TXPR closed at 580.07, down 0.53% on the day. Volume today was 2.68-million, highest of the past 21 trading days.
CPD closed at 11.53, down 0.60% on the day. Volume was 230,170, second-highest of the past 21 trading days.
ZPR closed at 9.56, down 0.42% on the day. Volume was 188,630, well below the median of the past 21 trading days.
Five-year Canada yields were shot up to 2.94% today.
Equities did well. Pundits sounded a little at loss for words:
The S&P/TSX Composite index rose 161.77 points, or 0.80%, to 20,503.21. The tech sector rose 2.4%, with most sectors higher. After a bumpy week of trading, the Canadian benchmark was nearly unchanged.
Comments from Federal Reserve officials have largely said they expect interest rates to climb to at least 5% this year as the central bank continues to try and tamp down high inflation. On Friday, Fed Governor Christopher Waller said the central bank may be “pretty close” to a point where rates are “sufficiently restrictive” to cool inflation, which gave an additional boost to equities.
The Fed is largely expected to raise rates by 25 basis points (bps) at its Feb. 1 policy announcement.
Still, concerns about corporate earnings persist as the U.S. economy shows signs of a slowdown and a possible recession.
Analysts now expect year-over-year earnings from S&P 500 companies to decline 2.9% for the fourth quarter, according to Refinitiv data, compared with a 1.6% decline in the beginning of the year.
Gains on the Dow were curbed, however, by a 2.54% fall in shares of Goldman Sachs Group Inc after the Wall Street Journal reported the Fed was probing the company’s consumer business.
They should have said “bargain hunting”. When the market goes up after a few down days, it’s always “bargain hunting”.
| 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 | -2.5487 % | 2,498.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.5487 % | 4,792.5 |
| Floater | 8.68 % | 8.82 % | 45,886 | 10.54 | 2 | -2.5487 % | 2,761.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0364 % | 3,379.4 |
| SplitShare | 4.98 % | 6.72 % | 56,798 | 2.83 | 7 | 0.0364 % | 4,035.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0364 % | 3,148.8 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0858 % | 2,878.2 |
| Perpetual-Discount | 5.92 % | 6.00 % | 91,992 | 13.91 | 35 | -0.0858 % | 3,138.5 |
| FixedReset Disc | 5.29 % | 6.93 % | 91,243 | 12.73 | 62 | -0.4581 % | 2,288.2 |
| Insurance Straight | 5.83 % | 5.94 % | 101,654 | 14.00 | 20 | -0.1295 % | 3,080.8 |
| FloatingReset | 9.56 % | 9.90 % | 40,966 | 9.61 | 2 | -0.2187 % | 2,592.4 |
| FixedReset Prem | 6.58 % | 6.38 % | 173,749 | 13.01 | 2 | 0.0593 % | 2,386.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4581 % | 2,339.0 |
| FixedReset Ins Non | 5.40 % | 6.85 % | 54,583 | 12.73 | 14 | -0.7713 % | 2,387.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.M | FixedReset Ins Non | -6.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.71 % |
| CU.PR.E | Perpetual-Discount | -4.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.08 % |
| TRP.PR.G | FixedReset Disc | -4.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.06 % |
| PWF.PR.T | FixedReset Disc | -3.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.26 % |
| BN.PR.Z | FixedReset Disc | -3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 7.13 % |
| BN.PR.B | Floater | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 8.82 % |
| BN.PR.K | Floater | -2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 8.82 % |
| POW.PR.D | Perpetual-Discount | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.04 Evaluated at bid price : 21.04 Bid-YTW : 5.99 % |
| IFC.PR.C | FixedReset Disc | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.13 % |
| GWO.PR.N | FixedReset Ins Non | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 7.77 % |
| MFC.PR.B | Insurance Straight | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.76 % |
| GWO.PR.Y | Insurance Straight | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.86 % |
| PWF.PR.F | Perpetual-Discount | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.50 Evaluated at bid price : 21.76 Bid-YTW : 6.05 % |
| CM.PR.S | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.85 Evaluated at bid price : 22.31 Bid-YTW : 6.13 % |
| BN.PR.T | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 8.04 % |
| TRP.PR.A | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 14.58 Evaluated at bid price : 14.58 Bid-YTW : 8.22 % |
| IFC.PR.G | FixedReset Ins Non | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.84 % |
| TD.PF.B | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.09 % |
| SLF.PR.H | FixedReset Ins Non | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 15.73 Evaluated at bid price : 15.73 Bid-YTW : 7.44 % |
| BN.PR.R | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 14.94 Evaluated at bid price : 14.94 Bid-YTW : 8.13 % |
| MFC.PR.K | FixedReset Ins Non | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 7.13 % |
| SLF.PR.C | Insurance Straight | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.71 % |
| IAF.PR.B | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 5.71 % |
| CM.PR.P | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 6.89 % |
| IFC.PR.I | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 22.69 Evaluated at bid price : 23.00 Bid-YTW : 5.92 % |
| TRP.PR.B | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 8.18 % |
| CU.PR.F | Perpetual-Discount | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.79 % |
| IFC.PR.K | Perpetual-Discount | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.87 Evaluated at bid price : 22.20 Bid-YTW : 5.96 % |
| MFC.PR.L | FixedReset Ins Non | 3.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 7.23 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.N | FixedReset Ins Non | 285,723 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 7.77 % |
| PWF.PR.L | Perpetual-Discount | 223,355 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.35 Evaluated at bid price : 21.62 Bid-YTW : 5.91 % |
| MFC.PR.F | FixedReset Ins Non | 179,862 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 13.06 Evaluated at bid price : 13.06 Bid-YTW : 7.63 % |
| SLF.PR.G | FixedReset Ins Non | 175,794 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 7.57 % |
| POW.PR.A | Perpetual-Discount | 169,577 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.02 % |
| CU.PR.D | Perpetual-Discount | 165,642 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.79 % |
| CU.PR.H | Perpetual-Discount | 136,630 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 22.23 Evaluated at bid price : 22.50 Bid-YTW : 5.92 % |
| MIC.PR.A | Perpetual-Discount | 126,542 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-01-20 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.93 % |
| There were 26 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.C | FixedReset Disc | Quote: 12.13 – 13.85 Spot Rate : 1.7200 Average : 1.1828 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 17.00 – 18.35 Spot Rate : 1.3500 Average : 0.9139 YTW SCENARIO |
| BN.PR.N | Perpetual-Discount | Quote: 19.51 – 20.80 Spot Rate : 1.2900 Average : 0.9068 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 20.52 – 21.70 Spot Rate : 1.1800 Average : 0.8030 YTW SCENARIO |
| MIC.PR.A | Perpetual-Discount | Quote: 19.75 – 20.60 Spot Rate : 0.8500 Average : 0.5292 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 20.55 – 21.99 Spot Rate : 1.4400 Average : 1.1523 YTW SCENARIO |