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.
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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 |
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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 | -0.0240 % | 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 |
| CU.PR.G | Perpetual-Discount | Quote: 20.62 – 21.18 Spot Rate : 0.5600 Average : 0.3631 YTW SCENARIO |
| HSE.PR.E | FixedReset Disc | Quote: 17.00 – 17.65 Spot Rate : 0.6500 Average : 0.4667 YTW SCENARIO |
| GWO.PR.P | Deemed-Retractible | Quote: 23.58 – 24.07 Spot Rate : 0.4900 Average : 0.3274 YTW SCENARIO |
| BNS.PR.G | FixedReset Prem | Quote: 25.57 – 26.03 Spot Rate : 0.4600 Average : 0.3004 YTW SCENARIO |
| BMO.PR.T | FixedReset Disc | Quote: 16.26 – 16.71 Spot Rate : 0.4500 Average : 0.3136 YTW SCENARIO |