The equities markets did well today:
The Standard & Poor’s 500 Index capped its first back-to-back gains in more than a month as energy companies led a rally with crude oil, while Federal Reserve officials started a two-day meeting at which they’re widely expected to raise interest rates for the first time since 2006.
…
The S&P 500 climbed 1.1 percent to 2,043.41 at 4 p.m. in New York, marking its first consecutive increases since Nov. 3. The Dow Jones Industrial Average rose 156.41 points, or 0.9 percent, to 17,524.91, even as 3M’s retreat amounted to about 63 points off the index. The Nasdaq Composite Index rallied 0.9 percent. About 8.1 billion shares traded hands on U.S. exchanges, 12 percent above the three-month average.
…
Fed officials announce their rate decision tomorrow at 2 p.m. in Washington, and traders are pricing in a 78 percent chance of a liftoff. Data today reinforced expectations for a gradual increase in rates, with the cost of living holding steady in November, underscoring scant inflation that is well below the Fed’s goal. Among the other few economic cues before the rate announcement are reports on housing starts and industrial production Wednesday.
And the junk market is hearing some whispering from bottom feeders:
Amid an almost 6 percent selloff in high-yield debt this year, speculative-grade credit is yielding 3.52 percentage points more than stocks in the Standard & Poor’s 500 Index are earning — the widest spread since 2010, according to data compiled by Bloomberg. Since the start of the 6 1/2-year bull market, junk securities have held an advantage of less than half that — 1.36 percent — over equity counterparts, the data show.
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Tracy Alloway of Bloomberg points out that regulations affecting repos indirectly affect corporate bond liquidity:
While the focus, when it comes to a lack of liquidity in the bond market, has often been placed squarely on the shrinking amount of bonds on dealer-bank balance sheets, a further change to the banking business is arguably exacerbating the recent downward spiral in debt. That change is the shrinking of the repo business, which involves banks lending their balance sheets to clients and is often described as the great lubricator for financial markets.
The business has been shrinking in recent years. A huge regulatory overhaul has made repo more expensive in the face of various new mandates, including the leverage ratio and the net stable funding ratio, encouraging banks to pull back on their repo business and helping to push repo rates higher.
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Barrick announced pricing for its debt tender deal.
Dominion and Anglo Investment Corporation Limited, which is a major vehicle of the Jackman family, has tightened control of E-L Financial, proud issuer of ELF.PR.F, ELF.PR.G and ELF.PR.H:
Dominion and Anglo Investment Corporation Limited (“Dominion and Anglo”) announces that it acquired a further 80,000 Common Shares of E-L Financial Corporation Limited (“E-L Financial”) (TSX:ELF) (TSX:ELF.PR.F) (TSX:ELF.PR.G) (TSX:ELF.PR.H), increasing its ownership from 1,302,323 (32.4%) of the Common Shares to 1,382,323 (34.39%) of the Common Shares. Dominion and Anglo has an informal understanding with other shareholders of E-L Financial under which they act in concert with respect to the voting of securities of E-L Financial held by them. The purchase increases the ownership of Dominion and Anglo and these other shareholders from 2,748,329 (68.38%) of the Common Shares to 2,828,329 (70.37%) of the Common Shares. The purchase was effected through the facilities of the Toronto Stock Exchange for consideration of $680.00 per share.
But guess what, preferred share fans? Santa came early!
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It was an extremely strong day for the Canadian preferred share market … I suspect some major player decided to get in now rather than wait for the end of tax-loss selling season, when every other potential buyer will be in the market while the tax-loss sellers enjoy the holidays. PerpetualDiscounts gained 68bp, FixedResets won 430bp and DeemedRetractibles were up 81bp. The Performance Highlights table is, of course, immense, with no less than 31 issues exceeding the 5% change level that is normally indicative of some kind of problem; there were no losers. Volume continued to be extremely heavy.
For those keeping score, TXPR is now down 5.65% on the month to date, but 3.68% above its low of yesterday.
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TXPL is down 7.07% on the month to date, but 5.24% above its low of yesterday.
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| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 4.98 % | 6.06 % | 35,128 | 16.58 | 1 | 3.0189 % | 1,558.0 |
| FixedFloater | 7.39 % | 6.54 % | 36,155 | 15.57 | 1 | 0.7048 % | 2,641.7 |
| Floater | 4.34 % | 4.41 % | 84,987 | 16.61 | 4 | 3.5910 % | 1,761.3 |
| OpRet | 4.87 % | 4.27 % | 27,384 | 0.70 | 1 | 0.0000 % | 2,734.3 |
| SplitShare | 4.87 % | 5.85 % | 83,582 | 1.87 | 6 | 0.2237 % | 3,174.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2237 % | 2,476.8 |
| Perpetual-Premium | 5.88 % | 5.97 % | 91,219 | 13.86 | 7 | 0.0866 % | 2,464.8 |
| Perpetual-Discount | 5.84 % | 5.91 % | 103,412 | 13.96 | 33 | 0.6836 % | 2,452.4 |
| FixedReset | 5.40 % | 4.88 % | 260,807 | 15.12 | 79 | 4.2975 % | 1,912.7 |
| Deemed-Retractible | 5.28 % | 5.33 % | 135,712 | 5.31 | 33 | 0.8071 % | 2,541.0 |
| FloatingReset | 2.86 % | 4.53 % | 67,455 | 5.67 | 11 | 0.7549 % | 2,064.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.N | Perpetual-Discount | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 6.23 % |
| SLF.PR.B | Deemed-Retractible | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.37 Bid-YTW : 6.99 % |
| GWO.PR.G | Deemed-Retractible | 1.12 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.55 Bid-YTW : 6.66 % |
| GWO.PR.F | Deemed-Retractible | 1.21 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-01-14 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : -2.10 % |
| BAM.PF.H | FixedReset | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 23.14 Evaluated at bid price : 24.95 Bid-YTW : 4.92 % |
| CM.PR.O | FixedReset | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 4.78 % |
| PWF.PR.R | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 23.20 Evaluated at bid price : 23.60 Bid-YTW : 5.90 % |
| TD.PR.Z | FloatingReset | 1.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.77 Bid-YTW : 4.54 % |
| BMO.PR.R | FloatingReset | 1.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 4.32 % |
| SLF.PR.E | Deemed-Retractible | 1.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.23 Bid-YTW : 7.42 % |
| ELF.PR.G | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.01 % |
| SLF.PR.C | Deemed-Retractible | 1.41 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.09 Bid-YTW : 7.47 % |
| SLF.PR.D | Deemed-Retractible | 1.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.96 Bid-YTW : 7.56 % |
| TD.PR.S | FixedReset | 1.45 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.08 Bid-YTW : 4.35 % |
| PVS.PR.E | SplitShare | 1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 6.07 % |
| HSB.PR.D | Deemed-Retractible | 1.46 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-01-14 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.83 % |
| BNS.PR.B | FloatingReset | 1.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.38 Bid-YTW : 4.89 % |
| ELF.PR.H | Perpetual-Discount | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 22.67 Evaluated at bid price : 23.02 Bid-YTW : 6.07 % |
| BNS.PR.Y | FixedReset | 1.60 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 6.70 % |
| CU.PR.I | FixedReset | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 23.04 Evaluated at bid price : 24.65 Bid-YTW : 4.50 % |
| GWO.PR.H | Deemed-Retractible | 1.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.41 Bid-YTW : 7.02 % |
| NA.PR.Q | FixedReset | 1.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.01 Bid-YTW : 4.20 % |
| SLF.PR.G | FixedReset | 1.75 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.50 Bid-YTW : 9.11 % |
| BAM.PF.E | FixedReset | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 5.14 % |
| TRP.PR.F | FloatingReset | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 4.53 % |
| CM.PR.P | FixedReset | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 4.80 % |
| W.PR.H | Perpetual-Discount | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 22.14 Evaluated at bid price : 22.42 Bid-YTW : 6.24 % |
| NA.PR.W | FixedReset | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 4.91 % |
| BMO.PR.Z | Perpetual-Discount | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 22.52 Evaluated at bid price : 22.85 Bid-YTW : 5.51 % |
| NA.PR.S | FixedReset | 2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 4.93 % |
| GWO.PR.I | Deemed-Retractible | 2.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.38 Bid-YTW : 7.32 % |
| W.PR.J | Perpetual-Discount | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 22.36 Evaluated at bid price : 22.63 Bid-YTW : 6.30 % |
| RY.PR.Z | FixedReset | 2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.54 % |
| MFC.PR.H | FixedReset | 2.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.35 Bid-YTW : 6.12 % |
| BMO.PR.T | FixedReset | 2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.07 Evaluated at bid price : 17.07 Bid-YTW : 4.69 % |
| RY.PR.H | FixedReset | 2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 4.58 % |
| BNS.PR.P | FixedReset | 2.50 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.76 Bid-YTW : 4.04 % |
| CIU.PR.C | FixedReset | 2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 13.33 Evaluated at bid price : 13.33 Bid-YTW : 4.03 % |
| TRP.PR.H | FloatingReset | 2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 9.93 Evaluated at bid price : 9.93 Bid-YTW : 4.33 % |
| MFC.PR.F | FixedReset | 2.72 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.95 Bid-YTW : 9.68 % |
| TRP.PR.A | FixedReset | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 4.68 % |
| TD.PF.B | FixedReset | 2.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.61 % |
| BAM.PF.F | FixedReset | 2.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.01 % |
| BAM.PR.E | Ratchet | 3.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 25.00 Evaluated at bid price : 13.65 Bid-YTW : 6.06 % |
| BMO.PR.W | FixedReset | 3.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 4.66 % |
| BIP.PR.A | FixedReset | 3.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.97 Evaluated at bid price : 18.97 Bid-YTW : 5.77 % |
| BNS.PR.Q | FixedReset | 3.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.04 Bid-YTW : 4.61 % |
| RY.PR.M | FixedReset | 3.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.33 Evaluated at bid price : 18.33 Bid-YTW : 4.72 % |
| TRP.PR.G | FixedReset | 3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 4.88 % |
| PWF.PR.T | FixedReset | 3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 21.42 Evaluated at bid price : 21.76 Bid-YTW : 3.80 % |
| BMO.PR.Q | FixedReset | 3.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.68 Bid-YTW : 6.44 % |
| RY.PR.J | FixedReset | 3.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 4.78 % |
| BAM.PF.G | FixedReset | 3.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 4.97 % |
| BNS.PR.Z | FixedReset | 3.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.84 Bid-YTW : 7.36 % |
| HSE.PR.G | FixedReset | 3.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 6.03 % |
| TD.PF.A | FixedReset | 3.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.79 Evaluated at bid price : 17.79 Bid-YTW : 4.53 % |
| CU.PR.C | FixedReset | 3.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 4.50 % |
| HSE.PR.E | FixedReset | 3.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.96 % |
| TD.PF.C | FixedReset | 3.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 4.62 % |
| RY.PR.L | FixedReset | 3.98 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.08 % |
| TD.PF.E | FixedReset | 4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.76 Evaluated at bid price : 19.76 Bid-YTW : 4.67 % |
| HSE.PR.C | FixedReset | 4.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.95 % |
| BAM.PR.B | Floater | 4.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 10.70 Evaluated at bid price : 10.70 Bid-YTW : 4.41 % |
| BAM.PR.C | Floater | 4.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 4.50 % |
| BAM.PR.X | FixedReset | 4.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 5.10 % |
| GWO.PR.N | FixedReset | 4.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.10 Bid-YTW : 10.21 % |
| TRP.PR.E | FixedReset | 4.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.42 Evaluated at bid price : 18.42 Bid-YTW : 4.60 % |
| RY.PR.I | FixedReset | 4.67 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.55 Bid-YTW : 4.27 % |
| FTS.PR.G | FixedReset | 4.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 4.62 % |
| BAM.PF.A | FixedReset | 4.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 5.11 % |
| BAM.PF.B | FixedReset | 5.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 5.01 % |
| VNR.PR.A | FixedReset | 5.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 4.97 % |
| BMO.PR.Y | FixedReset | 5.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 4.57 % |
| TRP.PR.C | FixedReset | 5.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 4.97 % |
| SLF.PR.I | FixedReset | 5.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.25 Bid-YTW : 7.03 % |
| BMO.PR.M | FixedReset | 5.64 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.77 Bid-YTW : 3.80 % |
| BNS.PR.R | FixedReset | 5.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.82 Bid-YTW : 4.26 % |
| TD.PF.D | FixedReset | 5.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 4.67 % |
| BAM.PR.R | FixedReset | 5.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 5.19 % |
| SLF.PR.H | FixedReset | 5.92 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.45 Bid-YTW : 8.47 % |
| BAM.PR.T | FixedReset | 5.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 15.73 Evaluated at bid price : 15.73 Bid-YTW : 5.03 % |
| TRP.PR.D | FixedReset | 6.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 4.75 % |
| FTS.PR.K | FixedReset | 6.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.19 % |
| BAM.PR.K | Floater | 6.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 10.66 Evaluated at bid price : 10.66 Bid-YTW : 4.43 % |
| MFC.PR.K | FixedReset | 6.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.25 Bid-YTW : 7.41 % |
| BMO.PR.S | FixedReset | 6.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.58 % |
| BAM.PR.Z | FixedReset | 7.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.09 % |
| FTS.PR.M | FixedReset | 7.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 4.38 % |
| CM.PR.Q | FixedReset | 7.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 4.72 % |
| MFC.PR.L | FixedReset | 7.32 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.47 Bid-YTW : 7.35 % |
| TRP.PR.B | FixedReset | 7.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 4.57 % |
| IAG.PR.G | FixedReset | 7.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.45 Bid-YTW : 6.39 % |
| MFC.PR.M | FixedReset | 7.88 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.75 Bid-YTW : 7.34 % |
| MFC.PR.J | FixedReset | 8.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 6.50 % |
| HSE.PR.A | FixedReset | 8.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 5.42 % |
| IFC.PR.C | FixedReset | 8.86 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.05 Bid-YTW : 7.06 % |
| MFC.PR.N | FixedReset | 8.90 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.19 % |
| MFC.PR.G | FixedReset | 9.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.52 Bid-YTW : 6.38 % |
| IFC.PR.A | FixedReset | 9.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.64 Bid-YTW : 9.05 % |
| MFC.PR.I | FixedReset | 9.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.03 Bid-YTW : 6.09 % |
| FTS.PR.H | FixedReset | 11.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 4.02 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| W.PR.K | FixedReset | 241,305 | New issue settled today. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 22.81 Evaluated at bid price : 24.10 Bid-YTW : 5.41 % |
| GWO.PR.N | FixedReset | 119,159 | Scotia crossed 10,000 at 12.67. RBC sold blocks of 58,700 and 20,000 to anonymous, both at 13.05. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.10 Bid-YTW : 10.21 % |
| BAM.PF.A | FixedReset | 77,694 | Scotia crossed 30,000 at 18.10. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 5.11 % |
| MFC.PR.F | FixedReset | 72,914 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.95 Bid-YTW : 9.68 % |
| CM.PR.O | FixedReset | 69,950 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 4.78 % |
| BAM.PR.R | FixedReset | 63,185 | Scotia crossed 22,300 at 14.76. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-12-15 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 5.19 % |
| There were 87 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.G | FixedFloater | Quote: 12.86 – 14.50 Spot Rate : 1.6400 Average : 0.9694 YTW SCENARIO |
| MFC.PR.H | FixedReset | Quote: 21.35 – 22.33 Spot Rate : 0.9800 Average : 0.5651 YTW SCENARIO |
| PWF.PR.P | FixedReset | Quote: 13.01 – 13.75 Spot Rate : 0.7400 Average : 0.4394 YTW SCENARIO |
| MFC.PR.M | FixedReset | Quote: 18.75 – 19.61 Spot Rate : 0.8600 Average : 0.5880 YTW SCENARIO |
| SLF.PR.I | FixedReset | Quote: 19.25 – 20.00 Spot Rate : 0.7500 Average : 0.4837 YTW SCENARIO |
| BNS.PR.P | FixedReset | Quote: 23.76 – 24.48 Spot Rate : 0.7200 Average : 0.4757 YTW SCENARIO |