| 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 | -0.1921 % | 2,554.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1921 % | 4,842.7 |
| Floater | 5.62 % | 5.85 % | 42,231 | 14.08 | 3 | -0.1921 % | 2,790.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9978 % | 3,628.7 |
| SplitShare | 4.80 % | 5.06 % | 53,151 | 2.79 | 5 | -0.9978 % | 4,333.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9978 % | 3,381.1 |
| Perpetual-Premium | 5.75 % | 3.21 % | 63,732 | 0.08 | 3 | 0.0792 % | 3,055.0 |
| Perpetual-Discount | 5.62 % | 5.69 % | 52,785 | 14.30 | 30 | -0.0131 % | 3,352.1 |
| FixedReset Disc | 5.64 % | 6.04 % | 99,032 | 13.61 | 24 | -0.1731 % | 3,305.9 |
| Insurance Straight | 5.48 % | 5.60 % | 51,140 | 14.40 | 22 | -0.3181 % | 3,286.9 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1731 % | 3,932.8 |
| FixedReset Prem | 5.98 % | 4.45 % | 89,346 | 2.28 | 24 | 0.0788 % | 2,654.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1731 % | 3,379.3 |
| FixedReset Ins Non | 5.05 % | 5.33 % | 80,302 | 2.14 | 14 | -0.2635 % | 3,270.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.X | FixedReset Disc | -7.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.51 % |
| MFC.PR.L | FixedReset Ins Non | -3.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 23.28 Evaluated at bid price : 24.75 Bid-YTW : 5.66 % |
| SLF.PR.C | Insurance Straight | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.31 % |
| PWF.PF.A | Perpetual-Discount | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.75 % |
| ENB.PR.J | FixedReset Disc | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 22.86 Evaluated at bid price : 23.70 Bid-YTW : 6.26 % |
| PWF.PR.S | Perpetual-Discount | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.71 % |
| GWO.PR.M | Insurance Straight | -1.59 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-06-21 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : -0.89 % |
| GWO.PR.Q | Insurance Straight | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.73 % |
| PWF.PR.P | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.91 % |
| PVS.PR.L | SplitShare | -1.39 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 5.30 % |
| CCS.PR.C | Insurance Straight | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.56 % |
| SLF.PR.D | Insurance Straight | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.26 % |
| PVS.PR.K | SplitShare | -1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.88 % |
| ENB.PR.B | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 22.09 Evaluated at bid price : 22.75 Bid-YTW : 6.29 % |
| PVS.PR.M | SplitShare | -1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.06 % |
| ENB.PF.A | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 22.66 Evaluated at bid price : 23.50 Bid-YTW : 6.31 % |
| BN.PR.N | Perpetual-Discount | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 5.86 % |
| BN.PF.D | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 5.83 % |
| BN.PR.M | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 5.79 % |
| GWO.PR.P | Insurance Straight | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 24.04 Evaluated at bid price : 24.29 Bid-YTW : 5.64 % |
| CU.PR.J | Perpetual-Discount | 1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.58 % |
| ENB.PR.F | FixedReset Disc | 2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 23.17 Evaluated at bid price : 23.50 Bid-YTW : 6.21 % |
| ENB.PF.G | FixedReset Disc | 3.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 22.68 Evaluated at bid price : 23.67 Bid-YTW : 6.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PVS.PR.J | SplitShare | 65,205 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.73 % |
| ENB.PR.P | FixedReset Disc | 29,566 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 23.07 Evaluated at bid price : 24.13 Bid-YTW : 6.06 % |
| PWF.PR.O | Perpetual-Discount | 28,980 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.85 % |
| IFC.PR.C | FixedReset Ins Non | 26,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 2.03 % |
| PWF.PR.A | Floater | 18,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-05-22 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.41 % |
| MFC.PR.M | FixedReset Ins Non | 16,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-20 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 5.41 % |
| There were 7 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 |
| BN.PR.X | FixedReset Disc | Quote: 20.00 – 21.95 Spot Rate : 1.9500 Average : 1.2489 YTW SCENARIO |
| GWO.PR.T | Insurance Straight | Quote: 22.60 – 25.00 Spot Rate : 2.4000 Average : 1.8387 YTW SCENARIO |
| IFC.PR.M | Perpetual-Discount | Quote: 24.90 – 25.90 Spot Rate : 1.0000 Average : 0.6357 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 24.75 – 25.75 Spot Rate : 1.0000 Average : 0.6423 YTW SCENARIO |
| POW.PR.C | Perpetual-Premium | Quote: 25.20 – 25.90 Spot Rate : 0.7000 Average : 0.4109 YTW SCENARIO |
| PVS.PR.M | SplitShare | Quote: 25.40 – 25.93 Spot Rate : 0.5300 Average : 0.3073 YTW SCENARIO |
Gents, quick question for those that are retired. Are your dividend income impacting your OAS and GIS meaningfully? I am listening to all the youtube financial planners and they are saying that during retirement, it is best to not have too much in dividend income outside a registered account. Reason being that it elevates your income and you will be hit with higher taxes and clawbacks. Did well with most of my preferreds in the past 2-3 years. Thinking of selling some/most and moving into growth oriented stocks (ie less dividends) when getting close to retirement (2 years from now). Any thoughts appreciated.
Make sure you run the numbers yourself, with numbers that are meaningful for you.
When I did this (and this was a while ago) I concluded that the effect was to reduce the Dividend:Interest equivalency ratio from 1.3x to 1.2x.
Significant, but not crippling.
GIS and OAS have significantly different thresholds for clawback.
GIS is eliminated completely when your household income tops $30,000, versus OAS that has a clawback starting around $95,000.
Then factor in if you sell your prefs you are adding to your taxable income in that year by realizing a capital gain.
I agree you should run some real numbers for your situation.