Well, 77 years of peace in Europe has come to an end, complete with a speech about historical indignities and strong overtones of nationalism-by-language. I’m only surprised that Putin hasn’t declared he has no further territorial ambitions in Europe.
Market implications are as murky as might be expected, but Mark Rendell provides a quick survey in the Globe:
Russia’s invasion of Ukraine is pushing up global energy and food prices, adding to inflationary pressures and putting central banks around the world in a delicate position as they embark on a much-anticipated rate hike cycle.
…
In a volatile day of trading, the price of West Texas Intermediate crude oil shot past US$100 a barrel on Thursday for the first time since 2014, before ending the trading day around US$93. The price of natural gas in Europe rose sharply on fears that supply could be choked off, with the benchmark Dutch futures contract up more than 40 per cent. Russia supplies nearly 40 per cent of Europe’s natural gas, and several critical pipelines run through Ukraine.Meanwhile, the price of wheat futures contracts in the United States was up around 5.5 per cent by Thursday afternoon.
…
The U.S. Federal Reserve, the world’s most important central bank, is still expected to start raising interest rates at its upcoming policy meeting on March 15. At the same time, markets are no longer pricing in a high likelihood that the Fed will start its rate hike cycle with a 0.5-percentage-point increase instead of the usual 0.25-percentage-point increase.
There wasn’t much of a flight to quality on the day, with GOC-5 remaining constant at 1.75%.
| 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 | 3.19 % | 3.77 % | 37,610 | 19.73 | 1 | -5.1852 % | 2,735.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9447 % | 5,455.4 |
| Floater | 2.92 % | 2.93 % | 62,726 | 19.85 | 3 | -0.9447 % | 3,144.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1446 % | 3,643.2 |
| SplitShare | 4.65 % | 4.20 % | 32,088 | 3.64 | 6 | 0.1446 % | 4,350.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1446 % | 3,394.6 |
| Perpetual-Premium | 5.29 % | 3.09 % | 59,562 | 0.51 | 21 | -0.4497 % | 3,188.1 |
| Perpetual-Discount | 4.95 % | 5.01 % | 60,322 | 15.44 | 11 | -0.6790 % | 3,722.4 |
| FixedReset Disc | 4.14 % | 4.50 % | 113,507 | 16.38 | 44 | -1.5121 % | 2,714.1 |
| Insurance Straight | 5.05 % | 4.93 % | 89,794 | 15.40 | 18 | -0.6341 % | 3,552.7 |
| FloatingReset | 2.79 % | 2.44 % | 68,791 | 21.17 | 2 | -1.0732 % | 2,917.9 |
| FixedReset Prem | 4.80 % | 4.22 % | 112,356 | 2.27 | 26 | -0.2513 % | 2,692.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.5121 % | 2,774.3 |
| FixedReset Ins Non | 4.22 % | 4.39 % | 78,927 | 16.57 | 17 | -0.9473 % | 2,881.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.G | FixedReset Disc | -47.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 12.29 Evaluated at bid price : 12.29 Bid-YTW : 8.85 % |
| TD.PF.A | FixedReset Disc | -8.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 4.75 % |
| BAM.PR.Z | FixedReset Disc | -5.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.54 Evaluated at bid price : 23.10 Bid-YTW : 5.16 % |
| BAM.PR.E | Ratchet | -5.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 25.00 Evaluated at bid price : 19.20 Bid-YTW : 3.77 % |
| TD.PF.B | FixedReset Disc | -4.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 4.54 % |
| BAM.PR.T | FixedReset Disc | -4.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 5.09 % |
| SLF.PR.H | FixedReset Ins Non | -3.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 20.79 Evaluated at bid price : 20.79 Bid-YTW : 4.50 % |
| CU.PR.E | Perpetual-Premium | -3.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.11 % |
| BAM.PR.B | Floater | -3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 2.98 % |
| IFC.PR.A | FixedReset Ins Non | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 4.31 % |
| TRP.PR.C | FixedReset Disc | -2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 5.03 % |
| TRP.PR.E | FixedReset Disc | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 5.11 % |
| IFC.PR.C | FixedReset Disc | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.57 Evaluated at bid price : 23.51 Bid-YTW : 4.45 % |
| BMO.PR.S | FixedReset Disc | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.27 Evaluated at bid price : 22.60 Bid-YTW : 4.50 % |
| PWF.PR.T | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.87 Evaluated at bid price : 23.22 Bid-YTW : 4.48 % |
| NA.PR.W | FixedReset Disc | -2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.12 Evaluated at bid price : 22.51 Bid-YTW : 4.43 % |
| PWF.PR.K | Perpetual-Discount | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 5.14 % |
| TRP.PR.D | FixedReset Disc | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 5.10 % |
| POW.PR.B | Perpetual-Premium | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.46 % |
| MFC.PR.M | FixedReset Ins Non | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.29 Evaluated at bid price : 22.73 Bid-YTW : 4.46 % |
| CU.PR.C | FixedReset Disc | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 21.84 Evaluated at bid price : 22.30 Bid-YTW : 4.65 % |
| BAM.PF.F | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.49 Evaluated at bid price : 23.01 Bid-YTW : 4.97 % |
| BAM.PR.N | Perpetual-Discount | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.15 Evaluated at bid price : 23.41 Bid-YTW : 5.14 % |
| FTS.PR.G | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 4.56 % |
| NA.PR.S | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.94 Evaluated at bid price : 23.24 Bid-YTW : 4.47 % |
| IAF.PR.B | Insurance Straight | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.53 Evaluated at bid price : 23.80 Bid-YTW : 4.89 % |
| BIP.PR.A | FixedReset Disc | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.58 Evaluated at bid price : 23.31 Bid-YTW : 5.46 % |
| TRP.PR.F | FloatingReset | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 3.18 % |
| GWO.PR.T | Insurance Straight | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.59 Evaluated at bid price : 25.10 Bid-YTW : 5.19 % |
| POW.PR.D | Perpetual-Premium | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.19 Evaluated at bid price : 24.45 Bid-YTW : 5.17 % |
| CM.PR.P | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.12 Evaluated at bid price : 22.50 Bid-YTW : 4.44 % |
| IFC.PR.G | FixedReset Ins Non | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.49 Evaluated at bid price : 24.80 Bid-YTW : 4.43 % |
| BAM.PF.C | Perpetual-Discount | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.42 Evaluated at bid price : 23.71 Bid-YTW : 5.18 % |
| BAM.PR.R | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 4.89 % |
| BMO.PR.T | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.15 Evaluated at bid price : 22.48 Bid-YTW : 4.39 % |
| MFC.PR.N | FixedReset Ins Non | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.11 Evaluated at bid price : 22.50 Bid-YTW : 4.42 % |
| SLF.PR.E | Insurance Straight | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.15 Evaluated at bid price : 23.45 Bid-YTW : 4.85 % |
| BMO.PR.D | FixedReset Prem | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.11 Evaluated at bid price : 24.73 Bid-YTW : 4.97 % |
| SLF.PR.C | Insurance Straight | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 4.81 % |
| RY.PR.H | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.45 Evaluated at bid price : 22.91 Bid-YTW : 4.32 % |
| TRP.PR.A | FixedReset Disc | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.06 % |
| GWO.PR.Q | Insurance Straight | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.26 % |
| PWF.PR.S | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.82 Evaluated at bid price : 24.11 Bid-YTW : 5.01 % |
| FTS.PR.M | FixedReset Disc | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.00 Evaluated at bid price : 22.31 Bid-YTW : 4.70 % |
| TD.PF.C | FixedReset Disc | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.29 Evaluated at bid price : 22.75 Bid-YTW : 4.39 % |
| ELF.PR.G | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.62 Evaluated at bid price : 23.89 Bid-YTW : 5.02 % |
| CM.PR.S | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.71 Evaluated at bid price : 24.25 Bid-YTW : 4.37 % |
| NA.PR.E | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.92 Evaluated at bid price : 24.35 Bid-YTW : 4.48 % |
| BIP.PR.B | FixedReset Prem | -1.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 4.34 % |
| RY.PR.J | FixedReset Disc | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.99 Evaluated at bid price : 24.10 Bid-YTW : 4.39 % |
| MFC.PR.K | FixedReset Ins Non | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.96 Evaluated at bid price : 23.38 Bid-YTW : 4.27 % |
| BAM.PR.K | Floater | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 2.93 % |
| BAM.PF.D | Perpetual-Premium | 3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 23.79 Evaluated at bid price : 24.05 Bid-YTW : 5.16 % |
| TD.PF.E | FixedReset Disc | 3.95 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.21 Bid-YTW : 4.26 % |
| PWF.PR.P | FixedReset Disc | 6.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 4.74 % |
| RY.PR.M | FixedReset Disc | 70.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.73 Evaluated at bid price : 23.68 Bid-YTW : 4.30 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.J | FixedReset Prem | 152,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.45 Evaluated at bid price : 24.80 Bid-YTW : 4.53 % |
| TRP.PR.C | FixedReset Disc | 107,991 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 5.03 % |
| BMO.PR.C | FixedReset Prem | 64,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 4.81 % |
| BMO.PR.D | FixedReset Prem | 56,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.11 Evaluated at bid price : 24.73 Bid-YTW : 4.97 % |
| RY.PR.J | FixedReset Disc | 34,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 22.99 Evaluated at bid price : 24.10 Bid-YTW : 4.39 % |
| TD.PF.I | FixedReset Prem | 31,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-02-24 Maturity Price : 24.58 Evaluated at bid price : 25.00 Bid-YTW : 4.78 % |
| There were 16 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.G | FixedReset Disc | Quote: 12.29 – 23.70 Spot Rate : 11.4100 Average : 6.3783 YTW SCENARIO |
| TD.PF.A | FixedReset Disc | Quote: 21.00 – 22.90 Spot Rate : 1.9000 Average : 1.0605 YTW SCENARIO |
| BAM.PR.Z | FixedReset Disc | Quote: 23.10 – 24.71 Spot Rate : 1.6100 Average : 0.9533 YTW SCENARIO |
| TRP.PR.A | FixedReset Disc | Quote: 18.30 – 19.45 Spot Rate : 1.1500 Average : 0.6716 YTW SCENARIO |
| BAM.PR.E | Ratchet | Quote: 19.20 – 20.42 Spot Rate : 1.2200 Average : 0.7447 YTW SCENARIO |
| CU.PR.E | Perpetual-Premium | Quote: 24.00 – 25.00 Spot Rate : 1.0000 Average : 0.5747 YTW SCENARIO |