Another day, another three more 52-week lows!
TXPR closed at 570.29, down 0.35% on the day and just barely above its new 52-week low of 570.28. Volume was 2.54-million, high but not extraordinary in the context of the past thirty days.
CPD closed at 11.33, a new 52-week low and down 0.79% on the day. Volume of 110,835 was near the median in the context of the past 30 days.
ZPR closed at 9.06, down 0.66% on the day after touching a new 52-week low of 9.045. Volume of 177,769 was above average but nothing special in the context of the past 30 days.
Five-year Canada yields were down 8bp to 1.17% today.
For those who would really appreciate a bit of good news, I’ll pass along the tidbit that Queue de Cheval, my favourite steakhouse, is coming to Toronto in November.
| 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 | -2.4049 % | 1,717.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.4049 % | 3,152.2 |
| Floater | 6.95 % | 7.14 % | 48,276 | 12.27 | 4 | -2.4049 % | 1,816.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0056 % | 3,373.0 |
| SplitShare | 4.66 % | 4.52 % | 60,756 | 4.08 | 7 | -0.0056 % | 4,028.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0056 % | 3,142.8 |
| Perpetual-Premium | 5.66 % | 0.21 % | 64,573 | 0.09 | 9 | 0.0663 % | 2,962.8 |
| Perpetual-Discount | 5.56 % | 5.64 % | 61,638 | 14.43 | 25 | -0.2579 % | 3,068.1 |
| FixedReset Disc | 6.00 % | 5.74 % | 154,426 | 14.27 | 66 | -0.3349 % | 1,934.1 |
| Deemed-Retractible | 5.33 % | 6.24 % | 66,960 | 7.82 | 27 | -0.0443 % | 3,066.5 |
| FloatingReset | 4.77 % | 3.98 % | 30,820 | 2.33 | 3 | 0.0106 % | 2,228.4 |
| FixedReset Prem | 5.23 % | 5.07 % | 176,574 | 1.88 | 21 | -0.0209 % | 2,546.6 |
| FixedReset Bank Non | 1.99 % | 4.44 % | 84,322 | 2.35 | 3 | -0.0978 % | 2,645.5 |
| FixedReset Ins Non | 5.75 % | 8.52 % | 101,963 | 7.93 | 21 | -0.2057 % | 2,000.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.A | Floater | -5.12 % | Real enough, since the issue traded 20,050 shares today in a range of 10.21-75 before closing at 10.20-50. Fourteen of the last twenty-five trades (from 2:01pm to the close) were in the 10.21-29 range.
YTW SCENARIO |
| CU.PR.C | FixedReset Disc | -3.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 15.68 Evaluated at bid price : 15.68 Bid-YTW : 5.78 % |
| HSE.PR.E | FixedReset Disc | -2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 7.30 % |
| SLF.PR.H | FixedReset Ins Non | -2.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.65 Bid-YTW : 9.64 % |
| MFC.PR.J | FixedReset Ins Non | -2.20 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.75 Bid-YTW : 8.46 % |
| BAM.PR.C | Floater | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 9.83 Evaluated at bid price : 9.83 Bid-YTW : 7.17 % |
| TD.PF.C | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 15.42 Evaluated at bid price : 15.42 Bid-YTW : 5.73 % |
| CU.PR.G | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.48 % |
| BAM.PF.D | Perpetual-Discount | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 6.08 % |
| TRP.PR.B | FixedReset Disc | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 9.66 Evaluated at bid price : 9.66 Bid-YTW : 6.60 % |
| BAM.PR.B | Floater | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 9.87 Evaluated at bid price : 9.87 Bid-YTW : 7.14 % |
| BAM.PR.M | Perpetual-Discount | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 6.17 % |
| CU.PR.E | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 22.10 Evaluated at bid price : 22.10 Bid-YTW : 5.58 % |
| BMO.PR.W | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.70 % |
| CM.PR.P | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 14.67 Evaluated at bid price : 14.67 Bid-YTW : 6.02 % |
| CM.PR.O | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 15.74 Evaluated at bid price : 15.74 Bid-YTW : 5.80 % |
| TD.PF.L | FixedReset Disc | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 22.40 Evaluated at bid price : 23.18 Bid-YTW : 5.06 % |
| BMO.PR.Y | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 17.41 Evaluated at bid price : 17.41 Bid-YTW : 5.70 % |
| BMO.PR.C | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 20.37 Evaluated at bid price : 20.37 Bid-YTW : 5.64 % |
| BMO.PR.S | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.56 % |
| BAM.PR.K | Floater | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 9.87 Evaluated at bid price : 9.87 Bid-YTW : 7.14 % |
| BIP.PR.C | FixedReset Prem | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.61 % |
| CM.PR.S | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 5.67 % |
| CM.PR.Y | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 22.67 Evaluated at bid price : 23.75 Bid-YTW : 5.26 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.Q | FixedReset Prem | 169,272 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 4.69 % |
| TD.PF.M | FixedReset Prem | 125,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 22.69 Evaluated at bid price : 23.79 Bid-YTW : 5.18 % |
| GWO.PR.S | Deemed-Retractible | 82,300 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.41 Bid-YTW : 6.24 % |
| RY.PR.J | FixedReset Disc | 48,719 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 5.71 % |
| TD.PF.J | FixedReset Disc | 48,165 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.42 % |
| TRP.PR.C | FixedReset Disc | 44,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-27 Maturity Price : 10.28 Evaluated at bid price : 10.28 Bid-YTW : 6.74 % |
| There were 39 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: 23.76 – 24.79 Spot Rate : 1.0300 Average : 0.6324 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 22.10 – 22.79 Spot Rate : 0.6900 Average : 0.5208 YTW SCENARIO |
| IAF.PR.B | Deemed-Retractible | Quote: 21.36 – 22.06 Spot Rate : 0.7000 Average : 0.5350 YTW SCENARIO |
| BIP.PR.F | FixedReset Disc | Quote: 21.25 – 21.71 Spot Rate : 0.4600 Average : 0.3193 YTW SCENARIO |
| TD.PF.M | FixedReset Prem | Quote: 23.79 – 24.19 Spot Rate : 0.4000 Average : 0.2715 YTW SCENARIO |
| BAM.PF.E | FixedReset Disc | Quote: 14.22 – 14.63 Spot Rate : 0.4100 Average : 0.2846 YTW SCENARIO |