| 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 | 0.0000 % | 2,485.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,711.9 |
| Floater | 5.80 % | 5.98 % | 59,382 | 13.97 | 3 | 0.0000 % | 2,715.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0395 % | 3,650.3 |
| SplitShare | 4.78 % | 4.56 % | 79,210 | 2.94 | 5 | -0.0395 % | 4,359.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0395 % | 3,401.2 |
| Perpetual-Premium | 5.79 % | 5.88 % | 75,480 | 13.91 | 7 | 0.0635 % | 3,020.5 |
| Perpetual-Discount | 5.80 % | 5.86 % | 44,835 | 14.02 | 28 | -0.7214 % | 3,261.4 |
| FixedReset Disc | 6.00 % | 6.28 % | 107,669 | 13.41 | 27 | -1.3415 % | 3,136.7 |
| Insurance Straight | 5.71 % | 5.76 % | 62,466 | 14.28 | 22 | -0.2531 % | 3,186.9 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.3415 % | 3,731.4 |
| FixedReset Prem | 6.04 % | 4.89 % | 90,709 | 2.66 | 21 | -0.2751 % | 2,626.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.3415 % | 3,206.3 |
| FixedReset Ins Non | 5.30 % | 5.73 % | 74,110 | 14.18 | 14 | -0.0031 % | 3,118.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BIP.PR.E | FixedReset Prem | -4.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 23.68 Evaluated at bid price : 24.00 Bid-YTW : 6.56 % |
| ENB.PF.A | FixedReset Disc | -4.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.70 Evaluated at bid price : 22.00 Bid-YTW : 6.68 % |
| IFC.PR.C | FixedReset Ins Non | -4.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.96 Evaluated at bid price : 23.72 Bid-YTW : 6.09 % |
| POW.PR.A | Perpetual-Discount | -4.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.98 Evaluated at bid price : 23.25 Bid-YTW : 6.03 % |
| GWO.PR.G | Insurance Straight | -3.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.46 Evaluated at bid price : 21.72 Bid-YTW : 6.01 % |
| GWO.PR.R | Insurance Straight | -3.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 5.95 % |
| BN.PF.E | FixedReset Disc | -3.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.03 Evaluated at bid price : 22.50 Bid-YTW : 6.24 % |
| CU.PR.H | Perpetual-Discount | -3.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.92 % |
| BN.PR.T | FixedReset Disc | -3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.68 % |
| ENB.PF.G | FixedReset Disc | -3.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.78 Evaluated at bid price : 22.16 Bid-YTW : 6.62 % |
| ENB.PR.D | FixedReset Disc | -3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.69 % |
| ENB.PR.H | FixedReset Disc | -2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.03 Evaluated at bid price : 22.30 Bid-YTW : 6.18 % |
| CU.PR.C | FixedReset Disc | -2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 23.57 Evaluated at bid price : 24.05 Bid-YTW : 5.83 % |
| ENB.PR.Y | FixedReset Disc | -2.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 6.68 % |
| CIU.PR.A | Perpetual-Discount | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 19.78 Evaluated at bid price : 19.78 Bid-YTW : 5.89 % |
| ENB.PR.J | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.31 Evaluated at bid price : 22.79 Bid-YTW : 6.44 % |
| GWO.PR.H | Insurance Straight | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.10 % |
| FTS.PR.J | Perpetual-Discount | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.67 % |
| PWF.PR.S | Perpetual-Discount | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.89 % |
| GWO.PR.Y | Insurance Straight | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 19.74 Evaluated at bid price : 19.74 Bid-YTW : 5.73 % |
| GWO.PR.Q | Insurance Straight | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.82 Evaluated at bid price : 22.06 Bid-YTW : 5.86 % |
| ENB.PR.F | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.05 Evaluated at bid price : 22.29 Bid-YTW : 6.45 % |
| BN.PF.B | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.80 Evaluated at bid price : 23.65 Bid-YTW : 6.23 % |
| FTS.PR.F | Perpetual-Discount | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.50 Evaluated at bid price : 21.76 Bid-YTW : 5.68 % |
| CU.PR.G | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 5.80 % |
| ENB.PF.K | FixedReset Prem | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 23.61 Evaluated at bid price : 25.02 Bid-YTW : 6.36 % |
| SLF.PR.E | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.58 Evaluated at bid price : 20.58 Bid-YTW : 5.50 % |
| POW.PR.D | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.79 % |
| SLF.PR.C | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 5.46 % |
| ENB.PF.E | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.00 Evaluated at bid price : 22.47 Bid-YTW : 6.44 % |
| PWF.PR.R | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 23.42 Evaluated at bid price : 23.71 Bid-YTW : 5.89 % |
| TD.PF.A | FixedReset Prem | 1.51 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 4.61 % |
| MFC.PR.F | FixedReset Ins Non | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.88 % |
| MFC.PR.L | FixedReset Ins Non | 2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 23.12 Evaluated at bid price : 24.40 Bid-YTW : 5.55 % |
| POW.PR.B | Perpetual-Discount | 3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.91 Evaluated at bid price : 23.18 Bid-YTW : 5.78 % |
| SLF.PR.G | FixedReset Ins Non | 3.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.82 % |
| GWO.PR.I | Insurance Straight | 4.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 5.69 % |
| GWO.PR.S | Insurance Straight | 5.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 5.80 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| IFC.PR.C | FixedReset Ins Non | 125,289 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.96 Evaluated at bid price : 23.72 Bid-YTW : 6.09 % |
| BN.PR.K | Floater | 104,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 5.98 % |
| PWF.PR.P | FixedReset Disc | 50,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.97 % |
| MFC.PR.I | FixedReset Ins Non | 45,383 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.68 % |
| RY.PR.S | FixedReset Prem | 43,648 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 4.40 % |
| ENB.PF.C | FixedReset Disc | 18,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-27 Maturity Price : 22.02 Evaluated at bid price : 22.47 Bid-YTW : 6.45 % |
| There were 6 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: 19.60 – 23.80 Spot Rate : 4.2000 Average : 3.3062 YTW SCENARIO |
| POW.PR.A | Perpetual-Discount | Quote: 23.25 – 24.70 Spot Rate : 1.4500 Average : 0.8969 YTW SCENARIO |
| BIP.PR.E | FixedReset Prem | Quote: 24.00 – 25.29 Spot Rate : 1.2900 Average : 0.7837 YTW SCENARIO |
| ENB.PF.A | FixedReset Disc | Quote: 22.00 – 23.27 Spot Rate : 1.2700 Average : 0.7717 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 23.72 – 24.80 Spot Rate : 1.0800 Average : 0.6259 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 22.50 – 23.50 Spot Rate : 1.0000 Average : 0.6093 YTW SCENARIO |
Hi Guys,
What your thoughts about this war and its impact on preferreds? I was wondering if a recession hits due to oil prices skyrocketing, will preferreds be dumped with the rest of the market and give us another Oct 2023 entry point? I currently have 25% of my net worth in preferreds (following James monthly recommendation). I own 54 distinct names and am thinking of consolidating them down to 25 or so.
My sense is that preferreds are panic prone. I don’t think any particular macro event will drive them down. It will mostly be due to the feelings of the retail inestors who dominate their ownership.
So far, while equities have gone down since the beginning of this “war”, in my view, it has been quite orderly. I have not gotten the feeling that there has been any panic in the equities markets at all, unlike the early days of the lockdowns in 2020 or even the Liberation Day fiasco a year ago. Also, Credit spreads of corporate bonds (BBB and junk too) have moved up but not really that much (BBB credit spreads chart: https://fred.stlouisfed.org/series/BAMLC0A4CBBB )
I think that this is why prefs have been largely untouched so far. If Trump escalates this into something even worse, then we might see some real panic in equities and risk assets in general, including prefs.