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There was encouraging coronavirus news today:
Pfizer Inc’s experimental COVID-19 vaccine is more than 90 per cent effective based on initial trial results, the drugmaker said on Monday, a major victory in the war against a virus that has killed over a million people and battered the world’s economy.
Experts welcomed the first successful interim data from a large-scale clinical test as a watershed moment that showed vaccines could help halt the pandemic, although mass roll-outs, which needs regulatory approval, will not happen this year.
Pfizer … and German partner BioNTech said they had found no serious safety concerns yet and expected to seek U.S. authorization this month for emergency use of the vaccine, raising the chance of a regulatory decision as soon as December.
The financial markets loved it:
The stock market raced toward a post-pandemic existence on Monday when long-struggling airlines, banks, energy producers and theatre chains surged on promising test results for a COVID-19 vaccine that could be cleared for widespread use later this month.
The S&P 500 rose 1.2 per cent, continuing a powerful rally that began last week following the U.S. presidential election. It lost some momentum towards the end of the trading day after touching a record intraday high soon after the start of trading, as technology stocks slumped.
Canada’s S&P/TSX Composite Index also ended the day 1.2 per cent higher, about level where it was a month ago.
…
Major benchmarks in the U.K. and Germany rose 4.7 per cent and 4.9 per cent, respectively.The bond market also responded in dramatic fashion, as yields surged to their highest levels in months in anticipation of stronger economic activity. The yield on the 10-year U.S. Treasury bond jumped to 0.929 per cent, up 11.4 basis points (there are 100 basis points in a percentage point).
…
Energy stocks also rallied, after the price of West Texas Intermediate crude, a U.S. oil benchmark, rose 7.7 per cent to US$40 per barrel. The gain underpinned a rally in the Canadian energy sector, which saw Suncor Energy Inc. rise 24.7 per cent and Canadian Natural Resources Ltd. rise 22.6 per cent.
TXPR closed at 588.47, up 1.07% on the day. Volume today was 1.41-million, below the median of the past thirty days.
CPD closed at 11.73, up 1.38% on the day. Volume was 103,311, well below the median of the past 30 trading days.
ZPR closed at 9.24, up 1.43% on the day. Volume of 371,216 was third-highest of the past 30 trading days, behind only November 2 and October 21.
Five-year Canada yields were up 7bp to 0.47% today.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | 4.1716 % | 1,734.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 4.1716 % | 3,182.8 |
| Floater | 4.91 % | 4.96 % | 41,385 | 15.54 | 3 | 4.1716 % | 1,834.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0644 % | 3,537.9 |
| SplitShare | 4.79 % | 4.72 % | 42,994 | 3.50 | 8 | 0.0644 % | 4,225.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0644 % | 3,296.5 |
| Perpetual-Premium | 5.36 % | 0.02 % | 81,438 | 0.12 | 14 | -0.1424 % | 3,179.1 |
| Perpetual-Discount | 5.19 % | 5.15 % | 83,526 | 15.18 | 19 | 0.1761 % | 3,571.9 |
| FixedReset Disc | 5.40 % | 4.21 % | 128,831 | 16.50 | 64 | 0.9387 % | 2,144.4 |
| Insurance Straight | 5.09 % | 4.95 % | 106,876 | 15.14 | 22 | -0.0537 % | 3,490.5 |
| FloatingReset | 1.97 % | 2.29 % | 48,365 | 1.21 | 3 | 0.2859 % | 1,805.5 |
| FixedReset Prem | 5.21 % | 3.18 % | 238,978 | 0.75 | 15 | 0.2345 % | 2,658.2 |
| FixedReset Bank Non | 1.94 % | 2.20 % | 190,435 | 1.21 | 2 | -0.0402 % | 2,864.8 |
| FixedReset Ins Non | 5.49 % | 4.38 % | 70,459 | 16.24 | 22 | -0.0379 % | 2,202.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.G | FixedReset Ins Non | -21.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.60 % |
| BAM.PR.R | FixedReset Disc | -3.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 5.65 % |
| BAM.PR.T | FixedReset Disc | -3.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 12.72 Evaluated at bid price : 12.72 Bid-YTW : 5.70 % |
| SLF.PR.B | Insurance Straight | -2.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.83 Evaluated at bid price : 24.08 Bid-YTW : 5.04 % |
| MFC.PR.R | FixedReset Ins Non | -2.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.89 Evaluated at bid price : 24.30 Bid-YTW : 4.51 % |
| CCS.PR.C | Insurance Straight | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.24 % |
| RY.PR.P | Perpetual-Premium | -1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-02-24 Maturity Price : 26.00 Evaluated at bid price : 26.35 Bid-YTW : -0.25 % |
| CU.PR.D | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.75 Evaluated at bid price : 24.04 Bid-YTW : 5.09 % |
| IFC.PR.I | Perpetual-Premium | -1.12 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 5.17 % |
| W.PR.M | FixedReset Prem | 1.00 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.53 % |
| TD.PF.I | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 22.34 Evaluated at bid price : 22.65 Bid-YTW : 3.96 % |
| GWO.PR.R | Insurance Straight | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 24.21 Evaluated at bid price : 24.48 Bid-YTW : 4.95 % |
| MFC.PR.B | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 4.82 % |
| RY.PR.S | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 3.86 % |
| CM.PR.Y | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.44 Evaluated at bid price : 25.50 Bid-YTW : 4.12 % |
| BIP.PR.B | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.48 Evaluated at bid price : 24.58 Bid-YTW : 5.62 % |
| BAM.PF.A | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 5.33 % |
| TD.PF.A | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 4.03 % |
| RY.PR.M | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 4.13 % |
| IFC.PR.A | FixedReset Ins Non | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 4.67 % |
| CM.PR.Q | FixedReset Disc | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 4.21 % |
| BIP.PR.F | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 21.89 Evaluated at bid price : 22.20 Bid-YTW : 5.81 % |
| MFC.PR.Q | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 4.30 % |
| TD.PF.B | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 4.05 % |
| BAM.PF.E | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.46 % |
| MFC.PR.C | Insurance Straight | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.83 Evaluated at bid price : 24.08 Bid-YTW : 4.72 % |
| TD.PF.L | FixedReset Disc | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.22 Evaluated at bid price : 24.75 Bid-YTW : 3.96 % |
| BAM.PR.M | Perpetual-Discount | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 22.06 Evaluated at bid price : 22.35 Bid-YTW : 5.37 % |
| IFC.PR.G | FixedReset Ins Non | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 4.63 % |
| NA.PR.S | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 17.97 Evaluated at bid price : 17.97 Bid-YTW : 4.32 % |
| BAM.PF.G | FixedReset Disc | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 15.69 Evaluated at bid price : 15.69 Bid-YTW : 5.34 % |
| MFC.PR.J | FixedReset Ins Non | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 4.38 % |
| BNS.PR.I | FixedReset Disc | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 3.91 % |
| TRP.PR.F | FloatingReset | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 10.16 Evaluated at bid price : 10.16 Bid-YTW : 5.03 % |
| BMO.PR.W | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 4.02 % |
| TRP.PR.B | FixedReset Disc | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 5.23 % |
| MFC.PR.N | FixedReset Ins Non | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 4.25 % |
| CM.PR.P | FixedReset Disc | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.06 % |
| IAF.PR.G | FixedReset Ins Non | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.39 % |
| BMO.PR.E | FixedReset Disc | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 4.12 % |
| IFC.PR.C | FixedReset Ins Non | 2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 4.54 % |
| BAM.PF.B | FixedReset Disc | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.38 % |
| TRP.PR.G | FixedReset Disc | 2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 5.82 % |
| SLF.PR.I | FixedReset Ins Non | 2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 4.21 % |
| MFC.PR.F | FixedReset Ins Non | 2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 10.90 Evaluated at bid price : 10.90 Bid-YTW : 4.42 % |
| MFC.PR.I | FixedReset Ins Non | 2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 4.17 % |
| SLF.PR.H | FixedReset Ins Non | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 15.54 Evaluated at bid price : 15.54 Bid-YTW : 4.33 % |
| BIP.PR.C | FixedReset Disc | 2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.58 Evaluated at bid price : 24.15 Bid-YTW : 5.59 % |
| TRP.PR.E | FixedReset Disc | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 13.53 Evaluated at bid price : 13.53 Bid-YTW : 5.68 % |
| BAM.PR.X | FixedReset Disc | 3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 11.18 Evaluated at bid price : 11.18 Bid-YTW : 5.27 % |
| TRP.PR.C | FixedReset Disc | 3.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 5.60 % |
| BAM.PF.D | Perpetual-Discount | 3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.06 Evaluated at bid price : 23.35 Bid-YTW : 5.30 % |
| CU.PR.C | FixedReset Disc | 3.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 4.33 % |
| TRP.PR.A | FixedReset Disc | 3.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 12.12 Evaluated at bid price : 12.12 Bid-YTW : 5.61 % |
| BAM.PR.C | Floater | 4.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 8.77 Evaluated at bid price : 8.77 Bid-YTW : 4.95 % |
| BAM.PF.I | FixedReset Disc | 4.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.76 Evaluated at bid price : 24.97 Bid-YTW : 4.79 % |
| GWO.PR.N | FixedReset Ins Non | 4.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.41 % |
| SLF.PR.G | FixedReset Ins Non | 4.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 4.23 % |
| BAM.PR.B | Floater | 4.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 8.75 Evaluated at bid price : 8.75 Bid-YTW : 4.96 % |
| BAM.PR.K | Floater | 4.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 8.70 Evaluated at bid price : 8.70 Bid-YTW : 4.99 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.R | FixedReset Disc | 38,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.04 Evaluated at bid price : 23.43 Bid-YTW : 4.18 % |
| BAM.PR.N | Perpetual-Discount | 35,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 21.92 Evaluated at bid price : 22.16 Bid-YTW : 5.42 % |
| SLF.PR.E | Insurance Straight | 25,493 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 4.75 % |
| CCS.PR.C | Insurance Straight | 24,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.24 % |
| TD.PF.A | FixedReset Disc | 23,495 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 4.03 % |
| TD.PF.J | FixedReset Disc | 21,611 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-11-09 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 4.10 % |
| There were 16 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.G | FixedReset Ins Non | Quote: 15.50 – 20.60 Spot Rate : 5.1000 Average : 2.7681 YTW SCENARIO |
| BAM.PR.T | FixedReset Disc | Quote: 12.72 – 13.82 Spot Rate : 1.1000 Average : 0.6586 YTW SCENARIO |
| BAM.PR.R | FixedReset Disc | Quote: 12.51 – 13.50 Spot Rate : 0.9900 Average : 0.6443 YTW SCENARIO |
| MFC.PR.R | FixedReset Ins Non | Quote: 24.30 – 25.21 Spot Rate : 0.9100 Average : 0.5846 YTW SCENARIO |
| RY.PR.M | FixedReset Disc | Quote: 18.85 – 19.85 Spot Rate : 1.0000 Average : 0.6892 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 12.80 – 13.71 Spot Rate : 0.9100 Average : 0.6392 YTW SCENARIO |