{"id":49353,"date":"2018-05-16T20:27:00","date_gmt":"2018-05-17T00:27:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49353"},"modified":"2025-08-14T20:28:20","modified_gmt":"2025-08-15T00:28:20","slug":"may-16-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49353","title":{"rendered":"May 16, 2018"},"content":{"rendered":"

Another strong day for the Canadian preferred share market on excellent volume, powered by an increase in the GOC-5 yield to 2.32%<\/a>.<\/p>\n

PerpetualDiscounts now yield 5.46%, equivalent to 7.10% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little over 4.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 300bp, a significant narrowing from the 310bp reported May 9<\/a>.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1251 %<\/td>\n2,976.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1251 %<\/td>\n5,462.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.36 %<\/td>\n3.59 %<\/td>\n87,396<\/td>\n18.27<\/td>\n4<\/td>\n-0.1251 %<\/td>\n3,148.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0237 %<\/td>\n3,163.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.60 %<\/td>\n4.70 %<\/td>\n80,906<\/td>\n5.02<\/td>\n5<\/td>\n-0.0237 %<\/td>\n3,777.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0237 %<\/td>\n2,947.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n-7.83 %<\/td>\n68,938<\/td>\n0.09<\/td>\n10<\/td>\n0.0079 %<\/td>\n2,874.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.41 %<\/td>\n5.46 %<\/td>\n63,828<\/td>\n14.69<\/td>\n24<\/td>\n-0.1362 %<\/td>\n2,945.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.24 %<\/td>\n4.45 %<\/td>\n164,234<\/td>\n3.68<\/td>\n103<\/td>\n0.3871 %<\/td>\n2,567.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.12 %<\/td>\n5.60 %<\/td>\n80,719<\/td>\n5.58<\/td>\n27<\/td>\n-0.1196 %<\/td>\n2,951.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.06 %<\/td>\n3.30 %<\/td>\n29,412<\/td>\n3.54<\/td>\n8<\/td>\n0.2606 %<\/td>\n2,818.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\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
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.58
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 21.16
\nEvaluated at bid price : 21.16
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.86
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 23.12
\nEvaluated at bid price : 23.51
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.70
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 18.16
\nEvaluated at bid price : 18.16
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 23.46
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 20.43
\nEvaluated at bid price : 20.43
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.61
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.74 %<\/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
BMO.PR.R<\/td>\nFloatingReset<\/td>\n300,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 2.19 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n154,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.56
\nBid-YTW : 3.37 %<\/td>\n<\/tr>\n
BNS.PR.G<\/td>\nFixedReset<\/td>\n95,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n91,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.81
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n90,800<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : 3.37 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n85,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 23.09
\nEvaluated at bid price : 23.47
\nBid-YTW : 4.70 %<\/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
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.40 – 21.74
\nSpot Rate : 0.3400
\nAverage : 0.2186<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-05-16
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset<\/td>\nQuote: 25.17 – 25.50
\nSpot Rate : 0.3300
\nAverage : 0.2122<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.17
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

HSE.PR.E<\/td>\nFixedReset<\/td>\nQuote: 25.19 – 25.54
\nSpot Rate : 0.3500
\nAverage : 0.2497<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.19
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset<\/td>\nQuote: 23.18 – 23.50
\nSpot Rate : 0.3200
\nAverage : 0.2231<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.18
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset<\/td>\nQuote: 23.98 – 24.46
\nSpot Rate : 0.4800
\nAverage : 0.3970<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.98
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 19.58 – 19.79
\nSpot Rate : 0.2100
\nAverage : 0.1376<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.58
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Another strong day for the Canadian preferred share market on excellent volume, powered by an increase in the GOC-5 yield to 2.32%. PerpetualDiscounts now yield 5.46%, equivalent to 7.10% interest at the standard equivalency factor …<\/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-49353","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49353","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=49353"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49353\/revisions"}],"predecessor-version":[{"id":49354,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49353\/revisions\/49354"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}