September 3, 2019

BoJo’s Brexit plans suffered a setback:

British lawmakers on Tuesday rose up against Prime Minister Boris Johnson, moving to prevent him from taking the country out of the European Union without a formal agreement, in an epic showdown that has the country on the verge of a snap general election.

The lawmakers forced his hand by voting by 328 to 301 to take control of Parliament away from the government, giving themselves the authority to pass legislation that would stop the prime minister from his threat of a no-deal Brexit.

The extent of the Tory civil war was on full display as several Mr. Johnson’s Conservative critics, including the former chancellor of the Exchequer, Philip Hammond, lobbed hostile questions at him, making it plain that they had not been brought back into line by threats of expulsion from the party.

There is so little trust in British politics that Mr. Johnson’s opponents fear that he might request an election for Oct. 14 but then switch the date until after Oct. 31 as part of a move to lock in a no-deal withdrawal.

Which was good news for the GBP, anyway!

The British Pound extended its intraday rebound following the latest Brexit vote results. The Pound Sterling may continue to climb as it mirrors the fall in no-deal Brexit risks.

gbp_usd_190903
Click for Big

Meanwhile, in the Canadian preferred market … well, it’s not rallying any more.

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 -0.0240 % 1,802.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0240 % 3,307.6
Floater 6.63 % 6.75 % 50,831 12.75 4 -0.0240 % 1,906.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1694 % 3,382.8
SplitShare 4.66 % 4.42 % 61,112 4.06 7 0.1694 % 4,039.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1694 % 3,152.0
Perpetual-Premium 5.63 % -18.07 % 63,071 0.09 6 0.1437 % 2,975.7
Perpetual-Discount 5.52 % 5.66 % 64,971 14.36 28 -0.0566 % 3,097.6
FixedReset Disc 5.74 % 5.42 % 176,225 14.70 73 -0.6777 % 1,990.5
Deemed-Retractible 5.33 % 6.18 % 66,367 7.90 27 -0.1256 % 3,084.4
FloatingReset 4.65 % 7.17 % 65,568 8.00 3 0.0405 % 2,283.2
FixedReset Prem 5.29 % 4.43 % 140,223 1.64 14 -0.1318 % 2,562.1
FixedReset Bank Non 1.98 % 4.16 % 88,103 2.34 3 0.0557 % 2,658.8
FixedReset Ins Non 5.62 % 8.18 % 100,953 7.99 21 -0.8912 % 2,048.5
Performance Highlights
Issue Index Change Notes
HSE.PR.C FixedReset Disc -3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 15.71
Evaluated at bid price : 15.71
Bid-YTW : 6.82 %
HSE.PR.G FixedReset Disc -3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.03 %
SLF.PR.G FixedReset Ins Non -2.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.70
Bid-YTW : 10.37 %
HSE.PR.E FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.93 %
CU.PR.G Perpetual-Discount -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 5.50 %
TD.PF.D FixedReset Disc -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 5.49 %
BAM.PR.X FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 6.11 %
IFC.PR.C FixedReset Ins Non -2.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.08
Bid-YTW : 8.44 %
SLF.PR.H FixedReset Ins Non -2.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.36
Bid-YTW : 8.97 %
BMO.PR.T FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.26
Evaluated at bid price : 16.26
Bid-YTW : 5.24 %
CU.PR.C FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 5.32 %
CM.PR.S FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 5.48 %
EMA.PR.C FixedReset Disc -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 5.91 %
MFC.PR.Q FixedReset Ins Non -2.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.92
Bid-YTW : 8.26 %
BAM.PR.T FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 13.88
Evaluated at bid price : 13.88
Bid-YTW : 6.35 %
BMO.PR.D FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 5.38 %
SLF.PR.I FixedReset Ins Non -1.93 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.76
Bid-YTW : 8.00 %
IAF.PR.I FixedReset Ins Non -1.87 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.40
Bid-YTW : 8.09 %
NA.PR.G FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 18.97
Evaluated at bid price : 18.97
Bid-YTW : 5.54 %
GWO.PR.N FixedReset Ins Non -1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.60
Bid-YTW : 9.33 %
TRP.PR.G FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 6.16 %
MFC.PR.C Deemed-Retractible -1.75 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.19
Bid-YTW : 7.17 %
GWO.PR.P Deemed-Retractible -1.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.58
Bid-YTW : 6.14 %
RY.PR.M FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.39
Evaluated at bid price : 17.39
Bid-YTW : 5.44 %
GWO.PR.T Deemed-Retractible -1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.83
Bid-YTW : 6.29 %
TD.PF.E FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 5.50 %
NA.PR.S FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.73
Evaluated at bid price : 16.73
Bid-YTW : 5.54 %
BAM.PR.Z FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 6.26 %
MFC.PR.K FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.08
Bid-YTW : 8.52 %
MFC.PR.G FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.56
Bid-YTW : 8.35 %
PWF.PR.A Floater -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 10.42
Evaluated at bid price : 10.42
Bid-YTW : 6.71 %
RY.PR.Z FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.94
Evaluated at bid price : 16.94
Bid-YTW : 5.12 %
BAM.PF.G FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.26
Evaluated at bid price : 16.26
Bid-YTW : 6.29 %
CM.PR.Q FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 5.74 %
MFC.PR.R FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.15
Bid-YTW : 5.91 %
BIP.PR.A FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.92 %
NA.PR.C FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.72 %
HSE.PR.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 11.09
Evaluated at bid price : 11.09
Bid-YTW : 6.37 %
BAM.PR.R FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 6.17 %
BMO.PR.Z Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 23.93
Evaluated at bid price : 24.40
Bid-YTW : 5.14 %
RY.PR.S FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 5.07 %
BAM.PF.A FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.03 %
IFC.PR.G FixedReset Ins Non -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.46
Bid-YTW : 8.18 %
CM.PR.Y FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 22.93
Evaluated at bid price : 24.35
Bid-YTW : 5.03 %
BMO.PR.S FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 5.14 %
MFC.PR.I FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.29
Bid-YTW : 7.98 %
BAM.PR.C Floater 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 10.45
Evaluated at bid price : 10.45
Bid-YTW : 6.75 %
CCS.PR.C Deemed-Retractible 1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.35
Bid-YTW : 5.32 %
BAM.PF.B FixedReset Disc 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.04 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.D FixedReset Disc 104,740 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 5.78 %
BAM.PF.B FixedReset Disc 64,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.04 %
TD.PF.H FixedReset Disc 52,310 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 23.37
Evaluated at bid price : 24.54
Bid-YTW : 5.31 %
TRP.PR.E FixedReset Disc 49,445 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 5.98 %
MFC.PR.C Deemed-Retractible 46,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.19
Bid-YTW : 7.17 %
SLF.PR.I FixedReset Ins Non 44,400 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.76
Bid-YTW : 8.00 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.Z FixedReset Disc Quote: 17.27 – 17.99
Spot Rate : 0.7200
Average : 0.4408

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 6.26 %

CU.PR.G Perpetual-Discount Quote: 20.62 – 21.18
Spot Rate : 0.5600
Average : 0.3631

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 5.50 %

HSE.PR.E FixedReset Disc Quote: 17.00 – 17.65
Spot Rate : 0.6500
Average : 0.4667

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.93 %

GWO.PR.P Deemed-Retractible Quote: 23.58 – 24.07
Spot Rate : 0.4900
Average : 0.3274

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.58
Bid-YTW : 6.14 %

BNS.PR.G FixedReset Prem Quote: 25.57 – 26.03
Spot Rate : 0.4600
Average : 0.3004

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 4.57 %

BMO.PR.T FixedReset Disc Quote: 16.26 – 16.71
Spot Rate : 0.4500
Average : 0.3136

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-09-03
Maturity Price : 16.26
Evaluated at bid price : 16.26
Bid-YTW : 5.24 %

Leave a Reply

You must be logged in to post a comment.