Soon we will all have a chance to invest in Canada’s version of State Capitalism!
Ottawa plans to grow its new sovereign wealth fund through a combination of buy-in from retail investors and efforts to reallocate money that is tied up in airports and other federal assets.
On Monday, the Prime Minister Mark Carney announced a new $25-billion sovereign wealth fund, which will focus on investing in companies and infrastructure projects that are part of the government’s major projects agenda.
The spring economic update on Tuesday offered few additional details about how the fund will work in practice.
But it did say the government will look to grow the pool of capital beyond the initial $25-billion in seed funding by allowing Canadians to invest in the fund, and by what the government says is optimizing existing federal assets.
I’m busy warming up my cheque-book to get in on the ground floor of this opportunity … we can bring back the Avro Arrow! We can monetize our expertise in building large pay-roll systems! Most excitingly, we can build secure apps for mobile ‘phones! Apps are cool, right? We’ll sell millions of them!
| 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 | 0.2987 % | 2,498.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2987 % | 4,737.0 |
| Floater | 5.80 % | 5.93 % | 34,297 | 13.99 | 4 | 0.2987 % | 2,729.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0551 % | 3,661.3 |
| SplitShare | 4.77 % | 4.53 % | 66,765 | 2.85 | 5 | -0.0551 % | 4,372.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0551 % | 3,411.5 |
| Perpetual-Premium | 5.84 % | -6.51 % | 59,460 | 0.08 | 1 | 0.1984 % | 3,031.7 |
| Perpetual-Discount | 5.67 % | 5.72 % | 49,455 | 14.29 | 34 | 0.1459 % | 3,342.9 |
| FixedReset Disc | 5.76 % | 5.97 % | 126,020 | 13.79 | 27 | 0.2931 % | 3,269.2 |
| Insurance Straight | 5.55 % | 5.62 % | 52,435 | 14.44 | 22 | -0.4094 % | 3,278.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2931 % | 3,889.0 |
| FixedReset Prem | 5.99 % | 4.59 % | 93,256 | 1.93 | 21 | 0.3132 % | 2,648.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2931 % | 3,341.8 |
| FixedReset Ins Non | 5.10 % | 5.35 % | 74,186 | 14.50 | 14 | 0.1930 % | 3,240.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.I | Insurance Straight | -9.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.80 Evaluated at bid price : 22.06 Bid-YTW : 6.19 % |
| MFC.PR.B | Insurance Straight | -3.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.62 % |
| PWF.PF.A | Perpetual-Discount | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.73 % |
| GWO.PR.R | Insurance Straight | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.69 % |
| ENB.PF.G | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 22.59 Evaluated at bid price : 23.50 Bid-YTW : 6.18 % |
| IFC.PR.A | FixedReset Ins Non | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 22.17 Evaluated at bid price : 22.50 Bid-YTW : 5.41 % |
| CIU.PR.A | Perpetual-Discount | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.68 % |
| ENB.PR.D | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.82 Evaluated at bid price : 22.33 Bid-YTW : 6.22 % |
| BN.PF.A | FixedReset Prem | 1.65 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.92 Bid-YTW : 5.37 % |
| SLF.PR.H | FixedReset Ins Non | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 23.63 Evaluated at bid price : 24.40 Bid-YTW : 5.35 % |
| SLF.PR.C | Insurance Straight | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.26 % |
| BN.PR.T | FixedReset Disc | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.54 Evaluated at bid price : 21.90 Bid-YTW : 6.12 % |
| PWF.PR.E | Perpetual-Discount | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.78 % |
| PWF.PR.S | Perpetual-Discount | 3.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.65 % |
| MFC.PR.C | Insurance Straight | 4.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 5.27 % |
| BN.PR.Z | FixedReset Prem | 5.82 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 5.28 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PF.C | FixedReset Disc | 62,093 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 22.52 Evaluated at bid price : 23.30 Bid-YTW : 6.17 % |
| ENB.PR.T | FixedReset Disc | 39,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 23.10 Evaluated at bid price : 24.32 Bid-YTW : 5.97 % |
| PWF.PR.A | Floater | 33,025 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 14.12 Evaluated at bid price : 14.12 Bid-YTW : 5.53 % |
| ENB.PR.H | FixedReset Disc | 32,150 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 22.88 Evaluated at bid price : 23.60 Bid-YTW : 5.76 % |
| FTS.PR.G | FixedReset Disc | 29,272 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-28 Maturity Price : 23.53 Evaluated at bid price : 25.08 Bid-YTW : 5.37 % |
| BIP.PR.E | FixedReset Prem | 28,820 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 5.61 % |
| 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 |
| IFC.PR.I | Insurance Straight | Quote: 22.06 – 24.67 Spot Rate : 2.6100 Average : 1.5693 YTW SCENARIO |
| BN.PR.M | Perpetual-Discount | Quote: 20.35 – 20.99 Spot Rate : 0.6400 Average : 0.3669 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 21.00 – 22.30 Spot Rate : 1.3000 Average : 1.0342 YTW SCENARIO |
| ENB.PR.B | FixedReset Disc | Quote: 22.40 – 24.00 Spot Rate : 1.6000 Average : 1.3376 YTW SCENARIO |
| PWF.PR.Z | Perpetual-Discount | Quote: 22.42 – 22.99 Spot Rate : 0.5700 Average : 0.3777 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 22.00 – 23.15 Spot Rate : 1.1500 Average : 0.9796 YTW SCENARIO |