Preferred Shares Market Review
Preferred Shares Market Review provides all metrics you could ever need to understand the current state of the Canadian Preferreds Stock Market. In a single page you find metrics like Market average current yield. In addition see what each sector or market category is doing with metrics like average current yield, reset yield, highest and lowest yield and stock within the sector.
Preferred Shares Market Review Process.
The information is presented in tabular form, thus making it easy to locate. Three table are used.
Overall Market Statistics
Presents preferred shares market information at the highest level. The main statistics include
- Number of Shares Tracked. Canadian Preferred Shares is Tracking this number of preferred shares and all are used when calculating the various metrics and statistics
- Number of Companies Tracked. The total count of companies for which CPS is tracking preferred issues.
- Today’s Average Market Yield. This is the average current yield of the tracked issues. To get this number I add up the current yield from each issue and divide by the total number of issues.
Table: Statistics by Sector
Here we group all preferreds issues by market sector and then apply the metric at this level. For this set we grouped the metrics into 3 categories
- Current Yield. Current yield offered by the shares in this sector.
- Reset Yield. Reset yield offered by the shares in this sector.
- Rate Increase. Rate increase / decrease percent to the current yield offered by shares in this sector.
The first column in each group is preceded by column “Count“. This column reflects the total number of issues included in the set.
For example in the table “Statistics By Sector” under the group column “Current” you see the banking sector has a count of 66. 66 is the number of bank issues tracked and used to determine the average “current yield average”. This set includes Perpetuals, Floating and Resets for a count of 66 issues. In the next group column “Reset” the count for the Banking sector is 53. Of the 66 bank issues, only 53 are 5 year resets, thus the set used to calculate the “Reset Average Yield” is 53.
Each set includes the following columns
- Current Average Yield. Its similar to the “Today’s Average Market Yield” Only on a smaller set.
- Maximum. Shows the Maximum yield offered for the set along the same row within the column group. It also shows which issue offers this yield. For today 2020-07-02 for the Banking sector the “Current Maximum” yield is 8.76% and is offered by issue LB-H.
- Minimum. Shows the Minimum yield offered for the set along the same row within the column group. It also shows which issue offers this yield. For today 2020-07-02 for the Banking sector the “Current Minimum” yield is 1.37% and is offered by issue BMO-A.
Table: Statistics by Credit Rating
Here we group all preferreds issues by credit rating and then apply the metric at this level. The makeup of this table is the same as “Statistics by Sector“.
Table: Statistics by Share Type
Here we group all preferreds issues by type (5year reset / perpetual) . The makeup of this table is the same as “Statistics by Sector“.
| Number of Shares Tracked | 301 | ||||||
|---|---|---|---|---|---|---|---|
| Number of Companies Tracked | 47 | ||||||
| Todays Average Market Yield | 6.3786% | ||||||
| Preferreds Market Cap at Market Value | 52,673,817,573 | Market Cap at Face Value | 63,231,355,886 | Dicsount Amount | 10,557,538,313 | Discount Percent | 16.70% |
| Statistics By Sector | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| Banks | 32 | 5.48% | 9.38% -> FN-B | 3.12% -> RY-M | 25 | 6.02% | 9.67% -> FN-A | 5.23% -> BMO-W | 32 | 6.18% | 90.00% -> FN-A | -8.000% -> CWB-D | 8,119,086,753 | 8,271,276,470 | ||
| Insurance | 73 | 5.96% | 8.28% -> FFH-H | 2.87% -> SLF-G | 22 | 6.66% | 7.90% -> FFH-G | 5.39% -> MFC-K | 73 | 22.58% | 92.00% -> PWF-A | -5.000% -> LCS-A | 11,395,484,261 | 13,707,937,990 | ||
| Utilities | 59 | 6.34% | 8.51% -> BRF-B | 3.00% -> FTS-H | 35 | 7.28% | 9.98% -> CSE-A | 6.03% -> FTS-G | 59 | 26.64% | 76.00% -> CIU-C | -6.000% -> ENS-A | 8,017,011,943 | 9,779,660,195 | ||
| Green Energy | 15 | 6.67% | 8.51% -> BRF-B | 4.35% -> BRF-A | 9 | 7.88% | 9.98% -> CSE-A | 6.78% -> BRF-C | 15 | 30.33% | 74.00% -> CSE-A | 3.00% -> BEP-G | 1,604,226,090 | 2,003,036,575 | ||
| Independent Power Producers | 24 | 6.74% | 8.51% -> BRF-B | 4.21% -> CPX-A | 16 | 7.69% | 9.98% -> CSE-A | 6.41% -> CPX-C | 24 | 29.41% | 74.00% -> CSE-A | 2.00% -> CPX-C | 2,774,481,113 | 3,443,036,575 | ||
| Real Estate | 19 | 8.21% | 11.03% -> BPO-W | 5.03% -> BPS-B | 11 | 10.02% | 11.37% -> BPO-R | 7.68% -> AX-E | 19 | 57.47% | 164.0% -> BPO-W | 0.00% -> BPYP-A | 2,464,729,730 | 3,536,342,125 | ||
| Asset Managment | 21 | 6.49% | 9.23% -> BN-K | 4.20% -> BN.PF.G | 13 | 7.02% | 7.96% -> BN-T | 3.00% -> BN.PF.L | 21 | 44.00% | 121.0% -> BN-K | 4.00% -> BN.PF.H | 3,441,101,722 | 4,573,512,477 | ||
| Communication Services | 20 | 7.84% | 9.64% -> BCE-J | 4.90% -> BCE-M | 11 | 4.31% | 8.58% -> BCE-K | 3.00% -> BCE-C | 20 | 59.05% | 76.00% -> BCE-K | 13.00% -> BCE-Q | 2,270,944,223 | 3,642,788,294 | ||
| Consumer Defensive | 5 | 6.00% | 6.12% -> WN-C | 5.84% -> L-B | 0 | N/A | N/A | N/A | 5 | 14.20% | 26.00% -> WN-E | 2.00% -> WN-A | 932,920,000 | 1,060,000,000 | ||
| Pipelines | 39 | 6.50% | 8.43% -> TRP-H | 3.19% -> TRP-B | 33 | 7.23% | 8.36% -> TRP-C | 6.15% -> PPL-A | 39 | 27.64% | 88.00% -> TRP-B | 1.00% -> PPL-S | 9,354,107,848 | 11,774,296,750 | ||
| 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 | 4.48% | 5.77% -> RY-S | 3.12% -> RY-M | 3 | 5.66% | 5.89% -> RY-J | 5.27% -> RY-S | 5 | 2.40% | 4.00% -> RY-O | -1.000% -> RY-S | 1,517,740,000 | 1,550,000,000 | ||
| PFD-2H | 57 | 5.66% | 8.05% -> PWF-A | 2.87% -> SLF-G | 22 | 6.12% | 7.72% -> PWF-P | 5.23% -> BMO-W | 57 | 20.91% | 92.00% -> PWF-A | -4.000% -> BMO-E | 11,067,501,218 | 12,851,375,000 | ||
| PFD-2 | 27 | 5.66% | 6.80% -> NA-G | 3.21% -> CM-Q | 14 | 6.08% | 7.71% -> CIU-C | 5.30% -> CM-P | 27 | 15.85% | 76.00% -> CIU-C | -4.000% -> NA-C | 5,448,686,852 | 6,013,737,600 | ||
| PFD-2L | 37 | 6.15% | 9.23% -> BN-K | 3.00% -> FTS-H | 17 | 6.93% | 7.96% -> BN-T | 3.00% -> BN.PF.L | 37 | 32.70% | 121.0% -> BN-K | 0.00% -> PVS-G | 6,171,713,696 | 7,778,414,977 | ||
| PFD-3H | 71 | 6.29% | 8.51% -> BRF-B | 3.19% -> TRP-B | 48 | 7.16% | 8.36% -> TRP-C | 6.06% -> EMA-H | 71 | 24.42% | 88.00% -> TRP-B | -6.000% -> ENS-A | 13,654,143,781 | 16,805,428,365 | ||
| PFD-3 | 43 | 7.07% | 9.64% -> BCE-J | 4.21% -> FFH-G | 21 | 5.72% | 9.67% -> FN-A | 3.00% -> BCE-C | 43 | 38.86% | 90.00% -> FN-A | -8.000% -> CWB-D | 6,390,438,785 | 8,156,914,044 | ||
| PFD-3L | 33 | 7.82% | 11.03% -> BPO-W | 4.21% -> CPX-A | 21 | 8.88% | 11.37% -> BPO-R | 6.41% -> CPX-C | 33 | 41.18% | 164.0% -> BPO-W | -6.000% -> LBS-A | 4,894,977,066 | 6,208,849,265 | ||
| NOT RATED | 25 | 6.59% | 8.47% -> NPI-B | 4.47% -> NPI-A | 12 | 7.67% | 9.98% -> CSE-A | 3.00% -> BBD-D | 25 | 19.64% | 74.00% -> CSE-A | -6.000% -> BIK-A | 2,261,476,599 | 2,657,233,405 | ||
| PFD-2* | 121 | 5.81% | 9.23% -> BN-K | 2.87% -> SLF-G | 53 | 6.37% | 7.96% -> BN-T | 3.00% -> BN.PF.L | 121 | 23.38% | 121.0% -> BN-K | -4.000% -> NA-C | 22,687,901,767 | 26,643,527,577 | ||
| PFD-3* | 147 | 6.86% | 11.03% -> BPO-W | 3.19% -> TRP-B | 90 | 7.22% | 11.37% -> BPO-R | 3.00% -> BCE-C | 147 | 32.40% | 164.0% -> BPO-W | -8.000% -> CWB-D | 24,939,559,633 | 31,171,191,674 | ||
| Statistics By Share Type | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| 5 Year Resets | 158 | 6.04% | 10.11% -> BPO-T | 2.87% -> SLF-G | 158 | 6.94% | 11.37% -> BPO-R | 3.00% -> BCE-Z | 158 | 26.97% | 90.00% -> FN-A | -8.000% -> CWB-D | 32,953,478,128 | 40,118,694,960 | ||
| Perpetuals | 69 | 6.10% | 7.41% -> BBD-C | 5.12% -> RY-N | 0 | N/A | N/A | N/A | 69 | 19.73% | 36.00% -> PWF.PF.A | 2.00% -> WN-A | 10,879,044,172 | 13,086,107,300 | ||
| Minimum Rate Resets | 21 | 7.11% | 9.96% -> BPO-I | 4.58% -> CU-I | 21 | 7.83% | 10.96% -> BPO-E | 6.06% -> EMA-H | 21 | 16.47% | 58.00% -> BPO-E | -6.000% -> BIK-A | 4,351,429,785 | 4,999,303,825 | ||
| Floating Rate Resets | 42 | 8.37% | 11.03% -> BPO-W | 4.55% -> BN.PF.K | 0 | N/A | N/A | N/A | 42 | 59.90% | 164.0% -> BPO-W | 7.00% -> FFH-D | 2,168,382,633 | 3,548,254,286 | ||