DGS.PR.A Gets Bigger

September 22nd, 2021

Brompton Group has announced:

Dividend Growth Split Corp. (the “Company”) is pleased to announce a successful overnight treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $60.2 million. The offering is expected to close on or about September 28, 2021 and is subject to certain closing conditions. 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.

The Class A Shares were offered at a price of $6.70 per Class A Share for a distribution rate of 17.9% on the issue price, and the Preferred Shares were offered at a price of $10.00 per Preferred Share for a yield to maturity of 5.7%.(1) The closing price on the Toronto Stock Exchange (the “TSX”) for each of the Class A Shares and Preferred Shares on September 21, 2021 was $6.70 and $10.12, respectively. The Class A Share 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 (“Unit”) (calculated as at September 20, 2021), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and includes BMO Capital Markets, Canaccord Genuity Corp., Hampton Securities Limited, TD Securities Inc., Raymond James Ltd., iA Private Wealth Inc., Echelon Wealth Partners Inc., Richardson Wealth Limited, Manulife Securities Incorporated and Research Capital Corporation.

The Company invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (the “Manager”). In order to qualify for inclusion in the Portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in the Manager’s view, have high potential for future dividend growth.

W.PR.M To Be Redeemed

September 22nd, 2021

Enbridge Inc. has announced (on September 15):

Westcoast Energy Inc. (“Westcoast”) announced today that it intends to exercise its right to redeem all of its outstanding Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 (“Series 12 Shares”) on October 15, 2021 at a price of $25.00 per Series 12 Share, together with all accrued and unpaid dividends, if any.

Beneficial holders who are not directly the registered holders of the Series 12 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries from registered shareholders should be directed to Westcoast’s Registrar and Transfer Agent, Computershare Investor Services Inc., at 1-800-564-6253 (Canada and United States) or 1-514-982-7555 (Outside North America).

Westcoast Energy Inc. is an indirect subsidiary of Enbridge Inc.

W.PR.M is a FixedReset 5.20%+452M520 that commenced trading 2016-8-30 after being announced 2016-8-22. It has been tracked by HIMIPref™; it was been assigned to the FixedResets (Premium) subindex.

September 22, 2021

September 22nd, 2021
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 -1.2876 % 2,484.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.2876 % 4,558.5
Floater 3.50 % 3.45 % 50,031 18.65 3 -1.2876 % 2,627.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0129 % 3,692.6
SplitShare 4.65 % 4.02 % 34,431 3.72 6 0.0129 % 4,409.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0129 % 3,440.6
Perpetual-Premium 5.00 % -11.20 % 52,692 0.09 34 0.0387 % 3,319.6
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.0387 % 3,994.9
FixedReset Disc 3.98 % 3.51 % 111,274 17.85 40 0.3385 % 2,830.8
Insurance Straight 4.87 % -9.12 % 78,877 0.08 21 0.0428 % 3,736.4
FloatingReset 3.09 % 3.09 % 30,601 19.51 1 1.2270 % 2,566.9
FixedReset Prem 4.67 % 3.25 % 133,722 2.42 33 0.1759 % 2,758.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3385 % 2,893.6
FixedReset Ins Non 4.05 % 3.33 % 94,879 18.20 20 0.1574 % 2,941.2
Performance Highlights
Issue Index Change Notes
BAM.PR.C Floater -6.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 3.66 %
BAM.PF.E FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.11 %
TRP.PR.D FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 4.10 %
BAM.PR.B Floater -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 12.43
Evaluated at bid price : 12.43
Bid-YTW : 3.45 %
TD.PF.D FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 23.20
Evaluated at bid price : 24.82
Bid-YTW : 3.51 %
TRP.PR.A FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 4.00 %
BAM.PR.X FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 3.91 %
TD.PF.K FixedReset Prem 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 23.70
Evaluated at bid price : 25.40
Bid-YTW : 3.44 %
TRP.PR.F FloatingReset 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 3.09 %
FTS.PR.H FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 3.69 %
TRP.PR.G FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 22.57
Evaluated at bid price : 23.45
Bid-YTW : 3.93 %
CU.PR.C FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 22.01
Evaluated at bid price : 22.60
Bid-YTW : 3.59 %
FTS.PR.K FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 3.67 %
BAM.PR.R FixedReset Disc 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 3.97 %
BAM.PR.K Floater 3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 12.67
Evaluated at bid price : 12.67
Bid-YTW : 3.38 %
PWF.PR.P FixedReset Disc 5.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 3.40 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PR.R FixedReset Disc 215,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 3.97 %
CU.PR.G Perpetual-Premium 78,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-01
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.51 %
BMO.PR.Y FixedReset Disc 75,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 3.30 %
MFC.PR.C Insurance Straight 55,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-22
Maturity Price : 25.00
Evaluated at bid price : 25.29
Bid-YTW : -8.90 %
BMO.PR.E FixedReset Prem 45,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 23.68
Evaluated at bid price : 25.41
Bid-YTW : 3.52 %
MFC.PR.B Insurance Straight 41,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-22
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -9.20 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.C Floater Quote: 11.70 – 12.70
Spot Rate : 1.0000
Average : 0.5605

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 3.66 %

GWO.PR.F Insurance Straight Quote: 26.55 – 27.55
Spot Rate : 1.0000
Average : 0.6454

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-22
Maturity Price : 25.00
Evaluated at bid price : 26.55
Bid-YTW : -58.30 %

BAM.PF.C Perpetual-Premium Quote: 25.34 – 26.04
Spot Rate : 0.7000
Average : 0.4182

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-22
Maturity Price : 25.25
Evaluated at bid price : 25.34
Bid-YTW : -0.81 %

BAM.PF.E FixedReset Disc Quote: 21.00 – 21.70
Spot Rate : 0.7000
Average : 0.4934

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.11 %

PVS.PR.H SplitShare Quote: 25.75 – 26.50
Spot Rate : 0.7500
Average : 0.5591

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.14 %

TRP.PR.D FixedReset Disc Quote: 20.60 – 21.14
Spot Rate : 0.5400
Average : 0.3525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-22
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 4.10 %

September 21, 2021

September 22nd, 2021
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 0.1881 % 2,516.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1881 % 4,618.0
Floater 3.45 % 3.42 % 50,310 18.71 3 0.1881 % 2,661.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1868 % 3,692.1
SplitShare 4.65 % 3.97 % 34,332 3.72 6 -0.1868 % 4,409.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1868 % 3,440.2
Perpetual-Premium 5.01 % -11.35 % 53,509 0.09 34 -0.0660 % 3,318.3
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.0660 % 3,993.4
FixedReset Disc 3.99 % 3.59 % 112,821 17.84 40 0.2251 % 2,821.2
Insurance Straight 4.87 % -11.21 % 81,776 0.09 21 0.0707 % 3,734.8
FloatingReset 3.13 % 3.12 % 31,860 19.42 1 -3.5503 % 2,535.8
FixedReset Prem 4.68 % 3.26 % 138,418 2.42 33 -0.0896 % 2,753.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2251 % 2,883.9
FixedReset Ins Non 4.06 % 3.33 % 95,590 18.20 20 0.3723 % 2,936.5
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 3.12 %
TRP.PR.G FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 22.38
Evaluated at bid price : 23.10
Bid-YTW : 4.00 %
TRP.PR.A FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 4.04 %
FTS.PR.H FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 3.73 %
MFC.PR.B Insurance Straight 1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-21
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -14.32 %
BAM.PR.Z FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 23.77
Evaluated at bid price : 24.21
Bid-YTW : 3.99 %
MFC.PR.Q FixedReset Ins Non 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 23.62
Evaluated at bid price : 24.91
Bid-YTW : 3.44 %
CU.PR.C FixedReset Disc 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 21.75
Evaluated at bid price : 22.20
Bid-YTW : 3.67 %
BAM.PF.E FixedReset Disc 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 3.99 %
FTS.PR.K FixedReset Disc 2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 3.75 %
NA.PR.W FixedReset Disc 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 23.04
Evaluated at bid price : 24.27
Bid-YTW : 3.26 %
BAM.PR.R FixedReset Disc 4.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 4.08 %
MFC.PR.F FixedReset Ins Non 6.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 3.36 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.A FixedReset Disc 105,975 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 22.96
Evaluated at bid price : 24.00
Bid-YTW : 3.27 %
CM.PR.R FixedReset Prem 105,160 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.52
Bid-YTW : 2.73 %
MFC.PR.L FixedReset Ins Non 100,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 22.76
Evaluated at bid price : 23.50
Bid-YTW : 3.27 %
BIP.PR.C FixedReset Disc 75,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.91 %
TD.PF.C FixedReset Disc 68,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 23.04
Evaluated at bid price : 24.26
Bid-YTW : 3.27 %
BMO.PR.C FixedReset Prem 56,040 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.18 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.G FixedReset Disc Quote: 23.10 – 23.89
Spot Rate : 0.7900
Average : 0.4842

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 22.38
Evaluated at bid price : 23.10
Bid-YTW : 4.00 %

MFC.PR.C Insurance Straight Quote: 25.31 – 25.98
Spot Rate : 0.6700
Average : 0.4204

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-21
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : -9.96 %

BMO.PR.W FixedReset Disc Quote: 24.23 – 24.95
Spot Rate : 0.7200
Average : 0.4901

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-21
Maturity Price : 23.05
Evaluated at bid price : 24.23
Bid-YTW : 3.23 %

FTS.PR.F Perpetual-Premium Quote: 25.35 – 25.90
Spot Rate : 0.5500
Average : 0.3658

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-21
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -8.60 %

RY.PR.P Perpetual-Premium Quote: 26.80 – 27.29
Spot Rate : 0.4900
Average : 0.3401

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-21
Maturity Price : 26.00
Evaluated at bid price : 26.80
Bid-YTW : -25.41 %

RY.PR.N Perpetual-Premium Quote: 26.11 – 26.50
Spot Rate : 0.3900
Average : 0.2425

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 26.11
Bid-YTW : -1.12 %

September 20, 2021

September 20th, 2021
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 -0.6939 % 2,512.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6939 % 4,609.3
Floater 3.46 % 3.43 % 51,141 18.68 3 -0.6939 % 2,656.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1126 % 3,699.0
SplitShare 4.64 % 3.86 % 34,708 3.72 6 -0.1126 % 4,417.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1126 % 3,446.6
Perpetual-Premium 5.00 % -13.28 % 54,016 0.09 34 -0.2022 % 3,320.5
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.2022 % 3,996.0
FixedReset Disc 4.00 % 3.58 % 104,752 18.23 40 -0.7799 % 2,814.9
Insurance Straight 4.88 % -9.64 % 84,962 0.09 21 -0.2079 % 3,732.2
FloatingReset 3.02 % 3.01 % 32,182 19.70 1 3.6810 % 2,629.1
FixedReset Prem 4.68 % 3.25 % 131,016 2.43 33 -0.1154 % 2,756.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7799 % 2,877.4
FixedReset Ins Non 4.07 % 3.36 % 93,977 18.16 20 -0.5361 % 2,925.7
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -6.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 3.59 %
FTS.PR.K FixedReset Disc -5.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 3.85 %
NA.PR.W FixedReset Disc -4.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 22.60
Evaluated at bid price : 23.36
Bid-YTW : 3.43 %
BAM.PR.R FixedReset Disc -3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 4.25 %
BAM.PF.E FixedReset Disc -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 4.11 %
MFC.PR.Q FixedReset Ins Non -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 24.08
Evaluated at bid price : 24.40
Bid-YTW : 3.59 %
PWF.PR.P FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 3.58 %
MFC.PR.B Insurance Straight -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 4.66 %
BAM.PR.Z FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 23.34
Evaluated at bid price : 23.81
Bid-YTW : 4.06 %
BAM.PR.B Floater -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 12.47
Evaluated at bid price : 12.47
Bid-YTW : 3.43 %
IFC.PR.E Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.25
Evaluated at bid price : 26.12
Bid-YTW : 4.14 %
BMO.PR.Y FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 23.15
Evaluated at bid price : 24.70
Bid-YTW : 3.42 %
FTS.PR.M FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 21.96
Evaluated at bid price : 22.30
Bid-YTW : 3.85 %
FTS.PR.H FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 3.69 %
TRP.PR.A FixedReset Disc 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 3.97 %
TRP.PR.F FloatingReset 3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 3.01 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.A FixedReset Disc 95,333 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 22.96
Evaluated at bid price : 24.00
Bid-YTW : 3.27 %
BMO.PR.T FixedReset Disc 74,977 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 23.01
Evaluated at bid price : 24.06
Bid-YTW : 3.23 %
W.PR.M FixedReset Prem 69,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.81 %
BMO.PR.Y FixedReset Disc 55,415 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 23.15
Evaluated at bid price : 24.70
Bid-YTW : 3.42 %
IAF.PR.G FixedReset Ins Non 51,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 24.58
Evaluated at bid price : 24.98
Bid-YTW : 3.70 %
BMO.PR.C FixedReset Prem 44,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 3.77 %
There were 21 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 16.00 – 17.42
Spot Rate : 1.4200
Average : 0.8909

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 3.59 %

NA.PR.W FixedReset Disc Quote: 23.36 – 24.37
Spot Rate : 1.0100
Average : 0.5589

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 22.60
Evaluated at bid price : 23.36
Bid-YTW : 3.43 %

ELF.PR.G Perpetual-Premium Quote: 25.00 – 26.00
Spot Rate : 1.0000
Average : 0.5680

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 4.81 %

BAM.PR.R FixedReset Disc Quote: 18.79 – 20.25
Spot Rate : 1.4600
Average : 1.0624

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 4.25 %

FTS.PR.K FixedReset Disc Quote: 19.83 – 20.83
Spot Rate : 1.0000
Average : 0.6178

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 3.85 %

PWF.PR.P FixedReset Disc Quote: 16.66 – 17.95
Spot Rate : 1.2900
Average : 1.0554

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-20
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 3.58 %

September 17, 2021

September 18th, 2021
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 -0.7943 % 2,529.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7943 % 4,641.5
Floater 3.43 % 3.39 % 53,190 18.79 3 -0.7943 % 2,674.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0129 % 3,703.2
SplitShare 4.63 % 3.75 % 35,615 3.73 6 -0.0129 % 4,422.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0129 % 3,450.5
Perpetual-Premium 5.01 % -17.79 % 55,977 0.09 32 -0.0530 % 3,327.2
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.0530 % 4,004.1
FixedReset Disc 4.01 % 3.48 % 102,596 17.94 42 -0.1039 % 2,837.0
Insurance Straight 4.87 % -11.65 % 83,898 0.09 21 -0.1002 % 3,740.0
FloatingReset 3.14 % 3.14 % 30,329 19.39 1 0.0000 % 2,535.8
FixedReset Prem 4.67 % 3.22 % 130,329 2.43 33 0.0672 % 2,759.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1039 % 2,900.0
FixedReset Ins Non 4.05 % 3.33 % 94,719 18.29 20 -0.0581 % 2,941.4
Performance Highlights
Issue Index Change Notes
BAM.PR.R FixedReset Disc -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.06 %
TRP.PR.A FixedReset Disc -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 4.01 %
BAM.PR.K Floater -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 12.19
Evaluated at bid price : 12.19
Bid-YTW : 3.51 %
CU.PR.C FixedReset Disc -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 21.40
Evaluated at bid price : 21.70
Bid-YTW : 3.73 %
MFC.PR.F FixedReset Ins Non -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 3.31 %
PWF.PR.S Perpetual-Premium -1.63 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 3.17 %
TRP.PR.C FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 14.72
Evaluated at bid price : 14.72
Bid-YTW : 3.91 %
BAM.PR.X FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 3.87 %
RY.PR.J FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 3.39 %
RY.PR.M FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 23.09
Evaluated at bid price : 24.60
Bid-YTW : 3.32 %
BAM.PF.H FixedReset Prem 2.94 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.30
Bid-YTW : 2.69 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PF.B FixedReset Disc 60,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 22.60
Evaluated at bid price : 23.16
Bid-YTW : 3.85 %
W.PR.M FixedReset Prem 52,242 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.56 %
BAM.PR.T FixedReset Disc 34,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 3.92 %
RY.PR.Z FixedReset Disc 29,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 23.10
Evaluated at bid price : 24.16
Bid-YTW : 3.17 %
PWF.PR.P FixedReset Disc 27,364 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.48 %
BMO.PR.Y FixedReset Disc 20,553 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 3.11 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.H Perpetual-Premium Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.5908

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-17
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : -30.33 %

BMO.PR.W FixedReset Disc Quote: 24.24 – 24.95
Spot Rate : 0.7100
Average : 0.4223

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 23.06
Evaluated at bid price : 24.24
Bid-YTW : 3.19 %

CU.PR.C FixedReset Disc Quote: 21.70 – 22.85
Spot Rate : 1.1500
Average : 0.9523

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 21.40
Evaluated at bid price : 21.70
Bid-YTW : 3.73 %

PWF.PR.S Perpetual-Premium Quote: 25.40 – 26.02
Spot Rate : 0.6200
Average : 0.4563

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 3.17 %

TRP.PR.A FixedReset Disc Quote: 18.02 – 18.58
Spot Rate : 0.5600
Average : 0.4062

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 4.01 %

PWF.PR.P FixedReset Disc Quote: 17.00 – 17.95
Spot Rate : 0.9500
Average : 0.7981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-17
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.48 %

September 16, 2021

September 16th, 2021
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 1.1516 % 2,549.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1516 % 4,678.7
Floater 3.41 % 3.40 % 52,842 18.77 3 1.1516 % 2,696.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0161 % 3,703.7
SplitShare 4.63 % 3.62 % 35,909 1.01 6 0.0161 % 4,423.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0161 % 3,451.0
Perpetual-Premium 5.01 % -17.43 % 56,362 0.09 32 0.0024 % 3,329.0
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.0024 % 4,006.2
FixedReset Disc 4.01 % 3.48 % 102,382 18.01 42 0.0721 % 2,840.0
Insurance Straight 4.86 % -13.15 % 85,089 0.09 21 -0.0074 % 3,743.7
FloatingReset 3.14 % 3.14 % 28,089 19.39 1 0.0000 % 2,535.8
FixedReset Prem 4.67 % 3.20 % 132,236 2.44 33 -0.1424 % 2,757.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0721 % 2,903.0
FixedReset Ins Non 4.05 % 3.33 % 98,619 18.29 20 -0.0452 % 2,943.1
Performance Highlights
Issue Index Change Notes
BAM.PF.H FixedReset Prem -2.86 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.52
Bid-YTW : 3.44 %
RY.PR.M FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 22.92
Evaluated at bid price : 24.20
Bid-YTW : 3.40 %
BAM.PF.G FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 22.14
Evaluated at bid price : 22.65
Bid-YTW : 3.94 %
RY.PR.J FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 23.12
Evaluated at bid price : 24.56
Bid-YTW : 3.48 %
BIP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 22.92
Evaluated at bid price : 24.09
Bid-YTW : 4.41 %
BAM.PR.X FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 3.83 %
MFC.PR.F FixedReset Ins Non 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 3.26 %
BAM.PR.K Floater 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 12.52
Evaluated at bid price : 12.52
Bid-YTW : 3.42 %
TRP.PR.A FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 3.90 %
BAM.PF.E FixedReset Disc 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 3.93 %
BAM.PR.R FixedReset Disc 7.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 3.93 %
Volume Highlights
Issue Index Shares
Traded
Notes
CU.PR.F Perpetual-Premium 163,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 2.97 %
CU.PR.C FixedReset Disc 100,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 21.72
Evaluated at bid price : 22.15
Bid-YTW : 3.64 %
W.PR.M FixedReset Prem 95,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.50 %
GWO.PR.I Insurance Straight 54,139 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-16
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -11.77 %
RY.PR.S FixedReset Prem 42,580 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 23.69
Evaluated at bid price : 25.64
Bid-YTW : 3.18 %
GWO.PR.R Insurance Straight 41,265 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-16
Maturity Price : 25.25
Evaluated at bid price : 25.55
Bid-YTW : -11.51 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.G SplitShare Quote: 26.06 – 27.06
Spot Rate : 1.0000
Average : 0.5923

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-16
Maturity Price : 26.00
Evaluated at bid price : 26.06
Bid-YTW : 3.33 %

BAM.PF.H FixedReset Prem Quote: 26.52 – 27.69
Spot Rate : 1.1700
Average : 0.7933

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.52
Bid-YTW : 3.44 %

PWF.PR.P FixedReset Disc Quote: 17.00 – 17.80
Spot Rate : 0.8000
Average : 0.6317

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.48 %

RY.PR.J FixedReset Disc Quote: 24.56 – 25.00
Spot Rate : 0.4400
Average : 0.3096

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 23.12
Evaluated at bid price : 24.56
Bid-YTW : 3.48 %

BAM.PF.G FixedReset Disc Quote: 22.65 – 23.10
Spot Rate : 0.4500
Average : 0.3201

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-16
Maturity Price : 22.14
Evaluated at bid price : 22.65
Bid-YTW : 3.94 %

IFC.PR.I Perpetual-Premium Quote: 27.36 – 28.40
Spot Rate : 1.0400
Average : 0.9440

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.36
Bid-YTW : 3.57 %

September 15, 2021

September 16th, 2021
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 -0.1337 % 2,520.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1337 % 4,625.4
Floater 3.44 % 3.41 % 53,637 18.74 3 -0.1337 % 2,665.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0225 % 3,703.1
SplitShare 4.63 % 3.74 % 33,343 3.74 6 0.0225 % 4,422.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0225 % 3,450.4
Perpetual-Premium 5.01 % -16.70 % 57,063 0.09 32 0.1473 % 3,328.9
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.1473 % 4,006.1
FixedReset Disc 4.01 % 3.48 % 101,862 17.99 42 -0.1737 % 2,837.9
Insurance Straight 4.86 % -12.65 % 88,028 0.09 21 0.1579 % 3,744.0
FloatingReset 3.14 % 3.14 % 29,254 19.39 1 -4.1176 % 2,535.8
FixedReset Prem 4.67 % 3.10 % 133,536 2.44 33 0.0306 % 2,761.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1737 % 2,900.9
FixedReset Ins Non 4.05 % 3.32 % 102,343 18.31 20 -0.0129 % 2,944.5
Performance Highlights
Issue Index Change Notes
BAM.PR.R FixedReset Disc -6.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 4.21 %
TRP.PR.F FloatingReset -4.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 3.14 %
BAM.PF.E FixedReset Disc -3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 4.07 %
CU.PR.C FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 21.62
Evaluated at bid price : 22.00
Bid-YTW : 3.67 %
MFC.PR.F FixedReset Ins Non -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 3.31 %
TRP.PR.A FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 4.01 %
BIP.PR.A FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 22.81
Evaluated at bid price : 23.85
Bid-YTW : 4.46 %
IFC.PR.A FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 3.19 %
TRP.PR.E FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 3.99 %
PWF.PR.S Perpetual-Premium 1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.25
Evaluated at bid price : 25.82
Bid-YTW : -14.64 %
FTS.PR.K FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 3.57 %
PWF.PR.K Perpetual-Premium 1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : -26.33 %
TRP.PR.C FixedReset Disc 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 14.93
Evaluated at bid price : 14.93
Bid-YTW : 3.86 %
Volume Highlights
Issue Index Shares
Traded
Notes
BIP.PR.F FixedReset Prem 135,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.72
Bid-YTW : 3.71 %
SLF.PR.B Insurance Straight 97,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 3.40 %
RY.PR.Z FixedReset Disc 38,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 23.08
Evaluated at bid price : 24.12
Bid-YTW : 3.17 %
IAF.PR.B Insurance Straight 23,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : -3.50 %
TD.PF.H FixedReset Prem 21,538 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.24
Bid-YTW : 2.07 %
PWF.PR.P FixedReset Disc 18,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.48 %
There were 6 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: 18.79 – 20.29
Spot Rate : 1.5000
Average : 0.8922

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 4.21 %

FTS.PR.J FixedReset Disc Quote: 25.65 – 26.65
Spot Rate : 1.0000
Average : 0.6854

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.25
Evaluated at bid price : 25.65
Bid-YTW : -11.89 %

BAM.PF.E FixedReset Disc Quote: 21.02 – 22.00
Spot Rate : 0.9800
Average : 0.6699

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 4.07 %

TRP.PR.F FloatingReset Quote: 16.30 – 17.14
Spot Rate : 0.8400
Average : 0.5519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 3.14 %

IFC.PR.I Perpetual-Premium Quote: 27.33 – 28.40
Spot Rate : 1.0700
Average : 0.8388

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.33
Bid-YTW : 3.60 %

BAM.PR.Z FixedReset Disc Quote: 24.31 – 24.90
Spot Rate : 0.5900
Average : 0.4385

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-15
Maturity Price : 23.89
Evaluated at bid price : 24.31
Bid-YTW : 3.94 %

New Issue: EMA Straight Perpetual, 4.60%

September 16th, 2021

Emera Incorporated has announced:

that it will issue 6,000,000 Cumulative Redeemable First Preferred Shares, Series L (the “Series L Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $150 million on a bought deal basis to a syndicate of underwriters in Canada led by TD Securities Inc. and CIBC Capital Markets. Emera has granted to the underwriters an option, exercisable at any time up to two business days prior to the closing of the offering, to purchase up to an additional 2,000,000 Series L Preferred Shares at a price of $25.00 per share (the “Underwriters’ Option”). If the Underwriters’ Option is exercised in full, the aggregate gross proceeds to Emera will be $200 million.

The holders of Series L Preferred Shares will be entitled to receive fixed cumulative preferential cash dividends at an annual rate of $1.15 per share, payable quarterly, as and when declared by the board of directors of the Company yielding 4.60% per annum. The initial dividend, if declared, will be payable on November 15, 2021 and will be $0.1638 per share, based on an anticipated closing date of September 24, 2021.

The Series L Preferred Shares will not be redeemable by the Company prior to November 15, 2026. On or after November 15, 2026 the Company may redeem all or any part of the then outstanding Series L Preferred Shares, at the Company’s option without the consent of the holder, by the payment of: $26.00 per share if redeemed before November 15, 2027; $25.75 per share if redeemed on or after November 15, 2027 but before November 15, 2028; $25.50 per share if redeemed on or after November 15, 2028 but before November 15, 2029;

$25.25 per share if redeemed on or after November 15, 2029 but before November 15, 2030; and $25.00 per share if redeemed on or after November 15, 2030, together, in each case, with all accrued and unpaid dividends up to but excluding the date fixed for redemption. The Series L Preferred Shares do not have a fixed maturity date and are not redeemable at the option of the holders of Series L Preferred Shares.

The offering is subject to the receipt of all necessary regulatory and stock exchange approvals. The net proceeds of the offering will be used for general corporate purposes.

The Series L Preferred Shares will be offered to the public in Canada by way of prospectus supplement to Emera’s short form base shelf prospectus dated March 12, 2021. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

They later announced:

that it has agreed to increase the size of its previously announced offering and issue 9,000,000 Cumulative Redeemable First Preferred Shares, Series L (the “Series L Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $225,000,000 on a bought deal basis to a syndicate of underwriters in Canada led by TD Securities Inc. and CIBC Capital Markets.

September 14, 2021

September 15th, 2021
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 -1.6311 % 2,524.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.6311 % 4,631.6
Floater 3.44 % 3.40 % 55,539 18.78 3 -1.6311 % 2,669.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1644 % 3,702.2
SplitShare 4.63 % 3.74 % 34,714 3.74 6 0.1644 % 4,421.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1644 % 3,449.6
Perpetual-Premium 5.03 % -13.44 % 56,637 0.09 31 -0.1691 % 3,324.0
Perpetual-Discount 4.67 % -16.84 % 71,363 0.09 1 -0.9743 % 4,000.3
FixedReset Disc 4.00 % 3.43 % 103,252 17.94 42 -0.0296 % 2,842.9
Insurance Straight 4.87 % -11.62 % 84,367 0.09 21 -0.3000 % 3,738.1
FloatingReset 3.01 % 3.01 % 28,648 19.72 1 2.4096 % 2,644.6
FixedReset Prem 4.67 % 3.15 % 136,305 2.44 33 -0.1246 % 2,760.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0296 % 2,906.0
FixedReset Ins Non 4.05 % 3.30 % 103,401 18.35 20 0.1464 % 2,944.8
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 12.19
Evaluated at bid price : 12.19
Bid-YTW : 3.51 %
MFC.PR.C Insurance Straight -1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-14
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : -3.51 %
CU.PR.I FixedReset Prem -1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.51
Bid-YTW : 3.02 %
PWF.PR.P FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.48 %
SLF.PR.H FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 22.42
Evaluated at bid price : 23.26
Bid-YTW : 3.16 %
BAM.PF.J FixedReset Prem 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 2.40 %
MFC.PR.F FixedReset Ins Non 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 3.26 %
TRP.PR.F FloatingReset 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.01 %
SLF.PR.G FixedReset Ins Non 2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 3.25 %
CU.PR.C FixedReset Disc 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 21.85
Evaluated at bid price : 22.35
Bid-YTW : 3.60 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PR.R FixedReset Disc 83,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 3.93 %
GWO.PR.N FixedReset Ins Non 72,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 3.35 %
MFC.PR.F FixedReset Ins Non 54,775 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 3.26 %
RY.PR.H FixedReset Disc 37,157 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 23.07
Evaluated at bid price : 24.18
Bid-YTW : 3.20 %
BMO.PR.S FixedReset Disc 32,614 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 23.18
Evaluated at bid price : 24.35
Bid-YTW : 3.26 %
SLF.PR.G FixedReset Ins Non 28,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 3.25 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.X FixedReset Disc Quote: 17.07 – 17.80
Spot Rate : 0.7300
Average : 0.5096

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 17.07
Evaluated at bid price : 17.07
Bid-YTW : 3.87 %

TD.PF.B FixedReset Disc Quote: 24.01 – 24.45
Spot Rate : 0.4400
Average : 0.2767

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 23.00
Evaluated at bid price : 24.01
Bid-YTW : 3.26 %

BAM.PR.K Floater Quote: 12.19 – 12.77
Spot Rate : 0.5800
Average : 0.4369

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 12.19
Evaluated at bid price : 12.19
Bid-YTW : 3.51 %

BAM.PR.M Perpetual-Premium Quote: 25.38 – 25.89
Spot Rate : 0.5100
Average : 0.3681

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-14
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : -15.52 %

BIP.PR.F FixedReset Prem Quote: 25.70 – 26.11
Spot Rate : 0.4100
Average : 0.2701

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 3.74 %

BAM.PR.T FixedReset Disc Quote: 20.02 – 20.80
Spot Rate : 0.7800
Average : 0.6407

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-14
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 3.94 %