November 19, 2018

November 19th, 2018

Today is World Toilet Day and the markets behaved accordingly.

The TXPR Index hit a new 52-week low today, touching 661.68 at the close, well below the prior low (set on November 16) of 667.15. There have now been eight straight days of losses, during which the price index has gone down 3.62%.

CPD closed at 13.27, its low for the day, well below the prior 52-week low of 13.37 set on October 30.

ZPR closed at a new low of 10.86 today, far below the prior figure of 10.98, hit on November 16.

All the above are price measures, not total return measures.

Volume was up today, with 29 issues trading 10,000+ shares – which still qualifies it as a ‘below average’ volume day. Like Assiduous Reader malcolmm, I have a hard time taking this seriously – I believe that retail has heard that the economy’s rushing down a well-oiled track:

The plummeting price of Canadian heavy crude oil has been a source of of rising anxiety in Calgary and misery for investors in the energy sector. But it is more than that. As the downturn deepens, it’s becoming a cause of worry for the entire domestic economy, and for government finances that haven’t fully recovered yet from the oil crash of 2014 to 2016.

The numbers are extraordinary. This week, the country’s heavy-oil benchmark, Western Canadian Select (WCS), fell to US$13.46 per barrel, lower than at any point during the oil recession of several years ago.

Jim Gray, a veteran of Canada’s energy sector and chairman of the energy group at Brookfield Asset Management Inc., offers another eye-popping figure to describe the potential damage: By some calculations, total government revenue from royalties and taxable income related to heavy oil could fall by $10-billion. That works out to about $700 per Canadian household. But that’s only one fairly narrow measure of the costs.

and are, as usual, fighting the last war. Who knows? Maybe this time they’ll be right! In the meantime, I’m just clipping my coupons.

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 -1.8192 % 2,925.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.8192 % 5,368.2
Floater 3.97 % 4.25 % 37,857 16.86 4 -1.8192 % 3,093.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0868 % 3,200.7
SplitShare 4.50 % 5.02 % 67,404 4.15 6 0.0868 % 3,822.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0868 % 2,982.4
Perpetual-Premium 5.91 % 4.79 % 51,090 0.08 3 -0.2781 % 2,872.6
Perpetual-Discount 5.65 % 5.80 % 70,124 14.20 31 -0.5793 % 2,898.6
FixedReset Disc 4.67 % 5.42 % 156,445 14.79 58 -1.4340 % 2,387.7
Deemed-Retractible 5.39 % 7.01 % 72,765 5.16 27 -0.2310 % 2,882.6
FloatingReset 3.87 % 4.39 % 36,752 5.37 6 -0.4271 % 2,711.5
FixedReset Prem 5.10 % 4.75 % 222,221 2.53 22 -0.4525 % 2,509.0
FixedReset Bank Non 2.97 % 4.08 % 124,894 2.97 6 -0.0618 % 2,574.0
FixedReset Ins Non 4.71 % 6.81 % 123,273 5.28 22 -1.2585 % 2,390.1
Performance Highlights
Issue Index Change Notes
BAM.PR.T FixedReset Disc -4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.03 %
BAM.PR.R FixedReset Disc -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.99 %
GWO.PR.N FixedReset Ins Non -3.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.01
Bid-YTW : 10.18 %
HSE.PR.C FixedReset Disc -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.38
Evaluated at bid price : 21.69
Bid-YTW : 6.26 %
CU.PR.C FixedReset Disc -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 5.56 %
BAM.PF.E FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.79 %
BAM.PR.Z FixedReset Disc -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.52
Evaluated at bid price : 21.79
Bid-YTW : 5.94 %
IFC.PR.C FixedReset Ins Non -3.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 7.57 %
HSE.PR.A FixedReset Disc -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 15.41
Evaluated at bid price : 15.41
Bid-YTW : 6.24 %
CU.PR.G Perpetual-Discount -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.80 %
BAM.PF.F FixedReset Disc -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.68
Evaluated at bid price : 22.09
Bid-YTW : 5.88 %
PWF.PR.P FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 5.49 %
CU.PR.I FixedReset Prem -2.52 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.39
Bid-YTW : 5.74 %
BAM.PR.X FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 5.65 %
BAM.PF.G FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.80
Evaluated at bid price : 22.30
Bid-YTW : 5.76 %
HSE.PR.E FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.34
Evaluated at bid price : 22.75
Bid-YTW : 6.38 %
BAM.PF.D Perpetual-Discount -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.13 %
BIP.PR.E FixedReset Disc -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.56
Evaluated at bid price : 21.85
Bid-YTW : 6.05 %
BAM.PF.A FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.14
Evaluated at bid price : 22.75
Bid-YTW : 5.73 %
SLF.PR.H FixedReset Ins Non -2.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.77
Bid-YTW : 8.15 %
MFC.PR.F FixedReset Ins Non -2.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.61
Bid-YTW : 10.50 %
BAM.PR.K Floater -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 16.32
Evaluated at bid price : 16.32
Bid-YTW : 4.28 %
BAM.PR.B Floater -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 4.28 %
VNR.PR.A FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.35
Evaluated at bid price : 23.00
Bid-YTW : 5.47 %
TRP.PR.G FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 5.90 %
BAM.PR.C Floater -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 4.25 %
BAM.PF.C Perpetual-Discount -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 6.11 %
MFC.PR.L FixedReset Ins Non -1.94 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.25
Bid-YTW : 8.39 %
TD.PF.A FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.32 %
BAM.PF.I FixedReset Prem -1.86 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.27
Bid-YTW : 6.03 %
SLF.PR.J FloatingReset -1.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.78
Bid-YTW : 9.47 %
BAM.PR.M Perpetual-Discount -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 19.64
Evaluated at bid price : 19.64
Bid-YTW : 6.15 %
MFC.PR.G FixedReset Ins Non -1.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.28
Bid-YTW : 6.66 %
MFC.PR.M FixedReset Ins Non -1.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.71
Bid-YTW : 8.08 %
TRP.PR.A FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.84 %
TRP.PR.C FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 5.87 %
RY.PR.J FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.78
Evaluated at bid price : 23.20
Bid-YTW : 5.31 %
EMA.PR.H FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.70
Evaluated at bid price : 23.80
Bid-YTW : 5.12 %
NA.PR.S FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.53
Evaluated at bid price : 21.53
Bid-YTW : 5.49 %
NA.PR.W FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.45 %
MFC.PR.N FixedReset Ins Non -1.62 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 8.06 %
RY.PR.M FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.35
Evaluated at bid price : 22.65
Bid-YTW : 5.28 %
BMO.PR.T FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 5.33 %
MFC.PR.Q FixedReset Ins Non -1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.15
Bid-YTW : 7.00 %
TD.PF.C FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 5.31 %
RY.PR.Z FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.38
Evaluated at bid price : 21.67
Bid-YTW : 5.20 %
CU.PR.F Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 5.72 %
PWF.PR.K Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.87 %
IFC.PR.A FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.56
Bid-YTW : 9.25 %
TD.PF.B FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 5.28 %
EMA.PR.F FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.40
Evaluated at bid price : 21.72
Bid-YTW : 5.64 %
BNS.PR.I FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.89
Evaluated at bid price : 24.29
Bid-YTW : 4.89 %
SLF.PR.G FixedReset Ins Non -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.78
Bid-YTW : 9.72 %
TD.PF.K FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.80
Evaluated at bid price : 24.05
Bid-YTW : 5.06 %
MFC.PR.K FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 8.34 %
NA.PR.E FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.75
Evaluated at bid price : 22.12
Bid-YTW : 5.45 %
MFC.PR.J FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.66
Bid-YTW : 6.73 %
SLF.PR.D Deemed-Retractible -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.78
Bid-YTW : 9.11 %
RY.PR.H FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 5.22 %
BIP.PR.A FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.25
Evaluated at bid price : 22.61
Bid-YTW : 6.42 %
CU.PR.H Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 23.07
Evaluated at bid price : 23.44
Bid-YTW : 5.61 %
TRP.PR.D FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.82 %
CM.PR.Q FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 22.58
Evaluated at bid price : 22.95
Bid-YTW : 5.40 %
PWF.PR.A Floater -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 3.39 %
BAM.PR.N Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 6.11 %
BMO.PR.S FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 5.32 %
IAG.PR.I FixedReset Ins Non -1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 6.04 %
CM.PR.S FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.91
Evaluated at bid price : 22.33
Bid-YTW : 5.27 %
MFC.PR.I FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.46
Bid-YTW : 6.63 %
BMO.PR.W FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.29 %
IFC.PR.F Deemed-Retractible 1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.55
Bid-YTW : 6.64 %
IFC.PR.E Deemed-Retractible 1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.99
Bid-YTW : 7.01 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.H FixedReset Prem 402,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.59
Bid-YTW : 4.18 %
HSE.PR.A FixedReset Disc 361,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 15.41
Evaluated at bid price : 15.41
Bid-YTW : 6.24 %
TRP.PR.J FixedReset Prem 353,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.78 %
BMO.PR.B FixedReset Prem 318,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 4.49 %
BAM.PR.R FixedReset Disc 287,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.99 %
TD.PF.H FixedReset Prem 179,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.39
Bid-YTW : 4.40 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.I FixedReset Prem Quote: 24.39 – 25.20
Spot Rate : 0.8100
Average : 0.4967

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.39
Bid-YTW : 5.74 %

HSE.PR.C FixedReset Disc Quote: 21.69 – 22.69
Spot Rate : 1.0000
Average : 0.7166

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.38
Evaluated at bid price : 21.69
Bid-YTW : 6.26 %

TD.PF.A FixedReset Disc Quote: 21.40 – 21.96
Spot Rate : 0.5600
Average : 0.3552

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.32 %

BMO.PR.T FixedReset Disc Quote: 21.31 – 21.81
Spot Rate : 0.5000
Average : 0.3235

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 5.33 %

PWF.PR.S Perpetual-Discount Quote: 21.00 – 21.48
Spot Rate : 0.4800
Average : 0.3068

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-19
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.78 %

BAM.PF.H FixedReset Prem Quote: 25.25 – 25.70
Spot Rate : 0.4500
Average : 0.2793

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.87 %

PPL.PR.A : No Conversion to FloatingReset

November 19th, 2018

Pembina Pipeline Corporation has announced (on November 16):

that none of Pembina’s Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 1 (“Series 1 Shares”) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 2 of Pembina (“Series 2 Shares”) on December 1, 2018.

After taking into account all conversion notices received from holders of its outstanding Series 1 Shares by the November 16, 2018 deadline for the conversion of the Series 1 Shares into Series 2 Shares, less than the 1,000,000 Series 2 Shares required to give effect to conversions into Series 2 Shares were tendered for conversion.

It will be recalled that PPL.PR.A will reset at 4.906% effective December 1. I recommended against conversion.

PPL.PR.A is a FixedReset, 4.25%+247, that commenced trading 2013-7-26 after being announced 2013-7-17. It is tracked by HIMIPref™ and assigned to the “Scraps – FixedResets (Discount)” subindex, relegated there due to credit concerns.

ENB.PR.N : No Conversion to FloatingReset

November 19th, 2018

Enbridge Inc. has announced (on November 16):

that none of Enbridge’s outstanding Cumulative Redeemable Preference Shares, Series N (Series N Shares) will be converted into Cumulative Redeemable Preference Shares, Series O of Enbridge (Series O Shares) on December 1, 2018.

After taking into account all conversion notices received from holders of its outstanding Series N Shares by the November 16, 2018 deadline for the conversion of the Series N Shares into Series O Shares, less than the 1,000,000 Series N Shares required to give effect to conversions into Series O Shares were tendered for conversion.

It will be recalled that ENB.PR.N will reset at 5.086% effective December 1. I recommended against conversion.

ENB.PR.N is a FixedReset, 4.00%+265, that commenced trading 2012-7-17 after being announced 2012-7-9. It is tracked by HIMIPref™ and assigned to the “Scraps – FixedResets (Discount)” subindex, relegated there due to credit concerns.

LBS.PR.A To Get Bigger; Dividend Boost to 5.45% on Extension

November 19th, 2018

Brompton Group has announced:

Life & Banc Split Corp. (the “Company”) is pleased to announce it is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). In addition to matched Class A Shares and Preferred Shares, the Company is offering up to 3.7 million Preferred Shares on an unmatched basis.

The sales period for this overnight offering will end at 9:00 a.m. (ET) on Tuesday, November 20, 2018. The offering is expected to close on or about December 3, 2018 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Shares will be offered at a price of $8.08 per Class A Share for a distribution rate of 14.8% on the issue price, and the Preferred Shares will be offered at a price of $10.00 per Preferred Share for a yield to maturity of 5.6%.(1) The closing price on the TSX for each of the Class A and Preferred Shares on November 16, 2018 was $8.29 and $10.05, respectively. The Class A and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (calculated as at November 16, 2018), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
The Company invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

The Bank of Nova Scotia Royal Bank of Canada
National Bank of Canada Industrial Alliance Insurance and Financial Services Inc.
The Toronto-Dominion Bank Great-West Lifeco Inc.
Canadian Imperial Bank of Commerce Manulife Financial Corporation
Bank of Montreal Sun Life Financial Inc.

The investment objectives for the Class A Shares are to provide holders with regular monthly cash distributions targeted to be $0.10 per Class A Share and to provide the opportunity for growth in the net asset value per Class A Share.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.11875 per Preferred Share until November 29, 2018, increasing to $0.13625 per Preferred Share ($0.545 per annum) from November 30, 2018 to October 30, 2023; and to return the original issue price plus accrued dividends (if any) to holders of Preferred Shares on October 30, 2023.
The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank.

According to the fund’s web page the NAVPU was 17.57 as of November 15, so the Whole Unit offering price of 18.08 is a premium of about 2.9%.

On September 25, Brompton announced:

Life & Banc Split Corp. (the “Fund”) announces that the distribution rate for the Preferred Shares for the 5 year term from November 30, 2018 to October 30, 2023 will be $0.545 per annum (5.45% on the original issue price of $10) payable quarterly. The Preferred Share distribution rate is based on current market rates for preferred shares with similar terms. In addition, the Fund intends to maintain the targeted monthly Class A Share distribution rate at $0.10 per Class A Share. The Fund previously announced the extension of the term of the Class A Shares and the Preferred Shares from November 30, 2018 to October 30, 2023. The term extension offers Preferred shareholders the opportunity to enjoy preferential cash dividends until October 30, 2023. Since inception in October 2006 to August 31, 2018, the Preferred share has delivered a 5.2% per annum return.

Update, 2018-11-20: They raised about 58.4-million:

Life & Banc Split Corp. (the “Company”) is pleased to announce a successful overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $58.4 million. The offering is expected to close on or about December 3, 2018 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (the “TSX”). The Company has granted the Agents (as defined below) an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase up to an additional 15% of the number of Class A Shares and Preferred Shares issued at the closing of the offering.

November 16, 2018

November 16th, 2018

The TXPR Index hit a new 52-week low today, touching 667.15, well below the prior low (set on October 30) of 669.90. There have now been seven straight days of losses, during which the price index has gone down 2.73%.

CPD closed at 13.38, its low for the day, just a penny above its 52-week low set on October 30.

ZPR touched a new low of 10.98 today, two and a half cents below the prior figure of 11.005, hit on October 30.

So … lousy day, lousy week. The five-year Canada closed at 2.29%, well off its recent yield highs in the 2.45% area, which I suppose has something to do with the decline. My mail-box will shortly start filling up again with questions about negative yields, I’m sure!

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 -1.4454 % 2,979.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.4454 % 5,467.7
Floater 3.90 % 4.16 % 39,196 17.04 4 -1.4454 % 3,151.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.2879 % 3,198.0
SplitShare 4.51 % 5.09 % 58,275 4.16 6 0.2879 % 3,819.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2879 % 2,979.8
Perpetual-Premium 5.89 % 2.23 % 50,847 0.08 3 -0.5662 % 2,880.6
Perpetual-Discount 5.62 % 5.76 % 70,918 14.23 31 -0.5773 % 2,915.5
FixedReset Disc 4.60 % 5.45 % 162,208 14.73 58 -1.0181 % 2,422.4
Deemed-Retractible 5.37 % 7.11 % 71,092 5.16 27 -0.4039 % 2,889.3
FloatingReset 3.86 % 4.31 % 37,062 5.39 6 -0.5473 % 2,723.1
FixedReset Prem 5.08 % 4.58 % 201,341 2.54 22 -0.3489 % 2,520.4
FixedReset Bank Non 2.97 % 4.08 % 126,327 0.27 6 0.0755 % 2,575.6
FixedReset Ins Non 4.64 % 6.74 % 123,231 5.24 22 -0.7754 % 2,420.6
Performance Highlights
Issue Index Change Notes
BAM.PF.B FixedReset Disc -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.00 %
IFC.PR.G FixedReset Ins Non -2.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.93
Bid-YTW : 6.74 %
BAM.PF.F FixedReset Disc -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.05
Evaluated at bid price : 22.68
Bid-YTW : 5.85 %
BIP.PR.E FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.92
Evaluated at bid price : 22.36
Bid-YTW : 6.01 %
POW.PR.C Perpetual-Discount -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 24.47
Evaluated at bid price : 24.71
Bid-YTW : 5.94 %
TRP.PR.B FixedReset Disc -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 15.28
Evaluated at bid price : 15.28
Bid-YTW : 5.90 %
NA.PR.E FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.94
Evaluated at bid price : 22.40
Bid-YTW : 5.48 %
CM.PR.O FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.40
Evaluated at bid price : 21.70
Bid-YTW : 5.46 %
TRP.PR.G FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.63
Evaluated at bid price : 22.05
Bid-YTW : 5.90 %
CU.PR.C FixedReset Disc -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.49 %
IFC.PR.F Deemed-Retractible -1.98 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 6.89 %
BAM.PR.K Floater -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 16.67
Evaluated at bid price : 16.67
Bid-YTW : 4.19 %
MFC.PR.K FixedReset Ins Non -1.88 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 8.27 %
IFC.PR.C FixedReset Ins Non -1.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.66
Bid-YTW : 7.05 %
BMO.PR.T FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.35
Evaluated at bid price : 21.63
Bid-YTW : 5.37 %
PWF.PR.A Floater -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 3.35 %
CM.PR.S FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.06
Evaluated at bid price : 22.57
Bid-YTW : 5.32 %
BMO.PR.W FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.38 %
TD.PF.J FixedReset Prem -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.93
Evaluated at bid price : 24.26
Bid-YTW : 5.14 %
PWF.PR.Z Perpetual-Discount -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.86
Evaluated at bid price : 22.18
Bid-YTW : 5.85 %
VNR.PR.A FixedReset Disc -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.61
Evaluated at bid price : 23.48
Bid-YTW : 5.45 %
TRP.PR.C FixedReset Disc -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 5.94 %
CM.PR.P FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.45 %
BMO.PR.S FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.62
Evaluated at bid price : 22.00
Bid-YTW : 5.40 %
TD.PF.C FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.35 %
BAM.PF.E FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.46
Evaluated at bid price : 21.80
Bid-YTW : 5.71 %
TD.PF.A FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.48
Evaluated at bid price : 21.82
Bid-YTW : 5.34 %
NA.PR.G FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.81
Evaluated at bid price : 24.07
Bid-YTW : 5.29 %
BAM.PR.C Floater -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 16.79
Evaluated at bid price : 16.79
Bid-YTW : 4.16 %
BAM.PR.R FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.89 %
SLF.PR.G FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.01
Bid-YTW : 9.58 %
IFC.PR.A FixedReset Ins Non -1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.82
Bid-YTW : 9.02 %
CU.PR.I FixedReset Prem -1.30 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 4.38 %
BAM.PR.T FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 5.90 %
BAM.PF.G FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.48
Evaluated at bid price : 22.86
Bid-YTW : 5.75 %
MFC.PR.G FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.93
Bid-YTW : 6.37 %
TRP.PR.A FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 5.90 %
MFC.PR.J FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.20
Bid-YTW : 6.66 %
EMA.PR.F FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.62
Evaluated at bid price : 22.02
Bid-YTW : 5.69 %
ELF.PR.H Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 23.50
Evaluated at bid price : 23.82
Bid-YTW : 5.83 %
TRP.PR.D FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.91 %
SLF.PR.J FloatingReset -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.11
Bid-YTW : 9.12 %
BNS.PR.I FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 23.01
Evaluated at bid price : 24.62
Bid-YTW : 4.90 %
NA.PR.W FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 5.51 %
PVS.PR.F SplitShare -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.82
Bid-YTW : 5.16 %
PWF.PR.O Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 24.60
Evaluated at bid price : 24.85
Bid-YTW : 5.88 %
IGM.PR.B Perpetual-Premium -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 24.69
Evaluated at bid price : 24.95
Bid-YTW : 5.96 %
TRP.PR.F FloatingReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 4.87 %
RY.PR.H FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.63
Evaluated at bid price : 22.02
Bid-YTW : 5.29 %
BAM.PF.A FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.42
Evaluated at bid price : 23.25
Bid-YTW : 5.69 %
BAM.PR.Z FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 22.01
Evaluated at bid price : 22.48
Bid-YTW : 5.85 %
SLF.PR.I FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.86
Bid-YTW : 6.21 %
RY.PR.Z FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.61
Evaluated at bid price : 21.98
Bid-YTW : 5.27 %
PWF.PR.L Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.81 %
PWF.PR.T FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.72
Evaluated at bid price : 22.13
Bid-YTW : 5.45 %
MFC.PR.N FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.18
Bid-YTW : 7.84 %
BAM.PR.X FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 17.53
Evaluated at bid price : 17.53
Bid-YTW : 5.65 %
EIT.PR.B SplitShare 3.29 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.13 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.H FixedReset Prem 119,919 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 4.34 %
RY.PR.I FixedReset Bank Non 102,150 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 3.10 %
BNS.PR.H FixedReset Prem 75,550 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 4.19 %
BNS.PR.Z FixedReset Bank Non 47,523 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 4.64 %
BMO.PR.D FixedReset Disc 44,490 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.69
Bid-YTW : 4.76 %
RY.PR.J FixedReset Disc 34,424 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 23.17
Evaluated at bid price : 23.60
Bid-YTW : 5.34 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.Q FixedReset Ins Non Quote: 22.77 – 24.48
Spot Rate : 1.7100
Average : 1.0074

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.77
Bid-YTW : 6.74 %

BAM.PF.B FixedReset Disc Quote: 21.30 – 22.05
Spot Rate : 0.7500
Average : 0.5671

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.00 %

CU.PR.C FixedReset Disc Quote: 20.75 – 21.23
Spot Rate : 0.4800
Average : 0.3042

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.49 %

TRP.PR.E FixedReset Disc Quote: 20.54 – 21.12
Spot Rate : 0.5800
Average : 0.4120

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 20.54
Evaluated at bid price : 20.54
Bid-YTW : 5.84 %

MFC.PR.K FixedReset Ins Non Quote: 20.90 – 21.41
Spot Rate : 0.5100
Average : 0.3502

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 8.27 %

TD.PF.C FixedReset Disc Quote: 21.70 – 22.10
Spot Rate : 0.4000
Average : 0.2645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-16
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.35 %

November 15, 2018

November 15th, 2018
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 -1.6539 % 3,023.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.6539 % 5,547.9
Floater 3.84 % 4.10 % 39,416 17.16 4 -1.6539 % 3,197.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.6980 % 3,188.8
SplitShare 4.52 % 4.93 % 56,576 4.16 6 -0.6980 % 3,808.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.6980 % 2,971.2
Perpetual-Premium 5.86 % 0.38 % 50,709 0.09 3 -0.1578 % 2,897.0
Perpetual-Discount 5.59 % 5.69 % 71,960 14.30 31 -0.1375 % 2,932.4
FixedReset Disc 4.55 % 5.40 % 160,851 14.79 58 -0.6007 % 2,447.3
Deemed-Retractible 5.35 % 6.97 % 68,889 5.17 27 -0.5581 % 2,901.0
FloatingReset 3.84 % 4.32 % 38,293 5.40 6 -0.3500 % 2,738.1
FixedReset Prem 5.06 % 4.49 % 217,041 2.55 22 -0.1786 % 2,529.3
FixedReset Bank Non 2.97 % 4.05 % 120,710 2.98 6 -0.2808 % 2,573.7
FixedReset Ins Non 4.60 % 6.65 % 125,269 5.26 22 -0.8038 % 2,439.5
Performance Highlights
Issue Index Change Notes
EIT.PR.B SplitShare -3.57 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.01
Bid-YTW : 5.74 %
EMA.PR.F FixedReset Disc -3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.79
Evaluated at bid price : 22.28
Bid-YTW : 5.62 %
BAM.PR.B Floater -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 16.83
Evaluated at bid price : 16.83
Bid-YTW : 4.15 %
IFC.PR.E Deemed-Retractible -2.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.82
Bid-YTW : 7.14 %
SLF.PR.B Deemed-Retractible -2.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.14
Bid-YTW : 8.20 %
HSE.PR.A FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 15.85
Evaluated at bid price : 15.85
Bid-YTW : 6.19 %
IAG.PR.I FixedReset Ins Non -1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 5.98 %
MFC.PR.M FixedReset Ins Non -1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.51
Bid-YTW : 7.67 %
BAM.PR.K Floater -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.11 %
NA.PR.S FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.49
Evaluated at bid price : 21.81
Bid-YTW : 5.54 %
MFC.PR.H FixedReset Ins Non -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.83
Bid-YTW : 6.70 %
BAM.PF.B FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.63
Evaluated at bid price : 22.00
Bid-YTW : 5.79 %
PWF.PR.P FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 5.48 %
MFC.PR.L FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 8.01 %
MFC.PR.Q FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.96
Bid-YTW : 6.57 %
NA.PR.G FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 22.94
Evaluated at bid price : 24.40
Bid-YTW : 5.21 %
BAM.PR.C Floater -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 4.10 %
GWO.PR.N FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.76
Bid-YTW : 9.44 %
MFC.PR.N FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.40
Bid-YTW : 7.64 %
TRP.PR.E FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.81 %
HSE.PR.C FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.99
Evaluated at bid price : 22.58
Bid-YTW : 6.12 %
MFC.PR.K FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.30
Bid-YTW : 7.89 %
CM.PR.S FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 22.30
Evaluated at bid price : 22.95
Bid-YTW : 5.22 %
MFC.PR.J FixedReset Ins Non -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.48
Bid-YTW : 6.42 %
BAM.PR.Z FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 22.16
Evaluated at bid price : 22.72
Bid-YTW : 5.79 %
PWF.PR.L Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 22.11
Evaluated at bid price : 22.33
Bid-YTW : 5.75 %
SLF.PR.H FixedReset Ins Non -1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.09
Bid-YTW : 7.91 %
IFC.PR.C FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.05
Bid-YTW : 6.71 %
IAG.PR.G FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 6.65 %
CU.PR.E Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.61
Evaluated at bid price : 21.61
Bid-YTW : 5.69 %
SLF.PR.J FloatingReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.32
Bid-YTW : 8.90 %
BAM.PF.E FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.69
Evaluated at bid price : 22.13
Bid-YTW : 5.62 %
CM.PR.R FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.53
Bid-YTW : 5.05 %
GWO.PR.S Deemed-Retractible 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 6.45 %
IFC.PR.G FixedReset Ins Non 1.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.26 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.H FixedReset Prem 189,281 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.06 %
MFC.PR.O FixedReset Ins Non 137,302 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.27 %
TD.PF.E FixedReset Disc 103,167 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 23.42
Evaluated at bid price : 23.76
Bid-YTW : 5.42 %
RY.PR.I FixedReset Bank Non 80,529 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 3.37 %
NA.PR.X FixedReset Prem 69,513 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.49 %
PWF.PR.R Perpetual-Discount 64,960 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 24.09
Evaluated at bid price : 24.42
Bid-YTW : 5.67 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
EIT.PR.B SplitShare Quote: 24.01 – 25.10
Spot Rate : 1.0900
Average : 0.6288

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.01
Bid-YTW : 5.74 %

IFC.PR.E Deemed-Retractible Quote: 22.82 – 23.39
Spot Rate : 0.5700
Average : 0.3526

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.82
Bid-YTW : 7.14 %

BAM.PR.T FixedReset Disc Quote: 19.43 – 19.88
Spot Rate : 0.4500
Average : 0.2959

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 19.43
Evaluated at bid price : 19.43
Bid-YTW : 5.83 %

NA.PR.S FixedReset Disc Quote: 21.81 – 22.16
Spot Rate : 0.3500
Average : 0.2210

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 21.49
Evaluated at bid price : 21.81
Bid-YTW : 5.54 %

IAG.PR.I FixedReset Ins Non Quote: 23.80 – 24.22
Spot Rate : 0.4200
Average : 0.2926

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 5.98 %

CM.PR.S FixedReset Disc Quote: 22.95 – 23.24
Spot Rate : 0.2900
Average : 0.1680

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-15
Maturity Price : 22.30
Evaluated at bid price : 22.95
Bid-YTW : 5.22 %

New Issue: PVS Split Share, 4.90%, 7-year

November 15th, 2018

It is my understanding that:

Partners Value Split Corp. has entered into an agreement to sell six million Class AA preferred shares Series 9 to a syndicate of underwriters led by Scotiabank, BMO Capital Markets , CIBC Capital Markets , RBC Capital Markets and TD Securities Inc. on a bought deal basis.

The Series 9 Preferred Shares will be issued at a price of $25.00 per share, for gross proceeds of $150,000,000 . The Series 9 Preferred Shares will carry a fixed coupon of 4.90% and will have a final maturity of February 28, 2026 . The Series 9 Preferred Shares have a provisional rating of Pfd-2 (low) from DBRS. The net proceeds of the offering will be used to redeem the Company’s outstanding Class AA preferred shares Series 3.

The Company has granted the underwriters an option, exercisable in whole or in part prior to closing, to purchase up to an additional 2,000,000 Series 9 Preferred Shares at the same offering price, which, if exercised, would increase the gross offering size to $200,000,000 . Closing of the offering is expected to occur on or about November 26, 2018.

Adil Mawani , Chief Financial Officer, will be available at (647) 503-6513 to answer any questions regarding the offering.

In line with the company’s usual contempt for the investors who provide it with capital, there is no press release published on the company’s web-page, nor is there any information available on Marketwired, where they have previously grudgingly published announcements, so it doesn’t appear that Adil Mawani has any greater desire to do a competent job than any of the other clowns at PVS. Feel free to call him and ask if the company will ever do something right.

Amazingly, there’s an actual term-sheet on SEDAR, searchable (but the regulators will get very upset if you link to it) with the description “Partners Value Split Corp. Nov 15 2018 13:29:09 ET Marketing materials – English PDF 16 K”.

There is also a provisional rating announcement from DBRS:

DBRS Limited (DBRS) assigned a provisional rating of Pfd-2 (low) to the Class AA Preferred Shares, Series 9 (the Series 9 Preferred Shares) to be issued by Partners Value Split Corp. (the Company) that will rank pari passu with the existing Class AA Preferred Shares, Series 3 (the Series 3 Preferred Shares); the Class AA Preferred Shares, Series 6 (the Series 6 Preferred Shares); the Class AA Preferred Shares, Series 7 (the Series 7 Preferred Shares); and the Class AA Preferred Shares, Series 8 (the Series 8 Preferred Shares; collectively, the Class AA Preferred Shares).

Proceeds from the Series 9 Preferred Share offering will be used to fund the redemption of the Series 3 Preferred Shares no later than their scheduled maturity date of January 10, 2019. The Series 9 Preferred Shares will be entitled to fixed quarterly cumulative preferential dividends on the expected issue price of $25.00. The maturity date for the Series 9 Preferred Shares is set to February 28, 2026.

The Company owns a portfolio (the Portfolio) of Class A Limited Voting Shares (the BAM Shares) of Brookfield Asset Management Inc. (BAM; rated A (low) with a Stable trend by DBRS). Dividends received from the Portfolio are used to fund the payment of interest on the Debentures to the extent that any have been issued and to fund the payment of dividends on the Class AA Preferred Shares. There were 700 Debentures issued on November 9, 2018, as a result of the retraction of 700 Series 8 Preferred Shares.

Holders of the Junior Preferred Shares, Series 1 (the Junior Preferred Shares) are entitled to receive quarterly noncumulative cash distributions at an annual rate of 5% when declared by the board of directors. There is $200 million worth of Junior Preferred Shares currently outstanding. Holders of the Capital Shares of the Company will only receive excess dividend income after interest on the Debentures, Class AA Preferred Share distributions, Junior Preferred Share Distributions and other Company expenses have been paid. Any capital appreciation of the BAM Shares will benefit the holders of the Capital Shares. All series of Class AA Preferred Shares rank senior to the Capital Shares, the Class AAA Preferred Shares and the Junior Preferred Shares and on a pari passu basis with all other Class AA Preferred Shares with respect to payment of dividends and repayment of principal.

The Company has issued a limited number of Class A Voting Shares that rank senior to the Class AA Preferred Shares in respect of capital upon the dissolution, winding up or insolvency of the Company. As of June 30, 2018, there were $100 worth of such shares outstanding.

Following the redemption of the Series 3 Preferred Shares, the downside protection available to the Class AA Preferred Shares is expected to be approximately 85% (based on the closing price of BAM shares as of October 29, 2018) and the dividend coverage ratio is expected to be approximately 2.0 times (x; based on the Canadian dollar and U.S. dollar exchange rate as of October 29, 2018). BAM declares its dividends in U.S. dollars; consequently, there is the risk that an appreciating Canadian dollar will cause the dividend coverage ratio to fall below 1.0x. In the event of a shortfall, the Company may sell some of the BAM Shares, engage in security lending or write covered call options to generate sufficient income to satisfy its obligations to pay the Class AA Preferred Shares dividends. If the Company chooses to lend its holdings, the Portfolio would be exposed to the potential losses in the event that the borrower defaults on its obligations to return the borrowed securities.

The main constraints to the ratings are the following:

(1) The downside protection available to holders of the Class AA Preferred Shares depends solely on the market value of the BAM Shares held in the Portfolio, which will fluctuate over time.

(2) There is a lack of diversification, as the Portfolio is entirely made up of BAM Shares.

(3) Changes in the dividend policy of BAM may result in reductions in Class AA Preferred Shares dividend coverage.

(4) As BAM declares dividends in U.S. dollars, the Company is exposed to foreign currency risk relating to the Canadian-U.S. exchange rate, specifically the appreciation of the Canadian dollar versus the U.S. dollar. This may have a negative impact on the dividend coverage ratio of the Class AA Preferred Shares, as these dividends are paid in Canadian dollars.

(5) Downside protection available to the Class AA Preferred Shares may be negatively affected by the retraction of the Junior Preferred Shares.

November 14, 2018

November 14th, 2018

PerpetualDiscounts now yield 5.66%, equivalent to 7.36% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.20%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 315bp, a slight (and perhaps spurious) narrowing from the 320bp reported November 7.

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 0.2604 % 3,074.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2604 % 5,641.2
Floater 3.78 % 4.03 % 39,818 17.32 4 0.2604 % 3,251.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3313 % 3,211.2
SplitShare 4.49 % 4.77 % 54,036 4.16 6 -0.3313 % 3,834.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3313 % 2,992.1
Perpetual-Premium 5.85 % -8.13 % 52,812 0.08 3 0.2108 % 2,901.6
Perpetual-Discount 5.58 % 5.66 % 74,366 14.35 31 0.1897 % 2,936.4
FixedReset Disc 4.53 % 5.38 % 162,120 14.84 58 -0.0256 % 2,462.1
Deemed-Retractible 5.32 % 6.66 % 68,305 5.18 27 0.1891 % 2,917.3
FloatingReset 3.83 % 4.30 % 38,262 5.41 6 0.3103 % 2,747.7
FixedReset Prem 5.05 % 4.40 % 219,176 2.55 22 0.0214 % 2,533.8
FixedReset Bank Non 2.96 % 3.99 % 111,769 0.28 6 -0.0068 % 2,580.9
FixedReset Ins Non 4.56 % 6.44 % 127,135 5.27 22 -0.1385 % 2,459.2
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 5.61 %
IFC.PR.G FixedReset Ins Non -1.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.17
Bid-YTW : 6.53 %
BAM.PF.D Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 5.96 %
IFC.PR.A FixedReset Ins Non -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.25
Bid-YTW : 8.58 %
TRP.PR.G FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 22.22
Evaluated at bid price : 22.51
Bid-YTW : 5.78 %
TRP.PR.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 18.41
Evaluated at bid price : 18.41
Bid-YTW : 5.87 %
PWF.PR.T FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 21.87
Evaluated at bid price : 22.35
Bid-YTW : 5.39 %
IFC.PR.F Deemed-Retractible -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.75
Bid-YTW : 6.46 %
EIT.PR.A SplitShare -1.04 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 5.13 %
BIP.PR.D FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.60
Bid-YTW : 5.77 %
CU.PR.E Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 21.85
Evaluated at bid price : 21.85
Bid-YTW : 5.63 %
MFC.PR.B Deemed-Retractible 1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.72
Bid-YTW : 8.45 %
SLF.PR.B Deemed-Retractible 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.59
Bid-YTW : 7.78 %
PWF.PR.L Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.68 %
BAM.PR.R FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.78 %
PWF.PR.Q FloatingReset 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 3.96 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PF.I FixedReset Prem 156,579 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 5.36 %
BMO.PR.E FixedReset Prem 51,960 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 23.13
Evaluated at bid price : 24.90
Bid-YTW : 5.04 %
RY.PR.M FixedReset Disc 50,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 22.95
Evaluated at bid price : 23.28
Bid-YTW : 5.25 %
TRP.PR.G FixedReset Disc 41,993 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 22.22
Evaluated at bid price : 22.51
Bid-YTW : 5.78 %
PWF.PR.R Perpetual-Discount 28,805 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 24.16
Evaluated at bid price : 24.49
Bid-YTW : 5.65 %
BNS.PR.I FixedReset Disc 24,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 23.10
Evaluated at bid price : 24.85
Bid-YTW : 4.85 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
VNR.PR.A FixedReset Disc Quote: 23.95 – 24.70
Spot Rate : 0.7500
Average : 0.5381

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 22.84
Evaluated at bid price : 23.95
Bid-YTW : 5.32 %

W.PR.J Perpetual-Discount Quote: 24.57 – 25.20
Spot Rate : 0.6300
Average : 0.4871

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 24.27
Evaluated at bid price : 24.57
Bid-YTW : 5.76 %

MFC.PR.F FixedReset Ins Non Quote: 17.35 – 17.62
Spot Rate : 0.2700
Average : 0.2062

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.35
Bid-YTW : 9.89 %

W.PR.K FixedReset Prem Quote: 25.35 – 25.68
Spot Rate : 0.3300
Average : 0.2691

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 4.80 %

PWF.PR.T FixedReset Disc Quote: 22.35 – 22.62
Spot Rate : 0.2700
Average : 0.2109

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-14
Maturity Price : 21.87
Evaluated at bid price : 22.35
Bid-YTW : 5.39 %

IFC.PR.G FixedReset Ins Non Quote: 23.17 – 23.66
Spot Rate : 0.4900
Average : 0.4338

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.17
Bid-YTW : 6.53 %

November 13, 2018

November 13th, 2018
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 -0.0411 % 3,066.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0411 % 5,626.5
Floater 3.79 % 4.02 % 40,278 17.33 4 -0.0411 % 3,242.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.1194 % 3,221.9
SplitShare 4.47 % 4.76 % 52,520 4.16 6 0.1194 % 3,847.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1194 % 3,002.1
Perpetual-Premium 5.86 % 0.37 % 52,330 0.09 3 0.2245 % 2,895.5
Perpetual-Discount 5.59 % 5.69 % 75,580 14.31 31 -0.0941 % 2,930.9
FixedReset Disc 4.52 % 5.37 % 163,007 14.90 58 -0.4773 % 2,462.7
Deemed-Retractible 5.33 % 6.64 % 68,792 5.18 27 -0.1146 % 2,911.7
FloatingReset 3.84 % 4.30 % 38,756 5.41 6 -0.6087 % 2,739.2
FixedReset Prem 5.05 % 4.47 % 218,600 2.55 22 -0.0499 % 2,533.2
FixedReset Bank Non 2.96 % 3.74 % 116,156 0.28 6 0.1028 % 2,581.1
FixedReset Ins Non 4.56 % 6.37 % 127,950 5.28 22 -0.3026 % 2,462.6
Performance Highlights
Issue Index Change Notes
BAM.PR.R FixedReset Disc -3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 5.88 %
IFC.PR.G FixedReset Ins Non -1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.58
Bid-YTW : 6.19 %
BAM.PF.F FixedReset Disc -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 22.64
Evaluated at bid price : 23.21
Bid-YTW : 5.71 %
TRP.PR.B FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 15.61
Evaluated at bid price : 15.61
Bid-YTW : 5.78 %
PWF.PR.Q FloatingReset -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 4.06 %
TRP.PR.A FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 5.81 %
BAM.PF.B FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 21.77
Evaluated at bid price : 22.21
Bid-YTW : 5.72 %
TRP.PR.H FloatingReset -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 4.73 %
BAM.PR.N Perpetual-Discount -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 6.00 %
BAM.PR.T FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.73 %
BAM.PF.G FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 22.91
Evaluated at bid price : 23.31
Bid-YTW : 5.63 %
BAM.PF.H FixedReset Prem -1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.73 %
CU.PR.C FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.34 %
MFC.PR.F FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.31
Bid-YTW : 9.93 %
VNR.PR.A FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 22.88
Evaluated at bid price : 24.03
Bid-YTW : 5.30 %
PWF.PR.L Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 22.05
Evaluated at bid price : 22.28
Bid-YTW : 5.76 %
SLF.PR.G FixedReset Ins Non -1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.40
Bid-YTW : 9.16 %
GWO.PR.T Deemed-Retractible -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.78
Bid-YTW : 7.11 %
BAM.PF.D Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 5.88 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PF.I FixedReset Prem 60,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 5.42 %
PWF.PR.R Perpetual-Discount 57,096 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 24.11
Evaluated at bid price : 24.44
Bid-YTW : 5.66 %
RY.PR.W Perpetual-Discount 45,790 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 23.67
Evaluated at bid price : 23.94
Bid-YTW : 5.12 %
BNS.PR.E FixedReset Prem 45,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.90 %
RY.PR.Z FixedReset Disc 33,154 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 21.78
Evaluated at bid price : 22.23
Bid-YTW : 5.20 %
RY.PR.M FixedReset Disc 32,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 22.96
Evaluated at bid price : 23.29
Bid-YTW : 5.25 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.R FixedReset Disc Quote: 19.22 – 20.60
Spot Rate : 1.3800
Average : 0.8380

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 5.88 %

BAM.PF.B FixedReset Disc Quote: 22.21 – 22.85
Spot Rate : 0.6400
Average : 0.4373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 21.77
Evaluated at bid price : 22.21
Bid-YTW : 5.72 %

BAM.PR.N Perpetual-Discount Quote: 20.12 – 20.75
Spot Rate : 0.6300
Average : 0.4482

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 6.00 %

NA.PR.W FixedReset Disc Quote: 21.40 – 21.88
Spot Rate : 0.4800
Average : 0.3089

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.44 %

VNR.PR.A FixedReset Disc Quote: 24.03 – 24.49
Spot Rate : 0.4600
Average : 0.3057

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 22.88
Evaluated at bid price : 24.03
Bid-YTW : 5.30 %

PWF.PR.Q FloatingReset Quote: 20.52 – 21.24
Spot Rate : 0.7200
Average : 0.5714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-13
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 4.06 %

November 12, 2018

November 12th, 2018
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 0.1372 % 3,067.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1372 % 5,628.8
Floater 3.79 % 4.02 % 41,907 17.34 4 0.1372 % 3,243.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.0332 % 3,218.0
SplitShare 4.48 % 4.75 % 49,880 4.17 6 0.0332 % 3,843.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0332 % 2,998.5
Perpetual-Premium 5.88 % 0.36 % 52,844 0.08 3 -0.1187 % 2,889.0
Perpetual-Discount 5.59 % 5.67 % 78,251 14.34 31 0.2618 % 2,933.6
FixedReset Disc 4.50 % 5.37 % 166,198 14.94 58 -0.1996 % 2,474.5
Deemed-Retractible 5.32 % 6.63 % 69,514 5.18 27 0.1293 % 2,915.1
FloatingReset 3.82 % 4.31 % 39,298 5.42 6 -0.7092 % 2,756.0
FixedReset Prem 5.04 % 4.31 % 174,888 2.55 22 -0.0606 % 2,534.5
FixedReset Bank Non 2.96 % 4.04 % 117,809 0.28 6 0.0000 % 2,578.4
FixedReset Ins Non 4.54 % 6.32 % 129,277 5.28 22 -0.5193 % 2,470.1
Performance Highlights
Issue Index Change Notes
CM.PR.P FixedReset Disc -2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.40 %
MFC.PR.K FixedReset Ins Non -2.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.27
Bid-YTW : 7.91 %
TRP.PR.F FloatingReset -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 4.81 %
MFC.PR.G FixedReset Ins Non -1.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.21
Bid-YTW : 6.13 %
BAM.PR.X FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 5.53 %
PWF.PR.Q FloatingReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 3.98 %
MFC.PR.J FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 6.15 %
BAM.PF.I FixedReset Prem -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 5.22 %
SLF.PR.H FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.30
Bid-YTW : 7.70 %
IAG.PR.G FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.61
Bid-YTW : 6.38 %
TRP.PR.E FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.72 %
HSE.PR.G FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 23.09
Evaluated at bid price : 23.49
Bid-YTW : 6.26 %
W.PR.M FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.71 %
SLF.PR.B Deemed-Retractible 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.55
Bid-YTW : 7.81 %
W.PR.H Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 5.63 %
EMA.PR.H FixedReset Disc 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 23.09
Evaluated at bid price : 24.75
Bid-YTW : 4.93 %
Volume Highlights
Issue Index Shares
Traded
Notes
W.PR.K FixedReset Prem 32,540 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.50 %
BNS.PR.R FixedReset Bank Non 24,277 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.08 %
TD.PF.A FixedReset Disc 23,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 21.78
Evaluated at bid price : 22.25
Bid-YTW : 5.22 %
BMO.PR.E FixedReset Prem 18,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 23.11
Evaluated at bid price : 24.85
Bid-YTW : 5.05 %
RY.PR.I FixedReset Bank Non 18,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 3.12 %
GWO.PR.R Deemed-Retractible 14,256 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.75
Bid-YTW : 7.62 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.G FixedReset Ins Non Quote: 24.05 – 24.75
Spot Rate : 0.7000
Average : 0.4295

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.05
Bid-YTW : 5.81 %

CM.PR.P FixedReset Disc Quote: 21.46 – 22.00
Spot Rate : 0.5400
Average : 0.3535

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.40 %

HSE.PR.A FixedReset Disc Quote: 16.05 – 16.68
Spot Rate : 0.6300
Average : 0.4611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-11-12
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 6.12 %

MFC.PR.K FixedReset Ins Non Quote: 21.27 – 21.71
Spot Rate : 0.4400
Average : 0.2900

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.27
Bid-YTW : 7.91 %

EIT.PR.A SplitShare Quote: 25.10 – 25.56
Spot Rate : 0.4600
Average : 0.3236

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.91 %

CU.PR.I FixedReset Prem Quote: 25.67 – 26.04
Spot Rate : 0.3700
Average : 0.2476

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 3.04 %