Bonds got hammered again:
In an interview aired on Sunday, Powell said more evidence on a sustainable downtrend in inflation was needed to warrant lower rates, while Minneapolis Fed President Neel Kashkari wrote in an essay published on Monday that a resilient economy could defer rate cuts for some time.
Fresh data from the Institute for Supply Management showed the U.S. services sector’s growth picked up in January, with a measure of input prices rising to an 11-month high.
This added to doubts about rate cuts, already kindled by Friday’s data, which signaled the labour market’s resilience in the face of tight credit conditions.
Adding pressure was the Treasury market, with both U.S. and Canadian 10-year yields up sharply for a second straight trading day and hitting their highest level since late January.
| 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 | 0.0000 % | 2,275.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,364.5 |
| Floater | 10.70 % | 10.94 % | 34,239 | 8.79 | 2 | 0.0000 % | 2,515.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2343 % | 3,409.1 |
| SplitShare | 4.94 % | 7.32 % | 50,343 | 1.92 | 7 | -0.2343 % | 4,071.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2343 % | 3,176.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0367 % | 2,691.5 |
| Perpetual-Discount | 6.38 % | 6.54 % | 51,424 | 13.14 | 34 | -0.0367 % | 2,934.9 |
| FixedReset Disc | 5.56 % | 7.57 % | 119,372 | 12.19 | 59 | 0.1751 % | 2,374.7 |
| Insurance Straight | 6.25 % | 6.46 % | 69,760 | 13.23 | 20 | 0.0226 % | 2,896.5 |
| FloatingReset | 9.84 % | 10.21 % | 36,573 | 9.32 | 3 | -0.6604 % | 2,652.8 |
| FixedReset Prem | 6.91 % | 6.51 % | 175,660 | 3.31 | 1 | -0.2745 % | 2,527.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1751 % | 2,427.4 |
| FixedReset Ins Non | 5.36 % | 7.05 % | 102,551 | 12.57 | 14 | 0.0401 % | 2,649.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.H | Perpetual-Discount | -4.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.45 % |
| IFC.PR.I | Insurance Straight | -3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.53 % |
| BN.PF.I | FixedReset Disc | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 8.56 % |
| GWO.PR.G | Insurance Straight | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.54 % |
| CM.PR.Q | FixedReset Disc | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 7.75 % |
| NA.PR.S | FixedReset Disc | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 7.46 % |
| PVS.PR.K | SplitShare | -1.84 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.91 Bid-YTW : 7.53 % |
| TD.PF.D | FixedReset Disc | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.64 % |
| FTS.PR.I | FloatingReset | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 10.40 % |
| IFC.PR.A | FixedReset Ins Non | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.97 % |
| BN.PF.C | Perpetual-Discount | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 6.75 % |
| BIP.PR.F | FixedReset Disc | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 7.72 % |
| FTS.PR.F | Perpetual-Discount | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.05 % |
| FFH.PR.K | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 8.34 % |
| SLF.PR.G | FixedReset Ins Non | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 15.14 Evaluated at bid price : 15.14 Bid-YTW : 7.89 % |
| MFC.PR.N | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.61 % |
| TD.PF.A | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.08 % |
| CU.PR.D | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 6.29 % |
| RY.PR.N | Perpetual-Discount | 2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.71 Evaluated at bid price : 22.00 Bid-YTW : 5.57 % |
| BN.PR.R | FixedReset Disc | 2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 8.83 % |
| BIP.PR.A | FixedReset Disc | 3.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 9.64 % |
| GWO.PR.I | Insurance Straight | 5.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.31 % |
| BN.PF.H | FixedReset Disc | 6.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 22.24 Evaluated at bid price : 22.55 Bid-YTW : 8.32 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.S | FixedReset Disc | 145,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.17 Evaluated at bid price : 21.17 Bid-YTW : 7.04 % |
| FTS.PR.J | Perpetual-Discount | 97,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.08 % |
| BMO.PR.W | FixedReset Disc | 95,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.50 % |
| TD.PF.A | FixedReset Disc | 78,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.08 % |
| NA.PR.W | FixedReset Disc | 76,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 7.62 % |
| RY.PR.Z | FixedReset Disc | 70,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.11 % |
| There were 23 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CM.PR.O | FixedReset Disc | Quote: 20.35 – 22.15 Spot Rate : 1.8000 Average : 1.0031 YTW SCENARIO |
| BN.PR.R | FixedReset Disc | Quote: 15.60 – 17.50 Spot Rate : 1.9000 Average : 1.2476 YTW SCENARIO |
| PWF.PR.Z | Perpetual-Discount | Quote: 19.61 – 20.70 Spot Rate : 1.0900 Average : 0.6583 YTW SCENARIO |
| IFC.PR.I | Insurance Straight | Quote: 21.00 – 21.95 Spot Rate : 0.9500 Average : 0.6786 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 20.40 – 21.66 Spot Rate : 1.2600 Average : 0.9970 YTW SCENARIO |
| NA.PR.S | FixedReset Disc | Quote: 20.28 – 20.90 Spot Rate : 0.6200 Average : 0.3732 YTW SCENARIO |