There was a respite from the losses today:
Stocks on Wall Street were unsteady on Wednesday, dropping slightly after rebounding from back-to-back losses this week that had wiped more than 6 percent off the S&P 500.
…
Oil prices edged lower. West Texas intermediate, the American benchmark, dipped under $50 a barrel. Brent crude, the international benchmark, was under $55 a barrel at 12 p.m.The yield on the 10-year Treasury note fell even further on Wednesday after closing at a record low of 1.335 percent on Tuesday, a sign that investors expect growth in the United States to slow.
PerpetualDiscounts now yield 5.27%, equivalent to 6.85% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.00%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened dramatically to 385bp from the 360bp reported February 19.
| 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 | 0.6670 % | 2,003.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6670 % | 3,676.2 |
| Floater | 6.11 % | 6.36 % | 50,633 | 13.29 | 4 | 0.6670 % | 2,118.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0914 % | 3,480.2 |
| SplitShare | 4.79 % | 4.23 % | 46,995 | 4.12 | 6 | -0.0914 % | 4,156.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0914 % | 3,242.7 |
| Perpetual-Premium | 5.56 % | 1.31 % | 61,274 | 0.09 | 12 | -0.0394 % | 3,066.3 |
| Perpetual-Discount | 5.20 % | 5.27 % | 68,137 | 15.03 | 24 | -0.1450 % | 3,363.1 |
| FixedReset Disc | 5.65 % | 5.40 % | 178,465 | 14.74 | 64 | -0.2112 % | 2,123.7 |
| Deemed-Retractible | 5.12 % | 5.24 % | 80,806 | 14.83 | 27 | -0.1174 % | 3,271.4 |
| FloatingReset | 6.25 % | 6.31 % | 64,212 | 13.44 | 3 | -0.3057 % | 2,425.4 |
| FixedReset Prem | 5.07 % | 3.52 % | 126,798 | 1.41 | 22 | 0.0940 % | 2,662.8 |
| FixedReset Bank Non | 1.93 % | 3.48 % | 87,047 | 1.88 | 3 | 0.0272 % | 2,750.9 |
| FixedReset Ins Non | 5.49 % | 5.34 % | 100,764 | 14.81 | 22 | 0.1659 % | 2,154.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| EMA.PR.C | FixedReset Disc | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 5.80 % |
| CM.PR.Y | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 22.93 Evaluated at bid price : 24.27 Bid-YTW : 5.05 % |
| TD.PF.J | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.30 % |
| BAM.PR.N | Perpetual-Discount | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 21.98 Evaluated at bid price : 22.21 Bid-YTW : 5.42 % |
| EMA.PR.E | Perpetual-Discount | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 22.09 Evaluated at bid price : 22.09 Bid-YTW : 5.13 % |
| PWF.PR.Q | FloatingReset | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 12.92 Evaluated at bid price : 12.92 Bid-YTW : 6.31 % |
| SLF.PR.A | Deemed-Retractible | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.29 % |
| BIP.PR.A | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.14 % |
| HSE.PR.C | FixedReset Disc | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 16.91 Evaluated at bid price : 16.91 Bid-YTW : 6.72 % |
| BAM.PR.R | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 6.02 % |
| HSE.PR.E | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.87 % |
| MFC.PR.F | FixedReset Ins Non | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 12.19 Evaluated at bid price : 12.19 Bid-YTW : 5.34 % |
| TRP.PR.F | FloatingReset | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 13.68 Evaluated at bid price : 13.68 Bid-YTW : 6.59 % |
| PWF.PR.P | FixedReset Disc | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 13.03 Evaluated at bid price : 13.03 Bid-YTW : 5.42 % |
| HSE.PR.A | FixedReset Disc | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 10.91 Evaluated at bid price : 10.91 Bid-YTW : 6.80 % |
| NA.PR.C | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 21.38 Evaluated at bid price : 21.71 Bid-YTW : 5.35 % |
| TD.PF.D | FixedReset Disc | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.27 % |
| MFC.PR.R | FixedReset Ins Non | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 23.24 Evaluated at bid price : 24.20 Bid-YTW : 5.15 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| IFC.PR.I | Perpetual-Premium | 56,650 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 24.63 Evaluated at bid price : 25.03 Bid-YTW : 5.42 % |
| TD.PF.M | FixedReset Disc | 36,470 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 22.93 Evaluated at bid price : 24.26 Bid-YTW : 4.98 % |
| SLF.PR.J | FloatingReset | 34,894 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 12.54 Evaluated at bid price : 12.54 Bid-YTW : 6.14 % |
| TRP.PR.A | FixedReset Disc | 30,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 14.19 Evaluated at bid price : 14.19 Bid-YTW : 5.81 % |
| TD.PF.I | FixedReset Disc | 29,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-02-26 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 5.20 % |
| EMA.PR.H | FixedReset Prem | 28,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.60 % |
| There were 24 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BMO.PR.S | FixedReset Disc | Quote: 17.25 – 17.57 Spot Rate : 0.3200 Average : 0.1922 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 23.62 – 24.03 Spot Rate : 0.4100 Average : 0.2861 YTW SCENARIO |
| EMA.PR.E | Perpetual-Discount | Quote: 22.09 – 22.50 Spot Rate : 0.4100 Average : 0.2937 YTW SCENARIO |
| BAM.PR.R | FixedReset Disc | Quote: 14.70 – 15.08 Spot Rate : 0.3800 Average : 0.2671 YTW SCENARIO |
| PWF.PR.G | Perpetual-Premium | Quote: 25.24 – 25.50 Spot Rate : 0.2600 Average : 0.1590 YTW SCENARIO |
| SLF.PR.E | Deemed-Retractible | Quote: 21.70 – 21.98 Spot Rate : 0.2800 Average : 0.1819 YTW SCENARIO |
Thank God that TMX crashed so that TSX and everything trading on it could not crash.
James would have needed a nuclear holocaust image otherwise. 🙂