Preferred Shares Credit Rating Report will explore the Canadian Preferred Share market by looking at the Credit Ratings of issuer companies. The idea here to see if we can use the credit rating ranking of the issuer as another metric to help us identify mispriced stocks. Preferreds can be mispriced in relation to similar issues within the same issuer as well as in relation to similar preferreds of other issuers.
We already provide a lot of compare tables on individual preferreds grouped by various categories and features. This one will examine the data at a higher level, a level up from the individual preferred share. I hope some of you will find this usefull and figure out a way to incorporate this information in your trading.
referred Shares Credit Rating Report
I have included 3 metrics per credit level. You can use one or more depending on your investment style.
Starting with the current yield of the credit levle. This is the average yield of all preferreds within this credit level. It is calculated by adding up the current yields of all preferreds and dividing the total by the number of preferreds. For reference i have also included the current Highest and Lowest yields offered.
The second metric is the reset yield of the credit level. Again this is the average reset yield by all preferreds belonging to this credit level. Remember the reset yield is based on today’s 5 year GOC rate. It is calculated by adding up the reset yields of all preferreds and dividing the total by the number of preferreds. For reference i have also included the reset Highest and Lowest reset yields offered as well as the securities offering this yield.
Rate Increase percent is the last one. Again this is the average rate increase by all preferreds within the credit level. It is calculated by adding up the rate increase percent of all preferreds and dividing the total by the number of preferreds. For reference i have also included the Highest and Lowest rate increases.
For a more detailed explanation on the meaning and use of the metrics current yield, reset yield and percent increase see Ranking Table Column Information page.
Preferred Shares Credit Rating Report Metrics Table
As expecte the lower the credit rating level the higher the yields. You can easily locate the highest yield and secutity within each level.
This is not a static page. The data used to build the metrics in the table below is updated and processed daily. This table will always reflect the latest market and model data. The timestamp at the top of the table indicates when the data was generated last.
| Statistics By Credit Rating | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current | Reset | Rate Change | Market Cap | |||||||||||||
| Sector | Count | Average Yield | Maximum | Minimum | Count | Average Yield | Maximum | Minimum | Count | Average Percent | Maximum | Minimum | At Market Value | At Face Value | ||
| PFD-1L | 5 | 4.40% | 5.74% -> RY-S | 3.05% -> RY-M | 3 | 5.64% | 5.86% -> RY-J | 5.30% -> RY-S | 5 | 0.60% | 2.00% -> RY-N | -2.000% -> RY-S | 1,542,160,000 | 1,550,000,000 | ||
| PFD-2H | 57 | 5.57% | 7.31% -> PWF-Q | 2.76% -> SLF-G | 22 | 6.05% | 7.27% -> PWF-P | 5.27% -> BMO-W | 57 | 19.08% | 89.00% -> PWF-A | -4.000% -> BMO-E | 11,225,350,807 | 12,851,375,000 | ||
| PFD-2 | 27 | 5.51% | 6.72% -> NA-G | 3.19% -> CM-Q | 14 | 5.96% | 7.35% -> CIU-C | 5.26% -> CM-P | 27 | 12.77% | 66.00% -> CIU-C | -5.000% -> NA-C | 5,587,263,228 | 6,013,737,600 | ||
| PFD-2L | 37 | 5.89% | 7.79% -> BN-K | 2.85% -> FTS-H | 17 | 6.62% | 7.55% -> BN-T | 3.05% -> BN.PF.L | 37 | 27.64% | 104.0% -> BN-K | 0.00% -> PVS-G | 6,408,951,794 | 7,778,414,977 | ||
| PFD-3H | 70 | 6.07% | 7.56% -> ESP-A | 2.93% -> TRP-B | 48 | 6.90% | 8.47% -> ENB.PF.U | 5.69% -> CVE-A | 70 | 19.74% | 73.00% -> TRP-B | -10.00% -> ENS-A | 14,180,788,876 | 16,777,573,940 | ||
| PFD-3 | 43 | 6.57% | 8.82% -> BCE-J | 3.40% -> FFH-G | 21 | 5.45% | 8.83% -> FN-A | 3.05% -> BCE-C | 43 | 32.37% | 72.00% -> FN-A | -6.000% -> PDV-A | 6,678,233,526 | 8,156,914,044 | ||
| PFD-3L | 33 | 7.59% | 10.14% -> BPO-I | 3.82% -> CPX-A | 21 | 8.63% | 11.17% -> BPO-N | 6.35% -> CPX-C | 33 | 37.39% | 154.0% -> BPO-Y | -8.000% -> LBS-A | 4,957,306,085 | 6,208,849,265 | ||
| NOT RATED | 24 | 6.46% | 7.98% -> NPI-B | 4.42% -> NPI-A | 12 | 7.50% | 9.87% -> CSE-A | 3.05% -> BBD-D | 24 | 19.04% | 71.00% -> CSE-A | -5.000% -> LFE-B | 2,294,272,965 | 2,650,989,255 | ||
| PFD-2* | 121 | 5.65% | 7.79% -> BN-K | 2.76% -> SLF-G | 53 | 6.21% | 7.55% -> BN-T | 3.05% -> BN.PF.L | 121 | 20.29% | 104.0% -> BN-K | -5.000% -> NA-C | 23,221,565,829 | 26,643,527,577 | ||
| PFD-3* | 146 | 6.56% | 10.14% -> BPO-I | 2.93% -> TRP-B | 90 | 6.96% | 11.17% -> BPO-N | 3.05% -> BCE-C | 146 | 27.45% | 154.0% -> BPO-Y | -10.00% -> ENS-A | 25,816,328,488 | 31,143,337,249 | ||
Canadian Preferred Shares – Mission
Our mission is to provide the average investor with the knowledge, up to date information, latest trends, data and tools to select the best preferreds to purchase or sell today.
Without tools like the ones we provide here, its simply not possible to make an educated decision, thus keeping most individual investors away. Our tools provide an overall view, of the preferreds market. With a few clicks you can easily locate today’s best preferreds within a sector/category or across the whole market.
Using our homepage as a starting point you can access all of our tools.