PerpetualDiscounts closed the month on a sour note, losing nearly 80bp to close yielding 7.29%, equivalent to 10.21% interest at the standard equivalency factor of 1.4x. Long Corporates now yield about 7.5%, so the pre-tax interest-equivalent spread now stands at 271bp – another updraft!
| 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 | 5.33 % | 3.62 % | 23,573 | 18.12 | 2 | 0.0523 % | 841.1 |
| FixedFloater | 7.50 % | 7.05 % | 77,582 | 13.86 | 7 | -1.5204 % | 1,338.5 |
| Floater | 5.07 % | 4.15 % | 25,585 | 17.14 | 4 | -1.3816 % | 1,035.5 |
| OpRet | 5.26 % | 4.82 % | 149,440 | 3.95 | 15 | 0.0921 % | 2,047.3 |
| SplitShare | 6.83 % | 12.16 % | 71,682 | 3.97 | 15 | -1.2929 % | 1,644.0 |
| Interest-Bearing | 7.33 % | 8.74 % | 38,157 | 0.80 | 2 | -1.1827 % | 1,929.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7911 % | 1,500.5 |
| Perpetual-Discount | 7.19 % | 7.29 % | 173,471 | 12.20 | 71 | -0.7911 % | 1,382.0 |
| FixedReset | 6.15 % | 5.72 % | 534,526 | 13.90 | 27 | -0.2135 % | 1,790.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| FIG.PR.A | Interest-Bearing | -4.20 % | Asset coverage of 1.0+:1 as of February 20, based on Capital units at $0.39 and 0.53 Capital Units per preferred. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-31 Maturity Price : 10.00 Evaluated at bid price : 6.85 Bid-YTW : 14.89 % |
| ALB.PR.A | SplitShare | -3.77 % | Asset coverage of 1.1-:1 as of February 26 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-02-28 Maturity Price : 25.00 Evaluated at bid price : 18.91 Bid-YTW : 19.67 % |
| LFE.PR.A | SplitShare | -3.66 % | Asset coverage of 1.2+:1 as of February 13 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 7.37 Bid-YTW : 14.70 % |
| BAM.PR.B | Floater | -3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 7.14 % |
| LBS.PR.A | SplitShare | -3.59 % | Asset coverage of 1.2+:1 as of February 26 according to Brompton. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2013-11-29 Maturity Price : 10.00 Evaluated at bid price : 7.52 Bid-YTW : 12.61 % |
| BNS.PR.L | Perpetual-Discount | -3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.63 % |
| TD.PR.P | Perpetual-Discount | -3.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 7.06 % |
| BCE.PR.G | FixedFloater | -3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 25.00 Evaluated at bid price : 14.55 Bid-YTW : 7.15 % |
| PWF.PR.I | Perpetual-Discount | -2.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 7.54 % |
| RY.PR.I | FixedReset | -2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 22.21 Evaluated at bid price : 22.25 Bid-YTW : 4.67 % |
| BCE.PR.C | FixedFloater | -2.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 25.00 Evaluated at bid price : 15.17 Bid-YTW : 7.05 % |
| TD.PR.R | Perpetual-Discount | -2.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 7.23 % |
| BMO.PR.K | Perpetual-Discount | -2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 7.44 % |
| BNA.PR.A | SplitShare | -2.52 % | Asset coverage of 1.9-:1 as of January 31 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2010-09-30 Maturity Price : 25.00 Evaluated at bid price : 23.20 Bid-YTW : 11.31 % |
| BNS.PR.M | Perpetual-Discount | -2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.72 Evaluated at bid price : 16.72 Bid-YTW : 6.83 % |
| CM.PR.D | Perpetual-Discount | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 7.49 % |
| RY.PR.H | Perpetual-Discount | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 20.19 Evaluated at bid price : 20.19 Bid-YTW : 7.07 % |
| SLF.PR.A | Perpetual-Discount | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 7.78 % |
| FBS.PR.B | SplitShare | -2.14 % | Asset coverage of 1.0+:1 as of February 26 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-12-15 Maturity Price : 10.00 Evaluated at bid price : 6.41 Bid-YTW : 22.85 % |
| BNA.PR.C | SplitShare | -2.13 % | Asset coverage of 1.9-:1 as of January 31 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 11.01 Bid-YTW : 15.79 % |
| RY.PR.L | FixedReset | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 22.96 Evaluated at bid price : 23.00 Bid-YTW : 5.31 % |
| CU.PR.B | Perpetual-Discount | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 21.99 Evaluated at bid price : 22.37 Bid-YTW : 6.74 % |
| PWF.PR.G | Perpetual-Discount | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 7.81 % |
| PWF.PR.E | Perpetual-Discount | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 7.44 % |
| BMO.PR.H | Perpetual-Discount | -2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.77 % |
| PPL.PR.A | SplitShare | -1.98 % | Asset coverage of 1.3+:1 as of February 13 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.40 Bid-YTW : 10.22 % |
| CM.PR.E | Perpetual-Discount | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.72 % |
| PWF.PR.A | Floater | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 4.15 % |
| TD.PR.Q | Perpetual-Discount | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 7.22 % |
| RY.PR.F | Perpetual-Discount | -1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.02 % |
| WFS.PR.A | SplitShare | -1.81 % | Asset coverage of 1.0+:1 as of February 19 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-06-30 Maturity Price : 10.00 Evaluated at bid price : 7.61 Bid-YTW : 18.97 % |
| W.PR.H | Perpetual-Discount | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 7.29 % |
| BCE.PR.F | FixedFloater | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 25.00 Evaluated at bid price : 14.25 Bid-YTW : 7.19 % |
| POW.PR.D | Perpetual-Discount | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.57 Evaluated at bid price : 16.57 Bid-YTW : 7.69 % |
| PWF.PR.L | Perpetual-Discount | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.58 Evaluated at bid price : 16.58 Bid-YTW : 7.82 % |
| CU.PR.A | Perpetual-Discount | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 21.90 Evaluated at bid price : 21.90 Bid-YTW : 6.67 % |
| CM.PR.J | Perpetual-Discount | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 15.05 Evaluated at bid price : 15.05 Bid-YTW : 7.60 % |
| NA.PR.M | Perpetual-Discount | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 7.46 % |
| BNS.PR.J | Perpetual-Discount | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.83 % |
| BNS.PR.K | Perpetual-Discount | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 6.85 % |
| TD.PR.C | FixedReset | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 23.36 Evaluated at bid price : 23.40 Bid-YTW : 5.29 % |
| BCE.PR.A | FixedFloater | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 25.00 Evaluated at bid price : 16.31 Bid-YTW : 6.54 % |
| RY.PR.D | Perpetual-Discount | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.16 Evaluated at bid price : 16.16 Bid-YTW : 7.03 % |
| GWO.PR.G | Perpetual-Discount | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 17.09 Evaluated at bid price : 17.09 Bid-YTW : 7.62 % |
| DF.PR.A | SplitShare | -1.34 % | Asset coverage of 1.3+:1 as of February 13 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.11 Bid-YTW : 9.67 % |
| FFN.PR.A | SplitShare | -1.33 % | Asset coverage of 1.0+:1 as of February 13 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-01 Maturity Price : 10.00 Evaluated at bid price : 5.95 Bid-YTW : 16.56 % |
| BMO.PR.J | Perpetual-Discount | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 7.14 % |
| TD.PR.O | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.23 Evaluated at bid price : 18.23 Bid-YTW : 6.75 % |
| NA.PR.K | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 7.31 % |
| RY.PR.E | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 6.97 % |
| BCE.PR.Z | FixedFloater | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 25.00 Evaluated at bid price : 14.75 Bid-YTW : 7.13 % |
| CM.PR.I | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 7.54 % |
| CM.PR.P | Perpetual-Discount | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 7.69 % |
| TD.PR.Y | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 4.76 % |
| CM.PR.G | Perpetual-Discount | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.56 % |
| IGM.PR.A | OpRet | -1.02 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2013-06-29 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 5.81 % |
| ENB.PR.A | Perpetual-Discount | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 23.10 Evaluated at bid price : 23.36 Bid-YTW : 5.91 % |
| GWO.PR.J | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 24.45 Evaluated at bid price : 24.50 Bid-YTW : 5.49 % |
| STW.PR.A | Interest-Bearing | 1.02 % | Asset coverage of 1.5+:1 based on Capital Unit NAV of 2.48 and 2.12 Capital Units per preferred. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2009-12-31 Maturity Price : 10.00 Evaluated at bid price : 9.86 Bid-YTW : 8.74 % |
| NA.PR.N | FixedReset | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 22.19 Evaluated at bid price : 22.25 Bid-YTW : 4.85 % |
| POW.PR.C | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 7.60 % |
| GWO.PR.F | Perpetual-Discount | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.21 % |
| BNS.PR.P | FixedReset | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 22.81 Evaluated at bid price : 22.90 Bid-YTW : 4.60 % |
| BAM.PR.H | OpRet | 1.69 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2012-03-30 Maturity Price : 25.00 Evaluated at bid price : 23.40 Bid-YTW : 8.56 % |
| POW.PR.B | Perpetual-Discount | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 18.14 Evaluated at bid price : 18.14 Bid-YTW : 7.52 % |
| CL.PR.B | Perpetual-Discount | 2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 7.37 % |
| MFC.PR.B | Perpetual-Discount | 2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.08 % |
| MFC.PR.C | Perpetual-Discount | 3.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 7.06 % |
| SBN.PR.A | SplitShare | 4.59 % | Asset coverage of 1.5-:1 as of February 19 according to Mulvihill. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.65 Bid-YTW : 8.34 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.X | OpRet | 125,983 | RBC crossed 120,000 at 25.10. YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2013-09-29 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.67 % |
| RY.PR.I | FixedReset | 44,835 | RBC bought 10,000 from Scotia at 22.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 22.21 Evaluated at bid price : 22.25 Bid-YTW : 4.67 % |
| RY.PR.R | FixedReset | 37,644 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 6.18 % |
| BNS.PR.X | FixedReset | 32,837 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 6.27 % |
| BMO.PR.H | Perpetual-Discount | 30,916 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-02-27 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.77 % |
| TD.PR.G | FixedReset | 29,930 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 6.30 % |
| There were 33 other index-included issues trading in excess of 10,000 shares. | |||