{"id":48082,"date":"2017-01-31T10:21:00","date_gmt":"2017-01-31T15:21:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48082"},"modified":"2025-07-09T10:22:00","modified_gmt":"2025-07-09T14:22:00","slug":"january-31-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48082","title":{"rendered":"January 31, 2017"},"content":{"rendered":"

Another month draws to a close, with TXPR up 4.05% since year-end. That, together with the appalling January of 2016 dropping out of the trailing twelve months, means that TXPR has achieved a +24.23% total return over the past year … a pretty good recovery, but there’s still a ways to go! The five-year annualized total return is a miserable +0.42%, but at least it’s positive for the first time since August, 2015; the four-year figure is an abysmal -0.55%.<\/p>\n

As near as I can make out, the Solactive Laddered Canadian Preferred Share Index is up 31.37% on the year (+4.76% on the month), but the four year annualized total return is still an awful -2.19%.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n3.93 %<\/td>\n4.67 %<\/td>\n17,971<\/td>\n18.29<\/td>\n1<\/td>\n0.4091 %<\/td>\n1,984.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2411 %<\/td>\n3,640.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.81 %<\/td>\n3.92 %<\/td>\n47,529<\/td>\n17.57<\/td>\n4<\/td>\n-0.2411 %<\/td>\n2,098.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0459 %<\/td>\n2,962.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.46 %<\/td>\n64,683<\/td>\n4.17<\/td>\n6<\/td>\n0.0459 %<\/td>\n3,538.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0459 %<\/td>\n2,760.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.58 %<\/td>\n-5.29 %<\/td>\n72,434<\/td>\n0.09<\/td>\n12<\/td>\n0.0033 %<\/td>\n2,711.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.22 %<\/td>\n5.26 %<\/td>\n87,532<\/td>\n14.94<\/td>\n26<\/td>\n0.1296 %<\/td>\n2,862.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.52 %<\/td>\n4.23 %<\/td>\n227,207<\/td>\n6.74<\/td>\n97<\/td>\n-0.2471 %<\/td>\n2,276.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.09 %<\/td>\n5.17 %<\/td>\n132,714<\/td>\n4.37<\/td>\n32<\/td>\n0.1577 %<\/td>\n2,807.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.43 %<\/td>\n3.21 %<\/td>\n44,584<\/td>\n4.71<\/td>\n11<\/td>\n-0.0868 %<\/td>\n2,445.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.21
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 15.95
\nEvaluated at bid price : 15.95
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 20.68
\nEvaluated at bid price : 20.68
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 18.42
\nEvaluated at bid price : 18.42
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 22.51
\nEvaluated at bid price : 22.83
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n257,827<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.86
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset<\/td>\n155,759<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n116,351<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 12.11
\nEvaluated at bid price : 12.11
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset<\/td>\n115,134<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 23.21
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset<\/td>\n75,823<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n65,106<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 20.96
\nEvaluated at bid price : 20.96
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
There were 42 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 13.37 – 13.73
\nSpot Rate : 0.3600
\nAverage : 0.2166<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 13.37
\nEvaluated at bid price : 13.37
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.21 – 23.92
\nSpot Rate : 0.7100
\nAverage : 0.5817<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.21
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset<\/td>\nQuote: 22.81 – 23.22
\nSpot Rate : 0.4100
\nAverage : 0.3067<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.81
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n

BAM.PR.T<\/td>\nFixedReset<\/td>\nQuote: 18.42 – 18.75
\nSpot Rate : 0.3300
\nAverage : 0.2432<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 18.42
\nEvaluated at bid price : 18.42
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n

BAM.PF.H<\/td>\nFixedReset<\/td>\nQuote: 26.17 – 26.55
\nSpot Rate : 0.3800
\nAverage : 0.2952<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.17
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 18.76 – 19.02
\nSpot Rate : 0.2600
\nAverage : 0.1756<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-01-31
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another month draws to a close, with TXPR up 4.05% since year-end. That, together with the appalling January of 2016 dropping out of the trailing twelve months, means that TXPR has achieved a +24.23% total …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-48082","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48082"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48082\/revisions"}],"predecessor-version":[{"id":48083,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48082\/revisions\/48083"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}