Amidst all the nastiness about pipelines and deep, meaningful debate regarding whether Trudeau is photographed too often, it’s nice to know that some things are going right in our country:
No one tracks exactly how many ditch their skilled visas for the permanent residency Canada offers, but during the first year of Trump’s presidency, the number of tech professionals globally who got permanent residency in Canada ticked up almost 40 percent from 2016, to more than 11,000.
…
In 1967, Canada became the first country to adopt a points-based immigration system. The country regularly tweaks how it rates applicants based on national goals and research into what makes for successful integration: A job offer used to come with 600 points, but now it’s worth just 200. Other factors like speaking fluent English or French—or, even better, both—have been given more weight over the years. Country of origin is irrelevant.In 2016, Canada increased national immigration levels to 300,000 new permanent residents annually. Last year, in consultation with trade groups, it created a program called the Global Skills Strategy to issue temporary work permits to people with job offers in certain categories, including senior software engineers, in as little as two weeks. Since the program started in June, more than 5,600 people have been granted permits, from the U.S., India, Pakistan, Brazil, and elsewhere.
There was a chaotic close for preferreds today, with TXPR going from 705.02 at 3:58pm to a closing level of 701.28. I presume this is due to MOC imbalances driven by pseudo-portfolio-managers saving valuable time on the TXPR index rebalancing by using the “Market on Close” feature at the Toronto Exchange – after all, it wasn’t merely Friday, it was Friday 4/20 and they urgently needed to get out of the office!
Look at CU.PR.G, for instance … volume of 262,607 on the day with, as far as I can tell from the TMX free web page (damned if I’m going to spend any money on this nonsense) only 100 shares trading at 21.45 prior to the close and then … wham! A closing quote of 21.12-57 and a closing price of 21.14 compared to the virtually identical CU.PR.F at 21.49-62, closing price of 21.53.
I’ll be paying more attention to this in the future … there might be an opportunity to make a few bucks with a few stink-bids and stink-offers, but it’s pretty chancy stuff.
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 | -0.6544 % | 2,950.3 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6544 % | 5,413.7 |
Floater | 3.38 % | 3.57 % | 95,289 | 18.37 | 4 | -0.6544 % | 3,120.0 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2301 % | 3,144.0 |
SplitShare | 4.62 % | 4.59 % | 77,316 | 5.10 | 5 | -0.2301 % | 3,754.6 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2301 % | 2,929.4 |
Perpetual-Premium | 5.56 % | -7.85 % | 78,092 | 0.09 | 11 | -0.1003 % | 2,870.5 |
Perpetual-Discount | 5.40 % | 5.46 % | 65,947 | 14.72 | 24 | -0.2302 % | 2,942.4 |
FixedReset | 4.32 % | 4.75 % | 171,796 | 5.74 | 104 | -0.2936 % | 2,503.3 |
Deemed-Retractible | 5.15 % | 5.74 % | 91,316 | 5.64 | 28 | -0.3913 % | 2,933.5 |
FloatingReset | 3.03 % | 3.13 % | 32,941 | 3.58 | 11 | -0.2012 % | 2,757.3 |
Performance Highlights | |||
Issue | Index | Change | Notes |
BAM.PR.K | Floater | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 3.66 % |
BIP.PR.B | FixedReset | -1.57 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.41 % |
BAM.PR.X | FixedReset | -1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 5.19 % |
CU.PR.G | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.41 % |
TRP.PR.C | FixedReset | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 17.28 Evaluated at bid price : 17.28 Bid-YTW : 4.98 % |
PWF.PR.P | FixedReset | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 4.52 % |
CCS.PR.C | Deemed-Retractible | -1.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.97 Bid-YTW : 6.59 % |
PWF.PR.Z | Perpetual-Discount | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 23.24 Evaluated at bid price : 23.55 Bid-YTW : 5.48 % |
TD.PF.H | FixedReset | -1.31 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 3.96 % |
MFC.PR.C | Deemed-Retractible | -1.27 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 7.69 % |
BAM.PF.G | FixedReset | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 23.30 Evaluated at bid price : 23.61 Bid-YTW : 5.21 % |
TRP.PR.A | FixedReset | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.11 % |
SLF.PR.J | FloatingReset | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.02 Bid-YTW : 7.08 % |
TRP.PR.B | FixedReset | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 4.99 % |
BAM.PR.Z | FixedReset | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 22.82 Evaluated at bid price : 24.05 Bid-YTW : 5.13 % |
BAM.PF.D | Perpetual-Discount | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 5.81 % |
HSE.PR.A | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 17.46 Evaluated at bid price : 17.46 Bid-YTW : 5.19 % |
IFC.PR.A | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.60 Bid-YTW : 7.73 % |
BAM.PR.B | Floater | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 16.73 Evaluated at bid price : 16.73 Bid-YTW : 3.63 % |
TRP.PR.F | FloatingReset | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 19.74 Evaluated at bid price : 19.74 Bid-YTW : 3.91 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
CM.PR.S | FixedReset | 533,079 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 23.00 Evaluated at bid price : 24.52 Bid-YTW : 4.55 % |
TD.PF.J | FixedReset | 450,054 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.67 % |
CU.PR.G | Perpetual-Discount | 262,607 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.41 % |
NA.PR.E | FixedReset | 236,498 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 23.02 Evaluated at bid price : 24.60 Bid-YTW : 4.64 % |
BAM.PF.D | Perpetual-Discount | 217,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 5.81 % |
GWO.PR.L | Deemed-Retractible | 177,739 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-05-20 Maturity Price : 25.25 Evaluated at bid price : 25.86 Bid-YTW : -19.00 % |
GWO.PR.S | Deemed-Retractible | 163,575 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.87 Bid-YTW : 5.42 % |
TRP.PR.E | FixedReset | 157,697 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 5.02 % |
IAG.PR.I | FixedReset | 157,355 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 4.74 % |
MFC.PR.Q | FixedReset | 153,297 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.72 % |
GWO.PR.M | Deemed-Retractible | 148,834 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-05-20 Maturity Price : 25.25 Evaluated at bid price : 26.28 Bid-YTW : -35.71 % |
TRP.PR.J | FixedReset | 148,387 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 3.94 % |
BMO.PR.T | FixedReset | 146,550 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 22.25 Evaluated at bid price : 22.65 Bid-YTW : 4.80 % |
RY.PR.Q | FixedReset | 137,168 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 3.74 % |
NA.PR.X | FixedReset | 126,463 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.07 Bid-YTW : 3.99 % |
BAM.PR.X | FixedReset | 116,320 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 5.19 % |
W.PR.K | FixedReset | 110,140 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 25.91 Bid-YTW : 3.89 % |
BMO.PR.S | FixedReset | 110,041 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-20 Maturity Price : 22.74 Evaluated at bid price : 23.25 Bid-YTW : 4.77 % |
MFC.PR.O | FixedReset | 104,184 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.45 Bid-YTW : 3.83 % |
BIP.PR.E | FixedReset | 104,028 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 4.89 % |
There were 87 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
GWO.PR.L | Deemed-Retractible | Quote: 25.86 – 26.39 Spot Rate : 0.5300 Average : 0.3046 YTW SCENARIO |
TD.PF.J | FixedReset | Quote: 25.18 – 25.70 Spot Rate : 0.5200 Average : 0.3113 YTW SCENARIO |
CCS.PR.C | Deemed-Retractible | Quote: 22.97 – 23.58 Spot Rate : 0.6100 Average : 0.4082 YTW SCENARIO |
BIP.PR.B | FixedReset | Quote: 25.15 – 25.70 Spot Rate : 0.5500 Average : 0.3489 YTW SCENARIO |
PWF.PR.P | FixedReset | Quote: 19.31 – 19.77 Spot Rate : 0.4600 Average : 0.2685 YTW SCENARIO |
BAM.PR.X | FixedReset | Quote: 17.62 – 18.23 Spot Rate : 0.6100 Average : 0.4226 YTW SCENARIO |
I saw the same thing… on several of the preferreds I own, there were much lower trades in the last hour for only a few blocks…
My concern with trying to make some money at it is that the commissions may outweigh the gain (ie as you mentioned, only 100 shares traded).
Take note of FTS.PR.H and ALA.PR.A and BAM.PR.X
From the website quoted above, closing price recorded as 17.46.
However, no trades show as crossing at that price (and only 1200 shares) for prices between 17.84 and 17.91.. But if you go into the details of the trades for that day, you’ll note that almost 10,000 shares traded at 4:00pm at 17.46.
The same applies to ALA.PR.A. Shares dropped in value by 24c with trades all happening at 4:00pm
The same applies to BAM.PR.X. Shares dropped in value by 31c with trades all happening at 4:00pm
The seller was TD for one, and CIBC for the second, and ScotiaCapital for the third. Whats interesting is the buyer is “ananymous” for all of them….
And yes, more than enough shares to make a trade worthwhile. Just never seen anything like this with so many different shares….
Weird!!!!
My concern with trying to make some money at it is that the commissions may outweigh the gain (ie as you mentioned, only 100 shares traded).
What I’m thinking is that those with a speculative bent could have put in a stink-bid for CU.PR.G at, say, 21.20 shortly prior to the close. In this particular instance they would have been filled during the Market-on-Close process (for thousands of shares, if they had bid for sufficient size) and then have planned to slowly liquidate the position next week.
I mean, that’s what dealers do as a matter of course.
It’s a bit harder for funds with a fetish for being ‘fully invested at all times’! One must also have a conviction that any such large changes at the close will be ‘technical’ as opposed to ‘fundamental’!