Archive for the ‘Market Action’ Category

July 4, 2018

Wednesday, July 4th, 2018

DBRS commented on the Enbridge deal:

DBRS Limited (DBRS) notes that Enbridge Inc. (ENB; rated BBB (high) with a Stable trend by DBRS), the parent of Westcoast Energy Inc. (Westcoast or the Company; rated A (low) with a Stable trend by DBRS), has announced that it has agreed to sell its Canadian natural gas gathering and processing business in British Columbia (B.C.) and Alberta to Brookfield Infrastructure Partners and its institutional partners for a cash purchase price of $4.31 billion, subject to customary closing adjustments and receipt of regulatory approvals. The assets include 19 natural gas processing plants and liquids handling facilities with a total operating capacity of 3.3 billion cubic feet per day and 3,550 kilometres of natural gas gathering pipelines. ENB has entered into separate sale agreements for those assets governed by provincial regulations in Alberta and B.C. and those governed by federal National Energy Board (NEB) regulations. The sale of the provincially regulated assets is expected to close in 2018, while the sale of the federally regulated assets is expected to close in mid-2019.

DBRS views the sale of Westcoast’s gas gathering and processing business as moderately positive for the Company’s business risk profile, as it eliminates volume risk. However, in the absence of detailed information on the EBITDA for the assets being sold and how the proceeds will be used at the Westcoast level, the impact of the sale on Westcoast’s financial risk profile is not clear at this time. DBRS expects ENB to use the proceeds of the sale that are directly owned by Westcoast in a manner that will maintain Westcoast’s financial metrics at levels consistent with the current ratings and will review details of the sale, regulatory approvals and use of proceeds as they become available.

With respect to ENB, DBRS believes that the transaction is consistent with the goals of ENB’s previously communicated strategic plan and financial outlook and is supportive of the current ratings.

PerpetualDiscounts now yield 5.47%, equivalent to 7.11% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”> is now about 325bp, a significant narrowing from the 335bp reported June 27.

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 -0.9081 % 2,999.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.9081 % 5,504.3
Floater 3.35 % 3.58 % 75,660 18.38 4 -0.9081 % 3,172.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0874 % 3,182.5
SplitShare 4.62 % 4.53 % 66,745 4.95 5 0.0874 % 3,800.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0874 % 2,965.4
Perpetual-Premium 5.62 % -9.01 % 58,238 0.09 9 0.0044 % 2,895.9
Perpetual-Discount 5.36 % 5.47 % 57,210 14.61 26 -0.0801 % 2,981.0
FixedReset 4.32 % 4.65 % 133,540 5.62 106 0.0316 % 2,539.1
Deemed-Retractible 5.15 % 5.76 % 67,305 5.51 27 -0.0982 % 2,967.5
FloatingReset 3.11 % 3.60 % 34,619 3.42 9 0.2549 % 2,805.6
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.70
Bid-YTW : 5.73 %
MFC.PR.Q FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 5.30 %
BAM.PR.C Floater -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 16.89
Evaluated at bid price : 16.89
Bid-YTW : 3.59 %
BAM.PR.K Floater -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 3.58 %
TRP.PR.F FloatingReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 3.96 %
TRP.PR.H FloatingReset 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.77 %
TRP.PR.G FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 23.07
Evaluated at bid price : 24.00
Bid-YTW : 5.04 %
MFC.PR.M FixedReset 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.08
Bid-YTW : 5.76 %
TRP.PR.C FixedReset 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 17.77
Evaluated at bid price : 17.77
Bid-YTW : 4.79 %
Volume Highlights
Issue Index Shares
Traded
Notes
SLF.PR.G FixedReset 111,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.55
Bid-YTW : 7.34 %
SLF.PR.D Deemed-Retractible 50,945 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.53
Bid-YTW : 7.18 %
POW.PR.D Perpetual-Discount 42,090 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 22.67
Evaluated at bid price : 22.91
Bid-YTW : 5.47 %
IFC.PR.G FixedReset 41,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.71
Bid-YTW : 5.17 %
TRP.PR.C FixedReset 31,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 17.77
Evaluated at bid price : 17.77
Bid-YTW : 4.79 %
NA.PR.G FixedReset 30,060 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 23.14
Evaluated at bid price : 25.02
Bid-YTW : 4.78 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Quote: 23.30 – 24.60
Spot Rate : 1.3000
Average : 0.7313

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 5.50 %

TRP.PR.A FixedReset Quote: 20.24 – 21.32
Spot Rate : 1.0800
Average : 0.6656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 20.24
Evaluated at bid price : 20.24
Bid-YTW : 4.85 %

MFC.PR.M FixedReset Quote: 23.08 – 23.95
Spot Rate : 0.8700
Average : 0.5716

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.08
Bid-YTW : 5.76 %

IFC.PR.C FixedReset Quote: 22.70 – 23.29
Spot Rate : 0.5900
Average : 0.3849

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.70
Bid-YTW : 5.73 %

BAM.PR.X FixedReset Quote: 18.18 – 18.59
Spot Rate : 0.4100
Average : 0.2863

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-04
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 4.98 %

MFC.PR.Q FixedReset Quote: 24.23 – 24.65
Spot Rate : 0.4200
Average : 0.3039

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 5.30 %

July 3, 2018

Tuesday, July 3rd, 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 1.1974 % 3,027.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1974 % 5,554.7
Floater 3.32 % 3.54 % 76,231 18.46 4 1.1974 % 3,201.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0318 % 3,179.7
SplitShare 4.62 % 4.52 % 66,059 4.95 5 -0.0318 % 3,797.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0318 % 2,962.8
Perpetual-Premium 5.62 % -8.74 % 58,799 0.09 9 -0.0087 % 2,895.8
Perpetual-Discount 5.36 % 5.45 % 59,358 14.64 26 0.0769 % 2,983.4
FixedReset 4.32 % 4.65 % 135,965 5.61 106 0.0897 % 2,538.3
Deemed-Retractible 5.14 % 5.76 % 69,603 5.51 27 0.0905 % 2,970.5
FloatingReset 3.11 % 3.76 % 34,940 3.42 9 -0.1098 % 2,798.4
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset -1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 5.98 %
SLF.PR.H FixedReset -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.44
Bid-YTW : 6.20 %
TRP.PR.E FixedReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 22.00
Evaluated at bid price : 22.60
Bid-YTW : 4.81 %
MFC.PR.Q FixedReset 1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 5.06 %
TRP.PR.D FixedReset 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 22.06
Evaluated at bid price : 22.69
Bid-YTW : 4.82 %
BAM.PR.K Floater 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 3.54 %
MFC.PR.K FixedReset 1.44 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.52
Bid-YTW : 6.17 %
BAM.PR.C Floater 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 17.07
Evaluated at bid price : 17.07
Bid-YTW : 3.55 %
BAM.PR.B Floater 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 3.55 %
PWF.PR.P FixedReset 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.49 %
MFC.PR.G FixedReset 5.22 % Just a reversal of Friday‘s nonsense.

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-19
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 4.98 %

Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Q FixedReset 42,546 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.46
Bid-YTW : 3.59 %
PWF.PR.Q FloatingReset 35,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 3.39 %
NA.PR.G FixedReset 26,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 23.14
Evaluated at bid price : 25.00
Bid-YTW : 4.78 %
IFC.PR.G FixedReset 18,215 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.62
Bid-YTW : 5.23 %
RY.PR.F Deemed-Retractible 13,605 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-08-02
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : -1.77 %
SLF.PR.A Deemed-Retractible 10,800 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.37
Bid-YTW : 6.81 %
There were 2 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: 22.88 – 24.00
Spot Rate : 1.1200
Average : 0.8325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-07-03
Maturity Price : 22.52
Evaluated at bid price : 22.88
Bid-YTW : 5.00 %

SLF.PR.H FixedReset Quote: 21.44 – 22.09
Spot Rate : 0.6500
Average : 0.4622

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.44
Bid-YTW : 6.20 %

PVS.PR.F SplitShare Quote: 25.49 – 25.99
Spot Rate : 0.5000
Average : 0.3294

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.49
Bid-YTW : 4.52 %

MFC.PR.M FixedReset Quote: 22.80 – 23.19
Spot Rate : 0.3900
Average : 0.2444

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 5.98 %

W.PR.M FixedReset Quote: 25.50 – 25.99
Spot Rate : 0.4900
Average : 0.3506

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.51 %

SLF.PR.J FloatingReset Quote: 19.48 – 19.90
Spot Rate : 0.4200
Average : 0.2900

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.48
Bid-YTW : 6.91 %

June 29, 2018

Friday, June 29th, 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 -0.2500 % 2,991.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2500 % 5,489.0
Floater 3.36 % 3.57 % 77,330 18.35 4 -0.2500 % 3,163.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0159 % 3,180.7
SplitShare 4.62 % 4.51 % 66,286 4.96 5 0.0159 % 3,798.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0159 % 2,963.7
Perpetual-Premium 5.62 % -7.65 % 61,030 0.09 9 -0.1001 % 2,896.0
Perpetual-Discount 5.36 % 5.48 % 61,195 14.63 26 -0.0997 % 2,981.1
FixedReset 4.33 % 4.60 % 137,835 5.67 106 0.0014 % 2,536.0
Deemed-Retractible 5.15 % 5.85 % 70,218 5.52 27 -0.0967 % 2,967.8
FloatingReset 3.06 % 3.67 % 35,536 3.43 9 0.1103 % 2,801.5
Performance Highlights
Issue Index Change Notes
MFC.PR.G FixedReset -5.19 % A nonsensical quote from Nonsense Central, as this issue traded a whopping 1,000 shares in a ridiculous range of 23.77-29 (closing at the high) before being quoted at 23.00-24.40.

I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers.

It’s a real shame that this moronic quote is being foisted on the public at the end of the second quarter. Fund valuators with more than one working brain cell, who therefore use bid-ask quotes rather than closing prices, will be forced to make a decision regarding what price to use for this issue, with a wide range of perfectly reasonable possibilities. That is, of course, assuming that they notice something odd about the quote, which is by no means assured.

But who cares? It only affects retail investor scum. Fuck ’em.

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 5.85 %

PWF.PR.P FixedReset -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.47 %
CU.PR.F Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.39 %
SLF.PR.H FixedReset -1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.70
Bid-YTW : 5.93 %
SLF.PR.A Deemed-Retractible -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.26
Bid-YTW : 6.88 %
HSE.PR.G FixedReset -1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.05 %
SLF.PR.D Deemed-Retractible -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.40
Bid-YTW : 7.27 %
BAM.PR.X FixedReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.87 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PR.Q FloatingReset 133,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 3.33 %
SLF.PR.D Deemed-Retractible 32,792 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.40
Bid-YTW : 7.27 %
BAM.PR.B Floater 28,323 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 3.59 %
BNS.PR.R FixedReset 28,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-26
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 3.81 %
NA.PR.G FixedReset 20,440 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 23.13
Evaluated at bid price : 24.99
Bid-YTW : 4.72 %
EMA.PR.H FixedReset 19,109 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 23.20
Evaluated at bid price : 25.13
Bid-YTW : 4.81 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.G FixedReset Quote: 23.00 – 24.40
Spot Rate : 1.4000
Average : 0.7886

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 5.85 %

BAM.PF.E FixedReset Quote: 22.90 – 23.70
Spot Rate : 0.8000
Average : 0.5172

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 22.54
Evaluated at bid price : 22.90
Bid-YTW : 4.91 %

BAM.PR.K Floater Quote: 16.90 – 17.61
Spot Rate : 0.7100
Average : 0.4883

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 3.57 %

BAM.PF.G FixedReset Quote: 24.00 – 24.53
Spot Rate : 0.5300
Average : 0.3176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 23.68
Evaluated at bid price : 24.00
Bid-YTW : 4.97 %

PWF.PR.P FixedReset Quote: 19.05 – 19.60
Spot Rate : 0.5500
Average : 0.3455

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-29
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.47 %

MFC.PR.Q FixedReset Quote: 24.27 – 24.70
Spot Rate : 0.4300
Average : 0.2604

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.27
Bid-YTW : 5.23 %

June 28, 2018

Thursday, June 28th, 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 0.3065 % 2,998.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3065 % 5,502.7
Floater 3.35 % 3.57 % 72,772 18.34 4 0.3065 % 3,171.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0955 % 3,180.2
SplitShare 4.62 % 4.51 % 65,440 4.96 5 0.0955 % 3,797.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0955 % 2,963.2
Perpetual-Premium 5.61 % -10.00 % 61,942 0.09 9 0.1610 % 2,898.9
Perpetual-Discount 5.36 % 5.46 % 59,972 14.61 26 0.2318 % 2,984.1
FixedReset 4.32 % 4.60 % 140,060 5.66 106 0.0408 % 2,536.0
Deemed-Retractible 5.14 % 5.78 % 72,858 5.53 27 0.1452 % 2,970.6
FloatingReset 3.05 % 3.72 % 33,647 3.41 9 0.0449 % 2,798.4
Performance Highlights
Issue Index Change Notes
MFC.PR.K FixedReset -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.20
Bid-YTW : 6.32 %
SLF.PR.B Deemed-Retractible 1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.79
Bid-YTW : 6.50 %
SLF.PR.A Deemed-Retractible 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 6.68 %
W.PR.K FixedReset 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 3.92 %
W.PR.H Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-07-28
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 2.40 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.C FixedReset 135,531 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.41 %
TD.PF.C FixedReset 109,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-28
Maturity Price : 22.76
Evaluated at bid price : 23.16
Bid-YTW : 4.52 %
GWO.PR.N FixedReset 60,185 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.70
Bid-YTW : 7.74 %
BAM.PF.G FixedReset 37,981 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-28
Maturity Price : 23.59
Evaluated at bid price : 23.91
Bid-YTW : 4.98 %
BAM.PF.F FixedReset 27,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-28
Maturity Price : 23.93
Evaluated at bid price : 24.35
Bid-YTW : 4.92 %
NA.PR.G FixedReset 23,605 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-28
Maturity Price : 23.13
Evaluated at bid price : 24.99
Bid-YTW : 4.71 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.F SplitShare Quote: 25.49 – 25.99
Spot Rate : 0.5000
Average : 0.2874

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.49
Bid-YTW : 4.51 %

MFC.PR.K FixedReset Quote: 22.20 – 22.54
Spot Rate : 0.3400
Average : 0.2239

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.20
Bid-YTW : 6.32 %

SLF.PR.I FixedReset Quote: 24.10 – 24.40
Spot Rate : 0.3000
Average : 0.1912

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 4.84 %

IGM.PR.B Perpetual-Premium Quote: 25.33 – 25.57
Spot Rate : 0.2400
Average : 0.1573

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-07-28
Maturity Price : 25.25
Evaluated at bid price : 25.33
Bid-YTW : -4.58 %

CU.PR.D Perpetual-Discount Quote: 23.02 – 23.27
Spot Rate : 0.2500
Average : 0.1780

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-28
Maturity Price : 22.64
Evaluated at bid price : 23.02
Bid-YTW : 5.36 %

BIP.PR.A FixedReset Quote: 23.75 – 23.95
Spot Rate : 0.2000
Average : 0.1331

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-28
Maturity Price : 23.42
Evaluated at bid price : 23.75
Bid-YTW : 5.69 %

June 27, 2018

Wednesday, June 27th, 2018

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.80%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 335bp, a slight (and perhaps spurious) narrowing from the 340bp reported June 20.

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 0.2794 % 2,989.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2794 % 5,485.9
Floater 3.36 % 3.57 % 73,393 18.35 4 0.2794 % 3,161.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.1274 % 3,177.2
SplitShare 4.62 % 4.61 % 65,965 4.97 5 0.1274 % 3,794.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1274 % 2,960.4
Perpetual-Premium 5.61 % -10.87 % 62,055 0.09 9 0.1089 % 2,894.3
Perpetual-Discount 5.36 % 5.51 % 62,194 14.62 26 0.2081 % 2,977.2
FixedReset 4.32 % 4.61 % 143,333 5.67 106 0.0639 % 2,535.0
Deemed-Retractible 5.15 % 5.77 % 71,316 5.53 27 0.3400 % 2,966.3
FloatingReset 3.05 % 3.72 % 34,192 3.42 9 0.0050 % 2,797.2
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.80
Bid-YTW : 7.64 %
TRP.PR.C FixedReset 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 4.75 %
Volume Highlights
Issue Index Shares
Traded
Notes
EMA.PR.H FixedReset 110,128 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 23.19
Evaluated at bid price : 25.10
Bid-YTW : 4.82 %
RY.PR.W Perpetual-Discount 104,670 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 4.99 %
MFC.PR.N FixedReset 74,441 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 5.45 %
POW.PR.G Perpetual-Premium 52,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-15
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.36 %
NA.PR.S FixedReset 51,964 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 22.74
Evaluated at bid price : 23.32
Bid-YTW : 4.67 %
TRP.PR.K FixedReset 44,336 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.47 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.Z FixedReset Quote: 24.60 – 24.85
Spot Rate : 0.2500
Average : 0.1841

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 23.06
Evaluated at bid price : 24.60
Bid-YTW : 4.86 %

PWF.PR.A Floater Quote: 21.25 – 21.54
Spot Rate : 0.2900
Average : 0.2248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 2.86 %

PWF.PR.P FixedReset Quote: 19.28 – 19.49
Spot Rate : 0.2100
Average : 0.1556

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 4.42 %

TD.PF.F Perpetual-Discount Quote: 24.80 – 24.96
Spot Rate : 0.1600
Average : 0.1081

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 24.34
Evaluated at bid price : 24.80
Bid-YTW : 4.99 %

BAM.PF.C Perpetual-Discount Quote: 21.60 – 21.82
Spot Rate : 0.2200
Average : 0.1729

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-27
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 5.65 %

RY.PR.A Deemed-Retractible Quote: 25.18 – 25.33
Spot Rate : 0.1500
Average : 0.1039

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-07-27
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : 0.72 %

June 26, 2018

Tuesday, June 26th, 2018

I’ve never really understood the stock market excitement about marijuana. Sure, there will be some good money to be made in branding and retailing, but at its core the business is about farming. Now it’s even more about farming:

However, new regulations the federal government is expected to unveil this week will open the door to commercial outdoor cultivation. While it is too late in the production cycle in most of the country to start outdoor cultivation this year, the new rules will be in place for next year’s production season.

“Our decision to allow outdoor grow under strict rules is the result of extensive consultations and will contribute to creating a diverse and competitive legal cannabis industry with the ultimate goal of displacing the illegal market,” said Thierry Bélair, a spokesman for Health Minister Ginette Petitpas Taylor.

Nothing wrong with farming and a lot of people earn their daily bread by farming … but it’s not a business that gushes money. Now, if we can only convince the politicians that it cannot be infinitely taxed, we might even be able to squeeze organized crime out of the picture.

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 0.0979 % 2,981.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0979 % 5,470.6
Floater 3.37 % 3.58 % 75,337 18.33 4 0.0979 % 3,152.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1755 % 3,173.1
SplitShare 4.63 % 4.61 % 66,035 4.97 5 0.1755 % 3,789.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1755 % 2,956.6
Perpetual-Premium 5.62 % -8.11 % 61,856 0.09 9 0.0785 % 2,891.1
Perpetual-Discount 5.37 % 5.54 % 61,933 14.59 26 -0.0328 % 2,971.0
FixedReset 4.32 % 4.64 % 144,725 5.69 106 -0.0470 % 2,533.4
Deemed-Retractible 5.17 % 5.84 % 74,046 5.53 27 -0.0486 % 2,956.3
FloatingReset 3.05 % 3.72 % 33,201 3.42 9 0.0250 % 2,797.0
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.92 %
IFC.PR.E Deemed-Retractible -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.17
Bid-YTW : 5.84 %
TRP.PR.C FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 4.80 %
CU.PR.F Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.37 %
MFC.PR.O FixedReset 1.27 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.23
Bid-YTW : 3.90 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Q FixedReset 80,511 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 3.72 %
BMO.PR.W FixedReset 78,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 22.54
Evaluated at bid price : 22.96
Bid-YTW : 4.53 %
BNS.PR.Z FixedReset 76,089 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 4.57 %
RY.PR.W Perpetual-Discount 75,330 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 24.44
Evaluated at bid price : 24.68
Bid-YTW : 5.01 %
BMO.PR.R FloatingReset 74,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 1.71 %
BAM.PF.J FixedReset 65,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.16 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.B FixedReset Quote: 23.11 – 23.63
Spot Rate : 0.5200
Average : 0.3456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 22.52
Evaluated at bid price : 23.11
Bid-YTW : 4.92 %

BAM.PR.X FixedReset Quote: 18.00 – 18.79
Spot Rate : 0.7900
Average : 0.6316

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.92 %

HSE.PR.G FixedReset Quote: 24.96 – 25.39
Spot Rate : 0.4300
Average : 0.2865

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 4.69 %

CU.PR.H Perpetual-Discount Quote: 24.30 – 24.70
Spot Rate : 0.4000
Average : 0.2816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 23.88
Evaluated at bid price : 24.30
Bid-YTW : 5.44 %

MFC.PR.M FixedReset Quote: 23.21 – 23.51
Spot Rate : 0.3000
Average : 0.2126

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.21
Bid-YTW : 5.57 %

CU.PR.E Perpetual-Discount Quote: 22.83 – 23.14
Spot Rate : 0.3100
Average : 0.2304

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-26
Maturity Price : 22.50
Evaluated at bid price : 22.83
Bid-YTW : 5.41 %

June 25, 2018

Monday, June 25th, 2018

I indulged myself on February 26, complaining about sales competition from Mortgage Investment Corporations:

I have a great personal interest in this matter, as every now and then a prospective client sneers at the pathetic yield offered by preferred shares and condescendingly informs me that he can get 8%, no problem, from a mortgage investment corporation. I don’t think these guys know about risk … but then, they don’t have to! Every one I’ve ever talked to is smart enough that he’ll get out before problems become apparent to the hoi polloi.

So I’m following the Fortress receivership with great interest:

Syndicated mortgage loans for real estate projects developed by Fortress Real Developments Inc. are “under considerable stress,” and lenders could face “significant losses,” according to a new report from a court-appointed receiver.

In its first update since it was appointed in April, FAAN Mortgage Administrators Inc. said some of the largest loans provided for Fortress projects are at risk because senior mortgage lenders are moving to foreclose on the properties.

FAAN said it needs more time and money to do more appraisals of the projects to find the best potential outcomes for the syndicated lenders, whose loans often rank in third place or lower to those of other lenders.

FAAN’s update also said about 35 per cent of the money raised from syndicated lenders was used to pay “development consultant fees,” about half going to the brokers who raised the funds from individual investors, and the other half paid to BDMC in its capacity as the borrowers’ broker and to Fortress.

It’s hard to make money when 35% of your investment pays up-front brokerage fees!

FAAN is communicating well, with links to relevant material prominently displayed on the index page of their website. There are a few juicy bits in the Report of the Receiver:

Moreover, many Investors agreed to terms that permit repayment “waterfalls” that, at least in some instances, appear to permit owners of the real estate (including the borrowers and owners of the borrowers) to recover some of the amounts they invested in the developments in priority to the amounts loaned by the Investors.

The Trustee has been advised that many of the projects need further funding to permit developments to continue and that such funding is only available if the security interests granted to BDMC are further postponed and subordinated to new financing.

Professional fees appear to be $150,000 monthly, according to Paragraph 53 of the report. Oh, it’s a great business!

Manulife is exiting the fixed annuities business:

Toronto-based Manulife Financial Corp.‘s decision to discontinue external sales of individual fixed annuities will mean there are fewer options in an already limited annuities marketplace for clients who are seeking a guaranteed income stream during retirement.

Manulife became one of the largest providers of annuities in Canada following its acquisition of Montreal-based Standard Life Assurance Co. of Canada in 2015, the latter of which offered a “full spectrum of products,” according to Lawrence Geller, president of L.I. Geller Insurance Agencies Ltd. in Campbellville, Ont.

Manulife’s exit from the annuities business leaves a big gap. In fact, Geller says, there are “fewer and fewer” insurers offering annuities.

In 2011, Manulife’s U.S. subsidiary, Boston-based John Hancock Financial, discontinued several annuities lines because of low interest rates and volatile equities markets. That year, Manulife’s income statement took a hit of $900 million triggered by John Hancock’s annuities-related losses.

Then, in 2013, Toronto-based Sun Life Financial Inc. sold its U.S. annuities business following earlier losses for reasons similar to those suffered by John Hancock, which forced Sun Life to beef up its reserves.

Although Manulife is exiting this space, other big insurers, such as Toronto-based Canada Life Assurance Co., Winnipeg-based Great-West Life Assurance Co. and Sun Life, continue to offer fixed annuities in Canada.

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 -0.2650 % 2,978.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2650 % 5,465.3
Floater 3.38 % 3.59 % 71,832 18.31 4 -0.2650 % 3,149.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1911 % 3,167.6
SplitShare 4.64 % 4.65 % 66,363 4.97 5 -0.1911 % 3,782.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1911 % 2,951.5
Perpetual-Premium 5.63 % -7.38 % 62,235 0.09 9 0.0000 % 2,888.8
Perpetual-Discount 5.37 % 5.54 % 62,408 14.59 26 0.0393 % 2,971.9
FixedReset 4.32 % 4.58 % 149,951 5.69 106 -0.1667 % 2,534.5
Deemed-Retractible 5.16 % 5.67 % 69,669 5.53 27 0.2717 % 2,957.7
FloatingReset 3.06 % 3.72 % 33,388 3.42 9 -0.0698 % 2,796.3
Performance Highlights
Issue Index Change Notes
MFC.PR.O FixedReset -1.37 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.37 %
TD.PF.D FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 23.29
Evaluated at bid price : 24.34
Bid-YTW : 4.72 %
BAM.PR.R FixedReset -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.01 %
EIT.PR.B SplitShare -1.12 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.68
Bid-YTW : 5.08 %
MFC.PR.F FixedReset -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.67
Bid-YTW : 7.79 %
MFC.PR.K FixedReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 6.23 %
SLF.PR.D Deemed-Retractible 1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.21
Bid-YTW : 7.42 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.A FixedReset 111,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 22.75
Evaluated at bid price : 23.20
Bid-YTW : 4.52 %
BAM.PF.F FixedReset 90,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 23.84
Evaluated at bid price : 24.27
Bid-YTW : 4.93 %
RY.PR.H FixedReset 54,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 23.04
Evaluated at bid price : 23.55
Bid-YTW : 4.46 %
TD.PF.I FixedReset 42,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 4.74 %
SLF.PR.I FixedReset 41,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 4.83 %
NA.PR.E FixedReset 38,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 22.71
Evaluated at bid price : 23.83
Bid-YTW : 4.76 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.B Floater Quote: 16.75 – 17.50
Spot Rate : 0.7500
Average : 0.4816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 3.60 %

PVS.PR.D SplitShare Quote: 25.22 – 25.70
Spot Rate : 0.4800
Average : 0.2865

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : 4.30 %

BAM.PF.E FixedReset Quote: 23.00 – 23.69
Spot Rate : 0.6900
Average : 0.5333

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 22.64
Evaluated at bid price : 23.00
Bid-YTW : 4.88 %

EIT.PR.B SplitShare Quote: 24.68 – 25.01
Spot Rate : 0.3300
Average : 0.2004

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.68
Bid-YTW : 5.08 %

MFC.PR.O FixedReset Quote: 25.90 – 26.22
Spot Rate : 0.3200
Average : 0.1937

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.37 %

TRP.PR.D FixedReset Quote: 22.54 – 23.06
Spot Rate : 0.5200
Average : 0.4010

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-25
Maturity Price : 21.97
Evaluated at bid price : 22.54
Bid-YTW : 4.82 %

June 22, 2018

Friday, June 22nd, 2018

The Canada Five-Year yield dropped below 2% today (1.97%, to be precise), the first time it’s been there in a while. But the preferred share market had a good day anyway. So go figure …

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 -0.7750 % 2,986.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7750 % 5,479.8
Floater 3.37 % 3.58 % 74,444 18.33 4 -0.7750 % 3,158.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0398 % 3,173.6
SplitShare 4.63 % 4.64 % 69,107 4.98 5 0.0398 % 3,790.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0398 % 2,957.1
Perpetual-Premium 5.63 % -11.52 % 63,242 0.09 9 0.2141 % 2,888.8
Perpetual-Discount 5.37 % 5.53 % 63,185 14.58 26 0.2415 % 2,970.8
FixedReset 4.32 % 4.65 % 151,479 5.67 106 0.0812 % 2,538.8
Deemed-Retractible 5.18 % 5.74 % 70,347 5.54 27 0.1904 % 2,949.7
FloatingReset 3.05 % 3.72 % 32,617 3.43 9 0.0200 % 2,798.3
Performance Highlights
Issue Index Change Notes
BAM.PR.C Floater -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 3.59 %
BAM.PR.K Floater -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 3.59 %
BAM.PR.B Floater -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 16.83
Evaluated at bid price : 16.83
Bid-YTW : 3.58 %
BAM.PF.F FixedReset 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 24.08
Evaluated at bid price : 24.48
Bid-YTW : 5.00 %
IFC.PR.F Deemed-Retractible 1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.46 %
GWO.PR.N FixedReset 1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.20
Bid-YTW : 7.33 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.O FixedReset 85,280 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.26
Bid-YTW : 3.85 %
RY.PR.W Perpetual-Discount 80,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 24.31
Evaluated at bid price : 24.62
Bid-YTW : 5.01 %
BAM.PF.A FixedReset 75,853 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 23.48
Evaluated at bid price : 24.40
Bid-YTW : 5.05 %
NA.PR.G FixedReset 73,110 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 23.13
Evaluated at bid price : 24.99
Bid-YTW : 4.79 %
BAM.PF.D Perpetual-Discount 68,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 21.54
Evaluated at bid price : 21.82
Bid-YTW : 5.63 %
BAM.PF.B FixedReset 56,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 22.78
Evaluated at bid price : 23.40
Bid-YTW : 4.97 %
There were 24 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: 23.95 – 24.57
Spot Rate : 0.6200
Average : 0.4058

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 23.63
Evaluated at bid price : 23.95
Bid-YTW : 5.07 %

SLF.PR.D Deemed-Retractible Quote: 20.92 – 21.40
Spot Rate : 0.4800
Average : 0.2958

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.92
Bid-YTW : 7.66 %

BAM.PF.E FixedReset Quote: 23.05 – 23.53
Spot Rate : 0.4800
Average : 0.3614

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 22.68
Evaluated at bid price : 23.05
Bid-YTW : 4.97 %

CU.PR.G Perpetual-Discount Quote: 21.15 – 21.51
Spot Rate : 0.3600
Average : 0.2432

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.37 %

IFC.PR.F Deemed-Retractible Quote: 24.80 – 25.24
Spot Rate : 0.4400
Average : 0.3260

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.46 %

BAM.PR.X FixedReset Quote: 18.36 – 18.88
Spot Rate : 0.5200
Average : 0.4117

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-22
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 4.94 %

June 21, 2018

Thursday, June 21st, 2018

In a rare outbreak of common sense, the Canadian Securities Administrators have decided not to ban trailer fees, but spoiled it by adding a lot more paperwork:

The Canadian Securities Administrators (CSA) has decided not to ban embedded commissions after all. Instead, the group of provincial and territorial regulators have proposed new rules for dealers and financial advisors to address any potential conflicts of interest in clients’ best interest or avoid them altogether, as well as to eliminate all forms of deferred sales charges (DSCs).

In addition, the CSA has decided to prohibit dealers that don’t make a suitability determination when selling mutual funds, such as discount brokerages, from receiving trailing commissions.

The long-awaited decisions were delivered on Thursday in a staff notice outlining these measures and in a 120-day comment period proposing amendments to registrant conduct provisions. (The CSA stated in the staff notice that it anticipates publishing a notice and request for comment in September.)

Although the CSA’s staff notice points out that “regulatory action is required to mitigate the inherent conflicts of interest associated with embedded compensation and to ensure the investor’s interest is paramount,” the regulators are instead proposing enhanced conflict of interest mitigation rules and guidance for dealers and advisors on all securities because these conflicts “are not unique to mutual funds.”

Thus, as part of the proposed amendments to the registrant conduct provisions, dealers and advisors will be required to: address conflicts of interest in clients’ best interest, including those resulting from compensation arrangements and incentive practices; put clients’ interests first when making a suitability determination; and do more to clarify for clients what they should expect from registrants.

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 -0.5779 % 3,009.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5779 % 5,522.6
Floater 3.34 % 3.54 % 68,900 18.42 4 -0.5779 % 3,182.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0398 % 3,172.4
SplitShare 4.63 % 4.67 % 71,862 4.98 5 -0.0398 % 3,788.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0398 % 2,955.9
Perpetual-Premium 5.64 % -5.83 % 60,179 0.08 9 0.0969 % 2,882.7
Perpetual-Discount 5.38 % 5.55 % 62,268 14.53 26 -0.0005 % 2,963.6
FixedReset 4.32 % 4.67 % 153,247 5.67 106 -0.1768 % 2,536.7
Deemed-Retractible 5.19 % 5.80 % 69,563 5.54 27 -0.1775 % 2,944.1
FloatingReset 3.05 % 3.72 % 32,686 3.43 9 -0.0897 % 2,797.7
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.51
Bid-YTW : 7.83 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.H FixedReset 104,445 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 3.65 %
BNS.PR.E FixedReset 54,166 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 3.59 %
PWF.PR.Q FloatingReset 46,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-21
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 3.33 %
TRP.PR.K FixedReset 43,781 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 4.53 %
SLF.PR.I FixedReset 42,460 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.05
Bid-YTW : 4.90 %
NA.PR.G FixedReset 38,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-21
Maturity Price : 23.13
Evaluated at bid price : 24.99
Bid-YTW : 4.79 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
NA.PR.W FixedReset Quote: 23.09 – 23.44
Spot Rate : 0.3500
Average : 0.2034

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-21
Maturity Price : 22.70
Evaluated at bid price : 23.09
Bid-YTW : 4.66 %

NA.PR.S FixedReset Quote: 23.33 – 23.67
Spot Rate : 0.3400
Average : 0.2233

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-21
Maturity Price : 22.75
Evaluated at bid price : 23.33
Bid-YTW : 4.78 %

W.PR.K FixedReset Quote: 25.80 – 26.18
Spot Rate : 0.3800
Average : 0.2860

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.34 %

SLF.PR.E Deemed-Retractible Quote: 21.25 – 21.49
Spot Rate : 0.2400
Average : 0.1573

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 7.43 %

TRP.PR.E FixedReset Quote: 22.52 – 22.80
Spot Rate : 0.2800
Average : 0.2018

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-21
Maturity Price : 21.95
Evaluated at bid price : 22.52
Bid-YTW : 4.92 %

TRP.PR.D FixedReset Quote: 22.85 – 23.11
Spot Rate : 0.2600
Average : 0.1833

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-21
Maturity Price : 22.16
Evaluated at bid price : 22.85
Bid-YTW : 4.86 %

June 20, 2018

Wednesday, June 20th, 2018

Trade politics are complicating projections of Canadian interest rates:

The gap between September 2018 and December 2018 bankers’ acceptance futures narrowed to 14.5 basis points Tuesday amid record two-day volumes in the spread. Market participants are now pricing in just 41 basis points of additional policy tightening by year-end, down from more than 60 basis points as recently as last month. The Canadian dollar has declined in tandem, sliding 2.6 per cent against the greenback since the start of June.

Expectations for future BOC rate hikes are waning as the outlook for North American Free Trade Agreement negotiations grows increasingly fraught.

The odds of a rate increase at the BOC’s July 11 meeting have dwindled to about 67 percent, according to overnight index swap pricing, from roughly 80 percent in the aftermath of the bank’s May 30 meeting.

The Canadian dollar has tumbled more than 5 per cent versus the greenback in 2018, making the loonie the second-worst performing Group-of-10 currency in the span.

PerpetualDiscounts now yield 5.55%, equivalent to 7.22% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.80%, so the pre-tax interest-equivalent spread is now about 340bp, a significant widening from the 330bp reported June 13.

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 0.0413 % 3,027.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0413 % 5,554.7
Floater 3.32 % 3.51 % 71,365 18.50 4 0.0413 % 3,201.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.2235 % 3,173.6
SplitShare 4.63 % 4.63 % 74,319 4.98 5 0.2235 % 3,790.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2235 % 2,957.1
Perpetual-Premium 5.62 % -5.09 % 57,914 0.08 9 0.0174 % 2,879.9
Perpetual-Discount 5.38 % 5.55 % 63,357 14.50 26 -0.0016 % 2,963.6
FixedReset 4.31 % 4.63 % 154,998 5.65 106 0.1092 % 2,541.2
Deemed-Retractible 5.18 % 5.80 % 68,377 5.55 27 0.2156 % 2,949.3
FloatingReset 3.05 % 3.71 % 33,930 3.44 9 0.2850 % 2,800.2
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-20
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 4.95 %
BAM.PF.B FixedReset 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-20
Maturity Price : 22.89
Evaluated at bid price : 23.52
Bid-YTW : 4.94 %
TD.PF.D FixedReset 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.63
Bid-YTW : 4.61 %
SLF.PR.J FloatingReset 2.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.69
Bid-YTW : 6.63 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.B Deemed-Retractible 162,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.71
Bid-YTW : 7.23 %
BIP.PR.D FixedReset 74,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.99 %
TD.PF.I FixedReset 69,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 4.52 %
NA.PR.G FixedReset 63,645 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-20
Maturity Price : 23.15
Evaluated at bid price : 25.03
Bid-YTW : 4.78 %
MFC.PR.O FixedReset 53,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.26
Bid-YTW : 3.84 %
IFC.PR.G FixedReset 30,925 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.82
Bid-YTW : 5.06 %
There were 7 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Deemed-Retractible Quote: 24.20 – 24.50
Spot Rate : 0.3000
Average : 0.1965

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 5.80 %

PWF.PR.A Floater Quote: 21.25 – 21.63
Spot Rate : 0.3800
Average : 0.3069

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-20
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 2.86 %

IAG.PR.G FixedReset Quote: 23.51 – 23.85
Spot Rate : 0.3400
Average : 0.2678

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 5.29 %

BMO.PR.Q FixedReset Quote: 22.71 – 22.90
Spot Rate : 0.1900
Average : 0.1183

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.71
Bid-YTW : 4.83 %

TD.PF.F Perpetual-Discount Quote: 24.73 – 24.96
Spot Rate : 0.2300
Average : 0.1593

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-20
Maturity Price : 24.30
Evaluated at bid price : 24.73
Bid-YTW : 5.00 %

POW.PR.D Perpetual-Discount Quote: 23.15 – 23.35
Spot Rate : 0.2000
Average : 0.1306

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-06-20
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.49 %