TXPR set a new 52-week high today of 702.39, eclipsing the old mark of 701.82 set yesterday. CPD also set a new 52-week high.
There’s been a development in the Powell affair:
The Trump administration’s extraordinary criminal investigation of Federal Reserve Chair Jerome Powell is over, removing significant uncertainty that had been clouding the future of the world’s most important central bank.
Jeanine Pirro, the US Attorney for the District of Columbia, announced on X Friday she is closing the probe. In the investigation’s place, the Fed’s inspector general has agreed to scrutinize the significant cost overruns at the central bank’s ongoing multibillion-dollar renovation project at its Washington, DC, headquarters.
After the inspector general completes his report, Pirro said her office will review it and could restart its criminal probe if warranted.
In the meantime, the end of the investigation clears the way for Kevin Warsh, President Donald Trump’s pick to succeed Powell, to get confirmed for the role. Powell’s term helming the central bank is set to expire on May 15, and Warsh appeared before the Senate Banking Committee for a confirmation hearing earlier this week.
I’m not quite sure what to make of this. I think it’s improper if there has been a straight, explicit trade-off of the IG’s report for the DOJ probe. And there’s no guarantee that the IG’s report will be given any credence if it doesn’t align with Trump’s wishes.
On the other hand, there is no doubt that there has, in fact, been a big cost overrun in the renovation. Big enough to warrant a probe by the IG, although certainly not a criminal probe without a little more grounds for suspicion. After all, that’s what IGs are for, which is presumably why Trump fired so many of them.
I don’t know. There will be wheels within wheels on this one and I won’t pretend to have any kind of inside story.
I learned a little while ago that “wheels within wheels” is a biblical expression – Ezekiel 1:16:
The appearance of the wheels and their work was like unto the colour of a beryl: and they four had one likeness: and their appearance and their work was as it were a wheel in the middle of a wheel.
| 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 | -0.9954 % | 2,497.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9954 % | 4,735.2 |
| Floater | 5.80 % | 5.94 % | 32,006 | 13.99 | 4 | -0.9954 % | 2,728.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2831 % | 3,659.2 |
| SplitShare | 4.77 % | 4.68 % | 66,312 | 2.86 | 5 | -0.2831 % | 4,369.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2831 % | 3,409.6 |
| Perpetual-Premium | 5.83 % | -9.58 % | 57,590 | 0.08 | 1 | 0.1980 % | 3,037.7 |
| Perpetual-Discount | 5.67 % | 5.72 % | 50,953 | 14.30 | 34 | -0.4941 % | 3,341.6 |
| FixedReset Disc | 5.77 % | 5.94 % | 108,020 | 13.79 | 27 | -0.5827 % | 3,259.6 |
| Insurance Straight | 5.54 % | 5.58 % | 55,003 | 14.47 | 22 | -0.9998 % | 3,281.2 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5827 % | 3,877.7 |
| FixedReset Prem | 6.01 % | 4.39 % | 91,975 | 2.36 | 21 | -0.5455 % | 2,642.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5827 % | 3,332.0 |
| FixedReset Ins Non | 5.10 % | 5.30 % | 79,342 | 14.50 | 14 | -0.3779 % | 3,240.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.X | FixedReset Disc | -8.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.36 % |
| IFC.PR.E | Insurance Straight | -6.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.91 % |
| BN.PR.Z | FixedReset Prem | -5.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 23.63 Evaluated at bid price : 24.00 Bid-YTW : 6.34 % |
| SLF.PR.G | FixedReset Ins Non | -4.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.67 % |
| BN.PR.T | FixedReset Disc | -4.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.19 % |
| GWO.PR.G | Insurance Straight | -3.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.80 % |
| GWO.PR.T | Insurance Straight | -3.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 22.23 Evaluated at bid price : 22.50 Bid-YTW : 5.77 % |
| CU.PR.F | Perpetual-Discount | -3.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.72 % |
| IFC.PR.F | Insurance Straight | -3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 22.92 Evaluated at bid price : 23.17 Bid-YTW : 5.77 % |
| GWO.PR.Q | Insurance Straight | -2.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.80 % |
| POW.PR.D | Perpetual-Discount | -2.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.71 Evaluated at bid price : 21.96 Bid-YTW : 5.73 % |
| CIU.PR.A | Perpetual-Discount | -2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.75 % |
| NA.PR.K | FixedReset Prem | -1.71 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 27.57 Bid-YTW : 3.99 % |
| BN.PF.A | FixedReset Prem | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 23.65 Evaluated at bid price : 25.50 Bid-YTW : 5.95 % |
| CU.PR.E | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 5.71 % |
| ENB.PF.G | FixedReset Disc | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 22.37 Evaluated at bid price : 23.10 Bid-YTW : 6.25 % |
| ENB.PR.N | FixedReset Disc | -1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 23.38 Evaluated at bid price : 24.82 Bid-YTW : 5.96 % |
| GWO.PR.H | Insurance Straight | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.30 Evaluated at bid price : 21.57 Bid-YTW : 5.67 % |
| PWF.PR.S | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.73 % |
| BN.PR.K | Floater | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 13.14 Evaluated at bid price : 13.14 Bid-YTW : 6.00 % |
| BN.PR.B | Floater | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 5.97 % |
| IFC.PR.M | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 24.31 Evaluated at bid price : 24.70 Bid-YTW : 5.61 % |
| CU.PR.G | Perpetual-Discount | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.67 % |
| POW.PR.B | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.70 % |
| SLF.PR.E | Insurance Straight | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.19 Evaluated at bid price : 21.19 Bid-YTW : 5.37 % |
| GWO.PR.N | FixedReset Ins Non | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 5.36 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.T | FixedReset Disc | 41,475 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 23.11 Evaluated at bid price : 24.33 Bid-YTW : 5.92 % |
| GWO.PR.H | Insurance Straight | 33,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.30 Evaluated at bid price : 21.57 Bid-YTW : 5.67 % |
| BN.PR.T | FixedReset Disc | 25,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.19 % |
| ENB.PF.K | FixedReset Prem | 13,448 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-01 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 5.40 % |
| MFC.PR.L | FixedReset Ins Non | 12,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 23.51 Evaluated at bid price : 25.48 Bid-YTW : 5.19 % |
| POW.PR.I | Perpetual-Discount | 11,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-04-24 Maturity Price : 24.50 Evaluated at bid price : 24.90 Bid-YTW : 5.70 % |
| There were 1 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 Prem | Quote: 24.00 – 25.60 Spot Rate : 1.6000 Average : 0.9073 YTW SCENARIO |
| BN.PR.X | FixedReset Disc | Quote: 19.25 – 21.05 Spot Rate : 1.8000 Average : 1.2060 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 22.20 – 24.10 Spot Rate : 1.9000 Average : 1.4029 YTW SCENARIO |
| PVS.PR.H | SplitShare | Quote: 25.20 – 26.20 Spot Rate : 1.0000 Average : 0.5532 YTW SCENARIO |
| POW.PR.D | Perpetual-Discount | Quote: 21.96 – 23.19 Spot Rate : 1.2300 Average : 0.8287 YTW SCENARIO |
| BN.PR.T | FixedReset Disc | Quote: 21.50 – 22.60 Spot Rate : 1.1000 Average : 0.7256 YTW SCENARIO |