December 5, 2017

Why are we so dependent on foreign brains and foreign capital for technological applications?

One of China’s biggest online companies wants to deploy a fleet of drones in Canada to airlift seafood from East Coast processing plants to the airport, cutting out land-haul costs in its bid to deliver more Atlantic lobsters, prawns and clams to Chinese consumers.

JD.com is also developing plans for a drone network for the Canadian West Coast that could be used to carry local blueberries to cargo aircraft headed for China. It wants to replicate plans for similar drone networks in China, where it believes unmanned aircraft can slash logistics costs by 50 to 70 per cent, CEO Richard Liu said in an interview Tuesday.

Meanwhile, in the Canadian preferred share market …

explosion_171205
Click for Big

Today’s meltdown is a mystery to me, but in the tradition of market commentators everywhere, I’ll just nod wisely and suggest tax-loss selling. Have to suggest something!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
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 -0.7251 % 2,513.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7251 % 4,611.3
Floater 3.64 % 3.84 % 33,634 17.69 4 -0.7251 % 2,657.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0197 % 3,121.5
SplitShare 4.73 % 3.71 % 55,336 1.07 6 -0.0197 % 3,727.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0197 % 2,908.5
Perpetual-Premium 5.36 % 4.65 % 54,925 0.16 20 -0.0334 % 2,838.7
Perpetual-Discount 5.22 % 5.27 % 73,307 15.00 14 -0.3961 % 3,001.6
FixedReset 4.28 % 4.43 % 142,468 6.11 98 -0.7264 % 2,470.3
Deemed-Retractible 5.05 % 5.28 % 90,434 5.95 30 -0.2594 % 2,943.6
FloatingReset 2.74 % 2.76 % 39,780 3.92 8 -0.2442 % 2,679.2
Performance Highlights
Issue Index Change Notes
MFC.PR.R FixedReset -4.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 24.83
Bid-YTW : 5.01 %
PWF.PR.P FixedReset -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 17.43
Evaluated at bid price : 17.43
Bid-YTW : 4.56 %
BAM.PF.G FixedReset -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.08
Evaluated at bid price : 24.08
Bid-YTW : 4.74 %
IFC.PR.A FixedReset -2.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.64
Bid-YTW : 7.56 %
BAM.PF.F FixedReset -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.88
Evaluated at bid price : 24.21
Bid-YTW : 4.78 %
IAG.PR.G FixedReset -1.89 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.40
Bid-YTW : 5.11 %
TRP.PR.F FloatingReset -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 3.64 %
BAM.PF.A FixedReset -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.73
Evaluated at bid price : 24.30
Bid-YTW : 4.79 %
BAM.PF.E FixedReset -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.74
Evaluated at bid price : 23.35
Bid-YTW : 4.63 %
MFC.PR.H FixedReset -1.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.60
Bid-YTW : 5.12 %
SLF.PR.G FixedReset -1.62 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.25
Bid-YTW : 7.78 %
MFC.PR.F FixedReset -1.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.77
Bid-YTW : 8.01 %
W.PR.M FixedReset -1.52 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.41 %
NA.PR.W FixedReset -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 21.75
Evaluated at bid price : 22.23
Bid-YTW : 4.46 %
IFC.PR.C FixedReset -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.17
Bid-YTW : 5.16 %
TD.PF.C FixedReset -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.46
Evaluated at bid price : 22.75
Bid-YTW : 4.36 %
BAM.PR.K Floater -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 3.87 %
CM.PR.O FixedReset -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.99
Evaluated at bid price : 23.39
Bid-YTW : 4.32 %
BAM.PF.B FixedReset -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.18
Evaluated at bid price : 23.65
Bid-YTW : 4.63 %
CM.PR.P FixedReset -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.69
Evaluated at bid price : 23.00
Bid-YTW : 4.30 %
TD.PF.A FixedReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.80
Evaluated at bid price : 23.15
Bid-YTW : 4.29 %
TRP.PR.C FixedReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 4.59 %
NA.PR.C FixedReset -1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.26 %
MFC.PR.K FixedReset -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.27
Bid-YTW : 5.82 %
MFC.PR.G FixedReset -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 4.69 %
BAM.PR.R FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 4.84 %
TD.PF.B FixedReset -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.64
Evaluated at bid price : 23.03
Bid-YTW : 4.33 %
CU.PR.E Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.68
Evaluated at bid price : 24.13
Bid-YTW : 5.09 %
BAM.PR.Z FixedReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.09
Evaluated at bid price : 24.20
Bid-YTW : 4.85 %
TRP.PR.A FixedReset -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 19.89
Evaluated at bid price : 19.89
Bid-YTW : 4.53 %
TRP.PR.E FixedReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.51
Evaluated at bid price : 22.85
Bid-YTW : 4.50 %
NA.PR.S FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 22.67
Evaluated at bid price : 23.10
Bid-YTW : 4.47 %
SLF.PR.H FixedReset -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.62
Bid-YTW : 5.61 %
HSE.PR.E FixedReset -1.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 5.20 %
MFC.PR.I FixedReset -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.47
Bid-YTW : 4.78 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PR.Y FixedReset 122,834 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 3.62 %
NA.PR.W FixedReset 87,803 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 21.75
Evaluated at bid price : 22.23
Bid-YTW : 4.46 %
TD.PF.G FixedReset 72,547 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.69
Bid-YTW : 3.55 %
BMO.PR.S FixedReset 67,338 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.06
Evaluated at bid price : 23.50
Bid-YTW : 4.30 %
TRP.PR.K FixedReset 43,216 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 3.92 %
CM.PR.R FixedReset 36,811 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.10 %
There were 40 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.R FixedReset Quote: 24.83 – 26.01
Spot Rate : 1.1800
Average : 0.6647

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 24.83
Bid-YTW : 5.01 %

BAM.PF.G FixedReset Quote: 24.08 – 24.60
Spot Rate : 0.5200
Average : 0.3301

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.08
Evaluated at bid price : 24.08
Bid-YTW : 4.74 %

CU.PR.E Perpetual-Discount Quote: 24.13 – 24.52
Spot Rate : 0.3900
Average : 0.2544

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 23.68
Evaluated at bid price : 24.13
Bid-YTW : 5.09 %

CU.PR.F Perpetual-Discount Quote: 22.05 – 22.49
Spot Rate : 0.4400
Average : 0.3103

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-12-05
Maturity Price : 21.70
Evaluated at bid price : 22.05
Bid-YTW : 5.12 %

IFC.PR.C FixedReset Quote: 23.17 – 23.65
Spot Rate : 0.4800
Average : 0.3506

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.17
Bid-YTW : 5.16 %

MFC.PR.F FixedReset Quote: 17.77 – 18.18
Spot Rate : 0.4100
Average : 0.2928

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.77
Bid-YTW : 8.01 %

2 Responses to “December 5, 2017”

  1. BarleyandHops says:

    Me sold some prefs and decided to pay cap gains in some accounts. Recent run up over the last year made this irresistible. If the view is this market is a bit frothy, why not.

    The backdrop is a frothy market and the prospect of interest rate rises.

    HY bond issues were nuts today (06/12/17), inmho. Esp 3+5 yrs.

  2. jiHymas says:

    Recent run up over the last year made this irresistible. If the view is this market is a bit frothy, why not.

    Ah. “Profit Taking”. That’s a good one too!

Leave a Reply

You must be logged in to post a comment.