{"id":4718,"date":"2009-01-01T00:00:00","date_gmt":"2009-01-01T04:00:00","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4718"},"modified":"2009-01-01T00:00:00","modified_gmt":"2009-01-01T04:00:00","slug":"best-worst-performers-december-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4718","title":{"rendered":"Best & Worst Performers: December 2008"},"content":{"rendered":"

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref\u2122 indices.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December, 2008<\/b><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nDBRS Rating<\/td>\nMonthly Performance<\/td>\nNotes (“Now” means “December 31”)<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixFloat<\/td>\nPfd-2(low)<\/td>\n-23.35%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\nPfd-2(low)<\/td>\n-22.73%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.S<\/td>\nFixFloat<\/td>\nPfd-2(low)<\/td>\n-20.97%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixFloat<\/td>\nPfd-2(low)<\/td>\n-19.35%<\/td>\n <\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixFloat<\/td>\nPfd-2(low)<\/td>\n-18.83%<\/td>\n <\/td>\n<\/tr>\n
…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n…<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\nPfd-2(low)<\/td>\n+31.21%<\/td>\nAsset coverage of 1.8-:1 as of December 31 based on BAM.A at 18.55 and 2.4 BAM.A per preferred. Now with a pre-tax bid-YTW of 8.87% based on a bid of 20.01 and a hardMaturity<\/a> 2016-3-25 at 25.00. Presumably helped out a lot by very favourable monthly retraction terms<\/a> – estimated retraction price is now $21.77 based on an NAV of 44.52.<\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nSplitShare<\/td>\nPfd-2(low)
Review Negative<\/a><\/td>\n		+31.27%<\/td>\nAsset coverage of 1.4-:1 as of December 15 according to the company<\/a>, with an estimated NAV of 13.75 based on the change in XFN since then. Now with a pre-tax bid-YTW of 8.94% based on a bid of 8.16 and a hardMaturity 2015-12-1. Estimated retraction price of $8.70 with capital units offered at $4.50.<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\nPfd-2(low)<\/td>\n+34.66%<\/td>\nWas the worst performer in November<\/a>, with a return of -35.06%.<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\nPfd-2(low)
Review Negative<\/a><\/td>\n		+35.09%<\/td>\nWas the fifth-worst performer in November<\/a>, with a return of -25.48%<\/a>. Asset coverage of 1.1+:1 as of December 15 according to the company<\/a>; NAV now estimated as 11.63 based on change in XFN since then. Now with a pre-tax bid-YTW of 11.07% based on a bid of 7.56 and a hardMaturity 2014-12-1 at 10.00. Estimated retraction price of $8.19 with capital units offered at $2.97.<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\nPfd-2(low)<\/td>\n+37.05%<\/td>\nWas the second-worst performer in November<\/a>, with a return of -30.81%.<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The December rankings are not as mysterious as the November rankings … three of the best performers are merely bouncing back from horrible performance last month, while the five worst performers are all BCE issues … reacting as one might expect to the death of the Teachers’ deal<\/a>.<\/p>\n

It is interesting to note that the BPP floaters – issued by BPO Properties, which never fails to irritate me – had a horrible month. Two of the three would have made the list had they been included in the indices (they are excluded on credit concerns) … and they are now trading roughly kinda call it even yield with the BAM floaters, ending (for now) the long-standing credit inversion<\/a>. To continue the graphs given in that post:<\/p>\n