Whoosh! The seminar was a lot of fun but it took a lot out of me!
There’s an amusing story in the Financial Times:
A whistleblower contacted US regulators more than five years ago with allegations that Sir Allen Stanford’s businesses were involved in an “illegal Ponzi scheme”, the Financial Times has learnt, raising new questions about why authorities waited until last week to shut down the alleged $8bn fraud.
Leyla Basagoitia, a former Stanford employee, raised a series of red flags about the tycoon’s empire in a 2003 employment dispute with her company at a tribunal run by the finance industry’s self-regulatory body. Ms Basagoitia also alerted the US Securities and Exchange Commission at about the same time, her lawyer said, echoing criticisms the agency ignored early warnings about the alleged $50bn Ponzi scheme run by Bernard Madoff.
I think we’re going to see stories like this regarding every fraud for the next five-odd years. It’s hard to know how seriously take them … it’s like the “US was warned of Pearl Harbour” stories one sees … yes, I’m sure the US was warned about Pearl Harbour. I’m equally certain they were warned about Japanese alliances with Mexico (a la Zimmerman) and little green men in Idaho. What was the backup?
| 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 | 5.34 % | 3.64 % | 23,786 | 18.09 | 2 | -1.2897 % | 840.7 |
| FixedFloater | 7.39 % | 6.94 % | 76,976 | 14.05 | 7 | -0.4457 % | 1,359.2 |
| Floater | 5.00 % | 4.06 % | 24,990 | 17.31 | 4 | 0.5509 % | 1,050.0 |
| OpRet | 5.26 % | 4.92 % | 141,406 | 3.96 | 15 | -0.1158 % | 2,045.4 |
| SplitShare | 6.75 % | 11.65 % | 72,006 | 4.00 | 15 | 1.0742 % | 1,665.5 |
| Interest-Bearing | 7.24 % | 10.00 % | 38,736 | 0.80 | 2 | 0.3561 % | 1,952.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0445 % | 1,512.5 |
| Perpetual-Discount | 7.13 % | 7.26 % | 178,609 | 12.26 | 71 | -0.0445 % | 1,393.0 |
| FixedReset | 6.14 % | 5.74 % | 543,196 | 13.89 | 27 | -0.4579 % | 1,794.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BNS.PR.R | FixedReset | -3.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 4.89 % |
| BCE.PR.Y | Ratchet | -3.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 25.00 Evaluated at bid price : 13.26 Bid-YTW : 7.63 % |
| BNS.PR.O | Perpetual-Discount | -3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 6.95 % |
| BCE.PR.F | FixedFloater | -3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 25.00 Evaluated at bid price : 14.50 Bid-YTW : 7.08 % |
| BAM.PR.B | Floater | -2.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 7.78 Evaluated at bid price : 7.78 Bid-YTW : 6.88 % |
| TD.PR.Y | FixedReset | -2.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 21.22 Evaluated at bid price : 21.22 Bid-YTW : 4.71 % |
| HSB.PR.D | Perpetual-Discount | -2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 7.45 % |
| CM.PR.K | FixedReset | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 21.62 Evaluated at bid price : 22.00 Bid-YTW : 5.11 % |
| PWF.PR.F | Perpetual-Discount | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 7.55 % |
| PWF.PR.L | Perpetual-Discount | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 7.68 % |
| CM.PR.P | Perpetual-Discount | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 7.61 % |
| BMO.PR.L | Perpetual-Discount | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.40 % |
| LFE.PR.A | SplitShare | -1.67 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 7.65 Bid-YTW : 13.50 % |
| NA.PR.M | Perpetual-Discount | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 7.34 % |
| CM.PR.A | OpRet | -1.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2009-03-28 Maturity Price : 25.50 Evaluated at bid price : 25.76 Bid-YTW : -2.16 % |
| PWF.PR.I | Perpetual-Discount | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 7.31 % |
| CL.PR.B | Perpetual-Discount | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 7.57 % |
| BAM.PR.K | Floater | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 7.70 Evaluated at bid price : 7.70 Bid-YTW : 6.95 % |
| CM.PR.H | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 7.48 % |
| BNA.PR.A | SplitShare | -1.24 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2010-09-30 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 9.53 % |
| PWF.PR.K | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 7.83 % |
| CM.PR.E | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 7.56 % |
| SBC.PR.A | SplitShare | -1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-11-30 Maturity Price : 10.00 Evaluated at bid price : 7.50 Bid-YTW : 14.40 % |
| BMO.PR.M | FixedReset | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 4.59 % |
| TD.PR.C | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 23.71 Evaluated at bid price : 23.75 Bid-YTW : 5.21 % |
| PWF.PR.M | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 24.35 Evaluated at bid price : 24.40 Bid-YTW : 5.63 % |
| BAM.PR.J | OpRet | 1.05 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2018-03-30 Maturity Price : 25.00 Evaluated at bid price : 18.30 Bid-YTW : 10.21 % |
| WFS.PR.A | SplitShare | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-06-30 Maturity Price : 10.00 Evaluated at bid price : 7.75 Bid-YTW : 18.03 % |
| RY.PR.C | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.71 Evaluated at bid price : 16.71 Bid-YTW : 6.95 % |
| ALB.PR.A | SplitShare | 1.29 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-02-28 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 17.45 % |
| SLF.PR.A | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 7.60 % |
| BMO.PR.J | Perpetual-Discount | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 7.05 % |
| BMO.PR.K | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 18.31 Evaluated at bid price : 18.31 Bid-YTW : 7.24 % |
| CIU.PR.A | Perpetual-Discount | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 6.91 % |
| POW.PR.A | Perpetual-Discount | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.41 % |
| GWO.PR.H | Perpetual-Discount | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 7.56 % |
| FBS.PR.B | SplitShare | 1.87 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-12-15 Maturity Price : 10.00 Evaluated at bid price : 6.55 Bid-YTW : 21.90 % |
| FIG.PR.A | Interest-Bearing | 2.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-31 Maturity Price : 10.00 Evaluated at bid price : 7.15 Bid-YTW : 13.89 % |
| BNA.PR.C | SplitShare | 2.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 11.25 Bid-YTW : 15.45 % |
| BNA.PR.B | SplitShare | 2.23 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2016-03-25 Maturity Price : 25.00 Evaluated at bid price : 21.06 Bid-YTW : 7.93 % |
| GWO.PR.I | Perpetual-Discount | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 15.53 Evaluated at bid price : 15.53 Bid-YTW : 7.41 % |
| LBS.PR.A | SplitShare | 2.90 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2013-11-29 Maturity Price : 10.00 Evaluated at bid price : 7.80 Bid-YTW : 11.65 % |
| MFC.PR.C | Perpetual-Discount | 2.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 15.48 Evaluated at bid price : 15.48 Bid-YTW : 7.30 % |
| PWF.PR.A | Floater | 4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-26 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 4.06 % |
| PPL.PR.A | SplitShare | 4.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.57 Bid-YTW : 9.59 % |
| FFN.PR.A | SplitShare | 5.60 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-01 Maturity Price : 10.00 Evaluated at bid price : 6.03 Bid-YTW : 16.24 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PPL.PR.A | SplitShare | 383,449 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.57 Bid-YTW : 9.59 % |
| CM.PR.R | OpRet | 137,000 | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2013-04-29 Maturity Price : 25.15 Evaluated at bid price : 25.51 Bid-YTW : 4.68 % |
| TD.PR.N | OpRet | 132,601 | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2014-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.24 % |
| MFC.PR.A | OpRet | 110,356 | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2015-12-18 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 4.49 % |
| RY.PR.R | FixedReset | 105,775 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 6.27 % |
| TD.PR.M | OpRet | 94,500 | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2013-10-30 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.42 % |
| There were 41 other index-included issues trading in excess of 10,000 shares. | |||