TXPR closed at 576.56, down 0.73% on the day. Volume today was 1.51-million, second-highest of the past 21 trading days.
CPD closed at 11.56, down 0.26% on the day. Volume was 157,140, second-highest of the past 21 trading days.
ZPR closed at 9.54, down 0.94% on the day. Volume was 440,170, highest of the past 21 trading days.
Five-year Canada yields were were up sharply to 3.62% today.
The pundits have, as always, a glib explanation:
U.S. and Canadian stocks posted their worst performance of the year on Tuesday, with the main benchmarks ending down as investors interpreted a rebound in U.S. business activity in February to mean interest rates will need to stay higher for longer to control inflation.
For the S&P/TSX Composite Index, S&P 500 and Nasdaq Composite, it was their third session in a row closing lower, while the decline in the Dow Jones Industrial wiped out its gains for 2023.
The falls came after the S&P Global Purchasing Manufacturer’s index, which reflects business activity in the United States, returned to expansion for the first time in eight months in February. The 50.2 reading, up from 46.8 in January, was buoyed by a robust services sector, according to a survey.
The report added to a recent slew of economic data which has painted a picture of a resilient economy, which continues to perform against a backdrop of multiple rate-rises by the central bank in 2022 aimed at tamping down inflation.
With inflation still far from the Fed’s 2% target, and the economy retaining much of its vigor, money market participants have been revising upwards where they see the Fed fund rates peaking – currently at 5.35% in July and staying near those levels throughout the year.
And Canadian inflation was … OK:
Canada’s annual inflation rate eased more than expected to 5.9 per cent in January due to a so-called base-year effect, even as food and mortgage interest costs continued to soar, Statistics Canada data showed on Tuesday.
Analysts polled by Reuters had expected annual inflation to edge down to 6.1 per cent from 6.3 per cent in December. Month over month, the consumer price index was up 0.5 per cent, again lower than analysts’ forecast of a 0.7 per cent gain after a 0.6 per cent decline in December.
Statscan noted that the annual rate was impacted by downward pressure from the base-year effect of January 2022, when prices had risen amid Russia-Ukraine tensions as well as supply chain disruptions.
…
Mortgage interest costs rose 21.2 per cent annually in January, the largest increase since 1982, while food prices rose 10.4 per cent, slightly faster than the 10.1 per cent in December.The average of two of the central bank’s core measures of underlying inflation, CPI-median and CPI-trim, came in at 5.1 per cent compared with 5.3 per cent in December.
| 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 | -0.0373 % | 2,575.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0373 % | 4,940.0 |
| Floater | 8.75 % | 8.93 % | 61,483 | 10.37 | 2 | -0.0373 % | 2,846.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.5423 % | 3,376.9 |
| SplitShare | 4.98 % | 6.78 % | 57,157 | 2.78 | 7 | -1.5423 % | 4,032.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.5423 % | 3,146.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5626 % | 2,783.6 |
| Perpetual-Discount | 6.13 % | 6.22 % | 71,776 | 13.54 | 37 | -0.5626 % | 3,035.4 |
| FixedReset Disc | 5.35 % | 7.62 % | 88,373 | 11.84 | 59 | -0.4926 % | 2,281.9 |
| Insurance Straight | 6.02 % | 6.18 % | 92,532 | 13.58 | 20 | -0.7808 % | 2,981.4 |
| FloatingReset | 9.75 % | 10.23 % | 38,823 | 9.27 | 2 | 0.6841 % | 2,628.1 |
| FixedReset Prem | 6.44 % | 6.50 % | 200,151 | 4.00 | 2 | -0.6949 % | 2,358.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.4926 % | 2,332.5 |
| FixedReset Ins Non | 5.22 % | 7.16 % | 48,504 | 12.26 | 14 | -0.0115 % | 2,472.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IAF.PR.B | Insurance Straight | -2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.91 % |
| MFC.PR.C | Insurance Straight | -2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 5.97 % |
| RY.PR.N | Perpetual-Discount | -2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.97 Evaluated at bid price : 21.97 Bid-YTW : 5.61 % |
| BN.PR.X | FixedReset Disc | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 16.18 Evaluated at bid price : 16.18 Bid-YTW : 8.12 % |
| GWO.PR.Y | Insurance Straight | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 6.11 % |
| GWO.PR.R | Insurance Straight | -2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 6.18 % |
| BMO.PR.Y | FixedReset Disc | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 7.55 % |
| POW.PR.D | Perpetual-Discount | -2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.16 % |
| PWF.PR.F | Perpetual-Discount | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 6.25 % |
| RY.PR.M | FixedReset Disc | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.49 Evaluated at bid price : 18.49 Bid-YTW : 7.62 % |
| BN.PR.T | FixedReset Disc | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 8.75 % |
| PWF.PF.A | Perpetual-Discount | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.14 % |
| TD.PF.C | FixedReset Disc | -1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 8.02 % |
| SLF.PR.D | Insurance Straight | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 5.91 % |
| RY.PR.S | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 7.32 % |
| MFC.PR.B | Insurance Straight | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.01 % |
| PWF.PR.T | FixedReset Disc | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 7.93 % |
| BN.PF.A | FixedReset Disc | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 7.72 % |
| CM.PR.Q | FixedReset Disc | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.61 % |
| CM.PR.O | FixedReset Disc | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 7.89 % |
| RY.PR.O | Perpetual-Discount | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.72 Evaluated at bid price : 22.17 Bid-YTW : 5.54 % |
| MFC.PR.K | FixedReset Ins Non | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 7.54 % |
| BMO.PR.W | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.69 Evaluated at bid price : 17.69 Bid-YTW : 7.93 % |
| IFC.PR.K | Perpetual-Discount | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.22 % |
| BIK.PR.A | FixedReset Prem | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 23.94 Evaluated at bid price : 24.40 Bid-YTW : 7.73 % |
| CIU.PR.A | Perpetual-Discount | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.14 % |
| CU.PR.C | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 7.34 % |
| RY.PR.Z | FixedReset Disc | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.87 % |
| PWF.PR.Z | Perpetual-Discount | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.19 % |
| GWO.PR.H | Insurance Straight | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 6.20 % |
| IFC.PR.F | Insurance Straight | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.72 Evaluated at bid price : 21.72 Bid-YTW : 6.21 % |
| RY.PR.H | FixedReset Disc | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 7.82 % |
| MFC.PR.M | FixedReset Ins Non | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 7.95 % |
| GWO.PR.S | Insurance Straight | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.32 Evaluated at bid price : 21.32 Bid-YTW : 6.27 % |
| EIT.PR.A | SplitShare | -1.29 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 7.54 % |
| BMO.PR.S | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.58 Evaluated at bid price : 18.58 Bid-YTW : 7.79 % |
| TRP.PR.G | FixedReset Disc | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 8.46 % |
| MFC.PR.N | FixedReset Ins Non | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 8.02 % |
| PWF.PR.O | Perpetual-Discount | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 6.29 % |
| TRP.PR.C | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 9.19 % |
| PWF.PR.K | Perpetual-Discount | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.11 % |
| PWF.PR.P | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 13.24 Evaluated at bid price : 13.24 Bid-YTW : 8.57 % |
| TRP.PR.B | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 11.71 Evaluated at bid price : 11.71 Bid-YTW : 9.27 % |
| BMO.PR.E | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 7.33 % |
| CU.PR.G | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.02 % |
| GWO.PR.G | Insurance Straight | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 6.23 % |
| BN.PR.N | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.44 % |
| ELF.PR.G | Perpetual-Discount | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.28 % |
| SLF.PR.C | Insurance Straight | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.87 % |
| GWO.PR.N | FixedReset Ins Non | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 12.58 Evaluated at bid price : 12.58 Bid-YTW : 8.50 % |
| NA.PR.S | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 7.94 % |
| CCS.PR.C | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.19 % |
| POW.PR.G | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 22.41 Evaluated at bid price : 22.67 Bid-YTW : 6.26 % |
| FTS.PR.J | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.03 % |
| SLF.PR.E | Insurance Straight | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 5.96 % |
| MFC.PR.Q | FixedReset Ins Non | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.45 Evaluated at bid price : 21.75 Bid-YTW : 7.16 % |
| NA.PR.G | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.79 Evaluated at bid price : 22.25 Bid-YTW : 7.13 % |
| BN.PF.D | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.32 % |
| GWO.PR.T | Insurance Straight | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.15 % |
| CM.PR.P | FixedReset Disc | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 7.83 % |
| BN.PR.M | Perpetual-Discount | 2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.35 % |
| BN.PF.G | FixedReset Disc | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 8.85 % |
| IFC.PR.G | FixedReset Ins Non | 2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.73 Evaluated at bid price : 22.15 Bid-YTW : 7.01 % |
| POW.PR.B | Perpetual-Discount | 2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.56 Evaluated at bid price : 21.82 Bid-YTW : 6.21 % |
| GWO.PR.P | Insurance Straight | 3.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.66 Evaluated at bid price : 21.91 Bid-YTW : 6.26 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| FTS.PR.G | FixedReset Disc | 67,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.78 % |
| BMO.PR.T | FixedReset Disc | 56,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 7.90 % |
| BN.PR.Z | FixedReset Disc | 38,505 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.46 Evaluated at bid price : 21.75 Bid-YTW : 7.49 % |
| TD.PF.A | FixedReset Disc | 33,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 7.94 % |
| CU.PR.I | FixedReset Disc | 31,385 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.56 % |
| MFC.PR.Q | FixedReset Ins Non | 27,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-02-21 Maturity Price : 21.45 Evaluated at bid price : 21.75 Bid-YTW : 7.16 % |
| There were 18 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.N | FixedReset Ins Non | Quote: 17.65 – 18.99 Spot Rate : 1.3400 Average : 0.9607 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 19.77 – 20.60 Spot Rate : 0.8300 Average : 0.4785 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 18.17 – 20.45 Spot Rate : 2.2800 Average : 1.9464 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 19.75 – 20.75 Spot Rate : 1.0000 Average : 0.6789 YTW SCENARIO |
| POW.PR.C | Perpetual-Discount | Quote: 23.02 – 24.40 Spot Rate : 1.3800 Average : 1.0992 YTW SCENARIO |
| BN.PR.X | FixedReset Disc | Quote: 16.18 – 17.00 Spot Rate : 0.8200 Average : 0.5681 YTW SCENARIO |