TXPR closed at 540.41, up 1.07% on the day. Volume today was 1.63-million, fourth-lowest of the past 21 trading days.
CPD closed at 10.76, up 0.66% on the day. Volume was 104,520, below the median of the past 21 trading days.
ZPR closed at 9.12, up 0.88% on the day. Volume was 71,900, second-lowest of the past 21 trading days.
Five-year Canada yields were down to 3.19%.
It was a valiant effort on the last trading day of the year, but the TXPR price index closed below the 2022-12-30 value of 544.36. Still, it’s well above the year’s low close on 2023-10-30 of 487.48, so that counts for something.
Canada’s main stock index ended higher on the final trading day of the year, wrapping 2023 with gains, powered by a boost in energy and financial stocks.
The Toronto Stock Exchange’s S&P/TSX composite index was up 29.06 points, or 0.14%, at 20,958.44, a third consecutive weekly gain.
Although battling inflationary winds, Canadian stocks snapped last year’s declines to climb 8% in the year, entering 2024 with fresh hopes of an interest rate cut by the Bank of Canada.
…
U.S. stocks closed modestly lower on the last trading day of 2023 and capped a robust year-end rally as investors eyed easier monetary policy in the year ahead.
Happy New Year, everybody!
| 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 | 0.0905 % | 2,138.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0905 % | 4,101.3 |
| Floater | 11.39 % | 11.49 % | 52,102 | 8.49 | 2 | 0.0905 % | 2,363.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0529 % | 3,378.1 |
| SplitShare | 4.97 % | 7.44 % | 53,267 | 1.73 | 8 | 0.0529 % | 4,034.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0529 % | 3,147.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6101 % | 2,562.8 |
| Perpetual-Discount | 6.71 % | 6.86 % | 63,854 | 12.72 | 33 | 0.6101 % | 2,794.6 |
| FixedReset Disc | 5.83 % | 7.65 % | 121,914 | 11.97 | 60 | 0.4879 % | 2,233.6 |
| Insurance Straight | 6.54 % | 6.70 % | 79,216 | 12.97 | 19 | 0.7884 % | 2,766.9 |
| FloatingReset | 10.62 % | 10.83 % | 38,947 | 8.94 | 3 | 0.4932 % | 2,493.9 |
| FixedReset Prem | 6.88 % | 6.62 % | 165,907 | 12.66 | 1 | 0.4723 % | 2,544.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4879 % | 2,283.2 |
| FixedReset Ins Non | 5.68 % | 7.15 % | 86,630 | 12.50 | 14 | 0.0425 % | 2,501.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BIP.PR.E | FixedReset Disc | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.00 % |
| MFC.PR.M | FixedReset Ins Non | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.34 Evaluated at bid price : 18.34 Bid-YTW : 7.53 % |
| MFC.PR.L | FixedReset Ins Non | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 7.23 % |
| TD.PF.E | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 7.58 % |
| GWO.PR.T | Insurance Straight | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 6.78 % |
| RY.PR.J | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.94 Evaluated at bid price : 18.94 Bid-YTW : 7.62 % |
| BN.PR.T | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 9.04 % |
| PWF.PR.L | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.91 % |
| BNS.PR.I | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : -1.73 % |
| TD.PF.J | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 21.94 Evaluated at bid price : 22.40 Bid-YTW : 6.66 % |
| FTS.PR.J | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 6.45 % |
| CU.PR.F | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 6.61 % |
| GWO.PR.G | Insurance Straight | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 6.73 % |
| CU.PR.D | Perpetual-Discount | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.72 % |
| NA.PR.S | FixedReset Disc | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 7.47 % |
| BN.PF.B | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 8.41 % |
| GWO.PR.R | Insurance Straight | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.70 % |
| PWF.PR.P | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 8.43 % |
| BN.PF.I | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 8.72 % |
| IFC.PR.A | FixedReset Ins Non | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 7.15 % |
| BN.PR.R | FixedReset Disc | 1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 14.07 Evaluated at bid price : 14.07 Bid-YTW : 9.09 % |
| FTS.PR.F | Perpetual-Discount | 2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 6.44 % |
| SLF.PR.C | Insurance Straight | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.14 Evaluated at bid price : 18.14 Bid-YTW : 6.18 % |
| BN.PF.H | FixedReset Disc | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 8.70 % |
| CU.PR.C | FixedReset Disc | 2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.31 Evaluated at bid price : 18.31 Bid-YTW : 7.64 % |
| BN.PF.E | FixedReset Disc | 2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 15.49 Evaluated at bid price : 15.49 Bid-YTW : 9.06 % |
| BIP.PR.A | FixedReset Disc | 2.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 9.57 % |
| CCS.PR.C | Insurance Straight | 3.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.72 % |
| RY.PR.N | Perpetual-Discount | 3.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 21.37 Evaluated at bid price : 21.67 Bid-YTW : 5.71 % |
| BN.PF.G | FixedReset Disc | 3.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.78 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.I | FixedReset Disc | 249,812 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : -1.73 % |
| RY.PR.M | FixedReset Disc | 52,429 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 7.65 % |
| BN.PF.E | FixedReset Disc | 30,925 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 15.49 Evaluated at bid price : 15.49 Bid-YTW : 9.06 % |
| TD.PF.E | FixedReset Disc | 23,302 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 7.58 % |
| CM.PR.O | FixedReset Disc | 15,996 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.53 % |
| BN.PF.G | FixedReset Disc | 13,824 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-12-29 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.78 % |
| There were 3 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: 13.98 – 23.80 Spot Rate : 9.8200 Average : 5.8655 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 15.49 – 19.50 Spot Rate : 4.0100 Average : 2.2406 YTW SCENARIO |
| GWO.PR.P | Insurance Straight | Quote: 20.20 – 21.45 Spot Rate : 1.2500 Average : 0.8163 YTW SCENARIO |
| NA.PR.E | FixedReset Disc | Quote: 21.57 – 22.30 Spot Rate : 0.7300 Average : 0.4288 YTW SCENARIO |
| PWF.PR.O | Perpetual-Discount | Quote: 21.46 – 22.90 Spot Rate : 1.4400 Average : 1.1406 YTW SCENARIO |
| BN.PF.F | FixedReset Disc | Quote: 17.06 – 18.20 Spot Rate : 1.1400 Average : 0.8523 YTW SCENARIO |
[…] continue to yield more, in general, than PerpetualDiscounts; on December 29, I reported median YTWs of 7.65% and 6.86%, respectively, for these two indices; compare with mean […]