You know, if Trump can put a dent in supply management, I’ll forgive him one of his lies:
While growers and exporters of U.S. crops and food products have expressed anxiety over Trump’s restrictive immigration policies and determination to renegotiate trade deals, dairies see him as an opportunity to crack what they see as Canada’s protectionist milk practices and to help ease oversupply in some regions.
A key battleground is the little known market for ultrafiltered milk, a concentrated ingredient used to boost protein content in cheese and yogurt. Canada is creating incentives for processors to buy from domestic manufacturers. U.S. producers say that could be a disaster, and they allege the new policy would violate trade agreements. Companies in Wisconsin and New York alone might lose $150 million in sales north of the border.
The Globe republished a housing affordability index from Fitch:
Click for Big
I have problems with this kind of graph: it looks at the income per capita for the whole population, instead of just the upper two-thirds who have historically been the owners among us. While I am sure that Price to Income ratio will still increase once the “income” is defined according to the upper two thirds, I am also sure – given rising income inequality – that the increase will be less dramatic.
| 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 | 0.4699 % | 2,049.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4699 % | 3,761.5 |
| Floater | 3.68 % | 3.91 % | 55,639 | 17.56 | 4 | 0.4699 % | 2,167.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0888 % | 2,986.8 |
| SplitShare | 4.73 % | 4.12 % | 59,314 | 0.78 | 4 | 0.0888 % | 3,566.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0888 % | 2,783.1 |
| Perpetual-Premium | 5.41 % | -9.13 % | 74,238 | 0.09 | 16 | 0.1856 % | 2,738.4 |
| Perpetual-Discount | 5.17 % | 5.16 % | 101,171 | 15.02 | 22 | -0.0191 % | 2,907.0 |
| FixedReset | 4.44 % | 4.10 % | 232,062 | 6.79 | 97 | 0.8960 % | 2,321.5 |
| Deemed-Retractible | 5.03 % | 3.49 % | 125,871 | 0.11 | 31 | 0.0040 % | 2,844.2 |
| FloatingReset | 2.48 % | 3.17 % | 53,338 | 4.66 | 9 | 0.4987 % | 2,472.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.G | FixedReset | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.47 Bid-YTW : 4.85 % |
| TD.PF.D | FixedReset | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.64 Evaluated at bid price : 23.44 Bid-YTW : 4.08 % |
| PWF.PR.T | FixedReset | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.52 Evaluated at bid price : 22.85 Bid-YTW : 3.89 % |
| BMO.PR.S | FixedReset | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.61 Evaluated at bid price : 22.03 Bid-YTW : 3.96 % |
| SLF.PR.I | FixedReset | 1.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.48 Bid-YTW : 4.70 % |
| IFC.PR.C | FixedReset | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.70 Bid-YTW : 5.69 % |
| BMO.PR.Y | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.90 Evaluated at bid price : 23.98 Bid-YTW : 3.92 % |
| BAM.PF.E | FixedReset | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.25 Evaluated at bid price : 22.72 Bid-YTW : 4.18 % |
| NA.PR.W | FixedReset | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 3.97 % |
| BAM.PF.F | FixedReset | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 23.03 Evaluated at bid price : 23.98 Bid-YTW : 4.21 % |
| BAM.PF.B | FixedReset | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.08 Evaluated at bid price : 22.32 Bid-YTW : 4.29 % |
| RY.PR.J | FixedReset | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.49 Evaluated at bid price : 23.13 Bid-YTW : 4.09 % |
| BAM.PF.A | FixedReset | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 23.39 Evaluated at bid price : 23.79 Bid-YTW : 4.29 % |
| FTS.PR.H | FixedReset | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 15.82 Evaluated at bid price : 15.82 Bid-YTW : 4.04 % |
| BAM.PR.R | FixedReset | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 4.33 % |
| MFC.PR.F | FixedReset | 1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.20 Bid-YTW : 9.43 % |
| HSE.PR.A | FixedReset | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 15.72 Evaluated at bid price : 15.72 Bid-YTW : 4.43 % |
| PWF.PR.P | FixedReset | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 15.63 Evaluated at bid price : 15.63 Bid-YTW : 4.24 % |
| FTS.PR.K | FixedReset | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 4.05 % |
| TRP.PR.B | FixedReset | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 14.48 Evaluated at bid price : 14.48 Bid-YTW : 4.11 % |
| RY.PR.H | FixedReset | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.27 Evaluated at bid price : 21.56 Bid-YTW : 3.98 % |
| BAM.PR.Z | FixedReset | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.17 Evaluated at bid price : 22.88 Bid-YTW : 4.50 % |
| BAM.PR.X | FixedReset | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 4.55 % |
| NA.PR.S | FixedReset | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.18 Evaluated at bid price : 22.47 Bid-YTW : 3.98 % |
| TRP.PR.D | FixedReset | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.34 Evaluated at bid price : 21.64 Bid-YTW : 4.11 % |
| CM.PR.P | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.44 Evaluated at bid price : 21.44 Bid-YTW : 4.02 % |
| TD.PF.C | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 4.02 % |
| BMO.PR.W | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 3.99 % |
| MFC.PR.N | FixedReset | 1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.97 Bid-YTW : 5.45 % |
| MFC.PR.M | FixedReset | 1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.96 Bid-YTW : 5.53 % |
| GWO.PR.N | FixedReset | 1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.49 Bid-YTW : 9.22 % |
| MFC.PR.K | FixedReset | 1.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.23 Bid-YTW : 5.81 % |
| RY.PR.M | FixedReset | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.41 Evaluated at bid price : 23.09 Bid-YTW : 3.98 % |
| FTS.PR.M | FixedReset | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.97 Evaluated at bid price : 22.27 Bid-YTW : 4.10 % |
| CM.PR.Q | FixedReset | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 22.76 Evaluated at bid price : 23.68 Bid-YTW : 4.03 % |
| CU.PR.I | FixedReset | 1.70 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.92 Bid-YTW : 2.34 % |
| BMO.PR.T | FixedReset | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 4.00 % |
| TRP.PR.A | FixedReset | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 4.18 % |
| MFC.PR.L | FixedReset | 1.82 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.23 Bid-YTW : 5.85 % |
| TD.PF.A | FixedReset | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.41 Evaluated at bid price : 21.74 Bid-YTW : 3.94 % |
| TRP.PR.E | FixedReset | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.97 Evaluated at bid price : 22.25 Bid-YTW : 4.02 % |
| FTS.PR.G | FixedReset | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 4.01 % |
| CM.PR.O | FixedReset | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 3.99 % |
| RY.PR.Z | FixedReset | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.29 Evaluated at bid price : 21.58 Bid-YTW : 3.93 % |
| TD.PF.B | FixedReset | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.28 Evaluated at bid price : 21.57 Bid-YTW : 3.99 % |
| BAM.PR.T | FixedReset | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 4.49 % |
| CU.PR.C | FixedReset | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 21.91 Evaluated at bid price : 22.42 Bid-YTW : 3.89 % |
| IFC.PR.A | FixedReset | 2.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.66 Bid-YTW : 7.38 % |
| TRP.PR.C | FixedReset | 2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 15.64 Evaluated at bid price : 15.64 Bid-YTW : 4.15 % |
| TRP.PR.F | FloatingReset | 2.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-02-21 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 3.46 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.H | FixedReset | 204,856 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.88 Bid-YTW : 4.14 % |
| BIP.PR.C | FixedReset | 160,845 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.73 Bid-YTW : 4.86 % |
| RY.PR.Q | FixedReset | 154,949 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.80 Bid-YTW : 3.67 % |
| BNS.PR.E | FixedReset | 116,083 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.88 Bid-YTW : 3.66 % |
| BNS.PR.H | FixedReset | 111,545 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.06 Bid-YTW : 4.00 % |
| BMO.PR.R | FloatingReset | 83,000 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 3.07 % |
| There were 73 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.G | FixedReset | Quote: 23.39 – 23.77 Spot Rate : 0.3800 Average : 0.2435 YTW SCENARIO |
| TRP.PR.H | FloatingReset | Quote: 13.30 – 13.66 Spot Rate : 0.3600 Average : 0.2311 YTW SCENARIO |
| GWO.PR.N | FixedReset | Quote: 15.49 – 15.86 Spot Rate : 0.3700 Average : 0.2668 YTW SCENARIO |
| BAM.PF.G | FixedReset | Quote: 24.33 – 24.60 Spot Rate : 0.2700 Average : 0.1849 YTW SCENARIO |
| BNS.PR.D | FloatingReset | Quote: 21.49 – 21.76 Spot Rate : 0.2700 Average : 0.1943 YTW SCENARIO |
| BMO.PR.Y | FixedReset | Quote: 23.98 – 24.23 Spot Rate : 0.2500 Average : 0.1806 YTW SCENARIO |
Question about SLF-K/H preferred shares. I believe they are what you refer to as a Strong Pair. I’m wondering why there is such a huge gap recently in their prices, nearly 10%? Only thing I can think of is perhaps lower liquidity in SLF-K?
Try buying SLF K and you will know. As President Trump would say, it’s fake offers.