TXPR closed at 619.18, up 1.53% on the day. Volume today was 781,400, second-lowest of the past 21 trading days.
CPD closed at 12.24, unchanged on the day. Volume was 125,610, third-highest of the past 21 trading days.
ZPR closed at 10.30 up 0.78% on the day. Volume of 142,060 was third-lowest of the past 21 trading days.
Five-year Canada yields were up a bit to 3.24% today.
| 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 | 0.5116 % | 2,515.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5116 % | 4,825.0 |
| Floater | 4.94 % | 4.95 % | 49,665 | 15.60 | 3 | 0.5116 % | 2,780.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3458 % | 3,450.2 |
| SplitShare | 4.93 % | 5.57 % | 44,993 | 3.16 | 8 | 0.3458 % | 4,120.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3458 % | 3,214.8 |
| Perpetual-Premium | 6.02 % | 6.11 % | 77,414 | 13.65 | 2 | 0.5176 % | 2,869.6 |
| Perpetual-Discount | 5.98 % | 6.07 % | 66,443 | 13.77 | 34 | 0.9200 % | 3,105.3 |
| FixedReset Disc | 4.66 % | 6.40 % | 119,220 | 13.53 | 57 | 0.7459 % | 2,502.2 |
| Insurance Straight | 5.99 % | 6.08 % | 91,904 | 13.82 | 19 | 0.4671 % | 3,003.4 |
| FloatingReset | 5.89 % | 6.20 % | 48,873 | 13.62 | 2 | 0.7859 % | 2,602.2 |
| FixedReset Prem | 5.07 % | 5.34 % | 138,727 | 1.97 | 9 | 0.2779 % | 2,600.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7459 % | 2,557.7 |
| FixedReset Ins Non | 4.56 % | 6.38 % | 73,601 | 13.64 | 15 | 0.7494 % | 2,629.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.M | Insurance Straight | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 23.39 Evaluated at bid price : 23.68 Bid-YTW : 6.15 % |
| BAM.PR.X | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 7.38 % |
| IFC.PR.K | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.75 Evaluated at bid price : 22.05 Bid-YTW : 5.97 % |
| BIP.PR.B | FixedReset Prem | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.51 % |
| SLF.PR.E | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.83 % |
| BNS.PR.I | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 23.61 Evaluated at bid price : 24.00 Bid-YTW : 5.86 % |
| TD.PF.A | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 6.24 % |
| RY.PR.N | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 23.08 Evaluated at bid price : 23.51 Bid-YTW : 5.25 % |
| PWF.PR.L | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.18 % |
| IFC.PR.E | Insurance Straight | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 22.25 Evaluated at bid price : 22.60 Bid-YTW : 5.77 % |
| PWF.PR.K | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.20 % |
| TD.PF.M | FixedReset Prem | 1.17 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 5.34 % |
| CU.PR.G | Perpetual-Discount | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.07 % |
| IFC.PR.I | Perpetual-Discount | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 22.38 Evaluated at bid price : 22.77 Bid-YTW : 5.94 % |
| GWO.PR.Q | Insurance Straight | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.16 % |
| TD.PF.D | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.37 Evaluated at bid price : 21.69 Bid-YTW : 6.30 % |
| PWF.PR.F | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.34 Evaluated at bid price : 21.61 Bid-YTW : 6.17 % |
| PWF.PF.A | Perpetual-Discount | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.18 % |
| GWO.PR.Y | Insurance Straight | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.09 % |
| BAM.PR.M | Perpetual-Discount | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.07 % |
| TRP.PR.F | FloatingReset | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 16.31 Evaluated at bid price : 16.31 Bid-YTW : 6.20 % |
| FTS.PR.G | FixedReset Disc | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.07 Evaluated at bid price : 20.07 Bid-YTW : 6.63 % |
| IFC.PR.A | FixedReset Ins Non | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.28 % |
| RY.PR.S | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 23.62 Evaluated at bid price : 24.00 Bid-YTW : 5.78 % |
| TRP.PR.C | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 13.49 Evaluated at bid price : 13.49 Bid-YTW : 7.60 % |
| POW.PR.G | Perpetual-Discount | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 23.15 Evaluated at bid price : 23.45 Bid-YTW : 5.97 % |
| CU.PR.D | Perpetual-Discount | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.09 % |
| PWF.PR.T | FixedReset Disc | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 6.63 % |
| MFC.PR.M | FixedReset Ins Non | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.84 Evaluated at bid price : 19.84 Bid-YTW : 6.70 % |
| BAM.PF.E | FixedReset Disc | 2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 7.11 % |
| GWO.PR.S | Insurance Straight | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.14 % |
| GWO.PR.N | FixedReset Ins Non | 2.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.98 % |
| CU.PR.F | Perpetual-Discount | 2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.96 % |
| FTS.PR.M | FixedReset Disc | 2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.75 % |
| PVS.PR.K | SplitShare | 3.07 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 5.57 % |
| CU.PR.C | FixedReset Disc | 3.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.50 Evaluated at bid price : 21.80 Bid-YTW : 6.34 % |
| CU.PR.H | Perpetual-Discount | 3.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 22.09 Evaluated at bid price : 22.09 Bid-YTW : 6.01 % |
| TRP.PR.A | FixedReset Disc | 3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.55 % |
| IFC.PR.C | FixedReset Disc | 3.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.88 % |
| BAM.PR.T | FixedReset Disc | 3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 17.59 Evaluated at bid price : 17.59 Bid-YTW : 7.11 % |
| MFC.PR.N | FixedReset Ins Non | 4.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 6.64 % |
| TRP.PR.E | FixedReset Disc | 7.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 7.32 % |
| MIC.PR.A | Perpetual-Discount | 9.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 21.30 Evaluated at bid price : 21.60 Bid-YTW : 6.27 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.T | FixedReset Disc | 34,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.36 % |
| CM.PR.S | FixedReset Disc | 30,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 22.36 Evaluated at bid price : 23.21 Bid-YTW : 6.08 % |
| PWF.PR.S | Perpetual-Discount | 29,030 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.14 % |
| CM.PR.R | FixedReset Disc | 26,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 3.32 % |
| PWF.PR.O | Perpetual-Discount | 22,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-06-24 Maturity Price : 23.53 Evaluated at bid price : 23.80 Bid-YTW : 6.19 % |
| CU.PR.I | FixedReset Prem | 21,900 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.48 % |
| There were 10 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.E | Insurance Straight | Quote: 22.60 – 23.98 Spot Rate : 1.3800 Average : 0.9558 YTW SCENARIO |
| CM.PR.O | FixedReset Disc | Quote: 20.95 – 22.00 Spot Rate : 1.0500 Average : 0.7119 YTW SCENARIO |
| BAM.PR.X | FixedReset Disc | Quote: 17.01 – 18.00 Spot Rate : 0.9900 Average : 0.7710 YTW SCENARIO |
| TRP.PR.B | FixedReset Disc | Quote: 12.81 – 14.29 Spot Rate : 1.4800 Average : 1.2721 YTW SCENARIO |
| IFC.PR.G | FixedReset Ins Non | Quote: 21.90 – 22.90 Spot Rate : 1.0000 Average : 0.8082 YTW SCENARIO |
| BAM.PR.N | Perpetual-Discount | Quote: 19.21 – 19.83 Spot Rate : 0.6200 Average : 0.4337 YTW SCENARIO |
Sometimes I’d like to understand why quite regularly during the last few minutes of trading on Fridays, many prefs close at their ask price despite not trading anywhere near such levels during the day.
It feels like there are a bunch of totally artificial trade orders that appear from who knows where to prop up prices… very often followed by a drop the following Monday.
Yomgui, it’s easy for market makers to play games when so many of these prefs are not very liquid. Take for example, trp.pr.h that ratchetrick mentioned a couple days ago. the volume on that share was (m)100, (t)500, (w)100, (t)400, (f)500. so, it’s incredibly easy to manipulate prices with trading is so thin. i’ve also noticed when i’ve traded prefs, there are so many times when my orders are filled but never appear anywhere. i’m with Waterhouse and they probably fill the orders themselves. i get filled and there is no change in daily volume.
Sometimes I’d like to understand why quite regularly during the last few minutes of trading on Fridays, many prefs close at their ask price despite not trading anywhere near such levels during the day.
A lot of this is due to the influence of Market on Close orders.
i’ve also noticed when i’ve traded prefs, there are so many times when my orders are filled but never appear anywhere. i’m with Waterhouse and they probably fill the orders themselves. i get filled and there is no change in daily volume.
TDW may well be filling your order internally, but if they are doing so as principal that will be disclosed on your confirm. If they acted as agents your confirm should include a statement to the effect of “AS AGENTS, WE TODAY CONFIRM THE FOLLOWING SALE FOR YOUR ACCOUNT TRADED ON ONE OR MORE MARKETPLACES OR MARKETS. DETAILS AVAILABLE UPON
REQUEST”. If you make the inquiry, you’ll be able to determine which Alternative Trading System executed your trade.
I use stockwatch to see the trading on the ATS. With lots of issues, what trades on the TSX is a fraction of what trades overall.