Click for Big
The market turnaround is being ascribed to dovish hopes for the Fed:
Comments by U.S. Federal Reserve Chair Jerome Powell that interest rates were “just below” neutral propelled Wall Street higher on Wednesday, easing investor worries about the pace of interest rate hikes next year.
Hopes that the United States and China could call a trade war ceasefire at the upcoming G20 summit also helped stocks.
Meanwhile, the U.S. dollar retreated with potentially fewer rate increases on the horizon, and sterling rose after the Bank of England said the economy could shrink by as much as 8 per cent in about a year after a no-deal Brexit.
Equity investors reacted favorably to the comments by Powell, who indicated there may not be as many future interest rate hikes from the central bank as was initially anticipated.
The meaty section of Powell’s actual speech was:
Outlook and Monetary Policy
Congress assigned the Federal Reserve the job of promoting maximum employment and price stability. I am pleased to say that our economy is now close to both of those objectives. The unemployment rate is 3.7 percent, a 49-year low, and many other measures of labor market strength are at or near historic bests. Inflation is near our 2 percent target. The economy is growing at an annual rate of about 3 percent, well above most estimates of its longer-run trend.
For seven years during the crisis and its painful aftermath, the Federal Open Market Committee (FOMC) kept our policy interest rate unprecedentedly low–in fact, near zero–to support the economy as it struggled to recover. The health of the economy gradually but steadily improved, and about three years ago the FOMC judged that the interests of households and businesses, of savers and borrowers, were no longer best served by such extraordinarily low rates. We therefore began to raise our policy rate gradually toward levels that are more normal in a healthy economy. Interest rates are still low by historical standards, and they remain just below the broad range of estimates of the level that would be neutral for the economy‑‑that is, neither speeding up nor slowing down growth. My FOMC colleagues and I, as well as many private-sector economists, are forecasting continued solid growth, low unemployment, and inflation near 2 percent.
There is a great deal to like about this outlook. But we know that things often turn out to be quite different from even the most careful forecasts. For this reason, sound policymaking is as much about managing risks as it is about responding to the baseline forecast. Our gradual pace of raising interest rates has been an exercise in balancing risks. We know that moving too fast would risk shortening the expansion. We also know that moving too slowly–keeping interest rates too low for too long–could risk other distortions in the form of higher inflation or destabilizing financial imbalances. Our path of gradual increases has been designed to balance these two risks, both of which we must take seriously.
We also know that the economic effects of our gradual rate increases are uncertain, and may take a year or more to be fully realized. While FOMC participants’ projections are based on our best assessments of the outlook, there is no preset policy path. We will be paying very close attention to what incoming economic and financial data are telling us. As always, our decisions on monetary policy will be designed to keep the economy on track in light of the changing outlook for jobs and inflation.
Under the dual mandate, jobs and inflation are the Fed’s meat and potatoes. In the rest of my comments, I will focus on financial stability–a topic that has always been on the menu, but that, since the crisis, has become a more integral part of the meal.
It doesn’t seem all that dovish to me, but then I’m not trying to convince my clients that these are turbulent times in which Skilled Fed Watchers examine the entrails of Powell’s chickens between naps.
The Canadian preferred share market was on wheels today.
TXPR closed 647.04, up 0.96% (on a price basis). Volume was on the high side in the context of the last thirty days, but nothing special.
CPD closed at 12.93, up 0.47%. Volume was about average in the context of the last thirty days.
ZPR closed at 10.59, up 0.67%. Volume was the fourth-highest of the past thirty days, exceeded only by November 27, November 16 and October 29.
PerpetualDiscounts now yield 5.94% (!), equivalent to 7.72% at the standard equivalency factor of 1.3x. Long corporates now yield about 4.20%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 350bp (!), a significant widening from the 340bp reported November 21.
| 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 | 0.4734 % | 2,675.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4734 % | 4,909.4 |
| Floater | 4.34 % | 4.70 % | 37,937 | 15.96 | 4 | 0.4734 % | 2,829.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0522 % | 3,177.2 |
| SplitShare | 4.63 % | 5.21 % | 82,882 | 4.65 | 7 | -0.0522 % | 3,794.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0522 % | 2,960.5 |
| Perpetual-Premium | 5.98 % | 6.05 % | 54,928 | 13.79 | 3 | -0.0671 % | 2,840.1 |
| Perpetual-Discount | 5.75 % | 5.94 % | 78,158 | 13.93 | 31 | 0.6021 % | 2,849.2 |
| FixedReset Disc | 4.85 % | 5.65 % | 176,360 | 14.55 | 58 | 1.2648 % | 2,300.2 |
| Deemed-Retractible | 5.50 % | 7.54 % | 87,175 | 5.12 | 26 | 0.3153 % | 2,852.2 |
| FloatingReset | 4.07 % | 4.81 % | 35,085 | 5.38 | 6 | 0.1477 % | 2,581.3 |
| FixedReset Prem | 5.11 % | 4.50 % | 249,453 | 2.51 | 22 | 0.2248 % | 2,502.4 |
| FixedReset Bank Non | 2.98 % | 4.26 % | 115,338 | 2.95 | 6 | 0.0896 % | 2,567.3 |
| FixedReset Ins Non | 4.90 % | 7.75 % | 125,200 | 5.23 | 22 | 1.5675 % | 2,299.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.B | Floater | -6.94 % | Just a reversal of yesterday‘s nonsense.
YTW SCENARIO |
| BIP.PR.F | FixedReset Disc | -2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.81 Evaluated at bid price : 22.25 Bid-YTW : 5.94 % |
| IFC.PR.F | Deemed-Retractible | -1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.82 Bid-YTW : 7.30 % |
| IFC.PR.E | Deemed-Retractible | -1.24 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.22 Bid-YTW : 7.72 % |
| TRP.PR.H | FloatingReset | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.27 % |
| POW.PR.B | Perpetual-Discount | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.13 Evaluated at bid price : 22.41 Bid-YTW : 6.05 % |
| BIP.PR.A | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 6.69 % |
| PWF.PR.R | Perpetual-Discount | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.96 Evaluated at bid price : 23.34 Bid-YTW : 5.95 % |
| IAG.PR.A | Deemed-Retractible | 1.00 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.15 Bid-YTW : 8.96 % |
| TD.PF.I | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.86 Evaluated at bid price : 24.00 Bid-YTW : 5.34 % |
| RY.PR.H | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.44 % |
| TRP.PR.D | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.22 % |
| SLF.PR.A | Deemed-Retractible | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.45 Bid-YTW : 8.57 % |
| GWO.PR.R | Deemed-Retractible | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.30 Bid-YTW : 8.10 % |
| MFC.PR.I | FixedReset Ins Non | 1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.19 Bid-YTW : 7.79 % |
| BAM.PR.K | Floater | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 14.77 Evaluated at bid price : 14.77 Bid-YTW : 4.74 % |
| MFC.PR.B | Deemed-Retractible | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.83 Bid-YTW : 9.10 % |
| HSE.PR.E | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.36 Evaluated at bid price : 21.66 Bid-YTW : 6.63 % |
| BAM.PF.G | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.18 % |
| BNS.PR.I | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.64 Evaluated at bid price : 23.71 Bid-YTW : 5.05 % |
| BMO.PR.W | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 5.49 % |
| SLF.PR.G | FixedReset Ins Non | 1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.78 Bid-YTW : 10.72 % |
| GWO.PR.T | Deemed-Retractible | 1.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.35 Bid-YTW : 7.54 % |
| MFC.PR.O | FixedReset Ins Non | 1.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 4.33 % |
| MFC.PR.F | FixedReset Ins Non | 1.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.92 Bid-YTW : 11.35 % |
| GWO.PR.H | Deemed-Retractible | 1.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.98 Bid-YTW : 8.46 % |
| PWF.PR.T | FixedReset Disc | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.57 Evaluated at bid price : 21.91 Bid-YTW : 5.38 % |
| BAM.PF.F | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.22 % |
| CM.PR.O | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.62 % |
| RY.PR.M | FixedReset Disc | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 5.45 % |
| BMO.PR.T | FixedReset Disc | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.50 % |
| BIP.PR.E | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 6.19 % |
| PWF.PR.Z | Perpetual-Discount | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.56 Evaluated at bid price : 21.87 Bid-YTW : 5.94 % |
| TD.PF.E | FixedReset Disc | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.07 Evaluated at bid price : 22.36 Bid-YTW : 5.65 % |
| BAM.PF.I | FixedReset Prem | 1.64 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 5.43 % |
| NA.PR.S | FixedReset Disc | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.66 % |
| TD.PF.F | Perpetual-Discount | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 23.76 Evaluated at bid price : 24.21 Bid-YTW : 5.09 % |
| CU.PR.H | Perpetual-Discount | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.50 Evaluated at bid price : 22.80 Bid-YTW : 5.78 % |
| HSE.PR.G | FixedReset Disc | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.35 Evaluated at bid price : 21.65 Bid-YTW : 6.60 % |
| BMO.PR.S | FixedReset Disc | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.52 % |
| BAM.PR.X | FixedReset Disc | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 6.01 % |
| PWF.PR.P | FixedReset Disc | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 5.63 % |
| TD.PF.D | FixedReset Disc | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.30 Evaluated at bid price : 22.65 Bid-YTW : 5.51 % |
| MFC.PR.M | FixedReset Ins Non | 2.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.05 Bid-YTW : 8.75 % |
| NA.PR.W | FixedReset Disc | 2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 5.64 % |
| IFC.PR.G | FixedReset Ins Non | 2.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.85 Bid-YTW : 7.71 % |
| HSE.PR.C | FixedReset Disc | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.46 % |
| TRP.PR.E | FixedReset Disc | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.12 % |
| MFC.PR.Q | FixedReset Ins Non | 2.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.85 Bid-YTW : 8.21 % |
| TD.PF.B | FixedReset Disc | 2.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.48 % |
| PWF.PR.S | Perpetual-Discount | 2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.90 % |
| IAG.PR.I | FixedReset Ins Non | 2.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 7.01 % |
| BAM.PR.T | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 6.21 % |
| CM.PR.S | FixedReset Disc | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.52 % |
| BAM.PR.R | FixedReset Disc | 2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 6.20 % |
| MFC.PR.N | FixedReset Ins Non | 2.59 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.84 Bid-YTW : 8.84 % |
| BAM.PR.C | Floater | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 14.88 Evaluated at bid price : 14.88 Bid-YTW : 4.71 % |
| BAM.PR.Z | FixedReset Disc | 2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.20 % |
| BAM.PF.B | FixedReset Disc | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 6.09 % |
| RY.PR.J | FixedReset Disc | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.89 Evaluated at bid price : 22.44 Bid-YTW : 5.50 % |
| BAM.PF.E | FixedReset Disc | 2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.04 % |
| RY.PR.Z | FixedReset Disc | 2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 5.39 % |
| TD.PF.C | FixedReset Disc | 2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 5.51 % |
| TRP.PR.G | FixedReset Disc | 3.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.10 % |
| TD.PF.A | FixedReset Disc | 3.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.45 % |
| MFC.PR.L | FixedReset Ins Non | 3.39 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.23 Bid-YTW : 9.45 % |
| BAM.PF.A | FixedReset Disc | 3.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.54 Evaluated at bid price : 21.85 Bid-YTW : 6.00 % |
| BAM.PF.C | Perpetual-Discount | 4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 19.76 Evaluated at bid price : 19.76 Bid-YTW : 6.26 % |
| MFC.PR.K | FixedReset Ins Non | 4.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.84 Bid-YTW : 8.94 % |
| W.PR.H | Perpetual-Discount | 4.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 23.22 Evaluated at bid price : 23.52 Bid-YTW : 5.92 % |
| PWF.PR.A | Floater | 4.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 19.13 Evaluated at bid price : 19.13 Bid-YTW : 3.63 % |
| MFC.PR.H | FixedReset Ins Non | 7.10 % | It was reported as being down 4.61% yesterday, I don’t know how legitimately. The day’s gain on a close/close basis was +1.37%.
YTW SCENARIO |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.H | FloatingReset | 161,437 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.27 % |
| GWO.PR.P | Deemed-Retractible | 138,700 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 6.65 % |
| BAM.PF.F | FixedReset Disc | 127,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.22 % |
| CM.PR.R | FixedReset Disc | 103,717 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 22.68 Evaluated at bid price : 23.56 Bid-YTW : 5.74 % |
| RY.PR.W | Perpetual-Discount | 81,509 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-11-28 Maturity Price : 23.45 Evaluated at bid price : 23.74 Bid-YTW : 5.18 % |
| TD.PF.G | FixedReset Prem | 79,495 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 4.38 % |
| There were 56 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: 22.25 – 23.25 Spot Rate : 1.0000 Average : 0.5838 YTW SCENARIO |
| EMA.PR.F | FixedReset Disc | Quote: 20.27 – 20.97 Spot Rate : 0.7000 Average : 0.4673 YTW SCENARIO |
| GWO.PR.G | Deemed-Retractible | Quote: 22.27 – 22.93 Spot Rate : 0.6600 Average : 0.4595 YTW SCENARIO |
| BAM.PF.D | Perpetual-Discount | Quote: 19.90 – 20.47 Spot Rate : 0.5700 Average : 0.3727 YTW SCENARIO |
| CM.PR.P | FixedReset Disc | Quote: 20.18 – 20.74 Spot Rate : 0.5600 Average : 0.3922 YTW SCENARIO |
| BAM.PF.J | FixedReset Disc | Quote: 24.44 – 24.90 Spot Rate : 0.4600 Average : 0.2950 YTW SCENARIO |