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

  1. 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
  2. Number of Companies Tracked. The total count of companies for which CPS is tracking preferred issues.
  3. 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

  1. Current Yield. Current yield offered by the shares in this sector.
  2. Reset Yield. Reset yield offered by the shares in this sector.
  3. 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

  1. Current Average Yield. Its similar to the “Today’s Average Market Yield” Only on a smaller set.
  2. 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.
  3. 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“.

 

Last Updated: Market Data Nov-27 16:31, Model Metrics Nov-27 17:02
Number of Shares Tracked351
Number of Companies Tracked54
Todays Average Market Yield5.5774%
Preferreds Market Cap at Market Value64,629,817,994 Market Cap at Face Value80,780,252,000Dicsount Amount16,150,434,005Discount Percent19.99%


Statistics By Sector
CurrentResetRate IncreaseMarket Cap
SectorCountAverage YieldMaximumMinimumCountAverage YieldMaximumMinimumCountAverage PercentMaximumMinimumAt Market ValueAt Face Value
Banking584.82%6.41% -> LB-H1.27% -> BMO-A533.95%5.73% -> CWB-C1.59% -> BMO-Q5812.37%55.00% -> LB-H-4.000% -> RY-P19,775,820,73221,738,644,175
Insurance835.15%6.97% -> FFH-C3.34% -> MFC-P304.34%5.86% -> FFH-I3.66% -> MFC-K8330.43%146.0% -> PWF-A-3.000% -> IFC-I14,315,607,64916,427,594,625
Utilities1046.02%8.55% -> PPL-A3.69% -> FTS-I785.29%7.21% -> CSE-A3.85% -> FTS-G10452.81%206.0% -> TRP-H-2.000% -> BEP-I17,692,290,85824,335,139,500
Green Energy195.76%7.50% -> CSE-A4.63% -> NPI-B135.34%7.21% -> CSE-A4.27% -> AQN-A1933.10%129.0% -> CSE-A-2.000% -> BEP-I2,243,674,2772,705,170,425
Power Generation595.73%7.88% -> CPX-E4.01% -> EMA-B395.23%7.21% -> CSE-A4.03% -> CU-C5951.62%206.0% -> TRP-H-2.000% -> BEP-I8,762,945,06911,485,139,500
Real Estate396.10%8.64% -> BPO-T4.42% -> BAM-S245.70%7.41% -> BPO-R4.43% -> BAM.PF.A3967.69%251.0% -> BPO-Y-2.000% -> BPS-A5,150,488,7087,565,619,475
Asset Managment275.33%6.72% -> BAM.PF.A4.42% -> BAM-S194.98%5.77% -> BIK-A4.43% -> BAM.PF.A2744.00%171.0% -> BAM-K-1.000% -> BIK-A4,608,754,7185,973,887,750
Telecommunications234.99%7.33% -> BCE-C3.42% -> BCE-Y132.14%4.81% -> BCE-M0.58% -> BCE-F2381.65%111.0% -> BCE-L29.00% -> BCE-O2,392,278,4074,307,500,000
Holding Companies1075.81%8.64% -> BPO-T3.44% -> GWO-O475.37%7.41% -> BPO-R3.85% -> FTS-G10747.36%251.0% -> BPO-Y-3.000% -> IFC-I17,304,685,89322,752,582,950
Pipelines826.04%8.55% -> PPL-A3.69% -> FTS-I645.26%6.22% -> TA-F3.85% -> FTS-G8257.68%206.0% -> TRP-H-2.000% -> EMA-H15,327,398,31421,455,000,000

Statistics By Credit Rating
CurrentResetRate IncreaseMarket Cap
SectorCountAverage YieldMaximumMinimumCountAverage YieldMaximumMinimumCountAverage PercentMaximumMinimumAt Market ValueAt Face Value
PFD-2H694.80%5.97% -> IAF-I1.27% -> BMO-A303.87%5.11% -> RY-R1.59% -> BMO-Q6917.13%146.0% -> PWF-A-4.000% -> RY-P16,648,083,03918,053,519,975
PFD-2574.93%6.49% -> IFC-G3.34% -> MFC-P383.93%5.35% -> EML-A3.37% -> TD.PF.C5723.12%132.0% -> SLF-J-3.000% -> IFC-I15,041,743,82516,979,500,000
PFD-2L505.39%7.67% -> HSE-C4.11% -> TRP-I314.84%6.48% -> HSE-G3.67% -> NA-W5058.60%206.0% -> TRP-H-2.000% -> PVS-E9,817,398,90413,026,929,000
PFD-3H526.04%8.53% -> ENB-F3.69% -> FTS-I385.27%6.03% -> ENB.PF.E3.85% -> FTS-G5252.63%137.0% -> FTS-I-2.000% -> BEP-I8,973,988,70112,865,971,750
PFD-3626.00%8.64% -> BPO-T3.42% -> BCE-Y404.75%7.41% -> BPO-R0.58% -> BCE-F6264.82%251.0% -> BPO-Y-3.000% -> L-B7,812,919,32411,462,811,225
PFD-3L286.51%8.05% -> AX-E4.21% -> SJR-B255.73%7.03% -> ECN-A4.27% -> AQN-A2850.64%150.0% -> TA-E-1.000% -> ALA-I3,101,941,3744,276,611,750
NOT RATED336.24%14.99% -> BBD-C3.71% -> CGI-D195.43%7.76% -> BIR-A3.59% -> BBD-D3346.09%241.0% -> BBD-B-2.000% -> EMA-H3,233,742,8244,114,908,300
PFD-2*1765.01%7.67% -> HSE-C1.27% -> BMO-A994.20%6.48% -> HSE-G1.59% -> BMO-Q17630.85%206.0% -> TRP-H-4.000% -> RY-P41,507,225,76948,059,948,975
PFD-3*1426.11%8.64% -> BPO-T3.42% -> BCE-Y1035.18%7.41% -> BPO-R0.58% -> BCE-F14257.56%251.0% -> BPO-Y-3.000% -> L-B19,888,849,40028,605,394,725

Statistics By Share Type
CurrentResetRate IncreaseMarket Cap
SectorCountAverage YieldMaximumMinimumCountAverage YieldMaximumMinimumCountAverage PercentMaximumMinimumAt Market ValueAt Face Value
5 Year Resets2215.93%11.83% -> BBD-D1.81% -> BMO-Q2214.76%7.76% -> BIR-A0.58% -> BCE-C22142.50%197.0% -> HSE-A-2.000% -> CWB-C48,001,546,65361,646,539,950
Perpetuals705.31%14.99% -> BBD-C4.59% -> SLF-C0N/AN/AN/A703.41%140.0% -> BBD-C-4.000% -> RY-P13,179,555,96613,420,127,175
Minimum Rate Resets405.63%7.32% -> BPO-I4.43% -> CU-I405.62%7.32% -> BPO-I4.43% -> CU-I405.65%51.00% -> BPO-I-2.000% -> BEP-I10,171,834,07510,652,565,575
Floating Rate Resets474.42%6.87% -> BPO-S1.27% -> BMO-A0N/AN/AN/A47117.0%251.0% -> BPO-Y0.00% -> BNS-F2,141,668,4884,419,838,450