These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref™ indices.
| Issue | Index | DBRS Rating | Monthly Performance | Notes (“Now” means “March 31”) |
| SLF.PR.C | PerpetualDiscount | Pfd-1(low) | -10.82% | A rebound from excellent performance in February. Now with a pre-tax bid-YTW of 5.74% based on a bid of 19.53 and a limitMaturity. |
| SLF.PR.D | PerpetualDiscount | Pfd-1(low) | -10.71% | Now with a pre-tax bid-YTW of 5.74% based on a bid of 19.50 and a limitMaturity. |
| FTU.PR.A | SplitShare | Pfd-2 [Review Developing] |
-10.25% | Volatile! Performed well in January, poorly in February. Asset coverage of just under 1.4:1 as of March 14 according to the company. Now with a pre-tax bid-YTW of 9.29% based on a bid of 8.52 and a hardMaturity 2012-12-1 at 10.00. Given the relatively low asset coverage, deep discount to par and the DBRS Review of the sector, it might be wise to view these as an equity substitute rather than as a preferred issue. |
| BMO.PR.K | PerpetualDiscount | Pfd-1 | -9.77% | Now with a pre-tax bid-YTW of 5.98% based on a bid of 22.25 and a limitMaturity. |
| BNA.PR.B | SplitShare | Pfd-2(low) | -9.20% | Asset coverage of 2.8+:1 as of February 29, according to the company. Now with a pre-tax bid-YTW of 8.86% based on a bid of 19.65 and a hardMaturity 2016-3-25 at 25.00. Compare with BNA.PR.A (6.47% to 2010-9-30) and BNA.PR.C (7.57% to 2019-1-10). |
| … | … | … | … | … |
| CL.PR.B | PerpetualPremium | Pfd-1(low) | +1.32% | Now with a pre-tax bid-YTW of -7.53% (that’s right, negative) based on a bid of 26.04 and a call 2008-4-30 at 25.75. Even the call 2011-1-30 at 25.00 gives rise to a yield of 4.69% … this issue looks rich. |
| FIG.PR.A | InterestBearing | Pfd-2 | +1.37% | Now with a pre-tax bid-YTW of 6.12% based on a bid of 10.00 and a call 2008-4-30 at 10.00. |
| BCE.PR.B | Ratchet | Pfd-2(low) [Review Negative] |
+1.49% | |
| BAM.PR.I | OpRet | Pfd-2(low) | +1.78% | Now with a pre-tax bid-YTW of 4.96% based on a bid of 25.71 and a softMaturity 2013-12-30 at 25.00. Compare with the other BAM OpRets: BAM.PR.H (5.37% to 2012-3-30) and BAM.PR.J (5.25% to 2018-3-30). |
| BCE.PR.G | FixFloat | Pfd-2(low) Review Negative |
+2.20% |
[…] the list of March’s good and bad performers, I suggested that FTU.PR.A should, perhaps, be analyzed as an equity substitute … I’ve […]