{"id":45912,"date":"2023-10-19T18:11:33","date_gmt":"2023-10-19T23:11:33","guid":{"rendered":"https:\/\/prefblog.com\/?p=45912"},"modified":"2023-10-19T18:11:33","modified_gmt":"2023-10-19T23:11:33","slug":"october-19-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=45912","title":{"rendered":"October 19, 2023"},"content":{"rendered":"

The Canadian preferred share market celebrated the 36th anniversary of the Crash of 1987 with a trifecta … TXPR, CPD and ZPR all set new 52-week lows.<\/p>\n

Pundits are blaming the usual suspect<\/a>:<\/p>\n

U.S. and Canadian stocks ended solidly lower on Thursday, with shares of Tesla falling hard after its quarterly results and longer-term Treasury yields surging as Federal Reserve Chair Jerome Powell spoke about monetary policy and investors worried whether interest rates would stay higher for longer.
\n…<\/b>
\nTreasury yields rose further and the benchmark U.S. 10-year note yield was at a 16-year high of almost 5%.
\n…<\/b>
\nPowell said at the Economic Club in New York that U.S. central bankers were moving carefully on policy after aggressive rate hikes last year, but he added that the economy\u2019s strength and continued tight labour markets could warrant further rate hikes.<\/p>\n

The Dow Jones Industrial Average fell 250.91 points, or 0.75%, to 33,414.17, the S&P 500 lost 36.6 points, or 0.85%, to 4,278 and the Nasdaq Composite dropped 128.13 points, or 0.96%, to 13,186.18.<\/p>\n

The rate-sensitive real estate sector dropped 2.4% and was the day\u2019s worst-performing S&P 500 sector.<\/p>\n

The Cboe Volatility index jumped to its highest close since March.<\/p>\n

Data this week has pointed to strong consumer demand and a tight labour market. A U.S. Labor Department report on Thursday showed the number of Americans filing new claims for unemployment benefits fell to a nine-month low last week.<\/p>\n

The labour market is showing strength even though the central bank has raised its benchmark overnight interest rate by 525 basis points since March 2022.<\/p><\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5827 %<\/td>\n2,143.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5827 %<\/td>\n4,110.6<\/td>\n<\/tr>\n
Floater<\/td>\n11.36 %<\/td>\n11.57 %<\/td>\n52,469<\/td>\n8.41<\/td>\n2<\/td>\n-0.5827 %<\/td>\n2,369.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3507 %<\/td>\n3,278.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.10 %<\/td>\n8.13 %<\/td>\n42,100<\/td>\n1.90<\/td>\n7<\/td>\n0.3507 %<\/td>\n3,915.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3507 %<\/td>\n3,055.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4514 %<\/td>\n2,420.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n7.09 %<\/td>\n7.24 %<\/td>\n43,258<\/td>\n12.28<\/td>\n31<\/td>\n-0.4514 %<\/td>\n2,639.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.13 %<\/td>\n9.37 %<\/td>\n102,591<\/td>\n10.54<\/td>\n55<\/td>\n0.0170 %<\/td>\n2,084.5<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.94 %<\/td>\n7.12 %<\/td>\n60,557<\/td>\n12.39<\/td>\n16<\/td>\n-0.0598 %<\/td>\n2,591.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n11.21 %<\/td>\n11.44 %<\/td>\n35,931<\/td>\n8.50<\/td>\n1<\/td>\n0.3378 %<\/td>\n2,388.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.76 %<\/td>\n5.19 %<\/td>\n418,617<\/td>\n0.11<\/td>\n1<\/td>\n0.0401 %<\/td>\n2,299.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0170 %<\/td>\n2,130.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.31 %<\/td>\n9.30 %<\/td>\n64,682<\/td>\n10.77<\/td>\n14<\/td>\n0.0171 %<\/td>\n2,252.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\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
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 12.89
\nEvaluated at bid price : 12.89
\nBid-YTW : 10.11 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.99
\nEvaluated at bid price : 17.99
\nBid-YTW : 9.22 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.66
\nEvaluated at bid price : 17.66
\nBid-YTW : 9.19 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.84
\nEvaluated at bid price : 16.84
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 7.52 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 12.15
\nEvaluated at bid price : 12.15
\nBid-YTW : 10.00 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 15.61
\nEvaluated at bid price : 15.61
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.56
\nEvaluated at bid price : 17.56
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 18.57
\nEvaluated at bid price : 18.57
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 8.54 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 10.02 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.02
\nEvaluated at bid price : 16.02
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 8.98 %<\/td>\n<\/tr>\n
PVS.PR.I<\/td>\nSplitShare<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.60
\nBid-YTW : 8.13 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 11.86
\nEvaluated at bid price : 11.86
\nBid-YTW : 10.84 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.45
\nEvaluated at bid price : 16.45
\nBid-YTW : 9.43 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n107,501<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.29
\nEvaluated at bid price : 16.29
\nBid-YTW : 9.60 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n88,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n37,650<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n28,347<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 8.74 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n27,358<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Disc<\/td>\n20,558<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 10.70 %<\/td>\n<\/tr>\n
There were 17 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\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
BN.PF.A<\/td>\nFixedReset Disc<\/td>\nQuote: 18.45 – 20.04
\nSpot Rate : 1.5900
\nAverage : 0.9622<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 9.66 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 11.86 – 12.97
\nSpot Rate : 1.1100
\nAverage : 0.7542<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 11.86
\nEvaluated at bid price : 11.86
\nBid-YTW : 10.84 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.15 – 19.85
\nSpot Rate : 0.7000
\nAverage : 0.4588<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n

BN.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 12.68 – 13.31
\nSpot Rate : 0.6300
\nAverage : 0.4577<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 12.68
\nEvaluated at bid price : 12.68
\nBid-YTW : 11.23 %<\/td>\n<\/tr>\n

BN.PR.K<\/td>\nFloater<\/td>\nQuote: 11.07 – 11.79
\nSpot Rate : 0.7200
\nAverage : 0.5754<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 11.07
\nEvaluated at bid price : 11.07
\nBid-YTW : 11.61 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nInsurance Straight<\/td>\nQuote: 16.84 – 17.25
\nSpot Rate : 0.4100
\nAverage : 0.2849<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-10-19
\nMaturity Price : 16.84
\nEvaluated at bid price : 16.84
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Canadian preferred share market celebrated the 36th anniversary of the Crash of 1987 with a trifecta … TXPR, CPD and ZPR all set new 52-week lows. Pundits are blaming the usual suspect: U.S. and …<\/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-45912","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45912","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=45912"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45912\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}