Poloz is touting the election-year economy:
Bank of Canada Governor Stephen Poloz insists the recent economic stall will be short-lived, striking a generally upbeat tone that suggests interest-rate cuts won’t be necessary.
The central bank remains confident that Canada’s exports and business investment will return to “positive growth” later this year even as the uncertain global trade environment, low oil prices and the housing slowdown weigh on the economy, Mr. Poloz said on Monday.
“Recent economic data have been generally consistent with our expectation that the period of below-potential growth will prove to be temporary,” Mr. Poloz told a business audience in Iqaluit.
The Bank of Canada is one of the world’s last major central banks still talking about raising interest rates amid the sudden global slowdown.
…
He repeated the bank’s view that “the economic outlook continues to warrant a policy interest rate that is below the neutral range.” The bank estimates that the neutral range is between 2.5 per cent and 3.5 per cent.
| 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 | 0.3558 % | 2,070.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3558 % | 3,798.5 |
| Floater | 5.66 % | 5.81 % | 40,290 | 14.18 | 3 | 0.3558 % | 2,189.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0844 % | 3,285.4 |
| SplitShare | 4.87 % | 4.66 % | 78,443 | 3.86 | 8 | 0.0844 % | 3,923.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0844 % | 3,061.2 |
| Perpetual-Premium | 5.56 % | -6.61 % | 81,219 | 0.09 | 10 | 0.0902 % | 2,942.3 |
| Perpetual-Discount | 5.38 % | 5.41 % | 76,208 | 14.64 | 23 | -0.0617 % | 3,109.7 |
| FixedReset Disc | 5.24 % | 5.31 % | 202,101 | 15.01 | 61 | 0.5412 % | 2,189.2 |
| Deemed-Retractible | 5.21 % | 5.74 % | 96,918 | 8.17 | 27 | -0.0393 % | 3,081.2 |
| FloatingReset | 4.23 % | 3.81 % | 45,743 | 2.72 | 5 | 0.5306 % | 2,403.2 |
| FixedReset Prem | 5.05 % | 3.63 % | 314,107 | 2.21 | 22 | 0.1889 % | 2,584.0 |
| FixedReset Bank Non | 1.98 % | 3.97 % | 142,475 | 2.73 | 3 | 0.1010 % | 2,639.3 |
| FixedReset Ins Non | 4.97 % | 6.40 % | 115,653 | 8.35 | 22 | 0.2796 % | 2,268.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.C | Perpetual-Discount | -2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 5.85 % |
| PWF.PR.P | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 13.90 Evaluated at bid price : 13.90 Bid-YTW : 5.57 % |
| BAM.PF.D | Perpetual-Discount | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.74 % |
| BAM.PF.I | FixedReset Prem | -1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 4.78 % |
| NA.PR.W | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 5.41 % |
| EMA.PR.F | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.43 % |
| TRP.PR.F | FloatingReset | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.22 % |
| BAM.PR.Z | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 20.24 Evaluated at bid price : 20.24 Bid-YTW : 5.65 % |
| RY.PR.W | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 24.83 Evaluated at bid price : 25.05 Bid-YTW : 4.94 % |
| TRP.PR.G | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.86 % |
| EMA.PR.H | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 22.71 Evaluated at bid price : 23.76 Bid-YTW : 5.17 % |
| SLF.PR.I | FixedReset Ins Non | 1.15 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.10 Bid-YTW : 6.16 % |
| PWF.PR.S | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 22.39 Evaluated at bid price : 22.66 Bid-YTW : 5.37 % |
| TRP.PR.A | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 14.72 Evaluated at bid price : 14.72 Bid-YTW : 5.91 % |
| SLF.PR.J | FloatingReset | 1.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.55 Bid-YTW : 9.31 % |
| RY.PR.M | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.20 % |
| RY.PR.Z | FixedReset Disc | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.09 % |
| BMO.PR.Y | FixedReset Disc | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.13 % |
| TD.PF.E | FixedReset Disc | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.16 % |
| MFC.PR.M | FixedReset Ins Non | 1.57 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.80 Bid-YTW : 7.30 % |
| CU.PR.C | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 5.35 % |
| MFC.PR.F | FixedReset Ins Non | 1.67 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 8.83 % |
| HSE.PR.C | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.31 % |
| RY.PR.J | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 5.22 % |
| BIP.PR.F | FixedReset Disc | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 22.14 Evaluated at bid price : 22.75 Bid-YTW : 5.61 % |
| TD.PF.C | FixedReset Disc | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 5.12 % |
| BAM.PF.E | FixedReset Disc | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 5.86 % |
| TRP.PR.B | FixedReset Disc | 2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 12.23 Evaluated at bid price : 12.23 Bid-YTW : 5.71 % |
| BAM.PF.F | FixedReset Disc | 3.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.68 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.Z | FixedReset Bank Non | 47,700 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.89 Bid-YTW : 3.97 % |
| GWO.PR.S | Deemed-Retractible | 46,900 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.39 Bid-YTW : 5.59 % |
| TD.PF.H | FixedReset Prem | 44,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.96 Bid-YTW : 3.63 % |
| GWO.PR.R | Deemed-Retractible | 40,550 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.25 Bid-YTW : 5.71 % |
| BMO.PR.E | FixedReset Disc | 37,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-04-01 Maturity Price : 22.35 Evaluated at bid price : 23.10 Bid-YTW : 4.75 % |
| RY.PR.F | Deemed-Retractible | 36,213 | YTW SCENARIO Maturity Type : Call Maturity Date : 2019-05-01 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : -2.83 % |
| There were 31 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.C | Perpetual-Discount | Quote: 20.86 – 21.50 Spot Rate : 0.6400 Average : 0.3907 YTW SCENARIO |
| BMO.PR.W | FixedReset Disc | Quote: 17.95 – 18.60 Spot Rate : 0.6500 Average : 0.4297 YTW SCENARIO |
| BMO.PR.Z | Perpetual-Discount | Quote: 24.90 – 25.45 Spot Rate : 0.5500 Average : 0.3590 YTW SCENARIO |
| TD.PF.J | FixedReset Disc | Quote: 22.42 – 22.93 Spot Rate : 0.5100 Average : 0.3464 YTW SCENARIO |
| MFC.PR.R | FixedReset Ins Non | Quote: 25.11 – 25.44 Spot Rate : 0.3300 Average : 0.1935 YTW SCENARIO |
| BMO.PR.Y | FixedReset Disc | Quote: 20.80 – 21.20 Spot Rate : 0.4000 Average : 0.2903 YTW SCENARIO |