US PPI came out hotter than expected today:
Wholesale inflation, as measured by the Producer Price Index, rose more than expected in January, adding to a disappointing inflation picture for the month.
The Producer Price Index rose 0.3% last month, resulting in an annual increase of 0.9%, according to Bureau of Labor Statistics data released Friday. Despite coming in hotter than economists had expected (a projected 0.7% annual gain, according to FactSet), the annual rate is in line with what was seen during the last quarter of 2023.
When stripping out the food and energy categories, which tend to be volatile, core PPI jumped 0.5% for the month, bringing the yearly increase to 2%, a hotter reading than December’s 1.7%.
| 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 | 0.8511 % | 2,290.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.8511 % | 4,392.3 |
| Floater | 10.63 % | 10.93 % | 31,495 | 8.77 | 2 | 0.8511 % | 2,531.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0659 % | 3,429.3 |
| SplitShare | 4.91 % | 7.18 % | 48,891 | 1.89 | 7 | 0.0659 % | 4,095.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0659 % | 3,195.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2385 % | 2,643.7 |
| Perpetual-Discount | 6.50 % | 6.69 % | 45,709 | 12.95 | 33 | -0.2385 % | 2,882.8 |
| FixedReset Disc | 5.59 % | 7.76 % | 114,485 | 12.03 | 59 | -0.0621 % | 2,362.8 |
| Insurance Straight | 6.30 % | 6.50 % | 63,122 | 13.15 | 21 | -0.0623 % | 2,880.5 |
| FloatingReset | 10.04 % | 10.23 % | 34,118 | 9.32 | 3 | 0.4358 % | 2,597.0 |
| FixedReset Prem | 6.93 % | 6.67 % | 158,343 | 3.27 | 1 | 0.3960 % | 2,519.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0621 % | 2,415.2 |
| FixedReset Ins Non | 5.41 % | 7.17 % | 84,661 | 12.40 | 14 | 0.2914 % | 2,624.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.I | FixedReset Disc | -3.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.96 % |
| BN.PR.M | Perpetual-Discount | -2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 6.92 % |
| GWO.PR.Y | Insurance Straight | -2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.51 % |
| CM.PR.P | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.94 % |
| TD.PF.C | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 7.55 % |
| PWF.PR.Z | Perpetual-Discount | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.79 % |
| PWF.PR.O | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 6.82 % |
| BN.PR.B | Floater | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 10.93 % |
| MFC.PR.B | Insurance Straight | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 6.13 % |
| RY.PR.S | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.81 Evaluated at bid price : 22.25 Bid-YTW : 6.84 % |
| PWF.PR.G | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 22.06 Evaluated at bid price : 22.35 Bid-YTW : 6.66 % |
| BN.PF.E | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 9.44 % |
| FFH.PR.M | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 22.34 Evaluated at bid price : 22.80 Bid-YTW : 8.32 % |
| FFH.PR.I | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.94 % |
| FFH.PR.K | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 8.66 % |
| POW.PR.D | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.52 % |
| IFC.PR.E | Insurance Straight | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.39 % |
| TD.PF.B | FixedReset Disc | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.96 % |
| CU.PR.H | Perpetual-Discount | 1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.34 % |
| IFC.PR.A | FixedReset Ins Non | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 6.99 % |
| BN.PR.K | Floater | 3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 10.93 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.P | FixedReset Disc | 50,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.94 % |
| IFC.PR.A | FixedReset Ins Non | 49,241 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 6.99 % |
| RY.PR.M | FixedReset Disc | 15,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.79 % |
| NA.PR.S | FixedReset Disc | 14,130 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 7.36 % |
| RY.PR.H | FixedReset Disc | 10,785 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 7.41 % |
| POW.PR.D | Perpetual-Discount | 10,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.52 % |
| There were 2 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.K | Insurance Straight | Quote: 20.90 – 25.15 Spot Rate : 4.2500 Average : 2.3323 YTW SCENARIO |
| IFC.PR.I | Insurance Straight | Quote: 21.45 – 23.25 Spot Rate : 1.8000 Average : 1.1652 YTW SCENARIO |
| MFC.PR.I | FixedReset Ins Non | Quote: 22.75 – 23.89 Spot Rate : 1.1400 Average : 0.6548 YTW SCENARIO |
| BN.PF.F | FixedReset Disc | Quote: 18.90 – 20.00 Spot Rate : 1.1000 Average : 0.6506 YTW SCENARIO |
| BN.PR.M | Perpetual-Discount | Quote: 17.49 – 18.75 Spot Rate : 1.2600 Average : 0.9004 YTW SCENARIO |
| FTS.PR.F | Perpetual-Discount | Quote: 20.23 – 21.00 Spot Rate : 0.7700 Average : 0.4935 YTW SCENARIO |
Subject error I believe, should be February 16, 2024
Oops! Fixed it.