Only TXPR made a new 52-week high today; ZPR and CPD fell short.
PerpetualDiscounts now yield 6.03%, equivalent to 7.84% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.80% on 2025-1-21 and since then the closing price of ZLC changed from 15.50 to 15.38, a total return of -0.77%, implying an increase in yields (assuming that the “Duration” of 12.49 reported by BMO is Modified Duration) of about 6bp to 4.86%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 300bp from the 330bp reported January 15.
| 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 | 0.1946 % | 2,353.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1946 % | 4,513.3 |
| Floater | 7.41 % | 7.71 % | 38,497 | 11.69 | 4 | 0.1946 % | 2,601.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3237 % | 3,641.9 |
| SplitShare | 4.75 % | 4.67 % | 52,887 | 1.98 | 8 | 0.3237 % | 4,349.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3237 % | 3,393.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2879 % | 2,914.8 |
| Perpetual-Discount | 5.89 % | 6.03 % | 56,810 | 13.87 | 32 | -0.2879 % | 3,178.4 |
| FixedReset Disc | 5.29 % | 6.41 % | 106,006 | 13.07 | 50 | 0.3203 % | 2,877.2 |
| Insurance Straight | 5.77 % | 5.88 % | 65,982 | 14.06 | 21 | 0.5130 % | 3,136.5 |
| FloatingReset | 6.11 % | 6.26 % | 44,458 | 13.48 | 3 | 0.1594 % | 3,456.4 |
| FixedReset Prem | 5.68 % | 5.36 % | 157,734 | 3.35 | 12 | 0.0655 % | 2,594.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3203 % | 2,941.0 |
| FixedReset Ins Non | 5.07 % | 5.84 % | 71,425 | 13.93 | 14 | 0.4746 % | 2,983.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.N | FixedReset Ins Non | -3.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.44 % |
| POW.PR.A | Perpetual-Discount | -3.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 6.20 % |
| IFC.PR.F | Insurance Straight | -3.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 21.67 Evaluated at bid price : 22.10 Bid-YTW : 6.04 % |
| PWF.PF.A | Perpetual-Discount | -2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.96 % |
| FTS.PR.J | Perpetual-Discount | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.88 % |
| CU.PR.E | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.05 % |
| FTS.PR.F | Perpetual-Discount | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 21.50 Evaluated at bid price : 21.76 Bid-YTW : 5.71 % |
| PWF.PR.K | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 6.09 % |
| CU.PR.C | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 6.41 % |
| GWO.PR.H | Insurance Straight | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.88 % |
| GWO.PR.R | Insurance Straight | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.89 % |
| MFC.PR.N | FixedReset Ins Non | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 22.33 Evaluated at bid price : 23.10 Bid-YTW : 5.76 % |
| ENB.PR.B | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 19.24 Evaluated at bid price : 19.24 Bid-YTW : 7.14 % |
| TD.PF.A | FixedReset Disc | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 22.85 Evaluated at bid price : 24.13 Bid-YTW : 5.32 % |
| CU.PR.H | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.90 % |
| PWF.PR.L | Perpetual-Discount | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 21.22 Evaluated at bid price : 21.22 Bid-YTW : 6.04 % |
| GWO.PR.Y | Insurance Straight | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.75 % |
| MFC.PR.M | FixedReset Ins Non | 2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 22.49 Evaluated at bid price : 23.38 Bid-YTW : 5.84 % |
| BN.PR.T | FixedReset Disc | 3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.75 % |
| PVS.PR.K | SplitShare | 3.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.62 % |
| PWF.PR.P | FixedReset Disc | 3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.55 % |
| ENB.PR.J | FixedReset Disc | 4.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.89 % |
| SLF.PR.G | FixedReset Ins Non | 5.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.06 % |
| SLF.PR.E | Insurance Straight | 9.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 5.46 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.P | FixedReset Disc | 278,052 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 23.96 Evaluated at bid price : 24.97 Bid-YTW : 5.24 % |
| PWF.PR.P | FixedReset Disc | 96,382 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.55 % |
| RY.PR.J | FixedReset Disc | 78,916 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 24.17 Evaluated at bid price : 24.86 Bid-YTW : 5.77 % |
| PWF.PR.T | FixedReset Disc | 75,327 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 22.37 Evaluated at bid price : 23.05 Bid-YTW : 5.90 % |
| ENB.PF.G | FixedReset Disc | 31,670 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 7.20 % |
| GWO.PR.I | Insurance Straight | 27,201 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-01-22 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.76 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.H | Perpetual-Discount | Quote: 22.60 – 24.96 Spot Rate : 2.3600 Average : 1.4048 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 22.50 – 24.25 Spot Rate : 1.7500 Average : 1.2339 YTW SCENARIO |
| POW.PR.A | Perpetual-Discount | Quote: 22.75 – 23.75 Spot Rate : 1.0000 Average : 0.5900 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 22.10 – 23.00 Spot Rate : 0.9000 Average : 0.5891 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 16.25 – 17.30 Spot Rate : 1.0500 Average : 0.8410 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 20.60 – 21.40 Spot Rate : 0.8000 Average : 0.6123 YTW SCENARIO |