The TXPR price index set a new 52-week high of 697.68, edging the old mark of 697.57 set yesterday.
Statistics Canada says a boost in the number of people looking for work in December drove the unemployment rate higher at the end of the year.
The agency said the economy added 8,200 jobs last month, topping economists’ expectations.
The unemployment rate rose to 6.8 per cent in December, Statscan said, up from 6.5 per cent in November.
…
Average hourly wages rose 3.4 per cent year-over-year in December, cooling from 3.6 per cent in November.
And in the US:
The American labor market has entered 2026 in respectable shape, continuing to muddle through challenges even as it loses strength.
Employers continued to hire modestly in December and the unemployment rate declined, federal data showed on Friday, but hiring across 2025 was the weakest in five years, driven in part by government staffing cuts and tumultuous public policy.
Employers added 50,000 jobs in the last month of 2025 and the unemployment rate fell to 4.4 percent, the data showed. Average hourly earnings grew at 0.3 percent on a monthly basis in December and 3.8 percent on an annual basis, an acceleration compared with previous months.
…
Excluding health care and social-assistance sectors that added about 700,000 jobs last year, private-sector job growth for the year was just over 20,000, said Samuel Tombs, the chief U.S. economist at Pantheon Macro, a research firm.
And now it’s time for … PrefLetter weekend!
| 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 | 0.0253 % | 2,436.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0253 % | 4,620.7 |
| Floater | 5.91 % | 6.13 % | 53,188 | 13.73 | 3 | 0.0253 % | 2,663.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2665 % | 3,672.2 |
| SplitShare | 4.75 % | 4.39 % | 74,990 | 3.12 | 5 | -0.2665 % | 4,385.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2665 % | 3,421.7 |
| Perpetual-Premium | 5.63 % | -1.09 % | 91,025 | 0.09 | 9 | 0.0307 % | 3,106.3 |
| Perpetual-Discount | 5.51 % | 5.53 % | 46,064 | 14.59 | 25 | 0.1446 % | 3,432.5 |
| FixedReset Disc | 5.85 % | 5.97 % | 109,408 | 13.84 | 29 | 0.2850 % | 3,173.2 |
| Insurance Straight | 5.44 % | 5.51 % | 53,755 | 14.63 | 22 | 0.0472 % | 3,342.8 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2850 % | 3,774.8 |
| FixedReset Prem | 5.93 % | 4.24 % | 88,267 | 2.20 | 19 | -0.1085 % | 2,664.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2850 % | 3,243.6 |
| FixedReset Ins Non | 5.26 % | 5.44 % | 78,004 | 14.57 | 14 | 0.2483 % | 3,140.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.Z | FixedReset Disc | -4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 23.68 Evaluated at bid price : 24.00 Bid-YTW : 6.20 % |
| PVS.PR.L | SplitShare | -2.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.86 % |
| BN.PF.D | Perpetual-Discount | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.81 % |
| GWO.PR.T | Insurance Straight | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 22.74 Evaluated at bid price : 23.00 Bid-YTW : 5.63 % |
| MFC.PR.Q | FixedReset Ins Non | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 23.52 Evaluated at bid price : 25.10 Bid-YTW : 5.50 % |
| IFC.PR.G | FixedReset Ins Non | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 23.51 Evaluated at bid price : 25.10 Bid-YTW : 5.50 % |
| CU.PR.F | Perpetual-Discount | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 21.25 Evaluated at bid price : 21.52 Bid-YTW : 5.28 % |
| MFC.PR.F | FixedReset Ins Non | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 5.65 % |
| PWF.PR.G | Perpetual-Premium | 1.09 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-02-08 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : -17.61 % |
| GWO.PR.M | Insurance Straight | 1.22 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-02-08 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : -28.57 % |
| POW.PR.A | Perpetual-Premium | 1.41 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-02-08 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : -7.50 % |
| BN.PF.G | FixedReset Disc | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 23.08 Evaluated at bid price : 24.66 Bid-YTW : 5.78 % |
| GWO.PR.Q | Insurance Straight | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.51 % |
| PWF.PR.P | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 5.75 % |
| PWF.PR.R | Perpetual-Discount | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 24.20 Evaluated at bid price : 24.49 Bid-YTW : 5.62 % |
| ENB.PR.B | FixedReset Disc | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 6.26 % |
| ENB.PR.F | FixedReset Disc | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 21.63 Evaluated at bid price : 22.06 Bid-YTW : 6.25 % |
| IFC.PR.C | FixedReset Ins Non | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 24.04 Evaluated at bid price : 24.59 Bid-YTW : 5.58 % |
| ENB.PF.E | FixedReset Disc | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 22.06 Evaluated at bid price : 22.58 Bid-YTW : 6.19 % |
| BN.PR.T | FixedReset Disc | 3.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.07 % |
| PWF.PF.A | Perpetual-Discount | 5.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.54 % |
| PWF.PR.S | Perpetual-Discount | 9.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 5.53 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.F | FixedReset Ins Non | 147,145 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 5.65 % |
| ENB.PR.P | FixedReset Disc | 68,343 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 22.11 Evaluated at bid price : 22.52 Bid-YTW : 6.21 % |
| PWF.PR.T | FixedReset Disc | 65,550 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 23.21 Evaluated at bid price : 24.57 Bid-YTW : 5.38 % |
| IFC.PR.C | FixedReset Ins Non | 48,755 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 24.04 Evaluated at bid price : 24.59 Bid-YTW : 5.58 % |
| FTS.PR.K | FixedReset Disc | 39,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 22.96 Evaluated at bid price : 24.01 Bid-YTW : 5.29 % |
| SLF.PR.G | FixedReset Ins Non | 25,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-09 Maturity Price : 19.74 Evaluated at bid price : 19.74 Bid-YTW : 5.50 % |
| There were 11 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 |
| BN.PR.Z | FixedReset Disc | Quote: 24.00 – 25.15 Spot Rate : 1.1500 Average : 0.7731 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 22.81 – 23.70 Spot Rate : 0.8900 Average : 0.5382 YTW SCENARIO |
| NA.PR.K | FixedReset Prem | Quote: 28.01 – 29.01 Spot Rate : 1.0000 Average : 0.6989 YTW SCENARIO |
| PVS.PR.L | SplitShare | Quote: 25.80 – 26.60 Spot Rate : 0.8000 Average : 0.5807 YTW SCENARIO |
| MFC.PR.Q | FixedReset Ins Non | Quote: 25.10 – 25.87 Spot Rate : 0.7700 Average : 0.6059 YTW SCENARIO |
| TD.PF.J | FixedReset Prem | Quote: 26.01 – 26.57 Spot Rate : 0.5600 Average : 0.4017 YTW SCENARIO |