TXPR closed at 563.92, down 0.79% on the day. Volume today was 925,210, fourth-lowest of the past 21 trading days. The decline is a little over half of Friday’s gain … it would be interesting to work out the transaction costs of the accounts that were buying late on Friday. Say, 3-million shares extra, 0.75% peak market impact, $20/share … say, up to $450,000? And commission on top of that?
CPD closed at 11.20, down 0.53% on the day. Volume was 67,110, fourth-lowest of the past 21 trading days.
ZPR closed at 9.39, down 0.53% on the day. Volume was 252,790, third-highest of the past 21 trading days.
Five-year Canada yields were down slightly to 3.75% today.
Rishi Sunak will be the next UK PM:
He’s got a glittering résumé, billionaire in-laws and enjoyed a meteoric rise in politics. But Rishi Sunak, the man about to become Britain’s next prime minister, remains something of a mystery to many in the country.
Mr. Sunak, 42, was acclaimed Conservative Party Leader on Monday and he’ll formally take over as prime minister on Tuesday, replacing Liz Truss who resigned after just 45 days in office. He’ll make history as Britain’s first person of Indian origin to hold the post and the youngest in more than 200 years. He’ll also be the country’s third prime minister in seven weeks.
…
Mr. Sunak’s victory comes with a certain amount of vindication. He finished second to Ms. Truss in a bruising leadership campaign this summer that pitted his experience as Chancellor of the Exchequer against her free-market ideology. Mr. Sunak tried to be the voice of reason during the race and he criticized Ms. Truss’s pledge to slash taxes as a “fairy tale.”In the end, Ms. Truss proved Mr. Sunak’s point by introducing a tax-cutting mini-budget that caused so much financial turmoil that Conservative members of Parliament moved quickly to force her out.
So we’ll see how that turns out. In the meantime, have a look at an American reaction to the Truss budget, courtesy of Fox News.
Speaking of quick flameouts, the OSC has a job opening:
Heather Zordel, the new chair of the recently restructured Ontario Securities Commission has resigned, just seven months after she was appointed to lead the board of Canada’s largest securities regulator.
Ms. Zordel, a Bay Street lawyer, was appointed in March by the Progressive Conservative government of Ontario Premier Doug Ford, immediately prompting two high-profile board resignations in protest.
…
But when Ms. Zordel’s appointment was announced in March, it immediately caused a stir. Ms. Zordel had a previous, contentious term as a commissioner between 2019 and 2021, which ended not long after a majority of commissioner peers recommended against her reappointment. Her elevation to chair a little more than a year later prompted two sitting commissioners – lead director Lorie Haber and Craig Hayman, the chair of the OSC’s governance and nominating committee – to resign in protest.She has also been criticized by investor protection advocates for some of the views she espoused in two decisions she worked on during her first stint with the OSC.
In both cases, she was part of a three-person adjudicative panel, but dissented, in part, from the majority. Her dissents were two of just three dissents in OSC enforcement proceedings over the past decade, according to the regulator’s records.
In her dissents, Ms. Zordel differed from the other two members of each adjudicative panel on several core issues in securities law. Those issues include what constitutes material, non-public information (MNPI), which can lead to illegal insider trading. She also disagreed with other panelists about how much leeway an investment fund has to deviate from its offering memoranda before its actions become fraudulent.
| 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 | 1.0204 % | 2,378.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.0204 % | 4,562.1 |
| Floater | 7.71 % | 7.74 % | 52,728 | 11.64 | 2 | 1.0204 % | 2,629.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2346 % | 3,312.0 |
| SplitShare | 5.07 % | 7.21 % | 39,994 | 3.02 | 7 | -0.2346 % | 3,955.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2346 % | 3,086.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1219 % | 2,605.2 |
| Perpetual-Discount | 6.54 % | 6.63 % | 73,438 | 13.03 | 33 | 0.1219 % | 2,840.8 |
| FixedReset Disc | 5.25 % | 7.58 % | 93,417 | 12.20 | 63 | 0.4852 % | 2,280.8 |
| Insurance Straight | 6.52 % | 6.63 % | 81,061 | 12.99 | 19 | 0.0637 % | 2,759.3 |
| FloatingReset | 9.30 % | 9.66 % | 40,494 | 9.79 | 2 | 0.1947 % | 2,506.4 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4852 % | 2,413.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4852 % | 2,331.4 |
| FixedReset Ins Non | 5.44 % | 7.89 % | 55,145 | 11.74 | 14 | 0.1108 % | 2,310.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.Z | Perpetual-Discount | -4.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 6.89 % |
| BAM.PF.G | FixedReset Disc | -3.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 9.45 % |
| MFC.PR.J | FixedReset Ins Non | -1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 7.51 % |
| GWO.PR.Y | Insurance Straight | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.59 % |
| MFC.PR.K | FixedReset Ins Non | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 18.33 Evaluated at bid price : 18.33 Bid-YTW : 8.14 % |
| CU.PR.F | Perpetual-Discount | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 6.56 % |
| MFC.PR.C | Insurance Straight | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 6.62 % |
| NA.PR.E | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.22 Evaluated at bid price : 21.22 Bid-YTW : 7.43 % |
| IFC.PR.G | FixedReset Ins Non | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 7.89 % |
| BAM.PF.F | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 8.92 % |
| NA.PR.S | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.73 % |
| FTS.PR.M | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 8.76 % |
| RY.PR.O | Perpetual-Discount | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 6.34 % |
| GWO.PR.Q | Insurance Straight | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 6.66 % |
| BAM.PF.C | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 6.62 % |
| RY.PR.Z | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 7.49 % |
| SLF.PR.G | FixedReset Ins Non | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 8.87 % |
| TD.PF.J | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.96 Evaluated at bid price : 22.50 Bid-YTW : 7.14 % |
| SLF.PR.J | FloatingReset | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 15.07 Evaluated at bid price : 15.07 Bid-YTW : 9.27 % |
| BAM.PR.R | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 14.67 Evaluated at bid price : 14.67 Bid-YTW : 9.08 % |
| RY.PR.J | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.56 % |
| FTS.PR.G | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 8.62 % |
| BAM.PR.Z | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 7.90 % |
| POW.PR.D | Perpetual-Discount | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.52 % |
| BAM.PF.A | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 8.17 % |
| RY.PR.N | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.33 % |
| BMO.PR.T | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 7.63 % |
| CU.PR.I | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 5.91 % |
| CU.PR.J | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 6.67 % |
| CCS.PR.C | Insurance Straight | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.56 % |
| TD.PF.I | FixedReset Disc | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 23.57 Evaluated at bid price : 24.73 Bid-YTW : 6.82 % |
| BIP.PR.E | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.60 Evaluated at bid price : 21.96 Bid-YTW : 7.69 % |
| BAM.PF.H | FixedReset Disc | 1.72 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.78 Bid-YTW : 5.45 % |
| BAM.PF.J | FixedReset Disc | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 23.05 Evaluated at bid price : 24.10 Bid-YTW : 7.11 % |
| BAM.PF.I | FixedReset Disc | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.80 Evaluated at bid price : 22.20 Bid-YTW : 7.84 % |
| PWF.PF.A | Perpetual-Discount | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.62 % |
| BAM.PR.B | Floater | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.74 % |
| TRP.PR.E | FixedReset Disc | 2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 9.03 % |
| IAF.PR.I | FixedReset Ins Non | 2.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 7.72 % |
| BAM.PF.B | FixedReset Disc | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 8.69 % |
| BAM.PF.E | FixedReset Disc | 7.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 8.99 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.Z | FixedReset Disc | 53,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 7.90 % |
| POW.PR.C | Perpetual-Discount | 38,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 6.41 % |
| BMO.PR.W | FixedReset Disc | 31,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.13 Evaluated at bid price : 19.13 Bid-YTW : 7.53 % |
| BAM.PF.F | FixedReset Disc | 23,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 8.92 % |
| TD.PF.I | FixedReset Disc | 23,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 23.57 Evaluated at bid price : 24.73 Bid-YTW : 6.82 % |
| POW.PR.D | Perpetual-Discount | 21,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-10-24 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.52 % |
| There were 7 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 12.60 – 17.00 Spot Rate : 4.4000 Average : 2.4783 YTW SCENARIO |
| MIC.PR.A | Perpetual-Discount | Quote: 18.50 – 28.99 Spot Rate : 10.4900 Average : 8.6056 YTW SCENARIO |
| IFC.PR.K | Perpetual-Discount | Quote: 21.00 – 23.45 Spot Rate : 2.4500 Average : 1.5056 YTW SCENARIO |
| BMO.PR.W | FixedReset Disc | Quote: 19.13 – 21.90 Spot Rate : 2.7700 Average : 1.8480 YTW SCENARIO |
| BAM.PR.M | Perpetual-Discount | Quote: 18.50 – 20.00 Spot Rate : 1.5000 Average : 1.0142 YTW SCENARIO |
| PWF.PR.Z | Perpetual-Discount | Quote: 18.81 – 20.40 Spot Rate : 1.5900 Average : 1.2054 YTW SCENARIO |
Liz Truss = Pierre Polievre = Danielle Smith.
Can voters make the link?
Text deleted by James Hymas