TXPR closed at 498.49, down 0.68% on the day and setting a new 52-week low. Volume today was 3.19-million, second-highest of the past 21 trading days and not quite double the volume of the third-place finisher.
CPD closed at 9.97, down 0.50% on the day and setting a new 52-week low. Volume was 44,910, near the median of the past 21 trading days.
ZPR closed at 8.37, down 0.12% on the day. Volume was 65,370, third-lowest of the past 21 trading days.
Five-year Canada yields were down to 4.28%.
Major U.S. and Canadian stock indexes ended sharply lower on Friday, with technology and financial shares among the biggest drags, as investors worried about high interest rates and the Israel-Hamas conflict spreading. The selloff came even as bond yields eased after their steady march higher this week.
All of the S&P 500 index’s 11 sectors fell in broad-based selling. Losses were also broad in Toronto, where financials lost nearly 2% and the S&P/TSX composite index fell to its lowest level in two weeks.
The benchmark 10-year Treasury yield fell on Friday, a day after crossing 5% for the first time since July 2007 in the wake of comments by Federal Reserve Chair Jerome Powell. He said the U.S. economy’s strength and tight labour markets could require tougher borrowing conditions to control inflation.
…
Echoing some of Powell’s more dovish remarks, Federal Reserve Bank of Atlanta President Raphael Bostic said on CNBC Friday that while inflation remains too high it is coming down amid rising evidence of growth slowing that could open the door to easier monetary policy late next year.Fed funds futures show bets that the Fed will hike rates once more this year continue to decline. A November hike was almost completely priced out, while a 25 basis points hike in December had a 24% probability, down from 39% on Wednesday, CME Group data showed. The consensus among futures traders remained for a first rate cut to happen in June.
Traders have also started to price in higher odds that the Bank of Canada will start cutting interest rates next year. Implied probabilities in interest rate swaps suggest only a slight 12% chance the Bank of Canada will hike interest rates again when it announces its latest decision next week. And by December 2024, traders are pricing in about a 50% chance the central bank’s overnight rate would be lower than where it is today.
…
The TSX ended down 233.17 points, or 1.2%, at 19,115.64, its lowest closing level since Oct. 4. For the week, the index was down 1.8%.Financials hit a one-year low, while energy was down 1.5% as oil settled 0.7% lower at US$88.75 a barrel, giving back some of this week’s gains. Together, financials and energy account for nearly 50% of the TSX’s weighting.
The interest-rate sensitive utilities and real estate sectors also lost ground, falling 1.7% and 1.6% respectively.
In the U.S., the S&P 500 financial index was down 1.6% while the KBW regional banking index fell 3.5%. Shares of Regions Financial slid 12.4% after its profit missed analysts’ average estimate.
| 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 | -0.8115 % | 2,125.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.8115 % | 4,077.2 |
| Floater | 11.45 % | 11.69 % | 32,792 | 8.33 | 2 | -0.8115 % | 2,349.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3120 % | 3,268.6 |
| SplitShare | 5.12 % | 8.62 % | 41,858 | 1.89 | 7 | -0.3120 % | 3,903.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3120 % | 3,045.6 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.5145 % | 2,384.1 |
| Perpetual-Discount | 7.20 % | 7.30 % | 43,681 | 12.23 | 31 | -1.5145 % | 2,599.8 |
| FixedReset Disc | 6.20 % | 9.46 % | 106,797 | 10.51 | 55 | -1.2232 % | 2,059.0 |
| Insurance Straight | 7.01 % | 7.17 % | 60,494 | 12.33 | 16 | -1.0491 % | 2,563.9 |
| FloatingReset | 11.40 % | 11.64 % | 35,989 | 8.37 | 1 | -1.6835 % | 2,348.3 |
| FixedReset Prem | 4.76 % | 4.96 % | 417,883 | 0.11 | 1 | 0.0401 % | 2,300.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.2232 % | 2,104.7 |
| FixedReset Ins Non | 6.36 % | 9.30 % | 67,920 | 10.72 | 14 | -0.7844 % | 2,234.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.G | Perpetual-Discount | -16.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 8.69 % |
| TD.PF.J | FixedReset Disc | -5.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 8.64 % |
| BN.PF.H | FixedReset Disc | -4.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.69 Evaluated at bid price : 17.69 Bid-YTW : 11.05 % |
| GWO.PR.G | Insurance Straight | -4.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.58 % |
| BIP.PR.F | FixedReset Disc | -4.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 10.24 % |
| CU.PR.I | FixedReset Disc | -3.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 9.16 % |
| BMO.PR.E | FixedReset Disc | -3.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 21.81 Evaluated at bid price : 22.25 Bid-YTW : 7.97 % |
| BMO.PR.F | FixedReset Disc | -3.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 22.38 Evaluated at bid price : 23.23 Bid-YTW : 8.41 % |
| PWF.PR.K | Perpetual-Discount | -3.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.50 % |
| PWF.PR.L | Perpetual-Discount | -3.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.55 % |
| IFC.PR.C | FixedReset Ins Non | -2.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 15.97 Evaluated at bid price : 15.97 Bid-YTW : 9.69 % |
| CU.PR.E | Perpetual-Discount | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.07 Evaluated at bid price : 17.07 Bid-YTW : 7.32 % |
| POW.PR.D | Perpetual-Discount | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 7.32 % |
| BN.PF.D | Perpetual-Discount | -2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.18 Evaluated at bid price : 16.18 Bid-YTW : 7.68 % |
| RY.PR.J | FixedReset Disc | -2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 9.77 % |
| MFC.PR.N | FixedReset Ins Non | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 9.75 % |
| MFC.PR.F | FixedReset Ins Non | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 10.17 % |
| BN.PF.G | FixedReset Disc | -2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 14.04 Evaluated at bid price : 14.04 Bid-YTW : 11.78 % |
| CM.PR.Y | FixedReset Disc | -2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 22.56 Evaluated at bid price : 23.15 Bid-YTW : 8.37 % |
| PWF.PR.P | FixedReset Disc | -2.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 11.60 Evaluated at bid price : 11.60 Bid-YTW : 11.07 % |
| SLF.PR.D | Insurance Straight | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 6.71 % |
| SLF.PR.E | Insurance Straight | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.83 Evaluated at bid price : 16.83 Bid-YTW : 6.77 % |
| TD.PF.A | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 9.18 % |
| BN.PF.F | FixedReset Disc | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.07 Evaluated at bid price : 16.07 Bid-YTW : 10.92 % |
| NA.PR.G | FixedReset Disc | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 21.71 Evaluated at bid price : 22.10 Bid-YTW : 7.97 % |
| TD.PF.C | FixedReset Disc | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.37 Evaluated at bid price : 16.37 Bid-YTW : 9.65 % |
| PWF.PR.R | Perpetual-Discount | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.50 % |
| GWO.PR.P | Insurance Straight | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.40 % |
| NA.PR.W | FixedReset Disc | -1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.22 Evaluated at bid price : 16.22 Bid-YTW : 9.69 % |
| BN.PR.R | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 11.72 % |
| SLF.PR.G | FixedReset Ins Non | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 12.67 Evaluated at bid price : 12.67 Bid-YTW : 10.28 % |
| SLF.PR.J | FloatingReset | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 11.64 % |
| GWO.PR.S | Insurance Straight | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 7.33 % |
| MFC.PR.L | FixedReset Ins Non | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 9.13 % |
| BNS.PR.I | FixedReset Disc | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 7.92 % |
| BN.PF.C | Perpetual-Discount | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.06 Evaluated at bid price : 16.06 Bid-YTW : 7.66 % |
| BN.PR.T | FixedReset Disc | -1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 11.43 % |
| POW.PR.B | Perpetual-Discount | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 18.29 Evaluated at bid price : 18.29 Bid-YTW : 7.39 % |
| CM.PR.Q | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 9.51 % |
| CM.PR.T | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 22.28 Evaluated at bid price : 23.05 Bid-YTW : 8.14 % |
| POW.PR.A | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 7.25 % |
| BN.PR.X | FixedReset Disc | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 11.39 % |
| GWO.PR.Q | Insurance Straight | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 7.32 % |
| POW.PR.G | Perpetual-Discount | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.40 % |
| NA.PR.E | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 8.53 % |
| BN.PF.J | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 10.05 % |
| PWF.PR.H | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.40 % |
| BN.PR.M | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 7.62 % |
| IFC.PR.G | FixedReset Ins Non | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 8.65 % |
| NA.PR.S | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 9.27 % |
| GWO.PR.R | Insurance Straight | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.74 Evaluated at bid price : 16.74 Bid-YTW : 7.27 % |
| RY.PR.M | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 9.67 % |
| PVS.PR.K | SplitShare | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 19.92 Bid-YTW : 9.36 % |
| FTS.PR.K | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 9.63 % |
| BMO.PR.Y | FixedReset Disc | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 9.59 % |
| MFC.PR.J | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 8.65 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.L | FixedReset Ins Non | 238,638 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 9.13 % |
| BMO.PR.E | FixedReset Disc | 45,469 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 21.81 Evaluated at bid price : 22.25 Bid-YTW : 7.97 % |
| RY.PR.Z | FixedReset Disc | 42,402 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 9.00 % |
| CM.PR.Y | FixedReset Disc | 36,582 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 22.56 Evaluated at bid price : 23.15 Bid-YTW : 8.37 % |
| RY.PR.M | FixedReset Disc | 31,459 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 9.67 % |
| GWO.PR.N | FixedReset Ins Non | 27,759 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-10-20 Maturity Price : 12.07 Evaluated at bid price : 12.07 Bid-YTW : 10.06 % |
| There were 38 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PR.G | Perpetual-Discount | Quote: 17.10 – 20.99 Spot Rate : 3.8900 Average : 2.1245 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 16.30 – 18.28 Spot Rate : 1.9800 Average : 1.4296 YTW SCENARIO |
| TD.PF.J | FixedReset Disc | Quote: 19.14 – 20.30 Spot Rate : 1.1600 Average : 0.7314 YTW SCENARIO |
| BIP.PR.F | FixedReset Disc | Quote: 17.75 – 18.75 Spot Rate : 1.0000 Average : 0.5912 YTW SCENARIO |
| GWO.PR.G | Insurance Straight | Quote: 17.40 – 18.40 Spot Rate : 1.0000 Average : 0.6161 YTW SCENARIO |
| MFC.PR.F | FixedReset Ins Non | Quote: 12.32 – 13.50 Spot Rate : 1.1800 Average : 0.8005 YTW SCENARIO |