Click for Big
It was a pretty rotten day all ’round:
Stocks slid on Wednesday, a second day of selling that has shattered a relatively calm period for Wall Street, as investors faced new evidence that the world’s industrial sector is weakening in the face of the trade war.
The S&P 500 dropped 1.8 percent, its worst day since late August. Stocks in Europe tumbled.
The selling this week began after a report on manufacturing activity showed that factory output in the United States slowed in September to levels last seen at the end of the financial crisis a decade ago. The data was fresh indication that the trade conflict between Washington and Beijing is chipping away at the industrial base in the United States, after having already dented factories in China, Japan and Germany.
…
The primary culprit for the economic slowdown is the trade war between the United States and China. On Tuesday, the World Trade Organization cut its forecast for growth in trade.
…
In Europe, where manufacturing accounts for a larger share of economic output, the selling on Wednesday was sharper than in the United States. Britain’s FTSE 100 dropped more than 3 percent, its worst decline this year, while Germany’s Dax index dropped 2.8 percent.
TXPR closed at 594.70, down 0.79% on the day. Volume was 2.06-million, slightly below average in the context of the past thirty days.
CPD closed at 11.86, down 0.84% on the day. Volume of 63,003 was below average in the context of the past 30 days.
ZPR closed at 9.47, down 0.94% on the day. Volume of 419,698 was second-highest of the past 30 days, behind only September 6.
Five-year Canada yields were down 4bp to 1.33% today.
PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 385bp from the 390bp reported September 25.
| 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 | -2.7208 % | 1,838.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.7208 % | 3,373.5 |
| Floater | 6.55 % | 6.79 % | 45,468 | 12.84 | 4 | -2.7208 % | 1,944.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0787 % | 3,388.1 |
| SplitShare | 4.65 % | 4.55 % | 51,372 | 3.98 | 7 | -0.0787 % | 4,046.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0787 % | 3,156.9 |
| Perpetual-Premium | 5.59 % | -20.19 % | 59,222 | 0.09 | 6 | -0.1424 % | 3,001.0 |
| Perpetual-Discount | 5.41 % | 5.51 % | 69,014 | 14.52 | 28 | -0.1524 % | 3,173.5 |
| FixedReset Disc | 5.59 % | 5.55 % | 175,182 | 14.36 | 72 | -0.8678 % | 2,059.4 |
| Deemed-Retractible | 5.24 % | 5.78 % | 65,359 | 7.89 | 27 | -0.2401 % | 3,144.3 |
| FloatingReset | 4.68 % | 7.01 % | 59,128 | 7.85 | 3 | -1.6231 % | 2,303.2 |
| FixedReset Prem | 5.25 % | 3.95 % | 123,361 | 1.56 | 14 | -0.4001 % | 2,591.7 |
| FixedReset Bank Non | 1.98 % | 4.47 % | 86,271 | 2.26 | 3 | -0.5124 % | 2,665.9 |
| FixedReset Ins Non | 5.58 % | 8.27 % | 99,965 | 7.84 | 21 | -0.9676 % | 2,071.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.B | FixedReset Disc | -4.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.56 % |
| SLF.PR.J | FloatingReset | -4.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.35 Bid-YTW : 11.65 % |
| BAM.PR.K | Floater | -3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 6.80 % |
| BAM.PR.C | Floater | -3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.79 % |
| CU.PR.C | FixedReset Disc | -3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.08 Evaluated at bid price : 16.08 Bid-YTW : 5.90 % |
| BAM.PR.B | Floater | -3.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.79 % |
| TRP.PR.C | FixedReset Disc | -2.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 11.12 Evaluated at bid price : 11.12 Bid-YTW : 6.53 % |
| TRP.PR.A | FixedReset Disc | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 12.76 Evaluated at bid price : 12.76 Bid-YTW : 6.58 % |
| RY.PR.M | FixedReset Disc | -2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.56 % |
| MFC.PR.M | FixedReset Ins Non | -2.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.07 Bid-YTW : 9.29 % |
| MFC.PR.K | FixedReset Ins Non | -2.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.13 Bid-YTW : 8.76 % |
| RY.PR.H | FixedReset Disc | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.40 % |
| HSE.PR.E | FixedReset Disc | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.19 % |
| TD.PF.D | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.59 % |
| TRP.PR.F | FloatingReset | -2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 12.89 Evaluated at bid price : 12.89 Bid-YTW : 7.01 % |
| RY.PR.J | FixedReset Disc | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.94 Evaluated at bid price : 18.94 Bid-YTW : 5.53 % |
| PWF.PR.P | FixedReset Disc | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.09 % |
| MFC.PR.G | FixedReset Ins Non | -2.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.86 Bid-YTW : 8.46 % |
| BAM.PF.G | FixedReset Disc | -1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.24 % |
| SLF.PR.H | FixedReset Ins Non | -1.92 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.34 Bid-YTW : 9.35 % |
| BMO.PR.T | FixedReset Disc | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.50 % |
| BMO.PR.S | FixedReset Disc | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.45 % |
| SLF.PR.I | FixedReset Ins Non | -1.79 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.07 Bid-YTW : 8.09 % |
| TD.PF.A | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.06 Evaluated at bid price : 17.06 Bid-YTW : 5.45 % |
| IFC.PR.A | FixedReset Ins Non | -1.77 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.30 Bid-YTW : 10.98 % |
| HSE.PR.C | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 7.11 % |
| SLF.PR.G | FixedReset Ins Non | -1.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.66 Bid-YTW : 10.89 % |
| TRP.PR.G | FixedReset Disc | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.34 % |
| TD.PF.J | FixedReset Disc | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.45 % |
| TD.PF.E | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.55 % |
| BMO.PR.W | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 5.59 % |
| BMO.PR.Y | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.62 % |
| MFC.PR.F | FixedReset Ins Non | -1.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.12 Bid-YTW : 11.30 % |
| BNS.PR.I | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.00 % |
| IFC.PR.G | FixedReset Ins Non | -1.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.40 Bid-YTW : 8.27 % |
| IAF.PR.G | FixedReset Ins Non | -1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.55 Bid-YTW : 7.84 % |
| MFC.PR.J | FixedReset Ins Non | -1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.30 Bid-YTW : 8.29 % |
| TD.PF.K | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.63 Evaluated at bid price : 19.63 Bid-YTW : 5.42 % |
| EMA.PR.C | FixedReset Disc | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 5.97 % |
| SLF.PR.C | Deemed-Retractible | -1.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.67 Bid-YTW : 6.86 % |
| ELF.PR.G | Perpetual-Discount | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.44 % |
| PWF.PR.T | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 5.73 % |
| BAM.PR.Z | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.99 % |
| RY.PR.Z | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.18 Evaluated at bid price : 17.18 Bid-YTW : 5.37 % |
| HSE.PR.A | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.67 Evaluated at bid price : 10.67 Bid-YTW : 7.23 % |
| MFC.PR.N | FixedReset Ins Non | -1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.65 Bid-YTW : 9.55 % |
| BAM.PF.F | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.10 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.M | FixedReset Disc | 45,925 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 23.02 Evaluated at bid price : 24.57 Bid-YTW : 5.15 % |
| CM.PR.R | FixedReset Disc | 42,392 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.59 % |
| BAM.PF.G | FixedReset Disc | 37,783 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.24 % |
| BAM.PF.F | FixedReset Disc | 37,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.10 % |
| RY.PR.M | FixedReset Disc | 30,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.56 % |
| TD.PF.L | FixedReset Disc | 27,178 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 22.92 Evaluated at bid price : 24.26 Bid-YTW : 4.96 % |
| There were 33 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| HSE.PR.E | FixedReset Disc | Quote: 17.40 – 18.10 Spot Rate : 0.7000 Average : 0.4906 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 16.08 – 16.62 Spot Rate : 0.5400 Average : 0.3806 YTW SCENARIO |
| MFC.PR.K | FixedReset Ins Non | Quote: 17.13 – 17.56 Spot Rate : 0.4300 Average : 0.2844 YTW SCENARIO |
| BAM.PR.C | Floater | Quote: 10.27 – 10.66 Spot Rate : 0.3900 Average : 0.2471 YTW SCENARIO |
| BNS.PR.Z | FixedReset Bank Non | Quote: 23.81 – 24.15 Spot Rate : 0.3400 Average : 0.2323 YTW SCENARIO |
| ELF.PR.G | Perpetual-Discount | Quote: 21.86 – 22.30 Spot Rate : 0.4400 Average : 0.3423 YTW SCENARIO |