I’ve been getting a few inquiries regarding what the hell is going on in the Canadian preferred share lately – here’s my best answer:
I ascribe the downturn to uncertainty.
Perpetual Discounts now yield 5.78%, equivalent to 7.51% interest at the standard conversion factor of 1.3x. Long-Term corporate bonds now yield a little over 4.10%, so the pre-tax interest-equivalent spread is now about 340bp, an enormous widening from the 315bp reported on September 26 that has been achieved entirely through the increase in PerpetualDiscount yields – the long term corporate bond yield has not changed noticeably.
At the same time, we’re seeing comparable weakness in FixedResets, which really should stay relatively stable regardless of the overall level of interest rates , but which should be expected to continue to recover from the lows of 2014-16 with an increase in yields.
It is possible that this is being driven by funds like CPD – as units are created and destroyed, individual issues are bought and sold in lockstep, regardless of their characteristics – but I’m not sure that this is the case; and while this would explain the correlation between the two sub-classes, it wouldn’t explain why the units are being created and destroyed in the first place.
It seems to me that investors in both subsectors are fearing the worst, regardless of the fact that their worst fears are of opposite environments. I suggest that this may be due to uncertainties regarding the global economy; we’re seeing the IMF cut its growth forecasts due to trade concerns; Trump trying to pick a fight with the Fed (I think this is probably because he wants some political cover in case a US slowdown does occur to a noticeable degree); and, of course, the approaching US mid-term elections.
Due to the retail nature of preferred share investors, the sector is prone to episodes like this, in which the market behaves irrationally for a while until people take a deep breath and look at the comparable after-tax yields. I just wish there was some way of predicting the outbreak and duration of such events!
My second-best answer (because it’s rather dated, but is still generally applicable) is Shut Up and Clip Your Coupons! I mean, what else are you going to put your money into that will pay such a high rate of after-tax income while providing first-loss protection?
All sectors on the TSX lost ground on Monday, led by cannabis-heavy health care which was down more than 10 per cent. Aphria Inc. closed down 17.35 per cent, Canopy Growth Corp. 14.12 per cent and Aurora Cannabis 16.10 per cent.
Since Canada legalized recreational marijuana use Oct. 17, pot stocks have lost up to about 45 per cent of their value.
The energy sector closed off more than three cent as the price of crude oil continued to fall as investors remained concerned about slowing global demand led by weakness in China
…
In New York, the Dow Jones industrial average was down 245.39 to 24,442.92. The S&P 500 index was off 17.44 points to 2,641.25, while the Nasdaq composite lost 116.92 points to 7,050.29.U.S. markets sustained sharp losses late in the day on reports that Trump is planning new tariffs on all remaining imports from China if the two sides don’t make progress in trade talks next month.
As an aside, I don’t agree with Andrew Jackson (Adjunct Research Professor in the Institute of Political Economy at Carleton University, and senior policy adviser to the Broadbent Institute) very often – but sometimes he has things right:
Further, cuts to the corporate-tax rate are costly since most of the benefit goes to existing firms making profits from past investments, rather than to new firms or those thinking about expansion. A cut in the tax rate is also irrelevant to companies earning so-called rents or above-average profits compared to the international norm. For example, during the resource-boom companies would have invested in the oil sands even if the corporate-tax rate had been much higher, since expected profits were very high.
Canadian banks, utilities, airlines, railways, retailers and cultural industries among others all have to operate mainly in Canada to serve the Canadian market, so they are not very responsive to changes in tax rates compared to other countries.
If the politicians want to make Canada more competitive, they will break up the banks. Let them bank; don’t let them do much else. The enormous size of the heavily protected Canadian banking sector soaks up talent, soaks up capital, soaks up real-estate and soaks up political attention – for what? Second-rate (or, at best, plain vanilla) products made very cheaply as a consequence of scale and sold on the basis of the brand name. That not the basis of a competitive economy – that’s the basis of rentier economy, which is what we got.
I’ve rearranged my data collection routines in an effort that will eventually improve the attribution analysis I’ve been working on. Here are some spot results that some might find of interest:
| Total Return 2018-9-28 to 2018-10-29 |
|
| Tracking Account |
Performance |
| HIMI Index – Floater | -3.23% |
| HIMI Index – Split Share | -0.10% |
| HIMI Index – Perpetual (Premium) | -2.21% |
| HIMI Index – Perpetual (Discount) | -4.25% |
| HIMI Index – FixedReset Discount | -5.05% |
| HIMI Index – Deemed Retractible | -3.93% |
| HIMI Index – FloatingReset | -5.13% |
| HIMI Index – FixedReset Premium | -1.98% |
| HIMI Index – FixedReset Bank nonNVCC | +0.16% |
| HIMI Index – FixedReset Insurance nonNVCC | -5.83% |
| HIMI Index – Scraps Ratchet | -1.35% |
| HIMI Index – Scraps FixedFloater | -1.49% |
| HIMI Index – Scraps Floater | -2.35% |
| HIMI Index – Scraps OpRet | +1.61% |
| HIMI Index – Scraps Split Share | -0.50% |
| HIMI Index – Scraps PerpPrem | -4.23% |
| HIMI Index – Scraps PerpDisc | -4.57% |
| HIMI Index – Scraps FR Discount | -5.86% |
| HIMI Index – Scraps DeemedRet | -5.62% |
| HIMI Index – Scraps FloatingReset | -3.79% |
| HIMI Index – Scraps FR Premium | -2.47% |
Note that issues may be relegated to “Scraps” on either credit or volume concerns.
All of which is by way of introducing a snapshot of today’s preferred share market action:
Click for Big
| 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 | -0.6203 % | 3,029.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6203 % | 5,558.7 |
| Floater | 3.84 % | 4.06 % | 41,613 | 17.29 | 4 | -0.6203 % | 3,203.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0635 % | 3,227.1 |
| SplitShare | 4.61 % | 4.86 % | 50,916 | 4.68 | 5 | 0.0635 % | 3,853.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0635 % | 3,006.9 |
| Perpetual-Premium | 5.73 % | 5.75 % | 65,601 | 14.11 | 12 | -0.3983 % | 2,860.6 |
| Perpetual-Discount | 5.71 % | 5.80 % | 74,333 | 14.20 | 21 | -0.9345 % | 2,875.4 |
| FixedReset Disc | 4.43 % | 5.41 % | 154,686 | 14.98 | 45 | -2.8808 % | 2,458.6 |
| Deemed-Retractible | 5.39 % | 6.74 % | 67,782 | 5.21 | 27 | -0.5609 % | 2,878.1 |
| FloatingReset | 3.91 % | 3.99 % | 46,209 | 5.45 | 4 | -1.9873 % | 2,709.2 |
| FixedReset Prem | 4.96 % | 4.82 % | 233,259 | 3.04 | 34 | -0.6970 % | 2,524.9 |
| FixedReset Bank Non | 3.05 % | 4.04 % | 89,083 | 3.04 | 7 | -0.0102 % | 2,576.6 |
| FixedReset Ins Non | 4.58 % | 6.51 % | 125,407 | 5.31 | 22 | -1.1287 % | 2,443.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.D | FixedReset Disc | -7.91 % | A highly suspicious quote, since the issue traded 29,954 shares today in a range of 20.77-21.95 before closing at 20.13-85.
I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| TRP.PR.F | FloatingReset | -7.80 % | A nonsensical quote as the issue traded 7,200 shares today in a range of 19.49-28 before closing at 18.44-20.27.
I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| TD.PF.E | FixedReset Disc | -5.69 % | Another nonsensical quote, as the issue traded 8,245 shares today in a range of 23.66-22 before closing at 22.88-72.
I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | -5.30 % | A highly suspicious quote as the issue traded 15,750 shares today in a range of 23.03-00 before closing at 22.53-23.67.
I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| BAM.PF.E | FixedReset Disc | -5.13 % | Another highly suspicious quote from Nonsense Central, as the issue traded 8,269 shares in a range of 22.71-46 before being quoted at 22.01-23.07 in NC’s very expensive reports.
I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| TRP.PR.B | FixedReset Disc | -5.11 % | This one is actually credible, as there was a little bit of trading below $16.00 in the last half hour of the regular market, during which one board lot touched the low of 15.75.
YTW SCENARIO |
| CM.PR.Q | FixedReset Disc | -5.04 % | But our lack of faith in the reliability of these expensively purchased quotes is restored when we see that this issue traded 11,559 shares in a range of 23.41-10 before being quoted at 22.79-43.
I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO |
| BAM.PR.M | Perpetual-Discount | -4.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 6.33 % |
| TRP.PR.A | FixedReset Disc | -4.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.74 % |
| SLF.PR.I | FixedReset Ins Non | -4.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.39 Bid-YTW : 6.51 % |
| TRP.PR.E | FixedReset Disc | -4.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 5.65 % |
| VNR.PR.A | FixedReset Disc | -4.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.52 Evaluated at bid price : 23.31 Bid-YTW : 5.41 % |
| MFC.PR.Q | FixedReset Ins Non | -4.21 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.51 Bid-YTW : 6.88 % |
| TRP.PR.C | FixedReset Disc | -4.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 5.68 % |
| NA.PR.W | FixedReset Disc | -3.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.39 % |
| RY.PR.Z | FixedReset Disc | -3.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.59 Evaluated at bid price : 21.95 Bid-YTW : 5.18 % |
| BAM.PF.C | Perpetual-Discount | -3.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.22 % |
| NA.PR.S | FixedReset Disc | -3.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.56 Evaluated at bid price : 21.91 Bid-YTW : 5.41 % |
| BAM.PR.N | Perpetual-Discount | -3.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 19.13 Evaluated at bid price : 19.13 Bid-YTW : 6.29 % |
| CM.PR.O | FixedReset Disc | -3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.75 Evaluated at bid price : 22.20 Bid-YTW : 5.23 % |
| BIP.PR.E | FixedReset Disc | -3.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.91 Evaluated at bid price : 24.21 Bid-YTW : 5.43 % |
| RY.PR.H | FixedReset Disc | -3.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.76 Evaluated at bid price : 22.21 Bid-YTW : 5.15 % |
| TD.PF.C | FixedReset Disc | -3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.60 Evaluated at bid price : 21.99 Bid-YTW : 5.18 % |
| CM.PR.P | FixedReset Disc | -2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.53 Evaluated at bid price : 21.90 Bid-YTW : 5.18 % |
| RY.PR.M | FixedReset Disc | -2.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.69 Evaluated at bid price : 23.01 Bid-YTW : 5.23 % |
| TD.PF.D | FixedReset Disc | -2.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.08 Evaluated at bid price : 23.46 Bid-YTW : 5.33 % |
| TD.PF.B | FixedReset Disc | -2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.76 Evaluated at bid price : 22.21 Bid-YTW : 5.18 % |
| BMO.PR.S | FixedReset Disc | -2.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.05 Evaluated at bid price : 22.65 Bid-YTW : 5.21 % |
| GWO.PR.R | Deemed-Retractible | -2.55 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.01 Bid-YTW : 8.24 % |
| HSE.PR.A | FixedReset Disc | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.85 % |
| RY.PR.J | FixedReset Disc | -2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.88 Evaluated at bid price : 23.29 Bid-YTW : 5.33 % |
| BAM.PR.Z | FixedReset Disc | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.55 Evaluated at bid price : 23.40 Bid-YTW : 5.53 % |
| HSE.PR.C | FixedReset Disc | -2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.46 Evaluated at bid price : 22.93 Bid-YTW : 5.94 % |
| TD.PF.A | FixedReset Disc | -2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.65 Evaluated at bid price : 22.06 Bid-YTW : 5.18 % |
| BAM.PR.R | FixedReset Disc | -2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.59 % |
| BMO.PR.Y | FixedReset Disc | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.52 Evaluated at bid price : 23.88 Bid-YTW : 5.23 % |
| BIP.PR.F | FixedReset Prem | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.86 Evaluated at bid price : 24.22 Bid-YTW : 5.40 % |
| BMO.PR.T | FixedReset Disc | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.95 Evaluated at bid price : 22.50 Bid-YTW : 5.13 % |
| TRP.PR.K | FixedReset Prem | -2.16 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.30 % |
| PWF.PR.T | FixedReset Disc | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.09 Evaluated at bid price : 22.70 Bid-YTW : 5.20 % |
| CU.PR.C | FixedReset Disc | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.48 % |
| BMO.PR.W | FixedReset Disc | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.88 Evaluated at bid price : 22.41 Bid-YTW : 5.11 % |
| SLF.PR.H | FixedReset Ins Non | -2.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.09 Bid-YTW : 7.80 % |
| EMA.PR.F | FixedReset Disc | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.85 Evaluated at bid price : 23.32 Bid-YTW : 5.36 % |
| TD.PF.G | FixedReset Prem | -1.99 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 5.22 % |
| POW.PR.A | Perpetual-Premium | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.85 % |
| BAM.PF.G | FixedReset Disc | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.30 Evaluated at bid price : 23.69 Bid-YTW : 5.46 % |
| PWF.PR.A | Floater | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 3.32 % |
| HSE.PR.G | FixedReset Prem | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.51 Evaluated at bid price : 23.89 Bid-YTW : 6.07 % |
| NA.PR.A | FixedReset Prem | -1.83 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.03 % |
| CM.PR.S | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.46 Evaluated at bid price : 23.24 Bid-YTW : 5.07 % |
| MFC.PR.N | FixedReset Ins Non | -1.75 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.39 Bid-YTW : 7.52 % |
| BAM.PF.A | FixedReset Disc | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.74 Evaluated at bid price : 23.90 Bid-YTW : 5.44 % |
| MFC.PR.B | Deemed-Retractible | -1.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.76 Bid-YTW : 9.31 % |
| IFC.PR.G | FixedReset Ins Non | -1.67 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.60 Bid-YTW : 6.11 % |
| BAM.PF.F | FixedReset Disc | -1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.04 Evaluated at bid price : 23.62 Bid-YTW : 5.52 % |
| MFC.PR.G | FixedReset Ins Non | -1.58 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.04 Bid-YTW : 6.19 % |
| TRP.PR.J | FixedReset Prem | -1.36 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.24 % |
| IFC.PR.C | FixedReset Ins Non | -1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.20 Bid-YTW : 6.49 % |
| BAM.PR.X | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.45 % |
| HSE.PR.E | FixedReset Prem | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.63 Evaluated at bid price : 24.05 Bid-YTW : 6.07 % |
| MFC.PR.J | FixedReset Ins Non | -1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.40 Bid-YTW : 6.36 % |
| BAM.PR.T | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.58 % |
| BAM.PF.H | FixedReset Prem | -1.26 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.23 % |
| GWO.PR.Q | Deemed-Retractible | -1.23 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 7.30 % |
| TD.PF.F | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.17 Evaluated at bid price : 23.54 Bid-YTW : 5.21 % |
| CU.PR.F | Perpetual-Discount | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.72 % |
| BAM.PF.B | FixedReset Disc | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 22.11 Evaluated at bid price : 22.74 Bid-YTW : 5.49 % |
| GWO.PR.S | Deemed-Retractible | -1.15 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.28 Bid-YTW : 6.74 % |
| SLF.PR.A | Deemed-Retractible | -1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.84 Bid-YTW : 8.34 % |
| CU.PR.G | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.72 % |
| EMA.PR.H | FixedReset Prem | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.07 Evaluated at bid price : 24.69 Bid-YTW : 4.96 % |
| POW.PR.D | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.91 % |
| GWO.PR.G | Deemed-Retractible | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.65 Bid-YTW : 7.22 % |
| PWF.PR.P | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 5.21 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.L | FixedReset Bank Non | 407,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 2.83 % |
| BMO.PR.E | FixedReset Prem | 81,440 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-11-25 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.92 % |
| TD.PF.H | FixedReset Prem | 71,202 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.43 Bid-YTW : 4.25 % |
| BNS.PR.I | FixedReset Disc | 69,005 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-10-29 Maturity Price : 23.06 Evaluated at bid price : 24.76 Bid-YTW : 4.80 % |
| IFC.PR.E | Deemed-Retractible | 59,700 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 6.67 % |
| RY.PR.Q | FixedReset Prem | 58,833 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 4.18 % |
| There were 53 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.F | FloatingReset | Quote: 18.44 – 20.27 Spot Rate : 1.8300 Average : 1.0966 YTW SCENARIO |
| TRP.PR.A | FixedReset Disc | Quote: 18.50 – 20.11 Spot Rate : 1.6100 Average : 0.9725 YTW SCENARIO |
| SLF.PR.I | FixedReset Ins Non | Quote: 22.39 – 23.55 Spot Rate : 1.1600 Average : 0.6272 YTW SCENARIO |
| RY.PR.M | FixedReset Disc | Quote: 23.01 – 24.20 Spot Rate : 1.1900 Average : 0.6871 YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | Quote: 22.53 – 23.67 Spot Rate : 1.1400 Average : 0.6876 YTW SCENARIO |
| BAM.PF.E | FixedReset Disc | Quote: 22.01 – 23.07 Spot Rate : 1.0600 Average : 0.6162 YTW SCENARIO |