{"id":50702,"date":"2019-08-28T11:39:00","date_gmt":"2019-08-28T15:39:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50702"},"modified":"2025-11-17T11:42:30","modified_gmt":"2025-11-17T16:42:30","slug":"august-28-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50702","title":{"rendered":"August 28, 2019"},"content":{"rendered":"

What a great day! Only two of the three mainstream indicators made new lows!<\/p>\n

TXPR closed at 570.42<\/a>, up 0.02% on the day but not before touching a new 52-week low of 569.32. Volume was 2.80-million, third-highest of the past 30 days, behind only August 14<\/a> and August 15<\/a>.<\/p>\n

CPD closed at 11.39<\/a>, up 0.53% on the day. Volume of 129,692 was above average but nothing special in the context of the past 30 days.<\/p>\n

ZPR closed at 9.05<\/a>, down 0.01% on the day after touching a new 52-week low of 8.98. Volume of 394,302 was second highest of the past 30 days, behind only August 13<\/a>. <\/p>\n

Five-year Canada yields were up 1bp to 1.18%<\/a> today.<\/p>\n

I note with amusement that TXPR has traced out the first part of a pretty good parabola this month:<\/p>\n

\"txpr_190828\"<\/a>
Click for Big<\/i><\/div>\n

Doubtless there are Technical Analysts out there who will deem this very significant.<\/p>\n

PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.15%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to an eye-popping 420bp, a new post-Credit Crunch record (second only to the 445bp recorded November 26, 2008<\/a>, a day on which <\/p>\n

\n

The TXPR index was down 5.94% on the BCE news<\/a>.<\/p>\n<\/blockquote>\n

) and a widening from the 410bp reported August 21<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7795 %<\/td>\n1,731.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7795 %<\/td>\n3,176.8<\/td>\n<\/tr>\n
Floater<\/td>\n6.90 %<\/td>\n7.05 %<\/td>\n48,513<\/td>\n12.38<\/td>\n4<\/td>\n0.7795 %<\/td>\n1,830.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0903 %<\/td>\n3,369.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.67 %<\/td>\n4.48 %<\/td>\n61,044<\/td>\n4.08<\/td>\n7<\/td>\n-0.0903 %<\/td>\n4,024.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0903 %<\/td>\n3,140.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n3.82 %<\/td>\n65,649<\/td>\n0.09<\/td>\n9<\/td>\n-0.0575 %<\/td>\n2,961.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.64 %<\/td>\n65,173<\/td>\n14.46<\/td>\n25<\/td>\n0.1221 %<\/td>\n3,071.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.00 %<\/td>\n5.71 %<\/td>\n158,945<\/td>\n14.24<\/td>\n66<\/td>\n0.0976 %<\/td>\n1,936.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.33 %<\/td>\n6.26 %<\/td>\n66,235<\/td>\n7.81<\/td>\n27<\/td>\n-0.0757 %<\/td>\n3,064.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.78 %<\/td>\n3.98 %<\/td>\n29,596<\/td>\n2.33<\/td>\n3<\/td>\n-0.2483 %<\/td>\n2,222.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.23 %<\/td>\n5.11 %<\/td>\n177,705<\/td>\n1.88<\/td>\n21<\/td>\n0.0704 %<\/td>\n2,548.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n4.28 %<\/td>\n83,250<\/td>\n2.35<\/td>\n3<\/td>\n0.4474 %<\/td>\n2,657.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.77 %<\/td>\n8.57 %<\/td>\n107,672<\/td>\n7.93<\/td>\n21<\/td>\n-0.4144 %<\/td>\n1,992.0<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 10.63
\nEvaluated at bid price : 10.63
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.25
\nBid-YTW : 9.22 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.55
\nBid-YTW : 8.92 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.08
\nBid-YTW : 11.11 %<\/td>\n<\/tr>\n
CM.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 22.29
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nDeemed-Retractible<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.76
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.18
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.60
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
EMA.PR.F<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 15.25
\nEvaluated at bid price : 15.25
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 9.79
\nEvaluated at bid price : 9.79
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 7.20 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.00
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.10
\nBid-YTW : 8.21 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 6.29 %<\/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
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n160,009<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.08
\nBid-YTW : 8.57 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset Ins Non<\/td>\n130,605<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n129,558<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n36,716<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 16.27
\nEvaluated at bid price : 16.27
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n35,565<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 19.92
\nEvaluated at bid price : 19.92
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n29,499<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.02
\nBid-YTW : 11.81 %<\/td>\n<\/tr>\n
There were 40 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.E<\/td>\nFixedReset Disc<\/td>\nQuote: 13.59 – 14.10
\nSpot Rate : 0.5100
\nAverage : 0.3064<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 13.59
\nEvaluated at bid price : 13.59
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 17.05 – 17.49
\nSpot Rate : 0.4400
\nAverage : 0.2686<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n

CM.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 23.00 – 23.40
\nSpot Rate : 0.4000
\nAverage : 0.2446<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 22.29
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n

GWO.PR.T<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.00 – 23.36
\nSpot Rate : 0.3600
\nAverage : 0.2331<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.18 – 24.74
\nSpot Rate : 0.5600
\nAverage : 0.4372<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.18
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

TRP.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 9.79 – 10.20
\nSpot Rate : 0.4100
\nAverage : 0.2873<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-08-28
\nMaturity Price : 9.79
\nEvaluated at bid price : 9.79
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

What a great day! Only two of the three mainstream indicators made new lows! TXPR closed at 570.42, up 0.02% on the day but not before touching a new 52-week low of 569.32. Volume was …<\/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-50702","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50702","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=50702"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50702\/revisions"}],"predecessor-version":[{"id":50703,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50702\/revisions\/50703"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}