PerpetualDiscounts now yield 4.95%, equivalent to 6.44% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.82%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 260bp from the 250bp reported February 9.
| 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 | 3.02 % | 3.48 % | 39,612 | 20.08 | 1 | 0.4453 % | 2,891.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5747 % | 5,571.8 |
| Floater | 2.86 % | 2.88 % | 66,398 | 19.99 | 3 | -0.5747 % | 3,211.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0392 % | 3,661.1 |
| SplitShare | 4.63 % | 4.35 % | 32,652 | 3.61 | 6 | 0.0392 % | 4,372.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0392 % | 3,411.3 |
| Perpetual-Premium | 5.24 % | -5.83 % | 55,708 | 0.09 | 22 | -0.1817 % | 3,209.0 |
| Perpetual-Discount | 4.89 % | 4.95 % | 58,970 | 15.58 | 11 | 2.8592 % | 3,764.7 |
| FixedReset Disc | 4.05 % | 4.49 % | 116,272 | 16.27 | 44 | -1.4063 % | 2,770.7 |
| Insurance Straight | 5.02 % | 4.81 % | 85,126 | 15.46 | 18 | 0.5078 % | 3,573.3 |
| FloatingReset | 2.72 % | 3.09 % | 50,723 | 19.47 | 2 | 0.0551 % | 2,949.6 |
| FixedReset Prem | 4.79 % | 3.87 % | 112,492 | 2.07 | 26 | -0.0954 % | 2,697.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.4063 % | 2,832.2 |
| FixedReset Ins Non | 4.14 % | 4.38 % | 78,055 | 16.32 | 17 | -0.2592 % | 2,934.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CM.PR.Q | FixedReset Disc | -17.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.51 % |
| BAM.PR.T | FixedReset Disc | -6.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.17 % |
| BMO.PR.S | FixedReset Disc | -5.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 4.67 % |
| TRP.PR.B | FixedReset Disc | -5.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 5.40 % |
| BAM.PF.B | FixedReset Disc | -4.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 5.10 % |
| TD.PF.A | FixedReset Disc | -4.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 22.04 Evaluated at bid price : 22.35 Bid-YTW : 4.49 % |
| BAM.PR.Z | FixedReset Disc | -3.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.12 Evaluated at bid price : 23.72 Bid-YTW : 5.07 % |
| GWO.PR.Y | Insurance Straight | -3.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 22.92 Evaluated at bid price : 23.31 Bid-YTW : 4.87 % |
| GWO.PR.N | FixedReset Ins Non | -2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 4.29 % |
| CIU.PR.A | Perpetual-Discount | -2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 4.89 % |
| TRP.PR.C | FixedReset Disc | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 4.97 % |
| FTS.PR.G | FixedReset Disc | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 21.46 Evaluated at bid price : 21.80 Bid-YTW : 4.56 % |
| BAM.PR.M | Perpetual-Discount | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.11 % |
| IFC.PR.C | FixedReset Disc | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 22.66 Evaluated at bid price : 23.70 Bid-YTW : 4.45 % |
| SLF.PR.C | Insurance Straight | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.12 Evaluated at bid price : 23.38 Bid-YTW : 4.81 % |
| SLF.PR.D | Insurance Straight | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.15 Evaluated at bid price : 23.45 Bid-YTW : 4.79 % |
| POW.PR.D | Perpetual-Premium | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.17 % |
| SLF.PR.E | Insurance Straight | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.30 Evaluated at bid price : 23.58 Bid-YTW : 4.82 % |
| SLF.PR.G | FixedReset Ins Non | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.31 % |
| MFC.PR.F | FixedReset Ins Non | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 4.25 % |
| GWO.PR.R | Insurance Straight | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 4.97 % |
| PWF.PR.P | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 4.55 % |
| TRP.PR.A | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 18.79 Evaluated at bid price : 18.79 Bid-YTW : 4.99 % |
| BMO.PR.T | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 22.44 Evaluated at bid price : 22.90 Bid-YTW : 4.36 % |
| FTS.PR.H | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 16.83 Evaluated at bid price : 16.83 Bid-YTW : 4.50 % |
| TD.PF.E | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 4.43 % |
| GWO.PR.I | Insurance Straight | 26.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 4.79 % |
| PWF.PF.A | Perpetual-Discount | 60.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-16 Maturity Price : 23.64 Evaluated at bid price : 24.00 Bid-YTW : 4.71 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.C | FixedReset Prem | 1,236,480 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : 3.20 % |
| CM.PR.Y | FixedReset Prem | 201,400 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 3.75 % |
| CM.PR.R | FixedReset Prem | 156,463 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 3.54 % |
| BMO.PR.B | FixedReset Disc | 47,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-27 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 4.14 % |
| RY.PR.M | FixedReset Disc | 46,018 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-11-24 Maturity Price : 25.00 Evaluated at bid price : 24.15 Bid-YTW : 3.98 % |
| TD.PF.I | FixedReset Prem | 43,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 3.37 % |
| There were 18 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CM.PR.Q | FixedReset Disc | Quote: 19.70 – 24.05 Spot Rate : 4.3500 Average : 2.4223 YTW SCENARIO |
| BMO.PR.S | FixedReset Disc | Quote: 22.00 – 23.35 Spot Rate : 1.3500 Average : 0.7933 YTW SCENARIO |
| BAM.PR.T | FixedReset Disc | Quote: 20.25 – 21.66 Spot Rate : 1.4100 Average : 0.9130 YTW SCENARIO |
| TD.PF.A | FixedReset Disc | Quote: 22.35 – 23.35 Spot Rate : 1.0000 Average : 0.5790 YTW SCENARIO |
| BAM.PF.G | FixedReset Disc | Quote: 20.75 – 23.00 Spot Rate : 2.2500 Average : 1.8300 YTW SCENARIO |
| BAM.PR.C | Floater | Quote: 14.99 – 15.99 Spot Rate : 1.0000 Average : 0.5963 YTW SCENARIO |
thanks for putting this up every day. My go to site. Noticed some quotes are wrong.
CM.PR.Q eg to day and yesterday the GWL and Power issues
Maybe an erroneous feed.
Got my all excited!
The quotes are supplied by the Toronto Stock Exchange for an exhorbitant price.
The quotes are shit, which is why I started the ‘Wide Spread Highlights’ table a few years ago.
See the posts TMX DataLinx: “Last” != “Close” and More on the TMX Close != Last for more information. There’s a follow-up TMX to Report Closing Quotes … Someday filled with misplaced optimism.
You may wish to eMail the Toronto Exchange to complain about their idiotic feed policies.
James – FYI:
AltaGas Announces Intention to Redeem All Outstanding Series K Preferred Shares
https://money.tmx.com/en/quote/ALA/news/5041066544928577/AltaGas_Announces_Intention_to_Redeem_All_Outstanding_Series_K_Preferred_Shares
[…] This confirms the earlier, non-binding company statement. Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention. […]
[…] PerpetualDiscounts now yield 4.97%, equivalent to 6.46% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.89%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at 260bp, the same as reported February 16. […]