TXPR closed at 549.00, up 0.65% on the day. Volume today was 848,480, third-lowest of the past 21 trading days.
CPD closed at 11.05, up 1.56% on the day. Volume was 129,960, fourth-highest of the past 21 trading days.
ZPR closed at 9.12, up 1.56% on the day. Volume was 152,100, below the median of the past 21 trading days.
Five-year Canada yields edged up to 3.00% today.
It was a good day all ’round:
Wall Street closed sharply higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25-basis-point hike to its policy rate.
All three major U.S. stock indexes were bright green as the session closed, with energy, consumer discretionary and financials enjoying the most sizable gains.
Canada’s benchmark stock index also rose, closing at its highest level in a week, helped by gains in energy and financial shares after domestic data showed consumer prices easing more than expected in February.
…
Financial markets have now priced in an 83.4% likelihood of a 25 basis-point rate hike, and a 16.6% probability that the central bank will leave its policy rate unchanged, according to CME’s FedWatch tool.
…
Credit markets are continuing to bet an interest rate cut at the Bank of Canada is only months away. While they are currently pricing in only about a 12% chance of a cut next month, they are positioned for at least a quarter-point cut this summer, according to Refinitiv Eikon data late Tuesday.
…
Shares of First Republic Bank soared by 29.5%, the company’s biggest-ever one-day percentage jump as JPMorgan CEO Jamie Dimon leads talks with other big banks aimed at investing in the lender, according to the Wall Street Journal.
Canadian inflation is on the right path:
Canada’s annual inflation rate cooled more than expected in February, as a drop in gas prices and softer growth in shelter costs helped bring the consumer price index to its lowest level since January 2022, Statistics Canada data showed on Tuesday.
The annual inflation rate dropped to 5.2 per cent in February, beating economists’ forecast that it would fall to 5.4 per cent from 5.9 per cent in January. The annual rate deceleration from January to February was the largest in the headline CPI since April 2020, Statscan said.
Month-over-month, the consumer price index was up 0.4 per cent, again lower than a forecast 0.5 per cent gain.
…
Excluding food and energy, prices rose 4.8 per cent compared with a rise of 4.9 per cent in January.
There’s talk of higher deposit insurance limits in the US:
Representative Ro Khanna, Democrat of California, and other lawmakers are in talks about introducing bipartisan legislation as early as this week that would temporarily increase the deposit cap on transaction accounts, which are used for activities like payroll, with an eye on smaller banks. Such a move would potentially reprise a playbook used during the 2008 financial crisis and authorized at the onset of the coronavirus pandemic in 2020 to prevent depositors from pulling their money out.
Others, including Senator Elizabeth Warren, Democrat of Massachusetts, have suggested lifting the deposit cap altogether.
…
Many lawmakers have yet to solidify their positions and some have openly opposed lifting the cap, so it is not clear that legislation adjusting it even temporarily would pass. While such a move could calm nervous depositors, it could have drawbacks, including removing a big disincentive for banks to take on too much risk.
…
And in 2008, as panic coursed across Wall Street at the outset of the global financial crisis, the F.D.I.C. created a program that allowed for unlimited deposit insurance for transaction accounts that chose to join the program in exchange for an added fee.Peter Conti-Brown, a financial historian and a legal scholar at the University of Pennsylvania, said the 2010 Dodd Frank law ended the option for the agencies to temporarily insure larger transaction accounts the way they did in 2008.
| 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 | -0.1695 % | 2,264.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1695 % | 4,342.7 |
| Floater | 9.95 % | 9.41 % | 64,111 | 10.06 | 2 | -0.1695 % | 2,502.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2246 % | 3,294.1 |
| SplitShare | 5.10 % | 7.65 % | 52,819 | 2.69 | 7 | 0.2246 % | 3,933.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2246 % | 3,069.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3189 % | 2,754.0 |
| Perpetual-Discount | 6.19 % | 6.32 % | 60,918 | 13.36 | 35 | 0.3189 % | 3,003.1 |
| FixedReset Disc | 5.73 % | 7.53 % | 99,460 | 12.12 | 61 | 0.6831 % | 2,144.7 |
| Insurance Straight | 6.15 % | 6.25 % | 75,115 | 13.60 | 20 | 0.2167 % | 2,922.0 |
| FloatingReset | 9.92 % | 10.29 % | 33,501 | 9.35 | 2 | 0.4241 % | 2,498.3 |
| FixedReset Prem | 6.65 % | 6.52 % | 241,647 | 12.72 | 2 | 0.1599 % | 2,325.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6831 % | 2,192.3 |
| FixedReset Ins Non | 5.63 % | 7.14 % | 83,851 | 12.37 | 13 | 0.7016 % | 2,342.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.E | FixedReset Disc | -7.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 9.36 % |
| TD.PF.D | FixedReset Disc | -4.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 7.87 % |
| BIP.PR.B | FixedReset Disc | -2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 21.61 Evaluated at bid price : 22.03 Bid-YTW : 8.11 % |
| CM.PR.T | FixedReset Disc | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 22.55 Evaluated at bid price : 23.04 Bid-YTW : 6.82 % |
| TD.PF.B | FixedReset Disc | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 7.82 % |
| GWO.PR.R | Insurance Straight | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 6.25 % |
| MFC.PR.F | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 12.79 Evaluated at bid price : 12.79 Bid-YTW : 7.75 % |
| IFC.PR.G | FixedReset Ins Non | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 7.13 % |
| IFC.PR.C | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 7.34 % |
| BIP.PR.F | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 7.48 % |
| NA.PR.E | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.89 % |
| IFC.PR.A | FixedReset Ins Non | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.72 Evaluated at bid price : 16.72 Bid-YTW : 7.14 % |
| SLF.PR.D | Insurance Straight | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 18.79 Evaluated at bid price : 18.79 Bid-YTW : 5.95 % |
| TD.PF.C | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 7.64 % |
| TRP.PR.G | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 8.13 % |
| TD.PF.M | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 23.72 Evaluated at bid price : 24.15 Bid-YTW : 6.74 % |
| MFC.PR.M | FixedReset Ins Non | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 7.54 % |
| NA.PR.S | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 7.77 % |
| CU.PR.D | Perpetual-Discount | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.26 % |
| BMO.PR.E | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.95 % |
| PVS.PR.K | SplitShare | 1.68 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.20 Bid-YTW : 7.65 % |
| TD.PF.L | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 23.49 Evaluated at bid price : 24.00 Bid-YTW : 6.52 % |
| BNS.PR.I | FixedReset Disc | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 20.34 Evaluated at bid price : 20.34 Bid-YTW : 6.74 % |
| PWF.PF.A | Perpetual-Discount | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.19 % |
| NA.PR.W | FixedReset Disc | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.77 % |
| BMO.PR.F | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 23.46 Evaluated at bid price : 23.95 Bid-YTW : 6.74 % |
| RY.PR.H | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.42 % |
| MFC.PR.J | FixedReset Ins Non | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 21.46 Evaluated at bid price : 21.75 Bid-YTW : 6.46 % |
| BMO.PR.W | FixedReset Disc | 2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 7.63 % |
| BN.PF.I | FixedReset Disc | 2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 7.85 % |
| RY.PR.Z | FixedReset Disc | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.28 Evaluated at bid price : 17.28 Bid-YTW : 7.45 % |
| TD.PF.K | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 7.05 % |
| BN.PF.A | FixedReset Disc | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 7.59 % |
| CU.PR.I | FixedReset Disc | 2.38 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.06 Bid-YTW : 6.16 % |
| TD.PF.A | FixedReset Disc | 2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.56 % |
| RY.PR.S | FixedReset Disc | 2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 20.24 Evaluated at bid price : 20.24 Bid-YTW : 6.67 % |
| BMO.PR.Y | FixedReset Disc | 2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 7.45 % |
| TD.PF.J | FixedReset Disc | 2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 21.48 Evaluated at bid price : 21.79 Bid-YTW : 6.62 % |
| BMO.PR.T | FixedReset Disc | 2.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 7.67 % |
| TRP.PR.D | FixedReset Disc | 3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 8.47 % |
| CU.PR.H | Perpetual-Discount | 3.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.16 % |
| RY.PR.J | FixedReset Disc | 4.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 18.18 Evaluated at bid price : 18.18 Bid-YTW : 7.45 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| NA.PR.C | FixedReset Prem | 55,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 23.29 Evaluated at bid price : 25.31 Bid-YTW : 6.52 % |
| RY.PR.M | FixedReset Disc | 25,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.34 Evaluated at bid price : 17.34 Bid-YTW : 7.48 % |
| RY.PR.J | FixedReset Disc | 25,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 18.18 Evaluated at bid price : 18.18 Bid-YTW : 7.45 % |
| BMO.PR.Y | FixedReset Disc | 25,176 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 7.45 % |
| TRP.PR.E | FixedReset Disc | 23,975 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 9.36 % |
| TD.PF.B | FixedReset Disc | 23,656 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-21 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 7.82 % |
| There were 8 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BMO.PR.W | FixedReset Disc | Quote: 16.77 – 24.95 Spot Rate : 8.1800 Average : 6.5328 YTW SCENARIO |
| PWF.PR.E | Perpetual-Discount | Quote: 22.00 – 25.50 Spot Rate : 3.5000 Average : 1.8962 YTW SCENARIO |
| TRP.PR.E | FixedReset Disc | Quote: 14.00 – 17.45 Spot Rate : 3.4500 Average : 2.0879 YTW SCENARIO |
| CM.PR.Q | FixedReset Disc | Quote: 17.90 – 20.50 Spot Rate : 2.6000 Average : 1.7182 YTW SCENARIO |
| GWO.PR.T | Insurance Straight | Quote: 20.60 – 22.40 Spot Rate : 1.8000 Average : 1.0556 YTW SCENARIO |
| MIC.PR.A | Perpetual-Discount | Quote: 19.85 – 21.05 Spot Rate : 1.2000 Average : 0.7624 YTW SCENARIO |