Tax-loss selling season is gearing up; there are some interesting changes occuring in relative valuation at the moment. Nothing huge, nothing widespread – but enough to be noticable and, I hope, profitable!
| 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 | 0.3313 % | 2,328.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3313 % | 4,466.2 |
| Floater | 8.59 % | 8.80 % | 55,643 | 10.48 | 2 | 0.3313 % | 2,573.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2401 % | 3,284.1 |
| SplitShare | 5.18 % | 7.19 % | 47,052 | 2.80 | 8 | 0.2401 % | 3,921.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2401 % | 3,060.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7179 % | 2,637.9 |
| Perpetual-Discount | 6.46 % | 6.59 % | 88,595 | 13.07 | 34 | 0.7179 % | 2,876.5 |
| FixedReset Disc | 5.51 % | 7.68 % | 91,038 | 11.90 | 63 | 0.4115 % | 2,186.2 |
| Insurance Straight | 6.37 % | 6.55 % | 95,093 | 13.06 | 18 | 0.6139 % | 2,823.9 |
| FloatingReset | 9.22 % | 9.78 % | 43,527 | 9.62 | 2 | -0.6675 % | 2,536.4 |
| FixedReset Prem | 6.65 % | 6.30 % | 422,051 | 4.19 | 1 | 0.3937 % | 2,373.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4115 % | 2,234.8 |
| FixedReset Ins Non | 5.48 % | 7.74 % | 46,573 | 12.07 | 14 | 0.1862 % | 2,292.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.J | FloatingReset | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 8.92 % |
| BAM.PF.D | Perpetual-Discount | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 6.69 % |
| PVS.PR.G | SplitShare | -1.12 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.05 Bid-YTW : 7.64 % |
| PVS.PR.I | SplitShare | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.01 Bid-YTW : 7.83 % |
| MFC.PR.J | FixedReset Ins Non | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 7.71 % |
| BAM.PR.T | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 8.69 % |
| PWF.PR.K | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.62 % |
| GWO.PR.Y | Insurance Straight | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.74 Evaluated at bid price : 17.74 Bid-YTW : 6.46 % |
| BMO.PR.S | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.68 % |
| PWF.PR.G | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 6.61 % |
| SLF.PR.D | Insurance Straight | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 6.15 % |
| PVS.PR.K | SplitShare | 1.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 7.19 % |
| SLF.PR.E | Insurance Straight | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.44 Evaluated at bid price : 18.44 Bid-YTW : 6.10 % |
| CIU.PR.A | Perpetual-Discount | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.69 Evaluated at bid price : 17.69 Bid-YTW : 6.55 % |
| PVS.PR.J | SplitShare | 1.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 7.19 % |
| CU.PR.F | Perpetual-Discount | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.38 % |
| SLF.PR.H | FixedReset Ins Non | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 7.78 % |
| MFC.PR.B | Insurance Straight | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.22 % |
| ELF.PR.H | Perpetual-Discount | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.61 % |
| POW.PR.D | Perpetual-Discount | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.50 % |
| IFC.PR.E | Insurance Straight | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 6.48 % |
| CU.PR.G | Perpetual-Discount | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.42 % |
| PWF.PF.A | Perpetual-Discount | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 6.48 % |
| RY.PR.N | Perpetual-Discount | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.85 % |
| RY.PR.O | Perpetual-Discount | 2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.85 % |
| PWF.PR.L | Perpetual-Discount | 2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.54 % |
| RY.PR.M | FixedReset Disc | 6.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 18.14 Evaluated at bid price : 18.14 Bid-YTW : 7.46 % |
| TRP.PR.G | FixedReset Disc | 16.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 8.67 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.M | Insurance Straight | 77,918 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 21.94 Evaluated at bid price : 22.17 Bid-YTW : 6.66 % |
| TRP.PR.D | FixedReset Disc | 45,051 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 8.95 % |
| NA.PR.C | FixedReset Prem | 36,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 6.30 % |
| NA.PR.S | FixedReset Disc | 33,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.07 Evaluated at bid price : 17.07 Bid-YTW : 8.26 % |
| CU.PR.I | FixedReset Disc | 32,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 23.61 Bid-YTW : 6.57 % |
| CU.PR.G | Perpetual-Discount | 27,284 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-25 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.42 % |
| There were 21 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PVS.PR.I | SplitShare | Quote: 23.01 – 24.25 Spot Rate : 1.2400 Average : 0.7264 YTW SCENARIO |
| GWO.PR.Y | Insurance Straight | Quote: 17.74 – 19.05 Spot Rate : 1.3100 Average : 0.8249 YTW SCENARIO |
| BAM.PR.N | Perpetual-Discount | Quote: 18.65 – 19.65 Spot Rate : 1.0000 Average : 0.5990 YTW SCENARIO |
| PVS.PR.G | SplitShare | Quote: 23.05 – 23.84 Spot Rate : 0.7900 Average : 0.5135 YTW SCENARIO |
| BAM.PF.F | FixedReset Disc | Quote: 17.09 – 18.26 Spot Rate : 1.1700 Average : 0.9391 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 16.71 – 17.27 Spot Rate : 0.5600 Average : 0.3641 YTW SCENARIO |
Northland Power pref redemption:
https://www.globenewswire.com/en/news-release/2022/11/25/2562731/0/en/Northland-Power-Announces-Redemption-of-Series-3-Preferred-Shares.html
[…] Thanks to Assiduous Reader niagara for bringing this to my attention! […]