TXPR closed at 565.92, down 0.50% on the day. Volume today was 1.82-million, near the median of the past 21 trading days.
CPD closed at 11.24, down 0.44% on the day. Volume was 99,110, second-highest of the past 21 trading days.
ZPR closed at 9.58, down 0.72% on the day. Volume was 45,590, second-lowest of the past 21 trading days.
Five-year Canada yields were up to 3.68%.
| 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 | -0.1699 % | 2,271.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1699 % | 4,357.1 |
| Floater | 10.72 % | 10.95 % | 52,066 | 8.78 | 2 | -0.1699 % | 2,511.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1803 % | 3,422.5 |
| SplitShare | 4.92 % | 7.27 % | 48,279 | 1.92 | 7 | 0.1803 % | 4,087.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1803 % | 3,189.0 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.9987 % | 2,628.1 |
| Perpetual-Discount | 6.54 % | 6.71 % | 49,429 | 12.92 | 34 | -1.9987 % | 2,865.8 |
| FixedReset Disc | 5.62 % | 7.62 % | 118,820 | 12.05 | 59 | -0.3617 % | 2,352.1 |
| Insurance Straight | 6.34 % | 6.53 % | 74,004 | 13.12 | 20 | -0.8479 % | 2,855.5 |
| FloatingReset | 10.00 % | 10.30 % | 36,174 | 9.25 | 3 | -2.8624 % | 2,610.2 |
| FixedReset Prem | 6.99 % | 6.87 % | 174,807 | 3.29 | 1 | -0.3960 % | 2,499.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3617 % | 2,404.4 |
| FixedReset Ins Non | 5.43 % | 7.23 % | 100,565 | 12.51 | 14 | -0.3858 % | 2,617.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| POW.PR.A | Perpetual-Discount | -6.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.01 % |
| FFH.PR.D | FloatingReset | -5.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 10.30 % |
| FFH.PR.G | FixedReset Disc | -5.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.07 Evaluated at bid price : 16.07 Bid-YTW : 9.12 % |
| GWO.PR.I | Insurance Straight | -5.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 % |
| BN.PR.N | Perpetual-Discount | -5.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.13 Evaluated at bid price : 17.13 Bid-YTW : 7.05 % |
| FFH.PR.I | FixedReset Disc | -4.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 9.13 % |
| CCS.PR.C | Insurance Straight | -4.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.86 % |
| FFH.PR.K | FixedReset Disc | -4.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 8.81 % |
| FFH.PR.C | FixedReset Disc | -3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 8.40 % |
| PWF.PR.H | Perpetual-Discount | -3.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.92 % |
| BN.PR.M | Perpetual-Discount | -3.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.82 % |
| MIC.PR.A | Perpetual-Discount | -3.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 7.27 % |
| POW.PR.C | Perpetual-Discount | -3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.67 % |
| CIU.PR.A | Perpetual-Discount | -3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 6.77 % |
| BN.PF.D | Perpetual-Discount | -2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.92 Evaluated at bid price : 17.92 Bid-YTW : 6.95 % |
| BIP.PR.E | FixedReset Disc | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 7.96 % |
| IFC.PR.K | Perpetual-Discount | -2.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 6.58 % |
| BMO.PR.Y | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 7.92 % |
| PWF.PR.F | Perpetual-Discount | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 6.74 % |
| PWF.PR.R | Perpetual-Discount | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 6.79 % |
| PWF.PR.Z | Perpetual-Discount | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.79 % |
| IFC.PR.A | FixedReset Ins Non | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 7.00 % |
| PWF.PR.K | Perpetual-Discount | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 6.77 % |
| PWF.PR.E | Perpetual-Discount | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 6.74 % |
| POW.PR.G | Perpetual-Discount | -2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 6.78 % |
| PWF.PR.L | Perpetual-Discount | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.78 % |
| POW.PR.D | Perpetual-Discount | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.68 % |
| MFC.PR.Q | FixedReset Ins Non | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.77 Evaluated at bid price : 22.15 Bid-YTW : 7.00 % |
| POW.PR.B | Perpetual-Discount | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.71 % |
| GWO.PR.Y | Insurance Straight | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.44 % |
| NA.PR.S | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 7.46 % |
| PWF.PR.O | Perpetual-Discount | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 6.74 % |
| PWF.PR.S | Perpetual-Discount | -1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 6.73 % |
| CU.PR.F | Perpetual-Discount | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 6.44 % |
| FTS.PR.J | Perpetual-Discount | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.15 % |
| IFC.PR.F | Insurance Straight | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 6.61 % |
| BIP.PR.A | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 10.06 % |
| MFC.PR.L | FixedReset Ins Non | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 7.47 % |
| FFH.PR.M | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.87 Evaluated at bid price : 22.40 Bid-YTW : 8.37 % |
| RY.PR.O | Perpetual-Discount | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.44 Evaluated at bid price : 21.73 Bid-YTW : 5.64 % |
| CU.PR.E | Perpetual-Discount | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.47 % |
| FTS.PR.F | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.07 % |
| CU.PR.J | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 6.47 % |
| CM.PR.Q | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 7.85 % |
| ELF.PR.H | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.31 Evaluated at bid price : 21.58 Bid-YTW : 6.44 % |
| MFC.PR.K | FixedReset Ins Non | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 22.03 Evaluated at bid price : 22.55 Bid-YTW : 6.74 % |
| BN.PF.C | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.95 % |
| CU.PR.C | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 7.68 % |
| MFC.PR.J | FixedReset Ins Non | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 22.18 Evaluated at bid price : 22.75 Bid-YTW : 6.93 % |
| BN.PF.E | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 9.30 % |
| FTS.PR.I | FloatingReset | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 10.32 % |
| BMO.PR.E | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 23.05 Evaluated at bid price : 24.65 Bid-YTW : 6.50 % |
| GWO.PR.Q | Insurance Straight | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.61 % |
| BN.PF.H | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 8.61 % |
| BN.PF.G | FixedReset Disc | 3.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 9.12 % |
| BN.PF.F | FixedReset Disc | 3.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 8.65 % |
| SLF.PR.H | FixedReset Ins Non | 5.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.23 % |
| BN.PR.R | FixedReset Disc | 9.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 15.05 Evaluated at bid price : 15.05 Bid-YTW : 9.14 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.F | FixedReset Disc | 221,513 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 23.88 Evaluated at bid price : 24.69 Bid-YTW : 7.21 % |
| NA.PR.W | FixedReset Disc | 51,824 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 7.60 % |
| FFH.PR.K | FixedReset Disc | 34,433 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 8.81 % |
| FFH.PR.D | FloatingReset | 28,753 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 10.30 % |
| NA.PR.E | FixedReset Disc | 28,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.67 Evaluated at bid price : 22.00 Bid-YTW : 6.95 % |
| PWF.PR.E | Perpetual-Discount | 28,292 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 6.74 % |
| There were 20 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.L | FixedReset Ins Non | Quote: 19.56 – 24.06 Spot Rate : 4.5000 Average : 3.0116 YTW SCENARIO |
| BN.PF.F | FixedReset Disc | Quote: 18.76 – 22.00 Spot Rate : 3.2400 Average : 1.9893 YTW SCENARIO |
| CM.PR.O | FixedReset Disc | Quote: 20.45 – 22.15 Spot Rate : 1.7000 Average : 1.0676 YTW SCENARIO |
| POW.PR.A | Perpetual-Discount | Quote: 20.25 – 21.52 Spot Rate : 1.2700 Average : 0.7384 YTW SCENARIO |
| FFH.PR.I | FixedReset Disc | Quote: 16.70 – 17.90 Spot Rate : 1.2000 Average : 0.7173 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 18.52 – 19.48 Spot Rate : 0.9600 Average : 0.5961 YTW SCENARIO |
FFH preferreds were hit hard today.
https://www.msn.com/en-ca/money/topstories/muddy-waters-shorts-canadas-fairfax-financial-alleges-asset-value-manipulation/ar-BB1hZlDc
Buying opportunity or time to sell?
Who knows … but it seems like he’s right with his analysis sometimes. Why take the risk?
Carson is preying on ignorance in the market related to fair value accounting. Bet on Prem in this case.