TXPR closed at 684.70, down 0.76% on the day. Volume today was 1.18-million, fourth highest of the past 21 trading days.
CPD closed at 13.59, down 1.16% on the day. Volume was 84,800 (! … consolidated volume was 318,440), above the median of the past 21 trading days.
ZPR closed at 12.36, down 0.40% on the day. Volume was 137,150 (consolidated = 415,790), above the median of the past 21 trading days.
Five-year Canada yields were up 8bp to 3.21%.
Not the greatest of all days elsewhere, either:
The S&P 500 slumped 1.7% for its worst day since January and is back on track for a fifth straight losing week. That stretches back to before the Iran war began, and it would be the longest such losing streak in nearly four years.
The Dow Jones Industrial Average dropped 469 points, or 1%, and the Nasdaq composite sank 2.4% to fall more than 10% below its all-time high set early this year. That’s a steep enough drop to official be in a correction.
Similar to the U.S. indexes, the S&P/TSX Composite closed at its lows for the session, losing 1.53%.
…
On Thursday, the fighting continued, and thousands more U.S. troops neared the region. Iran, meanwhile, tightened its grip on the crucial Strait of Hormuz. It may be creating something like a “toll booth” for tankers to get past the narrow waterway, which typically sees a fifth of the world’s oil exit the Persian Gulf through it to customers worldwide.
…
The price for a barrel of Brent crude oil climbed 4.8% to settle at US$101.89 as hopes dimmed for a potential return to normal for the strait. That’s up from roughly US$70 before the war began. Benchmark U.S. crude rose US4.6% to $94.48 per barrel.
…
The yield on the 10-year Treasury jumped as high as 4.43% Thursday from 4.33% late Wednesday and from just 3.97% before the war started. That’s a significant leap for the bond market. Canadian yields rose by a similar degree on Thursday, with the 10-year up 7 basis points by late afternoon.
…
The Toronto Stock Exchange’s S&P/TSX composite index ended down 495.08 points at 31,887.52, giving back some of this week’s gains. For the month of March, the index was on track to lose 7.1%.
…
In stock markets abroad, Germany’s DAX lost 1.5%, Hong Kong’s Hang Seng sank 1.9% and South Korea’s Kospi dropped 3.2%. Japan’s Nikkei 225 had one of the world’s milder losses, at 0.3%.
I love the pomposity of “steep enough drop to official (sic) be in a correction”. Really, huh? Official according to which officials? Can I be fined if I just say it’s down a bunch? Jailed, maybe?
| 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 | 0.0000 % | 2,485.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,711.9 |
| Floater | 5.80 % | 6.01 % | 54,957 | 13.94 | 3 | 0.0000 % | 2,715.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0791 % | 3,651.7 |
| SplitShare | 4.78 % | 4.54 % | 82,071 | 2.94 | 5 | 0.0791 % | 4,360.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0791 % | 3,402.6 |
| Perpetual-Premium | 5.80 % | 5.91 % | 75,486 | 13.90 | 7 | -1.2042 % | 3,018.6 |
| Perpetual-Discount | 5.76 % | 5.80 % | 44,669 | 14.16 | 28 | -1.0018 % | 3,285.1 |
| FixedReset Disc | 5.92 % | 6.22 % | 110,315 | 13.48 | 27 | -0.3641 % | 3,179.3 |
| Insurance Straight | 5.69 % | 5.75 % | 63,016 | 14.29 | 22 | -0.4915 % | 3,195.0 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3641 % | 3,782.1 |
| FixedReset Prem | 6.02 % | 4.90 % | 89,693 | 2.43 | 21 | -0.3844 % | 2,633.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3641 % | 3,249.9 |
| FixedReset Ins Non | 5.30 % | 5.67 % | 85,893 | 14.08 | 14 | -0.3437 % | 3,118.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| GWO.PR.H | Insurance Straight | -4.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.00 % |
| POW.PR.B | Perpetual-Discount | -4.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.98 % |
| MFC.PR.L | FixedReset Ins Non | -3.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.88 Evaluated at bid price : 23.87 Bid-YTW : 5.70 % |
| CU.PR.F | Perpetual-Discount | -2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.87 % |
| MFC.PR.B | Insurance Straight | -2.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.58 % |
| POW.PR.I | Perpetual-Premium | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 24.15 Evaluated at bid price : 24.52 Bid-YTW : 5.93 % |
| TD.PF.A | FixedReset Prem | -2.26 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 5.07 % |
| FTS.PR.K | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.57 Evaluated at bid price : 23.21 Bid-YTW : 5.73 % |
| POW.PR.D | Perpetual-Discount | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 21.57 Evaluated at bid price : 21.83 Bid-YTW : 5.73 % |
| IFC.PR.M | Perpetual-Premium | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 23.83 Evaluated at bid price : 24.18 Bid-YTW : 5.70 % |
| CU.PR.H | Perpetual-Discount | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.92 Evaluated at bid price : 23.19 Bid-YTW : 5.71 % |
| IFC.PR.E | Insurance Straight | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.56 Evaluated at bid price : 22.82 Bid-YTW : 5.72 % |
| SLF.PR.C | Insurance Straight | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.40 % |
| IFC.PR.F | Insurance Straight | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.65 Evaluated at bid price : 22.91 Bid-YTW : 5.80 % |
| GWO.PR.Z | Insurance Straight | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 24.10 Evaluated at bid price : 24.48 Bid-YTW : 5.84 % |
| CU.PR.J | Perpetual-Discount | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.83 % |
| BMO.PR.E | FixedReset Prem | -1.35 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 4.90 % |
| ENB.PR.H | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.48 Evaluated at bid price : 22.95 Bid-YTW : 5.98 % |
| BN.PF.C | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.10 % |
| SLF.PR.D | Insurance Straight | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 5.45 % |
| IFC.PR.K | Insurance Straight | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.66 Evaluated at bid price : 23.02 Bid-YTW : 5.72 % |
| MFC.PR.C | Insurance Straight | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.46 % |
| SLF.PR.E | Insurance Straight | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.44 % |
| FTS.PR.J | Perpetual-Discount | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 5.56 % |
| FTS.PR.G | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 23.33 Evaluated at bid price : 24.60 Bid-YTW : 5.54 % |
| BN.PR.N | Perpetual-Discount | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 19.78 Evaluated at bid price : 19.78 Bid-YTW : 6.04 % |
| PWF.PR.H | Perpetual-Premium | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 24.29 Evaluated at bid price : 24.60 Bid-YTW : 5.93 % |
| PWF.PF.A | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.78 % |
| PWF.PR.S | Perpetual-Discount | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 5.79 % |
| ENB.PR.P | FixedReset Disc | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.58 Evaluated at bid price : 23.22 Bid-YTW : 6.23 % |
| MFC.PR.F | FixedReset Ins Non | 2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.99 % |
| GWO.PR.G | Insurance Straight | 2.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.32 Evaluated at bid price : 22.59 Bid-YTW : 5.77 % |
| GWO.PR.T | Insurance Straight | 5.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.80 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.L | FixedReset Ins Non | 106,661 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.88 Evaluated at bid price : 23.87 Bid-YTW : 5.70 % |
| MFC.PR.I | FixedReset Ins Non | 76,089 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.48 Bid-YTW : 4.73 % |
| CU.PR.C | FixedReset Disc | 66,455 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 24.39 Evaluated at bid price : 24.75 Bid-YTW : 5.67 % |
| PWF.PR.T | FixedReset Disc | 48,311 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 23.22 Evaluated at bid price : 24.50 Bid-YTW : 5.72 % |
| ENB.PF.C | FixedReset Disc | 38,810 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 22.09 Evaluated at bid price : 22.58 Bid-YTW : 6.42 % |
| POW.PR.I | Perpetual-Premium | 30,070 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-03-26 Maturity Price : 24.15 Evaluated at bid price : 24.52 Bid-YTW : 5.93 % |
| 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 |
| POW.PR.B | Perpetual-Discount | Quote: 22.40 – 24.80 Spot Rate : 2.4000 Average : 1.5090 YTW SCENARIO |
| ENB.PF.K | FixedReset Prem | Quote: 25.30 – 26.75 Spot Rate : 1.4500 Average : 0.8531 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 23.87 – 24.87 Spot Rate : 1.0000 Average : 0.5865 YTW SCENARIO |
| GWO.PR.H | Insurance Straight | Quote: 20.35 – 21.35 Spot Rate : 1.0000 Average : 0.6488 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 21.00 – 21.91 Spot Rate : 0.9100 Average : 0.6590 YTW SCENARIO |
| BN.PF.A | FixedReset Prem | Quote: 25.11 – 26.10 Spot Rate : 0.9900 Average : 0.7585 YTW SCENARIO |