Yet another 52-week high for the TXPR price index, with today’s high of 673.26 overpowering the mark of 669.72 set yesterday.
| 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 | -0.3929 % | 2,336.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3929 % | 4,548.7 |
| Floater | 6.83 % | 6.89 % | 53,330 | 12.69 | 2 | -0.3929 % | 2,621.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0169 % | 3,673.4 |
| SplitShare | 4.77 % | 4.30 % | 58,275 | 2.45 | 7 | -0.0169 % | 4,386.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0169 % | 3,422.8 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2340 % | 2,980.0 |
| Perpetual-Discount | 5.77 % | 5.84 % | 49,677 | 14.09 | 32 | -0.2340 % | 3,249.6 |
| FixedReset Disc | 5.64 % | 6.30 % | 131,722 | 13.12 | 40 | 0.1232 % | 2,979.8 |
| Insurance Straight | 5.64 % | 5.74 % | 54,212 | 14.30 | 19 | 0.3368 % | 3,212.6 |
| FloatingReset | 5.52 % | 5.33 % | 42,005 | 14.92 | 2 | -0.0475 % | 3,684.9 |
| FixedReset Prem | 5.73 % | 5.00 % | 117,281 | 2.60 | 16 | 0.2084 % | 2,630.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1232 % | 3,046.0 |
| FixedReset Ins Non | 5.17 % | 5.56 % | 72,037 | 14.21 | 14 | 1.2915 % | 3,091.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.F | Perpetual-Discount | -3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 6.08 % |
| BN.PF.A | FixedReset Disc | -2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 23.03 Evaluated at bid price : 24.18 Bid-YTW : 6.34 % |
| BN.PF.D | Perpetual-Discount | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.12 % |
| IFC.PR.A | FixedReset Ins Non | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 5.45 % |
| PWF.PR.K | Perpetual-Discount | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.92 % |
| BN.PR.B | Floater | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 12.62 Evaluated at bid price : 12.62 Bid-YTW : 6.95 % |
| NA.PR.K | FixedReset Prem | 1.08 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 28.10 Bid-YTW : 4.57 % |
| FTS.PR.M | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 22.74 Evaluated at bid price : 23.81 Bid-YTW : 5.82 % |
| GWO.PR.I | Insurance Straight | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 5.70 % |
| IFC.PR.C | FixedReset Ins Non | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 23.97 Evaluated at bid price : 24.40 Bid-YTW : 5.69 % |
| NA.PR.I | FixedReset Prem | 1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 5.60 % |
| ENB.PR.J | FixedReset Disc | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 21.85 Evaluated at bid price : 22.20 Bid-YTW : 6.52 % |
| IFC.PR.I | Insurance Straight | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 23.24 Evaluated at bid price : 23.50 Bid-YTW : 5.79 % |
| ENB.PR.H | FixedReset Disc | 2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 6.27 % |
| MFC.PR.F | FixedReset Ins Non | 3.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.97 % |
| MFC.PR.M | FixedReset Ins Non | 15.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 22.99 Evaluated at bid price : 24.40 Bid-YTW : 5.56 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.A | FixedReset Disc | 324,533 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 23.13 Evaluated at bid price : 24.74 Bid-YTW : 5.19 % |
| GWO.PR.S | Insurance Straight | 268,716 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.85 % |
| BN.PR.X | FixedReset Disc | 177,808 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 6.30 % |
| ENB.PR.Y | FixedReset Disc | 61,445 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.89 % |
| ENB.PF.G | FixedReset Disc | 61,180 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.77 % |
| SLF.PR.G | FixedReset Ins Non | 60,406 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-07-18 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.95 % |
| There were 84 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 18.25 – 23.80 Spot Rate : 5.5500 Average : 3.3123 YTW SCENARIO |
| ENB.PR.D | FixedReset Disc | Quote: 20.33 – 23.90 Spot Rate : 3.5700 Average : 1.9621 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 21.30 – 23.54 Spot Rate : 2.2400 Average : 1.5886 YTW SCENARIO |
| PWF.PR.F | Perpetual-Discount | Quote: 21.65 – 23.00 Spot Rate : 1.3500 Average : 0.9005 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 25.25 – 26.25 Spot Rate : 1.0000 Average : 0.5762 YTW SCENARIO |
| FTS.PR.M | FixedReset Disc | Quote: 23.81 – 24.81 Spot Rate : 1.0000 Average : 0.5771 YTW SCENARIO |
so nice to still be long prefs. probably still more room for them to move higher. looks lie 3 month canadas found a range around 2.5%-3% and 5 year canadas around 3% -3.5% for now. but those ranges are good until monday morning. lol seriously though, if we’re not going back to emergency level rates, this is probably the bottom range of where rates will sit and they will eventually work higher. just a guess. who knows.
I’ve been saying for some time in PrefLetter: