More sabre rattling in Trump’s trade war:
China signaled on Thursday that it might continue to weaken its currency, a move that threatens to again escalate the trade war with the United States.
China’s central bank set the midpoint of the renminbi’s daily trading range above 7 to the American dollar for the first time in more than a decade. Thursday’s move in effect tells financial markets that Beijing expects the renminbi to continue to weaken versus the dollar, perhaps well past the 7-to-the-dollar level.
…
The move by the People’s Bank of China in itself will not change the economics of the Chinese-American trade relationship. China on Thursday set the currency’s midpoint at 7.0039 to the dollar, compared with the 6.9996 point it set on Wednesday. China tightly controls trading of its currency, with that midpoint determining the center of a narrow range in which the renminbi can strengthen or weaken during the day.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | -0.6722 % | 1,914.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6722 % | 3,513.6 |
| Floater | 6.24 % | 6.38 % | 39,441 | 13.31 | 4 | -0.6722 % | 2,024.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0848 % | 3,335.2 |
| SplitShare | 4.67 % | 4.81 % | 71,317 | 4.08 | 7 | 0.0848 % | 3,982.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0848 % | 3,107.6 |
| Perpetual-Premium | 5.61 % | -16.98 % | 55,819 | 0.09 | 7 | 0.0056 % | 2,990.8 |
| Perpetual-Discount | 5.45 % | 5.60 % | 58,839 | 14.48 | 25 | -0.0347 % | 3,134.3 |
| FixedReset Disc | 5.58 % | 5.19 % | 161,388 | 15.09 | 69 | -0.1078 % | 2,065.6 |
| Deemed-Retractible | 5.23 % | 5.89 % | 63,606 | 7.91 | 27 | 0.1820 % | 3,116.7 |
| FloatingReset | 4.11 % | 4.47 % | 36,603 | 2.39 | 4 | -0.3075 % | 2,315.4 |
| FixedReset Prem | 5.16 % | 4.12 % | 155,651 | 1.86 | 17 | -0.0138 % | 2,587.3 |
| FixedReset Bank Non | 1.98 % | 3.97 % | 85,187 | 2.41 | 3 | 0.0697 % | 2,655.1 |
| FixedReset Ins Non | 5.38 % | 7.63 % | 90,641 | 8.04 | 22 | 0.2043 % | 2,120.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.F | FixedReset Disc | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 6.06 % |
| EMA.PR.F | FixedReset Disc | -2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 5.79 % |
| TD.PF.E | FixedReset Disc | -2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 19.34 Evaluated at bid price : 19.34 Bid-YTW : 5.19 % |
| BMO.PR.T | FixedReset Disc | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 16.56 Evaluated at bid price : 16.56 Bid-YTW : 5.11 % |
| BAM.PR.B | Floater | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 6.38 % |
| MFC.PR.F | FixedReset Ins Non | -1.65 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.08 Bid-YTW : 9.96 % |
| CU.PR.I | FixedReset Prem | -1.57 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 3.97 % |
| HSE.PR.C | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 6.36 % |
| IFC.PR.G | FixedReset Ins Non | -1.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.06 Bid-YTW : 7.68 % |
| BMO.PR.W | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.06 % |
| BMO.PR.Y | FixedReset Disc | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 5.11 % |
| TRP.PR.F | FloatingReset | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 6.97 % |
| SLF.PR.J | FloatingReset | -1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.10 Bid-YTW : 10.85 % |
| CU.PR.E | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 22.25 Evaluated at bid price : 22.25 Bid-YTW : 5.52 % |
| BAM.PR.K | Floater | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 10.88 Evaluated at bid price : 10.88 Bid-YTW : 6.45 % |
| NA.PR.E | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.33 % |
| HSE.PR.G | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 6.54 % |
| CM.PR.Q | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 5.43 % |
| NA.PR.W | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 16.18 Evaluated at bid price : 16.18 Bid-YTW : 5.27 % |
| GWO.PR.R | Deemed-Retractible | 1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.45 Bid-YTW : 6.24 % |
| IFC.PR.A | FixedReset Ins Non | 1.39 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 9.55 % |
| TD.PF.A | FixedReset Disc | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 4.89 % |
| BAM.PR.T | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.83 % |
| IAF.PR.G | FixedReset Ins Non | 1.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.73 Bid-YTW : 6.85 % |
| MFC.PR.K | FixedReset Ins Non | 1.75 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.07 Bid-YTW : 7.92 % |
| PWF.PR.S | Perpetual-Discount | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 21.80 Evaluated at bid price : 21.80 Bid-YTW : 5.55 % |
| HSE.PR.A | FixedReset Disc | 2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 5.86 % |
| TRP.PR.D | FixedReset Disc | 2.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 5.77 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.R | FixedReset Ins Non | 268,050 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.86 Bid-YTW : 5.63 % |
| TRP.PR.D | FixedReset Disc | 45,593 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 5.77 % |
| BIP.PR.E | FixedReset Disc | 31,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 5.87 % |
| TD.PF.C | FixedReset Disc | 29,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 4.90 % |
| TD.PF.B | FixedReset Disc | 28,980 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 4.97 % |
| TD.PF.J | FixedReset Disc | 28,945 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-08-08 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 4.83 % |
| There were 29 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| EMA.PR.F | FixedReset Disc | Quote: 16.35 – 16.97 Spot Rate : 0.6200 Average : 0.4474 YTW SCENARIO |
| HSE.PR.A | FixedReset Disc | Quote: 12.15 – 12.59 Spot Rate : 0.4400 Average : 0.2910 YTW SCENARIO |
| MFC.PR.R | FixedReset Ins Non | Quote: 23.86 – 24.32 Spot Rate : 0.4600 Average : 0.3126 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 13.10 – 13.54 Spot Rate : 0.4400 Average : 0.3137 YTW SCENARIO |
| PWF.PR.H | Perpetual-Premium | Quote: 25.40 – 25.84 Spot Rate : 0.4400 Average : 0.3199 YTW SCENARIO |
| CU.PR.I | FixedReset Prem | Quote: 25.10 – 25.75 Spot Rate : 0.6500 Average : 0.5319 YTW SCENARIO |