TXPR closed at 568.79, up 1.46% on the day. Volume today was 1.97-million, third-highest of the past 21 trading days.
CPD closed at 11.24, up 0.54% on the day. Volume was 113,590, well above the median of the past 21 trading days.
ZPR closed at 9.47, up 0.85% on the day. Volume was 184,620, above the median of the past 21 trading days.
Five-year Canada yields were down precipituously to 3.44% today in the wake of the BoC rate decision.
PerpetualDiscounts now yield 6.51%, equivalent to 8.46% interest at the standard equivalency factor of 1.3x. Long corporates have been hammered in the past week to yield 5.84%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 260bp from the 300bp reported October 19.
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 | -0.1992 % | 2,407.4 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1992 % | 4,617.4 |
Floater | 7.61 % | 7.71 % | 52,574 | 11.67 | 2 | -0.1992 % | 2,661.0 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.1737 % | 3,244.2 |
SplitShare | 5.18 % | 7.91 % | 39,619 | 3.01 | 7 | -1.1737 % | 3,874.3 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.1737 % | 3,022.9 |
Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.3093 % | 2,642.8 |
Perpetual-Discount | 6.44 % | 6.51 % | 72,273 | 13.19 | 33 | 1.3093 % | 2,881.9 |
FixedReset Disc | 5.24 % | 7.21 % | 95,240 | 12.45 | 63 | -0.0763 % | 2,283.2 |
Insurance Straight | 6.39 % | 6.49 % | 82,049 | 13.18 | 19 | 1.5242 % | 2,816.3 |
FloatingReset | 9.17 % | 9.50 % | 40,302 | 9.92 | 2 | 0.1929 % | 2,529.1 |
FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0763 % | 2,416.4 |
FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0763 % | 2,333.9 |
FixedReset Ins Non | 5.42 % | 7.58 % | 53,982 | 12.06 | 14 | 0.0490 % | 2,318.3 |
Performance Highlights | |||
Issue | Index | Change | Notes |
TRP.PR.E | FixedReset Disc | -8.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 9.71 % |
BAM.PF.I | FixedReset Disc | -8.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 8.06 % |
PVS.PR.K | SplitShare | -2.86 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 20.40 Bid-YTW : 8.29 % |
PVS.PR.I | SplitShare | -2.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 7.92 % |
SLF.PR.H | FixedReset Ins Non | -2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 8.48 % |
PVS.PR.H | SplitShare | -2.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 7.67 % |
PWF.PR.L | Perpetual-Discount | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 6.76 % |
RY.PR.S | FixedReset Disc | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.85 % |
TRP.PR.D | FixedReset Disc | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 16.08 Evaluated at bid price : 16.08 Bid-YTW : 8.80 % |
PVS.PR.J | SplitShare | -1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 20.90 Bid-YTW : 8.46 % |
MFC.PR.K | FixedReset Ins Non | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.81 % |
BAM.PF.B | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 8.49 % |
TD.PF.D | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.21 % |
BNS.PR.I | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 6.86 % |
GWO.PR.T | Insurance Straight | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.52 % |
BMO.PR.Y | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 7.07 % |
CCS.PR.C | Insurance Straight | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.43 % |
BMO.PR.F | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 24.66 Bid-YTW : 6.64 % |
IFC.PR.A | FixedReset Ins Non | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 7.37 % |
POW.PR.A | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 6.64 % |
IFC.PR.C | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 7.66 % |
POW.PR.C | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 22.68 Evaluated at bid price : 22.97 Bid-YTW : 6.36 % |
ELF.PR.H | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.46 % |
BMO.PR.E | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 22.36 Evaluated at bid price : 22.83 Bid-YTW : 6.72 % |
BIP.PR.A | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 9.48 % |
TD.PF.M | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.25 Bid-YTW : 6.94 % |
PWF.PR.H | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.84 Evaluated at bid price : 22.08 Bid-YTW : 6.54 % |
CU.PR.H | Perpetual-Discount | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.58 % |
FTS.PR.F | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.37 % |
IFC.PR.F | Insurance Straight | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.36 % |
PWF.PR.G | Perpetual-Discount | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 6.51 % |
BIP.PR.E | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.62 Evaluated at bid price : 22.00 Bid-YTW : 7.34 % |
GWO.PR.G | Insurance Straight | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 6.60 % |
MFC.PR.M | FixedReset Ins Non | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.09 % |
POW.PR.B | Perpetual-Discount | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.58 % |
FTS.PR.K | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.26 % |
PWF.PR.E | Perpetual-Discount | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.58 % |
MFC.PR.B | Insurance Straight | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.49 % |
GWO.PR.Q | Insurance Straight | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.56 % |
SLF.PR.C | Insurance Straight | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.79 Evaluated at bid price : 17.79 Bid-YTW : 6.34 % |
TD.PF.B | FixedReset Disc | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 7.27 % |
POW.PR.D | Perpetual-Discount | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.44 % |
SLF.PR.D | Insurance Straight | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 6.33 % |
SLF.PR.E | Insurance Straight | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.23 Evaluated at bid price : 18.23 Bid-YTW : 6.25 % |
POW.PR.G | Perpetual-Discount | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.53 % |
GWO.PR.L | Insurance Straight | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.62 % |
PWF.PR.S | Perpetual-Discount | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.46 % |
RY.PR.O | Perpetual-Discount | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.23 % |
PWF.PR.K | Perpetual-Discount | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.51 % |
CU.PR.F | Perpetual-Discount | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.41 % |
RY.PR.N | Perpetual-Discount | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.22 % |
CU.PR.G | Perpetual-Discount | 2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.79 Evaluated at bid price : 17.79 Bid-YTW : 6.45 % |
GWO.PR.I | Insurance Straight | 2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.44 % |
PWF.PF.A | Perpetual-Discount | 2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.47 % |
MFC.PR.C | Insurance Straight | 2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.42 % |
GWO.PR.R | Insurance Straight | 2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 6.50 % |
GWO.PR.S | Insurance Straight | 2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.52 % |
CU.PR.J | Perpetual-Discount | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.53 % |
IFC.PR.E | Insurance Straight | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.33 % |
BAM.PR.N | Perpetual-Discount | 2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.51 % |
CU.PR.E | Perpetual-Discount | 2.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.45 % |
FTS.PR.M | FixedReset Disc | 2.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.18 % |
MIC.PR.A | Perpetual-Discount | 3.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.99 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
CU.PR.J | Perpetual-Discount | 64,195 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.53 % |
GWO.PR.Y | Insurance Straight | 63,839 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 6.56 % |
NA.PR.S | FixedReset Disc | 34,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 7.40 % |
PWF.PR.G | Perpetual-Discount | 28,720 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 6.51 % |
GWO.PR.R | Insurance Straight | 27,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 6.50 % |
TD.PF.K | FixedReset Disc | 24,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-26 Maturity Price : 21.54 Evaluated at bid price : 21.90 Bid-YTW : 6.83 % |
There were 18 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
TRP.PR.E | FixedReset Disc | Quote: 14.20 – 16.30 Spot Rate : 2.1000 Average : 1.3737 YTW SCENARIO |
BIP.PR.F | FixedReset Disc | Quote: 21.25 – 22.94 Spot Rate : 1.6900 Average : 0.9741 YTW SCENARIO |
BMO.PR.W | FixedReset Disc | Quote: 19.10 – 21.90 Spot Rate : 2.8000 Average : 2.1094 YTW SCENARIO |
IFC.PR.K | Perpetual-Discount | Quote: 21.20 – 23.45 Spot Rate : 2.2500 Average : 1.6291 YTW SCENARIO |
BAM.PF.I | FixedReset Disc | Quote: 21.00 – 22.70 Spot Rate : 1.7000 Average : 1.1469 YTW SCENARIO |
TRP.PR.A | FixedReset Disc | Quote: 14.25 – 15.40 Spot Rate : 1.1500 Average : 0.6435 YTW SCENARIO |
NA.PR.C To Reset To 7.027%
October 17th, 2022National Bank of Canada has announced:
NA.PR.C is a FixedReset, 4.45%+343, NVCC-compliant, that commenced trading 2017-6-13 after being announced 2017-6-1. Notice of extension was given in 2022. It is tracked by HIMIPref™ and has been assigned to the FixedResets (Discount) subindex.
Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!
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