Jobs, jobs, … part-time civil-service jobs!:
The Canadian economy added about 54,000 new jobs last month, causing the jobless rate to fall two-tenths of a percentage point to 5.8 per cent.
Statistics Canada said Friday that the economy added 82,000 part-time jobs, but that figure was offset by a loss of 28,000 full-time positions.
The public sector added 49,600 new jobs, while the private sector added 5,200 positions.
I was amused to see that everybody’s favourite whipping boys, the Credit Rating Agencies, received another touch of the lash today:
The lira has long been falling on worries about Erdogan’s influence over monetary policy and worsening relations with the United States. That turned into a rout on Friday, with the lira diving more than 18 percent at one point, the biggest one-day drop since Turkey’s 2001 financial crisis.
It has also lost more than 40 percent this year, hitting a new record low after Trump took steps to punish Turkey in a wide-ranging dispute.
…
Erdogan’s characteristic defiance in the face of the crisis has further unnerved investors. The president, who says a shadowy “interest rate lobby” and Western credit ratings agencies are attempting to bring down Turkey’s economy, appealed to Turks’ patriotism.
Perhaps Mr. Erdogan and his boys will pay them a friendly visit.
… and now it’s time for me to get to work on PrefLetter!
| 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 | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0538 % | 3,102.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0538 % | 5,692.4 |
| Floater | 3.48 % | 3.69 % | 51,821 | 18.05 | 4 | -0.0538 % | 3,280.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0079 % | 3,212.3 |
| SplitShare | 4.57 % | 4.38 % | 47,201 | 4.85 | 5 | 0.0079 % | 3,836.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0079 % | 2,993.1 |
| Perpetual-Premium | 5.62 % | -10.73 % | 58,245 | 0.09 | 10 | -0.0551 % | 2,911.1 |
| Perpetual-Discount | 5.41 % | 5.52 % | 57,858 | 14.59 | 25 | -0.1174 % | 2,989.3 |
| FixedReset | 4.29 % | 4.75 % | 130,201 | 3.87 | 107 | -0.2178 % | 2,576.9 |
| Deemed-Retractible | 5.13 % | 5.88 % | 56,452 | 5.41 | 26 | -0.0129 % | 2,982.0 |
| FloatingReset | 3.43 % | 3.63 % | 29,850 | 5.72 | 7 | 0.1500 % | 2,840.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BIP.PR.E | FixedReset | -1.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 5.14 % |
| MFC.PR.O | FixedReset | -1.27 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 3.91 % |
| HSE.PR.A | FixedReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-10 Maturity Price : 17.71 Evaluated at bid price : 17.71 Bid-YTW : 5.36 % |
| MFC.PR.N | FixedReset | -1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.75 Bid-YTW : 5.44 % |
| GWO.PR.N | FixedReset | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.98 % |
| TRP.PR.B | FixedReset | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-10 Maturity Price : 17.24 Evaluated at bid price : 17.24 Bid-YTW : 5.02 % |
| TRP.PR.H | FloatingReset | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-10 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 4.05 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.C | FixedReset | 152,846 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-10 Maturity Price : 23.06 Evaluated at bid price : 23.50 Bid-YTW : 4.77 % |
| CM.PR.R | FixedReset | 109,963 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.13 % |
| NA.PR.S | FixedReset | 72,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-10 Maturity Price : 22.82 Evaluated at bid price : 23.45 Bid-YTW : 4.96 % |
| BNS.PR.R | FixedReset | 43,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 3.01 % |
| CM.PR.P | FixedReset | 38,270 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-10 Maturity Price : 22.68 Evaluated at bid price : 23.10 Bid-YTW : 4.84 % |
| TD.PF.I | FixedReset | 38,211 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.14 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.E | Deemed-Retractible | Quote: 24.29 – 24.58 Spot Rate : 0.2900 Average : 0.1926 YTW SCENARIO |
| MFC.PR.O | FixedReset | Quote: 26.35 – 26.58 Spot Rate : 0.2300 Average : 0.1379 YTW SCENARIO |
| TRP.PR.G | FixedReset | Quote: 24.30 – 24.50 Spot Rate : 0.2000 Average : 0.1303 YTW SCENARIO |
| BAM.PR.N | Perpetual-Discount | Quote: 20.80 – 20.98 Spot Rate : 0.1800 Average : 0.1140 YTW SCENARIO |
| GWO.PR.R | Deemed-Retractible | Quote: 22.38 – 22.55 Spot Rate : 0.1700 Average : 0.1057 YTW SCENARIO |
| TD.PF.J | FixedReset | Quote: 25.50 – 25.70 Spot Rate : 0.2000 Average : 0.1364 YTW SCENARIO |