Whoosh! Bonds got hammered today:
Economic data Thursday was in sync with the Fed’s view, with weekly initial jobless claims falling more than expected while gross domestic product for the third quarter was revised to show a 3.1% increase from the previously reported 2.8% pace.
…
Traders now see just one quarter-point rate reduction by mid-2025, and see less than two cuts in total by the end of the year, compared with last week’s expectations of three rate cuts.Longer-dated Treasury yields were higher after the economic data, with the benchmark U.S. 10-year note reaching a near 7-month high of 4.594%. Canadian bond yields also moved higher across a steeper curve. The 10-year by late day was up 15 basis points at 3.373%, its highest since late November.
| 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 | -0.0804 % | 2,271.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0804 % | 4,357.3 |
| Floater | 7.68 % | 7.87 % | 33,862 | 11.58 | 4 | -0.0804 % | 2,511.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2446 % | 3,620.3 |
| SplitShare | 4.78 % | 4.72 % | 64,576 | 2.07 | 7 | -0.2446 % | 4,323.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2446 % | 3,373.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7158 % | 2,863.1 |
| Perpetual-Discount | 6.00 % | 6.17 % | 55,508 | 13.60 | 32 | -0.7158 % | 3,122.1 |
| FixedReset Disc | 5.41 % | 6.65 % | 105,143 | 12.87 | 53 | 0.0391 % | 2,780.0 |
| Insurance Straight | 5.98 % | 6.08 % | 66,306 | 13.82 | 21 | -1.3137 % | 3,027.1 |
| FloatingReset | 6.44 % | 5.99 % | 36,127 | 13.10 | 4 | 0.1992 % | 3,334.7 |
| FixedReset Prem | 6.02 % | 5.56 % | 200,338 | 13.62 | 9 | 0.0130 % | 2,601.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0391 % | 2,841.7 |
| FixedReset Ins Non | 5.16 % | 6.03 % | 90,691 | 13.81 | 14 | -0.3380 % | 2,845.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.E | Insurance Straight | -8.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 6.49 % |
| IFC.PR.A | FixedReset Ins Non | -3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 5.90 % |
| GWO.PR.L | Insurance Straight | -2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.11 % |
| PWF.PR.F | Perpetual-Discount | -2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.27 % |
| CU.PR.C | FixedReset Disc | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.65 % |
| GWO.PR.Y | Insurance Straight | -2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.00 % |
| IFC.PR.K | Insurance Straight | -2.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.16 % |
| CU.PR.D | Perpetual-Discount | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.97 % |
| BN.PR.M | Perpetual-Discount | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 6.41 % |
| FTS.PR.F | Perpetual-Discount | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.86 % |
| FFH.PR.K | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.78 Evaluated at bid price : 23.40 Bid-YTW : 6.72 % |
| BN.PR.N | Perpetual-Discount | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 6.39 % |
| FTS.PR.J | Perpetual-Discount | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.93 % |
| BN.PR.Z | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.44 Evaluated at bid price : 21.79 Bid-YTW : 6.90 % |
| GWO.PR.S | Insurance Straight | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.09 % |
| GWO.PR.P | Insurance Straight | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 6.12 % |
| BN.PF.J | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.43 Evaluated at bid price : 23.00 Bid-YTW : 6.67 % |
| GWO.PR.H | Insurance Straight | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.10 % |
| BN.PR.K | Floater | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 7.87 % |
| GWO.PR.T | Insurance Straight | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.11 % |
| POW.PR.A | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.20 % |
| GWO.PR.M | Insurance Straight | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 6.08 % |
| CU.PR.F | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 5.94 % |
| POW.PR.B | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.78 Evaluated at bid price : 22.03 Bid-YTW : 6.18 % |
| ENB.PR.B | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.39 % |
| GWO.PR.G | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.10 % |
| GWO.PR.I | Insurance Straight | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.95 % |
| MFC.PR.C | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.77 % |
| CCS.PR.C | Insurance Straight | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.13 % |
| PWF.PR.A | Floater | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 7.40 % |
| BN.PF.E | FixedReset Disc | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.85 % |
| ENB.PF.E | FixedReset Disc | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.33 % |
| NA.PR.W | FixedReset Disc | 4.28 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.04 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.T | FixedReset Disc | 157,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 7.01 % |
| NA.PR.W | FixedReset Disc | 84,075 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.04 % |
| CM.PR.P | FixedReset Disc | 65,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 4.24 % |
| CM.PR.Q | FixedReset Disc | 53,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 24.07 Evaluated at bid price : 24.65 Bid-YTW : 5.80 % |
| MFC.PR.M | FixedReset Ins Non | 52,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.85 Evaluated at bid price : 22.30 Bid-YTW : 6.03 % |
| MFC.PR.N | FixedReset Ins Non | 50,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.32 % |
| There were 18 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.E | Insurance Straight | Quote: 20.14 – 23.25 Spot Rate : 3.1100 Average : 1.7254 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 20.40 – 21.25 Spot Rate : 0.8500 Average : 0.6271 YTW SCENARIO |
| PVS.PR.H | SplitShare | Quote: 25.00 – 25.50 Spot Rate : 0.5000 Average : 0.3037 YTW SCENARIO |
| CU.PR.D | Perpetual-Discount | Quote: 20.75 – 21.59 Spot Rate : 0.8400 Average : 0.6519 YTW SCENARIO |
| FFH.PR.K | FixedReset Disc | Quote: 23.40 – 23.90 Spot Rate : 0.5000 Average : 0.3322 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 20.22 – 20.93 Spot Rate : 0.7100 Average : 0.5465 YTW SCENARIO |