TXPR closed at 654.46, up 0.52% on the day. Volume today was 2.05-million, well above the median of the past 21 trading days.
CPD closed at 13.005, up 0.42% on the day. Volume was 108,070, above the median of the past 21 trading days.
ZPR closed at 10.82 unchanged on the day. Volume of 200,710 was well above the median of the past 21 trading days.
Five-year Canada yields were up to 2.93% today.
BoC Deputy Governor Paul Beaudry warned of a much higher policy rate:
Bank officials have previously said they intend to get the benchmark rate to a “neutral” level of between 2 per cent and 3 per cent relatively quickly. In a speech on Thursday, deputy governor Paul Beaudry said there is a growing probability that the bank will need to move to the top end of this range or above.
“Price pressures are broadening and inflation is much higher than we expected and likely to go higher still before easing,” Mr. Beaudry said, according to the prepared English version of a speech delivered to the Chambre de commerce de Gatineau.
“This raises the likelihood that we may need to raise the policy rate to the top end or above the neutral range to bring demand and supply into balance and keep inflation expectations well anchored.”
So brace yourselves!
| 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 | 1.2098 % | 2,678.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.2098 % | 5,137.0 |
| Floater | 4.64 % | 4.71 % | 43,733 | 15.95 | 3 | 1.2098 % | 2,960.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1652 % | 3,522.5 |
| SplitShare | 4.83 % | 4.75 % | 37,129 | 3.22 | 8 | 0.1652 % | 4,206.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1652 % | 3,282.2 |
| Perpetual-Premium | 5.78 % | -13.68 % | 64,354 | 0.09 | 2 | -0.0790 % | 2,991.4 |
| Perpetual-Discount | 5.57 % | 5.66 % | 61,945 | 14.37 | 34 | 0.0967 % | 3,334.0 |
| FixedReset Disc | 4.43 % | 5.83 % | 122,823 | 14.16 | 57 | 0.3455 % | 2,635.1 |
| Insurance Straight | 5.51 % | 5.52 % | 95,154 | 14.65 | 19 | -0.0374 % | 3,267.8 |
| FloatingReset | 4.87 % | 5.10 % | 51,491 | 15.39 | 2 | -0.3623 % | 2,678.5 |
| FixedReset Prem | 5.02 % | 4.55 % | 111,632 | 2.03 | 9 | 0.3579 % | 2,629.8 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3455 % | 2,693.6 |
| FixedReset Ins Non | 4.31 % | 5.80 % | 72,108 | 14.40 | 15 | 0.0031 % | 2,784.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| RY.PR.M | FixedReset Disc | -4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.05 % |
| CU.PR.G | Perpetual-Discount | -3.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 5.68 % |
| CU.PR.D | Perpetual-Discount | -3.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.76 % |
| GWO.PR.H | Insurance Straight | -2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.72 % |
| BAM.PR.R | FixedReset Disc | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 6.76 % |
| CM.PR.Q | FixedReset Disc | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.74 Evaluated at bid price : 22.00 Bid-YTW : 5.98 % |
| IFC.PR.A | FixedReset Ins Non | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.90 % |
| BAM.PF.G | FixedReset Disc | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.57 % |
| BMO.PR.S | FixedReset Disc | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 5.83 % |
| PWF.PR.T | FixedReset Disc | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.14 % |
| BAM.PR.N | Perpetual-Discount | -1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.63 % |
| GWO.PR.T | Insurance Straight | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.62 Evaluated at bid price : 23.00 Bid-YTW : 5.58 % |
| NA.PR.S | FixedReset Disc | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.20 Evaluated at bid price : 22.50 Bid-YTW : 5.83 % |
| RS.PR.A | SplitShare | -1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 10.05 Bid-YTW : 5.34 % |
| POW.PR.C | Perpetual-Premium | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 24.85 Evaluated at bid price : 25.06 Bid-YTW : 5.87 % |
| BIP.PR.A | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.27 Evaluated at bid price : 22.75 Bid-YTW : 6.62 % |
| MFC.PR.Q | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 24.05 Evaluated at bid price : 24.50 Bid-YTW : 5.57 % |
| BAM.PF.C | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.00 Evaluated at bid price : 22.23 Bid-YTW : 5.54 % |
| PWF.PR.G | Perpetual-Premium | 1.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-02 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : -13.68 % |
| TD.PF.K | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 24.02 Evaluated at bid price : 24.40 Bid-YTW : 5.66 % |
| GWO.PR.N | FixedReset Ins Non | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 6.05 % |
| POW.PR.D | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 5.54 % |
| BAM.PF.B | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 6.30 % |
| BAM.PR.B | Floater | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 4.69 % |
| NA.PR.E | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 24.02 Evaluated at bid price : 24.50 Bid-YTW : 5.64 % |
| BAM.PR.C | Floater | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 4.71 % |
| BIP.PR.F | FixedReset Disc | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 24.05 Evaluated at bid price : 24.40 Bid-YTW : 5.93 % |
| CU.PR.F | Perpetual-Discount | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.58 % |
| MFC.PR.C | Insurance Straight | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.20 % |
| SLF.PR.D | Insurance Straight | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.10 % |
| BAM.PF.I | FixedReset Prem | 1.78 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 4.93 % |
| PWF.PR.L | Perpetual-Discount | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.48 Evaluated at bid price : 22.74 Bid-YTW : 5.67 % |
| PWF.PR.F | Perpetual-Discount | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 23.26 Evaluated at bid price : 23.56 Bid-YTW : 5.63 % |
| BAM.PR.T | FixedReset Disc | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 6.33 % |
| PVS.PR.I | SplitShare | 2.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.75 % |
| NA.PR.W | FixedReset Disc | 2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.88 % |
| BMO.PR.T | FixedReset Disc | 2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.49 Evaluated at bid price : 21.85 Bid-YTW : 5.74 % |
| FTS.PR.M | FixedReset Disc | 3.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 6.21 % |
| TRP.PR.G | FixedReset Disc | 4.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.49 Evaluated at bid price : 21.85 Bid-YTW : 6.14 % |
| TRP.PR.E | FixedReset Disc | 5.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 6.40 % |
| BMO.PR.W | FixedReset Disc | 8.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.47 Evaluated at bid price : 21.82 Bid-YTW : 5.74 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.E | FixedReset Disc | 72,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 23.64 Evaluated at bid price : 24.75 Bid-YTW : 5.62 % |
| TD.PF.D | FixedReset Disc | 59,512 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 22.45 Evaluated at bid price : 23.05 Bid-YTW : 5.71 % |
| IFC.PR.G | FixedReset Ins Non | 57,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 24.20 Evaluated at bid price : 24.62 Bid-YTW : 5.63 % |
| IAF.PR.G | FixedReset Ins Non | 51,649 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-30 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 3.24 % |
| MFC.PR.I | FixedReset Ins Non | 33,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 23.94 Evaluated at bid price : 24.73 Bid-YTW : 5.86 % |
| BAM.PF.F | FixedReset Disc | 32,245 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-02 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 6.40 % |
| There were 12 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.G | Perpetual-Discount | Quote: 19.95 – 24.84 Spot Rate : 4.8900 Average : 4.1340 YTW SCENARIO |
| PWF.PR.K | Perpetual-Discount | Quote: 22.00 – 23.50 Spot Rate : 1.5000 Average : 0.9106 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 23.45 – 24.99 Spot Rate : 1.5400 Average : 0.9641 YTW SCENARIO |
| PWF.PR.L | Perpetual-Discount | Quote: 22.74 – 24.23 Spot Rate : 1.4900 Average : 0.9225 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 19.80 – 23.50 Spot Rate : 3.7000 Average : 3.1784 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 23.95 – 25.10 Spot Rate : 1.1500 Average : 0.6996 YTW SCENARIO |
‘“Price pressures are broadening and inflation is much higher than we expected and likely to go higher still before easing,” Mr. Beaudry said’
=
“the BoC rapid rate hike policy appears to be having no impact on supply chain issues, the war in Ukraine, world oil prices . . . or much else. Therefore, we believe we should raise rates even higher, in hopes that things magically self correct”