Central bankers have united behind Powell in his defence of central bank independence:
We stand in full solidarity with the Federal Reserve System and its Chair Jerome H. Powell. The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability. Chair Powell has served with integrity, focused on his mandate and an unwavering commitment to the public interest. To us, he is a respected colleague who is held in the highest regard by all who have worked with him.
Christine Lagarde, President of the European Central Bank on behalf of the ECB Governing Council
Andrew Bailey, Governor of the Bank of England
Erik Thedéen, Governor of Sveriges Riksbank
Christian Kettel Thomsen, Chairman of the Board of Governors of the Danmarks Nationalbank
Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank
Ida Wolden Bache, Governor of Norges Bank
Michele Bullock, Governor of the Reserve Bank of Australia
Tiff Macklem, Governor of the Bank of Canada
Chang Yong Rhee, Governor of the Bank of Korea
Gabriel Galípolo, Governor of the Banco Central do Brasil
François Villeroy de Galhau, Chair of the Board of Directors of the Bank for International Settlements
Pablo Hernández de Cos, General Manager of the Bank for International Settlements
Note: Other central banks may be added to the list of signatories later on.
CI Financial is buying Invesco Canada:
CI Financial Corp.’s N/A
asset management arm is taking over Invesco Ltd.’s Canadian fund business, acquiring control of about 100 mutual funds and exchange-traded funds (ETFs).CI Global Asset Management is buying the management agreements for Invesco’s Canadian funds, which oversee a combined $26-billion of assets, expanding the lineup of products it can offer to clients.
Financial terms of the deal were not disclosed.
The two companies are also entering a long-term pact to have Invesco’s affiliates help manage 63 funds with $13-billion under management, providing portfolio management services.
…
CI Financial was itself acquired by Abu Dhabi-based Mubadala Capital in a $4.7-billion privatization deal late in 2024, following an audacious U.S. expansion led by chief executive officer Kurt MacAlpine through which the asset manager took on billions of dollars of debt.The privatization of CI came at a time when the company was under pressure from shareholders to take its U.S. arm public and show it had a plan to manage its heavy debt load.
This latest deal with Invesco “highlights how operating as a private company allows us to unlock new opportunities to create meaningful long-term value for CI and our clients,” Mr. MacAlpine said in a news release.
Invesco used to have a Canadian preferred share ETF, used as a comparator for my MAPF, but they closed it. The last performance comparison was for March, 2023.
| 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 | 0.1769 % | 2,444.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1769 % | 4,634.8 |
| Floater | 5.89 % | 6.12 % | 52,857 | 13.74 | 3 | 0.1769 % | 2,671.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2592 % | 3,682.9 |
| SplitShare | 4.74 % | 4.17 % | 78,559 | 2.01 | 5 | 0.2592 % | 4,398.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2592 % | 3,431.6 |
| Perpetual-Premium | 5.63 % | 2.80 % | 88,201 | 0.09 | 9 | -0.0263 % | 3,105.9 |
| Perpetual-Discount | 5.51 % | 5.55 % | 47,377 | 14.56 | 25 | -0.0352 % | 3,429.8 |
| FixedReset Disc | 5.86 % | 5.97 % | 108,409 | 13.68 | 29 | -0.1848 % | 3,169.8 |
| Insurance Straight | 5.46 % | 5.50 % | 51,962 | 14.63 | 22 | -0.1931 % | 3,330.9 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1848 % | 3,770.8 |
| FixedReset Prem | 5.93 % | 4.18 % | 87,497 | 2.19 | 19 | -0.1807 % | 2,664.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1848 % | 3,240.1 |
| FixedReset Ins Non | 5.25 % | 5.28 % | 77,059 | 14.47 | 14 | 0.1069 % | 3,147.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.I | Insurance Straight | -8.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 22.03 Evaluated at bid price : 22.40 Bid-YTW : 6.07 % |
| PWF.PF.A | Perpetual-Discount | -5.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.87 % |
| BN.PR.X | FixedReset Disc | -5.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.29 % |
| ENB.PR.B | FixedReset Disc | -2.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.40 % |
| BN.PR.Z | FixedReset Disc | -2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 23.40 Evaluated at bid price : 24.50 Bid-YTW : 6.04 % |
| BN.PF.J | FixedReset Prem | -1.35 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 5.16 % |
| FTS.PR.F | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 23.69 Evaluated at bid price : 23.99 Bid-YTW : 5.16 % |
| CU.PR.G | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.38 % |
| PWF.PR.R | Perpetual-Discount | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 24.29 Evaluated at bid price : 24.59 Bid-YTW : 5.60 % |
| PVS.PR.L | SplitShare | 1.39 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2026-02-12 Maturity Price : 26.00 Evaluated at bid price : 26.26 Bid-YTW : -0.36 % |
| MFC.PR.N | FixedReset Ins Non | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 22.96 Evaluated at bid price : 24.28 Bid-YTW : 5.35 % |
| CCS.PR.C | Insurance Straight | 2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.47 % |
| GWO.PR.P | Insurance Straight | 3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 24.25 Evaluated at bid price : 24.55 Bid-YTW : 5.54 % |
| PWF.PR.T | FixedReset Disc | 4.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 23.28 Evaluated at bid price : 24.75 Bid-YTW : 5.34 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.J | FixedReset Disc | 66,204 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 22.30 Evaluated at bid price : 22.80 Bid-YTW : 6.21 % |
| BN.PF.G | FixedReset Disc | 51,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 23.10 Evaluated at bid price : 24.70 Bid-YTW : 5.78 % |
| PWF.PR.P | FixedReset Disc | 40,901 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 19.84 Evaluated at bid price : 19.84 Bid-YTW : 5.72 % |
| CU.PR.F | Perpetual-Discount | 39,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 21.36 Evaluated at bid price : 21.63 Bid-YTW : 5.26 % |
| ENB.PR.P | FixedReset Disc | 31,931 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 22.10 Evaluated at bid price : 22.50 Bid-YTW : 6.22 % |
| ENB.PR.T | FixedReset Disc | 31,578 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-01-13 Maturity Price : 22.64 Evaluated at bid price : 23.43 Bid-YTW : 6.06 % |
| There were 6 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 |
| IFC.PR.I | Insurance Straight | Quote: 22.40 – 24.65 Spot Rate : 2.2500 Average : 1.5858 YTW SCENARIO |
| PWF.PF.A | Perpetual-Discount | Quote: 19.25 – 20.54 Spot Rate : 1.2900 Average : 0.7989 YTW SCENARIO |
| BN.PR.X | FixedReset Disc | Quote: 18.90 – 19.90 Spot Rate : 1.0000 Average : 0.5673 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 22.63 – 24.50 Spot Rate : 1.8700 Average : 1.5227 YTW SCENARIO |
| BIP.PR.E | FixedReset Prem | Quote: 25.75 – 26.50 Spot Rate : 0.7500 Average : 0.4833 YTW SCENARIO |
| GWO.PR.Z | Insurance Straight | Quote: 25.33 – 26.33 Spot Rate : 1.0000 Average : 0.7818 YTW SCENARIO |