TXPR closed at 544.76, down 0.51% on the day. Volume today was 1.76-million, well below the median of the past 21 trading days.
CPD closed at 10.96, down 0.18% on the day. Volume was 309,220, by far the highest of the past 21 trading days.
ZPR closed at 9.08, down 0.76% on the day. Volume was 578,290, second-highest of the past 21 trading days.
Five-year Canada yields were down to 2.94% today.
The New York Fed released the underlying inflation gauge:
- The UIG “full data set” measure for November is currently estimated at 4.1%, a 0.2 percentage point decrease from the current estimate of the previous month.
- The “prices-only” measure for November is currently estimated at 5.6%, a 0.1 percentage point decrease from the current estimate of the previous month.
- The twelve-month change in the November CPI was +7.1%, a 0.7 percentage point decrease from the previous month.
- For November 2022, trend CPI inflation is estimated to be in the 4.1% to 5.6% range, a slightly wider range than October, with a 0.2% decrease on its lower bound and a 0.1% decrease on its upper bound.
Equities got hit again:
U.S. and Canadian stocks dropped for a third straight session on Friday and suffered a second straight week of losses as fears continued to mount that the Federal Reserve’s campaign to arrest inflation would tilt economies into a recession.
Equities have been staggered since the U.S. central bank’s decision to raise interest rates by 50 basis points this past week. That was widely expected, but then came comments from Fed Chair Jerome Powell that signaled more policy tightening ahead. The central bank projected that interest rates would top the 5% mark in 2023, a level not seen since 2007.
Further comments from other Fed officials fueled the concern. New York Fed President John Williams said on Friday it remains possible the U.S. central bank will raise rates more than it expects next year. The policymaker added that he does not anticipate a recession due to the Fed’s aggressive tightening.
In addition, San Francisco Federal Reserve Bank President Mary Daly said it is “reasonable” to believe that once the Fed’s policy rates reached their peak, they could stay there into 2024.
| 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 | 0.0793 % | 2,426.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0793 % | 4,654.3 |
| Floater | 8.94 % | 8.98 % | 63,813 | 10.45 | 2 | 0.0793 % | 2,682.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7787 % | 3,222.9 |
| SplitShare | 5.28 % | 8.22 % | 58,538 | 2.74 | 8 | -0.7787 % | 3,848.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7787 % | 3,003.0 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1404 % | 2,651.0 |
| Perpetual-Discount | 6.43 % | 6.58 % | 103,616 | 13.05 | 35 | -0.1404 % | 2,890.8 |
| FixedReset Disc | 5.54 % | 7.50 % | 97,883 | 12.20 | 62 | -0.6510 % | 2,168.1 |
| Insurance Straight | 6.43 % | 6.53 % | 113,857 | 13.19 | 20 | -0.1714 % | 2,792.5 |
| FloatingReset | 9.71 % | 9.34 % | 36,762 | 10.13 | 2 | -0.9756 % | 2,471.5 |
| FixedReset Prem | 6.60 % | 6.50 % | 189,978 | 12.75 | 2 | -0.0989 % | 2,382.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6510 % | 2,216.2 |
| FixedReset Ins Non | 5.57 % | 7.66 % | 58,759 | 12.31 | 14 | -0.6300 % | 2,255.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.H | FixedReset Disc | -5.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 22.28 Evaluated at bid price : 22.76 Bid-YTW : 7.46 % |
| MFC.PR.M | FixedReset Ins Non | -3.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.93 % |
| PVS.PR.K | SplitShare | -3.76 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 8.16 % |
| BN.PF.G | FixedReset Disc | -3.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 15.76 Evaluated at bid price : 15.76 Bid-YTW : 8.62 % |
| BN.PF.J | FixedReset Disc | -3.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 22.46 Evaluated at bid price : 23.35 Bid-YTW : 6.58 % |
| BN.PF.F | FixedReset Disc | -3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 8.49 % |
| BN.PF.B | FixedReset Disc | -2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 8.29 % |
| IAF.PR.I | FixedReset Ins Non | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.85 % |
| BN.PR.X | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 15.52 Evaluated at bid price : 15.52 Bid-YTW : 7.75 % |
| BN.PF.A | FixedReset Disc | -2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 7.84 % |
| BN.PR.Z | FixedReset Disc | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 7.11 % |
| POW.PR.D | Perpetual-Discount | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 6.61 % |
| BN.PR.R | FixedReset Disc | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 14.27 Evaluated at bid price : 14.27 Bid-YTW : 8.48 % |
| TRP.PR.F | FloatingReset | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 10.22 % |
| BMO.PR.E | FixedReset Disc | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.94 % |
| CU.PR.C | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 7.07 % |
| BN.PF.E | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 15.56 Evaluated at bid price : 15.56 Bid-YTW : 8.52 % |
| BN.PR.M | Perpetual-Discount | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 6.58 % |
| BIP.PR.F | FixedReset Disc | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.95 % |
| PVS.PR.J | SplitShare | -1.28 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 20.80 Bid-YTW : 8.54 % |
| BN.PF.C | Perpetual-Discount | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 18.42 Evaluated at bid price : 18.42 Bid-YTW : 6.62 % |
| CM.PR.P | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.59 % |
| MFC.PR.J | FixedReset Ins Non | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.22 % |
| FTS.PR.J | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.39 % |
| MFC.PR.F | FixedReset Ins Non | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 12.57 Evaluated at bid price : 12.57 Bid-YTW : 7.91 % |
| IFC.PR.I | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 6.22 % |
| CU.PR.H | Perpetual-Discount | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.40 % |
| MFC.PR.K | FixedReset Ins Non | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 7.66 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BIP.PR.F | FixedReset Disc | 51,126 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.95 % |
| FTS.PR.J | Perpetual-Discount | 38,462 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.39 % |
| TD.PF.D | FixedReset Disc | 38,323 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 7.14 % |
| PWF.PR.E | Perpetual-Discount | 34,572 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 6.58 % |
| TD.PF.B | FixedReset Disc | 29,083 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 17.24 Evaluated at bid price : 17.24 Bid-YTW : 7.59 % |
| MFC.PR.K | FixedReset Ins Non | 24,835 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-12-16 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 7.66 % |
| There were 39 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.H | Perpetual-Discount | Quote: 20.75 – 22.60 Spot Rate : 1.8500 Average : 1.3360 YTW SCENARIO |
| BN.PF.H | FixedReset Disc | Quote: 22.76 – 24.11 Spot Rate : 1.3500 Average : 0.9047 YTW SCENARIO |
| IFC.PR.C | FixedReset Disc | Quote: 14.00 – 17.30 Spot Rate : 3.3000 Average : 2.9810 YTW SCENARIO |
| IAF.PR.I | FixedReset Ins Non | Quote: 21.30 – 22.15 Spot Rate : 0.8500 Average : 0.5507 YTW SCENARIO |
| GWO.PR.P | Insurance Straight | Quote: 20.55 – 21.50 Spot Rate : 0.9500 Average : 0.6714 YTW SCENARIO |
| PWF.PR.G | Perpetual-Discount | Quote: 22.70 – 23.44 Spot Rate : 0.7400 Average : 0.4812 YTW SCENARIO |