TXPR closed at 610.49, hitting a new 52-week low on the day, down 1.04% on the day. Volume today was 2.65-million, above the median of the past 21 trading days.
CPD closed at 12.085, hitting a new 52-week low on the day, down 1.19% on the day. Volume was 250,830, third-highest of the past 21 trading days, behind April 7 and April 8.
ZPR closed at 10.095, hitting a new 52-week low on the day, down 1.70% on the day. Volume of 330,630 was well above the median of the past 21 trading days.
Five-year Canada yields were up 8bp to 2.68% today.
PerpetualDiscounts now yield 6.01%, equivalent to 7.81% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.63%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has exploded to 320bp from the 275bp reported April 20.
| 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 | 3.74 % | 4.45 % | 25,318 | 18.58 | 1 | -1.3889 % | 2,528.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0941 % | 4,826.0 |
| Floater | 4.22 % | 4.29 % | 36,258 | 16.82 | 4 | -0.0941 % | 2,781.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6231 % | 3,564.4 |
| SplitShare | 4.71 % | 5.01 % | 49,561 | 3.45 | 6 | 0.6231 % | 4,256.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6231 % | 3,321.2 |
| Perpetual-Premium | 5.84 % | 5.97 % | 79,091 | 13.95 | 16 | -0.2252 % | 2,923.1 |
| Perpetual-Discount | 5.89 % | 6.01 % | 67,440 | 13.90 | 17 | -0.6811 % | 3,149.2 |
| FixedReset Disc | 4.72 % | 6.02 % | 131,347 | 14.12 | 49 | -1.2894 % | 2,434.0 |
| Insurance Straight | 5.79 % | 5.91 % | 102,261 | 13.98 | 20 | -0.6860 % | 3,098.4 |
| FloatingReset | 4.69 % | 5.06 % | 71,280 | 15.39 | 2 | -1.3534 % | 2,603.0 |
| FixedReset Prem | 4.95 % | 5.55 % | 147,752 | 3.31 | 19 | -0.4885 % | 2,608.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.2894 % | 2,488.0 |
| FixedReset Ins Non | 4.71 % | 6.05 % | 85,667 | 13.90 | 15 | -1.3069 % | 2,547.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| NA.PR.E | FixedReset Disc | -7.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 6.32 % |
| BMO.PR.Y | FixedReset Disc | -6.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.23 % |
| BAM.PR.R | FixedReset Disc | -6.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.12 % |
| MFC.PR.Q | FixedReset Ins Non | -4.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.28 % |
| CM.PR.Q | FixedReset Disc | -4.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 6.17 % |
| BAM.PF.H | FixedReset Prem | -4.55 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.11 Bid-YTW : 6.24 % |
| GWO.PR.G | Insurance Straight | -4.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.30 % |
| NA.PR.W | FixedReset Disc | -3.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.96 % |
| BAM.PR.Z | FixedReset Disc | -2.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.40 Evaluated at bid price : 21.70 Bid-YTW : 6.53 % |
| BMO.PR.S | FixedReset Disc | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.95 % |
| BAM.PR.T | FixedReset Disc | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.74 % |
| CU.PR.D | Perpetual-Discount | -2.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.03 % |
| MFC.PR.J | FixedReset Ins Non | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.63 Evaluated at bid price : 22.02 Bid-YTW : 6.04 % |
| PWF.PR.T | FixedReset Disc | -2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.24 % |
| MFC.PR.M | FixedReset Ins Non | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 6.31 % |
| IFC.PR.E | Insurance Straight | -2.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.94 Evaluated at bid price : 22.20 Bid-YTW : 5.91 % |
| BAM.PF.E | FixedReset Disc | -2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.83 % |
| IFC.PR.A | FixedReset Ins Non | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.14 % |
| TRP.PR.G | FixedReset Disc | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 6.51 % |
| BAM.PF.D | Perpetual-Discount | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 6.19 % |
| BAM.PR.X | FixedReset Disc | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 6.73 % |
| BAM.PF.F | FixedReset Disc | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.78 % |
| GWO.PR.L | Insurance Straight | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 6.06 % |
| NA.PR.S | FixedReset Disc | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.96 % |
| MFC.PR.L | FixedReset Ins Non | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.24 % |
| BMO.PR.F | FixedReset Prem | -1.76 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.27 % |
| MFC.PR.B | Insurance Straight | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.82 % |
| BMO.PR.W | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.02 % |
| BAM.PF.G | FixedReset Disc | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.73 % |
| GWO.PR.N | FixedReset Ins Non | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 6.29 % |
| CU.PR.F | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 5.98 % |
| MFC.PR.K | FixedReset Ins Non | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 6.03 % |
| MFC.PR.I | FixedReset Ins Non | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 22.31 Evaluated at bid price : 23.10 Bid-YTW : 6.02 % |
| MFC.PR.C | Insurance Straight | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.74 % |
| TRP.PR.F | FloatingReset | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 16.27 Evaluated at bid price : 16.27 Bid-YTW : 5.06 % |
| BAM.PR.E | Ratchet | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 25.00 Evaluated at bid price : 17.75 Bid-YTW : 4.45 % |
| FTS.PR.H | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 14.21 Evaluated at bid price : 14.21 Bid-YTW : 6.56 % |
| TRP.PR.D | FixedReset Disc | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 6.93 % |
| CU.PR.E | Perpetual-Discount | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 6.03 % |
| BAM.PF.A | FixedReset Disc | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.46 Evaluated at bid price : 21.80 Bid-YTW : 6.41 % |
| SLF.PR.G | FixedReset Ins Non | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 14.66 Evaluated at bid price : 14.66 Bid-YTW : 6.28 % |
| BNS.PR.I | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 22.14 Evaluated at bid price : 22.46 Bid-YTW : 5.68 % |
| CU.PR.H | Perpetual-Premium | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 22.16 Evaluated at bid price : 22.46 Bid-YTW : 5.93 % |
| SLF.PR.J | FloatingReset | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 4.39 % |
| PWF.PR.L | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.01 % |
| IFC.PR.K | Perpetual-Premium | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 22.92 Evaluated at bid price : 23.31 Bid-YTW : 5.69 % |
| NA.PR.G | FixedReset Prem | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 22.49 Evaluated at bid price : 22.88 Bid-YTW : 5.91 % |
| TRP.PR.B | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.92 % |
| PVS.PR.F | SplitShare | -1.10 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2023-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.57 % |
| GWO.PR.R | Insurance Straight | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 5.99 % |
| BAM.PF.C | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 6.05 % |
| BMO.PR.E | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 22.65 Evaluated at bid price : 23.05 Bid-YTW : 5.85 % |
| TRP.PR.E | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.86 % |
| BAM.PF.B | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.66 % |
| PVS.PR.I | SplitShare | 1.20 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.48 % |
| FTS.PR.M | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.63 % |
| SLF.PR.H | FixedReset Ins Non | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 6.05 % |
| PVS.PR.H | SplitShare | 2.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.70 Bid-YTW : 5.17 % |
| TD.PF.A | FixedReset Disc | 3.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 5.98 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.R | FixedReset Prem | 405,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 24.07 Evaluated at bid price : 24.85 Bid-YTW : 6.07 % |
| RY.PR.H | FixedReset Disc | 118,590 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.91 % |
| CM.PR.O | FixedReset Disc | 114,904 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.99 % |
| POW.PR.D | Perpetual-Discount | 101,645 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.00 % |
| GWO.PR.I | Insurance Straight | 59,138 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 5.90 % |
| FTS.PR.F | Perpetual-Discount | 51,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-27 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.74 % |
| There were 37 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PVS.PR.I | SplitShare | Quote: 25.40 – 30.00 Spot Rate : 4.6000 Average : 2.7420 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 19.16 – 22.75 Spot Rate : 3.5900 Average : 2.6690 YTW SCENARIO |
| BAM.PR.T | FixedReset Disc | Quote: 17.35 – 20.05 Spot Rate : 2.7000 Average : 1.8610 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 15.80 – 17.49 Spot Rate : 1.6900 Average : 0.9680 YTW SCENARIO |
| BAM.PR.R | FixedReset Disc | Quote: 16.00 – 18.57 Spot Rate : 2.5700 Average : 1.8791 YTW SCENARIO |
| BMO.PR.Y | FixedReset Disc | Quote: 20.00 – 21.54 Spot Rate : 1.5400 Average : 0.9025 YTW SCENARIO |
[…] PerpetualDiscounts now yield 5.83%, equivalent to 7.58% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has reverted to 275bp from the 320bp reported April 27. […]