Remember Jefferson County? It was last mentioned on September 28 … it’s becoming more farcical all the time:
Circuit Judge David Rains allowed the county in March to collect and spend the tax while the Legislature considered alternatives to the levy whose repeal was affirmed in January. Lawmakers adjourned on May 18 without approving a new measure, and the county couldn’t draw upon those funds.
Preferreds closed the month on a winning note on continued heavy volume. PerpetualDiscounts now yield 6.33%, equivalent to 8.86% interest at the standard equivalency factor of 1.4x. This compares with long corporates at 7.0%, indicating a pre-tax interest-equivalent spread of 186bp … wow! Getting lower by the day!
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 | 0.5961 % | 1,289.6 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5961 % | 2,085.6 |
Floater | 2.92 % | 3.38 % | 81,000 | 18.75 | 3 | 0.5961 % | 1,611.1 |
OpRet | 5.04 % | 3.76 % | 128,655 | 0.97 | 15 | 0.1253 % | 2,160.4 |
SplitShare | 5.97 % | 6.75 % | 54,773 | 4.28 | 3 | -0.3588 % | 1,823.4 |
Interest-Bearing | 6.02 % | 8.03 % | 27,781 | 0.57 | 1 | 0.3021 % | 1,979.3 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1126 % | 1,716.9 |
Perpetual-Discount | 6.38 % | 6.33 % | 160,892 | 13.43 | 71 | 0.1126 % | 1,581.3 |
FixedReset | 5.74 % | 4.98 % | 487,414 | 4.45 | 37 | 0.1749 % | 1,978.6 |
Performance Highlights | |||
Issue | Index | Change | Notes |
IAG.PR.A | Perpetual-Discount | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 16.02 Evaluated at bid price : 16.02 Bid-YTW : 7.19 % |
RY.PR.H | Perpetual-Discount | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 22.86 Evaluated at bid price : 23.00 Bid-YTW : 6.19 % |
CM.PR.P | Perpetual-Discount | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.49 % |
PWF.PR.E | Perpetual-Discount | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 6.70 % |
BNS.PR.O | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 22.79 Evaluated at bid price : 22.93 Bid-YTW : 6.18 % |
SLF.PR.A | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 6.67 % |
BAM.PR.K | Floater | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 11.68 Evaluated at bid price : 11.68 Bid-YTW : 3.40 % |
BNS.PR.T | FixedReset | 1.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.79 Bid-YTW : 4.78 % |
RY.PR.R | FixedReset | 1.21 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 4.70 % |
ACO.PR.A | OpRet | 1.26 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2009-06-28 Maturity Price : 26.00 Evaluated at bid price : 26.49 Bid-YTW : -17.00 % |
CM.PR.J | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.34 % |
PWF.PR.K | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.70 % |
BAM.PR.B | Floater | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 11.77 Evaluated at bid price : 11.77 Bid-YTW : 3.38 % |
MFC.PR.C | Perpetual-Discount | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 6.31 % |
GWO.PR.G | Perpetual-Discount | 3.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.25 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
BNS.PR.P | FixedReset | 120,470 | Nesbitt crossed 100,000 at 25.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 24.89 Evaluated at bid price : 24.95 Bid-YTW : 4.49 % |
SLF.PR.F | FixedReset | 101,035 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-30 Maturity Price : 25.00 Evaluated at bid price : 25.76 Bid-YTW : 5.39 % |
BNS.PR.X | FixedReset | 67,476 | RBC sold 10,000 to National at 26.70 and crossed another 39,100 at the same price. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.66 Bid-YTW : 4.91 % |
RY.PR.R | FixedReset | 45,250 | Nesbitt crossed 23,300 at 26.50. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-26 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 4.70 % |
CM.PR.K | FixedReset | 43,315 | RBC crossed 20,000 at 25.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 24.93 Evaluated at bid price : 24.98 Bid-YTW : 4.74 % |
BNS.PR.L | Perpetual-Discount | 35,585 | RBC crossed 20,000 at 18.58. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-05-29 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.11 % |
There were 49 other index-included issues trading in excess of 10,000 shares. |