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So, it was a day and a half, it was:
Stocks continued their plunge on Thursday, as President Trump’s latest effort to address the coronavirus outbreak — a ban on the entry from most European countries to the United States — disappointed investors who have been waiting for Washington to take steps to bolster the economy.
Trading was turbulent, with stocks staging a brief comeback as investors reacted to the Federal Reserve’s decision to offer at least $1.5 trillion worth of loans to banks to help smooth out the functioning of the financial markets. But the selling picked up again by midafternoon.
The S&P 500 closed down about 9.5 percent, its biggest daily drop since the stock market crashed in 1987, on what came to be known as Black Monday.
… and …:
The main UK index dropped more than 10% in its worst day since 1987.
…
The S&P 500 fell 9.5% and the Nasdaq ended 9.4% lower, while losses on the UK’s FTSE 100 wiped some £160.4bn off the market. In France and Germany, indexes cratered more than 12%.
… and …:
Canadian stocks plunged Thursday, suffering their biggest loss since 1940 and closing at the lowest level in four years, as fear enveloped trading desks worldwide about the economic consequences of the growing coronavirus crisis.
The S&P/TSX composite index plummeted 1,761.64 points, or 12.34 per cent, to 12,508.45 with every sector in the red. Since the index’s peak on Feb. 20, $830-billion of market value has now been wiped out. The impulse to sell left few safe havens; even bitcoin tumbled. The energy sector was bloodied again, with the U.S. crude price falling 6 per cent.
Not since May of 1940, the month when Germany invaded France during World War 2, has the Canadian stock market seen a greater loss on a percentage basis.
…
The New York Federal Reserve pumped more liquidity to banks, briefly reversing some of the day’s losses. It was the third substantial increase in repo support announced by the U.S. Federal Reserve this week, a sign the Fed is taking drastic steps to inject more liquidity into the banking system as markets show signs of stress.The U.S. dollar rose indiscriminately, in yet another sign of market stress. The Canadian dollar tumbled to four-year lows.
…
Fed fund rate futures are now pricing in a 1.0 percentage point cut, rather than 0.75, at a policy review next week.
…
Bitcoin plunged 23.3%, amid wild volatility in cryptocurrency markets.
Trump’s attempt to cast Europe as the villain did not go unremarked:
“The European Union disapproves of the fact that the U.S. decision to impose a travel ban was taken unilaterally and without consultation,” said a terse statement on Thursday from European Commission president Ursula von der Leyen and European Council president Charles Michel. “The coronavirus is a global crisis, not limited to any continent and it requires co-operation rather than unilateral action.”
I noticed last night that I was running short of milk and paper towels, so trotted up to Blah-blahs this afternoon to replenish my supply. Holy Smokes, the place was a madhouse! It was jammed with people wheeling around carts full to the brim … I suppose I might have seen it busier on occasion, like on a Saturday before it closes for two days at Christmas, but I can’t remember such a sight!
TXPR closed at 478.08, down 7.59% on the day. Volume today was 4.52-million, lowest of the week so far, which some might view as encouraging.
The Total Return version of TXPR closed today at 1208.11. The value of this index on June 29, 2007, the first month-end following the launch date, was 1217.73, so total return has been negative over the past TWELVE YEARS AND EIGHT MONTHS and a little bit, which we can round off to “forever”. That’s before fees and expenses. Remember those charts I published in the post MAPF Performance : August 2019 illustrating the downturn to date, comparing it to the Credit Crunch and remarking that there had been zero total return for seven years and four months? Well, those charts are now out of date.
CPD closed at 9.51, down 7.22% on the day. Volume of 421,493 was the third-highest of the past thirty days, behind only March 9 and March 11.
ZPR closed at 7.28, down 9.00% on the day. Volume of 1,621,137 was second-highest of the past 30 trading days days, behind March 9.
Five-year Canada yields were down 9bp to 0.47% today. The lowest value I have in my database of weekly observations is 0.48%, reached on February 10, 2016.
And my own preferred share reporting shows massive volume, huge moves and so many candidates for the “Bad Quote Hall of Shame” that I’m not going to check any of them. Interestingly, the “Bank FixedReset NVCC non-compliant” subindex, comprised of the three remaining bank issues which may reasonably be expected to be redeemed in the near future, underperformed discount FixedResets. Which is a little odd; have we reached the point of maximum panic?
| 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 | -11.3695 % | 1,453.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -11.3695 % | 2,667.4 |
| Floater | 7.45 % | 7.52 % | 56,581 | 11.96 | 4 | -11.3695 % | 1,537.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.9655 % | 3,328.7 |
| SplitShare | 4.99 % | 5.55 % | 61,495 | 4.04 | 7 | -2.9655 % | 3,975.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.9655 % | 3,101.6 |
| Perpetual-Premium | 6.25 % | 6.41 % | 88,539 | 13.23 | 12 | -5.6079 % | 2,725.3 |
| Perpetual-Discount | 5.99 % | 6.02 % | 75,769 | 13.82 | 24 | -6.1288 % | 2,922.3 |
| FixedReset Disc | 7.57 % | 6.06 % | 203,939 | 13.26 | 64 | -7.5461 % | 1,590.1 |
| Deemed-Retractible | 5.83 % | 6.19 % | 85,892 | 13.60 | 27 | -5.3226 % | 2,896.9 |
| FloatingReset | 6.20 % | 6.31 % | 68,627 | 13.40 | 3 | -10.4443 % | 1,692.2 |
| FixedReset Prem | 6.05 % | 5.83 % | 164,334 | 13.98 | 22 | -6.5009 % | 2,241.7 |
| FixedReset Bank Non | 2.21 % | 12.28 % | 106,753 | 1.80 | 3 | -9.3072 % | 2,405.5 |
| FixedReset Ins Non | 7.44 % | 6.29 % | 113,365 | 13.15 | 22 | -7.0972 % | 1,592.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSE.PR.C | FixedReset Disc | -19.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 10.06 Evaluated at bid price : 10.06 Bid-YTW : 10.34 % |
| HSE.PR.G | FixedReset Disc | -19.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 10.05 % |
| HSE.PR.E | FixedReset Disc | -17.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 10.40 % |
| BNS.PR.Z | FixedReset Bank Non | -14.61 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.04 Bid-YTW : 14.50 % |
| CM.PR.R | FixedReset Disc | -14.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.94 Evaluated at bid price : 14.94 Bid-YTW : 6.69 % |
| SLF.PR.J | FloatingReset | -13.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.50 Evaluated at bid price : 8.50 Bid-YTW : 5.89 % |
| PWF.PR.A | Floater | -13.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.35 Evaluated at bid price : 8.35 Bid-YTW : 7.34 % |
| NA.PR.S | FixedReset Disc | -12.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.08 Evaluated at bid price : 12.08 Bid-YTW : 6.64 % |
| PWF.PR.P | FixedReset Disc | -12.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 5.82 % |
| BIP.PR.C | FixedReset Prem | -12.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.77 % |
| CM.PR.T | FixedReset Disc | -12.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 16.39 Evaluated at bid price : 16.39 Bid-YTW : 6.42 % |
| PWF.PR.Q | FloatingReset | -11.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.81 Evaluated at bid price : 8.81 Bid-YTW : 6.31 % |
| PWF.PR.T | FixedReset Disc | -11.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.44 % |
| BAM.PR.K | Floater | -11.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.05 Evaluated at bid price : 8.05 Bid-YTW : 7.52 % |
| TD.PF.F | Perpetual-Discount | -10.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.07 % |
| BMO.PR.Y | FixedReset Disc | -10.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 5.89 % |
| BIP.PR.B | FixedReset Prem | -10.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.80 % |
| CM.PR.P | FixedReset Disc | -10.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.91 Evaluated at bid price : 11.91 Bid-YTW : 6.58 % |
| BAM.PR.M | Perpetual-Discount | -10.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 6.66 % |
| MFC.PR.F | FixedReset Ins Non | -10.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 7.80 Evaluated at bid price : 7.80 Bid-YTW : 6.07 % |
| CM.PR.Y | FixedReset Disc | -10.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 6.44 % |
| MFC.PR.R | FixedReset Ins Non | -10.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 16.84 Evaluated at bid price : 16.84 Bid-YTW : 6.50 % |
| BAM.PR.C | Floater | -10.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.01 Evaluated at bid price : 8.01 Bid-YTW : 7.56 % |
| NA.PR.C | FixedReset Disc | -10.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 6.51 % |
| BAM.PR.N | Perpetual-Discount | -10.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.66 % |
| BMO.PR.Q | FixedReset Bank Non | -9.96 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.71 Bid-YTW : 12.28 % |
| TD.PF.C | FixedReset Disc | -9.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 6.16 % |
| RY.PR.H | FixedReset Disc | -9.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.99 % |
| BAM.PR.B | Floater | -9.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.01 Evaluated at bid price : 8.01 Bid-YTW : 7.56 % |
| BIP.PR.A | FixedReset Disc | -9.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 7.19 % |
| PVS.PR.H | SplitShare | -9.64 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 6.56 % |
| NA.PR.W | FixedReset Disc | -9.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.76 Evaluated at bid price : 11.76 Bid-YTW : 6.58 % |
| MFC.PR.H | FixedReset Ins Non | -9.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.06 Evaluated at bid price : 14.06 Bid-YTW : 6.57 % |
| GWO.PR.F | Deemed-Retractible | -9.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 6.60 % |
| RY.PR.Z | FixedReset Disc | -9.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.91 % |
| IFC.PR.A | FixedReset Ins Non | -9.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 10.45 Evaluated at bid price : 10.45 Bid-YTW : 5.84 % |
| RY.PR.P | Perpetual-Premium | -9.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.75 Evaluated at bid price : 22.01 Bid-YTW : 6.01 % |
| BMO.PR.S | FixedReset Disc | -9.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.58 Evaluated at bid price : 12.58 Bid-YTW : 6.14 % |
| NA.PR.E | FixedReset Disc | -9.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.54 % |
| HSE.PR.A | FixedReset Disc | -9.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 6.00 Evaluated at bid price : 6.00 Bid-YTW : 9.46 % |
| MFC.PR.J | FixedReset Ins Non | -9.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 6.26 % |
| W.PR.M | FixedReset Prem | -8.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.99 Evaluated at bid price : 20.99 Bid-YTW : 6.31 % |
| TD.PF.B | FixedReset Disc | -8.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.61 Evaluated at bid price : 12.61 Bid-YTW : 6.00 % |
| MFC.PR.G | FixedReset Ins Non | -8.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 6.40 % |
| NA.PR.A | FixedReset Prem | -8.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 6.13 % |
| TD.PF.A | FixedReset Disc | -8.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 6.02 % |
| BAM.PF.D | Perpetual-Discount | -8.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.65 % |
| PWF.PR.Z | Perpetual-Discount | -8.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.16 Evaluated at bid price : 20.16 Bid-YTW : 6.49 % |
| BIP.PR.D | FixedReset Disc | -8.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.84 % |
| BMO.PR.B | FixedReset Prem | -8.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 5.93 % |
| CM.PR.O | FixedReset Disc | -8.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.45 % |
| BIP.PR.E | FixedReset Disc | -8.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.82 % |
| GWO.PR.G | Deemed-Retractible | -8.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.43 % |
| SLF.PR.A | Deemed-Retractible | -8.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.27 % |
| SLF.PR.G | FixedReset Ins Non | -8.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 9.02 Evaluated at bid price : 9.02 Bid-YTW : 5.17 % |
| BMO.PR.W | FixedReset Disc | -8.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 6.00 % |
| MFC.PR.I | FixedReset Ins Non | -8.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.49 Evaluated at bid price : 13.49 Bid-YTW : 6.48 % |
| GWO.PR.N | FixedReset Ins Non | -8.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 9.35 Evaluated at bid price : 9.35 Bid-YTW : 4.73 % |
| TRP.PR.K | FixedReset Prem | -8.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.23 % |
| TD.PF.J | FixedReset Disc | -8.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 5.88 % |
| BAM.PF.C | Perpetual-Discount | -8.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.65 % |
| TRP.PR.E | FixedReset Disc | -8.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.58 Evaluated at bid price : 11.58 Bid-YTW : 6.78 % |
| BMO.PR.T | FixedReset Disc | -8.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.94 % |
| IAF.PR.G | FixedReset Ins Non | -8.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.06 Evaluated at bid price : 13.06 Bid-YTW : 6.47 % |
| BIK.PR.A | FixedReset Prem | -7.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 6.74 % |
| BIP.PR.F | FixedReset Disc | -7.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.90 % |
| RY.PR.W | Perpetual-Discount | -7.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.87 % |
| BMO.PR.F | FixedReset Disc | -7.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.96 % |
| PWF.PR.R | Perpetual-Premium | -7.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.65 Evaluated at bid price : 21.65 Bid-YTW : 6.46 % |
| NA.PR.G | FixedReset Disc | -7.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.09 Evaluated at bid price : 14.09 Bid-YTW : 6.53 % |
| BMO.PR.E | FixedReset Disc | -7.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.67 Evaluated at bid price : 14.67 Bid-YTW : 6.06 % |
| MFC.PR.K | FixedReset Ins Non | -7.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 6.29 % |
| TD.PF.K | FixedReset Disc | -7.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 5.87 % |
| GWO.PR.Q | Deemed-Retractible | -7.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.26 % |
| GWO.PR.T | Deemed-Retractible | -7.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 6.27 % |
| W.PR.K | FixedReset Prem | -7.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.42 Evaluated at bid price : 21.73 Bid-YTW : 6.14 % |
| BMO.PR.C | FixedReset Disc | -7.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 5.86 % |
| BAM.PR.X | FixedReset Disc | -7.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 9.50 Evaluated at bid price : 9.50 Bid-YTW : 6.12 % |
| MFC.PR.L | FixedReset Ins Non | -7.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.53 Evaluated at bid price : 11.53 Bid-YTW : 6.37 % |
| TD.PF.L | FixedReset Disc | -7.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 5.80 % |
| MFC.PR.Q | FixedReset Ins Non | -7.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.38 Evaluated at bid price : 13.38 Bid-YTW : 6.29 % |
| BMO.PR.D | FixedReset Disc | -7.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.75 % |
| TRP.PR.G | FixedReset Disc | -6.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 6.73 % |
| BAM.PF.I | FixedReset Prem | -6.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.33 Evaluated at bid price : 21.63 Bid-YTW : 5.55 % |
| PWF.PR.E | Perpetual-Premium | -6.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.50 % |
| TD.PF.G | FixedReset Prem | -6.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.55 Evaluated at bid price : 21.92 Bid-YTW : 5.93 % |
| NA.PR.X | FixedReset Prem | -6.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.75 Evaluated at bid price : 22.21 Bid-YTW : 6.10 % |
| EML.PR.A | FixedReset Ins Non | -6.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.96 Bid-YTW : 7.41 % |
| SLF.PR.I | FixedReset Ins Non | -6.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.15 % |
| GWO.PR.H | Deemed-Retractible | -6.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.16 % |
| GWO.PR.P | Deemed-Retractible | -6.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 6.30 % |
| POW.PR.B | Perpetual-Discount | -6.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.50 % |
| IAF.PR.I | FixedReset Ins Non | -6.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 6.35 % |
| PWF.PR.O | Perpetual-Premium | -6.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.21 Evaluated at bid price : 22.48 Bid-YTW : 6.54 % |
| PWF.PR.K | Perpetual-Discount | -6.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.87 Evaluated at bid price : 19.87 Bid-YTW : 6.33 % |
| RY.PR.S | FixedReset Disc | -6.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.53 % |
| TRP.PR.D | FixedReset Disc | -6.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 6.57 % |
| TRP.PR.J | FixedReset Prem | -6.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.51 % |
| TD.PF.I | FixedReset Disc | -6.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.85 % |
| PWF.PR.L | Perpetual-Discount | -6.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.35 % |
| BAM.PF.J | FixedReset Prem | -6.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.54 % |
| SLF.PR.H | FixedReset Ins Non | -6.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.66 % |
| ELF.PR.G | Perpetual-Discount | -6.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.02 % |
| GWO.PR.I | Deemed-Retractible | -6.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 6.18 % |
| BNS.PR.E | FixedReset Prem | -6.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.44 Evaluated at bid price : 21.77 Bid-YTW : 5.81 % |
| BNS.PR.H | FixedReset Prem | -5.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.75 % |
| CU.PR.E | Perpetual-Discount | -5.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.84 % |
| TRP.PR.F | FloatingReset | -5.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 9.70 Evaluated at bid price : 9.70 Bid-YTW : 6.48 % |
| POW.PR.C | Perpetual-Premium | -5.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.72 Evaluated at bid price : 23.01 Bid-YTW : 6.41 % |
| SLF.PR.C | Deemed-Retractible | -5.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 6.15 % |
| SLF.PR.E | Deemed-Retractible | -5.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.10 % |
| EMA.PR.E | Perpetual-Discount | -5.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 5.68 % |
| SLF.PR.D | Deemed-Retractible | -5.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.07 % |
| CCS.PR.C | Deemed-Retractible | -5.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.86 % |
| RY.PR.O | Perpetual-Discount | -5.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.49 Evaluated at bid price : 21.49 Bid-YTW : 5.76 % |
| PWF.PR.F | Perpetual-Discount | -5.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 6.33 % |
| BAM.PR.R | FixedReset Disc | -5.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.57 Evaluated at bid price : 11.57 Bid-YTW : 6.00 % |
| PWF.PR.I | Perpetual-Premium | -5.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 23.24 Evaluated at bid price : 23.54 Bid-YTW : 6.46 % |
| PVS.PR.F | SplitShare | -5.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 23.75 Bid-YTW : 6.12 % |
| MFC.PR.C | Deemed-Retractible | -5.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.07 % |
| RY.PR.R | FixedReset Prem | -5.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.42 Evaluated at bid price : 22.82 Bid-YTW : 5.81 % |
| POW.PR.A | Perpetual-Premium | -5.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.76 Evaluated at bid price : 22.01 Bid-YTW : 6.47 % |
| TRP.PR.A | FixedReset Disc | -5.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 6.37 % |
| CM.PR.S | FixedReset Disc | -4.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.78 Evaluated at bid price : 13.78 Bid-YTW : 5.92 % |
| PWF.PR.H | Perpetual-Premium | -4.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 6.42 % |
| TD.PF.D | FixedReset Disc | -4.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 5.62 % |
| BAM.PR.T | FixedReset Disc | -4.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 6.21 % |
| CU.PR.C | FixedReset Disc | -4.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.07 % |
| GWO.PR.R | Deemed-Retractible | -4.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.02 % |
| BMO.PR.Z | Perpetual-Discount | -4.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.12 Evaluated at bid price : 22.47 Bid-YTW : 5.60 % |
| RY.PR.E | Deemed-Retractible | -4.66 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.75 Bid-YTW : 7.56 % |
| PWF.PR.G | Perpetual-Premium | -4.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 23.22 Evaluated at bid price : 23.52 Bid-YTW : 6.36 % |
| BAM.PF.B | FixedReset Disc | -4.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.04 Evaluated at bid price : 14.04 Bid-YTW : 6.10 % |
| MFC.PR.M | FixedReset Ins Non | -4.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 6.34 % |
| CU.PR.G | Perpetual-Discount | -4.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 5.65 % |
| TD.PF.M | FixedReset Disc | -4.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.87 % |
| TRP.PR.B | FixedReset Disc | -4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 7.51 Evaluated at bid price : 7.51 Bid-YTW : 5.78 % |
| ELF.PR.H | Perpetual-Premium | -4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.83 Evaluated at bid price : 23.20 Bid-YTW : 6.02 % |
| GWO.PR.L | Deemed-Retractible | -4.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.59 Evaluated at bid price : 22.84 Bid-YTW : 6.19 % |
| BAM.PF.H | FixedReset Prem | -4.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.80 Evaluated at bid price : 22.28 Bid-YTW : 5.60 % |
| BAM.PF.A | FixedReset Disc | -4.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 6.10 % |
| CU.PR.D | Perpetual-Discount | -4.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.75 % |
| IFC.PR.G | FixedReset Ins Non | -4.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.01 Evaluated at bid price : 15.01 Bid-YTW : 5.77 % |
| CU.PR.F | Perpetual-Discount | -4.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.62 % |
| IFC.PR.C | FixedReset Ins Non | -4.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.43 Evaluated at bid price : 13.43 Bid-YTW : 5.96 % |
| GWO.PR.M | Deemed-Retractible | -4.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.26 % |
| EMA.PR.F | FixedReset Disc | -4.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 5.66 % |
| RY.PR.G | Deemed-Retractible | -4.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 7.68 % |
| GWO.PR.S | Deemed-Retractible | -4.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.18 % |
| BNS.PR.I | FixedReset Disc | -4.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 5.59 % |
| CIU.PR.A | Perpetual-Discount | -4.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 5.76 % |
| MFC.PR.N | FixedReset Ins Non | -4.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 12.14 Evaluated at bid price : 12.14 Bid-YTW : 5.70 % |
| RY.PR.A | Deemed-Retractible | -4.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 7.26 % |
| EMA.PR.H | FixedReset Prem | -4.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.37 Evaluated at bid price : 22.96 Bid-YTW : 5.36 % |
| PWF.PR.S | Perpetual-Discount | -3.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.11 % |
| IFC.PR.E | Deemed-Retractible | -3.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.69 Evaluated at bid price : 22.00 Bid-YTW : 6.02 % |
| BAM.PR.Z | FixedReset Disc | -3.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 6.13 % |
| RY.PR.N | Perpetual-Discount | -3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.61 Evaluated at bid price : 21.95 Bid-YTW : 5.62 % |
| RY.PR.C | Deemed-Retractible | -3.87 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 7.42 % |
| IFC.PR.I | Perpetual-Premium | -3.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.07 Evaluated at bid price : 22.40 Bid-YTW : 6.08 % |
| EMA.PR.C | FixedReset Disc | -3.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.34 Evaluated at bid price : 15.34 Bid-YTW : 5.66 % |
| RY.PR.Q | FixedReset Prem | -3.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.78 Evaluated at bid price : 22.25 Bid-YTW : 5.67 % |
| IFC.PR.F | Deemed-Retractible | -3.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.68 Evaluated at bid price : 22.00 Bid-YTW : 6.14 % |
| TD.PF.E | FixedReset Disc | -3.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 5.61 % |
| BNS.PR.G | FixedReset Prem | -3.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.94 Evaluated at bid price : 22.51 Bid-YTW : 5.83 % |
| IAF.PR.B | Deemed-Retractible | -3.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.70 % |
| BNS.PR.Y | FixedReset Bank Non | -3.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.66 Bid-YTW : 4.55 % |
| SLF.PR.B | Deemed-Retractible | -3.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.02 % |
| MFC.PR.B | Deemed-Retractible | -3.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 6.02 % |
| MFC.PR.O | FixedReset Ins Non | -3.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.58 Evaluated at bid price : 21.97 Bid-YTW : 6.20 % |
| RY.PR.F | Deemed-Retractible | -3.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 7.26 % |
| CU.PR.H | Perpetual-Discount | -2.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.55 Evaluated at bid price : 22.90 Bid-YTW : 5.76 % |
| POW.PR.G | Perpetual-Premium | -2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.94 Evaluated at bid price : 22.30 Bid-YTW : 6.38 % |
| CU.PR.I | FixedReset Prem | -2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 22.85 Evaluated at bid price : 23.50 Bid-YTW : 4.78 % |
| BAM.PF.F | FixedReset Disc | -2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 6.13 % |
| EIT.PR.A | SplitShare | -2.30 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.67 Bid-YTW : 5.19 % |
| CM.PR.Q | FixedReset Disc | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.31 % |
| BAM.PF.E | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 13.24 Evaluated at bid price : 13.24 Bid-YTW : 5.69 % |
| TD.PF.H | FixedReset Prem | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.55 % |
| TRP.PR.C | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 8.26 Evaluated at bid price : 8.26 Bid-YTW : 6.16 % |
| PVS.PR.D | SplitShare | -1.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 24.35 Bid-YTW : 6.33 % |
| POW.PR.D | Perpetual-Discount | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 6.11 % |
| PVS.PR.E | SplitShare | -1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 5.55 % |
| BAM.PF.G | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 14.14 Evaluated at bid price : 14.14 Bid-YTW : 5.84 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.J | FixedReset Disc | 160,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.37 % |
| PVS.PR.G | SplitShare | 97,150 | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.02 % |
| TD.PF.M | FixedReset Disc | 83,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.87 % |
| TD.PF.H | FixedReset Prem | 73,085 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.55 % |
| SLF.PR.A | Deemed-Retractible | 57,013 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.27 % |
| BMO.PR.F | FixedReset Disc | 54,610 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.96 % |
| There were 117 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TD.PF.M | FixedReset Disc | Quote: 18.60 – 22.40 Spot Rate : 3.8000 Average : 2.7868 YTW SCENARIO |
| GWO.PR.R | Deemed-Retractible | Quote: 20.00 – 22.40 Spot Rate : 2.4000 Average : 1.4038 YTW SCENARIO |
| GWO.PR.F | Deemed-Retractible | Quote: 22.40 – 24.50 Spot Rate : 2.1000 Average : 1.1994 YTW SCENARIO |
| TD.PF.F | Perpetual-Discount | Quote: 20.50 – 22.29 Spot Rate : 1.7900 Average : 1.0956 YTW SCENARIO |
| GWO.PR.S | Deemed-Retractible | Quote: 21.30 – 23.13 Spot Rate : 1.8300 Average : 1.2253 YTW SCENARIO |
| GWO.PR.T | Deemed-Retractible | Quote: 20.61 – 22.00 Spot Rate : 1.3900 Average : 0.8976 YTW SCENARIO |
Which is a little odd; have we reached the point of maximum panic?
I keep on thinking that, but twenty minutes later my screen shows me the reality. It’s like, what’s the surest way of losing money? The answer is, just buy anything and wait for a few minutes.
I think there just might be a credit event hiding behind somewhere. this much carnage has to do some serious damage somewhere.
We’ll find out.
James, can we get a current bond-pref yield spread measurement, just to lock it for the record books?
And what’s with the broad Canadian bond market falling 4% today?!? That just makes no sense at all. It seems like a liquidity breakdown.
It’s just not a Canadian phenomenon, BND fell by 5.5% today.
Ray Dalio was calling cash as trash a month ago. At least he could have called cash as toilet paper 🙂
James, can we get a current bond-pref yield spread measurement, just to lock it for the record books?
PerpetualDiscounts are at 6.02%, equivalent to 7.83% interest; long corporates are at 2.84%; spread now 500bp, up from 445bp yesterday
Every time I compute a statistic, I’m astonished.
skeptical says: ,you comment ..” I think there just might be a credit event hiding behind somewhere ” .. i think if this world wide shut down of business continues for long enough , the credit event will happen , thats why the worlds cent banks are flooding the world with liquidity . what will be interesting is where does that liquidity go when this virus runs its course and things get back to normal , does it all go into the maket like the last 10 years of cent bank liquidity ? do we finally get the widespread inflation they are looking for ?
Inflation is a given. That’s one of the reasons why these preferreds are getting dumped. It’s a done deal.
Inflation is a given. That’s one of the reasons why these preferreds are getting dumped. It’s a done deal.
Careful there. The rate resets would be sky rocketing if inflation were a given. We are in a world where nobody knows what’s going on.
It’s like those days of 2008 where everybody thought that lots of printing will feed inflation. Did not materialize. One day oil would go up by 20 dollars and next day fall by that much.
We’ll see how it plays out this time.
And Mr. Poloz delivering another facial punch to the preferred holders.
Zero …here we come.
skeptical says: , ” Zero …here we come. ” we will be lucky if this stops at zero . nowhere to run nowhere to hide
I don’t think they’ll go below zero or it would jeopardize the health of financial system. So they’ll do QE etc. and buying junk bonds of, say, Bombardier and SNC.
skeptical says: , i hope you are correct , and you can probably add in they will also buy stocks .
And Mr. Poloz delivering another facial punch to the preferred holders.
Zero …here we come.
Short term pain for sure.
The longer run equilibrium ought to be higher prices due a dramatic reduction in preferred shares outstanding as the NCIB/SIB response to a blow out seniority spread should be overwhelmingly compelling to solvent issuers. This equilibrium price should be a function of, at least, the level that attracts the GIC refugees long talked about here at Prefblog and a level of seniority spread that can attract new issuance.
The longer run equilibrium ought to be higher prices due a dramatic reduction in preferred shares outstanding as the NCIB/SIB response to a blow out seniority spread should be overwhelmingly compelling to solvent issuers. This equilibrium price should be a function of, at least, the level that attracts the GIC refugees long talked about here at Prefblog and a level of seniority spread that can attract new issuance.
If only the GIC refugees comprised you, James and others who were capable of analyzing such information.
Unfortunately, the retail world is full of those who prefer to buy very high and sell at very low. Just look at what prices were paid in late Feb vs what they are selling for now.
All that needs to be done is shown a chart of CPD for last decade and that would scare anybody away.
We have had many false dawns….hopefully we’ll get a real one someday.
Unfortunately, the retail world is full of those who prefer to buy very high and sell at very low.</i)
Ah yes, I forgot that part.
For the bank investors with preferred stocks, here are some reassuring words:
We ran a bottom-up (by business segment) recession analyses for each of the five banks and estimate a 40% EPS hit and a 500bp ROE hit on average in a stress/recession scenario. However, we do not foresee a capital event for the banks nor do we see the dividends at risk.
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-analyst-sees-40-more-downside-for-canadian-bank-stocks/