TXPR closed at 683.28, up 0.81% on the day. Volume today was 1.47-million, well above the median of the past 21 trading days.
CPD closed at 13.54, up 0.82% on the day. Volume was 48,090, well above the median of the past 21 trading days.
ZPR closed at 12.00, up 0.76% on the day. Volume was 109,310, below the median of the past 21 trading days.
Five-year Canada yields were down a bit to 2.75%.
TXPR’s fine performance was probably due to reinvestment of the RY.PR.M redemption money, although I’m sure the big bounce in equity prices today helped!
U.S. and Canadian stocks closed higher on Monday, extending Friday’s rally as increased odds that the U.S. Federal Reserve will lower its Fed funds target rate in December helped investors look past concerns about inflated tech valuations.
U.S. indexes embarked on the holiday-shortened week with solid gains, with strength in the “Magnificent Seven” group of artificial-intelligence-related momentum stocks putting the tech-heavy Nasdaq out front. The technology sector also led gainers in Canada, with the S&P/TSX Composite Index closing at its highest level since its last record high on Nov. 12.
A spate of U.S. economic reports, belatedly released after the recent six-week government shutdown, hinted at labour market weakness and stubbornly elevated inflation, which has bolstered investor optimism that the Fed will implement its third and final interest rate cut of 2025 at the conclusion of its December monetary meeting.
Dovish commentary from Fed Governor Christopher Waller, New York Fed President John Williams, and San Francisco Fed President Mary Daly lent some support to that optimism, although other policymakers voiced dissenting opinions.
…
The Dow Jones Industrial Average rose 202.86 points, or 0.44%, to 46,448.27, the S&P 500 gained 102.13 points, or 1.55%, to 6,705.12 and the Nasdaq Composite gained 598.92 points, or 2.69%, to 22,872.01.The S&P/TSX composite index ended up 443.70 points, or 1.47%, at 30,604.35.
| 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 | 0.4888 % | 2,408.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4888 % | 4,567.0 |
| Floater | 5.98 % | 6.27 % | 58,645 | 13.45 | 3 | 0.4888 % | 2,632.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6067 % | 3,639.9 |
| SplitShare | 4.80 % | 4.54 % | 72,100 | 3.24 | 5 | -0.6067 % | 4,346.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6067 % | 3,391.6 |
| Perpetual-Premium | 5.69 % | 5.55 % | 77,196 | 6.86 | 7 | 3.1034 % | 3,080.7 |
| Perpetual-Discount | 5.57 % | 5.68 % | 49,722 | 14.36 | 26 | -0.4696 % | 3,357.7 |
| FixedReset Disc | 5.88 % | 6.05 % | 111,700 | 13.59 | 30 | 0.7961 % | 3,044.9 |
| Insurance Straight | 5.48 % | 5.57 % | 57,314 | 14.44 | 21 | 0.2857 % | 3,315.6 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7961 % | 3,622.2 |
| FixedReset Prem | 5.90 % | 5.12 % | 107,768 | 2.72 | 21 | 0.5801 % | 2,625.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7961 % | 3,112.5 |
| FixedReset Ins Non | 5.22 % | 5.43 % | 65,826 | 14.40 | 15 | -0.0637 % | 3,072.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PF.A | Perpetual-Discount | -5.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.94 % |
| IFC.PR.C | FixedReset Ins Non | -2.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 22.21 Evaluated at bid price : 22.95 Bid-YTW : 5.82 % |
| PWF.PR.K | Perpetual-Discount | -2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.77 % |
| CU.PR.C | FixedReset Disc | -2.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 22.93 Evaluated at bid price : 23.35 Bid-YTW : 5.54 % |
| CIU.PR.A | Perpetual-Discount | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.76 % |
| PWF.PR.F | Perpetual-Discount | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 22.78 Evaluated at bid price : 23.06 Bid-YTW : 5.74 % |
| CU.PR.J | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.66 % |
| PVS.PR.K | SplitShare | -1.07 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.37 % |
| PWF.PR.T | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 23.20 Evaluated at bid price : 24.60 Bid-YTW : 5.28 % |
| ENB.PR.H | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.83 Evaluated at bid price : 22.08 Bid-YTW : 5.79 % |
| ENB.PR.B | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 6.34 % |
| ENB.PF.G | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.58 Evaluated at bid price : 21.90 Bid-YTW : 6.30 % |
| ENB.PF.C | FixedReset Disc | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.30 Evaluated at bid price : 21.58 Bid-YTW : 6.31 % |
| BN.PF.C | Perpetual-Discount | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.83 % |
| ENB.PR.P | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.35 % |
| ENB.PR.Y | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 6.34 % |
| ENB.PF.E | FixedReset Disc | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.33 Evaluated at bid price : 21.62 Bid-YTW : 6.28 % |
| ENB.PR.J | FixedReset Disc | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.67 Evaluated at bid price : 21.92 Bid-YTW : 6.27 % |
| ENB.PR.T | FixedReset Disc | 1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.94 Evaluated at bid price : 22.31 Bid-YTW : 6.18 % |
| FFH.PR.K | FixedReset Prem | 2.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.43 % |
| GWO.PR.Y | Insurance Straight | 2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.53 % |
| ENB.PR.F | FixedReset Disc | 2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.30 % |
| ENB.PF.A | FixedReset Disc | 2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.77 Evaluated at bid price : 22.12 Bid-YTW : 6.22 % |
| PWF.PR.P | FixedReset Disc | 3.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.97 % |
| NA.PR.K | FixedReset Prem | 11.29 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.71 Bid-YTW : 4.42 % |
| POW.PR.G | Perpetual-Premium | 29.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.69 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.D | FixedReset Disc | 131,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.41 % |
| ENB.PR.F | FixedReset Disc | 88,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.30 % |
| NA.PR.G | FixedReset Prem | 83,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 23.72 Evaluated at bid price : 26.12 Bid-YTW : 5.49 % |
| POW.PR.I | Perpetual-Discount | 74,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 24.57 Evaluated at bid price : 24.96 Bid-YTW : 5.68 % |
| BN.PF.F | FixedReset Disc | 43,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-24 Maturity Price : 22.73 Evaluated at bid price : 23.70 Bid-YTW : 6.05 % |
| CM.PR.S | FixedReset Prem | 43,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.76 Bid-YTW : 4.62 % |
| There were 25 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| PWF.PF.A | Perpetual-Discount | Quote: 19.15 – 20.79 Spot Rate : 1.6400 Average : 1.1928 YTW SCENARIO |
| POW.PR.A | Perpetual-Discount | Quote: 24.60 – 25.75 Spot Rate : 1.1500 Average : 0.7738 YTW SCENARIO |
| BIP.PR.E | FixedReset Prem | Quote: 25.27 – 26.27 Spot Rate : 1.0000 Average : 0.6338 YTW SCENARIO |
| IFC.PR.I | Insurance Straight | Quote: 24.60 – 25.95 Spot Rate : 1.3500 Average : 0.9869 YTW SCENARIO |
| PWF.PR.Z | Perpetual-Discount | Quote: 22.87 – 23.90 Spot Rate : 1.0300 Average : 0.6713 YTW SCENARIO |
| PWF.PR.K | Perpetual-Discount | Quote: 21.65 – 22.85 Spot Rate : 1.2000 Average : 0.8837 YTW SCENARIO |