{"id":42904,"date":"2022-01-19T19:35:41","date_gmt":"2022-01-20T00:35:41","guid":{"rendered":"http:\/\/prefblog.com\/?p=42904"},"modified":"2022-01-19T19:35:41","modified_gmt":"2022-01-20T00:35:41","slug":"january-19-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42904","title":{"rendered":"January 19, 2022"},"content":{"rendered":"

So inflation is now the highest<\/a> it’s ever been during my career!:<\/p>\n

The Consumer Price Index (CPI) rose 4.8 per cent in December from a year earlier, the quickest pace since 1991, Statistics Canada said Wednesday. The result matched the median estimate from analysts and accelerated from November\u2019s 4.7-per-cent pace. It was the ninth consecutive month that inflation has exceeded the Bank of Canada\u2019s target range of 1 per cent to 3 per cent.
…<\/b>
Grocery prices rose 5.7 per cent in December for the highest annual inflation in that category since late 2011, which Statscan attributed to supply issues and unfavourable weather. New border controls on unvaccinated truckers could put further pressure on food prices.
…<\/b>
The average of the Bank of Canada\u2019s core measures of annual inflation \u2013 which strip out extreme price swings and give a better sense of underlying trends \u2013 rose to 2.9 per cent from 2.7 per cent, the highest since 1991.<\/p><\/blockquote>\n

In apparent response, the GOC-5 rate increased to 1.71%<\/a>.<\/p>\n

PerpetualDiscounts now yield 4.80%, equivalent to 6.24% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.57%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed dramatically to 265bp from the 295bp reported January 12<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n3.03 %<\/td>\n3.50 %<\/td>\n41,244<\/td>\n20.05<\/td>\n1<\/td>\n-0.0988 %<\/td>\n2,880.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9924 %<\/td>\n5,420.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.94 %<\/td>\n2.96 %<\/td>\n53,939<\/td>\n19.83<\/td>\n3<\/td>\n0.9924 %<\/td>\n3,124.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0587 %<\/td>\n3,655.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.41 %<\/td>\n30,322<\/td>\n3.57<\/td>\n6<\/td>\n0.0587 %<\/td>\n4,365.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0587 %<\/td>\n3,406.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.15 %<\/td>\n-15.81 %<\/td>\n50,595<\/td>\n0.09<\/td>\n24<\/td>\n0.0114 %<\/td>\n3,257.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.71 %<\/td>\n4.80 %<\/td>\n53,292<\/td>\n15.78<\/td>\n7<\/td>\n-0.4407 %<\/td>\n3,861.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n3.95 %<\/td>\n3.97 %<\/td>\n117,216<\/td>\n16.52<\/td>\n46<\/td>\n0.0777 %<\/td>\n2,878.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.87 %<\/td>\n4.49 %<\/td>\n79,323<\/td>\n0.44<\/td>\n17<\/td>\n0.0000 %<\/td>\n3,672.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.67 %<\/td>\n2.99 %<\/td>\n39,858<\/td>\n19.77<\/td>\n2<\/td>\n0.1109 %<\/td>\n2,930.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.73 %<\/td>\n3.01 %<\/td>\n104,927<\/td>\n1.74<\/td>\n25<\/td>\n0.0233 %<\/td>\n2,732.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0777 %<\/td>\n2,942.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.05 %<\/td>\n3.76 %<\/td>\n69,833<\/td>\n16.92<\/td>\n17<\/td>\n0.1942 %<\/td>\n2,999.3<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-3.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 23.62
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.27
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.95
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 16.79
\nEvaluated at bid price : 16.79
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.36
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 14.70
\nEvaluated at bid price : 14.70
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n3.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.29
\nEvaluated at bid price : 23.00
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n216,075<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.77
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n68,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 23.17
\nEvaluated at bid price : 24.25
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n46,075<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n35,519<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : -28.95 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n33,150<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.77
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n25,433<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.10
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
There were 12 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 12.50 – 24.58
\nSpot Rate : 12.0800
\nAverage : 10.8455<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 8.51 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 17.50 – 18.45
\nSpot Rate : 0.9500
\nAverage : 0.6193<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.90 – 25.00
\nSpot Rate : 1.1000
\nAverage : 0.7763<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 23.62
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 14.55 – 15.25
\nSpot Rate : 0.7000
\nAverage : 0.4919<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 25.00 – 25.40
\nSpot Rate : 0.4000
\nAverage : 0.2525<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-01-19
\nMaturity Price : 24.66
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n

TD.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 25.35 – 25.82
\nSpot Rate : 0.4700
\nAverage : 0.3256<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

So inflation is now the highest it’s ever been during my career!: The Consumer Price Index (CPI) rose 4.8 per cent in December from a year earlier, the quickest pace since 1991, Statistics Canada said …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-42904","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=42904"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42904\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}