There was a big pop at the close for the TXPR price index due to…:
Rebalancing
Index membership is reviewed quarterly. Rebalancing occurs after the close on the third Friday of January, April, July, and October.
The TXPR price index was up 67bp to 705.57. Volume was 4.27-million, more than double that of the second-highest volume of the past 20 trading days.
CPD was up 7bp to 13.98, on volume of 23,190 (consolidated: 88,060), third-lowest of the past 20 trading days.
ZPR was down 8bp to 12.88 on volume of 147,730 (consolidated: 434,060) well above the median of the past 20 trading days.
Wall Street ended sharply lower on Friday, with CoreWeave, Broadcom and other AI-related technology stocks under renewed pressure, while a jump in oil prices spooked traders heading into the weekend. The TSX ended with a very modest gain, with strength in the heavily weighted energy sector helping to offset losses in tech stocks, which have much less influence on the Canadian benchmark.
The Nasdaq extended losses from earlier in the week, hammered by concerns that debt-laden AI infrastructure companies may not turn profits in time to repay debts, particularly with borrowing costs expected to rise.
Nvidia-backed CoreWeave slumped 12%, bringing its loss over the past five sessions to about 25%. The data center operator’s bonds also sold off sharply this week, pushing yields above 15%.
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Investors on Friday were also watching oil prices jump around 3%. Brent touched US$110 a barrel for the first time since May on worries that escalating tensions in the Middle East could further tighten supplies.
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The S&P 500 declined 1.09% to end the session at 7,659.44 points. The Nasdaq declined 2.15% to 26,140.03 points, while the Dow Jones Industrial Average dipped 0.34% to 52,002.41 points.
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The S&P/TSX Composite Index closed at 36,176.55, up 39.45 points, or 0.11%.
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Federal Reserve Chair Kevin Warsh on Friday voiced optimism about US economic strength and surprise about how well global economies have been “hanging in there” during a lingering energy shock and tighter monetary policy to fight inflation.
| 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 | -0.2713 % | 2,770.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2713 % | 5,217.7 |
| Floater | 5.30 % | 5.34 % | 27,660 | 14.94 | 2 | -0.2713 % | 3,007.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2167 % | 3,608.7 |
| SplitShare | 4.81 % | 5.02 % | 54,350 | 2.45 | 5 | 0.2167 % | 4,309.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2167 % | 3,362.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4059 % | 3,024.1 |
| Perpetual-Discount | 5.79 % | 5.82 % | 52,896 | 14.12 | 32 | 0.4059 % | 3,254.0 |
| FixedReset Disc | 5.75 % | 6.20 % | 86,618 | 13.30 | 24 | -0.6729 % | 3,334.2 |
| Insurance Straight | 5.71 % | 5.80 % | 69,951 | 14.21 | 19 | 0.2924 % | 3,149.8 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6729 % | 4,071.1 |
| FixedReset Prem | 6.02 % | 4.57 % | 83,451 | 1.95 | 24 | -0.1379 % | 2,623.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6729 % | 3,408.3 |
| FixedReset Ins Non | 5.58 % | 5.57 % | 53,337 | 4.30 | 13 | 0.4116 % | 3,264.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.Z | FixedReset Disc | -4.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.52 Evaluated at bid price : 24.00 Bid-YTW : 6.80 % |
| ENB.PF.A | FixedReset Disc | -2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 22.71 Evaluated at bid price : 23.51 Bid-YTW : 6.55 % |
| ENB.PR.H | FixedReset Disc | -2.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.01 Evaluated at bid price : 23.37 Bid-YTW : 6.22 % |
| NA.PR.C | FixedReset Prem | -2.26 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 4.57 % |
| ENB.PF.C | FixedReset Disc | -2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 22.54 Evaluated at bid price : 23.25 Bid-YTW : 6.56 % |
| ENB.PR.F | FixedReset Disc | -2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 22.75 Evaluated at bid price : 23.15 Bid-YTW : 6.57 % |
| ENB.PR.Y | FixedReset Disc | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 22.09 Evaluated at bid price : 22.45 Bid-YTW : 6.55 % |
| BN.PR.R | FixedReset Disc | -1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 22.46 Evaluated at bid price : 23.31 Bid-YTW : 6.16 % |
| PWF.PR.P | FixedReset Disc | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 5.90 % |
| ENB.PR.J | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.20 Evaluated at bid price : 24.25 Bid-YTW : 6.34 % |
| GWO.PR.Z | Insurance Straight | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 24.21 Evaluated at bid price : 24.60 Bid-YTW : 5.83 % |
| BN.PF.E | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.08 Evaluated at bid price : 24.39 Bid-YTW : 6.04 % |
| BN.PF.B | FixedReset Disc | 1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.50 Evaluated at bid price : 25.06 Bid-YTW : 6.15 % |
| MFC.PR.L | FixedReset Ins Non | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.29 Evaluated at bid price : 24.60 Bid-YTW : 5.82 % |
| BN.PR.N | Perpetual-Discount | 2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.12 % |
| IFC.PR.A | FixedReset Ins Non | 3.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.10 Evaluated at bid price : 23.60 Bid-YTW : 5.57 % |
| POW.PR.H | Perpetual-Discount | 5.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 24.45 Evaluated at bid price : 24.85 Bid-YTW : 5.81 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.L | FixedReset Ins Non | 284,087 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-10-16 Maturity Price : 23.29 Evaluated at bid price : 24.60 Bid-YTW : 5.82 % |
| PVS.PR.N | SplitShare | 280,100 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2033-09-29 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 5.35 % |
| NA.PR.I | FixedReset Prem | 190,718 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-05-01 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 5.67 % |
| BILP.PR.A | FixedReset Prem | 157,405 | YTW SCENARIO Maturity Type : Call Maturity Date : 2031-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.71 % |
| FTS.PR.M | FixedReset Disc | 38,218 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.98 % |
| TD.PF.A | FixedReset Prem | 33,543 | YTW SCENARIO Maturity Type : Call Maturity Date : 2029-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 4.44 % |
| There were 79 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 |
| SLF.PR.H | FixedReset Ins Non | Quote: 25.05 – 30.37 Spot Rate : 5.3200 Average : 2.8721 YTW SCENARIO |
| CU.PR.J | Perpetual-Discount | Quote: 19.70 – 26.00 Spot Rate : 6.3000 Average : 4.0111 YTW SCENARIO |
| PWF.PR.P | FixedReset Disc | Quote: 21.27 – 25.00 Spot Rate : 3.7300 Average : 2.0482 YTW SCENARIO |
| PWF.PR.L | Perpetual-Discount | Quote: 21.58 – 23.90 Spot Rate : 2.3200 Average : 1.3652 YTW SCENARIO |
| SLF.PR.C | Insurance Straight | Quote: 20.05 – 21.95 Spot Rate : 1.9000 Average : 1.1507 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 19.75 – 21.38 Spot Rate : 1.6300 Average : 0.9249 YTW SCENARIO |