TXPR closed at 601.46, up 1.02% on the day. Volume today was 1.49-million, well above the median of the past 21 trading days.
CPD closed at 12.00, up 1.61% on the day. Volume was 42,290, well below the median of the past 21 trading days.
ZPR closed at 9.99, up 0.91% on the day. Volume of 103,910 was below the median of the past 21 trading days.
Five-year Canada yields were down sharply to 2.64% today. I find this all very peculiar. It seems that the market has decided that since the central banks have huffed and puffed, inflation has been blown down and we can start worrying about new things. Well, it may be true, but I’m not as sanguine as all that – they haven’t even finished hiking their policy rates yet! Another factor, I think, is that fourteen years of financial repression has convinced many players that sub-1% interest rates are completely normal. This is another thing I have difficulty swallowing. We’ll see!
US GDP was down a bit:
A key measure of economic output fell for the second straight quarter, raising fears that the United States could be entering a recession — or perhaps that one had begun.
Gross domestic product, adjusted for inflation, fell 0.2 percent in the second quarter, the equivalent of an 0.9 percent annual rate of decline, the Commerce Department said Thursday.
The 0.2 percent decline followed a contraction of 0.4 percent in the first three months of the year — meaning that by one common but unofficial definition, the U.S. economy has entered a recession a mere two years after it emerged from the last one.
Most economists still don’t think the economy meets the formal definition of a recession, which is based on a broader set of indicators including measures of income, spending and employment. The G.D.P. data itself will also be revised several times in the months ahead.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | -0.2889 % | 2,430.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2889 % | 4,661.7 |
| Floater | 6.50 % | 6.57 % | 36,364 | 13.08 | 3 | -0.2889 % | 2,686.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0207 % | 3,448.8 |
| SplitShare | 4.93 % | 5.89 % | 38,645 | 3.11 | 8 | -0.0207 % | 4,118.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0207 % | 3,213.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.9533 % | 2,850.8 |
| Perpetual-Discount | 5.98 % | 6.12 % | 73,572 | 13.76 | 34 | 0.9533 % | 3,108.7 |
| FixedReset Disc | 4.85 % | 5.93 % | 120,693 | 14.31 | 56 | 0.7168 % | 2,431.6 |
| Insurance Straight | 5.92 % | 6.04 % | 87,934 | 13.82 | 18 | 1.2723 % | 3,037.2 |
| FloatingReset | 7.08 % | 7.31 % | 42,593 | 12.13 | 2 | 1.3536 % | 2,491.8 |
| FixedReset Prem | 5.06 % | 5.06 % | 130,826 | 3.06 | 10 | 0.0120 % | 2,575.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7168 % | 2,485.5 |
| FixedReset Ins Non | 4.95 % | 6.38 % | 56,194 | 13.46 | 14 | 0.6970 % | 2,465.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.K | FixedReset Ins Non | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 6.48 % |
| ELF.PR.H | Perpetual-Discount | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.39 Evaluated at bid price : 22.65 Bid-YTW : 6.12 % |
| BIP.PR.F | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.72 Evaluated at bid price : 23.15 Bid-YTW : 6.06 % |
| PVS.PR.I | SplitShare | -1.23 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 6.32 % |
| BAM.PR.Z | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 6.62 % |
| FTS.PR.H | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 13.57 Evaluated at bid price : 13.57 Bid-YTW : 6.93 % |
| MFC.PR.B | Insurance Straight | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.84 % |
| CU.PR.E | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.91 % |
| BAM.PF.B | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.97 % |
| MFC.PR.N | FixedReset Ins Non | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.75 % |
| MFC.PR.J | FixedReset Ins Non | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.23 Evaluated at bid price : 21.23 Bid-YTW : 6.31 % |
| POW.PR.G | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 6.18 % |
| PWF.PR.E | Perpetual-Discount | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.17 Evaluated at bid price : 22.45 Bid-YTW : 6.15 % |
| PWF.PR.K | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.12 % |
| PWF.PR.H | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 23.38 Evaluated at bid price : 23.67 Bid-YTW : 6.10 % |
| PWF.PR.F | Perpetual-Discount | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 6.09 % |
| FTS.PR.K | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.90 % |
| POW.PR.C | Perpetual-Discount | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 23.61 Evaluated at bid price : 23.88 Bid-YTW : 6.12 % |
| TRP.PR.F | FloatingReset | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 7.31 % |
| TRP.PR.C | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 7.42 % |
| SLF.PR.C | Insurance Straight | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.82 % |
| TD.PF.K | FixedReset Disc | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.68 Evaluated at bid price : 23.15 Bid-YTW : 5.67 % |
| TD.PF.C | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.80 % |
| PWF.PR.R | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 6.12 % |
| PWF.PR.Z | Perpetual-Discount | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.13 % |
| CM.PR.O | FixedReset Disc | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.72 % |
| SLF.PR.J | FloatingReset | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 7.03 % |
| TD.PF.D | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.97 % |
| BAM.PR.M | Perpetual-Discount | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 6.07 % |
| POW.PR.A | Perpetual-Discount | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.67 Evaluated at bid price : 22.91 Bid-YTW : 6.16 % |
| RY.PR.O | Perpetual-Discount | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 23.00 Evaluated at bid price : 23.40 Bid-YTW : 5.22 % |
| GWO.PR.R | Insurance Straight | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 5.98 % |
| BAM.PR.N | Perpetual-Discount | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.14 % |
| TRP.PR.A | FixedReset Disc | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 15.24 Evaluated at bid price : 15.24 Bid-YTW : 7.33 % |
| GWO.PR.M | Insurance Straight | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 6.11 % |
| GWO.PR.L | Insurance Straight | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.15 % |
| SLF.PR.E | Insurance Straight | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.81 % |
| MFC.PR.L | FixedReset Ins Non | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.73 % |
| POW.PR.B | Perpetual-Discount | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.13 % |
| MFC.PR.Q | FixedReset Ins Non | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.94 Evaluated at bid price : 20.94 Bid-YTW : 6.32 % |
| RY.PR.Z | FixedReset Disc | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 5.64 % |
| GWO.PR.Y | Insurance Straight | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.90 % |
| BAM.PR.T | FixedReset Disc | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 7.05 % |
| MFC.PR.M | FixedReset Ins Non | 2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.73 % |
| IFC.PR.G | FixedReset Ins Non | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.38 % |
| GWO.PR.S | Insurance Straight | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.64 Evaluated at bid price : 21.95 Bid-YTW : 6.04 % |
| PWF.PF.A | Perpetual-Discount | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.99 % |
| GWO.PR.G | Insurance Straight | 2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 6.07 % |
| NA.PR.E | FixedReset Disc | 2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.79 Evaluated at bid price : 23.40 Bid-YTW : 5.59 % |
| PWF.PR.P | FixedReset Disc | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 13.35 Evaluated at bid price : 13.35 Bid-YTW : 7.09 % |
| NA.PR.S | FixedReset Disc | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.83 % |
| MFC.PR.C | Insurance Straight | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.87 % |
| IFC.PR.K | Perpetual-Discount | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.59 Evaluated at bid price : 21.91 Bid-YTW : 6.05 % |
| GWO.PR.Q | Insurance Straight | 2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 6.08 % |
| CU.PR.C | FixedReset Disc | 2.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.25 % |
| NA.PR.G | FixedReset Disc | 3.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 23.44 Evaluated at bid price : 23.90 Bid-YTW : 5.67 % |
| NA.PR.W | FixedReset Disc | 3.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 5.79 % |
| CU.PR.H | Perpetual-Discount | 4.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 22.31 Evaluated at bid price : 22.60 Bid-YTW : 5.90 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.C | FixedReset Disc | 106,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.25 % |
| PWF.PF.A | Perpetual-Discount | 59,549 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.99 % |
| TD.PF.A | FixedReset Disc | 51,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 20.63 Evaluated at bid price : 20.63 Bid-YTW : 5.80 % |
| CM.PR.O | FixedReset Disc | 29,723 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.72 % |
| MFC.PR.M | FixedReset Ins Non | 28,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.73 % |
| GWO.PR.Y | Insurance Straight | 26,876 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-07-28 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.90 % |
| There were 20 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.T | FixedReset Disc | Quote: 16.65 – 19.33 Spot Rate : 2.6800 Average : 1.7182 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 19.30 – 23.00 Spot Rate : 3.7000 Average : 2.9120 YTW SCENARIO |
| FTS.PR.M | FixedReset Disc | Quote: 18.50 – 20.10 Spot Rate : 1.6000 Average : 0.9665 YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | Quote: 18.20 – 20.05 Spot Rate : 1.8500 Average : 1.2216 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 19.10 – 20.50 Spot Rate : 1.4000 Average : 0.7984 YTW SCENARIO |
| IFC.PR.K | Perpetual-Discount | Quote: 21.91 – 23.47 Spot Rate : 1.5600 Average : 1.0518 YTW SCENARIO |