PrefBlog’s SEDAR-watching Department, otherwise known as Assiduous Reader MP, points out that Sun Life Financial has issued a new $5-billion shelf prospectus. Of particular interest are the Class B Preferred Shares:
The Class B Shares of each series rank on a parity with the Class B Shares of each other series with respect to the payment of dividends and the return of capital on the liquidation, dissolution or winding-up of SLF. The Class B Shares are entitled to preference over the Common Shares and any other shares ranking junior to the Class B Shares with respect to the payment of dividends and the return of capital, but are subordinate to the Class A Shares and any other shares ranking senior to the Class B Shares with respect to the payment of dividends and return of capital.
However, there are no shares of this class currently outstanding (all the extant SLF preferreds are Series A) and the ability to issue Class Bs has been around for some time – see, for example, the shelf prospectus dated November 4, 2005.
Canadian equities continued their rally today and PerpetualDiscounts rose with them. SplitShares did quite well today – not surprisingly, what with asset coverage improving by leaps and bounds.
| 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 | 0.7904 % | 807.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7904 % | 1,305.5 |
| Floater | 4.90 % | 6.13 % | 60,322 | 13.73 | 3 | 0.7904 % | 1,008.5 |
| OpRet | 5.29 % | 4.87 % | 128,758 | 3.89 | 15 | 0.1696 % | 2,047.5 |
| SplitShare | 6.94 % | 9.77 % | 53,844 | 4.79 | 6 | 1.7565 % | 1,599.9 |
| Interest-Bearing | 6.15 % | 10.70 % | 34,350 | 0.75 | 1 | 0.5149 % | 1,910.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3343 % | 1,481.4 |
| Perpetual-Discount | 7.29 % | 7.38 % | 159,728 | 12.06 | 71 | 0.3343 % | 1,364.4 |
| FixedReset | 6.18 % | 5.84 % | 621,908 | 13.73 | 30 | 0.5363 % | 1,788.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| LFE.PR.A | SplitShare | -2.14 % | Asset coverage of 1.1-:1 as of March 13 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 6.85 Bid-YTW : 17.33 % |
| ELF.PR.G | Perpetual-Discount | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 9.21 % |
| ENB.PR.A | Perpetual-Discount | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 22.55 Evaluated at bid price : 22.81 Bid-YTW : 6.08 % |
| TD.PR.Q | Perpetual-Discount | -1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.95 % |
| BAM.PR.K | Floater | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 7.15 Evaluated at bid price : 7.15 Bid-YTW : 6.13 % |
| MFC.PR.B | Perpetual-Discount | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 15.77 Evaluated at bid price : 15.77 Bid-YTW : 7.44 % |
| ELF.PR.F | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 14.76 Evaluated at bid price : 14.76 Bid-YTW : 9.23 % |
| PWF.PR.F | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 7.74 % |
| BAM.PR.J | OpRet | -1.08 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2018-03-30 Maturity Price : 25.00 Evaluated at bid price : 17.41 Bid-YTW : 10.77 % |
| TD.PR.C | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 23.76 Evaluated at bid price : 23.80 Bid-YTW : 5.05 % |
| PWF.PR.E | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 8.01 % |
| RY.PR.D | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 16.64 Evaluated at bid price : 16.64 Bid-YTW : 6.85 % |
| BNS.PR.O | Perpetual-Discount | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.71 % |
| RY.PR.B | Perpetual-Discount | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.72 % |
| SLF.PR.B | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 14.98 Evaluated at bid price : 14.98 Bid-YTW : 8.06 % |
| MFC.PR.A | OpRet | 1.28 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2015-12-18 Maturity Price : 25.00 Evaluated at bid price : 24.51 Bid-YTW : 4.46 % |
| RY.PR.I | FixedReset | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 22.75 Evaluated at bid price : 22.79 Bid-YTW : 4.39 % |
| BNA.PR.A | SplitShare | 1.33 % | Asset coverage of 1.7-:1 as of February 28 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2010-09-30 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 12.95 % |
| CM.PR.K | FixedReset | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 21.48 Evaluated at bid price : 21.80 Bid-YTW : 5.01 % |
| PWF.PR.G | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 8.03 % |
| PWF.PR.M | FixedReset | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 24.95 Evaluated at bid price : 25.00 Bid-YTW : 5.35 % |
| IGM.PR.A | OpRet | 1.46 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2009-07-30 Maturity Price : 26.00 Evaluated at bid price : 26.48 Bid-YTW : -0.07 % |
| POW.PR.C | Perpetual-Discount | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 7.80 % |
| IAG.PR.A | Perpetual-Discount | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 14.84 Evaluated at bid price : 14.84 Bid-YTW : 7.80 % |
| TD.PR.O | Perpetual-Discount | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 6.80 % |
| PWF.PR.A | Floater | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 3.53 % |
| NA.PR.L | Perpetual-Discount | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 7.26 % |
| W.PR.J | Perpetual-Discount | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 7.38 % |
| BNS.PR.Q | FixedReset | 2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 4.66 % |
| TD.PR.S | FixedReset | 2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 4.51 % |
| SLF.PR.D | Perpetual-Discount | 2.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 14.21 Evaluated at bid price : 14.21 Bid-YTW : 7.88 % |
| HSB.PR.C | Perpetual-Discount | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 7.28 % |
| CM.PR.P | Perpetual-Discount | 2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 7.40 % |
| SBN.PR.A | SplitShare | 2.73 % | Asset coverage of 1.6-:1 as of March 12 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.27 Bid-YTW : 9.27 % |
| PWF.PR.K | Perpetual-Discount | 2.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 8.46 % |
| BNA.PR.B | SplitShare | 3.42 % | Asset coverage of 1.7-:1 as of February 28 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2016-03-25 Maturity Price : 25.00 Evaluated at bid price : 20.85 Bid-YTW : 8.18 % |
| DFN.PR.A | SplitShare | 3.58 % | Asset coverage of 1.5-:1 as of March 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 : 9.77 % |
| GWO.PR.J | FixedReset | 3.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 23.21 Evaluated at bid price : 23.25 Bid-YTW : 5.49 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.T | FixedReset | 287,644 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 23.16 Evaluated at bid price : 25.08 Bid-YTW : 5.84 % |
| TD.PR.I | FixedReset | 89,637 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 23.15 Evaluated at bid price : 25.06 Bid-YTW : 5.92 % |
| MFC.PR.D | FixedReset | 48,541 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 23.94 Evaluated at bid price : 23.98 Bid-YTW : 6.70 % |
| RY.PR.R | FixedReset | 32,937 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 5.86 % |
| TD.PR.G | FixedReset | 28,248 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 6.01 % |
| CM.PR.M | FixedReset | 26,723 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-03-17 Maturity Price : 23.06 Evaluated at bid price : 24.78 Bid-YTW : 6.20 % |
| There were 18 other index-included issues trading in excess of 10,000 shares. | |||