Asset coverage of 1.4-:1 as of December 15 according to the company, with an estimated NAV of 13.75 based on the change in XFN since then. Now with a pre-tax bid-YTW of 8.94% based on a bid of 8.16 and a hardMaturity 2015-12-1. Estimated retraction price of $8.70 with capital units offered at $4.50. |
| BAM.PR.K | Floater | Pfd-2(low) | +34.66% | Was the worst performer in November, with a return of -35.06%. |
| FFN.PR.A | SplitShare | Pfd-2(low) Review Negative |
+35.09% | Was the fifth-worst performer in November, with a return of -25.48%. Asset coverage of 1.1+:1 as of December 15 according to the company; NAV now estimated as 11.63 based on change in XFN since then. Now with a pre-tax bid-YTW of 11.07% based on a bid of 7.56 and a hardMaturity 2014-12-1 at 10.00. Estimated retraction price of $8.19 with capital units offered at $2.97. |
| BAM.PR.B | Floater | Pfd-2(low) | +37.05% | Was the second-worst performer in November, with a return of -30.81%. |
The December rankings are not as mysterious as the November rankings … three of the best performers are merely bouncing back from horrible performance last month, while the five worst performers are all BCE issues … reacting as one might expect to the death of the Teachers’ deal.
It is interesting to note that the BPP floaters – issued by BPO Properties, which never fails to irritate me – had a horrible month. Two of the three would have made the list had they been included in the indices (they are excluded on credit concerns) … and they are now trading roughly kinda call it even yield with the BAM floaters, ending (for now) the long-standing credit inversion. To continue the graphs given in that post:
- BAM.PR.B & BPP.PR.J: YTW
- BAM.PR.B & BPP.PR.J: YTW Difference
- BAM.PR.B & BPP.PR.J: Prices
- BAM.PR.B & BPP.PR.J: Price Difference
Was somebody saying something about efficient markets?
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