TXPR closed at 548.39, down 0.56% on the day. Volume today was 1.72-million, fourth-highest of the past 21 trading days.
CPD closed at 10.94, down 0.36% on the day. Volume was 63,550, well below the median of the past 21 trading days.
ZPR closed at 9.22, unchanged on the day. Volume was 275,640, highest of the median of the past 21 trading days.
Five-year Canada yields were down to 3.63% today.
And bitcoin got absolutely hammered today, which may be related to troubles at FTX:
The near-collapse of FTX, a dominant cryptocurrency exchange once seen as a trustworthy oasis in a sketchy industry, is ricocheting through the crypto sector at alarming speed, sending the prices of multiple cryptocurrencies plummeting and raising serious doubts about the business model for all crypto assets.
The potential for contagion is only growing following the news late Wednesday that Binance, a rival exchange, is walking away from its potential takeover of FTX, citing concerns about FTX’s finances and a new regulatory probe of the exchange.
I’ve thought for a long time that being a small-time landlord is one of the worst jobs in the world. Many disagree:
New data published by Statistics Canada suggests that while the share of Canadians reporting rental income has grown modestly since 2000, thanks to the growing population the net number of small landlords is up about 32 per cent just since 2008.
In a report published online, Statistics Canada says it obtained data from tax filings that showed 1,356,650 households reported income from rentals.
…
In total about 7.9 per cent of Canadian households reported a median rental income of $2,750 (up from 2000 when 7.4 per cent reported a median rental income of $790).Statcan’s data shows landlord life has also gotten more lucrative: In 2000, 65 per cent of landlord households reported their rental income was net positive (in other words, profitable), by 2020 with vastly more landlords to compete against 76.3 per cent reported profitable rental income. (The low point in that stretch came during the 2008 financial crisis when only 63 per cent reported profits.)
There’s also a significant wealth gap between those with rental income and those without: Artisinal landlords had a median annual income of $113,030, nearly double that of the 15,751,670 families with no rental income ($63,040).
I’m actually impressed that so many are cash-flow-positive; but I’ll bet that changes a bit when the mortgages get renewed!
Unfazed by the Republicans’ lack of wholesale success in the US mid-terms, the Junior Republicans are practicing their use of the victim card:
Unlike other party leaders, Mr. Poilievre does not routinely take questions from journalists, who are members of the press gallery, on Parliament Hill. The Parliamentary Press Gallery consists of 302 members from 48 agencies and outlets, including national and international organizations, not counting freelance journalists.
“It’s not just the Parliamentary Press Gallery that controls the agenda, and I think that’s what’s going on here. The Parliamentary Press Gallery believes it should dominate political discourse. I believe we have a big country, with people who are not necessarily part of the press gallery,” Mr. Poilievre told journalists.
Hey, it’s easier than answering questions!
PerpetualDiscounts now yield 6.82%, equivalent to 8.87% interest at the standard equivalency factor of 1.3x. Long corporates continue to yield 5.49%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has gaped wider to 340bp from the 305bp reported November 2. However, I suspect that the “Weighted Average Yield to Maturity” reported by BMO on their ZLC page is not kept current; anything to withhold information from the masses is good business for the banks! I’ve sent an inquiry; we’ll just see what kind of answer I get!
| 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 | -1.9878 % | 2,321.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -1.9878 % | 4,453.3 |
| Floater | 8.62 % | 8.78 % | 55,239 | 10.53 | 2 | -1.9878 % | 2,566.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1786 % | 3,297.4 |
| SplitShare | 5.16 % | 7.46 % | 41,231 | 2.84 | 8 | -0.1786 % | 3,937.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1786 % | 3,072.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.9206 % | 2,545.1 |
| Perpetual-Discount | 6.69 % | 6.82 % | 77,061 | 12.81 | 34 | -0.9206 % | 2,775.3 |
| FixedReset Disc | 5.52 % | 8.20 % | 89,566 | 11.51 | 63 | -0.5067 % | 2,189.9 |
| Insurance Straight | 6.63 % | 6.83 % | 80,875 | 12.72 | 18 | -0.8773 % | 2,714.5 |
| FloatingReset | 9.17 % | 9.64 % | 38,271 | 9.77 | 2 | -1.8927 % | 2,524.3 |
| FixedReset Prem | 4.43 % | -1.55 % | 375,469 | 0.10 | 1 | 0.1195 % | 2,338.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5067 % | 2,238.5 |
| FixedReset Ins Non | 5.48 % | 8.09 % | 48,833 | 11.47 | 14 | -0.4687 % | 2,292.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.F | Perpetual-Discount | -5.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 7.08 % |
| BMO.PR.S | FixedReset Disc | -3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 8.44 % |
| BIP.PR.B | FixedReset Disc | -3.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.88 Evaluated at bid price : 22.19 Bid-YTW : 8.68 % |
| NA.PR.W | FixedReset Disc | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 8.36 % |
| GWO.PR.P | Insurance Straight | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 7.04 % |
| BAM.PR.K | Floater | -2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 12.06 Evaluated at bid price : 12.06 Bid-YTW : 8.81 % |
| BMO.PR.W | FixedReset Disc | -2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 8.34 % |
| CU.PR.H | Perpetual-Discount | -2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.24 Evaluated at bid price : 19.24 Bid-YTW : 6.85 % |
| TRP.PR.G | FixedReset Disc | -2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 9.12 % |
| GWO.PR.M | Insurance Straight | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.67 Evaluated at bid price : 21.92 Bid-YTW : 6.71 % |
| SLF.PR.J | FloatingReset | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 9.09 % |
| CIU.PR.A | Perpetual-Discount | -1.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 6.89 % |
| TRP.PR.F | FloatingReset | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 9.64 % |
| MFC.PR.K | FixedReset Ins Non | -1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 8.19 % |
| TD.PF.B | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 8.46 % |
| TRP.PR.D | FixedReset Disc | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 9.52 % |
| PWF.PR.F | Perpetual-Discount | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.87 % |
| BAM.PR.B | Floater | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 8.78 % |
| BIP.PR.A | FixedReset Disc | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.97 Evaluated at bid price : 16.97 Bid-YTW : 9.89 % |
| IFC.PR.A | FixedReset Ins Non | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 7.84 % |
| NA.PR.G | FixedReset Disc | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 8.07 % |
| IFC.PR.I | Perpetual-Discount | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.40 % |
| TD.PF.C | FixedReset Disc | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.94 Evaluated at bid price : 16.94 Bid-YTW : 8.45 % |
| CM.PR.T | FixedReset Disc | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 22.49 Evaluated at bid price : 22.90 Bid-YTW : 7.55 % |
| CU.PR.G | Perpetual-Discount | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 6.82 % |
| GWO.PR.G | Insurance Straight | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.89 % |
| TD.PF.A | FixedReset Disc | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.08 Evaluated at bid price : 17.08 Bid-YTW : 8.38 % |
| BIP.PR.E | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 8.23 % |
| NA.PR.S | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 8.56 % |
| TD.PF.K | FixedReset Disc | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 7.63 % |
| BAM.PF.I | FixedReset Disc | -1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.80 Evaluated at bid price : 22.19 Bid-YTW : 7.89 % |
| PWF.PR.G | Perpetual-Discount | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 6.84 % |
| POW.PR.C | Perpetual-Discount | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.54 Evaluated at bid price : 21.80 Bid-YTW : 6.73 % |
| CCS.PR.C | Insurance Straight | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.69 % |
| PVS.PR.H | SplitShare | -1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.20 Bid-YTW : 8.11 % |
| BMO.PR.T | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 8.47 % |
| PVS.PR.G | SplitShare | -1.27 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.40 Bid-YTW : 7.46 % |
| BAM.PR.N | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.98 % |
| TRP.PR.C | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 9.20 % |
| PWF.PR.E | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 6.79 % |
| PWF.PR.L | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.84 % |
| POW.PR.A | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.84 % |
| RY.PR.H | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.54 Evaluated at bid price : 17.54 Bid-YTW : 8.20 % |
| PWF.PR.H | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 6.86 % |
| GWO.PR.I | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 6.79 % |
| CU.PR.E | Perpetual-Discount | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 6.86 % |
| BAM.PF.C | Perpetual-Discount | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 17.48 Evaluated at bid price : 17.48 Bid-YTW : 7.06 % |
| MFC.PR.J | FixedReset Ins Non | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.89 % |
| RY.PR.J | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 8.00 % |
| BIP.PR.F | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 8.20 % |
| PVS.PR.J | SplitShare | 1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 22.10 Bid-YTW : 7.29 % |
| MIC.PR.A | Perpetual-Discount | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.33 % |
| CU.PR.I | FixedReset Disc | 2.58 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 23.05 Bid-YTW : 7.33 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.J | FixedReset Disc | 160,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 8.00 % |
| PWF.PR.Z | Perpetual-Discount | 33,868 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.67 % |
| BAM.PR.T | FixedReset Disc | 32,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 9.09 % |
| SLF.PR.H | FixedReset Ins Non | 32,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 14.67 Evaluated at bid price : 14.67 Bid-YTW : 8.78 % |
| GWO.PR.Q | Insurance Straight | 27,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.86 % |
| BAM.PR.R | FixedReset Disc | 22,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-11-09 Maturity Price : 14.15 Evaluated at bid price : 14.15 Bid-YTW : 9.45 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CCS.PR.C | Insurance Straight | Quote: 19.00 – 21.70 Spot Rate : 2.7000 Average : 1.6356 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 16.55 – 18.35 Spot Rate : 1.8000 Average : 1.0170 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 15.95 – 16.95 Spot Rate : 1.0000 Average : 0.6117 YTW SCENARIO |
| PWF.PR.P | FixedReset Disc | Quote: 12.35 – 13.77 Spot Rate : 1.4200 Average : 1.1263 YTW SCENARIO |
| BAM.PF.A | FixedReset Disc | Quote: 19.57 – 20.20 Spot Rate : 0.6300 Average : 0.3935 YTW SCENARIO |
| MFC.PR.I | FixedReset Ins Non | Quote: 22.36 – 23.00 Spot Rate : 0.6400 Average : 0.4048 YTW SCENARIO |
“And bitcoin got absolutely hammered today, which may be related to troubles at FTX:”
Possibly, maybe, just might have something to do the fact that its intrinsic value is negative (energy costs). The resilience of the price of bitcoin is actually pretty astounding.
its intrinsic value is negative (energy costs)
But crypto’s never had to worry about fundamentals before!
[…] spread (in this context, the “Seniority Spread”) has narrowed to 310bp from the 340bp reported November 9. However, I suspect that the “Weighted Average Yield to Maturity” reported by BMO on […]