TXPR closed at 627.81, down 0.74% on the day. Volume today was 1.50-million, third-lowest of the past 21 trading days, ahead of only April 14 and April 18. We are still hanging around price levels experienced on April 25.
CPD closed at 12.48, down 0.48% on the day. Volume was 121,280, near the median of the past 21 trading days.
ZPR closed at 10.45 down 0.38% on the day. Volume of 302,360 was well above the median of the past 21 trading days.
Five-year Canada yields were up 10bp to 2.88% today.
It was a wild day for the markets:
Stocks dove on Thursday, erasing gains from their best day since 2020 in a swing that highlights Wall Street’s heightened anxiety over what the Federal Reserve’s campaign to slow inflation will mean for the economy.
The S&P 500 fell 3.6 percent, after surging 3 percent on Wednesday. The Nasdaq composite slid 5 percent, its biggest drop since June 2020.
The volatility was on display in other financial markets, too. Yields on government bonds spiked, with the rate on 10-year U.S. Treasury notes, a benchmark for borrowing costs across the economy, climbing above 3 percent and touching its highest level since 2018, reversing a drop on Wednesday.
| 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 | 3.75 % | 4.39 % | 22,816 | 18.59 | 1 | 1.8519 % | 2,585.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1263 % | 4,866.8 |
| Floater | 4.24 % | 4.28 % | 49,593 | 16.83 | 3 | 0.1263 % | 2,804.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.5705 % | 3,502.0 |
| SplitShare | 4.86 % | 5.38 % | 33,960 | 3.30 | 8 | -1.5705 % | 4,182.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.5705 % | 3,263.1 |
| Perpetual-Premium | 5.94 % | 5.97 % | 62,129 | 13.94 | 1 | -0.0402 % | 2,940.5 |
| Perpetual-Discount | 5.76 % | 5.84 % | 64,049 | 14.11 | 35 | -0.3165 % | 3,222.6 |
| FixedReset Disc | 4.56 % | 5.89 % | 133,661 | 14.04 | 59 | -0.3705 % | 2,542.6 |
| Insurance Straight | 5.69 % | 5.77 % | 102,473 | 14.19 | 20 | -0.2320 % | 3,151.4 |
| FloatingReset | 4.77 % | 5.00 % | 67,000 | 15.47 | 2 | -1.2188 % | 2,631.4 |
| FixedReset Prem | 5.07 % | 4.85 % | 140,664 | 2.10 | 9 | -0.4672 % | 2,603.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3705 % | 2,599.0 |
| FixedReset Ins Non | 4.57 % | 6.16 % | 83,824 | 13.98 | 15 | -0.2771 % | 2,627.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IAF.PR.I | FixedReset Ins Non | -7.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.61 Evaluated at bid price : 22.00 Bid-YTW : 6.38 % |
| TRP.PR.B | FixedReset Disc | -4.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 7.11 % |
| BAM.PF.G | FixedReset Disc | -4.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.89 % |
| PVS.PR.G | SplitShare | -3.98 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.10 Bid-YTW : 6.24 % |
| PVS.PR.K | SplitShare | -3.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.20 Bid-YTW : 5.81 % |
| PWF.PR.P | FixedReset Disc | -3.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.65 % |
| TRP.PR.C | FixedReset Disc | -3.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 6.97 % |
| TRP.PR.A | FixedReset Disc | -2.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 16.98 Evaluated at bid price : 16.98 Bid-YTW : 6.78 % |
| BMO.PR.S | FixedReset Disc | -2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.89 % |
| PVS.PR.H | SplitShare | -2.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 5.48 % |
| MFC.PR.F | FixedReset Ins Non | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 6.26 % |
| SLF.PR.J | FloatingReset | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 4.63 % |
| BMO.PR.F | FixedReset Prem | -1.83 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 24.69 Bid-YTW : 5.63 % |
| IAF.PR.B | Insurance Straight | -1.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.42 % |
| SLF.PR.E | Insurance Straight | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.63 % |
| FTS.PR.H | FixedReset Disc | -1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.65 % |
| PWF.PR.S | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.86 % |
| CM.PR.P | FixedReset Disc | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.90 % |
| POW.PR.D | Perpetual-Discount | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.82 % |
| TRP.PR.E | FixedReset Disc | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.64 % |
| BAM.PF.E | FixedReset Disc | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.73 % |
| BAM.PR.X | FixedReset Disc | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 17.92 Evaluated at bid price : 17.92 Bid-YTW : 6.57 % |
| CM.PR.S | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 22.64 Evaluated at bid price : 23.25 Bid-YTW : 5.66 % |
| PWF.PF.A | Perpetual-Discount | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.60 % |
| TRP.PR.G | FixedReset Disc | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.30 % |
| FTS.PR.G | FixedReset Disc | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.41 % |
| BAM.PF.B | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.53 % |
| CU.PR.G | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.74 % |
| GWO.PR.P | Insurance Straight | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.78 % |
| BAM.PR.N | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.90 % |
| FTS.PR.M | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 6.63 % |
| TD.PF.M | FixedReset Prem | -1.11 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.36 % |
| BAM.PR.M | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 5.87 % |
| FTS.PR.K | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.62 % |
| PVS.PR.J | SplitShare | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.38 % |
| PWF.PR.H | Perpetual-Discount | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 24.15 Evaluated at bid price : 24.40 Bid-YTW : 5.93 % |
| SLF.PR.G | FixedReset Ins Non | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 6.42 % |
| BMO.PR.T | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.83 % |
| BAM.PR.E | Ratchet | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 25.00 Evaluated at bid price : 18.15 Bid-YTW : 4.39 % |
| BMO.PR.Y | FixedReset Disc | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.93 % |
| BAM.PR.Z | FixedReset Disc | 2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 22.61 Evaluated at bid price : 23.25 Bid-YTW : 6.25 % |
| IFC.PR.E | Insurance Straight | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 22.45 Evaluated at bid price : 22.80 Bid-YTW : 5.76 % |
| IFC.PR.G | FixedReset Ins Non | 2.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.82 Evaluated at bid price : 22.31 Bid-YTW : 6.06 % |
| NA.PR.W | FixedReset Disc | 3.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.80 % |
| CM.PR.O | FixedReset Disc | 5.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.93 % |
| MFC.PR.N | FixedReset Ins Non | 7.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.16 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RS.PR.A | SplitShare | 82,100 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 9.98 Bid-YTW : 5.43 % |
| TRP.PR.K | FixedReset Prem | 50,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.38 % |
| FTS.PR.H | FixedReset Disc | 30,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.65 % |
| SLF.PR.D | Insurance Straight | 28,060 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.57 % |
| BAM.PF.H | FixedReset Disc | 22,254 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 5.36 % |
| IFC.PR.C | FixedReset Disc | 22,054 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-05-05 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 6.11 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IAF.PR.I | FixedReset Ins Non | Quote: 22.00 – 24.00 Spot Rate : 2.0000 Average : 1.3855 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 14.15 – 16.00 Spot Rate : 1.8500 Average : 1.3120 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 19.65 – 20.99 Spot Rate : 1.3400 Average : 0.8074 YTW SCENARIO |
| PVS.PR.G | SplitShare | Quote: 24.10 – 25.70 Spot Rate : 1.6000 Average : 1.1098 YTW SCENARIO |
| IFC.PR.C | FixedReset Disc | Quote: 20.53 – 22.25 Spot Rate : 1.7200 Average : 1.2698 YTW SCENARIO |
| BAM.PF.G | FixedReset Disc | Quote: 19.05 – 20.40 Spot Rate : 1.3500 Average : 0.9084 YTW SCENARIO |