Straight Perpetuals did well today, presumably due to the L.PR.B redemption.
| 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 | 0.5348 % | 2,320.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5348 % | 4,450.2 |
| Floater | 8.21 % | 8.51 % | 30,203 | 10.75 | 4 | 0.5348 % | 2,564.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6533 % | 3,626.5 |
| SplitShare | 4.77 % | 4.23 % | 69,286 | 1.18 | 7 | 0.6533 % | 4,330.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6533 % | 3,379.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7611 % | 2,860.3 |
| Perpetual-Discount | 6.00 % | 6.18 % | 49,121 | 13.58 | 32 | 0.7611 % | 3,119.0 |
| FixedReset Disc | 5.47 % | 6.67 % | 104,685 | 12.95 | 53 | 0.0756 % | 2,750.2 |
| Insurance Straight | 5.96 % | 6.10 % | 63,468 | 13.82 | 21 | 0.9176 % | 3,035.4 |
| FloatingReset | 6.45 % | 6.10 % | 33,039 | 12.79 | 4 | -0.5084 % | 3,357.0 |
| FixedReset Prem | 6.03 % | 5.47 % | 210,070 | 13.94 | 9 | 0.0434 % | 2,599.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0756 % | 2,811.3 |
| FixedReset Ins Non | 5.18 % | 5.95 % | 88,011 | 13.85 | 14 | 0.2217 % | 2,836.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.C | Insurance Straight | -2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.92 % |
| BN.PF.D | Perpetual-Discount | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.49 % |
| FFH.PR.F | FloatingReset | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.25 Evaluated at bid price : 22.50 Bid-YTW : 6.10 % |
| BIP.PR.A | FixedReset Disc | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.73 Evaluated at bid price : 23.44 Bid-YTW : 6.75 % |
| MFC.PR.I | FixedReset Ins Non | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.91 Evaluated at bid price : 23.80 Bid-YTW : 6.06 % |
| PWF.PR.E | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.31 Evaluated at bid price : 22.58 Bid-YTW : 6.17 % |
| ELF.PR.H | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.11 Evaluated at bid price : 22.33 Bid-YTW : 6.26 % |
| PWF.PR.L | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 6.20 % |
| GWO.PR.G | Insurance Straight | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.10 % |
| POW.PR.B | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.18 % |
| POW.PR.G | Perpetual-Discount | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.19 % |
| IFC.PR.F | Insurance Straight | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.11 Evaluated at bid price : 22.11 Bid-YTW : 6.12 % |
| GWO.PR.S | Insurance Straight | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 6.10 % |
| CU.PR.H | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.01 % |
| BN.PR.Z | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 6.93 % |
| BN.PR.C | Floater | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 12.57 Evaluated at bid price : 12.57 Bid-YTW : 8.52 % |
| SLF.PR.E | Insurance Straight | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.50 % |
| BN.PF.C | Perpetual-Discount | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.36 % |
| FTS.PR.F | Perpetual-Discount | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.75 % |
| PWF.PR.G | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 23.93 Evaluated at bid price : 24.19 Bid-YTW : 6.18 % |
| ENB.PR.B | FixedReset Disc | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 7.34 % |
| 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 : 25.15 Bid-YTW : 4.23 % |
| PWF.PR.S | Perpetual-Discount | 2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 19.67 Evaluated at bid price : 19.67 Bid-YTW : 6.19 % |
| GWO.PR.T | Insurance Straight | 4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 6.13 % |
| CU.PR.F | Perpetual-Discount | 4.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 18.87 Evaluated at bid price : 18.87 Bid-YTW : 6.02 % |
| IFC.PR.E | Insurance Straight | 6.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.85 Evaluated at bid price : 21.85 Bid-YTW : 6.08 % |
| GWO.PR.N | FixedReset Ins Non | 7.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 6.49 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PR.Z | FixedReset Disc | 280,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 6.93 % |
| NA.PR.W | FixedReset Disc | 166,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 23.05 Evaluated at bid price : 24.10 Bid-YTW : 5.29 % |
| MFC.PR.Q | FixedReset Ins Non | 146,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.76 Evaluated at bid price : 23.70 Bid-YTW : 5.82 % |
| FFH.PR.E | FixedReset Disc | 62,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.15 Evaluated at bid price : 22.80 Bid-YTW : 5.52 % |
| GWO.PR.S | Insurance Straight | 36,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 6.10 % |
| BN.PF.A | FixedReset Disc | 27,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-09 Maturity Price : 22.99 Evaluated at bid price : 24.27 Bid-YTW : 6.28 % |
| There were 25 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.F | Insurance Straight | Quote: 22.11 – 23.89 Spot Rate : 1.7800 Average : 1.0172 YTW SCENARIO |
| PVS.PR.K | SplitShare | Quote: 24.85 – 26.00 Spot Rate : 1.1500 Average : 0.7215 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 19.84 – 20.85 Spot Rate : 1.0100 Average : 0.6781 YTW SCENARIO |
| FFH.PR.F | FloatingReset | Quote: 22.50 – 23.50 Spot Rate : 1.0000 Average : 0.7123 YTW SCENARIO |
| MFC.PR.C | Insurance Straight | Quote: 19.10 – 19.90 Spot Rate : 0.8000 Average : 0.5176 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 20.54 – 21.40 Spot Rate : 0.8600 Average : 0.6014 YTW SCENARIO |
TD LRCN mandate this morning per Bloomberg… TD.PF.C is in the announcement window and up 5% today.
[…] The Canadian preferred share market continued to show strength – up 0.41% today after setting a new 52-week high – aided by renewed murmers of a potential TD.PF.C redemption. […]
Here is the press release for TD’s newest LRCN:
https://td.mediaroom.com/2024-12-10-TD-Announces-Non-Viability-Contingent-Capital-AT1-CAD-Limited-Recourse-Capital-Notes-Issue
While the Bank did not specifically mention TD.PF.C, one can certainly infer that they intend to redeem it:
“The net proceeds from this transaction will be used for general corporate purposes including the redemption of outstanding capital securities of TD and/or the repayment of other outstanding liabilities of TD.”