{"id":46607,"date":"2024-04-01T19:34:05","date_gmt":"2024-04-02T00:34:05","guid":{"rendered":"https:\/\/prefblog.com\/?p=46607"},"modified":"2024-04-01T19:34:05","modified_gmt":"2024-04-02T00:34:05","slug":"april-1-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46607","title":{"rendered":"April 1, 2024"},"content":{"rendered":"

Some action with bonds<\/a> today:<\/p>\n

The Dow and S&P 500 edged lower on Monday, dragged down by investor worries over the timing of interest rate cuts by the Federal Reserve after stronger-than-expected manufacturing data pushed Treasury yields higher. The TSX was able to finish slightly in the green, thanks to a rally in the energy and materials sectors, and set a fresh record closing high.<\/p>\n

The Institute for Supply Management (ISM) said its manufacturing PMI increased to 50.3 last month, the highest and first reading above 50 since September 2022, from 47.8 in February. It suggested the U.S. manufacturing sector, which has been battered by higher interest rates, was recovering.
…<\/b>
Benchmark 10-year and two-year U.S. Treasury yields jumped to two-week peaks following the manufacturing data, and that pushed Canadian bond yields higher as well. By late afternoon, Canada\u2019s two-year and five-year bond yields were both up about 13 basis points to their highest levels since mid-March.
…<\/b>
The U.S. rate futures market was pricing in a 58% chance of a rate cut in June, down from about 64% a week ago, according to the CME\u2019s FedWatch tool.<\/p>\n

Money markets are putting equal odds on whether the Bank of Canada will start cutting interest rates in June. They are pricing in about 70 per cent odds of a cut by July. A total of 50 basis points of cuts are priced in by October.<\/p><\/blockquote>\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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.4516 %<\/td>\n2,333.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.4516 %<\/td>\n4,476.0<\/td>\n<\/tr>\n
Floater<\/td>\n10.31 %<\/td>\n10.43 %<\/td>\n43,478<\/td>\n9.22<\/td>\n1<\/td>\n-1.4516 %<\/td>\n2,579.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0716 %<\/td>\n3,443.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.89 %<\/td>\n7.11 %<\/td>\n34,946<\/td>\n1.80<\/td>\n7<\/td>\n0.0716 %<\/td>\n4,112.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0716 %<\/td>\n3,208.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2612 %<\/td>\n2,673.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.43 %<\/td>\n6.59 %<\/td>\n45,746<\/td>\n13.04<\/td>\n29<\/td>\n-0.2612 %<\/td>\n2,914.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.35 %<\/td>\n7.12 %<\/td>\n106,372<\/td>\n12.04<\/td>\n57<\/td>\n0.0412 %<\/td>\n2,491.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.35 %<\/td>\n6.49 %<\/td>\n49,433<\/td>\n13.24<\/td>\n21<\/td>\n-0.0363 %<\/td>\n2,857.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.93 %<\/td>\n9.83 %<\/td>\n36,868<\/td>\n9.68<\/td>\n2<\/td>\n-0.2685 %<\/td>\n2,612.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.32 %<\/td>\n6.61 %<\/td>\n230,513<\/td>\n4.20<\/td>\n3<\/td>\n0.3421 %<\/td>\n2,544.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0412 %<\/td>\n2,546.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.46 %<\/td>\n7.41 %<\/td>\n71,594<\/td>\n12.34<\/td>\n14<\/td>\n-1.1154 %<\/td>\n2,601.6<\/td>\n<\/tr>\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\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-5.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 17.59
\nEvaluated at bid price : 17.59
\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-3.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-3.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 7.50 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 12.22
\nEvaluated at bid price : 12.22
\nBid-YTW : 10.43 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 20.09
\nEvaluated at bid price : 20.09
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 18.77
\nEvaluated at bid price : 18.77
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.61
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 19.59
\nEvaluated at bid price : 19.59
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 17.77
\nEvaluated at bid price : 17.77
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 22.27
\nEvaluated at bid price : 22.90
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 23.28
\nEvaluated at bid price : 23.66
\nBid-YTW : 8.38 %<\/td>\n<\/tr>\n
BN.PF.H<\/td>\nFixedReset Disc<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 21.73
\nEvaluated at bid price : 22.20
\nBid-YTW : 8.50 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n6.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 5.93 %<\/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
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n33,201<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.61
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n30,251<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 23.18
\nEvaluated at bid price : 24.30
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n21,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n16,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.32
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n15,820<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 23.27
\nEvaluated at bid price : 24.92
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Disc<\/td>\n15,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
There were 4 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
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.09 – 21.20
\nSpot Rate : 1.1100
\nAverage : 0.6686<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 20.09
\nEvaluated at bid price : 20.09
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.59 – 18.75
\nSpot Rate : 1.1600
\nAverage : 0.7194<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 17.59
\nEvaluated at bid price : 17.59
\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 21.15 – 22.40
\nSpot Rate : 1.2500
\nAverage : 0.8292<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.75 – 18.90
\nSpot Rate : 1.1500
\nAverage : 0.8387<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.70 – 20.85
\nSpot Rate : 1.1500
\nAverage : 0.9452<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 7.50 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 14.65 – 15.25
\nSpot Rate : 0.6000
\nAverage : 0.4588<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-04-01
\nMaturity Price : 14.65
\nEvaluated at bid price : 14.65
\nBid-YTW : 8.39 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Some action with bonds today: The Dow and S&P 500 edged lower on Monday, dragged down by investor worries over the timing of interest rate cuts by the Federal Reserve after stronger-than-expected manufacturing data pushed …<\/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-46607","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46607","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=46607"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46607\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}