Preferred shares have been all-stars in the past year. Now, what?

June 15th, 2021

Many thanks to Rob Carrick for quoting me in his latest piece, Preferred shares have been all-stars in the past year. Now, what?:

Prefs still offer something for the income-hungry investor, said James Hymas, president of Hymas Investment Management Inc. The dividend yield on the S&P/TSX preferred share index is about 4.5 per cent, compared to a yield of 0.8 per cent from the five-year Government of Canada bond.

Mr. Hymas urges investors to collect their dividends and learn to live with price fluctuations like we’ve seen in the past two years.

“One thing with preferred shares is that you have very little institutional presence, and it’s institutions that generally keep the markets on track,” he said. “Extreme price volatility is simply part of the retail market.”

June PrefLetter Released!

June 14th, 2021

The June, 2021, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The June edition is somewhat foreshortened, but contains the most critical elements.

There is a problem with the dating of the site certificate; this is being updated but takes a surprising amount of time. If your browser warns you the link may not be private, just check that the domain is prefletter.com and you may proceed.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the June, 2021, issue, while the “Next Edition” will be the July, 2021, issue, scheduled to be prepared as of the close July 9, 2021, and eMailed to subscribers prior to market-opening on July 12.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

However, Assiduous Reader Adrian informs me in the comments to the January 2015 release:

Some nitpicking for DG:
FileApp costs $1.19 in the Apple Store.

But Adrian2 now advises:

Well, as of now, FileApp is free (again?).

MAPF Performance : May, 2021

June 10th, 2021

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close May 31, 2021, was $10.2497.

Returns to May 31, 2021
Period MAPF TXPR*
Total Return
CPD – according to Blackrock
One Month +4.35% +3.13% N/A
Three Months +9.48% +7.18% N/A
One Year +72.67% +42.31% +41.37%
Two Years (annualized) +19.48% +13.16% N/A
Three Years (annualized) +5.52% +4.89% +4.23%
Four Years (annualized) +8.06% +5.64% N/A
Five Years (annualized) +10.76% +7.59% +7.04%
Six Years (annualized) +5.86% +4.06% N/A
Seven Years (annualized) +4.74% +3.01% N/A
Eight Years (annualized) +4.47% +2.60% N/A
Nine Years (annualized) +5.05% +2.93% N/A
Ten Years (annualized) +4.48% +2.96% +2.46%
Eleven Years (annualized) +6.36% +3.95%  
Twelve Years (annualized) +7.44% +4.31%  
Thirteen Years (annualized) +8.82% +3.52%  
Fourteen Years (annualized) +8.37%    
Fifteen Years (annualized) +8.16%    
Sixteen Years (annualized) +7.97%    
Seventeen Years (annualized) +8.10%    
Eighteen Years (annualized) +8.80%    
Nineteen Years (annualized) +8.67%    
Twenty Years (annualized) +9.05%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +4.04%, +8.49% and +49.44%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +6.90%; five year is +8.34%; ten year is +3.96%

Figures from Morningstar are no longer conveniently available.

Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +3.72%, +9.19% & +52.33%, respectively. Three year performance is +4.87%, five-year is +8.08%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are +4.01%, +9.28% and +52.62% for one-, three- and twelve months, respectively. Three year performance is +5.15%; five-year is +8.37%.

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.

The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +51.55% for the past twelve months. Two year performance is +14.66%, three year is +4.76%, five year is +8.29%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are +2.60%, +6.28% and +42.96% for the past one-, three- and twelve-months, respectively. Two year performance is +11.55%; three year is +2.10%; five-year is +4.70%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +44.34% for the past twelve months. The three-year figure is +4.19%; five years is +8.01%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.

Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +4.20%, +10.36% and +52.76% for the past one, three and twelve months, respectively. Three year performance is +3.31%, five-year is +6.64%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are +3.39%, +7.57% and +40.84% for the past one, three and twelve months, respectively. Two year performance is +11.87%, three-year is +2.99%, five-year is +6.05%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are +3.51%, +8.49% and +52.34% for the past one, three and twelve months, respectively. Three-year performance is +4.19%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +4.2%, +9.7% and +55.2% for the past one, three and twelve months, respectively. Three-year performance is +6.0%
Calculation of MAPF Sustainable Income Per Unit
Month NAVPU Portfolio
Average
YTW
Leverage
Divisor
Securities
Average
YTW
Capital
Gains
Multiplier
Sustainable
Income
per
current
Unit
June, 2007 9.3114 5.16% 1.03 5.01% 1.3240 0.3524
September 9.1489 5.35% 0.98 5.46% 1.3240 0.3773
December, 2007 9.0070 5.53% 0.942 5.87% 1.3240 0.3993
March, 2008 8.8512 6.17% 1.047 5.89% 1.3240 0.3938
June 8.3419 6.034% 0.952 6.338% 1.3240 $0.3993
September 8.1886 7.108% 0.969 7.335% 1.3240 $0.4537
December, 2008 8.0464 9.24% 1.008 9.166% 1.3240 $0.5571
March 2009 $8.8317 8.60% 0.995 8.802% 1.3240 $0.5872
June 10.9846 7.05% 0.999 7.057% 1.3240 $0.5855
September 12.3462 6.03% 0.998 6.042% 1.3240 $0.5634
December 2009 10.5662 5.74% 0.981 5.851% 1.1141 $0.5549
March 2010 10.2497 6.03% 0.992 6.079% 1.1141 $0.5593
June 10.5770 5.96% 0.996 5.984% 1.1141 $0.5681
September 11.3901 5.43% 0.980 5.540% 1.1141 $0.5664
December 2010 10.7659 5.37% 0.993 5.408% 1.0298 $0.5654
March, 2011 11.0560 6.00% 0.994 5.964% 1.0298 $0.6403
June 11.1194 5.87% 1.018 5.976% 1.0298 $0.6453
September 10.2709 6.10%
Note
1.001 6.106% 1.0298 $0.6090
December, 2011 10.0793 5.63%
Note
1.031 5.805% 1.0000 $0.5851
March, 2012 10.3944 5.13%
Note
0.996 5.109% 1.0000 $0.5310
June 10.2151 5.32%
Note
1.012 5.384% 1.0000 $0.5500
September 10.6703 4.61%
Note
0.997 4.624% 1.0000 $0.4934
December, 2012 10.8307 4.24% 0.989 4.287% 1.0000 $0.4643
March, 2013 10.9033 3.87% 0.996 3.886% 1.0000 $0.4237
June 10.3261 4.81% 0.998 4.80% 1.0000 $0.4957
September 10.0296 5.62% 0.996 5.643% 1.0000 $0.5660
December, 2013 9.8717 6.02% 1.008 5.972% 1.0000 $0.5895
March, 2014 10.2233 5.55% 0.998 5.561% 1.0000 $0.5685
June 10.5877 5.09% 0.998 5.100% 1.0000 $0.5395
September 10.4601 5.28% 0.997 5.296% 1.0000 $0.5540
December, 2014 10.5701 4.83% 1.009 4.787% 1.0000 $0.5060
March, 2015 9.9573 4.99% 1.001 4.985% 1.0000 $0.4964
June, 2015 9.4181 5.55% 1.002 5.539% 1.0000 $0.5217
September 7.8140 6.98% 0.999 6.987% 1.0000 $0.5460
December, 2015 8.1379 6.85% 0.997 6.871% 1.0000 $0.5592
March, 2016 7.4416 7.79% 0.998 7.805% 1.0000 $0.5808
June 7.6704 7.67% 1.011 7.587% 1.0000 $0.5819
September 8.0590 7.35% 0.993 7.402% 1.0000 $0.5965
December, 2016 8.5844 7.24% 0.990 7.313% 1.0000 $0.6278
March, 2017 9.3984 6.26% 0.994 6.298% 1.0000 $0.5919
June 9.5313 6.41% 0.998 6.423% 1.0000 $0.6122
September 9.7129 6.56% 0.998 6.573% 1.0000 $0.6384
December, 2017 10.0566 6.06% 1.004 6.036% 1.0000 $0.6070
March, 2018 10.2701 6.22% 1.007 6.177% 1.0000 $0.6344
June 10.2518 6.22% 0.995 6.251% 1.0000 $0.6408
September 10.2965 6.62% 1.018 6.503% 1.0000 $0.6696
December, 2018 8.6875 7.16% 0.997 7.182% 1.0000 $0.6240
March, 2019 8.4778 7.09% 1.007 7.041% 1.0000 $0.5969
June 8.0896 7.33% 0.996 7.359% 1.0000 $0.5953
September 7.7948 7.96% 0.998 7.976% 1.0000 $0.6217
December, 2019 8.0900 6.03% 0.995 6.060% 1.0000 $0.4903
March 5.5596 7.04% 1.006 6.998% 1.0000 $0.3891
June 6.3568 6.10% 0.9900 6.162% 1.0000 $0.3917
September 7.2852 5.32% 1.00 5.320% 1.0000 $0.3876
December, 2020 8.3947 4.46% 0.999 4.464% 1.0000 $0.3747
March, 2021 9.6473 4.48% 0.996 4.498% 1.0000 $0.4339
May, 2021 10.2497 4.14% 0.999 4.144% 1.0000 $0.4248
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains.
Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00%
The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99
Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings.
The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested.
Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis.

The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks.

In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues

The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end GOC-5 3-Month Bill
September, 2015 0.78% 0.40%
December, 2015 0.71% 0.46%
March, 2016 0.70% 0.44%
June 0.57% 0.47%
September 0.58% 0.53%
December, 2016 1.16% 0.47%
March, 2017 1.08% 0.55%
June 1.35% 0.69%
September 1.79% 0.97%
December, 2017 1.83% 1.00%
March, 2018 2.06% 1.08%
June 1.95% 1.22%
September 2.33% 1.55%
December, 2018 1.88% 1.65%
March, 2019 1.46% 1.66%
June 1.34% 1.66%
September 1.41% 1.66%
December, 2019 1.68% 1.68%
March, 2020 0.57% 0.21%
June 0.37% 0.21%
September 0.35% 0.14%
December, 2020 0.42% 0.08%
March, 2021 0.94% 0.09%
May, 2021 0.92% 0.11%

May PrefLetter Cancelled

May 15th, 2021

I regret to advise that publication of this month’s edition of PrefLetter has had to be cancelled.

I have been ill and while I am recuperating, I have to admit that I’m not working very quickly! After consideration this weekend, I decided that I simply was not capable of giving PrefLetter the attention and vigour it requires.

Clients who have purchased the ‘Next Issue’ continue to be on the appropriate delivery list. Clients who have X issues remaining on their year’s subscription will continue to have X issues remaining until the next edition is distributed.

I’m very sorry for this. If any clients would prefer to receive a full or partial refund in lieu of the scheduled delivery, please eMail me and it will be arranged.

CVE.PR.A / CVE.PR.B : 3% Net Conversion to FixedReset

May 8th, 2021

Cenovus Energy Inc. has announced (on March 18):

274,160 of its 10,435,932 Cumulative Redeemable First Preferred Shares, Series 1 (Series 1 Shares) have been tendered for conversion on March 31, 2021, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares, Series 2 (Series 2 Shares) and 577,882 of its 1,564,068 Series 2 Shares have been tendered for conversion, on a one-for-one basis, into Series 1 Shares.

As of March 31, 2021 Cenovus will have 10,739,654 Series 1 Shares and 1,260,346 Series 2 Shares issued and outstanding. The Series 1 Shares are listed on the Toronto Stock Exchange under the symbol CVE.PR.A and the Series 2 Shares are listed on the Toronto Stock Exchange under the symbol CVE.PR.B.

CVE.PR.A was issued as HSE.PR.A, a FixedReset, 4.45%+173, on 2011-3-18 after being announced 2011-3-10. Notice of extension was published in February, 2016 and the issue reset to 2.404%. I recommended against conversion but there was a 13% conversion to the FloatingReset HSE.PR.B anyway. The ticker changed to CVE.PR.A following the Plan of Arrangement between HSE and CVE. CVE.PR.A reset to 2.577% in 2021.

CVE.PR.B is a FloatingReset, Bills+173, that arose via a partial conversion from HSE.PR.A to HSE.PR.B in 2016. The ticker changed to CVE.PR.B following the Plan of Arrangement between HSE and CVE.

BCE.PR.M / BCE.PR.N : 8% Net Conversion to FixedFloater

May 8th, 2021

BCE Inc. has announced (on March 17): that 42,423 of its 9,542,615 fixed-rate Cumulative Redeemable First Preferred Shares, Series AM (“Series AM Preferred Shares”) have been tendered for conversion on March 31, 2021, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AN (“Series AN Preferred Shares”). In addition, 939,786 of its 1,952,085 Series AN Preferred Shares have been tendered for conversion on March 31, 2021, on a one-for-one basis, into Series AM Preferred Shares. Consequently, on March 31, 2021, BCE will have 10,439,978 Series AM Preferred Shares and 1,054,722 Series AN Preferred Shares issued and outstanding. The Series AM Preferred Shares and the Series AN Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.M and BCE.PR.N, respectively.

The Series AM Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 31, 2021, as and when declared by the Board of Directors of BCE, a fixed quarterly cash dividend based on an annual dividend rate of 2.939%.

The Series AN Preferred Shares will continue to pay, for each quarterly period, as and when declared by the Board of Directors of BCE Inc., a quarterly floating cash dividend based on the T-Bill Rate for such quarterly period plus 2.09%, calculated in accordance with the articles of BCE. The floating dividend rate applicable to the Series AN Preferred Shares for the quarterly period beginning on March 31, 2021 is 0.53927% (annual rate of 2.163% based on a T-Bill Rate of 0.073%).

BCE.PR.M was issued as BAF.PR.A, a FixedReset 4.85%+209, issued 2011-3-15 after being announced 2011-2-22. After an exchange offer for the BAF preferreds, there was a partial conversion to BCE preferreds, followed by a forced conversion in 2014. The ticker changed to BCE.PR.M in September, 2014. BCE.PR.M reset to 2.764% in 2016. I recommended against conversion but there was a 17% conversion to the FloatingReset, BCE.PR.N, anyway. In 2021, BCE.PR.M reset to 2.939%.

BCE.PR.N is a FloatingReset, Bills+209, that arose through partial conversion from the FixedReset, BCE.PR.M, in 2016.

MAPF Performance : April, 2021

May 1st, 2021

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close April 30, 2021, was $9.8228.

Returns to April 30, 2021
Period MAPF TXPR*
Total Return
CPD – according to Blackrock
One Month +1.82% +2.06% N/A
Three Months +13.51% +8.30% N/A
One Year +65.02% +35.63% +34.73%
Two Years (annualized) +13.99% +9.74% N/A
Three Years (annualized) +4.34% +4.16% +3.52%
Four Years (annualized) +6.61% +4.39% N/A
Five Years (annualized) +10.17% +7.04% +6.50%
Six Years (annualized) +5.04% +3.44% N/A
Seven Years (annualized) +4.29% +2.47% N/A
Eight Years (annualized) +3.92% +2.17% N/A
Nine Years (annualized) +4.49% +2.51% N/A
Ten Years (annualized) +4.43% +2.78% +2.28%
Eleven Years (annualized) +6.06% +3.75%  
Twelve Years (annualized) +7.75% +4.39%  
Thirteen Years (annualized) +8.58% +3.39%  
Fourteen Years (annualized) +7.98%    
Fifteen Years (annualized) +7.89%    
Sixteen Years (annualized) +7.80%    
Seventeen Years (annualized) +7.91%    
Eighteen Years (annualized) +8.81%    
Nineteen Years (annualized) +8.43%    
Twenty Years (annualized) +8.81%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +%, +% and +%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +%; five year is +%; ten year is +%

Figures from Morningstar are no longer conveniently available.

Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +%, +% & +%, respectively. Three year performance is +%, five-year is +%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are +%, +% and +% for one-, three- and twelve months, respectively. Three year performance is +%; five-year is +%.

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.

The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +% for the past twelve months. Two year performance is +%, three year is +%, five year is +%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are +%, +% and +% for the past one-, three- and twelve-months, respectively. Two year performance is +%; three year is +%; five-year is +%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +% for the past twelve months. The three-year figure is +%; five years is +%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.

Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +%, +% and +% for the past one, three and twelve months, respectively. Three year performance is +%, five-year is +%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are +%, +% and +% for the past one, three and twelve months, respectively. Two year performance is +%, three-year is +%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are +%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%
Calculation of MAPF Sustainable Income Per Unit
Month NAVPU Portfolio
Average
YTW
Leverage
Divisor
Securities
Average
YTW
Capital
Gains
Multiplier
Sustainable
Income
per
current
Unit
June, 2007 9.3114 5.16% 1.03 5.01% 1.3240 0.3524
September 9.1489 5.35% 0.98 5.46% 1.3240 0.3773
December, 2007 9.0070 5.53% 0.942 5.87% 1.3240 0.3993
March, 2008 8.8512 6.17% 1.047 5.89% 1.3240 0.3938
June 8.3419 6.034% 0.952 6.338% 1.3240 $0.3993
September 8.1886 7.108% 0.969 7.335% 1.3240 $0.4537
December, 2008 8.0464 9.24% 1.008 9.166% 1.3240 $0.5571
March 2009 $8.8317 8.60% 0.995 8.802% 1.3240 $0.5872
June 10.9846 7.05% 0.999 7.057% 1.3240 $0.5855
September 12.3462 6.03% 0.998 6.042% 1.3240 $0.5634
December 2009 10.5662 5.74% 0.981 5.851% 1.1141 $0.5549
March 2010 10.2497 6.03% 0.992 6.079% 1.1141 $0.5593
June 10.5770 5.96% 0.996 5.984% 1.1141 $0.5681
September 11.3901 5.43% 0.980 5.540% 1.1141 $0.5664
December 2010 10.7659 5.37% 0.993 5.408% 1.0298 $0.5654
March, 2011 11.0560 6.00% 0.994 5.964% 1.0298 $0.6403
June 11.1194 5.87% 1.018 5.976% 1.0298 $0.6453
September 10.2709 6.10%
Note
1.001 6.106% 1.0298 $0.6090
December, 2011 10.0793 5.63%
Note
1.031 5.805% 1.0000 $0.5851
March, 2012 10.3944 5.13%
Note
0.996 5.109% 1.0000 $0.5310
June 10.2151 5.32%
Note
1.012 5.384% 1.0000 $0.5500
September 10.6703 4.61%
Note
0.997 4.624% 1.0000 $0.4934
December, 2012 10.8307 4.24% 0.989 4.287% 1.0000 $0.4643
March, 2013 10.9033 3.87% 0.996 3.886% 1.0000 $0.4237
June 10.3261 4.81% 0.998 4.80% 1.0000 $0.4957
September 10.0296 5.62% 0.996 5.643% 1.0000 $0.5660
December, 2013 9.8717 6.02% 1.008 5.972% 1.0000 $0.5895
March, 2014 10.2233 5.55% 0.998 5.561% 1.0000 $0.5685
June 10.5877 5.09% 0.998 5.100% 1.0000 $0.5395
September 10.4601 5.28% 0.997 5.296% 1.0000 $0.5540
December, 2014 10.5701 4.83% 1.009 4.787% 1.0000 $0.5060
March, 2015 9.9573 4.99% 1.001 4.985% 1.0000 $0.4964
June, 2015 9.4181 5.55% 1.002 5.539% 1.0000 $0.5217
September 7.8140 6.98% 0.999 6.987% 1.0000 $0.5460
December, 2015 8.1379 6.85% 0.997 6.871% 1.0000 $0.5592
March, 2016 7.4416 7.79% 0.998 7.805% 1.0000 $0.5808
June 7.6704 7.67% 1.011 7.587% 1.0000 $0.5819
September 8.0590 7.35% 0.993 7.402% 1.0000 $0.5965
December, 2016 8.5844 7.24% 0.990 7.313% 1.0000 $0.6278
March, 2017 9.3984 6.26% 0.994 6.298% 1.0000 $0.5919
June 9.5313 6.41% 0.998 6.423% 1.0000 $0.6122
September 9.7129 6.56% 0.998 6.573% 1.0000 $0.6384
December, 2017 10.0566 6.06% 1.004 6.036% 1.0000 $0.6070
March, 2018 10.2701 6.22% 1.007 6.177% 1.0000 $0.6344
June 10.2518 6.22% 0.995 6.251% 1.0000 $0.6408
September 10.2965 6.62% 1.018 6.503% 1.0000 $0.6696
December, 2018 8.6875 7.16% 0.997 7.182% 1.0000 $0.6240
March, 2019 8.4778 7.09% 1.007 7.041% 1.0000 $0.5969
June 8.0896 7.33% 0.996 7.359% 1.0000 $0.5953
September 7.7948 7.96% 0.998 7.976% 1.0000 $0.6217
December, 2019 8.0900 6.03% 0.995 6.060% 1.0000 $0.4903
March 5.5596 7.04% 1.006 6.998% 1.0000 $0.3891
June 6.3568 6.10% 0.9900 6.162% 1.0000 $0.3917
September 7.2852 5.32% 1.00 5.320% 1.0000 $0.3876
December, 2020 8.3947 4.46% 0.999 4.464% 1.0000 $0.3747
March, 2021 9.6473 4.48% 0.996 4.498% 1.0000 $0.4339
April, 2021 9.8228 4.43% 0.998 4.439% 1.0000 $0.4360
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains.
Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00%
The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99
Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings.
The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested.
Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis.

The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks.

In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues

The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end GOC-5 3-Month Bill
September, 2015 0.78% 0.40%
December, 2015 0.71% 0.46%
March, 2016 0.70% 0.44%
June 0.57% 0.47%
September 0.58% 0.53%
December, 2016 1.16% 0.47%
March, 2017 1.08% 0.55%
June 1.35% 0.69%
September 1.79% 0.97%
December, 2017 1.83% 1.00%
March, 2018 2.06% 1.08%
June 1.95% 1.22%
September 2.33% 1.55%
December, 2018 1.88% 1.65%
March, 2019 1.46% 1.66%
June 1.34% 1.66%
September 1.41% 1.66%
December, 2019 1.68% 1.68%
March, 2020 0.57% 0.21%
June 0.37% 0.21%
September 0.35% 0.14%
December, 2020 0.42% 0.08%
March, 2021 0.94% 0.09%
April, 2021 0.95% 0.09%

MAPF Performance : March, 2021

April 11th, 2021

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close March 31, 2021, was $9.6473, after giving effect to a distribution of $0.095825.

This result is a 3.04% increase over the month (including dividend), vs. +1.83% for TXPR. Quarterly, the fund returned +16.06% vs. TXPR +8.84%. The fun figure is the trailing year’s result: the fund returned an astonishing +83.35% vs. +49.65% for TXPR. Don’t expect that every year! It is amusing to note the quarterly consistence of the fund’s return: it has returned between 16% and 17% for each of the past four quarters!

I have been ill and – given the time of year – many things have been delayed. I am endeavoring to catch up and will continue this post at a later date.

Update, 2021-4-18:

Returns to March 31, 2021
Period MAPF TXPR*
Total Return
CPD – according to Blackrock
One Month +3.04% +1.83% N/A
Three Months +16.06% +8.84% N/A
One Year +83.35% +49.65% +48.50%
Two Years (annualized) +13.34% +8.75% N/A
Three Years (annualized) +3.48% +3.31% +2.67%
Four Years (annualized) +5.86% +3.86% N/A
Five Years (annualized) +10.74% +7.23% +6.69%
Six Years (annualized) +4.69% +3.03% N/A
Seven Years (annualized) +4.34% +2.44% N/A
Eight Years (annualized) +3.62% +1.83% N/A
Nine Years (annualized) +4.33% +2.36% N/A
Ten Years (annualized) +4.11% +2.58% +2.08%
Eleven Years (annualized) +5.69% +3.34%  
Twelve Years (annualized) +8.56% +4.80%  
Thirteen Years (annualized) +8.49% +3.24%  
Fourteen Years (annualized) +7.74%    
Fifteen Years (annualized) +7.59%    
Sixteen Years (annualized) +7.60%    
Seventeen Years (annualized) +7.50%    
Eighteen Years (annualized) +9.10%    
Nineteen Years (annualized) +8.40%    
Twenty Years (annualized) +8.77%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.05%, +11.75% and +55.34%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +4.91%; five year is +7.86%; ten year is +3.48%

Figures from Morningstar are no longer conveniently available.

Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.34%, +11.3% & +57.86%, respectively. Three year performance is +2.85%, five-year is +7.45%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are +2.24%, +11.37% and +57.83% for one-, three- and twelve months, respectively. Three year performance is +3.06%; five-year is +7.71%.

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.

The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +57.40% for the past twelve months. Two year performance is +9.57%, three year is +3.01%, five year is +7.83%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are +1.74%, +8.46% and +51.80% for the past one-, three- and twelve-months, respectively. Two year performance is +7.07%; three year is +0.81%; five-year is +4.34%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +51.48% for the past twelve months. The three-year figure is +2.76%; five years is +7.67%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.

Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +3.10%, +14.31% and +54.57% for the past one, three and twelve months, respectively. Three year performance is +1.24%, five-year is +5.78%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are +1.92%, +8.88% and +47.21% for the past one, three and twelve months, respectively. Two year performance is +7.08%, three-year is +1.30%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are +2.29%, +11.60% and +58.27% for the past one, three and twelve months, respectively. Three-year performance is +2.52%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +2.5%, +13.3% and +55.9% for the past one, three and twelve months, respectively. Three-year performance is +3.8%

April PrefLetter To Be Delayed Or Cancelled

April 11th, 2021

I regret to advise that publication of this month’s edition of PrefLetter has had to be delayed and will possibly be cancelled.

I have been ill and while I am recuperating, I have to admit that I’m not working very quickly! After consideration this weekend, I decided that I simply was not capable of giving PrefLetter the attention and vigour it requires.

Clients who have purchased the ‘Next Issue’ continue to be on the appropriate delivery list. Clients who have X issues remaining on their year’s subscription will continue to have X issues remaining until the next edition is distributed.

I’m very sorry for this. If any clients would prefer to receive a full or partial refund in lieu of the scheduled delivery, please eMail me and it will be arranged.

March 26, 2021

March 26th, 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 0.5764 % 2,374.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5764 % 4,356.9
Floater 3.69 % 3.68 % 59,222 18.12 3 0.5764 % 2,510.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1777 % 3,684.1
SplitShare 4.76 % 4.15 % 44,647 3.60 9 0.1777 % 4,399.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1777 % 3,432.7
Perpetual-Premium 5.31 % -5.29 % 84,093 0.09 21 0.1190 % 3,258.5
Perpetual-Discount 4.94 % 4.99 % 77,338 15.49 13 0.0950 % 3,754.8
FixedReset Disc 4.39 % 3.88 % 205,794 17.21 52 -0.1524 % 2,649.9
Insurance Straight 4.98 % 4.57 % 98,118 4.01 22 -0.0326 % 3,657.3
FloatingReset 2.93 % 3.25 % 51,418 19.10 2 0.4719 % 2,401.2
FixedReset Prem 5.07 % 3.42 % 255,127 0.99 26 -0.0456 % 2,728.9
FixedReset Bank Non 1.81 % 2.42 % 208,858 0.84 1 -0.1201 % 2,886.2
FixedReset Ins Non 4.41 % 3.84 % 142,846 17.48 22 0.1227 % 2,790.2
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -6.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 4.83 %
TD.PF.J FixedReset Disc -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 3.89 %
TRP.PR.G FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 4.63 %
BAM.PR.X FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 4.49 %
TRP.PR.A FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 4.60 %
CM.PR.Q FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.40
Evaluated at bid price : 23.15
Bid-YTW : 3.87 %
BAM.PR.R FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 4.59 %
CU.PR.E Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 24.47
Evaluated at bid price : 24.74
Bid-YTW : 4.99 %
IFC.PR.C FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.31
Evaluated at bid price : 23.10
Bid-YTW : 3.90 %
BAM.PF.F FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 21.64
Evaluated at bid price : 21.90
Bid-YTW : 4.43 %
TRP.PR.D FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 4.58 %
BAM.PR.Z FixedReset Disc 8.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 21.86
Evaluated at bid price : 22.40
Bid-YTW : 4.46 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.C FixedReset Disc 109,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 4.10 %
NA.PR.W FixedReset Disc 72,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.27
Evaluated at bid price : 22.87
Bid-YTW : 3.66 %
BAM.PF.A FixedReset Disc 67,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.34
Evaluated at bid price : 22.75
Bid-YTW : 4.44 %
TD.PF.A FixedReset Disc 65,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.25
Evaluated at bid price : 22.80
Bid-YTW : 3.63 %
RY.PR.R FixedReset Prem 59,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 2.59 %
TD.PF.H FixedReset Prem 57,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 2.37 %
There were 55 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: 25.91 – 26.91
Spot Rate : 1.0000
Average : 0.6354

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.91
Bid-YTW : 3.86 %

TRP.PR.E FixedReset Disc Quote: 18.01 – 19.30
Spot Rate : 1.2900
Average : 0.9748

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 4.83 %

BAM.PR.K Floater Quote: 11.58 – 15.88
Spot Rate : 4.3000
Average : 4.0192

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 11.58
Evaluated at bid price : 11.58
Bid-YTW : 3.70 %

CM.PR.Q FixedReset Disc Quote: 23.15 – 23.75
Spot Rate : 0.6000
Average : 0.4051

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 22.40
Evaluated at bid price : 23.15
Bid-YTW : 3.87 %

TD.PF.J FixedReset Disc Quote: 24.27 – 24.87
Spot Rate : 0.6000
Average : 0.4161

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-03-26
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 3.89 %

BIP.PR.B FixedReset Prem Quote: 25.55 – 26.75
Spot Rate : 1.2000
Average : 1.0452

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.99 %