 |
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TXPR closed at 532.74, up 2.18% on the day, taking the price index all the way back to where it was July 31. Volume today was 3.17-million, by far the highest of the past 21 trading days.
CPD closed at 10.60, up 2.61% on the day. Volume was 111,060, fourth-highest of the past 21 trading days.
ZPR closed at 9.08, up 3.18% on the day. Volume was 449,240, highest of the past 21 trading days.
Five-year Canada yields were calm at 3.80%.
Other markets were good, but not spectacular:
U.S. stocks ended higher on Wednesday on optimism that the Federal Reserve may be done raising interest rates and that the economy is still resilient. The Canadian benchmark index was nearly unchanged, as a decline in the energy sector offset gains in some interest rate-sensitive sectors.
Economic reports Wednesday on jobless claims, durable goods, and consumer sentiment seemed to suggest the U.S. economy is easing but may stay strong enough to avoid recession. Data showed the number of Americans filing new claims for unemployment benefits fell more than expected last week.
Tuesday’s minutes on the last Fed meeting showed a cautious approach toward monetary policy. Still, stocks have risen sharply in recent weeks on the view the Fed is done hiking rates.
The World Economic Forum doesn’t like me telling people what’s going on, because I haven’t met my quota for dispensing mind control devices this year, but people are clamouring for answers so … I suspect there’s a lot of money on the sidelines controlled by portfolio managers who realize the preferred share market is grossly undervalued, but who also know that if they don’t buy within a nickel of the absolute bottom then their penises will fall off (I don’t know what happens to the female ones). So they sit at their desks all day, worrying, discussing the latest headlines in the Wall Street Journal with their buddies, and waiting anxiously for tax-loss selling season. And every now and then, one or two of them screw up their courage and take the plunge. Hey, it’s easier than working!
And that opinion is worth exactly what you paid for it, like all other market timing commentary. ADDED AFTERWARDS: The recision of the special dividend tax treatment for financial institutions probably had a lot to do with it, too.
PerpetualDiscounts now yield 6.93%, equivalent to 9.01% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.42% on 2023-11-17 and since then the closing price has changed from 14.50 to 14.61, an increase of 76bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.03 implying a decrease of 6bp in yield to 5.36%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 365bp from the 379bp reported November 15.
| 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 | 1.8762 % | 2,098.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.8762 % | 4,025.3 |
| Floater | 11.60 % | 11.85 % | 52,486 | 8.15 | 2 | 1.8762 % | 2,319.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2403 % | 3,354.7 |
| SplitShare | 5.01 % | 7.45 % | 55,604 | 1.83 | 8 | 0.2403 % | 4,006.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2403 % | 3,125.8 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.5765 % | 2,531.9 |
| Perpetual-Discount | 6.75 % | 6.93 % | 51,552 | 12.60 | 33 | 1.5765 % | 2,760.9 |
| FixedReset Disc | 5.86 % | 8.32 % | 120,437 | 11.36 | 55 | 2.3280 % | 2,195.8 |
| Insurance Straight | 6.53 % | 6.72 % | 63,442 | 12.84 | 19 | 2.2598 % | 2,759.5 |
| FloatingReset | 10.62 % | 10.93 % | 32,269 | 8.75 | 1 | 1.7822 % | 2,480.2 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.3280 % | 2,482.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.3280 % | 2,244.6 |
| FixedReset Ins Non | 5.79 % | 7.93 % | 87,580 | 11.88 | 14 | 2.3741 % | 2,455.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PVS.PR.G | SplitShare | -1.87 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.65 Bid-YTW : 7.48 % |
| PVS.PR.K | SplitShare | -1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.48 Bid-YTW : 7.62 % |
| MFC.PR.N | FixedReset Ins Non | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 8.69 % |
| BN.PF.H | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 9.41 % |
| CM.PR.Y | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 23.99 Evaluated at bid price : 24.56 Bid-YTW : 7.54 % |
| BMO.PR.F | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 23.34 Evaluated at bid price : 24.10 Bid-YTW : 7.61 % |
| IFC.PR.A | FixedReset Ins Non | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.19 Evaluated at bid price : 17.19 Bid-YTW : 7.93 % |
| PWF.PR.R | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 7.02 % |
| NA.PR.W | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 16.86 Evaluated at bid price : 16.86 Bid-YTW : 8.84 % |
| BN.PR.K | Floater | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 12.10 % |
| CM.PR.O | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 8.26 % |
| GWO.PR.Q | Insurance Straight | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.93 % |
| MFC.PR.K | FixedReset Ins Non | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 7.31 % |
| GWO.PR.Y | Insurance Straight | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 6.65 % |
| IFC.PR.E | Insurance Straight | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.63 % |
| PWF.PR.H | Perpetual-Discount | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.66 Evaluated at bid price : 20.66 Bid-YTW : 7.05 % |
| PVS.PR.H | SplitShare | 1.54 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 7.33 % |
| BIK.PR.A | FixedReset Disc | 1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 22.05 Evaluated at bid price : 22.65 Bid-YTW : 8.70 % |
| MFC.PR.I | FixedReset Ins Non | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 7.69 % |
| NA.PR.C | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 7.02 % |
| GWO.PR.S | Insurance Straight | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.97 % |
| SLF.PR.G | FixedReset Ins Non | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 8.81 % |
| GWO.PR.R | Insurance Straight | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.72 % |
| FTS.PR.J | Perpetual-Discount | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.42 Evaluated at bid price : 18.42 Bid-YTW : 6.49 % |
| NA.PR.S | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 8.30 % |
| BN.PF.B | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 9.26 % |
| TD.PF.J | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 7.55 % |
| CM.PR.S | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 7.41 % |
| NA.PR.G | FixedReset Disc | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 22.78 Evaluated at bid price : 24.00 Bid-YTW : 6.90 % |
| PWF.PR.O | Perpetual-Discount | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.99 % |
| SLF.PR.J | FloatingReset | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 15.42 Evaluated at bid price : 15.42 Bid-YTW : 10.93 % |
| GWO.PR.G | Insurance Straight | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 6.92 % |
| PWF.PR.L | Perpetual-Discount | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.48 Evaluated at bid price : 18.48 Bid-YTW : 6.99 % |
| BIP.PR.F | FixedReset Disc | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 8.78 % |
| BN.PR.M | Perpetual-Discount | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 7.24 % |
| SLF.PR.D | Insurance Straight | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.16 % |
| POW.PR.G | Perpetual-Discount | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 7.01 % |
| IFC.PR.G | FixedReset Ins Non | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 7.45 % |
| BN.PR.N | Perpetual-Discount | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 7.27 % |
| PWF.PR.P | FixedReset Disc | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 9.43 % |
| ELF.PR.H | Perpetual-Discount | 1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 6.96 % |
| BN.PF.F | FixedReset Disc | 2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 10.23 % |
| BMO.PR.W | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 8.52 % |
| BMO.PR.E | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 22.54 Evaluated at bid price : 23.50 Bid-YTW : 6.94 % |
| BIP.PR.E | FixedReset Disc | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 8.32 % |
| PWF.PR.Z | Perpetual-Discount | 2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.96 % |
| FTS.PR.G | FixedReset Disc | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.90 % |
| TD.PF.I | FixedReset Disc | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 22.82 Evaluated at bid price : 23.90 Bid-YTW : 7.06 % |
| PWF.PR.F | Perpetual-Discount | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 6.97 % |
| FTS.PR.H | FixedReset Disc | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 9.23 % |
| RY.PR.O | Perpetual-Discount | 2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.90 % |
| IFC.PR.I | Insurance Straight | 2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.68 % |
| POW.PR.B | Perpetual-Discount | 2.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 6.92 % |
| MFC.PR.Q | FixedReset Ins Non | 2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.22 Evaluated at bid price : 21.22 Bid-YTW : 7.39 % |
| NA.PR.E | FixedReset Disc | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 7.55 % |
| CIU.PR.A | Perpetual-Discount | 2.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 6.85 % |
| BNS.PR.I | FixedReset Disc | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 22.39 Evaluated at bid price : 23.22 Bid-YTW : 6.81 % |
| BN.PR.B | Floater | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 10.97 Evaluated at bid price : 10.97 Bid-YTW : 11.85 % |
| SLF.PR.E | Insurance Straight | 2.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.18 % |
| SLF.PR.C | Insurance Straight | 2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.16 % |
| BN.PR.Z | FixedReset Disc | 2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 9.45 % |
| MFC.PR.B | Insurance Straight | 2.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.91 Evaluated at bid price : 18.91 Bid-YTW : 6.16 % |
| PWF.PR.E | Perpetual-Discount | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.95 % |
| BMO.PR.Y | FixedReset Disc | 2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 8.61 % |
| BN.PF.D | Perpetual-Discount | 2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 7.23 % |
| BN.PF.G | FixedReset Disc | 2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 14.96 Evaluated at bid price : 14.96 Bid-YTW : 10.60 % |
| BMO.PR.S | FixedReset Disc | 2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 8.09 % |
| FTS.PR.K | FixedReset Disc | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 8.31 % |
| CM.PR.T | FixedReset Disc | 2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 23.46 Evaluated at bid price : 24.25 Bid-YTW : 7.37 % |
| RY.PR.Z | FixedReset Disc | 2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 7.87 % |
| RY.PR.S | FixedReset Disc | 2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.62 Evaluated at bid price : 21.99 Bid-YTW : 7.11 % |
| MFC.PR.J | FixedReset Ins Non | 2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.52 Evaluated at bid price : 21.80 Bid-YTW : 7.31 % |
| PWF.PR.K | Perpetual-Discount | 2.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.97 % |
| SLF.PR.H | FixedReset Ins Non | 2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.36 Evaluated at bid price : 17.36 Bid-YTW : 7.89 % |
| CM.PR.P | FixedReset Disc | 2.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.61 % |
| RY.PR.M | FixedReset Disc | 3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.83 Evaluated at bid price : 17.83 Bid-YTW : 8.42 % |
| BN.PF.A | FixedReset Disc | 3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 8.68 % |
| RY.PR.H | FixedReset Disc | 3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 8.17 % |
| TD.PF.A | FixedReset Disc | 3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 8.38 % |
| TD.PF.D | FixedReset Disc | 3.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 8.48 % |
| BMO.PR.T | FixedReset Disc | 3.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 8.33 % |
| BN.PF.C | Perpetual-Discount | 3.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 7.23 % |
| GWO.PR.H | Insurance Straight | 3.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.43 Evaluated at bid price : 18.43 Bid-YTW : 6.71 % |
| TD.PF.B | FixedReset Disc | 3.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.04 Evaluated at bid price : 19.04 Bid-YTW : 8.00 % |
| BN.PF.E | FixedReset Disc | 3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 14.54 Evaluated at bid price : 14.54 Bid-YTW : 10.56 % |
| GWO.PR.M | Insurance Straight | 3.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.83 % |
| CU.PR.I | FixedReset Disc | 3.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.61 Evaluated at bid price : 22.02 Bid-YTW : 8.10 % |
| BN.PR.X | FixedReset Disc | 3.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 13.45 Evaluated at bid price : 13.45 Bid-YTW : 10.17 % |
| BN.PF.I | FixedReset Disc | 3.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 10.02 % |
| PVS.PR.J | SplitShare | 3.49 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 7.45 % |
| RY.PR.N | Perpetual-Discount | 3.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 6.01 % |
| IFC.PR.C | FixedReset Ins Non | 3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 8.37 % |
| GWO.PR.P | Insurance Straight | 3.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.89 % |
| MFC.PR.M | FixedReset Ins Non | 3.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 8.22 % |
| GWO.PR.L | Insurance Straight | 3.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.81 % |
| CM.PR.Q | FixedReset Disc | 3.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 8.60 % |
| BN.PF.J | FixedReset Disc | 3.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 9.04 % |
| BN.PR.T | FixedReset Disc | 4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 10.33 % |
| GWO.PR.N | FixedReset Ins Non | 4.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 12.95 Evaluated at bid price : 12.95 Bid-YTW : 8.88 % |
| POW.PR.C | Perpetual-Discount | 4.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.81 % |
| MFC.PR.L | FixedReset Ins Non | 4.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 7.99 % |
| MFC.PR.F | FixedReset Ins Non | 4.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 8.41 % |
| BN.PR.R | FixedReset Disc | 4.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 10.58 % |
| FTS.PR.M | FixedReset Disc | 4.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 8.77 % |
| RY.PR.J | FixedReset Disc | 5.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 8.32 % |
| TD.PF.C | FixedReset Disc | 5.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.76 Evaluated at bid price : 17.76 Bid-YTW : 8.43 % |
| MFC.PR.C | Insurance Straight | 6.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.34 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.C | FixedReset Disc | 798,728 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 8.56 % |
| BMO.PR.S | FixedReset Disc | 179,850 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 8.09 % |
| TD.PF.A | FixedReset Disc | 115,146 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 8.38 % |
| CM.PR.O | FixedReset Disc | 76,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 8.26 % |
| POW.PR.A | Perpetual-Discount | 54,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 7.06 % |
| NA.PR.S | FixedReset Disc | 52,887 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-22 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 8.30 % |
| There were 40 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 14.05 – 23.80 Spot Rate : 9.7500 Average : 5.5000 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 17.36 – 23.50 Spot Rate : 6.1400 Average : 3.4495 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 17.05 – 20.00 Spot Rate : 2.9500 Average : 1.7133 YTW SCENARIO |
| TD.PF.A | FixedReset Disc | Quote: 17.95 – 19.80 Spot Rate : 1.8500 Average : 1.0009 YTW SCENARIO |
| NA.PR.E | FixedReset Disc | Quote: 20.89 – 22.99 Spot Rate : 2.1000 Average : 1.2853 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 17.00 – 19.00 Spot Rate : 2.0000 Average : 1.3645 YTW SCENARIO |
“Abd that opinion is worth exactly what you paid for it, like all other market timing commentary”
One of the better theories for FRs I’m sure. Perhaps even rivals sellers selling because sellers are selling or buyers buying because buyers are buying.
I have been castigated by an Irate Assiduous Reader:
I was trying to comment the below earlier but they just disappear into the WordPress void. Maybe because it’s a new registration or something. Anyway Jason is correct.
[REDACTED]
That was interesting but the pop today was about the government fiscal update after the close yesterday suggesting prefs will be spared from the dividend tax changes introduced in the spring budget. See bottom of page 123 in link below. Apparently the lobbying in the globe article also below worked.
https://www.budget.canada.ca/fes-eea/2023/report-rapport/FES-EEA-2023-en.pdf
https://www.theglobeandmail.com/business/article-insurers-preferred-shares-tax-change/
For more, see the post Financial Institutions Holding Taxable Preferred Shares Get Tax Break
OK I guess I have a new name. Let’s see if posting works now.
OK I guess I have a new name. Let’s see if posting works now.
Welcome to the blog, IrateAssiduousReader! I look forward to many corrections … I would rather be right on my second attempt than wrong forever!
give em hell james! love it
More news for November 22:
DBRS has upgraded Brookfield (BN) from A(low) to A and the prefs from 2- to 2.
https://www.dbrsmorningstar.com/research/424242/dbrs-morningstar-upgrades-brookfield-corporations-long-term-credit-ratings-to-a-from-a-low-stable-trends
Thanks peet for the link to the upgrade of BN.
It says in it that: BPY, rated BBB (low) with a Stable trend by DBRS Morningstar
There’s been a lot of discussion about the Brookfield Properties Preferred. Does anyone has an opinion if BPO.PR.A is a buy right now at around $9 ? Or is it still too risky and better to stick with BN preferred? Thanks.
[…] PerpetualDiscounts now yield 6.97%, equivalent to 9.06% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.40% on 2023-11-24 and since then the closing price has changed from 14.58 to 14.77, an increase of 130bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.15 implying a decrease of 11bp in yield to 5.29%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 375bp from the 365bp reported November 22. […]