TXPR closed at 563.74, down 0.58% on the day. Volume today was 2.73-million, third-highest of the past 21 trading days.
CPD closed at 11.21, down 0.44% on the day. Volume was 54,110, well below the median of the past 21 trading days.
ZPR closed at 9.62, up 0.10% on the day. Volume was 111,100, near the median of the past 21 trading days.
Five-year Canada yields were down to 3.55%.
News of the day was that the US economy isn’t quite dead yet:
Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to “Source Data for the Advance Estimate” on page 3). The “second” estimate for the fourth quarter, based on more complete data, will be released on February 28, 2024.
The increase in real GDP reflected increases in consumer spending, exports, state and local government spending, nonresidential fixed investment, federal government spending, private inventory investment, and residential fixed investment (table 2). Imports, which are a subtraction in the calculation of GDP, increased.
…
Current‑dollar GDP increased 4.8 percent at an annual rate, or $328.7 billion, in the fourth quarter to a level of $27.94 trillion. In the third quarter, GDP increased 8.3 percent, or $547.1 billion (tables 1 and 3).The price index for gross domestic purchases increased 1.9 percent in the fourth quarter, compared with an increase of 2.9 percent in the third quarter (table 4). The personal consumption expenditures (PCE) price index increased 1.7 percent, compared with an increase of 2.6 percent. Excluding food and energy prices, the PCE price index increased 2.0 percent, the same change as the third quarter.
Current-dollar personal income increased $224.8 billion in the fourth quarter, compared with an increase of $196.2 billion in the third quarter. The increase primarily reflected increases in compensation, personal income receipts on assets, and proprietors’ income that were partly offset by a decrease in personal current transfer receipts (table 8).Disposable personal income increased $211.7 billion, or 4.2 percent, in the fourth quarter, compared with an increase of $143.5 billion, or 2.9 percent, in the third quarter. Real disposable personal income increased 2.5 percent, compared with an increase of 0.3 percent.
Personal saving was $818.9 billion in the fourth quarter, compared with $851.2 billion in the third quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 4.0 percent in the fourth quarter, compared with 4.2 percent in the third quarter.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | 1.1534 % | 2,288.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.1534 % | 4,388.6 |
| Floater | 10.64 % | 10.81 % | 47,684 | 8.91 | 2 | 1.1534 % | 2,529.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1136 % | 3,429.9 |
| SplitShare | 4.91 % | 7.17 % | 49,436 | 1.95 | 7 | -0.1136 % | 4,096.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1136 % | 3,195.9 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0827 % | 2,673.2 |
| Perpetual-Discount | 6.42 % | 6.55 % | 52,816 | 13.11 | 34 | -0.0827 % | 2,915.0 |
| FixedReset Disc | 5.58 % | 7.54 % | 120,318 | 12.05 | 59 | 0.1442 % | 2,352.5 |
| Insurance Straight | 6.30 % | 6.48 % | 72,737 | 13.22 | 20 | -0.1664 % | 2,877.1 |
| FloatingReset | 10.08 % | 10.40 % | 31,479 | 9.20 | 5 | 0.2786 % | 2,664.8 |
| FixedReset Prem | 5.89 % | 6.48 % | 162,620 | 3.34 | 2 | -0.1189 % | 2,528.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1442 % | 2,404.8 |
| FixedReset Ins Non | 5.43 % | 7.14 % | 101,082 | 12.51 | 14 | 0.2995 % | 2,618.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.C | Insurance Straight | -3.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.99 % |
| MFC.PR.L | FixedReset Ins Non | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.51 % |
| NA.PR.W | FixedReset Disc | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 7.77 % |
| BMO.PR.W | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.57 % |
| MFC.PR.C | Insurance Straight | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.17 % |
| SLF.PR.D | Insurance Straight | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 5.95 % |
| PWF.PR.T | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 7.44 % |
| CU.PR.E | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 6.41 % |
| TD.PF.C | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 7.36 % |
| IFC.PR.E | Insurance Straight | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 6.33 % |
| CCS.PR.C | Insurance Straight | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 6.49 % |
| CM.PR.P | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 7.72 % |
| BN.PR.K | Floater | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 11.78 Evaluated at bid price : 11.78 Bid-YTW : 10.92 % |
| GWO.PR.N | FixedReset Ins Non | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 7.76 % |
| PWF.PR.P | FixedReset Disc | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 8.27 % |
| FTS.PR.M | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 8.06 % |
| FFH.PR.K | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.36 % |
| FFH.PR.G | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 8.40 % |
| IFC.PR.G | FixedReset Ins Non | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 21.59 Evaluated at bid price : 21.90 Bid-YTW : 7.02 % |
| MFC.PR.N | FixedReset Ins Non | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 7.54 % |
| FFH.PR.I | FixedReset Disc | 2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 8.49 % |
| GWO.PR.Y | Insurance Straight | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.48 % |
| BN.PR.R | FixedReset Disc | 2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 15.17 Evaluated at bid price : 15.17 Bid-YTW : 8.96 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.B | FixedReset Disc | 350,832 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 6.84 % |
| TD.PF.A | FixedReset Disc | 250,730 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.15 % |
| CU.PR.C | FixedReset Disc | 186,599 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 7.39 % |
| TD.PF.I | FixedReset Disc | 148,996 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 23.09 Evaluated at bid price : 24.50 Bid-YTW : 6.61 % |
| FTS.PR.M | FixedReset Disc | 101,980 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 8.06 % |
| TD.PF.J | FixedReset Disc | 56,146 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-25 Maturity Price : 21.56 Evaluated at bid price : 21.85 Bid-YTW : 7.03 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TD.PF.A | FixedReset Disc | Quote: 20.10 – 23.45 Spot Rate : 3.3500 Average : 2.7340 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 19.48 – 22.12 Spot Rate : 2.6400 Average : 2.2989 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 19.20 – 20.50 Spot Rate : 1.3000 Average : 0.9643 YTW SCENARIO |
| PVS.PR.J | SplitShare | Quote: 23.00 – 23.77 Spot Rate : 0.7700 Average : 0.5504 YTW SCENARIO |
| POW.PR.C | Perpetual-Discount | Quote: 23.00 – 23.65 Spot Rate : 0.6500 Average : 0.4693 YTW SCENARIO |
| SLF.PR.C | Insurance Straight | Quote: 18.80 – 19.33 Spot Rate : 0.5300 Average : 0.3499 YTW SCENARIO |