| 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 | -0.1739 % | 2,477.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1739 % | 4,697.9 |
| Floater | 5.81 % | 6.09 % | 58,001 | 13.72 | 3 | -0.1739 % | 2,707.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2225 % | 3,640.2 |
| SplitShare | 4.80 % | 4.66 % | 74,817 | 3.03 | 5 | 0.2225 % | 4,347.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2225 % | 3,391.8 |
| Perpetual-Premium | 5.66 % | 5.57 % | 469,644 | 14.11 | 7 | -0.0962 % | 3,080.5 |
| Perpetual-Discount | 5.62 % | 5.69 % | 47,586 | 14.34 | 27 | -0.8738 % | 3,371.1 |
| FixedReset Disc | 5.91 % | 5.71 % | 126,882 | 14.00 | 28 | 0.0966 % | 3,186.0 |
| Insurance Straight | 5.43 % | 5.54 % | 68,809 | 14.50 | 22 | -0.2487 % | 3,349.1 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0966 % | 3,790.1 |
| FixedReset Prem | 5.94 % | 4.27 % | 85,744 | 2.36 | 20 | -0.0477 % | 2,669.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0966 % | 3,256.7 |
| FixedReset Ins Non | 5.24 % | 5.17 % | 82,352 | 14.76 | 14 | 0.0243 % | 3,157.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.S | Perpetual-Discount | -24.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.33 % |
| CCS.PR.C | Insurance Straight | -3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.57 % |
| BN.PF.D | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.92 % |
| MFC.PR.B | Insurance Straight | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 22.05 Evaluated at bid price : 22.28 Bid-YTW : 5.30 % |
| BN.PF.F | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 23.25 Evaluated at bid price : 24.88 Bid-YTW : 5.68 % |
| PVS.PR.K | SplitShare | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.36 % |
| ENB.PR.J | FixedReset Disc | 2.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 22.48 Evaluated at bid price : 23.07 Bid-YTW : 5.88 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.N | FixedReset Ins Non | 62,095 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 5.57 % |
| BN.PF.C | Perpetual-Discount | 41,086 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 5.80 % |
| GWO.PR.R | Insurance Straight | 40,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 21.73 Evaluated at bid price : 21.98 Bid-YTW : 5.54 % |
| GWO.PR.P | Insurance Straight | 34,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 24.05 Evaluated at bid price : 24.30 Bid-YTW : 5.64 % |
| BN.PR.X | FixedReset Disc | 22,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.93 % |
| CU.PR.K | Perpetual-Premium | 21,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-02-23 Maturity Price : 24.43 Evaluated at bid price : 24.82 Bid-YTW : 5.65 % |
| There were 8 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 |
| PWF.PR.S | Perpetual-Discount | Quote: 16.60 – 22.06 Spot Rate : 5.4600 Average : 2.9813 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 22.28 – 23.50 Spot Rate : 1.2200 Average : 0.8010 YTW SCENARIO |
| ENB.PR.H | FixedReset Disc | Quote: 22.98 – 23.87 Spot Rate : 0.8900 Average : 0.5425 YTW SCENARIO |
| GWO.PR.T | Insurance Straight | Quote: 23.75 – 24.50 Spot Rate : 0.7500 Average : 0.4971 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 22.75 – 23.69 Spot Rate : 0.9400 Average : 0.6998 YTW SCENARIO |
| BN.PF.D | Perpetual-Discount | Quote: 21.07 – 21.87 Spot Rate : 0.8000 Average : 0.5756 YTW SCENARIO |
CALGARY, Alberta, Feb. 26, 2026 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced it will exercise its right to redeem its 2.577% Series 1 Preferred Shares (the “Series 1 Preferred Shares”) and its 3.948% Series 2 Preferred Shares (the “Series 2 Preferred Shares”, collectively, the “Series 1 & 2 Preferred Shares”) on March 31, 2026 (the “Redemption”). All of the Series 1 & 2 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $300 million, less required withholdings, if any, funded primarily from cash on hand.
These are the old (legacy) Husky preferred shares. If memory serves me right you could have picked up the A shares at under $5 in 2020?
If memory serves me right you could have picked up the A shares at under $5 in 2020?
… and it seems memory serves me right and you bought a stack at $6 & change:
You took a fair bit of heat for your ‘deep discounts are extremely important’ thesis (I believe sizeable discounts are more of a valuation ‘nudge’ than a valuation ‘determiner’) but one way or another, it was a good move – even if you cashed out early!
I did alright. I find it “interesting” that preferred shares and debentures can take quite a beating when companies get into trouble even though asset coverage is generally not compromised. Obviously you have to do your homework and have faith. Thanks James!
[…] to Assiduous Readers Dan Good and FletcherLynd for bringing this to my […]