Archive for the ‘Market Action’ Category

April 19, 2018

Thursday, April 19th, 2018

The strength of US institutions was on display again today, as the New York Fed published a blog post titled Will New Steel Tariffs Protect U.S. Jobs?:

We argue that the new tariffs are likely to lead to a net loss in U.S. employment, at least in the short to medium run.

Research on markup adjustments more generally shows that a 10 percent increase in competitor prices leads to a 5 percent increase in domestic prices. With a 25 percent tax on imported steel, local steel producers can increase their markups and prices, and still stay competitive relative to foreign-produced inputs. This is the so-called protection that tariffs confer.

However, firms that are dependent on steel and aluminum inputs—both importers and non-importers—will face higher prices. Downstream domestic producers will have to increase their prices or reduce markups, which makes them uncompetitive relative to competing imports. Similarly, U.S. exporters that need steel or steel-related inputs will face higher input costs and will have to either increase export prices or reduce their profit margins. These effects could lead to lower employment in these steel-intensive industries and possibly plant shut downs. Researchers estimate that the number of jobs in steel-intensive industries, which they define as industries with steel inputs of at least 5 percent of total, is around 2 million—for example, manufacturers of auto parts, motorcycles, and household appliances.

steelproduction
Click for Big

I can’t imagine either Poluz or Carney authorizing the publication of anything like that! Canada is poorly served by its bootlicking class.

The 10-Year Treasury yield increased by 4bp today, which some blame on the commodity markets:

The recent weeks of sanctions, tariff dust-ups and tight oil supplies that jolted commodities prices higher have now got equities and Treasuries investors on the run, according to Weeden & Co.

Unlike in February, when optimism over global growth sent Treasury yields higher, this time it’s the price pressure from rising metals, Weeden’s Michael Purves wrote in a note to investors Thursday.

treasuries_180419
Click for Big

Five year Canada yields were higher as well, closing at 2.16% … this should have been good news for FixedResets but, perversely, they got hit today along with everything else.

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 -0.7463 % 2,969.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7463 % 5,449.4
Floater 3.36 % 3.58 % 95,928 18.35 4 -0.7463 % 3,140.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0874 % 3,151.2
SplitShare 4.61 % 4.58 % 78,070 5.10 5 0.0874 % 3,763.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0874 % 2,936.2
Perpetual-Premium 5.55 % -7.68 % 75,734 0.09 11 -0.2323 % 2,873.4
Perpetual-Discount 5.38 % 5.42 % 64,749 14.79 24 -0.3042 % 2,949.2
FixedReset 4.31 % 4.73 % 160,597 5.65 104 -0.3088 % 2,510.7
Deemed-Retractible 5.13 % 5.73 % 85,238 5.65 28 -0.2035 % 2,945.0
FloatingReset 3.03 % 2.90 % 32,205 3.59 11 -0.1406 % 2,762.8
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 3.97 %
BAM.PF.E FixedReset -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.45
Evaluated at bid price : 22.77
Bid-YTW : 5.10 %
BAM.PF.C Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 5.75 %
IFC.PR.A FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.80
Bid-YTW : 7.55 %
TRP.PR.E FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 21.66
Evaluated at bid price : 22.09
Bid-YTW : 5.01 %
TRP.PR.B FixedReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 16.49
Evaluated at bid price : 16.49
Bid-YTW : 4.94 %
HSE.PR.A FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 17.64
Evaluated at bid price : 17.64
Bid-YTW : 5.14 %
MFC.PR.I FixedReset -1.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-19
Maturity Price : 25.00
Evaluated at bid price : 24.57
Bid-YTW : 4.91 %
BAM.PF.B FixedReset -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.66
Evaluated at bid price : 23.21
Bid-YTW : 5.08 %
BAM.PR.Z FixedReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.92
Evaluated at bid price : 24.30
Bid-YTW : 5.07 %
TD.PF.D FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 23.14
Evaluated at bid price : 24.10
Bid-YTW : 4.85 %
BAM.PR.B Floater -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 3.59 %
BAM.PR.C Floater -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 3.58 %
TRP.PR.D FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 21.68
Evaluated at bid price : 22.10
Bid-YTW : 5.03 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PR.S FixedReset 89,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 3.61 %
BMO.PR.Q FixedReset 66,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.91
Bid-YTW : 4.50 %
BMO.PR.W FixedReset 58,890 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.24
Evaluated at bid price : 22.60
Bid-YTW : 4.77 %
POW.PR.D Perpetual-Discount 58,016 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.45 %
NA.PR.S FixedReset 44,258 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.50
Evaluated at bid price : 23.00
Bid-YTW : 4.84 %
EIT.PR.B SplitShare 43,343 YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 4.80 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.E FixedReset Quote: 22.77 – 23.10
Spot Rate : 0.3300
Average : 0.2098

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.45
Evaluated at bid price : 22.77
Bid-YTW : 5.10 %

BAM.PF.B FixedReset Quote: 23.21 – 23.45
Spot Rate : 0.2400
Average : 0.1522

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 22.66
Evaluated at bid price : 23.21
Bid-YTW : 5.08 %

TRP.PR.F FloatingReset Quote: 19.47 – 19.71
Spot Rate : 0.2400
Average : 0.1574

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-19
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 3.97 %

BAM.PF.H FixedReset Quote: 25.76 – 25.97
Spot Rate : 0.2100
Average : 0.1312

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 3.92 %

CU.PR.I FixedReset Quote: 26.00 – 26.26
Spot Rate : 0.2600
Average : 0.1829

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.15 %

MFC.PR.I FixedReset Quote: 24.57 – 24.80
Spot Rate : 0.2300
Average : 0.1545

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-19
Maturity Price : 25.00
Evaluated at bid price : 24.57
Bid-YTW : 4.91 %

April 18, 2018

Wednesday, April 18th, 2018

PerpetualDiscounts now yield 5.41%, equivalent to 7.03% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.95%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 310bp, a slight (and perhaps spurious) narrowing from the 315bp reported April 11.

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 1.1886 % 2,992.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1886 % 5,490.4
Floater 3.34 % 3.54 % 97,351 18.44 4 1.1886 % 3,164.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0715 % 3,148.5
SplitShare 4.62 % 4.58 % 78,321 5.10 5 0.0715 % 3,759.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0715 % 2,933.6
Perpetual-Premium 5.54 % -11.94 % 75,376 0.09 11 0.1431 % 2,880.1
Perpetual-Discount 5.37 % 5.41 % 65,683 14.81 24 0.0587 % 2,958.2
FixedReset 4.30 % 4.70 % 159,504 4.35 104 0.2155 % 2,518.4
Deemed-Retractible 5.12 % 5.69 % 85,037 5.65 28 -0.0703 % 2,951.0
FloatingReset 3.02 % 2.86 % 32,356 3.59 11 0.2215 % 2,766.7
Performance Highlights
Issue Index Change Notes
BAM.PR.B Floater 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 3.56 %
TRP.PR.D FixedReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 21.83
Evaluated at bid price : 22.33
Bid-YTW : 4.98 %
BMO.PR.Q FixedReset 1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.93
Bid-YTW : 4.47 %
TRP.PR.E FixedReset 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 21.85
Evaluated at bid price : 22.38
Bid-YTW : 4.94 %
PWF.PR.A Floater 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 2.88 %
BAM.PR.C Floater 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 3.54 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.T FixedReset 124,214 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 22.36
Evaluated at bid price : 22.78
Bid-YTW : 4.77 %
EIT.PR.B SplitShare 96,665 YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.83 %
W.PR.M FixedReset 80,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 4.37 %
BMO.PR.Q FixedReset 60,255 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.93
Bid-YTW : 4.47 %
TD.PF.B FixedReset 56,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 22.27
Evaluated at bid price : 22.69
Bid-YTW : 4.76 %
GWO.PR.S Deemed-Retractible 54,541 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 5.30 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.T FixedReset Quote: 20.47 – 20.80
Spot Rate : 0.3300
Average : 0.2110

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 5.18 %

MFC.PR.K FixedReset Quote: 22.93 – 23.21
Spot Rate : 0.2800
Average : 0.1856

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.93
Bid-YTW : 5.88 %

IAG.PR.G FixedReset Quote: 23.36 – 23.61
Spot Rate : 0.2500
Average : 0.1700

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.36
Bid-YTW : 5.43 %

IFC.PR.E Deemed-Retractible Quote: 24.41 – 24.64
Spot Rate : 0.2300
Average : 0.1670

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.41
Bid-YTW : 5.70 %

MFC.PR.N FixedReset Quote: 22.94 – 23.18
Spot Rate : 0.2400
Average : 0.1780

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.94
Bid-YTW : 5.79 %

TRP.PR.A FixedReset Quote: 19.78 – 20.05
Spot Rate : 0.2700
Average : 0.2109

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-18
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 5.04 %

April 17, 2018

Tuesday, April 17th, 2018
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.4072 % 2,957.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4072 % 5,425.9
Floater 3.38 % 3.59 % 98,341 18.32 4 0.4072 % 3,127.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1486 % 3,146.2
SplitShare 4.62 % 4.68 % 79,198 5.10 5 -0.1486 % 3,757.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1486 % 2,931.5
Perpetual-Premium 5.55 % -9.76 % 72,801 0.09 11 0.1577 % 2,876.0
Perpetual-Discount 5.37 % 5.41 % 66,587 14.80 24 0.1319 % 2,956.4
FixedReset 4.31 % 4.72 % 162,052 4.45 104 0.0618 % 2,513.0
Deemed-Retractible 5.11 % 5.63 % 85,834 5.66 28 0.2157 % 2,953.1
FloatingReset 3.03 % 2.94 % 33,627 3.59 11 -0.0523 % 2,760.6
Performance Highlights
Issue Index Change Notes
MFC.PR.L FixedReset 1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.76
Bid-YTW : 5.90 %
Volume Highlights
Issue Index Shares
Traded
Notes
EIT.PR.B SplitShare 330,753 YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.83 %
TRP.PR.J FixedReset 306,842 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 3.93 %
VNR.PR.A FixedReset 151,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-17
Maturity Price : 23.02
Evaluated at bid price : 24.49
Bid-YTW : 4.88 %
BAM.PF.I FixedReset 93,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.82
Bid-YTW : 3.97 %
BAM.PF.J FixedReset 82,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.44 %
MFC.PR.Q FixedReset 74,369 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : 4.71 %
There were 25 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 Quote: 18.01 – 18.55
Spot Rate : 0.5400
Average : 0.3325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-17
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 5.08 %

BAM.PF.J FixedReset Quote: 25.40 – 25.77
Spot Rate : 0.3700
Average : 0.2326

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.44 %

MFC.PR.O FixedReset Quote: 26.38 – 26.69
Spot Rate : 0.3100
Average : 0.1865

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.38
Bid-YTW : 3.91 %

TRP.PR.E FixedReset Quote: 22.10 – 22.39
Spot Rate : 0.2900
Average : 0.1830

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-17
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 5.01 %

TRP.PR.B FixedReset Quote: 16.56 – 16.90
Spot Rate : 0.3400
Average : 0.2332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-17
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 4.92 %

IAG.PR.I FixedReset Quote: 25.46 – 25.75
Spot Rate : 0.2900
Average : 0.2132

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.46
Bid-YTW : 4.55 %

April 16, 2018

Tuesday, April 17th, 2018
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.8873 % 2,945.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.8873 % 5,403.9
Floater 3.39 % 3.59 % 99,549 18.32 4 -1.8873 % 3,114.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1681 % 3,150.9
SplitShare 4.57 % 4.60 % 77,201 5.11 4 -0.1681 % 3,762.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1681 % 2,935.9
Perpetual-Premium 5.56 % -9.60 % 72,421 0.09 11 0.1112 % 2,871.5
Perpetual-Discount 5.38 % 5.43 % 66,107 14.78 24 0.1142 % 2,952.5
FixedReset 4.31 % 4.73 % 164,539 5.66 104 -0.1331 % 2,511.5
Deemed-Retractible 5.13 % 5.65 % 86,064 5.66 28 -0.0479 % 2,946.7
FloatingReset 3.03 % 2.98 % 35,025 3.59 11 -0.1166 % 2,762.0
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 16.78
Evaluated at bid price : 16.78
Bid-YTW : 3.62 %
BAM.PR.B Floater -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 16.79
Evaluated at bid price : 16.79
Bid-YTW : 3.62 %
BAM.PR.C Floater -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 3.59 %
MFC.PR.L FixedReset -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 6.10 %
PWF.PR.A Floater -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 2.93 %
PVS.PR.F SplitShare -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.85 %
SLF.PR.H FixedReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.14
Bid-YTW : 6.39 %
PWF.PR.P FixedReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 4.47 %
TRP.PR.A FixedReset -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 5.04 %
W.PR.H Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 24.47
Evaluated at bid price : 24.71
Bid-YTW : 5.59 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.Q FixedReset 62,419 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.66 %
TD.PF.J FixedReset 48,710 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : 4.52 %
BMO.PR.M FixedReset 48,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 3.93 %
RY.PR.J FixedReset 35,940 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 23.27
Evaluated at bid price : 24.29
Bid-YTW : 4.84 %
TD.PR.S FixedReset 34,600 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 3.82 %
TD.PF.G FixedReset 26,233 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.39
Bid-YTW : 3.50 %
There were 21 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.D FixedReset Quote: 22.00 – 22.30
Spot Rate : 0.3000
Average : 0.1880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 21.61
Evaluated at bid price : 22.00
Bid-YTW : 5.06 %

IGM.PR.B Perpetual-Premium Quote: 25.52 – 25.79
Spot Rate : 0.2700
Average : 0.1664

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-16
Maturity Price : 25.25
Evaluated at bid price : 25.52
Bid-YTW : -9.60 %

MFC.PR.L FixedReset Quote: 22.50 – 22.87
Spot Rate : 0.3700
Average : 0.2671

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 6.10 %

PVS.PR.F SplitShare Quote: 25.10 – 25.40
Spot Rate : 0.3000
Average : 0.1987

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.85 %

SLF.PR.E Deemed-Retractible Quote: 21.37 – 21.60
Spot Rate : 0.2300
Average : 0.1401

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.37
Bid-YTW : 7.32 %

TRP.PR.A FixedReset Quote: 19.77 – 20.05
Spot Rate : 0.2800
Average : 0.1966

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-16
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 5.04 %

April 13, 2018

Friday, April 13th, 2018

The Ontario Securities Commission has announced:

The Canadian Securities Administrators (CSA) today published for comment CSA Staff Notice 61-303 and Request for Comment Soliciting Dealer Arrangements. The notice outlines regulatory issues raised by soliciting dealer arrangements and seeks input on the practice, which generally involves an issuer paying a dealer to successfully solicit securities from a securityholder in connection with corporate transactions.

The actual notice asks:

3. Are soliciting dealer arrangement fees typically only paid in respect of votes “for” management’s recommendations? Is that appropriate in all circumstances? Is there a reason to distinguish proxy contests in this regard?

5. Do you think that the potential conflict of interest on the part of an investment dealer or a dealing representative can be effectively managed?

a. If so, what steps should an investment dealer take to appropriately manage or avoid the conflict of interest? What steps should a dealing representative take, beyond disclosure, to appropriately manage or avoid the conflict of interest?

b. Does the answer differ depending on whether the transaction is

i. a take-over bid tender,

ii. a securityholder vote in relation to a merger or acquisition transaction,

iii. a securityholder vote to amend the terms of a security, or

iv. a securityholder vote in the context of a proxy contest?

c. In the context of a securityholder vote in relation to a merger and acquisition transaction, does the answer to #5 differ depending on whether the fee is contingent on the securityholder voting in favour of the transaction and/or the transaction being approved?

d. In the context of a proxy contest, does the answer to #5 differ if the fee is contingent on the securityholder voting in favour of management’s nominees and/or management’s nominees being elected?

e. What type of communication and disclosure by investment dealers and dealing representatives should be made to the securityholder respecting the existence of a soliciting dealer arrangement?

6. Do you think that there are circumstances in which it would never be appropriate for an investment dealer to enter into a soliciting dealer arrangement? If so, please discuss what such circumstances would be.

7. Are soliciting dealer fees paid to investment dealers and/or dealing representatives in connection with securities held in managed accounts? If so, in what circumstances?

8. How can investment dealers and dealing representatives participating in a soliciting dealer arrangement in respect of a proxy contest ensure compliance with the proxy solicitation rules?

9. Are investment dealers and/or dealing representatives involved in proxy contests where a proxy solicitation firm has been retained?

10. Do you believe that an investment dealer or a dealing representative has a responsibility to encourage its client to respond to proxy solicitations, rights offerings, take-over bids or other corporate transactions such as conversion of convertible securities?

Steven M. Harris, Jennifer F. Longhurst and Gilles R. Comeau of DAVIES WARD PHILLIPS & VINEBERG LLP have issued a bulletin titled CSA Reviewing and Seeking Comments on Soliciting Dealer Arrangements in Proxy Contests and Corporate Transactions in which they provide a little background. Naturally, the emphasis is on proxy contests, in which the legal fees are higher than in ‘change of terms’ solicitations.

My own views on sleaze fees has been made public for some time, most recently with respect to the aborted TransAlta preferred share exchange in early 2017. In a nutshell: it is grossly improper for a portfolio manager to accept payola for voting in a certain way but I see nothing wrong with a salesman collecting his little envelope for voting in a certain way (let’s just make sure that their business card says “salesman”, OK? and that there is no corporate overlap whatsoever between companies that employ salesmen paid by issuers and transaction charges and those which employ portfolio managers paid solely by clients). However, as has been discussed on PrefBlog far too often, there is a vast constituency of ha-ha “investor advocates” ho-ho who believe that paying salesmen commission is an affront to capitalism and should be banned. So there might be some who disagree with me regarding the propriety of salesmen getting their palms greased – it’s self-evident that if trailers are improper then so are solicitation fees.

Anyway … now it’s time for PrefLetter!

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 -0.3022 % 3,001.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3022 % 5,507.8
Floater 3.33 % 3.53 % 100,753 18.48 4 -0.3022 % 3,174.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0198 % 3,156.2
SplitShare 4.56 % 4.62 % 79,815 5.11 4 -0.0198 % 3,769.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0198 % 2,940.9
Perpetual-Premium 5.56 % -8.79 % 72,763 0.09 11 0.0826 % 2,868.3
Perpetual-Discount 5.38 % 5.41 % 68,751 14.82 24 0.1913 % 2,949.2
FixedReset 4.30 % 4.70 % 163,011 4.46 104 0.2437 % 2,514.8
Deemed-Retractible 5.12 % 5.59 % 84,913 5.67 28 0.1290 % 2,948.1
FloatingReset 3.02 % 2.91 % 33,905 3.60 11 0.2095 % 2,765.3
Performance Highlights
Issue Index Change Notes
MFC.PR.Q FixedReset 1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 4.56 %
TRP.PR.A FixedReset 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-13
Maturity Price : 19.97
Evaluated at bid price : 19.97
Bid-YTW : 4.99 %
MFC.PR.N FixedReset 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.03
Bid-YTW : 5.71 %
GWO.PR.S Deemed-Retractible 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 5.32 %
MFC.PR.M FixedReset 1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.17
Bid-YTW : 5.70 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.J FixedReset 183,080 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 4.44 %
TD.PF.A FixedReset 175,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-13
Maturity Price : 22.28
Evaluated at bid price : 22.65
Bid-YTW : 4.73 %
TRP.PR.J FixedReset 84,552 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.32
Bid-YTW : 3.96 %
TD.PF.H FixedReset 78,085 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 3.57 %
RY.PR.H FixedReset 63,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-13
Maturity Price : 22.75
Evaluated at bid price : 23.20
Bid-YTW : 4.70 %
IFC.PR.E Deemed-Retractible 53,632 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 5.59 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
W.PR.H Perpetual-Discount Quote: 24.45 – 24.90
Spot Rate : 0.4500
Average : 0.2798

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-13
Maturity Price : 24.19
Evaluated at bid price : 24.45
Bid-YTW : 5.65 %

HSE.PR.G FixedReset Quote: 25.01 – 25.27
Spot Rate : 0.2600
Average : 0.1915

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 4.68 %

CU.PR.D Perpetual-Discount Quote: 23.43 – 23.69
Spot Rate : 0.2600
Average : 0.1941

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-13
Maturity Price : 23.16
Evaluated at bid price : 23.43
Bid-YTW : 5.29 %

RY.PR.J FixedReset Quote: 24.20 – 24.33
Spot Rate : 0.1300
Average : 0.0890

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-13
Maturity Price : 23.23
Evaluated at bid price : 24.20
Bid-YTW : 4.85 %

SLF.PR.C Deemed-Retractible Quote: 21.21 – 21.34
Spot Rate : 0.1300
Average : 0.0893

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.21
Bid-YTW : 7.39 %

TRP.PR.J FixedReset Quote: 26.32 – 26.43
Spot Rate : 0.1100
Average : 0.0749

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.32
Bid-YTW : 3.96 %

April 12, 2018

Thursday, April 12th, 2018
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.2739 % 3,010.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2739 % 5,524.5
Floater 3.32 % 3.52 % 104,249 18.50 4 -0.2739 % 3,183.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0790 % 3,156.8
SplitShare 4.56 % 4.62 % 81,047 5.11 4 -0.0790 % 3,769.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0790 % 2,941.4
Perpetual-Premium 5.57 % -5.28 % 75,664 0.09 11 0.1078 % 2,865.9
Perpetual-Discount 5.39 % 5.43 % 71,608 14.80 24 0.0483 % 2,943.5
FixedReset 4.31 % 4.67 % 163,931 5.79 104 0.1328 % 2,508.7
Deemed-Retractible 5.13 % 5.66 % 83,611 5.67 28 0.0015 % 2,944.3
FloatingReset 2.97 % 2.85 % 35,304 3.61 11 0.1533 % 2,759.5
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.81
Bid-YTW : 5.90 %
MFC.PR.F FixedReset 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.83
Bid-YTW : 7.54 %
TRP.PR.G FixedReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-12
Maturity Price : 22.95
Evaluated at bid price : 23.83
Bid-YTW : 5.03 %
CCS.PR.C Deemed-Retractible 1.51 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.16 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.I FixedReset 138,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 3.51 %
TRP.PR.J FixedReset 103,736 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.31
Bid-YTW : 3.96 %
TD.PF.G FixedReset 80,664 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.37
Bid-YTW : 3.51 %
TD.PR.S FixedReset 77,620 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.86
Bid-YTW : 3.72 %
BNS.PR.R FixedReset 58,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 3.54 %
MFC.PR.J FixedReset 47,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 4.79 %
There were 21 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: 25.36 – 25.63
Spot Rate : 0.2700
Average : 0.1688

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-12
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : -14.55 %

CM.PR.O FixedReset Quote: 22.83 – 23.08
Spot Rate : 0.2500
Average : 0.1575

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-12
Maturity Price : 22.40
Evaluated at bid price : 22.83
Bid-YTW : 4.69 %

MFC.PR.M FixedReset Quote: 22.81 – 23.08
Spot Rate : 0.2700
Average : 0.1838

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.81
Bid-YTW : 5.90 %

W.PR.M FixedReset Quote: 25.67 – 25.98
Spot Rate : 0.3100
Average : 0.2333

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.38 %

EIT.PR.A SplitShare Quote: 25.25 – 25.45
Spot Rate : 0.2000
Average : 0.1324

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.70 %

BAM.PF.D Perpetual-Discount Quote: 21.40 – 21.70
Spot Rate : 0.3000
Average : 0.2426

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-12
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.78 %

April 11, 2018

Wednesday, April 11th, 2018

PerpetualDiscounts now yield 5.42%, equivalent to 7.05% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.9%, so the pre-tax interest-equivalent spread is now about 315bp, a slight (and perhaps spurious) narrowing from the 320bp reported April 4.

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 0.1509 % 3,019.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1509 % 5,539.7
Floater 3.31 % 3.50 % 108,290 18.54 4 0.1509 % 3,192.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0888 % 3,159.3
SplitShare 4.56 % 4.55 % 80,959 5.12 4 -0.0888 % 3,772.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0888 % 2,943.8
Perpetual-Premium 5.57 % -5.27 % 76,386 0.09 11 0.0827 % 2,862.8
Perpetual-Discount 5.40 % 5.42 % 70,343 14.80 24 0.0555 % 2,942.1
FixedReset 4.32 % 4.68 % 166,088 5.79 104 0.0498 % 2,505.4
Deemed-Retractible 5.13 % 5.65 % 84,859 5.67 28 0.1427 % 2,944.3
FloatingReset 2.98 % 2.95 % 36,701 3.61 11 0.0767 % 2,755.3
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset -1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.90
Bid-YTW : 7.73 %
PWF.PR.Q FloatingReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 3.17 %
MFC.PR.Q FixedReset -1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.74 %
GWO.PR.N FixedReset 1.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 7.63 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Q FixedReset 158,139 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.42
Bid-YTW : 3.81 %
W.PR.M FixedReset 98,646 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.45 %
CM.PR.S FixedReset 89,331 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 22.90
Evaluated at bid price : 24.25
Bid-YTW : 4.53 %
BMO.PR.C FixedReset 82,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.35 %
PWF.PR.Z Perpetual-Discount 70,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 23.50
Evaluated at bid price : 23.83
Bid-YTW : 5.40 %
RY.PR.I FixedReset 64,968 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.07
Bid-YTW : 3.74 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.Q FloatingReset Quote: 21.21 – 21.74
Spot Rate : 0.5300
Average : 0.3419

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 3.17 %

SLF.PR.G FixedReset Quote: 18.90 – 19.48
Spot Rate : 0.5800
Average : 0.4018

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.90
Bid-YTW : 7.73 %

TRP.PR.G FixedReset Quote: 23.51 – 24.03
Spot Rate : 0.5200
Average : 0.3715

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 22.78
Evaluated at bid price : 23.51
Bid-YTW : 5.10 %

TD.PF.D FixedReset Quote: 23.92 – 24.30
Spot Rate : 0.3800
Average : 0.2359

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 23.05
Evaluated at bid price : 23.92
Bid-YTW : 4.80 %

MFC.PR.F FixedReset Quote: 18.63 – 19.00
Spot Rate : 0.3700
Average : 0.2266

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.63
Bid-YTW : 7.72 %

BIP.PR.A FixedReset Quote: 24.41 – 24.75
Spot Rate : 0.3400
Average : 0.2146

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 23.30
Evaluated at bid price : 24.41
Bid-YTW : 5.55 %

April 10, 2018

Tuesday, April 10th, 2018
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 1.1096 % 3,014.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1096 % 5,531.4
Floater 3.31 % 3.52 % 109,674 18.50 4 1.1096 % 3,187.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2657 % 3,162.1
SplitShare 4.55 % 4.47 % 81,851 5.12 4 -0.2657 % 3,776.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2657 % 2,946.4
Perpetual-Premium 5.58 % -7.55 % 77,276 0.09 11 0.0072 % 2,860.4
Perpetual-Discount 5.40 % 5.43 % 70,739 14.78 24 0.1452 % 2,940.5
FixedReset 4.32 % 4.66 % 161,841 5.80 104 0.2130 % 2,504.1
Deemed-Retractible 5.14 % 5.64 % 86,186 5.67 28 0.2439 % 2,940.1
FloatingReset 2.98 % 3.07 % 34,186 3.61 11 0.1415 % 2,753.1
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.45
Bid-YTW : 7.90 %
BIP.PR.A FixedReset 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 23.34
Evaluated at bid price : 24.51
Bid-YTW : 5.52 %
BAM.PR.K Floater 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 17.23
Evaluated at bid price : 17.23
Bid-YTW : 3.52 %
SLF.PR.G FixedReset 1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.15
Bid-YTW : 7.50 %
IFC.PR.A FixedReset 1.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.97
Bid-YTW : 7.34 %
IAG.PR.I FixedReset 1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.59 %
PWF.PR.A Floater 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 2.86 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.J FixedReset 181,932 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.40 %
BNS.PR.R FixedReset 153,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 3.51 %
BAM.PF.F FixedReset 134,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 23.70
Evaluated at bid price : 24.11
Bid-YTW : 5.03 %
RY.PR.Q FixedReset 86,889 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.42
Bid-YTW : 3.81 %
CM.PR.S FixedReset 82,502 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 22.95
Evaluated at bid price : 24.39
Bid-YTW : 4.50 %
SLF.PR.E Deemed-Retractible 62,050 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.41
Bid-YTW : 7.27 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.Q FixedReset Quote: 22.55 – 23.00
Spot Rate : 0.4500
Average : 0.2780

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.55
Bid-YTW : 4.90 %

GWO.PR.I Deemed-Retractible Quote: 21.33 – 21.65
Spot Rate : 0.3200
Average : 0.2090

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.33
Bid-YTW : 7.34 %

CCS.PR.C Deemed-Retractible Quote: 23.05 – 23.69
Spot Rate : 0.6400
Average : 0.5327

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.05
Bid-YTW : 6.50 %

GWO.PR.Q Deemed-Retractible Quote: 24.12 – 24.44
Spot Rate : 0.3200
Average : 0.2131

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.12
Bid-YTW : 5.84 %

TD.PR.Y FixedReset Quote: 24.73 – 25.00
Spot Rate : 0.2700
Average : 0.1790

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.73
Bid-YTW : 3.94 %

SLF.PR.G FixedReset Quote: 19.15 – 19.44
Spot Rate : 0.2900
Average : 0.2065

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.15
Bid-YTW : 7.50 %

April 9, 2018

Monday, April 9th, 2018

Well, so much for the pretense of independent and objective advice!

Toronto-Dominion Bank has taken unusual steps to discourage some clients from investing in the marijuana sector.

The bank is limiting the ways in which its advisers discuss the industry with clients, banning staff from recommending almost all marijuana firms and exchange-traded funds (ETFs), according to a recent internal e-mail viewed by The Globe and Mail. TD is also prohibiting portfolio managers from proactively adding most cannabis shares to certain client investment accounts – unless clients specifically instruct their adviser to do so.

As a result, the bank’s investment advisory channel – TD Wealth Private Investment Advice (PIA) – has put dozens of pot stocks and the four Canadian-listed cannabis ETFs onto its non-approved list of securities, leaving advisers with only three Canadian marijuana stocks to suggest.

Investors who use the bank’s online discount brokerage – TD Direct Investing – can buy and sell pot stocks without issue, as those trades are self-directed.

The restrictions put on advisers who work at PIA appear to be driven out of concern of the legal risks the bank could face in the United States, where cannabis is legal in some states but illegal under federal law.

“This is an evolving issue with legal ramifications in the U.S. Therefore, we are restricting our advisers from counselling clients to acquire shares in certain cannabis-organizations with operations in the U.S.,” TD spokeswoman Emily Vear said in an e-mail.

In the internal e-mail sent to TD advisers at the end of March, TD warned that cannabis companies “with U.S. touchpoints could create significant legal risks to [TD Wealth Private Investment Advice] due to the application of U.S. federal laws.” Last week, it wouldn’t explain what those risks are.

I’m sure that if I started tailoring my advice to reduce my company’s legal risk in a foreign country, I’d be getting an uncomfortable visit from the OSC! But don’t worry, regulation fans! I’m sure TD will be OK.

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 2.0091 % 2,981.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0091 % 5,470.7
Floater 3.35 % 3.55 % 110,512 18.44 4 2.0091 % 3,152.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.2269 % 3,170.5
SplitShare 4.54 % 4.43 % 78,818 5.13 4 0.2269 % 3,786.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2269 % 2,954.2
Perpetual-Premium 5.58 % -5.39 % 78,785 0.09 11 0.0684 % 2,860.2
Perpetual-Discount 5.41 % 5.43 % 71,449 14.80 24 -0.0991 % 2,936.2
FixedReset 4.33 % 4.68 % 164,654 5.80 104 0.1044 % 2,498.8
Deemed-Retractible 5.15 % 5.65 % 87,436 5.67 28 0.2429 % 2,933.0
FloatingReset 2.99 % 3.17 % 32,995 3.61 11 0.1909 % 2,749.3
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.71
Bid-YTW : 7.57 %
TRP.PR.A FixedReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 4.96 %
BNS.PR.F FloatingReset 1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.11
Bid-YTW : 4.59 %
GWO.PR.S Deemed-Retractible 1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 5.62 %
IFC.PR.F Deemed-Retractible 1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 5.46 %
BAM.PR.K Floater 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 17.04
Evaluated at bid price : 17.04
Bid-YTW : 3.56 %
PWF.PR.A Floater 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 2.91 %
BAM.PR.C Floater 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 3.55 %
PWF.PR.Q FloatingReset 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 3.13 %
BAM.PR.B Floater 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 17.07
Evaluated at bid price : 17.07
Bid-YTW : 3.56 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.I FixedReset 53,798 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 3.43 %
BAM.PF.F FixedReset 52,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 23.58
Evaluated at bid price : 24.00
Bid-YTW : 5.06 %
BNS.PR.A FloatingReset 50,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-25
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 0.64 %
TD.PF.J FixedReset 37,217 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.57 %
RY.PR.J FixedReset 25,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 23.13
Evaluated at bid price : 24.00
Bid-YTW : 4.81 %
TRP.PR.D FixedReset 25,309 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 21.62
Evaluated at bid price : 22.02
Bid-YTW : 4.95 %
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.PF.G FixedReset Quote: 23.62 – 25.00
Spot Rate : 1.3800
Average : 0.7923

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 23.32
Evaluated at bid price : 23.62
Bid-YTW : 5.11 %

IAG.PR.I FixedReset Quote: 25.05 – 26.05
Spot Rate : 1.0000
Average : 0.5553

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.87 %

MFC.PR.Q FixedReset Quote: 25.15 – 25.56
Spot Rate : 0.4100
Average : 0.2357

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.70 %

MFC.PR.L FixedReset Quote: 22.35 – 22.85
Spot Rate : 0.5000
Average : 0.3524

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 6.12 %

PWF.PR.O Perpetual-Premium Quote: 25.45 – 25.79
Spot Rate : 0.3400
Average : 0.2017

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-09
Maturity Price : 25.25
Evaluated at bid price : 25.45
Bid-YTW : -7.73 %

TD.PR.T FloatingReset Quote: 24.55 – 24.95
Spot Rate : 0.4000
Average : 0.2755

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 3.17 %

April 6, 2018

Friday, April 6th, 2018

Jobs, jobs, jobs!

The Canadian economy added more jobs than expected last month, driven by hiring in construction and a recovery in full-time positions, data showed on Friday, though economists still expect the central bank to take its time raising interest rates again.

Canada created 32,300 jobs in March, Statistics Canada said, topping economists’ forecasts for an increase of 20,000. The unemployment rate held at 5.8 per cent, while the participation rate was unchanged at 65.5 per cent.

Average hourly wages were up 3.1 per cent from a year ago, matching February’s annual growth rate. Wages are a key measure being watched by the Bank of Canada, with policymakers still seeing slack in the labor market.

But the US was a bit softer than expected:

■ 103,000 jobs were added last month. Wall Street economists had expected an increase of about 185,000, according to Bloomberg.

■ The unemployment rate was 4.1 percent for the sixth straight month.

■ Average earnings rose by 8 cents an hour and are up 2.7 percent over the past year.

■ The Labor Department revised its estimate of February’s job growth upward, but January’s figure was revised sharply downward. The net result was a loss of 50,000 jobs relative to prior estimates.

Meanwhile there are soothing babblings about NAFTA:

Nafta talks have entered a new, intensive phase of discussions and will continue in the coming days, Canada’s foreign minister said after meeting with her U.S. and Mexican counterparts in Washington.

Chrystia Freeland, speaking to reporters Friday afternoon, said the tone of talks is positive and that the three countries are making progress. Canadian Prime Minister Justin Trudeau, speaking elsewhere the same day, said he hoped to get “positive news in the coming times” as talks continue.

And some less soothing babblings:

The Republican president’s renewed ramblings on trade dominated U.S. equity markets this week, with a tweet-induced swoon on Friday leaving the S&P 500 Index 1.4 percent lower than where it started on Monday. The gauge swung wildly, notching four moves of at least 1 percent in the five days, and the Cboe Volatility Index spiked above 20, nearly double its level for the past year.

Trump’s impact on the market was on full display over the past five days. The week began with a 2.2 percent tumble after Trump battered Amazon.com Inc. on Twitter, exacerbating a selloff in megacap tech shares. It didn’t help that China put out a list of products it would target with retaliatory tariffs after the White House issued its own the night before.

A three-day rally of more than 3 percent followed, as White House officials insisted the trade bluster was a negotiating tactic. But Trump upended that notion late Thursday, ordering a review of even harsher tariffs that sparked a bookend rout.

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 -1.1330 % 2,922.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1330 % 5,362.9
Floater 3.42 % 3.62 % 104,160 18.28 4 -1.1330 % 3,090.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2571 % 3,163.4
SplitShare 4.55 % 4.52 % 78,968 5.14 4 0.2571 % 3,777.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2571 % 2,947.5
Perpetual-Premium 5.58 % -8.74 % 79,769 0.09 11 0.0750 % 2,858.3
Perpetual-Discount 5.40 % 5.41 % 73,904 14.83 24 -0.0014 % 2,939.1
FixedReset 4.33 % 4.65 % 169,255 5.83 104 -0.2165 % 2,496.2
Deemed-Retractible 5.16 % 5.85 % 90,831 5.68 28 -0.1567 % 2,925.8
FloatingReset 2.97 % 3.08 % 34,305 3.60 11 -0.2578 % 2,744.0
Performance Highlights
Issue Index Change Notes
GWO.PR.S Deemed-Retractible -1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 5.85 %
BAM.PR.C Floater -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 3.62 %
MFC.PR.N FixedReset -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.59
Bid-YTW : 5.94 %
BAM.PR.T FixedReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.12 %
BAM.PR.B Floater -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 16.68
Evaluated at bid price : 16.68
Bid-YTW : 3.64 %
BAM.PR.Z FixedReset -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.88
Evaluated at bid price : 24.20
Bid-YTW : 4.99 %
PWF.PR.A Floater -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 2.97 %
CCS.PR.C Deemed-Retractible -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.07
Bid-YTW : 6.47 %
HSE.PR.A FixedReset -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.00 %
MFC.PR.G FixedReset -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.16
Bid-YTW : 4.97 %
TRP.PR.H FloatingReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 16.53
Evaluated at bid price : 16.53
Bid-YTW : 3.59 %
MFC.PR.F FixedReset -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.55
Bid-YTW : 7.76 %
SLF.PR.A Deemed-Retractible 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.36
Bid-YTW : 6.76 %
Volume Highlights
Issue Index Shares
Traded
Notes
W.PR.K FixedReset 78,574 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 4.25 %
RY.PR.H FixedReset 67,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.71
Evaluated at bid price : 23.15
Bid-YTW : 4.58 %
GWO.PR.T Deemed-Retractible 53,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 5.62 %
GWO.PR.M Deemed-Retractible 51,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-06
Maturity Price : 25.25
Evaluated at bid price : 26.10
Bid-YTW : -30.96 %
CM.PR.S FixedReset 39,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.86
Evaluated at bid price : 24.16
Bid-YTW : 4.53 %
BAM.PF.A FixedReset 31,254 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.97
Evaluated at bid price : 23.75
Bid-YTW : 5.12 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAG.PR.G FixedReset Quote: 23.10 – 23.95
Spot Rate : 0.8500
Average : 0.4962

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.10
Bid-YTW : 5.55 %

TRP.PR.G FixedReset Quote: 23.60 – 24.40
Spot Rate : 0.8000
Average : 0.5450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.83
Evaluated at bid price : 23.60
Bid-YTW : 5.05 %

GWO.PR.S Deemed-Retractible Quote: 24.23 – 24.67
Spot Rate : 0.4400
Average : 0.2840

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 5.85 %

CCS.PR.C Deemed-Retractible Quote: 23.07 – 23.70
Spot Rate : 0.6300
Average : 0.4862

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.07
Bid-YTW : 6.47 %

GWO.PR.G Deemed-Retractible Quote: 24.10 – 24.45
Spot Rate : 0.3500
Average : 0.2211

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 5.90 %

MFC.PR.G FixedReset Quote: 24.16 – 24.48
Spot Rate : 0.3200
Average : 0.1928

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.16
Bid-YTW : 4.97 %