Over the weekend, global markets received another lesson in why market timing doesn’t work:
Oil ended nearly 15 per cent higher on Monday, with Brent logging its biggest jump in over 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half and intensified concerns of retaliation in the Middle East.
Brent crude futures settled at $69.02 a barrel, rising $8.80, or 14.6 per cent, its largest one-day percentage gain since at least 1988.
U.S. West Texas Intermediate (WTI) futures ended at $62.90 a barrel, soaring $8.05, or 14.7 per cent – the biggest one-day percentage gain since December 2008.
Trades also ramped up, with Brent futures surpassing 2 million lots, an all-time daily volume record, Intercontinental Exchange spokeswoman Rebecca Mitchell said.
…
Saudi Arabia is the world’s biggest oil exporter and, with its comparatively large spare capacity, has been the supplier of last resort for decades.The attack on state-owned producer Saudi Aramco’s crude-processing facilities at Abqaiq and Khurais cut output by 5.7 million barrels per day and threw into question its ability to maintain oil exports.
| 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 | -1.4148 % | 1,913.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.4148 % | 3,510.2 |
| Floater | 6.30 % | 6.41 % | 54,389 | 13.35 | 4 | -1.4148 % | 2,022.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1412 % | 3,381.2 |
| SplitShare | 4.66 % | 4.58 % | 61,188 | 4.03 | 7 | 0.1412 % | 4,037.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1412 % | 3,150.6 |
| Perpetual-Premium | 5.61 % | -17.47 % | 64,547 | 0.09 | 6 | 0.0781 % | 2,985.0 |
| Perpetual-Discount | 5.45 % | 5.59 % | 62,831 | 14.45 | 28 | -0.0667 % | 3,145.1 |
| FixedReset Disc | 5.51 % | 5.53 % | 173,841 | 14.32 | 73 | 0.0265 % | 2,083.1 |
| Deemed-Retractible | 5.26 % | 5.94 % | 74,388 | 7.90 | 27 | -0.0985 % | 3,131.1 |
| FloatingReset | 4.48 % | 6.72 % | 57,278 | 8.06 | 3 | -0.1559 % | 2,369.7 |
| FixedReset Prem | 5.24 % | 3.99 % | 131,493 | 1.60 | 14 | 0.1674 % | 2,585.5 |
| FixedReset Bank Non | 1.97 % | 4.31 % | 87,180 | 2.29 | 3 | 0.4595 % | 2,668.0 |
| FixedReset Ins Non | 5.42 % | 7.81 % | 109,194 | 7.90 | 21 | 0.0800 % | 2,132.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.K | Floater | -4.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 10.33 Evaluated at bid price : 10.33 Bid-YTW : 6.71 % |
| GWO.PR.R | Deemed-Retractible | -2.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.11 Bid-YTW : 6.35 % |
| CM.PR.S | FixedReset Disc | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 5.49 % |
| CM.PR.Q | FixedReset Disc | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 5.90 % |
| NA.PR.E | FixedReset Disc | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.59 % |
| BNS.PR.I | FixedReset Disc | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 20.43 Evaluated at bid price : 20.43 Bid-YTW : 5.17 % |
| EMA.PR.C | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.00 % |
| TRP.PR.A | FixedReset Disc | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 13.19 Evaluated at bid price : 13.19 Bid-YTW : 6.51 % |
| BAM.PR.X | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 12.79 Evaluated at bid price : 12.79 Bid-YTW : 6.29 % |
| MFC.PR.H | FixedReset Ins Non | -1.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.57 Bid-YTW : 7.00 % |
| TRP.PR.F | FloatingReset | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 13.21 Evaluated at bid price : 13.21 Bid-YTW : 6.72 % |
| BIP.PR.A | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 17.78 Evaluated at bid price : 17.78 Bid-YTW : 7.12 % |
| BAM.PF.J | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 22.83 Evaluated at bid price : 23.77 Bid-YTW : 4.96 % |
| MFC.PR.I | FixedReset Ins Non | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.02 Bid-YTW : 7.80 % |
| MFC.PR.F | FixedReset Ins Non | 1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.06 Bid-YTW : 10.42 % |
| BIP.PR.D | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 22.23 Evaluated at bid price : 22.60 Bid-YTW : 5.80 % |
| EML.PR.A | FixedReset Ins Non | 1.13 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 4.05 % |
| HSE.PR.C | FixedReset Disc | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 6.92 % |
| HSE.PR.G | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.99 % |
| BAM.PR.Z | FixedReset Disc | 2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 6.08 % |
| HSE.PR.A | FixedReset Disc | 3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 11.72 Evaluated at bid price : 11.72 Bid-YTW : 6.73 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PF.I | FixedReset Disc | 94,090 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.50 % |
| BMO.PR.D | FixedReset Disc | 57,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 21.32 Evaluated at bid price : 21.32 Bid-YTW : 5.48 % |
| CM.PR.R | FixedReset Disc | 57,455 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 5.69 % |
| CU.PR.C | FixedReset Disc | 53,668 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.62 % |
| BNS.PR.H | FixedReset Disc | 30,500 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.00 % |
| RY.PR.M | FixedReset Disc | 27,012 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-16 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.51 % |
| There were 21 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| HSE.PR.C | FixedReset Disc | Quote: 16.80 – 17.92 Spot Rate : 1.1200 Average : 0.6896 YTW SCENARIO |
| GWO.PR.R | Deemed-Retractible | Quote: 22.11 – 22.85 Spot Rate : 0.7400 Average : 0.4671 YTW SCENARIO |
| MFC.PR.H | FixedReset Ins Non | Quote: 20.57 – 21.18 Spot Rate : 0.6100 Average : 0.3903 YTW SCENARIO |
| BAM.PR.K | Floater | Quote: 10.33 – 10.91 Spot Rate : 0.5800 Average : 0.4059 YTW SCENARIO |
| BIP.PR.B | FixedReset Prem | Quote: 25.10 – 25.50 Spot Rate : 0.4000 Average : 0.2510 YTW SCENARIO |
| IFC.PR.E | Deemed-Retractible | Quote: 23.60 – 24.20 Spot Rate : 0.6000 Average : 0.4573 YTW SCENARIO |