TXPR closed at 510.46, up 0.50% on the day. Volume today was 1.05-million, below the median of the past 21 trading days.
CPD closed at 10.19, up 0.59% on the day. Volume was 60,450, fourth-highest of the past 21 trading days.
ZPR closed at 8.50, up 0.12% on the day. Volume was 137,690, above the median of the past 21 trading days.
Five-year Canada yields were down to 3.88%.
Gains – particularly in equities – have been attributed to a hope that policy rates have peaked:
The Labor Department’s report showed the August unemployment rate rose to 3.8% while wage growth slowed. Nonfarm payrolls rose more than expected, though data for July was revised lower to 157,000 job additions.
The data added to recent macroeconomic evidence that the Federal Reserve is winning its battle against inflation, and it cemented expectations the central bank is near the end of its interest rate hiking cycle.
…
Interest rate futures suggest traders see a 93% chance the Fed will keep interest rates unchanged at its meeting later this month, according to CME’s FedWatch tool.
… while in Canada, GDP numbers disappointed:
Canada’s economy unexpectedly contracted in the second quarter at an annualized rate of 0.2%, while real GDP was most likely unchanged in July after a 0.2% fall in June, Statistics Canada said.
The second-quarter reading was far lower than the Bank of Canada’s forecast for a 1.5% annualized GDP growth as well as the 1.2% gain expected by analysts.
The quarterly slowdown was largely due to declines in housing investment, smaller inventory accumulation, as well as slower international exports and household spending, Statistics Canada said.
The month-over-month decline in June was in line with forecasts. Statscan also downwardly revised May GDP growth to a 0.2% increase from an initial report of 0.3% growth. First-quarter annualized growth rate was also downwardly revised to 2.6% from 3.1%.
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 |
1.0155 % |
2,210.8 |
| FixedFloater |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
1.0155 % |
4,240.3 |
| Floater |
11.01 % |
11.37 % |
48,592 |
8.43 |
2 |
1.0155 % |
2,443.7 |
| OpRet |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0590 % |
3,341.1 |
| SplitShare |
5.04 % |
7.22 % |
41,754 |
2.03 |
8 |
-0.0590 % |
3,990.0 |
| Interest-Bearing |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
-0.0590 % |
3,113.1 |
| Perpetual-Premium |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
0.7985 % |
2,489.4 |
| Perpetual-Discount |
6.89 % |
7.03 % |
48,793 |
12.46 |
31 |
0.7985 % |
2,714.5 |
| FixedReset Disc |
6.10 % |
9.17 % |
97,333 |
10.57 |
56 |
0.1690 % |
2,065.0 |
| Insurance Straight |
6.88 % |
6.95 % |
58,592 |
12.69 |
18 |
0.1761 % |
2,613.4 |
| FloatingReset |
11.35 % |
11.40 % |
39,182 |
8.63 |
1 |
0.0000 % |
2,356.3 |
| FixedReset Prem |
7.14 % |
7.53 % |
216,895 |
11.91 |
1 |
0.4082 % |
2,263.0 |
| FixedReset Bank Non |
0.00 % |
0.00 % |
0 |
0.00 |
0 |
0.1690 % |
2,110.8 |
| FixedReset Ins Non |
6.59 % |
8.52 % |
112,185 |
10.98 |
10 |
0.0569 % |
2,243.6 |
| Performance Highlights |
| Issue |
Index |
Change |
Notes |
| BIP.PR.F |
FixedReset Disc |
-8.21 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 9.69 % |
| PWF.PR.G |
Perpetual-Discount |
-3.16 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.31 % |
| PVS.PR.K |
SplitShare |
-1.88 % |
YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.85
Bid-YTW : 8.16 % |
| TD.PF.E |
FixedReset Disc |
-1.88 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 9.30 % |
| PWF.PR.T |
FixedReset Disc |
-1.53 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 9.05 % |
| TD.PF.I |
FixedReset Disc |
-1.22 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 22.12
Evaluated at bid price : 22.65
Bid-YTW : 7.68 % |
| MFC.PR.L |
FixedReset Ins Non |
1.03 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.67
Evaluated at bid price : 16.67
Bid-YTW : 9.24 % |
| FTS.PR.M |
FixedReset Disc |
1.05 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 9.75 % |
| POW.PR.G |
Perpetual-Discount |
1.06 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 7.12 % |
| BN.PF.E |
FixedReset Disc |
1.08 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 11.21 % |
| MFC.PR.C |
Insurance Straight |
1.09 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.75 % |
| TD.PF.L |
FixedReset Disc |
1.09 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 22.61
Evaluated at bid price : 23.25
Bid-YTW : 7.92 % |
| TD.PF.D |
FixedReset Disc |
1.18 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 9.33 % |
| CU.PR.G |
Perpetual-Discount |
1.23 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 6.92 % |
| BN.PR.K |
Floater |
1.24 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 11.37 % |
| CU.PR.C |
FixedReset Disc |
1.26 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 9.14 % |
| CU.PR.I |
FixedReset Disc |
1.30 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 8.96 % |
| BN.PF.G |
FixedReset Disc |
1.33 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 11.19 % |
| BIK.PR.A |
FixedReset Disc |
1.34 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 9.39 % |
| POW.PR.B |
Perpetual-Discount |
1.37 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 19.23
Evaluated at bid price : 19.23
Bid-YTW : 7.09 % |
| BN.PF.J |
FixedReset Disc |
1.40 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 9.32 % |
| POW.PR.D |
Perpetual-Discount |
1.45 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 7.02 % |
| PWF.PR.F |
Perpetual-Discount |
1.51 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 7.06 % |
| BN.PR.M |
Perpetual-Discount |
1.52 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.27 % |
| BN.PR.R |
FixedReset Disc |
1.56 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 10.97 % |
| PWF.PR.K |
Perpetual-Discount |
1.66 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.08 % |
| BN.PR.Z |
FixedReset Disc |
1.67 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 9.73 % |
| PWF.PF.A |
Perpetual-Discount |
1.69 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 7.03 % |
| PVS.PR.H |
SplitShare |
1.75 % |
YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 7.01 % |
| BN.PF.D |
Perpetual-Discount |
1.80 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 7.40 % |
| BN.PF.I |
FixedReset Disc |
1.92 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 9.85 % |
| PWF.PR.L |
Perpetual-Discount |
2.00 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 7.04 % |
| BN.PF.C |
Perpetual-Discount |
2.07 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.41 % |
| CU.PR.D |
Perpetual-Discount |
2.10 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 17.99
Evaluated at bid price : 17.99
Bid-YTW : 6.87 % |
| SLF.PR.C |
Insurance Straight |
2.45 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 6.68 % |
| PWF.PR.Z |
Perpetual-Discount |
2.63 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.97 % |
| BN.PF.H |
FixedReset Disc |
2.94 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 10.04 % |
| POW.PR.C |
Perpetual-Discount |
3.86 % |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.87 % |
| Volume Highlights |
| Issue |
Index |
Shares
Traded |
Notes |
| PWF.PR.Z |
Perpetual-Discount |
43,900 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.97 % |
| IFC.PR.G |
FixedReset Ins Non |
39,200 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 8.52 % |
| RY.PR.J |
FixedReset Disc |
27,600 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 9.19 % |
| BN.PR.N |
Perpetual-Discount |
22,200 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.32 % |
| MFC.PR.K |
FixedReset Ins Non |
20,900 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 7.98 % |
| TD.PF.K |
FixedReset Disc |
18,500 |
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 7.90 % |
| There were 14 other index-included issues trading in excess of 10,000 shares. |
| Wide Spread Highlights |
| Issue |
Index |
Quote Data and Yield Notes |
| BIP.PR.F |
FixedReset Disc |
Quote: 18.00 – 19.65
Spot Rate : 1.6500
Average : 0.9249
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 9.69 % |
| PWF.PR.Z |
Perpetual-Discount |
Quote: 18.75 – 19.72
Spot Rate : 0.9700
Average : 0.5859
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.97 % |
| BN.PF.D |
Perpetual-Discount |
Quote: 16.95 – 18.00
Spot Rate : 1.0500
Average : 0.7212
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 7.40 % |
| PWF.PR.G |
Perpetual-Discount |
Quote: 20.51 – 21.35
Spot Rate : 0.8400
Average : 0.5188
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.31 % |
| TD.PF.M |
FixedReset Disc |
Quote: 23.35 – 24.03
Spot Rate : 0.6800
Average : 0.4785
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 22.78
Evaluated at bid price : 23.35
Bid-YTW : 8.13 % |
| MFC.PR.B |
Insurance Straight |
Quote: 16.98 – 17.49
Spot Rate : 0.5100
Average : 0.3224
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-09-01
Maturity Price : 16.98
Evaluated at bid price : 16.98
Bid-YTW : 6.88 % |
