| 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 | -0.4049 % | 2,248.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4049 % | 4,313.4 |
| Floater | 8.47 % | 8.81 % | 30,071 | 10.48 | 4 | -0.4049 % | 2,485.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4551 % | 3,614.1 |
| SplitShare | 4.78 % | 4.65 % | 71,984 | 1.21 | 6 | 0.4551 % | 4,316.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4551 % | 3,367.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4545 % | 2,847.7 |
| Perpetual-Discount | 6.05 % | 6.21 % | 51,468 | 13.55 | 31 | 0.4545 % | 3,105.3 |
| FixedReset Disc | 5.43 % | 6.67 % | 105,481 | 12.83 | 57 | -0.1816 % | 2,736.5 |
| Insurance Straight | 5.97 % | 6.13 % | 60,527 | 13.63 | 21 | 0.2188 % | 3,033.9 |
| FloatingReset | 6.45 % | 1.64 % | 44,192 | 0.09 | 2 | -0.1691 % | 3,309.4 |
| FixedReset Prem | 6.38 % | 5.53 % | 174,473 | 3.73 | 7 | 0.1656 % | 2,596.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1816 % | 2,797.3 |
| FixedReset Ins Non | 5.18 % | 6.11 % | 84,002 | 13.70 | 14 | 0.2252 % | 2,835.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.E | FixedReset Disc | -6.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 7.75 % |
| SLF.PR.E | Insurance Straight | -5.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.93 % |
| CCS.PR.C | Insurance Straight | -2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 6.23 % |
| BN.PR.B | Floater | -2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 9.06 % |
| PVS.PR.J | SplitShare | -2.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 4.87 % |
| BN.PF.F | FixedReset Disc | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.44 % |
| BN.PR.Z | FixedReset Disc | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.19 Evaluated at bid price : 21.19 Bid-YTW : 7.24 % |
| FFH.PR.F | FloatingReset | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.85 Evaluated at bid price : 21.85 Bid-YTW : 6.54 % |
| BN.PF.H | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 24.19 Evaluated at bid price : 24.61 Bid-YTW : 7.23 % |
| BN.PF.G | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 7.26 % |
| PWF.PR.F | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 6.22 % |
| IFC.PR.F | Insurance Straight | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 22.00 Evaluated at bid price : 22.00 Bid-YTW : 6.14 % |
| SLF.PR.H | FixedReset Ins Non | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 6.54 % |
| IFC.PR.E | Insurance Straight | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.95 Evaluated at bid price : 21.95 Bid-YTW : 6.04 % |
| FTS.PR.K | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.63 Evaluated at bid price : 19.63 Bid-YTW : 6.65 % |
| MIC.PR.A | Perpetual-Discount | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.47 % |
| BIK.PR.A | FixedReset Prem | 1.72 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 5.78 % |
| BN.PR.N | Perpetual-Discount | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.33 % |
| PWF.PR.S | Perpetual-Discount | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.12 % |
| CU.PR.F | Perpetual-Discount | 4.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.01 % |
| PVS.PR.K | SplitShare | 5.49 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.65 % |
| GWO.PR.T | Insurance Straight | 6.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.15 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.A | FixedReset Disc | 229,768 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 22.24 Evaluated at bid price : 22.93 Bid-YTW : 5.67 % |
| FFH.PR.C | FixedReset Disc | 103,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.31 % |
| MFC.PR.M | FixedReset Ins Non | 75,508 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.68 Evaluated at bid price : 22.06 Bid-YTW : 6.10 % |
| FFH.PR.D | FloatingReset | 64,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 1.64 % |
| BMO.PR.E | FixedReset Prem | 48,640 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 5.53 % |
| ENB.PF.C | FixedReset Disc | 36,268 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 7.56 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BN.PF.E | FixedReset Disc | Quote: 18.11 – 19.45 Spot Rate : 1.3400 Average : 0.7634 YTW SCENARIO |
| ENB.PF.E | FixedReset Disc | Quote: 18.45 – 19.95 Spot Rate : 1.5000 Average : 0.9638 YTW SCENARIO |
| SLF.PR.E | Insurance Straight | Quote: 19.00 – 20.35 Spot Rate : 1.3500 Average : 0.8896 YTW SCENARIO |
| BN.PF.D | Perpetual-Discount | Quote: 19.47 – 20.50 Spot Rate : 1.0300 Average : 0.6717 YTW SCENARIO |
| GWO.PR.H | Insurance Straight | Quote: 20.11 – 20.99 Spot Rate : 0.8800 Average : 0.5399 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 20.09 – 21.00 Spot Rate : 0.9100 Average : 0.5930 YTW SCENARIO |
https://www.bromptongroup.com/wp-content/uploads/2024/11/LCS-Share-Split-Announcement-Final.pdf
” Class A shareholders of record at the close of business on December 17, 2024 will receive 14 additional class A shares for every 100 class A shares held, pursuant to the Share Split.”
Would this not require Brompton to then issue 14% more pref shares so that there are an equal number of capital and pref shares outstanding?
It’s interesting to see that the intrinsic value of the capital units (11.10) is so far above the market value (10.15).
Brompton might be trying to increase the leverage of the Capital Units to a range more in line with what investors in such things want to see – and get those puppies trading at a premium to intrinsic, where they belong. That would make new issuance much, much easier.