The New York Fed has released the May Survey of Consumer Expectations:
May Survey: Household Finance and Labor Market Expectations Deteriorate; Inflation Expectations Down at Short-Term Horizon
- Median inflation expectations decreased by 0.1 percentage point (ppt) to 3.5 percent at the one-year-ahead horizon and were unchanged at 3.1 percent and 3.0 percent at the three-year and five-year-ahead horizons in May.
- Expectations for future credit availability deteriorated, with a lower share of respondents expecting it will be easier to obtain credit in the year ahead. Perceptions of credit access compared to a year ago remained largely unchanged.
- The mean perceived probability of finding a job if one’s current job was lost decreased by 2.3 ppts to 43.7 percent, remaining below its 12-month trailing average of 46.8 percent and marking the lowest reading since December 2025.
- The mean perceived probability of losing one’s job in the next twelve months increased by 0.5 ppt to 15.1 percent, above the series’ 12-month trailing average of 14.4 percent.
How about that Maple market, eh?
Less than one month after Alphabet Inc. GOOGL-Q -1.42%decrease
broke the record for largest Canadian dollar-denominated corporate bond offering in history, Google’s parent company has already been bested by e-commerce giant Amazon.com Inc AMZN-Q -0.33%decrease
.Amazon is selling $14-billion worth of maple bonds, the term for loonie-denominated bonds issued by foreign companies, broken into five pieces with maturities ranging from three to 30 years.
The issuance is nearly two-thirds larger than the $8.5-billion, four-part offering sold by Alphabet in mid-May and nearly double the $7.15-billion bond deal raised by Coastal GasLink in 2024, which remains the largest corporate bond ever issued by a Canadian company.
…
The Alphabet deal pushed the total amount of maple bonds issued in 2026 to $19.8-billion, according to Royal Bank of Canada data, setting a new annual record that surpassed the deal-making frenzy of 2021, when the maple market hit $19.2-billion. Not including any other maple deals that have been announced since May 7, the Amazon offering pushes the 2026 total to at least $33.8-billion.This means the current maple market is already worth nearly one-third of last year’s domestic corporate bond market, and the year isn’t halfway over. Canadian businesses issued a total of approximately $100-billion worth of corporate bonds in 2025, which was the highest amount of corporate debt issuance the country had seen in more than a decade.
…
The 30-year portion of the Amazon offering is the largest, totalling $4.75-billion. Other pieces include a $3.5-billion 10-year bond, a $2.5-billion five-year bond, a $2-billion seven-year bond and a $1.25-billion three-year bond.The yield on the 30-year part is also the highest, expected to be 1.1 per cent above government bond yields. The other pieces are expected to yield between 0.4 per cent and 0.8 per cent above government yields.
| 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 | 5.67 % | 6.06 % | 28,067 | 14.78 | 1 | -1.0832 % | 2,588.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9629 % | 4,912.6 |
| Floater | 5.54 % | 5.79 % | 39,258 | 14.13 | 3 | -0.9629 % | 2,831.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6489 % | 3,615.2 |
| SplitShare | 4.82 % | 4.41 % | 49,223 | 2.78 | 5 | -0.6489 % | 4,317.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6489 % | 3,368.5 |
| Perpetual-Premium | 5.69 % | 5.71 % | 78,842 | 14.02 | 7 | -0.0510 % | 3,070.3 |
| Perpetual-Discount | 5.60 % | 5.68 % | 44,396 | 14.32 | 28 | -0.2091 % | 3,368.3 |
| FixedReset Disc | 5.61 % | 5.90 % | 129,459 | 13.87 | 19 | -0.0476 % | 3,314.7 |
| Insurance Straight | 5.48 % | 5.55 % | 46,941 | 14.59 | 22 | -0.0654 % | 3,287.0 |
| FloatingReset | 4.65 % | 4.66 % | 24,012 | 16.20 | 1 | -0.1001 % | 4,095.3 |
| FixedReset Prem | 5.93 % | 4.68 % | 82,439 | 2.27 | 29 | 0.0187 % | 2,651.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0476 % | 3,388.2 |
| FixedReset Ins Non | 5.12 % | 5.38 % | 72,661 | 14.51 | 14 | -0.1753 % | 3,225.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.F | Insurance Straight | -4.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 22.66 Evaluated at bid price : 22.91 Bid-YTW : 5.89 % |
| PWF.PR.P | FixedReset Disc | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.75 % |
| PVS.PR.M | SplitShare | -2.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.79 Bid-YTW : 5.39 % |
| PWF.PR.S | Perpetual-Discount | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.73 % |
| BN.PR.K | Floater | -2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 13.59 Evaluated at bid price : 13.59 Bid-YTW : 5.85 % |
| PWF.PR.K | Perpetual-Discount | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.69 % |
| POW.PR.B | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 5.74 % |
| SLF.PR.C | Insurance Straight | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.19 % |
| ENB.PR.Y | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 21.99 Evaluated at bid price : 22.35 Bid-YTW : 6.16 % |
| BN.PF.K | Ratchet | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 22.00 Evaluated at bid price : 17.35 Bid-YTW : 6.06 % |
| GWO.PR.P | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 5.58 % |
| GWO.PR.Q | Insurance Straight | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 22.82 Evaluated at bid price : 23.10 Bid-YTW : 5.57 % |
| ENB.PF.E | FixedReset Disc | 2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 22.64 Evaluated at bid price : 23.55 Bid-YTW : 6.06 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.T | FixedReset Disc | 52,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 23.26 Evaluated at bid price : 24.66 Bid-YTW : 5.84 % |
| BN.PF.I | FixedReset Prem | 50,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.42 % |
| BN.PR.T | FixedReset Disc | 46,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 22.24 Evaluated at bid price : 23.00 Bid-YTW : 5.90 % |
| BIP.PR.E | FixedReset Prem | 32,400 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.87 Bid-YTW : 4.42 % |
| NA.PR.E | FixedReset Prem | 27,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 4.51 % |
| BN.PR.X | FixedReset Disc | 16,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-06-08 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 5.75 % |
| There were 3 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.B | Floater | Quote: 13.72 – 15.17 Spot Rate : 1.4500 Average : 0.8413 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 22.91 – 24.26 Spot Rate : 1.3500 Average : 0.8635 YTW SCENARIO |
| IFC.PR.K | Insurance Straight | Quote: 23.85 – 25.10 Spot Rate : 1.2500 Average : 0.8847 YTW SCENARIO |
| IFC.PR.M | Perpetual-Premium | Quote: 25.25 – 26.25 Spot Rate : 1.0000 Average : 0.6499 YTW SCENARIO |
| PVS.PR.M | SplitShare | Quote: 24.79 – 25.79 Spot Rate : 1.0000 Average : 0.7190 YTW SCENARIO |
| PWF.PR.P | FixedReset Disc | Quote: 20.75 – 21.45 Spot Rate : 0.7000 Average : 0.4537 YTW SCENARIO |