Dealbreaker is a gossipy tabloid style website billing itself as a tabloid – most of the offerings are vapid commentaries on topics as diverse as Bernie Madoff’s pants and the amount of cleavage being shown by business news commentators. Every now and then, though, they come up with something good; today there is an interesting post on the Nigerian banking system.
If anything, the preferred share market rally is accellerating, with PerpetualDiscounts up 75bp today, while FixedResets were down 14bp. Volume continued high, well spread out amongst the various classes.
| 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 | 0.7720 % | 1,435.8 |
| FixedFloater | 6.12 % | 4.39 % | 56,289 | 18.08 | 1 | 1.1959 % | 2,509.4 |
| Floater | 3.18 % | 3.20 % | 136,351 | 19.19 | 2 | 0.7720 % | 1,793.8 |
| OpRet | 4.85 % | -10.33 % | 136,471 | 0.09 | 15 | 0.2041 % | 2,279.4 |
| SplitShare | 5.69 % | 6.40 % | 99,361 | 4.08 | 3 | 0.0982 % | 2,039.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2041 % | 2,084.3 |
| Perpetual-Premium | 5.75 % | 5.42 % | 74,244 | 2.63 | 4 | 0.2296 % | 1,869.2 |
| Perpetual-Discount | 5.69 % | 5.68 % | 187,388 | 14.34 | 67 | 0.7534 % | 1,805.6 |
| FixedReset | 5.48 % | 3.99 % | 505,945 | 4.15 | 40 | -0.1361 % | 2,107.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| POW.PR.C | Perpetual-Discount | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 23.69 Evaluated at bid price : 24.02 Bid-YTW : 6.11 % |
| BMO.PR.N | FixedReset | -1.39 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-27 Maturity Price : 25.00 Evaluated at bid price : 27.71 Bid-YTW : 3.90 % |
| SLF.PR.C | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.65 % |
| CM.PR.P | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 22.94 Evaluated at bid price : 24.00 Bid-YTW : 5.73 % |
| BNS.PR.L | Perpetual-Discount | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.49 % |
| TD.PR.P | Perpetual-Discount | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 23.56 Evaluated at bid price : 23.75 Bid-YTW : 5.57 % |
| W.PR.H | Perpetual-Discount | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 22.67 Evaluated at bid price : 23.50 Bid-YTW : 5.89 % |
| CM.PR.I | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 5.71 % |
| TD.PR.O | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 22.36 Evaluated at bid price : 22.51 Bid-YTW : 5.43 % |
| RY.PR.G | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.47 % |
| BAM.PR.G | FixedFloater | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 25.00 Evaluated at bid price : 17.77 Bid-YTW : 4.39 % |
| SLF.PR.A | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.66 % |
| GWO.PR.I | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.64 % |
| SLF.PR.F | FixedReset | 1.33 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-30 Maturity Price : 25.00 Evaluated at bid price : 27.49 Bid-YTW : 4.14 % |
| RY.PR.F | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 5.44 % |
| RY.PR.C | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.47 % |
| BMO.PR.J | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.40 % |
| RY.PR.A | Perpetual-Discount | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 5.41 % |
| HSB.PR.C | Perpetual-Discount | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 23.31 Evaluated at bid price : 23.52 Bid-YTW : 5.49 % |
| BAM.PR.N | Perpetual-Discount | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 18.21 Evaluated at bid price : 18.21 Bid-YTW : 6.64 % |
| PWF.PR.I | Perpetual-Discount | 1.44 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2012-05-30 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.67 % |
| CM.PR.D | Perpetual-Discount | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 24.75 Evaluated at bid price : 25.05 Bid-YTW : 5.78 % |
| BAM.PR.M | Perpetual-Discount | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 6.63 % |
| BNS.PR.K | Perpetual-Discount | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 21.52 Evaluated at bid price : 21.83 Bid-YTW : 5.54 % |
| CM.PR.H | Perpetual-Discount | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 5.70 % |
| BNS.PR.M | Perpetual-Discount | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 5.44 % |
| CM.PR.G | Perpetual-Discount | 2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 23.58 Evaluated at bid price : 23.81 Bid-YTW : 5.72 % |
| GWO.PR.H | Perpetual-Discount | 2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 21.89 Evaluated at bid price : 22.01 Bid-YTW : 5.59 % |
| RY.PR.W | Perpetual-Discount | 2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 22.54 Evaluated at bid price : 22.71 Bid-YTW : 5.41 % |
| GWO.PR.G | Perpetual-Discount | 4.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 23.66 Evaluated at bid price : 23.90 Bid-YTW : 5.51 % |
| HSB.PR.D | Perpetual-Discount | 4.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 22.93 Evaluated at bid price : 23.11 Bid-YTW : 5.48 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.O | OpRet | 112,125 | RBC crossed 85,200 at 24.85. TD crossed 17,100 at the same price. YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2013-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.23 % |
| BNS.PR.O | Perpetual-Discount | 61,200 | RBC crossed 27.000 at 25.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 24.69 Evaluated at bid price : 24.91 Bid-YTW : 5.67 % |
| HSB.PR.E | FixedReset | 55,750 | Nesbitt crossed 35,000 at 27.95. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-30 Maturity Price : 25.00 Evaluated at bid price : 27.90 Bid-YTW : 4.25 % |
| RY.PR.C | Perpetual-Discount | 42,629 | National crossed 30,000 at 20.90. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.47 % |
| RY.PR.T | FixedReset | 34,685 | TD bought 10,000 from RBC at 27.75. RBC crossed 22,200 at 27.70. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-09-23 Maturity Price : 25.00 Evaluated at bid price : 27.71 Bid-YTW : 3.91 % |
| CM.PR.I | Perpetual-Discount | 33,745 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-08-18 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 5.71 % |
| There were 45 other index-included issues trading in excess of 10,000 shares. | |||
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