TXPR closed at 619.88, hitting a new 52-week low on the day, but up 1.54% on the day. Volume today was 1.86-million, a bit below the median of the past 21 trading days.
CPD closed at 12.39, hitting a new 52-week low on the day, but up 2.48% on the day. Volume was 339,580, highest of the past 21 trading days.
ZPR closed at 10.36, hitting a new 52-week low on the day, but up 2.57% on the day. Volume of 305,910 was above the median of the past 21 trading days.
Five-year Canada yields were unchanged at 2.68% today.
MAGA wars are coming to a bank near you!:
As three of the nation’s largest banks kicked off the U.S. financial industry’s annual gatherings this week, conservative speakers showed up with questions, proposals and ultimatums. They’re not matching the size of the liberal-leaning crowd — their proposals garnered the least amount of supporting votes from shareholders — but they’re trying to steer the agenda nonetheless.
At Citigroup and Bank of America, the activists argued that vows to improve diversity or pay more equitably may hurt groups of people who aren’t underrepresented. At Wells Fargo, the top arranger of loans to fossil-fuel companies last year, an activist chided the bank for donating to groups fighting climate change, “which is just Marxism dressed up as environmentalism.” He also warned it not to follow Walt Disney Co. in the sort of “woke” LGBTQ advocacy that drew a backlash from “Make America Great Again” activists and Republican politicians in Florida.
“Wells Fargo needs to take a hard look at the fix that Disney finds itself in,” the speaker, Paul Chesser, director of the conservative National Legal and Policy Center’s Corporate Integrity Project, warned the bank leaders. “Stay out of politics and properly serve all its customers and shareholders.”
There are no shortages of idiots on any side of this issue, but the MAGA clowns are most entertaining, albeit the most dangerous. The targetting of Disney by Florida’s state government due to Disney’s views on legislation, while very popular with the lunatic fringe, should send chills down anybody’s spine.
Meanwhile, in Ontario, we’re going to spend like hell and put it on the tab:
Ontario Finance Minister Peter Bethlenfalvy unveiled a pre-election budget on Thursday that pledges billions more in spending for long-term plans to expand hospitals and build highways and puts off eliminating the province’s deficit for another six years.
…
The document promises an additional $10-billion for hospital expansion, and would increase spending on highways and roads by $4-billion, both over 10 years.But it contains few other major new policies or projects, as the government has spent months announcing many of its key provisions, including an end to licence-plate fees for cars, and a pledge to cut the gas tax temporarily.
…
For this fiscal year, 2022-23, the budget projects a deficit of $19.9-billion (including $1-billion in reserve funds, which would reduce the red ink if not spent). This year’s number is up from last year’s $13.5-billion deficit, which included billions the province spent battling the continuing pandemic.
| 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 | 3.77 % | 4.45 % | 26,382 | 18.61 | 1 | -0.1690 % | 2,524.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2073 % | 4,836.1 |
| Floater | 4.21 % | 4.30 % | 37,865 | 16.80 | 4 | 0.2073 % | 2,787.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2558 % | 3,573.5 |
| SplitShare | 4.70 % | 4.95 % | 48,969 | 3.45 | 6 | 0.2558 % | 4,267.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2558 % | 3,329.7 |
| Perpetual-Premium | 5.78 % | 5.90 % | 78,792 | 14.05 | 16 | 1.0264 % | 2,953.1 |
| Perpetual-Discount | 5.81 % | 5.90 % | 70,485 | 14.03 | 17 | 1.4462 % | 3,194.8 |
| FixedReset Disc | 4.66 % | 5.96 % | 129,120 | 14.18 | 49 | 1.3520 % | 2,466.9 |
| Insurance Straight | 5.72 % | 5.80 % | 103,499 | 14.15 | 20 | 1.2411 % | 3,136.8 |
| FloatingReset | 4.77 % | 5.03 % | 71,880 | 15.43 | 2 | -1.7150 % | 2,558.3 |
| FixedReset Prem | 4.93 % | 5.58 % | 149,853 | 3.28 | 19 | 0.2486 % | 2,614.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.3520 % | 2,521.7 |
| FixedReset Ins Non | 4.67 % | 5.97 % | 86,424 | 13.98 | 15 | 0.7918 % | 2,567.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.J | FloatingReset | -3.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 15.17 Evaluated at bid price : 15.17 Bid-YTW : 4.57 % |
| BNS.PR.I | FixedReset Disc | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.62 Evaluated at bid price : 22.04 Bid-YTW : 5.79 % |
| IAF.PR.I | FixedReset Ins Non | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.56 Evaluated at bid price : 23.11 Bid-YTW : 5.88 % |
| NA.PR.S | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.06 % |
| IFC.PR.G | FixedReset Ins Non | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.61 Evaluated at bid price : 22.01 Bid-YTW : 5.97 % |
| TD.PF.B | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.96 % |
| BAM.PF.F | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.71 % |
| FTS.PR.F | Perpetual-Discount | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.62 Evaluated at bid price : 21.87 Bid-YTW : 5.69 % |
| GWO.PR.M | Insurance Straight | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.98 % |
| PVS.PR.J | SplitShare | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 4.95 % |
| PWF.PR.E | Perpetual-Premium | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 23.06 Evaluated at bid price : 23.32 Bid-YTW : 5.92 % |
| TD.PF.E | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 5.92 % |
| MFC.PR.K | FixedReset Ins Non | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 5.96 % |
| GWO.PR.Y | Insurance Straight | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.75 % |
| GWO.PR.S | Insurance Straight | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.92 Evaluated at bid price : 22.29 Bid-YTW : 5.94 % |
| CU.PR.E | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 5.95 % |
| FTS.PR.K | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.52 % |
| CU.PR.J | Perpetual-Discount | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 5.94 % |
| CU.PR.G | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.88 % |
| BAM.PR.Z | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.62 Evaluated at bid price : 22.00 Bid-YTW : 6.44 % |
| GWO.PR.P | Insurance Straight | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.88 % |
| PWF.PR.O | Perpetual-Premium | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.91 % |
| PWF.PR.L | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.91 % |
| MFC.PR.J | FixedReset Ins Non | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.83 Evaluated at bid price : 22.33 Bid-YTW : 5.95 % |
| PWF.PR.Z | Perpetual-Premium | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.61 Evaluated at bid price : 21.92 Bid-YTW : 5.90 % |
| BMO.PR.W | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.94 % |
| RY.PR.N | Perpetual-Premium | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.72 Evaluated at bid price : 23.00 Bid-YTW : 5.32 % |
| TD.PF.A | FixedReset Disc | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.90 % |
| PWF.PR.R | Perpetual-Premium | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 5.90 % |
| PWF.PR.T | FixedReset Disc | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 6.15 % |
| BAM.PF.A | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.70 Evaluated at bid price : 22.15 Bid-YTW : 6.31 % |
| BAM.PR.T | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 6.64 % |
| BIP.PR.F | FixedReset Prem | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 23.58 Evaluated at bid price : 24.75 Bid-YTW : 5.61 % |
| CM.PR.P | FixedReset Disc | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 5.87 % |
| GWO.PR.I | Insurance Straight | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.64 Evaluated at bid price : 19.64 Bid-YTW : 5.80 % |
| MFC.PR.C | Insurance Straight | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.64 % |
| BAM.PR.X | FixedReset Disc | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 17.18 Evaluated at bid price : 17.18 Bid-YTW : 6.61 % |
| NA.PR.G | FixedReset Prem | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.88 Evaluated at bid price : 23.30 Bid-YTW : 5.80 % |
| MFC.PR.N | FixedReset Ins Non | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.22 % |
| POW.PR.A | Perpetual-Premium | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 23.75 Evaluated at bid price : 24.06 Bid-YTW : 5.86 % |
| GWO.PR.L | Insurance Straight | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.94 % |
| BMO.PR.S | FixedReset Disc | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.84 % |
| CU.PR.D | Perpetual-Discount | 1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.91 % |
| BAM.PF.D | Perpetual-Discount | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 6.07 % |
| TRP.PR.A | FixedReset Disc | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 16.58 Evaluated at bid price : 16.58 Bid-YTW : 6.73 % |
| TRP.PR.E | FixedReset Disc | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.73 % |
| IFC.PR.E | Insurance Straight | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.26 Evaluated at bid price : 22.64 Bid-YTW : 5.79 % |
| BAM.PF.G | FixedReset Disc | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.60 % |
| CU.PR.F | Perpetual-Discount | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.57 Evaluated at bid price : 19.57 Bid-YTW : 5.85 % |
| TRP.PR.D | FixedReset Disc | 2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.78 % |
| SLF.PR.G | FixedReset Ins Non | 2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 14.99 Evaluated at bid price : 14.99 Bid-YTW : 6.15 % |
| BAM.PF.B | FixedReset Disc | 2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 6.51 % |
| TRP.PR.B | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 6.77 % |
| MFC.PR.I | FixedReset Ins Non | 2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.86 Evaluated at bid price : 23.68 Bid-YTW : 5.87 % |
| POW.PR.G | Perpetual-Premium | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 5.86 % |
| PWF.PR.K | Perpetual-Discount | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.88 % |
| POW.PR.D | Perpetual-Discount | 2.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.83 % |
| BAM.PF.E | FixedReset Disc | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 6.66 % |
| FTS.PR.M | FixedReset Disc | 2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 6.46 % |
| PWF.PR.F | Perpetual-Premium | 2.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 5.81 % |
| TRP.PR.G | FixedReset Disc | 3.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.31 % |
| GWO.PR.R | Insurance Straight | 4.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.76 % |
| PWF.PF.A | Perpetual-Discount | 4.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.51 % |
| BMO.PR.Y | FixedReset Disc | 5.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.95 % |
| CM.PR.Q | FixedReset Disc | 5.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.89 % |
| MFC.PR.Q | FixedReset Ins Non | 5.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.71 Evaluated at bid price : 22.15 Bid-YTW : 5.92 % |
| GWO.PR.G | Insurance Straight | 5.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 5.93 % |
| NA.PR.E | FixedReset Disc | 7.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.81 Evaluated at bid price : 22.30 Bid-YTW : 5.85 % |
| BAM.PR.R | FixedReset Disc | 9.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 6.52 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.I | FixedReset Ins Non | 121,961 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.86 Evaluated at bid price : 23.68 Bid-YTW : 5.87 % |
| CU.PR.E | Perpetual-Discount | 97,147 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 5.95 % |
| CM.PR.R | FixedReset Prem | 86,474 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.08 % |
| FTS.PR.J | Perpetual-Discount | 73,595 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.70 % |
| BMO.PR.C | FixedReset Prem | 61,740 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-24 Maturity Price : 25.00 Evaluated at bid price : 25.24 Bid-YTW : 5.89 % |
| IFC.PR.K | Perpetual-Premium | 40,654 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-28 Maturity Price : 22.87 Evaluated at bid price : 23.25 Bid-YTW : 5.71 % |
| There were 27 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.J | FixedReset Ins Non | Quote: 22.33 – 25.37 Spot Rate : 3.0400 Average : 1.8401 YTW SCENARIO |
| RY.PR.J | FixedReset Disc | Quote: 21.30 – 23.90 Spot Rate : 2.6000 Average : 1.6078 YTW SCENARIO |
| FTS.PR.M | FixedReset Disc | Quote: 19.52 – 21.80 Spot Rate : 2.2800 Average : 1.4406 YTW SCENARIO |
| RY.PR.H | FixedReset Disc | Quote: 20.32 – 22.00 Spot Rate : 1.6800 Average : 0.9603 YTW SCENARIO |
| BAM.PF.B | FixedReset Disc | Quote: 20.26 – 22.75 Spot Rate : 2.4900 Average : 1.8086 YTW SCENARIO |
| RY.PR.Z | FixedReset Disc | Quote: 20.40 – 22.00 Spot Rate : 1.6000 Average : 1.0338 YTW SCENARIO |
MAGA = Mad Against All
Of course it is anyone who isn’t exactly like them.
White, generally uneducated, fable-believing, gun loving, hetero middle-aged males
Then there is the other 70% of society.
Oh Dave … thank you for your virtue-signalling self-righteousness … I’m sure that all PrefBlog readers were greatly enlightened by your contribution! NOT! LOL!
Over the past year I have stopped visiting several blogs that I routinely followed, as they were drawn into (and then struggled to get out of) the constant political debate of our times. They quickly became toxic, and a home to name-calling, etc, and the original point of the blog fell by the wayside in the process. I never engaged or commented on any of those blogs at those times, but simply moved on, and I have never gone back to any of them.
I was saddened to read this one this morning, followed by the predictable wannabe lapdog with the “white people bad” comment that inevitably follows. Had a quick “here we go again” moment.
The attraction of a blog, for me, is one that is talking about things that everyone is NOT already talking (fighting) about elsewhere. In this case, the Canadian pref market, an area interesting to me. There has been a lot of good commentary on this blog, and a lot of good participation recently for example with the volatility in markets.
My fingers are crossed.
And just like that 6% yields are gone…
Retrospectively, 6% was the hard line where everything bounced off. Other than BEP/BRF none of the perpetuals touched that level. GWO/POW/PWF came close but there was a hard bounce off of that level.
7% or higher is still way off.
XR776, an articulate and thoughtful post!
The by now venerable Financial Wisdom Forum, probably familiar to readers of Prefblog, not only has a zero-tolerance policy for political rants, but I’ve seen them enforce it.
There’s a cesspool of sites/social media that has endless chatter about political issues. This is one of the few places where the idiosyncrasies of the preferred market can be discussed without feeling weird. Let’s keep it that way please.
Here, here! No politics!
As we know, the following issues are earmarked for upcoming redemptions:
BEP.PR.K – being redeemed April 30
BMO.PR.C – being redeemed May 25
TRP.PR.K – being redeemed May 31
Element Fleet mentioned in a recent corporate update that they are planning a pref redemption during Q2 which would have to be the following min reset (since no other EFNs are resetting in Q2):
EFN.PR.I ELEMENT FLEET MA Ser I Min Reset
Element Capital also has one resetting on 30 June – their last outstanding pref if I’m not mistaken – so I anticipate this one will also be redeemed:
ECN.PR.C ECN CAPITAL CORP Ser C Min Reset
Any clues about the following min reset with a spread of 374?:
BPO.PR.G BROOKFIELD Ser GG
Cheers!
skeptical says:
And just like that 6% yields are gone… . skeptical , i think its very early in the int rate increasing game . the 6 % and higher will be back .
Baffled
You are perhaps right. May be the central banks will push the rates higher and higher till things fall apart. Perhaps 7% or even higher will be seen before the fat lady sings for this cycle.
But our economy is very different from what it was a decade or two decades ago. The disconnect between asset prices and incomes(and earnings for the corporates) is so huge that a 5% risk free rate is going to crash everything.
And even then, with 5% rates, would you not have a 6% perpetual, considering the tax advantages?
But this difference in perspective is what makes the market.
Hoping for higher and higher yields in future!
The 7% pref is not dead. I know that it is not investment grade nor a perpetual, but ffn.pr.a was trading at 9.68 this morning yielding 7.02% . I cannot explain why so many split share prefs are under 10$ given that they will reset at higher rates and can be refunded if not happy with the rate.
skeptical . . . the GoC5 is up another 10bp at this point today, and the others are also showing higher yields . . . as long as the mantra, and follow through on rate hikes continues, bonds will continue to drift lower, and sadly, prefs both perp, and reset will follow suit. Yea, a unicorn day is nicer than a nuke day, but if “assiduous readers” want a sense of the mid to long term direction, I think a look at Jame’s picture gallery is a pretty accurate indicator. Why did prefs rise yesterday? Probably because the equity markets had a bounce day after a week of losses. As I think I’ve suggested previously, the only event that might truly put an early floor under the fixed income markets is a pause, or end to the rate hike cycle. Anything else is just a single day event. At this point in time, rates are going to continue their elevator like ascent, and so will bond yields, . . . and so will pref dividend yield expectations. Sorry skeptical; just trying to keep it real!
ratchetrick & skeptical , there are going to be market crash days , when everything gets sold , to cover margin , and raise cash in a panic . get ready , there will be some high yields in our future
there are going to be market crash days , when everything gets sold , to cover margin , and raise cash in a panic .
YES. YES.
This is what will lead to 7% or higher yields, IMHO.
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