Bernanke gave a speech today on the Federal Reserve’s Balance Sheet (hat tip: Across the Curve). I have updated the post Fed to Open Spigots Further.
It looks like Short-Sellers will join the politically inspired list of Designated Villains for the financial crisis. The SEC is under pressure and voices of reason will – as usual, when political grandstanding becomes paramount – be ignored.
The OSC has published the first edition of OSC Investor News. Investors may obtain a subscription by eMailing the OSC.
Another day of good performance from the PerpetualDiscounts; Fixed-Resets were more mixed but were able to eke out a gain.
| 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 | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.8323 % | 878.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.8323 % | 1,420.0 |
| Floater | 5.56 % | 5.45 % | 72,197 | 14.79 | 2 | 0.8323 % | 1,097.0 |
| OpRet | 5.18 % | 4.72 % | 136,035 | 3.86 | 15 | 0.2836 % | 2,093.4 |
| SplitShare | 7.06 % | 12.90 % | 46,807 | 5.65 | 3 | 0.0909 % | 1,637.2 |
| Interest-Bearing | 6.15 % | 9.34 % | 29,981 | 0.72 | 1 | -0.5102 % | 1,937.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3057 % | 1,557.8 |
| Perpetual-Discount | 6.98 % | 7.09 % | 152,151 | 12.43 | 71 | 0.3057 % | 1,434.7 |
| FixedReset | 6.05 % | 5.74 % | 713,144 | 13.71 | 34 | 0.0692 % | 1,845.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BMO.PR.M | FixedReset | -2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 22.09 Evaluated at bid price : 22.15 Bid-YTW : 4.25 % |
| RY.PR.B | Perpetual-Discount | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 6.62 % |
| POW.PR.D | Perpetual-Discount | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 16.79 Evaluated at bid price : 16.79 Bid-YTW : 7.49 % |
| CIU.PR.B | FixedReset | -1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-01 Maturity Price : 25.00 Evaluated at bid price : 26.40 Bid-YTW : 5.52 % |
| GWO.PR.H | Perpetual-Discount | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 7.50 % |
| GWO.PR.F | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.35 % |
| SLF.PR.D | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 15.11 Evaluated at bid price : 15.11 Bid-YTW : 7.43 % |
| BAM.PR.I | OpRet | 1.12 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2013-12-30 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 8.04 % |
| BAM.PR.B | Floater | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 8.09 Evaluated at bid price : 8.09 Bid-YTW : 5.45 % |
| NA.PR.L | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 6.94 % |
| BAM.PR.N | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 13.44 Evaluated at bid price : 13.44 Bid-YTW : 8.94 % |
| BNA.PR.C | SplitShare | 1.29 % | Asset coverage of 1.7-:1 as of February 28 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 11.75 Bid-YTW : 15.00 % |
| RY.PR.F | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 17.16 Evaluated at bid price : 17.16 Bid-YTW : 6.59 % |
| SLF.PR.B | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 7.41 % |
| CM.PR.K | FixedReset | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 22.51 Evaluated at bid price : 22.55 Bid-YTW : 4.78 % |
| PWF.PR.G | Perpetual-Discount | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.37 % |
| HSB.PR.D | Perpetual-Discount | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 7.40 % |
| BMO.PR.L | Perpetual-Discount | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.96 % |
| ELF.PR.G | Perpetual-Discount | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 8.70 % |
| TD.PR.O | Perpetual-Discount | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.57 % |
| CIU.PR.A | Perpetual-Discount | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.67 % |
| PWF.PR.K | Perpetual-Discount | 2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 17.46 Evaluated at bid price : 17.46 Bid-YTW : 7.25 % |
| BMO.PR.J | Perpetual-Discount | 2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 17.23 Evaluated at bid price : 17.23 Bid-YTW : 6.64 % |
| CU.PR.A | Perpetual-Discount | 2.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 21.83 Evaluated at bid price : 22.10 Bid-YTW : 6.65 % |
| BAM.PR.J | OpRet | 3.78 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2018-03-30 Maturity Price : 25.00 Evaluated at bid price : 19.20 Bid-YTW : 9.34 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PR.K | FixedReset | 832,732 | New issue settled today. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 25.12 Evaluated at bid price : 25.17 Bid-YTW : 6.10 % |
| RY.PR.X | FixedReset | 334,190 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 23.19 Evaluated at bid price : 25.17 Bid-YTW : 6.07 % |
| BAM.PR.K | Floater | 73,700 | TD crossed 37,400 at 7.60. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 7.66 Evaluated at bid price : 7.66 Bid-YTW : 5.75 % |
| BMO.PR.K | Perpetual-Discount | 53,400 | TD crossed 39,500 at 18.96. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 18.91 Evaluated at bid price : 18.91 Bid-YTW : 7.06 % |
| BMO.PR.L | Perpetual-Discount | 52,385 | RBC bought two blocks from Nesbitt, 10,000 at 21.00 and 13,400 at 21.20. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.96 % |
| TD.PR.I | FixedReset | 50,030 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-04-03 Maturity Price : 25.35 Evaluated at bid price : 25.40 Bid-YTW : 5.96 % |
| There were 29 other index-included issues trading in excess of 10,000 shares. | |||