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Markets were a bit happier today:
World stock markets climbed on Wednesday, with the S&P 500 ending higher after a brutal two-day selloff, led by a rebound in energy and technology shares, but the market faltered toward the session’s end as Apple shares surrendered gains ahead of the U.S.Thanksgiving holiday.
The recovery in U.S. tech and other momentum stocks boosted the benchmark S&P 500 stock index after it fell 3.5 per cent over the previous two sessions. Shares of Amazon.com Inc , Alphabet Inc and Facebook Inc rose more than 1 per cent. Apple closed down 0.1 per cent.
Oil prices climbed after U.S. government data showed strong demand for gasoline and diesel, though gains were limited by concern over rising crude supply. U.S. crude prices had sunk to one-year lows after Tuesday’s sell-off.
…
Canada’s main stock index rose in a broad-based rally on Wednesday, as oil prices rebounded from one-year lows boosting energy shares, while higher gold prices aided gains in shares of precious metal miners.The Toronto Stock Exchange’s S&P/TSX composite index was up 218.02 points, or 1.47 per cent, at 15,095.02.
The TXPR price index closed at 655.17, up 1.12% on the day … but before breaking out the champagne, remember that that level is still well below the November 19 close of 661.68, which most of us thought was pretty awful already. Still, it’s nice to know that the losing streak of nine straight days has been snapped!
Volume today was merely average, by my metric: the number of issues in my indices (investment grade, non-trivial average daily volume) trading more that 10,000 shares. This minimizes the effects of block-trading, emphasizing retail-type volumes and therefore provides a better indicator of how hard it might be to get a decent-sized trade done in the market without going through the dealers’ prop desks.
PerpetualDiscounts now yield 5.82%, equivalent to 7.57% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 4.15%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 340bp, an incredible 25bp widening from the 315bp reported November 14.
| 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 | -0.1463 % | 2,867.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1463 % | 5,261.8 |
| Floater | 4.05 % | 4.30 % | 37,504 | 16.75 | 4 | -0.1463 % | 3,032.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1492 % | 3,197.2 |
| SplitShare | 4.55 % | 4.90 % | 65,388 | 4.14 | 6 | 0.1492 % | 3,818.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1492 % | 2,979.0 |
| Perpetual-Premium | 5.93 % | 5.97 % | 49,510 | 13.91 | 3 | 0.7378 % | 2,864.9 |
| Perpetual-Discount | 5.67 % | 5.82 % | 74,326 | 14.15 | 31 | 0.4124 % | 2,888.5 |
| FixedReset Disc | 4.75 % | 5.51 % | 158,074 | 14.73 | 58 | 1.3655 % | 2,346.4 |
| Deemed-Retractible | 5.42 % | 6.99 % | 78,236 | 5.14 | 27 | 0.3578 % | 2,866.6 |
| FloatingReset | 3.97 % | 4.68 % | 36,771 | 5.34 | 6 | 0.7945 % | 2,639.0 |
| FixedReset Prem | 5.09 % | 4.62 % | 218,853 | 2.53 | 22 | 1.0973 % | 2,514.2 |
| FixedReset Bank Non | 2.98 % | 4.28 % | 127,417 | 2.97 | 6 | 0.1240 % | 2,568.0 |
| FixedReset Ins Non | 4.79 % | 7.11 % | 122,589 | 5.26 | 22 | 0.9832 % | 2,349.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.D | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.78 % |
| BNS.PR.I | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 22.63 Evaluated at bid price : 23.71 Bid-YTW : 5.04 % |
| PWF.PR.A | Floater | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 3.51 % |
| PWF.PR.P | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 16.47 Evaluated at bid price : 16.47 Bid-YTW : 5.66 % |
| BMO.PR.S | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.45 % |
| MFC.PR.N | FixedReset Ins Non | 1.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.10 Bid-YTW : 8.54 % |
| EMA.PR.H | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 22.63 Evaluated at bid price : 23.65 Bid-YTW : 5.16 % |
| GWO.PR.Q | Deemed-Retractible | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.35 Bid-YTW : 7.52 % |
| W.PR.J | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 23.75 Evaluated at bid price : 24.06 Bid-YTW : 5.89 % |
| W.PR.M | FixedReset Prem | 1.20 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.13 % |
| BIP.PR.B | FixedReset Prem | 1.21 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.94 % |
| BAM.PR.N | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.09 % |
| BMO.PR.C | FixedReset Prem | 1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 24.82 Bid-YTW : 4.73 % |
| CM.PR.R | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 5.11 % |
| SLF.PR.C | Deemed-Retractible | 1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.86 Bid-YTW : 9.04 % |
| RY.PR.H | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 5.36 % |
| NA.PR.X | FixedReset Prem | 1.42 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.29 % |
| TD.PF.B | FixedReset Disc | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.40 % |
| BMO.PR.D | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 24.53 Bid-YTW : 4.97 % |
| MFC.PR.Q | FixedReset Ins Non | 1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.55 Bid-YTW : 7.54 % |
| PWF.PR.Q | FloatingReset | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.13 % |
| BAM.PF.J | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 22.99 Evaluated at bid price : 24.35 Bid-YTW : 5.39 % |
| MFC.PR.M | FixedReset Ins Non | 1.55 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.31 Bid-YTW : 8.46 % |
| GWO.PR.N | FixedReset Ins Non | 1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.20 Bid-YTW : 11.11 % |
| TRP.PR.J | FixedReset Prem | 1.59 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.45 % |
| BIP.PR.C | FixedReset Prem | 1.63 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.68 % |
| RY.PR.Z | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 5.34 % |
| IFC.PR.E | Deemed-Retractible | 1.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.02 Bid-YTW : 6.99 % |
| MFC.PR.F | FixedReset Ins Non | 1.64 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.10 Bid-YTW : 11.09 % |
| BAM.PF.I | FixedReset Prem | 1.65 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.60 Bid-YTW : 5.59 % |
| TRP.PR.B | FixedReset Disc | 1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.94 % |
| BMO.PR.T | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.39 % |
| CM.PR.P | FixedReset Disc | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 5.43 % |
| CM.PR.S | FixedReset Disc | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.79 Evaluated at bid price : 22.16 Bid-YTW : 5.32 % |
| BAM.PR.K | Floater | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 16.07 Evaluated at bid price : 16.07 Bid-YTW : 4.35 % |
| BAM.PF.B | FixedReset Disc | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.98 % |
| BAM.PR.X | FixedReset Disc | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.76 % |
| BIP.PR.E | FixedReset Disc | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.19 % |
| CM.PR.O | FixedReset Disc | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.48 % |
| NA.PR.C | FixedReset Disc | 1.91 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 5.58 % |
| BMO.PR.W | FixedReset Disc | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.36 % |
| POW.PR.D | Perpetual-Discount | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.92 % |
| IAG.PR.A | Deemed-Retractible | 1.98 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.60 Bid-YTW : 8.50 % |
| CU.PR.C | FixedReset Disc | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.55 % |
| MFC.PR.G | FixedReset Ins Non | 2.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.87 Bid-YTW : 7.02 % |
| BAM.PF.A | FixedReset Disc | 2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.86 Evaluated at bid price : 22.31 Bid-YTW : 5.86 % |
| BAM.PF.F | FixedReset Disc | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.34 Evaluated at bid price : 21.63 Bid-YTW : 6.01 % |
| BAM.PR.Z | FixedReset Disc | 2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 6.08 % |
| HSE.PR.C | FixedReset Disc | 2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 6.24 % |
| HSE.PR.A | FixedReset Disc | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 15.34 Evaluated at bid price : 15.34 Bid-YTW : 6.27 % |
| TRP.PR.E | FixedReset Disc | 2.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.93 % |
| TD.PF.C | FixedReset Disc | 2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 5.40 % |
| TRP.PR.K | FixedReset Prem | 2.34 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.01 % |
| MFC.PR.J | FixedReset Ins Non | 2.37 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.48 Bid-YTW : 6.89 % |
| MFC.PR.L | FixedReset Ins Non | 2.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.93 Bid-YTW : 8.70 % |
| NA.PR.W | FixedReset Disc | 2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.54 % |
| HSE.PR.G | FixedReset Disc | 2.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 22.37 Evaluated at bid price : 22.74 Bid-YTW : 6.35 % |
| BAM.PR.T | FixedReset Disc | 2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 6.03 % |
| TRP.PR.H | FloatingReset | 2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 15.07 Evaluated at bid price : 15.07 Bid-YTW : 5.01 % |
| BAM.PF.G | FixedReset Disc | 2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.48 Evaluated at bid price : 21.83 Bid-YTW : 5.89 % |
| CU.PR.F | Perpetual-Discount | 2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.77 % |
| TRP.PR.G | FixedReset Disc | 2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.99 % |
| EMA.PR.F | FixedReset Disc | 3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.79 % |
| MFC.PR.K | FixedReset Ins Non | 3.44 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.17 Bid-YTW : 8.57 % |
| BAM.PR.R | FixedReset Disc | 3.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 6.03 % |
| BAM.PF.E | FixedReset Disc | 3.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 5.87 % |
| RY.PR.M | FixedReset Disc | 3.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 5.45 % |
| TRP.PR.C | FixedReset Disc | 3.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.98 % |
| TD.PF.J | FixedReset Prem | 4.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 22.82 Evaluated at bid price : 24.01 Bid-YTW : 5.11 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.B | FixedReset Prem | 69,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.46 % |
| PVS.PR.B | SplitShare | 47,700 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 4.16 % |
| CM.PR.S | FixedReset Disc | 36,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-21 Maturity Price : 21.79 Evaluated at bid price : 22.16 Bid-YTW : 5.32 % |
| MFC.PR.J | FixedReset Ins Non | 36,200 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.48 Bid-YTW : 6.89 % |
| BNS.PR.H | FixedReset Prem | 33,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : 4.24 % |
| BNS.PR.R | FixedReset Bank Non | 29,900 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.28 % |
| There were 30 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.I | FixedReset Ins Non | Quote: 22.12 – 22.80 Spot Rate : 0.6800 Average : 0.4263 YTW SCENARIO |
| IAG.PR.G | FixedReset Ins Non | Quote: 21.40 – 21.99 Spot Rate : 0.5900 Average : 0.3764 YTW SCENARIO |
| HSE.PR.A | FixedReset Disc | Quote: 15.34 – 15.84 Spot Rate : 0.5000 Average : 0.3281 YTW SCENARIO |
| IFC.PR.E | Deemed-Retractible | Quote: 23.02 – 23.70 Spot Rate : 0.6800 Average : 0.5238 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 20.06 – 20.50 Spot Rate : 0.4400 Average : 0.2922 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 19.38 – 19.78 Spot Rate : 0.4000 Average : 0.2609 YTW SCENARIO |