Equity horror today was blamed on central banks:
U.S. and Canadian stocks closed lower on Tuesday, with the S&P 500 declining for the fourth straight session, as skittish investors fretted over Federal Reserve rate hikes and further talk of a looming recession.
The S&P/TSX Composite Index fell to a two-week low, ending below 20,000, with lower oil prices weighing on resource shares and investors bracing for another interest rate hike by the Bank of Canada. All 10 of the TSX’s major sectors lost ground, including a decline of 3.5% for the energy sector. That matched the decline for U.S. crude prices, which settled at US$74.25 a barrel, as global demand concerns weighed.
…
Fears about economic growth come amid a re-evaluation by traders of what path future interest rate hikes will take, following strong U.S. data on jobs and the services sector in recent days.Money market bets are pointing to a 91% chance that the U.S. central bank might raise rates by 50 basis points at its Dec. 13-14 policy meeting, with rates expected to peak at 4.98% in May 2023, up from 4.92% estimated on Monday before service-sector data was released. For Canada, money markets are betting on a 25-basis-point increase when the BoC meets to set policy on Wednesday but a slim majority of economists in a Reuters poll expect a larger move.
| 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 | -0.2373 % | 2,423.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2373 % | 4,648.7 |
| Floater | 8.26 % | 8.41 % | 60,988 | 10.83 | 2 | -0.2373 % | 2,679.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0624 % | 3,297.0 |
| SplitShare | 5.16 % | 7.19 % | 49,298 | 2.77 | 8 | 0.0624 % | 3,937.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0624 % | 3,072.0 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4802 % | 2,649.0 |
| Perpetual-Discount | 6.43 % | 6.55 % | 97,402 | 13.04 | 34 | -0.4802 % | 2,888.6 |
| FixedReset Disc | 5.46 % | 7.41 % | 94,020 | 12.25 | 63 | -0.6755 % | 2,207.8 |
| Insurance Straight | 6.43 % | 6.55 % | 104,740 | 13.18 | 18 | -0.7657 % | 2,799.3 |
| FloatingReset | 9.32 % | 9.72 % | 45,857 | 9.84 | 2 | -0.4172 % | 2,518.6 |
| FixedReset Prem | 6.40 % | 6.17 % | 407,207 | 4.19 | 1 | -0.1965 % | 2,364.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6755 % | 2,256.8 |
| FixedReset Ins Non | 5.43 % | 7.47 % | 47,989 | 12.51 | 14 | -0.2694 % | 2,314.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.T | FixedReset Disc | -3.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.53 % |
| BAM.PF.G | FixedReset Disc | -3.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 8.66 % |
| BAM.PR.T | FixedReset Disc | -2.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 8.14 % |
| GWO.PR.Y | Insurance Straight | -2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.60 % |
| TRP.PR.C | FixedReset Disc | -2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 11.82 Evaluated at bid price : 11.82 Bid-YTW : 8.55 % |
| FTS.PR.H | FixedReset Disc | -2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 12.55 Evaluated at bid price : 12.55 Bid-YTW : 8.13 % |
| TD.PF.D | FixedReset Disc | -2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.94 Evaluated at bid price : 18.94 Bid-YTW : 7.20 % |
| MFC.PR.K | FixedReset Ins Non | -2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 7.53 % |
| TD.PF.J | FixedReset Disc | -2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 6.90 % |
| PWF.PR.Z | Perpetual-Discount | -2.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.62 % |
| RY.PR.N | Perpetual-Discount | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.86 % |
| POW.PR.B | Perpetual-Discount | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 6.74 % |
| TRP.PR.D | FixedReset Disc | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 8.39 % |
| BAM.PF.I | FixedReset Disc | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 21.69 Evaluated at bid price : 22.03 Bid-YTW : 7.47 % |
| TD.PF.E | FixedReset Disc | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 7.19 % |
| TRP.PR.E | FixedReset Disc | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 8.51 % |
| MFC.PR.M | FixedReset Ins Non | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.53 % |
| MFC.PR.L | FixedReset Ins Non | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.71 % |
| BIP.PR.E | FixedReset Disc | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 7.20 % |
| GWO.PR.R | Insurance Straight | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 6.55 % |
| TRP.PR.B | FixedReset Disc | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 10.99 Evaluated at bid price : 10.99 Bid-YTW : 8.78 % |
| GWO.PR.G | Insurance Straight | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.76 Evaluated at bid price : 19.76 Bid-YTW : 6.60 % |
| GWO.PR.T | Insurance Straight | -1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.67 Evaluated at bid price : 19.67 Bid-YTW : 6.57 % |
| BAM.PR.X | FixedReset Disc | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 16.54 Evaluated at bid price : 16.54 Bid-YTW : 7.41 % |
| GWO.PR.Q | Insurance Straight | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 6.62 % |
| PWF.PR.L | Perpetual-Discount | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.64 % |
| PWF.PR.F | Perpetual-Discount | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 6.69 % |
| TD.PF.L | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 22.91 Evaluated at bid price : 23.36 Bid-YTW : 6.76 % |
| POW.PR.D | Perpetual-Discount | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.55 % |
| BAM.PR.R | FixedReset Disc | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 14.53 Evaluated at bid price : 14.53 Bid-YTW : 8.45 % |
| BNS.PR.I | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.75 % |
| RY.PR.J | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 7.30 % |
| RY.PR.Z | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 7.46 % |
| CU.PR.F | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 6.51 % |
| MFC.PR.C | Insurance Straight | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 6.23 % |
| CU.PR.G | Perpetual-Discount | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.49 % |
| TD.PF.I | FixedReset Disc | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 23.11 Evaluated at bid price : 24.82 Bid-YTW : 6.20 % |
| CU.PR.J | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.53 % |
| TD.PF.B | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 7.47 % |
| MFC.PR.B | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.27 % |
| GWO.PR.S | Insurance Straight | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.60 % |
| PWF.PR.K | Perpetual-Discount | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 6.61 % |
| TD.PF.C | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.42 Evaluated at bid price : 17.42 Bid-YTW : 7.44 % |
| RY.PR.H | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 7.45 % |
| FTS.PR.F | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.26 % |
| GWO.PR.N | FixedReset Ins Non | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 7.47 % |
| BMO.PR.Y | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.29 % |
| IFC.PR.G | FixedReset Ins Non | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.10 % |
| BAM.PF.B | FixedReset Disc | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.88 % |
| BAM.PF.D | Perpetual-Discount | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 6.58 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PF.C | Perpetual-Discount | 133,253 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.91 Evaluated at bid price : 18.91 Bid-YTW : 6.55 % |
| TRP.PR.D | FixedReset Disc | 125,410 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 8.39 % |
| CM.PR.T | FixedReset Disc | 107,677 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 23.21 Evaluated at bid price : 23.66 Bid-YTW : 6.69 % |
| TD.PF.M | FixedReset Disc | 102,165 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 24.01 Evaluated at bid price : 24.35 Bid-YTW : 6.72 % |
| CM.PR.Y | FixedReset Disc | 96,669 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.77 Bid-YTW : 6.14 % |
| MFC.PR.B | Insurance Straight | 90,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-06 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.27 % |
| There were 46 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| RY.PR.N | Perpetual-Discount | Quote: 21.10 – 22.99 Spot Rate : 1.8900 Average : 1.1914 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 18.65 – 20.00 Spot Rate : 1.3500 Average : 0.8997 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 19.05 – 20.15 Spot Rate : 1.1000 Average : 0.6848 YTW SCENARIO |
| BAM.PF.G | FixedReset Disc | Quote: 15.90 – 17.00 Spot Rate : 1.1000 Average : 0.7615 YTW SCENARIO |
| BAM.PR.X | FixedReset Disc | Quote: 16.54 – 17.90 Spot Rate : 1.3600 Average : 1.0291 YTW SCENARIO |
| BAM.PF.I | FixedReset Disc | Quote: 22.03 – 22.91 Spot Rate : 0.8800 Average : 0.5760 YTW SCENARIO |