Click for Big
An exhausting day began with the news that China’s getting huffy about the arrest of one of its citizens:
- •Canada has arrested Meng Wanzhou, the chief financial officer of China’s Huawei Technologies, who now faces extradition to the United States on suspicion she violated U.S. trade sanctions against Iran.
- •Prime Minister Justin Trudeau said Thursday he knew in advance of the pending arrest. U.S. national security adviser John Bolton told NPR he was also aware of the arrest before it happened.
- •China has lashed out at Canada for offering no explanation of Ms. Meng’s arrest, and has called for her immediate release.
- •Canada is preparing for possible Chinese cyberattacks in retaliation for the arrest.
So global equity markets tanked:
Stock markets around world slid on Thursday as the arrest of a top Chinese technology executive cast further shadows on U.S.-China trade relations, while oil prices sank after OPEC delayed an output decision.
The arrest of smartphone maker Huawei Technologies Co. Chief Financial Officer Meng Wanzhou in Canada for extradition to the United States came as Washington and Beijing prepared for talks aimed at resolving a bitter trade spat.
…
The S&P 500 and Dow industrials ended slightly negative but well above their session lows in volatile trading on Thursday, while some big technology and Internet shares posted gains.The Dow Jones Industrial Average fell 78.05 points, or 0.31 percent, to 24,949.02, the S&P 500 lost 4.1 points, or 0.15 per cent, to 2,695.96 and the Nasdaq Composite added 29.83 points, or 0.42 per cent, to 7,188.26.
Canada’s main stock index plunged to its lowest level in more than two weeks on Thursday, as oil prices pulled down energy shares, while the Bank of Canada Governor Stephen Poloz predicted that low oil prices would hurt the country’s economic growth.
… and five-year Canada yields (GOC-5) plummeted in a classic flight to safety; they now stand at 2.00%, well below recent peaks in the high two-forties.
Which added up to … an interesting day in the Canadian preferred share market:
TXPR touched a new 52-week low of 609.77, down 2.65% from yesterday’s close, before closing at 627.15, up (yes, up!) 0.12% (on a price basis) on the day. Volume was the third-highest over the last thirty days, beaten only by November 29 and November 27.
CPD touched a new 52-week low of 12.11, down 2.89% before closing at 12.58, up 0.88%. Volume of 568,691 was the highest of the past thirty days, well ahead of second place 448,850 on November 20.
ZPR touched a new 52-week low of 9.80, down 3.45% before closing at 10.19, up 0.39% on the day. Volume of 757,194 was the highest of the past thirty days, well ahead of second place 582,190 reached on November 30.
| 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 | 0.0168 % | 2,498.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0168 % | 4,584.0 |
| Floater | 4.65 % | 5.03 % | 38,285 | 15.35 | 4 | 0.0168 % | 2,641.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3502 % | 3,152.4 |
| SplitShare | 4.67 % | 5.45 % | 85,778 | 4.62 | 7 | -0.3502 % | 3,764.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3502 % | 2,937.3 |
| Perpetual-Premium | 5.62 % | 6.06 % | 140,598 | 13.76 | 2 | -0.2987 % | 2,846.3 |
| Perpetual-Discount | 5.78 % | 5.98 % | 71,290 | 13.87 | 33 | -0.2837 % | 2,853.8 |
| FixedReset Disc | 5.13 % | 5.61 % | 190,116 | 14.55 | 66 | -0.6014 % | 2,183.4 |
| Deemed-Retractible | 5.55 % | 7.74 % | 100,290 | 5.16 | 27 | 0.0067 % | 2,847.7 |
| FloatingReset | 4.11 % | 5.20 % | 38,176 | 2.99 | 7 | -0.5835 % | 2,477.6 |
| FixedReset Prem | 5.20 % | 4.57 % | 294,090 | 2.31 | 14 | -0.2608 % | 2,487.5 |
| FixedReset Bank Non | 3.00 % | 4.37 % | 130,348 | 2.95 | 6 | -0.4897 % | 2,549.8 |
| FixedReset Ins Non | 5.04 % | 8.47 % | 130,086 | 5.22 | 22 | -0.7383 % | 2,212.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.G | FixedReset Ins Non | -4.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.72 Bid-YTW : 8.73 % |
| BAM.PR.R | FixedReset Disc | -3.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 16.06 Evaluated at bid price : 16.06 Bid-YTW : 6.46 % |
| CU.PR.C | FixedReset Disc | -3.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.01 % |
| BAM.PR.T | FixedReset Disc | -3.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 6.42 % |
| SLF.PR.G | FixedReset Ins Non | -3.44 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.01 Bid-YTW : 11.36 % |
| SLF.PR.I | FixedReset Ins Non | -3.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.17 Bid-YTW : 8.29 % |
| BAM.PF.B | FixedReset Disc | -3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.33 % |
| IAG.PR.I | FixedReset Ins Non | -2.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.88 Bid-YTW : 7.31 % |
| SLF.PR.H | FixedReset Ins Non | -2.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.10 Bid-YTW : 9.53 % |
| CM.PR.S | FixedReset Disc | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.68 % |
| BAM.PR.X | FixedReset Disc | -2.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 15.53 Evaluated at bid price : 15.53 Bid-YTW : 5.82 % |
| TD.PF.I | FixedReset Disc | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.28 Evaluated at bid price : 22.88 Bid-YTW : 5.36 % |
| SLF.PR.J | FloatingReset | -2.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.16 Bid-YTW : 11.13 % |
| PWF.PR.P | FixedReset Disc | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 5.48 % |
| EMA.PR.H | FixedReset Disc | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.30 Evaluated at bid price : 23.01 Bid-YTW : 5.34 % |
| PWF.PR.Q | FloatingReset | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 4.67 % |
| BMO.PR.Y | FixedReset Disc | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 5.61 % |
| NA.PR.E | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.89 Evaluated at bid price : 19.89 Bid-YTW : 5.81 % |
| IFC.PR.C | FixedReset Ins Non | -1.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 9.09 % |
| TRP.PR.K | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.96 Evaluated at bid price : 24.11 Bid-YTW : 5.83 % |
| TRP.PR.G | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.04 Evaluated at bid price : 19.04 Bid-YTW : 6.36 % |
| VNR.PR.A | FixedReset Disc | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.79 % |
| HSE.PR.E | FixedReset Disc | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.91 % |
| PWF.PR.E | Perpetual-Discount | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.67 Evaluated at bid price : 22.91 Bid-YTW : 6.08 % |
| EMA.PR.F | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.19 % |
| BMO.PR.D | FixedReset Disc | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.23 Evaluated at bid price : 22.77 Bid-YTW : 5.49 % |
| BMO.PR.C | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.75 Evaluated at bid price : 23.65 Bid-YTW : 5.44 % |
| PWF.PR.A | Floater | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 3.92 % |
| TD.PF.A | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 5.37 % |
| PWF.PR.T | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.16 % |
| TRP.PR.E | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.27 % |
| TD.PF.J | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 21.66 Evaluated at bid price : 22.00 Bid-YTW : 5.37 % |
| IFC.PR.A | FixedReset Ins Non | -1.29 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.80 Bid-YTW : 11.18 % |
| NA.PR.W | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 5.69 % |
| POW.PR.G | Perpetual-Discount | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 23.49 Evaluated at bid price : 23.81 Bid-YTW : 5.97 % |
| MFC.PR.F | FixedReset Ins Non | -1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.92 Bid-YTW : 12.40 % |
| BMO.PR.Q | FixedReset Bank Non | -1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.40 Bid-YTW : 5.68 % |
| GWO.PR.N | FixedReset Ins Non | -1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.35 Bid-YTW : 11.89 % |
| HSE.PR.A | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 13.31 Evaluated at bid price : 13.31 Bid-YTW : 6.64 % |
| CU.PR.G | Perpetual-Discount | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.89 % |
| SLF.PR.C | Deemed-Retractible | -1.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.35 Bid-YTW : 9.35 % |
| CM.PR.O | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.51 % |
| SLF.PR.D | Deemed-Retractible | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.70 Bid-YTW : 8.99 % |
| MFC.PR.R | FixedReset Ins Non | 1.04 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 5.78 % |
| BAM.PR.C | Floater | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 5.03 % |
| CU.PR.F | Perpetual-Discount | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 5.75 % |
| CU.PR.I | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 4.64 % |
| MFC.PR.Q | FixedReset Ins Non | 1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.75 Bid-YTW : 9.23 % |
| BIP.PR.E | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.97 % |
| GWO.PR.M | Deemed-Retractible | 1.84 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.21 % |
| HSE.PR.C | FixedReset Disc | 2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.53 % |
| CM.PR.R | FixedReset Disc | 2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 22.67 Evaluated at bid price : 23.55 Bid-YTW : 5.48 % |
| MFC.PR.J | FixedReset Ins Non | 3.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.59 Bid-YTW : 7.39 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.S | FixedReset Disc | 270,697 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-06 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.68 % |
| BNS.PR.C | FloatingReset | 188,609 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 0.00 % |
| TRP.PR.J | FixedReset Prem | 89,086 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.31 % |
| MFC.PR.F | FixedReset Ins Non | 57,104 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.92 Bid-YTW : 12.40 % |
| PVS.PR.D | SplitShare | 51,120 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 24.15 Bid-YTW : 5.84 % |
| MFC.PR.M | FixedReset Ins Non | 40,764 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.59 Bid-YTW : 9.96 % |
| There were 92 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| HSE.PR.G | FixedReset Disc | Quote: 20.30 – 23.40 Spot Rate : 3.1000 Average : 1.7656 YTW SCENARIO |
| HSE.PR.E | FixedReset Disc | Quote: 19.80 – 22.25 Spot Rate : 2.4500 Average : 1.4681 YTW SCENARIO |
| MFC.PR.H | FixedReset Ins Non | Quote: 21.38 – 22.66 Spot Rate : 1.2800 Average : 0.8068 YTW SCENARIO |
| TD.PF.E | FixedReset Disc | Quote: 21.80 – 22.92 Spot Rate : 1.1200 Average : 0.7320 YTW SCENARIO |
| MFC.PR.I | FixedReset Ins Non | Quote: 20.66 – 21.67 Spot Rate : 1.0100 Average : 0.6592 YTW SCENARIO |
| IFC.PR.F | Deemed-Retractible | Quote: 22.90 – 23.91 Spot Rate : 1.0100 Average : 0.6654 YTW SCENARIO |