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So, the New York Times sums up the day:
Stocks in the United States on Monday suffered their worst single-day decline in more than a decade, as the coronavirus and an oil price war fueled concerns about the state of the global economy.
The S&P 500 fell 7.6 percent on Monday, falling so swiftly in early trading that trading was briefly halted early in the day — a rare occurrence meant to prevent stocks from crashing. The Dow Jones industrial average fell 2,000 points, or 7.8 percent.
The S&P index ended the day 19 percent below the peak it reached last month. A decline of 20 percent from that high would be seen as marking the end of the bull market that began exactly 11 years ago.
The drop was the worst for stocks in the United States since December 2008, when the country was still reeling from the collapse of Lehman Brothers and the housing crisis that dragged the economy into a recession.
The Globe & Mail adds:
Canada’s main stock index fell on Monday by the most since Black Monday in 1987 and the loonie hit a near-three-year low as a plunge in oil prices rattled investors, with pressure rising on the Bank of Canada to cut interest rates further.
The Toronto Stock Exchange Composite Index, which has a 15 per cent weighting in energy stocks, closed down 10.3 per cent, its biggest drop since the October 1987 stock market crash, as Saudi Arabia and Russia signaled they would compete on price rather cut output further.
The price of oil, one of Canada’s major exports, fell as much as 34 per cent to its lowest level since February 2016, at $27.34 a barrel.
…
The energy sector on the Toronto Stock Exchange tumbled by 27.2 per cent, with Cenovus Energy Inc down more than 50 per cent, while the Canadian dollar slumped to its weakest intraday level since May 2017 at 1.3760 to the U.S. dollar.
…
Money markets expect a further 50 basis points of easing from the Bank of Canada by June, which would leave its benchmark rate at just 0.75 per cent.Bond investors are counting on further easing, with the 10-year yield hitting a record low of 0.233 per cent. It was last down 19.1 basis points at 0.537 per cent.
…
Equity markets in Frankfurt and Paris tumbled about 8.5 per cent and London tanked 11 per cent. Italy’s main index slumped 14.3 per cent after the government over the weekend ordered a lockdown of large parts of the north of the country, including the financial capital, Milan.The pan-regional STOXX 600 fell into bear market territory from an all-time high in February. Oil stocks bore the brunt of losses, with energy giants BP 19.5 per cent lower and Royal Dutch Shell off 18.2 per cent.
The energy sector in Europe was at lowest since 1997.
…
The 10-year Bund yield – the euro zone’s leading safe asset – fell to a record low of -0.906 per cent, while inflation expectations for the euro zone sank below 1 per cent for the first time.
There is desperation in Italy:
The Italian government on Monday night extended restrictions on personal movement and public events to the entire country, in a desperate effort to stem the coronavirus outbreak — an extraordinary set of measures in a modern democracy that values individual freedoms.
Prime Minister Giuseppe Conte announced in a prime-time news conference that public gatherings were banned and people would be allowed to travel only for work or for emergencies.
I can’t remember anything like this … well, I remember the crash of ’87 pretty well, but I was only a clerk then and spent the day snickering at the procession of worried-looking managers trooping into the vice-president’s office … the closest I can come to in my professional career was October 10, 2008, when PerpetualDiscounts (which comprised about 2/3 of the market at that time) were down 5.10%. I had to prepare an extra edition of PrefLetter because of that! And there was November 26, 2008 when trouble with the BCE buyout sent TXPR down 5.94%.
Remember the good old days, when we thought those were major moves? Remember March 6, 2020, when I was impressed that oil was down 10%? Hell, that’s a rounding error.
TXPR closed at 531.89, down 7.48% on the day. Volume today was 5.36-million, highest of the past 30 trading days days and swamping second-place March 6.
It is noteworthy that the Total Return version of TXPR closed at 1,341.03 today. I will note that the value of this index on October 29, 2010 was 1341.41, so total return has been negative over the past NINE YEARS AND FOUR MONTHS and a little bit. Remember those charts I published in the post MAPF Performance : August 2019 illustrating the downturn to date, comparing it to the Credit Crunch and remarking that there had been zero total return for seven years and four months? Well, those charts are now out of date.
CPD closed at 10.52, down 8.12% on the day. Volume of 458,157 was the highest of the past thirty days, trouncing second-place March 2.
ZPR closed at 7.95, down 11.76% on the day. Volume of 2,368,901 was by far the highest of the past thirty days, almost three times as big as second-place February 24. The woes of this ETF attracted some notice on Financial Wisdom Forum today.
Five-year Canada yields were down 14bp to 0.54% today. The lowest value I have in my database of weekly observations is 0.48%, reached on February 10, 2016.
I’m not going to check for possible lousy quotes today. Any sensible market maker started coughing and complaining about having the flu shortly before the opening and skedaddled home anyway. Besides, I’d be up all night!
| 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 | -8.8953 % | 1,667.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -8.8953 % | 3,060.0 |
| Floater | 6.41 % | 6.63 % | 52,983 | 12.90 | 4 | -8.8953 % | 1,763.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6815 % | 3,443.3 |
| SplitShare | 4.82 % | 4.63 % | 55,423 | 4.08 | 7 | -0.6815 % | 4,112.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6815 % | 3,208.4 |
| Perpetual-Premium | 5.72 % | 5.83 % | 80,161 | 14.05 | 12 | -2.0730 % | 2,976.6 |
| Perpetual-Discount | 5.44 % | 5.41 % | 69,623 | 14.83 | 24 | -2.7327 % | 3,213.6 |
| FixedReset Disc | 6.80 % | 5.71 % | 196,017 | 13.98 | 64 | -9.5206 % | 1,766.9 |
| Deemed-Retractible | 5.31 % | 5.45 % | 78,180 | 14.71 | 27 | -1.9976 % | 3,177.4 |
| FloatingReset | 5.63 % | 5.62 % | 70,214 | 14.43 | 3 | -12.8324 % | 1,889.5 |
| FixedReset Prem | 5.50 % | 5.45 % | 144,907 | 14.64 | 22 | -5.3518 % | 2,458.7 |
| FixedReset Bank Non | 1.98 % | 4.34 % | 109,053 | 1.84 | 3 | -2.2949 % | 2,687.1 |
| FixedReset Ins Non | 6.80 % | 5.82 % | 105,867 | 13.92 | 22 | -11.7374 % | 1,743.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.B | FixedReset Disc | -18.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 7.72 Evaluated at bid price : 7.72 Bid-YTW : 6.01 % |
| MFC.PR.N | FixedReset Ins Non | -18.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 5.82 % |
| TRP.PR.C | FixedReset Disc | -18.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 8.36 Evaluated at bid price : 8.36 Bid-YTW : 6.44 % |
| HSE.PR.A | FixedReset Disc | -18.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 7.12 Evaluated at bid price : 7.12 Bid-YTW : 8.33 % |
| MFC.PR.L | FixedReset Ins Non | -17.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.30 % |
| TD.PF.D | FixedReset Disc | -17.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.97 % |
| MFC.PR.K | FixedReset Ins Non | -16.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.07 % |
| TD.PF.M | FixedReset Disc | -15.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.78 % |
| PWF.PR.Q | FloatingReset | -15.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 5.62 % |
| MFC.PR.M | FixedReset Ins Non | -15.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 6.12 % |
| MFC.PR.H | FixedReset Ins Non | -15.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 6.27 % |
| MFC.PR.I | FixedReset Ins Non | -15.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.19 % |
| PWF.PR.P | FixedReset Disc | -15.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 10.01 Evaluated at bid price : 10.01 Bid-YTW : 5.51 % |
| CM.PR.Y | FixedReset Disc | -14.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 5.86 % |
| TRP.PR.F | FloatingReset | -14.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 10.24 Evaluated at bid price : 10.24 Bid-YTW : 6.21 % |
| MFC.PR.Q | FixedReset Ins Non | -14.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.84 % |
| MFC.PR.F | FixedReset Ins Non | -14.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 8.90 Evaluated at bid price : 8.90 Bid-YTW : 5.63 % |
| TRP.PR.E | FixedReset Disc | -14.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 12.88 Evaluated at bid price : 12.88 Bid-YTW : 6.23 % |
| MFC.PR.J | FixedReset Ins Non | -14.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.89 Evaluated at bid price : 14.89 Bid-YTW : 5.84 % |
| TRP.PR.A | FixedReset Disc | -13.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 11.64 Evaluated at bid price : 11.64 Bid-YTW : 5.97 % |
| MFC.PR.G | FixedReset Ins Non | -12.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.81 Evaluated at bid price : 14.81 Bid-YTW : 5.96 % |
| RY.PR.M | FixedReset Disc | -12.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.22 Evaluated at bid price : 14.22 Bid-YTW : 5.69 % |
| NA.PR.S | FixedReset Disc | -12.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.02 Evaluated at bid price : 14.02 Bid-YTW : 5.84 % |
| TRP.PR.G | FixedReset Disc | -12.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 6.20 % |
| SLF.PR.I | FixedReset Ins Non | -12.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.78 Evaluated at bid price : 14.78 Bid-YTW : 5.68 % |
| IFC.PR.A | FixedReset Ins Non | -11.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 11.40 Evaluated at bid price : 11.40 Bid-YTW : 5.56 % |
| TRP.PR.D | FixedReset Disc | -11.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.00 % |
| SLF.PR.H | FixedReset Ins Non | -11.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 5.74 % |
| NA.PR.G | FixedReset Disc | -11.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 5.92 % |
| BMO.PR.F | FixedReset Disc | -11.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.53 % |
| BMO.PR.B | FixedReset Prem | -11.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.49 % |
| PWF.PR.A | Floater | -11.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 6.11 % |
| TD.PF.L | FixedReset Disc | -11.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.46 % |
| BAM.PR.X | FixedReset Disc | -11.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.03 % |
| BAM.PF.B | FixedReset Disc | -11.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.28 Evaluated at bid price : 15.28 Bid-YTW : 5.87 % |
| CM.PR.T | FixedReset Disc | -11.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.61 % |
| NA.PR.W | FixedReset Disc | -11.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.38 Evaluated at bid price : 13.38 Bid-YTW : 5.90 % |
| IFC.PR.C | FixedReset Ins Non | -10.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 5.82 % |
| RY.PR.J | FixedReset Disc | -10.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.91 Evaluated at bid price : 14.91 Bid-YTW : 5.60 % |
| BAM.PF.A | FixedReset Disc | -10.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 5.95 % |
| BAM.PR.R | FixedReset Disc | -10.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 5.96 % |
| TD.PF.C | FixedReset Disc | -10.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.43 Evaluated at bid price : 14.43 Bid-YTW : 5.51 % |
| TD.PF.J | FixedReset Disc | -10.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.07 Evaluated at bid price : 16.07 Bid-YTW : 5.59 % |
| BMO.PR.T | FixedReset Disc | -10.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.12 Evaluated at bid price : 14.12 Bid-YTW : 5.39 % |
| IAF.PR.I | FixedReset Ins Non | -10.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.70 % |
| HSE.PR.C | FixedReset Disc | -9.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.08 Evaluated at bid price : 13.08 Bid-YTW : 7.92 % |
| CM.PR.O | FixedReset Disc | -9.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 5.80 % |
| BNS.PR.H | FixedReset Prem | -9.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.67 Evaluated at bid price : 22.11 Bid-YTW : 5.45 % |
| TD.PF.H | FixedReset Prem | -9.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 5.47 % |
| MFC.PR.R | FixedReset Ins Non | -9.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 5.55 % |
| SLF.PR.G | FixedReset Ins Non | -9.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 9.92 Evaluated at bid price : 9.92 Bid-YTW : 5.00 % |
| RY.PR.Z | FixedReset Disc | -9.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 5.31 % |
| BAM.PR.T | FixedReset Disc | -9.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 12.66 Evaluated at bid price : 12.66 Bid-YTW : 5.97 % |
| CM.PR.S | FixedReset Disc | -9.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.70 % |
| RY.PR.H | FixedReset Disc | -9.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 5.35 % |
| TD.PF.A | FixedReset Disc | -9.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.40 % |
| PWF.PR.T | FixedReset Disc | -9.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.46 % |
| CM.PR.P | FixedReset Disc | -9.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.77 Evaluated at bid price : 13.77 Bid-YTW : 5.79 % |
| BMO.PR.S | FixedReset Disc | -9.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 5.57 % |
| BAM.PR.C | Floater | -9.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 9.09 Evaluated at bid price : 9.09 Bid-YTW : 6.78 % |
| IFC.PR.G | FixedReset Ins Non | -9.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 5.66 % |
| IAF.PR.G | FixedReset Ins Non | -9.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.16 Evaluated at bid price : 15.16 Bid-YTW : 5.73 % |
| TD.PF.I | FixedReset Disc | -8.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 5.47 % |
| BMO.PR.W | FixedReset Disc | -8.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.29 Evaluated at bid price : 14.29 Bid-YTW : 5.43 % |
| NA.PR.E | FixedReset Disc | -8.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.03 Evaluated at bid price : 15.03 Bid-YTW : 5.77 % |
| BMO.PR.E | FixedReset Disc | -8.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 5.49 % |
| TD.PF.B | FixedReset Disc | -8.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 5.37 % |
| NA.PR.C | FixedReset Disc | -8.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 17.76 Evaluated at bid price : 17.76 Bid-YTW : 5.80 % |
| BMO.PR.C | FixedReset Disc | -8.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.45 % |
| BAM.PF.G | FixedReset Disc | -8.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.74 % |
| BMO.PR.D | FixedReset Disc | -7.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 5.53 % |
| W.PR.K | FixedReset Prem | -7.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.60 Evaluated at bid price : 23.17 Bid-YTW : 5.73 % |
| BAM.PR.Z | FixedReset Disc | -7.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.23 Evaluated at bid price : 16.23 Bid-YTW : 5.88 % |
| TD.PF.K | FixedReset Disc | -7.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.38 % |
| GWO.PR.N | FixedReset Ins Non | -7.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 10.70 Evaluated at bid price : 10.70 Bid-YTW : 4.40 % |
| SLF.PR.J | FloatingReset | -7.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 9.92 Evaluated at bid price : 9.92 Bid-YTW : 5.11 % |
| CM.PR.R | FixedReset Disc | -7.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 5.71 % |
| BAM.PR.K | Floater | -7.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 9.30 Evaluated at bid price : 9.30 Bid-YTW : 6.63 % |
| BAM.PF.F | FixedReset Disc | -7.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.55 Evaluated at bid price : 15.55 Bid-YTW : 5.91 % |
| RY.PR.S | FixedReset Disc | -7.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.21 Evaluated at bid price : 16.21 Bid-YTW : 5.24 % |
| BAM.PR.B | Floater | -7.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 9.30 Evaluated at bid price : 9.30 Bid-YTW : 6.63 % |
| BAM.PF.E | FixedReset Disc | -7.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.12 Evaluated at bid price : 14.12 Bid-YTW : 5.64 % |
| BNS.PR.I | FixedReset Disc | -7.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.54 Evaluated at bid price : 16.54 Bid-YTW : 5.24 % |
| BIP.PR.C | FixedReset Prem | -7.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.78 Evaluated at bid price : 23.19 Bid-YTW : 5.76 % |
| TD.PF.E | FixedReset Disc | -6.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.37 Evaluated at bid price : 16.37 Bid-YTW : 5.34 % |
| HSE.PR.E | FixedReset Disc | -6.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.42 Evaluated at bid price : 14.42 Bid-YTW : 7.36 % |
| W.PR.M | FixedReset Prem | -6.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.04 Evaluated at bid price : 23.45 Bid-YTW : 5.62 % |
| BIP.PR.B | FixedReset Prem | -6.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.66 Evaluated at bid price : 23.25 Bid-YTW : 5.90 % |
| EMA.PR.C | FixedReset Disc | -6.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 5.78 % |
| CU.PR.C | FixedReset Disc | -6.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.08 % |
| TRP.PR.K | FixedReset Prem | -6.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.05 Evaluated at bid price : 23.36 Bid-YTW : 5.27 % |
| BMO.PR.Y | FixedReset Disc | -5.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.44 % |
| BIP.PR.A | FixedReset Disc | -5.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 6.28 % |
| RY.PR.Q | FixedReset Prem | -5.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.31 Evaluated at bid price : 23.80 Bid-YTW : 5.41 % |
| BAM.PF.H | FixedReset Prem | -5.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.76 Evaluated at bid price : 23.36 Bid-YTW : 5.42 % |
| TD.PF.G | FixedReset Prem | -5.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.50 Evaluated at bid price : 24.00 Bid-YTW : 5.52 % |
| NA.PR.X | FixedReset Prem | -5.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.52 Evaluated at bid price : 24.01 Bid-YTW : 5.75 % |
| CM.PR.Q | FixedReset Disc | -5.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.58 % |
| HSE.PR.G | FixedReset Disc | -5.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.88 Evaluated at bid price : 14.88 Bid-YTW : 7.06 % |
| BNS.PR.E | FixedReset Prem | -4.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.50 Evaluated at bid price : 24.00 Bid-YTW : 5.37 % |
| NA.PR.A | FixedReset Prem | -4.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.59 Evaluated at bid price : 24.01 Bid-YTW : 5.50 % |
| BMO.PR.Q | FixedReset Bank Non | -4.91 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.07 Bid-YTW : 6.21 % |
| MFC.PR.O | FixedReset Ins Non | -4.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.70 Evaluated at bid price : 24.15 Bid-YTW : 5.74 % |
| BIP.PR.F | FixedReset Disc | -4.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.09 % |
| EML.PR.A | FixedReset Ins Non | -4.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.24 Bid-YTW : 6.15 % |
| PWF.PR.F | Perpetual-Discount | -4.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.91 Evaluated at bid price : 23.18 Bid-YTW : 5.73 % |
| RY.PR.O | Perpetual-Discount | -4.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.88 Evaluated at bid price : 23.30 Bid-YTW : 5.28 % |
| BAM.PR.N | Perpetual-Discount | -4.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 5.85 % |
| PWF.PR.L | Perpetual-Discount | -3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.40 Evaluated at bid price : 22.66 Bid-YTW : 5.69 % |
| BMO.PR.Z | Perpetual-Discount | -3.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.30 Evaluated at bid price : 23.76 Bid-YTW : 5.28 % |
| EMA.PR.F | FixedReset Disc | -3.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 5.52 % |
| SLF.PR.D | Deemed-Retractible | -3.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.34 Evaluated at bid price : 20.34 Bid-YTW : 5.48 % |
| POW.PR.D | Perpetual-Discount | -3.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.10 Evaluated at bid price : 22.38 Bid-YTW : 5.67 % |
| RY.PR.N | Perpetual-Discount | -3.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.15 Evaluated at bid price : 23.62 Bid-YTW : 5.21 % |
| TRP.PR.J | FixedReset Prem | -3.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.40 Evaluated at bid price : 24.75 Bid-YTW : 5.59 % |
| GWO.PR.R | Deemed-Retractible | -3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.81 Evaluated at bid price : 21.81 Bid-YTW : 5.52 % |
| GWO.PR.I | Deemed-Retractible | -3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.50 % |
| BIK.PR.A | FixedReset Prem | -3.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.94 Evaluated at bid price : 24.20 Bid-YTW : 6.00 % |
| BAM.PF.C | Perpetual-Discount | -3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.82 % |
| IFC.PR.I | Perpetual-Premium | -3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.86 Evaluated at bid price : 24.21 Bid-YTW : 5.62 % |
| MFC.PR.B | Deemed-Retractible | -3.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.46 % |
| PWF.PR.Z | Perpetual-Discount | -3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.87 Evaluated at bid price : 23.20 Bid-YTW : 5.61 % |
| GWO.PR.G | Deemed-Retractible | -3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.60 % |
| BIP.PR.E | FixedReset Disc | -3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.00 % |
| MFC.PR.C | Deemed-Retractible | -3.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 5.51 % |
| BAM.PR.M | Perpetual-Discount | -3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 5.75 % |
| IAF.PR.B | Deemed-Retractible | -3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.41 % |
| PWF.PR.K | Perpetual-Discount | -2.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.95 Evaluated at bid price : 22.19 Bid-YTW : 5.64 % |
| PVS.PR.E | SplitShare | -2.90 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.38 % |
| BAM.PF.D | Perpetual-Discount | -2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.81 % |
| PWF.PR.E | Perpetual-Premium | -2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 5.75 % |
| PWF.PR.R | Perpetual-Premium | -2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.99 Evaluated at bid price : 24.26 Bid-YTW : 5.74 % |
| POW.PR.G | Perpetual-Premium | -2.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.90 Evaluated at bid price : 24.36 Bid-YTW : 5.83 % |
| CIU.PR.A | Perpetual-Discount | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.52 % |
| BIP.PR.D | FixedReset Disc | -2.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.47 Evaluated at bid price : 21.47 Bid-YTW : 5.84 % |
| TD.PF.F | Perpetual-Discount | -2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.36 Evaluated at bid price : 23.81 Bid-YTW : 5.19 % |
| CU.PR.G | Perpetual-Discount | -2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.41 % |
| BAM.PF.J | FixedReset Prem | -2.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.91 Evaluated at bid price : 23.80 Bid-YTW : 5.03 % |
| GWO.PR.P | Deemed-Retractible | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.60 % |
| IFC.PR.F | Deemed-Retractible | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.70 Evaluated at bid price : 24.10 Bid-YTW : 5.59 % |
| RY.PR.W | Perpetual-Discount | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.51 Evaluated at bid price : 23.78 Bid-YTW : 5.18 % |
| SLF.PR.C | Deemed-Retractible | -2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.43 % |
| SLF.PR.B | Deemed-Retractible | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.62 Evaluated at bid price : 21.87 Bid-YTW : 5.49 % |
| ELF.PR.H | Perpetual-Premium | -2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.93 Evaluated at bid price : 24.40 Bid-YTW : 5.71 % |
| BNS.PR.G | FixedReset Prem | -2.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.32 Evaluated at bid price : 24.66 Bid-YTW : 5.44 % |
| BAM.PF.I | FixedReset Prem | -2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.07 % |
| GWO.PR.H | Deemed-Retractible | -2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.82 Evaluated at bid price : 22.06 Bid-YTW : 5.50 % |
| IFC.PR.E | Deemed-Retractible | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.37 Evaluated at bid price : 23.75 Bid-YTW : 5.56 % |
| POW.PR.B | Perpetual-Discount | -2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.65 % |
| SLF.PR.A | Deemed-Retractible | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 5.47 % |
| CU.PR.F | Perpetual-Discount | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.39 % |
| BNS.PR.Z | FixedReset Bank Non | -2.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 4.34 % |
| PWF.PR.S | Perpetual-Discount | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.65 Evaluated at bid price : 21.65 Bid-YTW : 5.62 % |
| SLF.PR.E | Deemed-Retractible | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 5.45 % |
| POW.PR.A | Perpetual-Premium | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.80 % |
| RY.PR.C | Deemed-Retractible | -1.94 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.76 Bid-YTW : 5.27 % |
| RY.PR.R | FixedReset Prem | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.73 Evaluated at bid price : 24.97 Bid-YTW : 5.37 % |
| PWF.PR.H | Perpetual-Premium | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.87 % |
| RY.PR.P | Perpetual-Premium | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.28 Evaluated at bid price : 24.76 Bid-YTW : 5.32 % |
| CU.PR.E | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 22.74 Evaluated at bid price : 23.01 Bid-YTW : 5.35 % |
| EMA.PR.H | FixedReset Prem | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.13 Evaluated at bid price : 24.50 Bid-YTW : 4.97 % |
| GWO.PR.S | Deemed-Retractible | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.82 Evaluated at bid price : 24.10 Bid-YTW : 5.44 % |
| POW.PR.C | Perpetual-Premium | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.68 Evaluated at bid price : 24.95 Bid-YTW : 5.90 % |
| CU.PR.I | FixedReset Prem | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.06 Evaluated at bid price : 24.60 Bid-YTW : 4.57 % |
| GWO.PR.F | Deemed-Retractible | -1.49 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-04-08 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : -1.54 % |
| GWO.PR.L | Deemed-Retractible | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.57 Evaluated at bid price : 24.83 Bid-YTW : 5.69 % |
| PWF.PR.O | Perpetual-Premium | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.66 Evaluated at bid price : 24.92 Bid-YTW : 5.89 % |
| CU.PR.H | Perpetual-Discount | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.15 Evaluated at bid price : 24.65 Bid-YTW : 5.34 % |
| GWO.PR.T | Deemed-Retractible | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 23.22 Evaluated at bid price : 23.59 Bid-YTW : 5.45 % |
| PWF.PR.I | Perpetual-Premium | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.66 Evaluated at bid price : 24.92 Bid-YTW : 6.10 % |
| EMA.PR.E | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.34 % |
| GWO.PR.M | Deemed-Retractible | -1.07 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-04-08 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 1.36 % |
| PVS.PR.D | SplitShare | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 4.80 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.J | FixedReset Prem | 112,886 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 24.40 Evaluated at bid price : 24.75 Bid-YTW : 5.59 % |
| TD.PF.K | FixedReset Disc | 101,420 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.38 % |
| CM.PR.R | FixedReset Disc | 100,750 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 5.71 % |
| RY.PR.J | FixedReset Disc | 100,275 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.91 Evaluated at bid price : 14.91 Bid-YTW : 5.60 % |
| TRP.PR.D | FixedReset Disc | 73,763 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.00 % |
| HSE.PR.G | FixedReset Disc | 72,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-09 Maturity Price : 14.88 Evaluated at bid price : 14.88 Bid-YTW : 7.06 % |
| There were 109 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IAF.PR.G | FixedReset Ins Non | Quote: 15.16 – 16.17 Spot Rate : 1.0100 Average : 0.6492 YTW SCENARIO |
| PVS.PR.E | SplitShare | Quote: 25.10 – 25.90 Spot Rate : 0.8000 Average : 0.4716 YTW SCENARIO |
| PWF.PR.Q | FloatingReset | Quote: 10.00 – 10.95 Spot Rate : 0.9500 Average : 0.6350 YTW SCENARIO |
| GWO.PR.P | Deemed-Retractible | Quote: 24.10 – 24.91 Spot Rate : 0.8100 Average : 0.4959 YTW SCENARIO |
| RY.PR.O | Perpetual-Discount | Quote: 23.30 – 24.18 Spot Rate : 0.8800 Average : 0.5668 YTW SCENARIO |
| IFC.PR.I | Perpetual-Premium | Quote: 24.21 – 24.90 Spot Rate : 0.6900 Average : 0.3961 YTW SCENARIO |
Thank-you for your work and especially this post.
Appreciate any comments on:
1) Risk of HSE no longer being investment grade or worse – defaulting.
2) Any other predictions of issues which could lose investment grade status – TRP?
3) I can understand people assuming rates going to 0 in short term – but do people really think 5 year Canada will yield 0 in 5 years? Recently reset prefs such as cm.pr.p – can yield 7% for next 5 years at this price.. .. and then if rate is 0 – still yield 4.2%. If we really have five years of 0 – wouldn’t 7% for 5 years and 4.2% after that in dividends no less sound good?
4) How do the current YTW compare to corporate bond yields?
5) I know NAV of FTN is now about $13? – Do we think financials could lose another 20% between now and November? Because a 5.5% dividend + 25 cents/share capital gain based on a $10 retraction sounds pretty good for holding a security for 8 months.
Appreciate insight and comments on any of the above! Thank-you,
I will take a shot to enhance my own understanding on these and possibly help others. Use at your own discretion and consider everybody’s opinion as worthless and decide things on your own.
1) Risk of HSE no longer being investment grade or worse – defaulting.
HSE has taken a huge hit. But since they are owned primarily by a wealthy Chinese guy, default won’t happen, IMHO. It’s likely that they could be sold off or be taken private. It becomes almost pocket change kind of money for the majority owners to spend a few billion and take ownership completely.
2) Any other predictions of issues which could lose investment grade status – TRP?
TRP is rated at A(Low) for bonds and P2(L)- for preferreds. Market cap of about 60 billion. Considering the trouble we have had in getting (or not getting) a pipeline built, I don’t think anything is going wrong with TRP. Perhaps they get dropped a notch or two and even then they’ll be at BBB for bonds. Preferred go to P3 worst case.
3) I can understand people assuming rates going to 0 in short term – but do people really think 5 year Canada will yield 0 in 5 years? Recently reset prefs such as cm.pr.p – can yield 7% for next 5 years at this price.. .. and then if rate is 0 – still yield 4.2%. If we really have five years of 0 – wouldn’t 7% for 5 years and 4.2% after that in dividends no less sound good?
Good point. That’s what makes this such a great opportunity if you have the patience. But my suspicion is the equity markets are going to take one or two more hits and preferreds will get crushed with that.
I used to do stress testing for many issues assuming 5 year GOC of zero. I’ve started buying issues that are great value even at GOC 5 year of -1%. All top notch investment grade issues yielding between 3.75 to 4.5% with -1% GOC. How can you beat that?
4) How do the current YTW compare to corporate bond yields?
Very nicely. The spreads are still great, except in the Energy sectors where TRP and EPD took huge hits. I think it’s the scourge of ETFs, more than anything else.
5) I know NAV of FTN is now about $13? – Do we think financials could lose another 20% between now and November? Because a 5.5% dividend + 25 cents/share capital gain based on a $10 retraction sounds pretty good for holding a security for 8 months.
I know very little about this issue.
A general comment on interest rates.
Ever since the Central Bankers started mucking around with QE1 to QEn and REPO operations in perfectely normal conditions, I have stopped speculating what they might do. Or what interest rates might do.
Can 5 year GOC be in 5 years time frame.
Why not? If there’s zero growth, why not? Let’s not forget Japan, most of Europe.
The question we should be asking is this: Can our issues withstand the stress that comes with GOC of zero or even -1%. And what kind of world would be living in that time?
What would it do the margins of banks?(Hint, look at European and Japanese banks and they aren’t pretty).
What about the strength of our insurance company balance sheets(James had a wonderful link a few days ago related to the risks to Insurance companies because of the current environment.) and how they would generate returns of even 2% considering they need to hold AAA to A rated bonds only.
And if preferreds are in gutter at that point, the common equities will do a whole lot worse, despite whatever people might think.
If the rates are going to zero or below, where will the investments dollars go? Buying equities. Right? So we start the game again that we started in 2009.
I was eagerly waiting yesterday to see what explosion photo you would go with, with CPD at 10$ I thought maybe the site itself will explode.
On a serious note I am impressed with how well discount perpetual preferred held. Some of mine went up. On the other hand I held some rate resets with a big spread like RY.prr with 4.5% spread and td.pff with similiar spread, and it got smashed yesterday at -15% down in one day. Even if interest rates go to zero there is no reason for these to go down that much in one day, even assuming zero interest rate on the time they reset. Unless the market that once idolized banks suddenly decided they are at risk to default on preferreds…
It’s the scourge of ETFs that causes silly prices like that.
Well, Mike Burry was right when he said that ETFs will lead us down the rabbit hole.
Not everything is a good candidate for ETFs. Perhaps after this boom turns into bust, people will recognize that.
Mindless throwing money into ETFs of all kinds doesn’t do any good.
For certain classes, EFTs make sense. Preferreds are so hard to bundle together. I think the ETFs are selling whatever can get a bid.
The last two days have been wonderful for the discerning eye.
1) Risk of HSE no longer being investment grade or worse – defaulting.
Well, there are certainly a lot of people making that judgement, according to the yields now available on the HSE issues!
They lost their investment-grade rating at S&P just over a year ago; it is well within the bounds of possibility that DBRS could follow. We’ll see.
If we look at Husky’s 2020 Guidance, which was issued 2019-12-2 and is therefore hopelessly out of date, we see that their “Break-even Oil Price” is “Current $42 US WTI, target of $38 US WTI in ’23”.
Now that WTI is USD 35.47, this is cause for concern. But the breakeven price was calculated under one set of operating assumptions; I suspect that there are now a few people at head office sharpening their pencils and figuring out what to cut, what to reduce and what to mothball in order to get through the next … little while … without running out of cash.
Husky is a well-run company. As skeptical alludes to above, it’s practically a private company and such companies tend to be better run than otherwise. The boss knows he owns it forever. Therefore, he hires people with the objective of making it spin out money forever. They have no need to do dumb things that look good.
Husky may well go through some tough times, but they’ve gotten through tough times before. I think default risk is a long way from becoming a major worry.
4) How do the current YTW compare to corporate bond yields?
Very nicely. Long corporates currently yield 3.04% … taxed as regular income.
Do we think financials could lose another 20% between now and November?
The interesting thing about SplitShares is that their dependence upon the market value of a portfolio of common makes the time-dependence of default risk very different from that of operating companies. The chance of them losing 20% of their value in the next twelve months isn’t really all that much different from the chance of them losing this value in the next five years – in sharp contrast to the chances for an operating company, which accellerates the further you look ahead.
Well, there are certainly a lot of people making that judgement, according to the yields now available on the HSE issues!
At just before noon as I write, assuming the GOC5 goes to zero for a long time the market is pricing HSE.PR.A at a spread of 6.6%. It isn’t even the worst issue.
HSE has never been liked and I do not why. No other preferred, including TA which was downgraded to P4 high last year, offers yields so high. A few years back (2015 or 2016) they suspended the dividends for common shares but preferred were not affected. Or maybe the market knows something we do not.
If COG5 goes to zero and it looks like a real possibility (and I remember Feb 2016 when there were some rumors too) we will see another carnage until people realize there is no other alternative to GICs or even bonds. Also the floating resets might offer higher yields than fixed.
Good points dodoi
I have a mental screenshot of so many issues from just a month ago. People paying so much more for everything. And now, everything is rotten suddenly?
And then whenever this current thing tides over, independent of the common equity valuations, people will be fighting again for a 4 to 5% yield. Now you can get 6% on high quality perpetuals. Yet, no bids….
But such is the herd behaviour.
It might also have something to do with the scourge of ETFs and lots of margin calls.
But such is the herd behaviour.
Don’t forget to stockpile toilet paper.
I just can’t beleive my stink bid on HSE.PR.A went through today; my rough IRR calc on this if BoC5yr=0 forever will still yield 7%; meanwhile HSE.PR.C will yield 11%. Has the market lost all rationality?
If husky is taken private; is it safe to assume the preferreds will also be called?
There are no stink bids in this market. The only thing is- Is there a bid?
I tested this for at least half a dozen securities…same story.
It’s one of those markets- be careful what you wish for…you just might get it.