The US jobs number came out today:
The US labor market hit a soft patch in September as the economy added just 29,000 jobs and the unemployment rate increased to 4.2%, new Bureau of Labor Statistics data showed Friday.
…
The annual rate of wage growth slowed for the fourth month in a row, landing at 3% in September, which is the lowest since May 2021.
…
Healthcare, buoyed by an aging population in need of more medical services, has driven much of the employment gains in recent years and continued to do so in September. Healthcare and social assistance added 23,000 jobs, a modest uptick for a sector that added 57,000 jobs per month last year.
…
The construction sector notched employment gains for the seventh month in a row, adding 11,000 jobs. The bulk of the gains came from the non-residential side, a likely reflection of the massive investment in AI-related infrastructure such as data centers.
So bonds did well:
The weaker-than-anticipated data pulled down expectations for a rate hike of at least 25 basis points from the Fed at its meeting at the end of October to 22.7 per cent, according to CME FedWatch, from 24.4 per cent in the prior session and 64.2 per cent a week earlier.
| 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 | 0.8766 % | 2,776.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.8766 % | 5,228.3 |
| Floater | 5.21 % | 5.32 % | 29,798 | 15.01 | 3 | 0.8766 % | 3,013.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3401 % | 3,624.5 |
| SplitShare | 4.66 % | 4.26 % | 52,574 | 0.40 | 4 | 0.3401 % | 4,328.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3401 % | 3,377.2 |
| Perpetual-Premium | 5.84 % | 5.88 % | 70,791 | 14.08 | 9 | 0.8754 % | 2,970.8 |
| Perpetual-Discount | 5.92 % | 5.98 % | 43,150 | 13.86 | 21 | 0.5366 % | 3,196.6 |
| FixedReset Disc | 5.69 % | 6.40 % | 79,299 | 13.25 | 21 | 0.3106 % | 3,345.6 |
| Insurance Straight | 5.82 % | 5.89 % | 64,880 | 14.08 | 19 | 0.4168 % | 3,090.3 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3106 % | 4,085.0 |
| FixedReset Prem | 6.00 % | 5.00 % | 78,159 | 2.08 | 27 | -0.1125 % | 2,631.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3106 % | 3,419.9 |
| FixedReset Ins Non | 5.64 % | 5.78 % | 48,280 | 13.57 | 13 | 0.5492 % | 3,228.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.G | FixedReset Prem | -2.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.03 Evaluated at bid price : 24.35 Bid-YTW : 6.49 % |
| SLF.PR.H | FixedReset Ins Non | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.92 Evaluated at bid price : 24.33 Bid-YTW : 5.90 % |
| POW.PR.G | Perpetual-Discount | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.82 Evaluated at bid price : 23.10 Bid-YTW : 6.08 % |
| BIP.PR.E | FixedReset Prem | -1.29 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 5.95 % |
| PWF.PR.H | Perpetual-Premium | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.99 % |
| PWF.PR.F | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.14 Evaluated at bid price : 22.42 Bid-YTW : 5.95 % |
| PWF.PR.R | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.13 Evaluated at bid price : 23.39 Bid-YTW : 5.98 % |
| GWO.PR.Y | Insurance Straight | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 5.89 % |
| CU.PR.K | Perpetual-Premium | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.70 Evaluated at bid price : 24.05 Bid-YTW : 5.88 % |
| POW.PR.B | Perpetual-Discount | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.59 Evaluated at bid price : 22.84 Bid-YTW : 5.87 % |
| GWO.PR.M | Insurance Straight | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.95 % |
| CCS.PR.C | Insurance Straight | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.78 % |
| POW.PR.I | Perpetual-Premium | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.93 Evaluated at bid price : 24.30 Bid-YTW : 5.82 % |
| FTS.PR.J | Perpetual-Discount | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.78 % |
| GWO.PR.L | Insurance Straight | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.99 % |
| MFC.PR.J | FixedReset Ins Non | 1.44 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.47 % |
| GWO.PR.N | FixedReset Ins Non | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.75 % |
| ENB.PR.P | FixedReset Disc | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.17 Evaluated at bid price : 24.21 Bid-YTW : 6.40 % |
| POW.PR.A | Perpetual-Discount | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.94 % |
| PWF.PR.Z | Perpetual-Discount | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.99 % |
| POW.PR.C | Perpetual-Premium | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.33 Evaluated at bid price : 24.64 Bid-YTW : 5.90 % |
| POW.PR.H | Perpetual-Premium | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.55 Bid-YTW : 5.86 % |
| BN.PR.B | Floater | 2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.32 % |
| ENB.PF.G | FixedReset Disc | 3.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 22.82 Evaluated at bid price : 23.91 Bid-YTW : 6.51 % |
| IFC.PR.G | FixedReset Ins Non | 6.16 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.86 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.H | Insurance Straight | 113,265 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.02 % |
| ENB.PR.J | FixedReset Disc | 13,310 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.21 Evaluated at bid price : 24.30 Bid-YTW : 6.45 % |
| POW.PR.H | Perpetual-Premium | 11,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.16 Evaluated at bid price : 24.55 Bid-YTW : 5.86 % |
| IFC.PR.A | FixedReset Ins Non | 11,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 23.09 Evaluated at bid price : 23.58 Bid-YTW : 5.72 % |
| TD.PF.I | FixedReset Prem | 11,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.11 % |
| PWF.PR.H | Perpetual-Premium | 10,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-02 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.99 % |
| There were 0 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 |
| GWO.PR.H | Insurance Straight | Quote: 20.31 – 22.00 Spot Rate : 1.6900 Average : 1.2589 YTW SCENARIO |
| PWF.PR.O | Perpetual-Premium | Quote: 24.40 – 25.26 Spot Rate : 0.8600 Average : 0.5015 YTW SCENARIO |
| FTS.PR.F | Perpetual-Discount | Quote: 21.13 – 22.25 Spot Rate : 1.1200 Average : 0.7757 YTW SCENARIO |
| ENB.PR.T | FixedReset Disc | Quote: 24.46 – 25.39 Spot Rate : 0.9300 Average : 0.6186 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 20.35 – 21.35 Spot Rate : 1.0000 Average : 0.6940 YTW SCENARIO |
| NA.PR.K | FixedReset Prem | Quote: 27.76 – 28.89 Spot Rate : 1.1300 Average : 0.8282 YTW SCENARIO |