PrefBlog

TXPR closed at 586.45, down 0.89% on the day. Volume today was 1.60-million, near the median of the past 21 trading days.

CPD closed at 11.64, down 0.77% on the day. Volume was 46,850, below the median of the past 21 trading days.

ZPR closed at 9.94, down 1.19% on the day. Volume was 555,690, highest by far of the past 21 trading days.

Five-year Canada yields were up to 3.53%.

Jobs, jobs, jobs!

• Services powered the gains: Overall, U.S. employers added 272,000 jobs last month, with health care again accounting for the most growth, adding 68,000 jobs. Government hiring rebounded from April, with 43,000 additional jobs, as did leisure and hospitality work, with 42,000.
• Wages were strong: Average hourly earnings rose 0.4 percent, or 4.1 percent from a year earlier. That was also stronger than expected, since wage increases have been easing since early 2022. Wage growth isn’t the primary reason that inflation has been high, but economists worry that it will be difficult to bring inflation fully under control if pay keeps rising at its recent pace.
• But the unemployment rate rose: The jobless rate hit 4 percent for the first time since January 2022, ending one of the longest streaks of sub-4 percent unemployment on record.

Things were a bit different in the Frozen North:

Statistics Canada’s latest labour force survey showed the economy added 27,000 jobs last month – too modest of a gain to keep the unemployment rate from rising by a tenth of a percentage point.
…
“It didn’t take much digging to unearth the fact that this report is considerably softer than the headline, as all of the gains were in part-time jobs, in one province (Ontario), and the unemployment rate ticked up to 6.2 per cent, as expected,” wrote BMO chief economist Douglas Porter in a client note.
…
Statistics Canada says the involuntary part-time rate, which refers to the proportion of part-time workers who could not find full-time work or worked part-time because of weak business conditions – was 18.2 per cent in May. That’s up from 15.4 per cent a year prior.
…
Wage growth remained strong in May as average hourly wages rose 5.1 per cent from a year ago, reaching $34.94.

… and all in all:

Canada’s main stock index fell 1% on Friday as a jump in the U.S. dollar following the release of stronger-than-expected U.S. jobs data pressured metal mining stocks, while investors braced for increased volatility in the months ahead. Wall Street stocks ended slightly lower.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 222.10 points at 22,007.00. For the week, the index lost 1.2%, its third consecutive weekly decline.
…
The benchmark S&P 500 slipped immediately after the report while U.S Treasury yields climbed as traders slashed bets on a September rate reduction. The index recovered and briefly hit a fresh intraday record high as investors noted the data pointed to underlying economic health.
…
Traders now see a 56% chance of a September rate reduction, according to the CME’s FedWatch tool.
…
GameStop slumped 39% in volatile trading just as stock influencer “Roaring Kitty” kicked off his first livestream in three years. The gaming retailer had announced a potential stock offering and a drop in quarterly sales.

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	-1.2605 %	2,243.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.2605 %	4,303.9
Floater	10.35 %	10.70 %	61,158	8.89	1	-1.2605 %	2,480.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.1713 %	3,479.4
SplitShare	4.84 %	6.46 %	32,118	1.64	7	0.1713 %	4,155.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1713 %	3,242.0
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.5581 %	2,687.3
Perpetual-Discount	6.40 %	6.57 %	55,024	13.05	28	-0.5581 %	2,930.3
FixedReset Disc	5.31 %	7.56 %	118,737	12.08	49	-1.5778 %	2,516.1
Insurance Straight	6.34 %	6.45 %	58,523	13.33	20	-0.1246 %	2,860.6
FloatingReset	9.45 %	9.39 %	35,649	9.97	3	-1.4567 %	2,741.5
FixedReset Prem	6.39 %	6.82 %	219,180	12.14	7	-0.1930 %	2,517.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-1.5778 %	2,572.0
FixedReset Ins Non	5.34 %	7.22 %	105,613	12.66	14	-1.8775 %	2,663.7

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.T	FixedReset Disc	-23.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.94 %
FFH.PR.K	FixedReset Disc	-8.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 8.71 %
SLF.PR.H	FixedReset Ins Non	-6.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.42 %
CM.PR.P	FixedReset Disc	-5.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 6.77 %
RY.PR.S	FixedReset Disc	-4.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.35 Evaluated at bid price : 23.10 Bid-YTW : 6.51 %
CU.PR.C	FixedReset Disc	-4.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 7.79 %
IFC.PR.C	FixedReset Ins Non	-3.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.34 %
MFC.PR.I	FixedReset Ins Non	-3.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.32 Evaluated at bid price : 22.85 Bid-YTW : 7.01 %
NA.PR.E	FixedReset Disc	-3.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.55 Evaluated at bid price : 23.37 Bid-YTW : 6.59 %
MFC.PR.F	FixedReset Ins Non	-3.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 7.39 %
TD.PF.D	FixedReset Disc	-3.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.61 Evaluated at bid price : 22.00 Bid-YTW : 7.07 %
MFC.PR.M	FixedReset Ins Non	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 7.45 %
MFC.PR.K	FixedReset Ins Non	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.98 Evaluated at bid price : 22.45 Bid-YTW : 6.70 %
BN.PF.F	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 8.39 %
NA.PR.S	FixedReset Disc	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.29 Evaluated at bid price : 23.01 Bid-YTW : 6.68 %
FFH.PR.D	FloatingReset	-2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.82 Evaluated at bid price : 22.10 Bid-YTW : 9.34 %
NA.PR.W	FixedReset Disc	-2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.13 %
FFH.PR.C	FixedReset Disc	-2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 7.97 %
CU.PR.E	Perpetual-Discount	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.56 %
BIP.PR.F	FixedReset Disc	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 8.03 %
BN.PF.C	Perpetual-Discount	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 6.94 %
SLF.PR.J	FloatingReset	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 9.39 %
CM.PR.Q	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.94 Evaluated at bid price : 22.50 Bid-YTW : 6.91 %
RY.PR.N	Perpetual-Discount	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.64 Evaluated at bid price : 22.90 Bid-YTW : 5.38 %
GWO.PR.N	FixedReset Ins Non	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 7.97 %
SLF.PR.G	FixedReset Ins Non	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 7.30 %
IFC.PR.A	FixedReset Ins Non	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 7.22 %
MFC.PR.N	FixedReset Ins Non	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.39 %
BN.PF.D	Perpetual-Discount	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.07 Evaluated at bid price : 18.07 Bid-YTW : 6.94 %
TD.PF.C	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.84 Evaluated at bid price : 22.32 Bid-YTW : 6.56 %
FFH.PR.I	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 8.55 %
IFC.PR.F	Insurance Straight	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.54 %
MFC.PR.L	FixedReset Ins Non	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 7.04 %
GWO.PR.M	Insurance Straight	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 6.51 %
BN.PR.B	Floater	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 10.70 %
MIC.PR.A	Perpetual-Discount	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 7.05 %
FTS.PR.K	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.56 %
CU.PR.D	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 6.48 %
PWF.PR.F	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.13 Evaluated at bid price : 20.13 Bid-YTW : 6.63 %
BN.PF.G	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 8.62 %
TD.PF.A	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.34 Evaluated at bid price : 23.15 Bid-YTW : 6.33 %
CU.PR.G	Perpetual-Discount	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 6.44 %
FTS.PR.M	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.80 %
PWF.PR.L	Perpetual-Discount	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 6.63 %
BN.PR.N	Perpetual-Discount	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.90 %
CU.PR.J	Perpetual-Discount	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 6.44 %
CCS.PR.C	Insurance Straight	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 6.49 %
IFC.PR.E	Insurance Straight	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.34 %
TD.PF.J	FixedReset Disc	3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.63 Evaluated at bid price : 23.52 Bid-YTW : 6.64 %
BN.PR.M	Perpetual-Discount	3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 6.77 %
IFC.PR.G	FixedReset Ins Non	4.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.77 Evaluated at bid price : 22.13 Bid-YTW : 7.09 %
BIP.PR.A	FixedReset Disc	5.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.39 Evaluated at bid price : 21.70 Bid-YTW : 8.02 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.J	FixedReset Disc	145,385	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.29 Evaluated at bid price : 22.85 Bid-YTW : 7.39 %
TD.PF.B	FixedReset Disc	104,273	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 23.06 Evaluated at bid price : 24.18 Bid-YTW : 6.12 %
BN.PR.N	Perpetual-Discount	76,462	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.90 %
CM.PR.S	FixedReset Disc	75,535	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 23.75 Evaluated at bid price : 23.75 Bid-YTW : 6.47 %
NA.PR.S	FixedReset Disc	68,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.29 Evaluated at bid price : 23.01 Bid-YTW : 6.68 %
FTS.PR.K	FixedReset Disc	34,710	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.56 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.T	FixedReset Disc	Quote: 16.75 – 21.70 Spot Rate : 4.9500 Average : 2.7675 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.94 %
IFC.PR.I	Insurance Straight	Quote: 21.40 – 23.99 Spot Rate : 2.5900 Average : 1.6998 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.45 %
CM.PR.P	FixedReset Disc	Quote: 21.65 – 23.00 Spot Rate : 1.3500 Average : 0.7958 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 6.77 %
FFH.PR.K	FixedReset Disc	Quote: 19.60 – 20.80 Spot Rate : 1.2000 Average : 0.7051 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 8.71 %
RY.PR.S	FixedReset Disc	Quote: 23.10 – 24.24 Spot Rate : 1.1400 Average : 0.7511 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 22.35 Evaluated at bid price : 23.10 Bid-YTW : 6.51 %
SLF.PR.H	FixedReset Ins Non	Quote: 18.05 – 19.25 Spot Rate : 1.2000 Average : 0.8223 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-06-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.42 %

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