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Sometimes things work! No sooner do I post a comment deprecating market timing than out jumps a coronavirus to punch us in the nose. Try predicting that in advance!:
The S&P 500 index, which had reached a record high as recently as Wednesday, fell 3.4 percent, its worst single-day performance since February 2018. As analysts issued new warnings that the outbreak could drag down economies around the globe, stocks fell enough to wipe out all of the index’s gains for 2020.
It was a turbulent day for stocks worldwide: European markets recorded their worst session since 2016, and major benchmarks in Asia also closed down.
…
Airline and technology stocks were particularly hard hit on Monday. Delta Air Lines shares fell 6.3 percent and American Airlines slid 8.5 percent, while Apple stock fell 4.8 percent. The tech-heavy Nasdaq composite index dropped 3.7 percent.The sell-off continued in Asia on Tuesday morning, starting in Japan: The Nikkei 225 fell about 4 percent after the start of trading in Tokyo.
Oil prices dropped, with a barrel of West Texas Intermediate crude slipping nearly 4 percent to roughly $51, a result of the reduced demand from idled factories and restricted travel.
Investors rushed to safety: Gold — viewed as a haven during market tumult — rose to a seven-year high. It’s up nearly 10 percent since the start of 2020.
And money poured into government bonds, pushing down bond yields, which move in the opposite direction of prices. The yield on the 10-year Treasury note fell to 1.37 percent, near the record low closing of 1.36, a level touched back in July 2016. The yield on the 30-year bond is already in record-low territory at 1.83 percent.
TXPR closed at 611.98, down 0.92% on the day. Volume was 2.21-million, above average in the context of the past thirty days but nothing special.
CPD closed at 12.23, down 1.13% on the day. Volume of 133,936 was the highest of the past 30 days, ahead of the second-place February 5.
ZPR closed at 9.85, down 0.71% on the day. Volume of 795,486 was by far the highest of the past 30 days, well ahead of January 24.
Five-year Canada yields were down 8bp to 1.22% today.
| 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 | -1.8100 % | 2,016.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.8100 % | 3,699.7 |
| Floater | 6.07 % | 6.34 % | 48,958 | 13.33 | 4 | -1.8100 % | 2,132.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0260 % | 3,491.1 |
| SplitShare | 4.77 % | 3.98 % | 43,251 | 3.69 | 6 | -0.0260 % | 4,169.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0260 % | 3,252.9 |
| Perpetual-Premium | 5.55 % | 0.95 % | 56,988 | 0.09 | 12 | -0.2817 % | 3,069.0 |
| Perpetual-Discount | 5.18 % | 5.26 % | 67,224 | 15.04 | 24 | -0.3450 % | 3,371.9 |
| FixedReset Disc | 5.55 % | 5.33 % | 175,377 | 14.83 | 64 | -0.9747 % | 2,159.2 |
| Deemed-Retractible | 5.10 % | 5.19 % | 74,302 | 14.87 | 27 | -0.3020 % | 3,283.2 |
| FloatingReset | 6.10 % | 6.22 % | 58,930 | 13.57 | 3 | -2.4556 % | 2,486.2 |
| FixedReset Prem | 5.08 % | 3.56 % | 133,958 | 1.41 | 22 | -0.1646 % | 2,660.4 |
| FixedReset Bank Non | 1.93 % | 3.47 % | 88,353 | 1.88 | 3 | 0.0953 % | 2,747.2 |
| FixedReset Ins Non | 5.40 % | 5.23 % | 98,986 | 14.95 | 22 | -0.8597 % | 2,190.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.J | FloatingReset | -4.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 6.01 % |
| BAM.PR.K | Floater | -2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 11.06 Evaluated at bid price : 11.06 Bid-YTW : 6.36 % |
| HSE.PR.A | FixedReset Disc | -2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 6.65 % |
| PWF.PR.Q | FloatingReset | -2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.22 % |
| NA.PR.S | FixedReset Disc | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.47 Evaluated at bid price : 17.47 Bid-YTW : 5.36 % |
| PWF.PR.P | FixedReset Disc | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 13.14 Evaluated at bid price : 13.14 Bid-YTW : 5.38 % |
| BAM.PR.T | FixedReset Disc | -2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.88 % |
| BAM.PR.B | Floater | -2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 11.02 Evaluated at bid price : 11.02 Bid-YTW : 6.38 % |
| SLF.PR.G | FixedReset Ins Non | -2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 5.21 % |
| RY.PR.J | FixedReset Disc | -2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.23 % |
| IFC.PR.A | FixedReset Ins Non | -2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 5.48 % |
| BAM.PR.C | Floater | -2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 6.34 % |
| RY.PR.M | FixedReset Disc | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 5.20 % |
| BAM.PR.X | FixedReset Disc | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 12.89 Evaluated at bid price : 12.89 Bid-YTW : 5.88 % |
| CM.PR.Q | FixedReset Disc | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.42 % |
| HSE.PR.C | FixedReset Disc | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 6.53 % |
| TRP.PR.C | FixedReset Disc | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 11.91 Evaluated at bid price : 11.91 Bid-YTW : 5.81 % |
| SLF.PR.H | FixedReset Ins Non | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 5.25 % |
| BIP.PR.A | FixedReset Disc | -1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 20.37 Evaluated at bid price : 20.37 Bid-YTW : 5.97 % |
| NA.PR.E | FixedReset Disc | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 5.35 % |
| TD.PF.D | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.21 % |
| BAM.PR.R | FixedReset Disc | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 15.18 Evaluated at bid price : 15.18 Bid-YTW : 5.83 % |
| SLF.PR.I | FixedReset Ins Non | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.36 % |
| MFC.PR.F | FixedReset Ins Non | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 5.27 % |
| MFC.PR.L | FixedReset Ins Non | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 5.32 % |
| NA.PR.C | FixedReset Disc | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 5.36 % |
| TD.PF.B | FixedReset Disc | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 5.18 % |
| TD.PF.E | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 5.28 % |
| TD.PF.C | FixedReset Disc | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.41 Evaluated at bid price : 17.41 Bid-YTW : 5.21 % |
| BMO.PR.T | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 5.19 % |
| IFC.PR.C | FixedReset Ins Non | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 5.48 % |
| BMO.PR.W | FixedReset Disc | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 5.17 % |
| TD.PF.A | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.18 % |
| BMO.PR.Y | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.27 % |
| MFC.PR.Q | FixedReset Ins Non | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 5.15 % |
| CM.PR.P | FixedReset Disc | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.42 % |
| CIU.PR.A | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 21.69 Evaluated at bid price : 21.94 Bid-YTW : 5.25 % |
| BAM.PF.B | FixedReset Disc | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 5.62 % |
| IFC.PR.G | FixedReset Ins Non | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 5.34 % |
| IAF.PR.G | FixedReset Ins Non | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.38 % |
| MFC.PR.K | FixedReset Ins Non | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 5.15 % |
| MFC.PR.N | FixedReset Ins Non | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.86 Evaluated at bid price : 16.86 Bid-YTW : 5.23 % |
| BMO.PR.D | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.25 % |
| CU.PR.F | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 22.00 Evaluated at bid price : 22.00 Bid-YTW : 5.14 % |
| MFC.PR.M | FixedReset Ins Non | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.15 % |
| TD.PF.J | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 5.15 % |
| RY.PR.Z | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 5.06 % |
| EMA.PR.F | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 5.64 % |
| BAM.PF.F | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 5.84 % |
| CM.PR.O | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.79 Evaluated at bid price : 16.79 Bid-YTW : 5.40 % |
| RY.PR.S | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 19.89 Evaluated at bid price : 19.89 Bid-YTW : 4.89 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.H | FixedReset Prem | 60,777 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.63 Bid-YTW : 3.70 % |
| BMO.PR.B | FixedReset Prem | 53,744 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 3.41 % |
| TD.PF.L | FixedReset Disc | 33,356 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 22.75 Evaluated at bid price : 23.81 Bid-YTW : 4.87 % |
| BMO.PR.T | FixedReset Disc | 32,195 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-24 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 5.19 % |
| BMO.PR.Q | FixedReset Bank Non | 31,617 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 3.68 % |
| IFC.PR.I | Perpetual-Premium | 30,957 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.36 % |
| There were 40 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.P | FixedReset Disc | Quote: 13.14 – 13.65 Spot Rate : 0.5100 Average : 0.3286 YTW SCENARIO |
| BAM.PR.T | FixedReset Disc | Quote: 15.25 – 15.67 Spot Rate : 0.4200 Average : 0.2509 YTW SCENARIO |
| HSE.PR.C | FixedReset Disc | Quote: 17.40 – 17.80 Spot Rate : 0.4000 Average : 0.2539 YTW SCENARIO |
| CM.PR.O | FixedReset Disc | Quote: 16.79 – 17.15 Spot Rate : 0.3600 Average : 0.2176 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 19.17 – 19.53 Spot Rate : 0.3600 Average : 0.2407 YTW SCENARIO |
| CU.PR.D | Perpetual-Discount | Quote: 23.61 – 23.98 Spot Rate : 0.3700 Average : 0.2513 YTW SCENARIO |