Archive for December, 2018

December 31, 2018

Monday, December 31st, 2018
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TXPR closed at 628.87, up an impressive 1.45% on the day. Volume of 1.45-million was the lowest of the past thirty days.

CPD closed at 12.53, up 1.54% on the day. Volume of 94,041 was the lowest of the past thirty days.

ZPR closed at 10.17, up 3.19% on the day. Volume of 323,170 was more or less average in the context of the past thirty days.

It was a marvellous finish to the year, but the TXPR Total Return Index is still down 1.58% on the month and a very nasty 10.01% on the quarter.

But here’s to better things next year!

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 2.0490 % 2,465.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0490 % 4,523.7
Floater 4.75 % 4.95 % 43,872 15.58 4 2.0490 % 2,607.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.8928 % 3,171.6
SplitShare 4.64 % 5.27 % 92,185 4.56 7 0.8928 % 3,787.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.8928 % 2,955.2
Perpetual-Premium 5.60 % 2.11 % 152,263 0.08 2 0.8230 % 2,855.9
Perpetual-Discount 5.70 % 5.88 % 74,546 14.09 33 2.1640 % 2,912.3
FixedReset Disc 5.07 % 5.54 % 214,755 14.61 66 2.7765 % 2,217.9
Deemed-Retractible 5.44 % 6.48 % 92,817 8.20 27 2.1118 % 2,907.9
FloatingReset 4.13 % 4.77 % 44,883 2.95 7 1.6928 % 2,457.6
FixedReset Prem 5.19 % 4.68 % 282,906 2.24 14 -0.3790 % 2,506.0
FixedReset Bank Non 2.98 % 3.78 % 138,886 0.15 6 0.2768 % 2,574.4
FixedReset Ins Non 5.05 % 6.96 % 149,266 8.35 22 2.3060 % 2,204.8
Performance Highlights
Issue Index Change Notes
MFC.PR.N FixedReset Ins Non -2.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 8.06 %
BAM.PR.K Floater -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 12.97
Evaluated at bid price : 12.97
Bid-YTW : 5.35 %
BNS.PR.E FixedReset Prem -1.56 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.88 %
TRP.PR.J FixedReset Prem -1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 5.11 %
MFC.PR.M FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.24
Bid-YTW : 7.99 %
RY.PR.Q FixedReset Prem -1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.68 %
RY.PR.M FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.30 %
IFC.PR.A FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.00
Bid-YTW : 8.66 %
HSE.PR.A FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 6.51 %
TD.PF.I FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.77
Evaluated at bid price : 22.11
Bid-YTW : 5.51 %
TD.PF.E FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 5.45 %
BAM.PF.I FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.16 %
RY.PR.N Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 22.83
Evaluated at bid price : 23.18
Bid-YTW : 5.33 %
BMO.PR.W FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.44 %
CU.PR.D Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.82
Evaluated at bid price : 21.82
Bid-YTW : 5.69 %
PWF.PR.S Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 5.87 %
RY.PR.W Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.83
Evaluated at bid price : 24.08
Bid-YTW : 5.14 %
BIP.PR.F FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.85
Evaluated at bid price : 22.30
Bid-YTW : 5.73 %
TD.PF.A FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.43 %
W.PR.J Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.84
Evaluated at bid price : 24.09
Bid-YTW : 5.83 %
EMA.PR.H FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.03
Evaluated at bid price : 24.55
Bid-YTW : 4.97 %
POW.PR.C Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 5.89 %
GWO.PR.F Deemed-Retractible 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 4.97 %
SLF.PR.I FixedReset Ins Non 1.53 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.95
Bid-YTW : 7.04 %
W.PR.H Perpetual-Discount 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.72
Evaluated at bid price : 24.03
Bid-YTW : 5.73 %
PWF.PR.I Perpetual-Premium 1.60 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : 2.11 %
TD.PF.K FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.65
Evaluated at bid price : 22.00
Bid-YTW : 5.28 %
BIP.PR.A FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 6.64 %
MFC.PR.C Deemed-Retractible 1.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.69
Bid-YTW : 7.40 %
BMO.PR.D FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.71
Evaluated at bid price : 22.00
Bid-YTW : 5.64 %
IAG.PR.A Deemed-Retractible 1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.64
Bid-YTW : 6.92 %
GWO.PR.M Deemed-Retractible 1.85 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 0.92 %
MFC.PR.G FixedReset Ins Non 1.90 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.88
Bid-YTW : 7.27 %
RY.PR.H FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.35 %
IFC.PR.E Deemed-Retractible 2.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.45
Bid-YTW : 6.55 %
TRP.PR.G FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.13
Evaluated at bid price : 20.13
Bid-YTW : 5.94 %
TRP.PR.D FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 5.81 %
GWO.PR.H Deemed-Retractible 2.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.98
Bid-YTW : 7.00 %
RY.PR.S FixedReset Disc 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.84
Evaluated at bid price : 22.30
Bid-YTW : 5.00 %
MFC.PR.R FixedReset Ins Non 2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.13
Bid-YTW : 5.91 %
GWO.PR.P Deemed-Retractible 2.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.31
Bid-YTW : 6.30 %
PVS.PR.G SplitShare 2.20 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.17
Bid-YTW : 5.57 %
PWF.PR.Q FloatingReset 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 15.33
Evaluated at bid price : 15.33
Bid-YTW : 5.38 %
SLF.PR.C Deemed-Retractible 2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.10
Bid-YTW : 7.07 %
CU.PR.F Perpetual-Discount 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.71 %
PVS.PR.F SplitShare 2.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 5.10 %
NA.PR.W FixedReset Disc 2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 5.64 %
PWF.PR.R Perpetual-Discount 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.43
Evaluated at bid price : 23.75
Bid-YTW : 5.88 %
SLF.PR.A Deemed-Retractible 2.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.08
Bid-YTW : 6.83 %
MFC.PR.K FixedReset Ins Non 2.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.26
Bid-YTW : 7.39 %
SLF.PR.B Deemed-Retractible 2.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.39
Bid-YTW : 6.71 %
BMO.PR.T FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 5.45 %
CU.PR.E Perpetual-Discount 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 5.75 %
BMO.PR.E FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.93
Evaluated at bid price : 22.42
Bid-YTW : 5.28 %
GWO.PR.L Deemed-Retractible 2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.94 %
TD.PF.C FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.43 %
BAM.PF.D Perpetual-Discount 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.90 %
MFC.PR.B Deemed-Retractible 2.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.31
Bid-YTW : 7.20 %
BAM.PF.C Perpetual-Discount 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.93 %
CU.PR.H Perpetual-Discount 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.74
Evaluated at bid price : 24.20
Bid-YTW : 5.47 %
TD.PF.B FixedReset Disc 2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.53
Evaluated at bid price : 19.53
Bid-YTW : 5.39 %
IFC.PR.F Deemed-Retractible 2.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.85
Bid-YTW : 6.44 %
BAM.PF.A FixedReset Disc 2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.67 %
BAM.PF.J FixedReset Disc 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.01
Evaluated at bid price : 24.35
Bid-YTW : 5.01 %
POW.PR.A Perpetual-Discount 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.90 %
CCS.PR.C Deemed-Retractible 2.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.99
Bid-YTW : 6.04 %
BAM.PR.N Perpetual-Discount 2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.92 %
TRP.PR.K FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 5.52 %
MFC.PR.J FixedReset Ins Non 2.72 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.76
Bid-YTW : 6.87 %
MFC.PR.H FixedReset Ins Non 2.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.83
Bid-YTW : 6.44 %
GWO.PR.Q Deemed-Retractible 2.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 6.55 %
PWF.PR.P FixedReset Disc 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 5.68 %
TD.PF.D FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 5.50 %
PWF.PR.G Perpetual-Discount 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 24.85
Evaluated at bid price : 25.06
Bid-YTW : 5.99 %
CU.PR.C FixedReset Disc 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 18.44
Evaluated at bid price : 18.44
Bid-YTW : 5.63 %
TRP.PR.F FloatingReset 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 5.48 %
PWF.PR.L Perpetual-Discount 2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.96 %
PWF.PR.T FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 5.66 %
PWF.PR.Z Perpetual-Discount 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.84
Evaluated at bid price : 22.15
Bid-YTW : 5.91 %
SLF.PR.J FloatingReset 3.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.14
Bid-YTW : 8.69 %
POW.PR.G Perpetual-Discount 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.78
Evaluated at bid price : 24.28
Bid-YTW : 5.77 %
PWF.PR.O Perpetual-Discount 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 5.92 %
PWF.PR.K Perpetual-Discount 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.95 %
BAM.PR.M Perpetual-Discount 3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 5.96 %
TRP.PR.B FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 13.43
Evaluated at bid price : 13.43
Bid-YTW : 5.76 %
CM.PR.S FixedReset Disc 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.21 %
BMO.PR.Y FixedReset Disc 3.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.40 %
MFC.PR.F FixedReset Ins Non 3.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.69
Bid-YTW : 8.95 %
GWO.PR.T Deemed-Retractible 3.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 6.55 %
GWO.PR.G Deemed-Retractible 3.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.58
Bid-YTW : 6.48 %
SLF.PR.D Deemed-Retractible 3.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.15
Bid-YTW : 7.04 %
CM.PR.Q FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 5.58 %
VNR.PR.A FixedReset Disc 3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.63 %
CU.PR.G Perpetual-Discount 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 5.67 %
GWO.PR.S Deemed-Retractible 3.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.26
Bid-YTW : 6.17 %
TD.PF.J FixedReset Disc 3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.84
Evaluated at bid price : 22.25
Bid-YTW : 5.24 %
GWO.PR.I Deemed-Retractible 3.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.86
Bid-YTW : 7.27 %
MFC.PR.Q FixedReset Ins Non 3.53 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.84
Bid-YTW : 6.78 %
PWF.PR.F Perpetual-Discount 3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 22.38
Evaluated at bid price : 22.64
Bid-YTW : 5.89 %
BMO.PR.S FixedReset Disc 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 5.40 %
HSE.PR.G FixedReset Disc 3.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.39
Evaluated at bid price : 20.39
Bid-YTW : 6.58 %
GWO.PR.R Deemed-Retractible 3.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.45
Bid-YTW : 6.67 %
NA.PR.G FixedReset Disc 3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.54
Evaluated at bid price : 21.86
Bid-YTW : 5.48 %
POW.PR.B Perpetual-Discount 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.88 %
SLF.PR.E Deemed-Retractible 3.99 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.06
Bid-YTW : 7.15 %
RY.PR.Z FixedReset Disc 4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 5.24 %
BAM.PR.C Floater 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 4.95 %
POW.PR.D Perpetual-Discount 4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.81 %
IAG.PR.G FixedReset Ins Non 4.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.74 %
IAG.PR.I FixedReset Ins Non 4.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.90
Bid-YTW : 6.32 %
SLF.PR.G FixedReset Ins Non 4.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.21
Bid-YTW : 8.74 %
NA.PR.S FixedReset Disc 4.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.54 %
TRP.PR.A FixedReset Disc 4.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 5.73 %
BAM.PR.T FixedReset Disc 4.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 5.68 %
TRP.PR.C FixedReset Disc 4.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 14.18
Evaluated at bid price : 14.18
Bid-YTW : 5.80 %
BAM.PF.E FixedReset Disc 5.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.70 %
NA.PR.C FixedReset Disc 5.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.80
Evaluated at bid price : 22.15
Bid-YTW : 5.84 %
EMA.PR.F FixedReset Disc 5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.89 %
BAM.PR.B Floater 5.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 4.99 %
BAM.PR.Z FixedReset Disc 5.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.48 %
GWO.PR.N FixedReset Ins Non 5.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.83
Bid-YTW : 8.80 %
HSE.PR.E FixedReset Disc 5.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.62 %
BAM.PR.R FixedReset Disc 5.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 5.65 %
BAM.PF.F FixedReset Disc 6.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.71 %
NA.PR.E FixedReset Disc 6.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.41 %
BAM.PF.B FixedReset Disc 6.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.64
Evaluated at bid price : 20.64
Bid-YTW : 5.50 %
BNS.PR.I FixedReset Disc 6.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.87
Evaluated at bid price : 22.34
Bid-YTW : 4.97 %
TRP.PR.H FloatingReset 6.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 13.61
Evaluated at bid price : 13.61
Bid-YTW : 5.40 %
PWF.PR.E Perpetual-Discount 6.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 23.40
Evaluated at bid price : 23.69
Bid-YTW : 5.90 %
BAM.PR.X FixedReset Disc 7.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 15.98
Evaluated at bid price : 15.98
Bid-YTW : 5.49 %
IFC.PR.C FixedReset Ins Non 7.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.00
Bid-YTW : 7.42 %
BAM.PF.G FixedReset Disc 7.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.65 %
IFC.PR.G FixedReset Ins Non 8.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 6.62 %
HSE.PR.C FixedReset Disc 9.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.35 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.R FixedReset Bank Non 92,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-25
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 3.05 %
BNS.PR.I FixedReset Disc 42,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.87
Evaluated at bid price : 22.34
Bid-YTW : 4.97 %
BNS.PR.C FloatingReset 30,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-25
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 1.31 %
TD.PF.A FixedReset Disc 30,198 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.43 %
GWO.PR.I Deemed-Retractible 26,242 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.86
Bid-YTW : 7.27 %
TD.PF.C FixedReset Disc 21,498 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.43 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 16.00 – 17.05
Spot Rate : 1.0500
Average : 0.6600

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.00
Bid-YTW : 8.66 %

IFC.PR.C FixedReset Ins Non Quote: 19.00 – 19.90
Spot Rate : 0.9000
Average : 0.5539

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.00
Bid-YTW : 7.42 %

BAM.PR.K Floater Quote: 12.97 – 14.24
Spot Rate : 1.2700
Average : 1.0175

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 12.97
Evaluated at bid price : 12.97
Bid-YTW : 5.35 %

SLF.PR.H FixedReset Ins Non Quote: 17.59 – 18.44
Spot Rate : 0.8500
Average : 0.6005

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.59
Bid-YTW : 7.74 %

BIP.PR.E FixedReset Disc Quote: 22.00 – 22.75
Spot Rate : 0.7500
Average : 0.5035

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 5.70 %

BAM.PF.A FixedReset Disc Quote: 21.56 – 22.26
Spot Rate : 0.7000
Average : 0.4844

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-31
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.67 %

December 28, 2018

Saturday, December 29th, 2018
rainbow_unicorn_181228
Click for Big

TXPR closed at 619.90, up a stunning 3.15% on the day on the first day following tax-loss selling season. Volume of 1.46-million was the lowest of the past thirty days.

CPD closed at 12.34, up 2.15% on the day. Volume of 159,992 was fourth-lowest of the past thirty days.

ZPR closed at 10.04, up 3.19% on the day. Volume of 236,190 was the fourth-lowest of the past thirty days.

A very nice day, but without much volume. Those inclined to read too much into a single day’s returns should note that today’s win still leaves the TXPR total return index below the level of December 17 and is still down 3.02% on the month.

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 3.1617 % 2,415.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 3.1617 % 4,432.8
Floater 4.84 % 5.15 % 44,502 15.24 4 3.1617 % 2,554.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0294 % 3,143.5
SplitShare 4.68 % 5.38 % 93,228 4.56 7 -0.0294 % 3,754.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0294 % 2,929.1
Perpetual-Premium 5.65 % 6.12 % 154,203 13.63 2 1.5698 % 2,832.6
Perpetual-Discount 5.82 % 5.98 % 73,953 13.92 33 2.5381 % 2,850.6
FixedReset Disc 5.21 % 5.77 % 217,913 14.32 66 4.0413 % 2,158.0
Deemed-Retractible 5.56 % 6.80 % 93,957 8.16 27 2.5729 % 2,847.8
FloatingReset 4.21 % 4.89 % 41,557 2.93 7 2.3066 % 2,416.7
FixedReset Prem 5.16 % 4.40 % 285,457 2.25 14 0.7636 % 2,515.5
FixedReset Bank Non 2.98 % 3.74 % 143,474 0.16 6 0.4981 % 2,567.3
FixedReset Ins Non 5.16 % 7.27 % 150,369 8.32 22 3.5816 % 2,155.1
Performance Highlights
Issue Index Change Notes
BNS.PR.E FixedReset Prem 1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.12 %
BNS.PR.G FixedReset Prem 1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 25.92
Bid-YTW : 4.39 %
BAM.PF.I FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.54 %
RY.PR.O Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.76
Evaluated at bid price : 23.10
Bid-YTW : 5.35 %
CM.PR.R FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.77
Evaluated at bid price : 22.08
Bid-YTW : 5.79 %
PWF.PR.E Perpetual-Discount 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 6.27 %
BNS.PR.Z FixedReset Bank Non 1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.32
Bid-YTW : 4.95 %
PWF.PR.L Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 6.15 %
NA.PR.X FixedReset Prem 1.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.40 %
BAM.PR.K Floater 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 5.25 %
BAM.PR.B Floater 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 5.25 %
IFC.PR.G FixedReset Ins Non 1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.60
Bid-YTW : 7.66 %
NA.PR.C FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.22 %
CU.PR.I FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 2.65 %
BIP.PR.C FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 5.77 %
IAG.PR.I FixedReset Ins Non 1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 6.87 %
GWO.PR.F Deemed-Retractible 1.86 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 6.11 %
W.PR.J Perpetual-Discount 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.90 %
POW.PR.D Perpetual-Discount 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.06 %
TRP.PR.J FixedReset Prem 2.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.55 %
BMO.PR.Z Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 24.36
Evaluated at bid price : 24.85
Bid-YTW : 5.06 %
POW.PR.C Perpetual-Discount 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 24.04
Evaluated at bid price : 24.29
Bid-YTW : 5.98 %
CU.PR.F Perpetual-Discount 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.84 %
EML.PR.A FixedReset Ins Non 2.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 26.17
Bid-YTW : 3.50 %
PWF.PR.F Perpetual-Discount 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 6.11 %
SLF.PR.G FixedReset Ins Non 2.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.57
Bid-YTW : 9.32 %
GWO.PR.I Deemed-Retractible 2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.19
Bid-YTW : 7.69 %
MFC.PR.R FixedReset Ins Non 2.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.62
Bid-YTW : 6.21 %
TRP.PR.H FloatingReset 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 12.82
Evaluated at bid price : 12.82
Bid-YTW : 5.77 %
BIP.PR.E FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 5.70 %
PWF.PR.T FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 5.93 %
GWO.PR.R Deemed-Retractible 2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.66
Bid-YTW : 7.13 %
PWF.PR.Z Perpetual-Discount 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.10 %
PWF.PR.I Perpetual-Premium 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 24.67
Evaluated at bid price : 24.93
Bid-YTW : 6.12 %
BAM.PF.F FixedReset Disc 2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 6.14 %
BAM.PF.A FixedReset Disc 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 5.87 %
GWO.PR.N FixedReset Ins Non 2.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.05
Bid-YTW : 9.50 %
BMO.PR.D FixedReset Disc 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.33
Evaluated at bid price : 21.63
Bid-YTW : 5.79 %
TD.PF.F Perpetual-Discount 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 23.57
Evaluated at bid price : 24.01
Bid-YTW : 5.16 %
SLF.PR.E Deemed-Retractible 2.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.29
Bid-YTW : 7.63 %
CU.PR.D Perpetual-Discount 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 5.76 %
EMA.PR.F FixedReset Disc 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 6.29 %
TD.PF.I FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.59
Evaluated at bid price : 21.86
Bid-YTW : 5.63 %
BNS.PR.I FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 5.40 %
PWF.PR.G Perpetual-Discount 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 6.16 %
SLF.PR.A Deemed-Retractible 2.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 7.11 %
TD.PF.D FixedReset Disc 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.73 %
POW.PR.B Perpetual-Discount 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 6.11 %
PWF.PR.O Perpetual-Discount 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 6.11 %
BAM.PF.J FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.74
Evaluated at bid price : 23.75
Bid-YTW : 5.22 %
TD.PF.E FixedReset Disc 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.60 %
BAM.PR.X FixedReset Disc 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 14.93
Evaluated at bid price : 14.93
Bid-YTW : 5.96 %
CU.PR.E Perpetual-Discount 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.88 %
MFC.PR.M FixedReset Ins Non 3.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.46
Bid-YTW : 7.91 %
PWF.PR.H Perpetual-Discount 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 23.72
Evaluated at bid price : 24.03
Bid-YTW : 6.08 %
BAM.PF.E FixedReset Disc 3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.08 %
BIP.PR.A FixedReset Disc 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.82 %
GWO.PR.H Deemed-Retractible 3.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.54
Bid-YTW : 7.26 %
GWO.PR.L Deemed-Retractible 3.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.93
Bid-YTW : 6.23 %
POW.PR.A Perpetual-Discount 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 6.04 %
SLF.PR.D Deemed-Retractible 3.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.50
Bid-YTW : 7.43 %
BAM.PF.G FixedReset Disc 3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.15 %
BMO.PR.C FixedReset Disc 3.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.04
Evaluated at bid price : 22.45
Bid-YTW : 5.75 %
MFC.PR.N FixedReset Ins Non 3.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.40
Bid-YTW : 7.85 %
PWF.PR.K Perpetual-Discount 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 6.13 %
POW.PR.G Perpetual-Discount 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 23.08
Evaluated at bid price : 23.55
Bid-YTW : 5.94 %
CM.PR.Q FixedReset Disc 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.84 %
SLF.PR.I FixedReset Ins Non 3.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.65
Bid-YTW : 7.27 %
NA.PR.G FixedReset Disc 3.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.77 %
BAM.PR.M Perpetual-Discount 3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 6.15 %
MFC.PR.B Deemed-Retractible 3.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.83
Bid-YTW : 7.49 %
BIP.PR.F FixedReset Disc 3.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 5.81 %
IFC.PR.F Deemed-Retractible 3.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 6.74 %
PWF.PR.A Floater 3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 4.05 %
PWF.PR.S Perpetual-Discount 3.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 5.95 %
ELF.PR.H Perpetual-Discount 3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 23.12
Evaluated at bid price : 23.59
Bid-YTW : 5.82 %
SLF.PR.H FixedReset Ins Non 3.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.56
Bid-YTW : 7.82 %
MFC.PR.J FixedReset Ins Non 3.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.21
Bid-YTW : 7.24 %
MFC.PR.L FixedReset Ins Non 3.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.06
Bid-YTW : 7.97 %
GWO.PR.G Deemed-Retractible 4.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.87
Bid-YTW : 6.87 %
BAM.PF.B FixedReset Disc 4.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 5.92 %
EMA.PR.H FixedReset Disc 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.89
Evaluated at bid price : 24.20
Bid-YTW : 5.05 %
PWF.PR.P FixedReset Disc 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.94 %
CU.PR.C FixedReset Disc 4.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 5.87 %
SLF.PR.C Deemed-Retractible 4.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.65
Bid-YTW : 7.34 %
SLF.PR.J FloatingReset 4.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.69
Bid-YTW : 13.14 %

See comments for correction!

RY.PR.Z FixedReset Disc 4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.54 %
BAM.PF.D Perpetual-Discount 4.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 6.04 %
SLF.PR.B Deemed-Retractible 4.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 6.99 %
MFC.PR.Q FixedReset Ins Non 4.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.13
Bid-YTW : 7.24 %
RY.PR.M FixedReset Disc 4.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.43 %
GWO.PR.Q Deemed-Retractible 4.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.75
Bid-YTW : 6.88 %
GWO.PR.T Deemed-Retractible 4.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.65
Bid-YTW : 6.94 %
MFC.PR.I FixedReset Ins Non 4.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 7.10 %
MFC.PR.C Deemed-Retractible 4.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.36
Bid-YTW : 7.61 %
GWO.PR.M Deemed-Retractible 4.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.84
Bid-YTW : 5.92 %
BMO.PR.S FixedReset Disc 4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.69 %
MFC.PR.F FixedReset Ins Non 4.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.23
Bid-YTW : 9.39 %
BAM.PR.N Perpetual-Discount 4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 6.08 %
IFC.PR.A FixedReset Ins Non 4.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.83
Bid-YTW : 8.84 %
GWO.PR.P Deemed-Retractible 4.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.81
Bid-YTW : 6.56 %
BMO.PR.T FixedReset Disc 4.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 5.67 %
IFC.PR.E Deemed-Retractible 4.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 6.80 %
PWF.PR.Q FloatingReset 4.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 14.99
Evaluated at bid price : 14.99
Bid-YTW : 5.54 %
BMO.PR.W FixedReset Disc 4.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 5.59 %
IFC.PR.C FixedReset Ins Non 4.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.70
Bid-YTW : 8.33 %
CCS.PR.C Deemed-Retractible 4.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.40
Bid-YTW : 6.36 %
BAM.PR.Z FixedReset Disc 4.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.86 %
PWF.PR.R Perpetual-Discount 4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.94
Evaluated at bid price : 23.21
Bid-YTW : 6.02 %
BAM.PF.C Perpetual-Discount 4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.07 %
RY.PR.H FixedReset Disc 5.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 5.55 %
MFC.PR.G FixedReset Ins Non 5.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.51
Bid-YTW : 7.54 %
NA.PR.S FixedReset Disc 5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.77
Evaluated at bid price : 18.77
Bid-YTW : 5.88 %
TRP.PR.E FixedReset Disc 5.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 5.76 %
IGM.PR.B Perpetual-Discount 5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 24.46
Evaluated at bid price : 24.75
Bid-YTW : 5.95 %
TD.PF.J FixedReset Disc 5.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.52 %
BAM.PR.R FixedReset Disc 5.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 16.88
Evaluated at bid price : 16.88
Bid-YTW : 6.06 %
HSE.PR.E FixedReset Disc 5.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.34
Evaluated at bid price : 19.34
Bid-YTW : 7.07 %
CM.PR.S FixedReset Disc 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.44 %
RY.PR.J FixedReset Disc 5.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.52 %
HSE.PR.A FixedReset Disc 5.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 6.69 %
HSE.PR.C FixedReset Disc 5.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.08
Evaluated at bid price : 18.08
Bid-YTW : 7.02 %
BMO.PR.Y FixedReset Disc 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.65 %
BAM.PR.T FixedReset Disc 5.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 6.03 %
RY.PR.S FixedReset Disc 5.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.51
Evaluated at bid price : 21.83
Bid-YTW : 5.18 %
MFC.PR.H FixedReset Ins Non 5.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 6.81 %
TD.PF.C FixedReset Disc 5.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 5.64 %
BAM.PR.C Floater 5.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 5.15 %
TRP.PR.D FixedReset Disc 5.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 17.97
Evaluated at bid price : 17.97
Bid-YTW : 6.03 %
TRP.PR.G FixedReset Disc 5.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.13 %
CM.PR.P FixedReset Disc 6.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.69 %
IAG.PR.G FixedReset Ins Non 6.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.69
Bid-YTW : 7.26 %
TD.PF.B FixedReset Disc 6.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 5.61 %
TD.PF.A FixedReset Disc 6.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 5.59 %
NA.PR.E FixedReset Disc 6.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.80 %
TRP.PR.C FixedReset Disc 6.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 6.19 %
MFC.PR.K FixedReset Ins Non 6.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.82
Bid-YTW : 7.71 %
NA.PR.W FixedReset Disc 6.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 5.86 %
CM.PR.O FixedReset Disc 6.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.68 %
TRP.PR.B FixedReset Disc 7.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 6.06 %
TRP.PR.F FloatingReset 7.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 15.88
Evaluated at bid price : 15.88
Bid-YTW : 5.67 %
BMO.PR.E FixedReset Disc 7.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.57
Evaluated at bid price : 21.90
Bid-YTW : 5.48 %
TD.PF.K FixedReset Disc 8.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 5.43 %
HSE.PR.G FixedReset Disc 8.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 19.64
Evaluated at bid price : 19.64
Bid-YTW : 6.91 %
TRP.PR.A FixedReset Disc 8.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 15.84
Evaluated at bid price : 15.84
Bid-YTW : 6.10 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.S FixedReset Disc 48,537 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.51
Evaluated at bid price : 21.83
Bid-YTW : 5.18 %
CM.PR.S FixedReset Disc 41,069 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.44 %
IFC.PR.C FixedReset Ins Non 32,500 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.70
Bid-YTW : 8.33 %
BNS.PR.I FixedReset Disc 32,383 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 5.40 %
RY.PR.E Deemed-Retractible 30,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.67 %
CM.PR.P FixedReset Disc 29,319 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.69 %
There were 28 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.C FixedReset Disc Quote: 18.08 – 19.39
Spot Rate : 1.3100
Average : 0.8578

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 18.08
Evaluated at bid price : 18.08
Bid-YTW : 7.02 %

BAM.PR.K Floater Quote: 13.20 – 14.30
Spot Rate : 1.1000
Average : 0.7406

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 5.25 %

PWF.PR.E Perpetual-Discount Quote: 22.30 – 23.35
Spot Rate : 1.0500
Average : 0.7116

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 6.27 %

PWF.PR.L Perpetual-Discount Quote: 21.12 – 21.90
Spot Rate : 0.7800
Average : 0.4902

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-28
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 6.15 %

GWO.PR.L Deemed-Retractible Quote: 23.93 – 24.75
Spot Rate : 0.8200
Average : 0.5492

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.93
Bid-YTW : 6.23 %

IFC.PR.G FixedReset Ins Non Quote: 19.60 – 20.26
Spot Rate : 0.6600
Average : 0.4074

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.60
Bid-YTW : 7.66 %

BPO.PR.T : No Conversion to FloatingReset

Friday, December 28th, 2018

Brookfield Office Properties Inc. has announced:

that after having taken into account all election notices following the December 17, 2018 conversion deadline for the Class AAA Preference Shares, Series T (the “Series T Shares”) (TSX: BPO.PR.T) tendered for conversion into Class AAA Preference Shares, Series U (the “Series U Shares”), the holders of Series T Shares are not entitled to convert their Series T Shares into Series U Shares. There were 65,139 Series T Shares tendered for conversion, which is less than the 1,000,000 shares required to give effect to conversions into Series U Shares.

The Series T Shares will pay on a quarterly basis, for the five-year period beginning on January 1, 2019, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 5.383% per annum (C$0.336438 per share per quarter).

It will be recalled that BPO.PR.T will reset at 5.383% effective January 1, 2019.

BPO.PR.T is a FixedReset, 4.60%+316, that commenced trading 2012-9-13 after being announced 2012-9-5. It is tracked by HIMIPref™, but relegated to the Scraps – FixedReset Discount index on credit concerns.

I recommended against conversion.

December 27, 2018

Friday, December 28th, 2018
rollercoaster_181227
Click for Big

TXPR touched a new 52-week low of 596.56 undercutting the prior 52-week low of 599.70 reached on December 24 before closing at 600.96, up 0.15% on the day. It gained 73bp in the last half hour! Volume was average in the context of the past thirty days at 2.39-million shares.

CPD closed at 12.08, down 0.17% from December 24’s close. Volume of 394,950 was third-highest of the past thirty days, beaten only by December 12 and December 6.

ZPR closed at 9.73, up 0.21% on the day. Volume of 606,299 was the fourth-highest of the past thirty days.

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 -0.1263 % 2,341.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1263 % 4,297.0
Floater 5.00 % 5.33 % 44,530 14.94 4 -0.1263 % 2,476.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0235 % 3,144.5
SplitShare 4.68 % 5.38 % 94,708 4.56 7 -0.0235 % 3,755.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0235 % 2,929.9
Perpetual-Premium 5.73 % 5.35 % 107,497 14.82 2 0.3683 % 2,788.8
Perpetual-Discount 5.96 % 6.18 % 74,990 13.60 33 -0.5197 % 2,780.0
FixedReset Disc 5.42 % 5.97 % 225,990 13.91 66 0.1780 % 2,074.1
Deemed-Retractible 5.70 % 7.18 % 97,444 8.08 27 -0.4836 % 2,776.4
FloatingReset 4.31 % 5.01 % 42,147 2.93 7 0.4226 % 2,362.2
FixedReset Prem 5.19 % 4.72 % 286,585 2.25 14 -0.0953 % 2,496.4
FixedReset Bank Non 2.99 % 4.32 % 148,380 2.89 6 0.2288 % 2,554.6
FixedReset Ins Non 5.35 % 7.85 % 150,798 8.24 22 -0.9066 % 2,080.6
Performance Highlights
Issue Index Change Notes
MFC.PR.K FixedReset Ins Non -4.44 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.64
Bid-YTW : 8.51 %
IAG.PR.G FixedReset Ins Non -3.53 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.57
Bid-YTW : 7.97 %
GWO.PR.N FixedReset Ins Non -3.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.70
Bid-YTW : 9.79 %
MFC.PR.Q FixedReset Ins Non -2.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.30
Bid-YTW : 7.76 %
CU.PR.E Perpetual-Discount -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.05 %
MFC.PR.R FixedReset Ins Non -2.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.09
Bid-YTW : 6.49 %
IFC.PR.A FixedReset Ins Non -2.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.15
Bid-YTW : 9.37 %
IFC.PR.F Deemed-Retractible -2.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.53
Bid-YTW : 7.18 %
IFC.PR.E Deemed-Retractible -2.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.04
Bid-YTW : 7.35 %
GWO.PR.F Deemed-Retractible -1.94 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 6.34 %
PWF.PR.Q FloatingReset -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 14.33
Evaluated at bid price : 14.33
Bid-YTW : 5.80 %
SLF.PR.I FixedReset Ins Non -1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.00
Bid-YTW : 7.67 %
MFC.PR.F FixedReset Ins Non -1.80 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.63
Bid-YTW : 9.89 %
CCS.PR.C Deemed-Retractible -1.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.38
Bid-YTW : 6.93 %
PWF.PR.R Perpetual-Discount -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 22.15
Evaluated at bid price : 22.15
Bid-YTW : 6.33 %
EIT.PR.B SplitShare -1.75 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 23.62
Bid-YTW : 5.94 %
BIP.PR.E FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.85 %
POW.PR.B Perpetual-Discount -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 6.29 %
TD.PF.B FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 5.96 %
POW.PR.G Perpetual-Discount -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 22.40
Evaluated at bid price : 22.80
Bid-YTW : 6.14 %
GWO.PR.H Deemed-Retractible -1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.92
Bid-YTW : 7.64 %
TD.PF.D FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.88 %
BAM.PR.C Floater -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 5.46 %
PWF.PR.H Perpetual-Discount -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 23.06
Evaluated at bid price : 23.32
Bid-YTW : 6.27 %
SLF.PR.H FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.90
Bid-YTW : 8.27 %
GWO.PR.Q Deemed-Retractible -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.85
Bid-YTW : 7.41 %
BAM.PF.G FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.35 %
BAM.PF.J FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 22.40
Evaluated at bid price : 23.11
Bid-YTW : 5.38 %
BMO.PR.C FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 5.94 %
TD.PF.A FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.88
Evaluated at bid price : 17.88
Bid-YTW : 5.94 %
BMO.PR.E FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.93 %
W.PR.J Perpetual-Discount -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 23.37
Evaluated at bid price : 23.66
Bid-YTW : 6.03 %
PWF.PR.T FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 6.07 %
GWO.PR.T Deemed-Retractible -1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 7.47 %
CU.PR.D Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.91 %
NA.PR.E FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 6.18 %
EMA.PR.F FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 6.46 %
GWO.PR.P Deemed-Retractible -1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.83
Bid-YTW : 7.11 %
TD.PF.C FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 5.98 %
CM.PR.S FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.74 %
GWO.PR.G Deemed-Retractible -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.02
Bid-YTW : 7.37 %
GWO.PR.R Deemed-Retractible -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.18
Bid-YTW : 7.42 %
POW.PR.A Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 6.23 %
IAG.PR.I FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.62
Bid-YTW : 7.09 %
BAM.PR.B Floater 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 5.33 %
MFC.PR.H FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.08
Bid-YTW : 7.51 %
BNS.PR.F FloatingReset 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.71
Bid-YTW : 5.01 %
TRP.PR.G FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.50 %
CM.PR.R FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 5.86 %
BAM.PR.T FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 16.18
Evaluated at bid price : 16.18
Bid-YTW : 6.38 %
BAM.PF.A FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.02 %
CGI.PR.D SplitShare 1.24 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2023-06-14
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 4.30 %
BAM.PF.I FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 4.94 %
BAM.PR.Z FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.14 %
NA.PR.G FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.97 %
IGM.PR.B Perpetual-Discount 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 23.59
Evaluated at bid price : 23.86
Bid-YTW : 6.29 %
TRP.PR.A FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 6.64 %
TRP.PR.D FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.41 %
HSE.PR.G FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.52 %
PWF.PR.P FixedReset Disc 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 13.93
Evaluated at bid price : 13.93
Bid-YTW : 6.18 %
TRP.PR.H FloatingReset 3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 12.53
Evaluated at bid price : 12.53
Bid-YTW : 5.91 %
HSE.PR.C FixedReset Disc 3.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 7.41 %
HSE.PR.A FixedReset Disc 3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 12.46
Evaluated at bid price : 12.46
Bid-YTW : 7.06 %
HSE.PR.E FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.45 %
TRP.PR.E FixedReset Disc 4.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 6.07 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.K FixedReset Disc 138,550 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 5.90 %
BNS.PR.I FixedReset Disc 81,378 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 5.55 %
RY.PR.S FixedReset Disc 58,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 5.51 %
BMO.PR.E FixedReset Disc 57,374 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.93 %
IFC.PR.G FixedReset Ins Non 44,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.30
Bid-YTW : 7.85 %
BIP.PR.F FixedReset Disc 39,930 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.04 %
There were 61 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 Disc Quote: 17.20 – 18.41
Spot Rate : 1.2100
Average : 0.7763

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.41 %

MFC.PR.Q FixedReset Ins Non Quote: 19.30 – 20.24
Spot Rate : 0.9400
Average : 0.5642

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.30
Bid-YTW : 7.76 %

IFC.PR.F Deemed-Retractible Quote: 21.53 – 22.43
Spot Rate : 0.9000
Average : 0.5598

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.53
Bid-YTW : 7.18 %

TD.PF.F Perpetual-Discount Quote: 23.41 – 24.21
Spot Rate : 0.8000
Average : 0.4790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 23.05
Evaluated at bid price : 23.41
Bid-YTW : 5.30 %

TRP.PR.G FixedReset Disc Quote: 18.61 – 19.43
Spot Rate : 0.8200
Average : 0.5573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.50 %

TD.PF.D FixedReset Disc Quote: 20.00 – 20.87
Spot Rate : 0.8700
Average : 0.6078

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.88 %

INE : Outlook Negative, says S&P

Thursday, December 27th, 2018

Standard & Poor’s has announced:

  • •On Dec. 27, 2019, S&P Global Ratings revised its outlook on Innergex Renewable Energy Inc. to negative from stable, and affirmed its ratings, including its ‘BBB-‘ long-term issuer credit rating, on Innergex.
  • •We expect Innergex to have weak financial metrics in 2018 due to the timing and financing of acquisitions, although it expects these to improve in 2019.
  • •Innergex is issuing nonrecourse debt at the asset level and intends to sell its HS Orka geothermal assets in Iceland, using proceeds to reduce parent-level debt; however, this introduces incremental execution risk.
  • •If the debt reduction strategy is delayed or the amount is lower than expected, financial metrics might not recover to the 24%-26% range, which could result in a downgrade.


. Innergex has completed a number of acquisitions in 2018 that have increased leverage both through acquired debt and development financing at the corporate level. Although the company expects to de-lever in 2019 through asset level financing and asset sales, we believe that there is execution risk with this strategy. Our financial forecasts project Innergex moving back into the stable range of 24%-26% funds from operations (FFO)-to-debt in 2019. However, they are predicated on completing asset sales, which raises significant execution risk and reflects our outlook revision to negative from stable.

The negative outlook reflects significantly lower FFO-to-debt ratios of about 18% in 2018, compared with expectations of 23% at the ‘BBB-‘ level. S&P Global Ratings’ expects Innergex to face execution risk with its strategy of improving forecast financial metrics through asset level financing and asset sales, and the outlook reflects the deteriorating financial performance. S&P Global Ratings expects FFO-to-debt to recover to the 24%-26% range in 2019 and 2020.

A downgrade could happen if the FFO-to-debt ratio does not recover and remains above 23% over our two-year outlook period. This could result from Innergex’s inability to execute on its asset sale plan that it would use to reduce nonrecourse debt. In addition, given the limited cushion in financial metrics above the 23% FFO-to-debt downgrade trigger, lower-than-expected distributions from its subsidiary assets or an increase in nonrecourse debt used to finance development or acquisition opportunities could lead to a downgrade.

An outlook revision to stable could occur if Innergex deleverages, by paying down bridge and revolving credit facility with asset sales, such that FFO-to-debt metrics return to, and stay in, the 24%-26% range.

Affected issues are INE.PR.A and INE.PR.C.

‘Deemed Maturity’ Date for Insurance Issues Changed

Wednesday, December 26th, 2018

Well, I’ve been threatening to do it for a long, long time and now it’s finally happened: the DeemedMaturity date for insurance issues has been changed from 2025-1-31 to 2030-1-31.

For a review of why I believe that insurance issues will be redeemed at par on or prior to the DeemedMaturity date, please see the DeemedRetractible Review: September, 2016 and don’t forget to read the updates.

The new date has been chosen with the idea that a decision will be made by the IAIS (International Association of Insurance Supervisors) in 2019, and (if favourable) will be implemented with an 11-year grace period, similarly to the banks. We shall see just how accurate these suppositions might be!

This change has, of course, led to an increase in the calculated Modified Duration and a decrease in the calculated Yield-to-Worst for these issues. Old and new figures for these metrics may be found at:

Deemed Retractibles, 2018-12-24, maturity 2025

Deemed Retractibles, 2018-12-24, maturity 2030

FixedResets, 2018-12-24, maturity 2025

FixedResets, 2018-12-24, maturity 2030

Affected issues are:

FixedResets EML.PR.A, GWO.PR.N, IAG.PR.G, IAG.PR.I, IFC.PR.A, IFC.PR.C, IFC.PR.G, MFC.PR.F, MFC.PR.G, MFC.PR.H, MFC.PR.I, MFC.PR.J, MFC.PR.K, MFC.PR.L, MFC.PR.M, MFC.PR.N, MFC.PR.O, MFC.PR.Q, MFC.PR.R, SLF.PR.G, SLF.PR.H, SLF.PR.I

FloatingReset GWO.PR.O, IFC.PR.D, MFC.PR.P, SLF.PR.J and SLF.PR.K

DeemedRetractibles CCS.PR.C, GWO.PR.F, GWO.PR.G, GWO.PR.H, GWO.PR.I, GWO.PR.L, GWO.PR.M, GWO.PR.P, GWO.PR.Q, GWO.PR.R, GWO.PR.S, GWO.PR.T, IAG.PR.A, IFC.PR.E, IFC.PR.F, MFC.PR.B, MFC.PR.C, SLF.PR.A, SLF.PR.B, SLF.PR.C, SLF.PR.D, SLF.PR.E

Toronto Rock Lacrosse Ticket Giveaway – Update #2

Wednesday, December 26th, 2018

I have ten nine eight pairs of Toronto Rock Lacrosse tickets to give away! Congratulations to Assiduous Reader BLANK, who won the tickets to the Jan. 4 game against the Philadelphia Wings! I confess that I forgot to ask him whether I could use his name – but he picked up his tickets in time for Christmas!

Early in January I will declare the lucky winner of the Jan 18 tickets to see Rock play Georgia. Get your requests in early!

The games take place at the Air Canada Centre Scotiabank Arena and the seats are very good. Just tell me which ones you would like and feel free to enter multiple times. A decision regarding who gets tickets will be made two weeks before each game and I will mail them to the lucky winner; while preference will be given to customers and those who tell me they’ve got a kid who plays lacrosse, anybody can win. If you win and don’t want your name publicized, that’s fine.

The games are:

Toronto Rock Lacrosse Ticket Giveaway
Date Opponent
Friday
2018-12-28
7:30pm
Georgia Swarm
Friday
2019-1-4
7:30pm
Philadelphia Wings
Friday
2019-1-18
7:30pm
Georgia Swarm
Friday
2019-2-1
7:30pm
Saskatchewan Rush
Friday
2019-2-15
7:30pm
San Diego Seals
Saturday
2019-3-16
7:00pm
Rochester Knighthawks
Saturday
2019-3-30
7:00pm
Philadelphia Wings
Friday
2019-4-5
7:30pm
Buffalo Bandits
Friday
2019-4-12
7:30pm
New England Black Wolves
???
???
???
Home Playoff Game #1
If there is one!

The games are a lot of fun. One thing that has impressed me is that these guys’ technical skills are so good they can concentrate on strategy … there are a lot fewer loose balls than I remember from my days of box lacrosse at age 10!

The play-off game? There’s no guarantee that there will be one, but you could always try your luck and ask for them.

To try your luck at receiving a pair of tickets, just eMail me or comment on this post.

*** Contest rules are subject to change without notice ***
*** I may be entirely capricious in selecting winners! ***

December 24, 2018

Monday, December 24th, 2018
explosion_181224
Click for Big

Equities got hammered again:

The S&P 500 tumbled to the brink of a bear market on Monday as U.S. stocks extended their steep sell-off in a pre-holiday shortened session, with investors rattled by the U.S. Treasury secretary’s convening of a crisis group and by other political developments.

All three major indexes ended down more than 2 percent the day before the Christmas holiday. The S&P 500 finished about 19.8 percent below its Sept. 20 closing high, just shy of the 20 percent threshold commonly used to define a bear market.

Treasury Secretary Steven Mnuchin called top U.S. bankers on Sunday amid the pullback in stocks and said he was calling a meeting of financial regulators to discuss ways to ensure “normal market operations.”

Investors also were grappling with the federal government shutdown and reports that President Donald Trump privately discussed the possibility of firing the Federal Reserve chairman.

And the ever-helpful President of the United States weighed in:

trumpfedtweet_181224
Click for Big

Criticizing the Fed is bad enough, but I can’t imagine anything worse for the US – and global – economy than firing Powell, an idea that has been allegedly discussed. In the first place, who’s going to take the job? None of the top-rank people want to be remembered as Trump’s Lackey. So it will be somebody with a less than sterling central banking reputation. And secondly, will the Chairman be able to force the votes on the FOMC? FOMC members are pretty weighty guys in their own right – it will be pretty funny to see a lot of 11-1 votes with the Chairman dissenting!

TXPR closed at 600.04, down 0.82% from December 21‘s close, after touching a new 52-week low of 599.70, undercutting the previous 52-week low of 604.53 set on December 21. Volume was low at 1.75-million shares in a day that closed early so practitioners of the highest paid profession on earth could go out and complain about lousy service in bars nowadays.

CPD closed at 12.10, down 0.74% from yesterday’s close after touching a new 52-week low of 11.96, undercutting the prior 52-week low of 12.11 touched on December 6. Volume of 239,285 was higher than might be expected given the early close.

ZPR closed at 9.71, down 1.52% on the day; the close marked a new 52-week low, undercutting the prior 52-week low of 9.80 reached on December 6. Volume of 256,406 was surprisingly high for Christmas Eve.

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 -0.6454 % 2,344.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6454 % 4,302.4
Floater 4.99 % 5.32 % 44,976 14.96 4 -0.6454 % 2,479.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.4837 % 3,145.2
SplitShare 4.68 % 5.38 % 95,566 4.57 7 0.4837 % 3,756.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4837 % 2,930.6
Perpetual-Premium 5.76 % 5.41 % 107,218 14.75 2 -1.5908 % 2,778.6
Perpetual-Discount 5.92 % 6.16 % 73,662 13.70 33 -0.9067 % 2,794.6
FixedReset Disc 5.43 % 5.99 % 229,735 13.91 66 -0.4483 % 2,070.5
Deemed-Retractible 5.67 % 8.18 % 98,641 5.08 27 -0.5831 % 2,789.9
FloatingReset 4.33 % 5.38 % 39,023 2.94 7 -0.3276 % 2,352.3
FixedReset Prem 5.18 % 4.65 % 280,478 2.26 14 -0.2348 % 2,498.8
FixedReset Bank Non 3.00 % 4.37 % 145,188 2.90 6 0.0069 % 2,548.8
FixedReset Ins Non 5.32 % 9.69 % 151,923 5.14 22 -1.8043 % 2,099.6
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -7.90 % A nonsensical quote provided at high cost from Nonsense Central, as the issue traded 800 shares today in four trades in a range of 14.35-79 before being quoted at 13.52-48.

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

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 13.52
Evaluated at bid price : 13.52
Bid-YTW : 6.36 %

IGM.PR.B Perpetual-Discount -5.07 % This quote has some justification, as the issue traded 4,510 shares today in a range of 23.39-24.65 before being quoted at 23.40-24.14

Kind of a wide range, though!

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 6.41 %

BAM.PR.X FixedReset Disc -4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 14.53
Evaluated at bid price : 14.53
Bid-YTW : 6.11 %
MFC.PR.K FixedReset Ins Non -3.90 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.46
Bid-YTW : 10.07 %
IAG.PR.I FixedReset Ins Non -3.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.83
Bid-YTW : 8.34 %
BMO.PR.E FixedReset Disc -3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.85 %
BAM.PF.J FixedReset Disc -3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 22.56
Evaluated at bid price : 23.40
Bid-YTW : 5.30 %
SLF.PR.I FixedReset Ins Non -3.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.35
Bid-YTW : 9.16 %
BMO.PR.C FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.74
Evaluated at bid price : 22.02
Bid-YTW : 5.87 %
MFC.PR.H FixedReset Ins Non -3.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.86
Bid-YTW : 9.69 %
PWF.PR.K Perpetual-Discount -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.32 %
PWF.PR.E Perpetual-Discount -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 6.30 %
BAM.PF.A FixedReset Disc -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.09 %
CM.PR.O FixedReset Disc -2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 6.14 %
MFC.PR.G FixedReset Ins Non -2.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.60
Bid-YTW : 10.13 %
PWF.PR.G Perpetual-Discount -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.44
Evaluated at bid price : 23.73
Bid-YTW : 6.32 %
SLF.PR.J FloatingReset -2.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.00
Bid-YTW : 14.07 %
BMO.PR.Y FixedReset Disc -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 6.00 %
SLF.PR.D Deemed-Retractible -2.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 10.07 %
PWF.PR.I Perpetual-Premium -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 24.16
Evaluated at bid price : 24.41
Bid-YTW : 6.25 %
PWF.PR.H Perpetual-Discount -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.34
Evaluated at bid price : 23.63
Bid-YTW : 6.18 %
GWO.PR.M Deemed-Retractible -2.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.74
Bid-YTW : 6.85 %
RY.PR.Z FixedReset Disc -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.24
Evaluated at bid price : 18.24
Bid-YTW : 5.77 %
SLF.PR.H FixedReset Ins Non -2.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.12
Bid-YTW : 10.67 %
PWF.PR.Z Perpetual-Discount -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 6.29 %
BAM.PR.R FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 6.40 %
BAM.PR.C Floater -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 12.87
Evaluated at bid price : 12.87
Bid-YTW : 5.38 %
MFC.PR.I FixedReset Ins Non -2.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.53
Bid-YTW : 9.36 %
GWO.PR.N FixedReset Ins Non -2.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.20
Bid-YTW : 13.48 %
PWF.PR.Q FloatingReset -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 5.68 %
TRP.PR.A FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 6.77 %
MFC.PR.F FixedReset Ins Non -1.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.88
Bid-YTW : 13.90 %
PWF.PR.O Perpetual-Discount -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 6.23 %
RY.PR.H FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.84 %
IFC.PR.G FixedReset Ins Non -1.87 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.41
Bid-YTW : 9.80 %
TRP.PR.C FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 12.71
Evaluated at bid price : 12.71
Bid-YTW : 6.65 %
BIP.PR.F FixedReset Disc -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.01 %
BAM.PF.B FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.14 %
MFC.PR.C Deemed-Retractible -1.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.39
Bid-YTW : 10.56 %
SLF.PR.G FixedReset Ins Non -1.80 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.16
Bid-YTW : 13.84 %
EMA.PR.F FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 6.38 %
IAG.PR.G FixedReset Ins Non -1.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.25
Bid-YTW : 9.21 %
TD.PF.C FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 5.91 %
NA.PR.W FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.24 %
POW.PR.A Perpetual-Discount -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 22.47
Evaluated at bid price : 22.73
Bid-YTW : 6.17 %
CM.PR.Q FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 19.37
Evaluated at bid price : 19.37
Bid-YTW : 6.05 %
BMO.PR.D FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 5.96 %
BAM.PR.T FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 15.99
Evaluated at bid price : 15.99
Bid-YTW : 6.45 %
PWF.PR.F Perpetual-Discount -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.25 %
MFC.PR.M FixedReset Ins Non -1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.83
Bid-YTW : 10.86 %
GWO.PR.L Deemed-Retractible -1.45 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.06
Bid-YTW : 7.27 %
PWF.PR.T FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.34
Evaluated at bid price : 18.34
Bid-YTW : 5.99 %
PWF.PR.A Floater -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 4.19 %
MFC.PR.J FixedReset Ins Non -1.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.62
Bid-YTW : 9.32 %
BAM.PF.I FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 5.39 %
BNS.PR.I FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.96
Evaluated at bid price : 20.96
Bid-YTW : 5.52 %
POW.PR.G Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 22.87
Evaluated at bid price : 23.14
Bid-YTW : 6.06 %
SLF.PR.E Deemed-Retractible -1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.87
Bid-YTW : 10.00 %
PWF.PR.S Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.19 %
TD.PF.F Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.17
Evaluated at bid price : 23.55
Bid-YTW : 5.26 %
MFC.PR.B Deemed-Retractible -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.12
Bid-YTW : 9.96 %
GWO.PR.T Deemed-Retractible -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 8.61 %
BIP.PR.C FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 6.48 %
BIP.PR.E FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.58
Evaluated at bid price : 21.88
Bid-YTW : 5.73 %
MFC.PR.O FixedReset Ins Non -1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.34
Bid-YTW : 5.08 %
PWF.PR.L Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.96
Evaluated at bid price : 20.96
Bid-YTW : 6.19 %
MFC.PR.L FixedReset Ins Non -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.25
Bid-YTW : 11.34 %
CU.PR.C FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.07 %
IFC.PR.C FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.75
Bid-YTW : 11.72 %
MFC.PR.N FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.71
Bid-YTW : 10.88 %
BMO.PR.T FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.88 %
PWF.PR.R Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 22.22
Evaluated at bid price : 22.55
Bid-YTW : 6.19 %
NA.PR.C FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 6.28 %
BMO.PR.W FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.84 %
GWO.PR.I Deemed-Retractible -1.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.76
Bid-YTW : 10.12 %
W.PR.J Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 5.95 %
BNS.PR.D FloatingReset 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.76
Bid-YTW : 4.55 %
EIT.PR.A SplitShare 1.29 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.42
Bid-YTW : 5.38 %
BAM.PR.N Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 6.34 %
TD.PF.I FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 5.77 %
NA.PR.E FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 6.11 %
BIP.PR.D FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 22.44
Evaluated at bid price : 23.05
Bid-YTW : 6.06 %
BAM.PF.G FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 19.14
Evaluated at bid price : 19.14
Bid-YTW : 6.26 %
BAM.PR.K Floater 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 5.32 %
EIT.PR.B SplitShare 1.78 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.04
Bid-YTW : 5.60 %
HSE.PR.G FixedReset Disc 57.32 % Just a reversal of yesterday‘s nonsense.

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 7.70 %

Volume Highlights
Issue Index Shares
Traded
Notes
PVS.PR.B SplitShare 100,404 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2019-01-10
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.44 %
TRP.PR.J FixedReset Prem 59,150 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : 5.30 %
RY.PR.L FixedReset Bank Non 40,500 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.07
Bid-YTW : 4.66 %
RY.PR.S FixedReset Disc 37,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.35 %
MFC.PR.B Deemed-Retractible 24,678 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.12
Bid-YTW : 9.96 %
TD.PF.K FixedReset Disc 24,189 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.87 %
There were 28 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 13.52 – 14.48
Spot Rate : 0.9600
Average : 0.5799

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 13.52
Evaluated at bid price : 13.52
Bid-YTW : 6.36 %

IGM.PR.B Perpetual-Discount Quote: 23.40 – 24.14
Spot Rate : 0.7400
Average : 0.4661

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 6.41 %

GWO.PR.M Deemed-Retractible Quote: 23.74 – 24.22
Spot Rate : 0.4800
Average : 0.3499

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.74
Bid-YTW : 6.85 %

HSE.PR.C FixedReset Disc Quote: 16.51 – 16.98
Spot Rate : 0.4700
Average : 0.3423

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 16.51
Evaluated at bid price : 16.51
Bid-YTW : 7.68 %

GWO.PR.P Deemed-Retractible Quote: 22.08 – 22.43
Spot Rate : 0.3500
Average : 0.2401

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.08
Bid-YTW : 7.88 %

TD.PF.E FixedReset Disc Quote: 20.61 – 21.05
Spot Rate : 0.4400
Average : 0.3430

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-24
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.79 %

AQN.PR.A : No Conversion to FloatingReset

Saturday, December 22nd, 2018

Algonquin Power & Utilities Corp. has announced:

that none of its outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”) will be converted on December 31, 2018 into Cumulative Floating Rate Preferred Shares, Series B (the “Series B Preferred Shares”) of the Company. During the conversion notice period which ran from December 3, 2018 to December 17, 2018, less than 1,000,000 Series A Preferred Shares were tendered for conversion into Series B Preferred Shares. As per the terms and conditions of the Series A Preferred Shares described in the short form prospectus dated November 2, 2012 relating to the issuance of Series A Preferred Shares, since there would remain outstanding on December 31, 2018, after having taken into account all Series A Preferred Shares tendered for conversion into Series B Preferred Shares, less than 1,000,000 Series B Preferred Shares, holders of Series A Preferred Shares who tendered their Series A Preferred Shares for conversion will not be entitled to convert their Series A Preferred Shares into Series B Preferred Shares. As a result, Series B Preferred Shares will not be issued at this time.

All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.

It will be recalled that AQN.PR.A will reset at 5.162% effective December 31, 2018.

AQN.PR.A is a FixedReset, 4.50%+294, that commenced trading 2012-11-9 after being announced 2012-10-25. The 2018-11-28 notice of extension was reported on PrefBlog. The issue is tracked by HIMIPref™, but relegated to the Scraps – FixedReset Discount index on credit concerns.

I recommended against conversion.

December 21, 2018

Friday, December 21st, 2018
explosion_181221
Click for Big

TXPR closed at 605.00, down 0.58% from yesterday‘s close, after touching a new 52-week low of 604.53, undercutting the previous 52-week low of 607.63 set on December 20. Volume was elevated at 3.38-million shares, but nothing special by recent standards. There was a huge number of issues trading more than 10,000 shares, suggesting that there is a lot of retail action.

CPD closed at 12.19, up 0.49% from yesterday’s very poor close and a little above the 52-week low of 12.11 touched on December 6. Volume of 207,008 was high, but nothing special in the context of the past thirty days.

ZPR closed at 9.86, down 0.30% on the day, and within shouting distance of the 52-week low of 9.80 reached on December 6. Volume of 513,624 was fifth-highest of the past thirty days.

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 0.5951 % 2,359.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5951 % 4,330.4
Floater 4.96 % 5.27 % 45,371 15.06 4 0.5951 % 2,495.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0354 % 3,130.1
SplitShare 4.70 % 5.60 % 96,642 4.57 7 0.0354 % 3,738.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0354 % 2,916.5
Perpetual-Premium 5.66 % 6.09 % 151,554 13.68 2 -0.3811 % 2,823.5
Perpetual-Discount 5.87 % 6.06 % 74,808 13.77 33 -0.2264 % 2,820.1
FixedReset Disc 5.40 % 5.99 % 237,601 13.88 66 -1.5084 % 2,079.8
Deemed-Retractible 5.64 % 8.18 % 99,708 5.10 27 -0.5848 % 2,806.2
FloatingReset 4.27 % 5.38 % 40,632 2.95 7 -0.2645 % 2,360.0
FixedReset Prem 5.17 % 4.48 % 284,785 2.27 14 -0.0531 % 2,504.7
FixedReset Bank Non 3.00 % 4.43 % 145,805 2.91 6 0.1458 % 2,548.6
FixedReset Ins Non 5.24 % 9.13 % 154,379 5.17 22 -0.5102 % 2,138.2
Performance Highlights
Issue Index Change Notes
HSE.PR.G FixedReset Disc -37.78 % A nonsensical quote provided at high cost from Nonsense Central, as the issue traded 4,965 shares today in a range of 18.00-30 before being quoted at 11.20-18.00.

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

Come on, guys! I haven’t been chasing after stupid quotes for the past little while because there’s been a lot going on and there are bigger fish to fry, but this is ridiculous. Get your acts together!

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 12.25 %

CM.PR.R FixedReset Disc -3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.61
Evaluated at bid price : 21.87
Bid-YTW : 6.00 %
IFC.PR.A FixedReset Ins Non -3.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.65
Bid-YTW : 12.45 %
VNR.PR.A FixedReset Disc -3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.03 %
TD.PF.K FixedReset Disc -3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.89 %
NA.PR.G FixedReset Disc -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.11 %
TD.PF.A FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 5.99 %
HSE.PR.A FixedReset Disc -3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 7.41 %
TD.PF.I FixedReset Disc -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.93 %
BIP.PR.E FixedReset Disc -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.78
Evaluated at bid price : 22.15
Bid-YTW : 5.69 %
TRP.PR.K FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.93
Evaluated at bid price : 24.03
Bid-YTW : 5.92 %
HSE.PR.E FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 7.88 %
MFC.PR.H FixedReset Ins Non -2.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 9.13 %
GWO.PR.M Deemed-Retractible -2.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 6.37 %
CM.PR.P FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 6.11 %
CU.PR.F Perpetual-Discount -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 5.89 %
BMO.PR.S FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.02 %
RY.PR.Z FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.66
Evaluated at bid price : 18.66
Bid-YTW : 5.76 %
BMO.PR.W FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.19
Evaluated at bid price : 18.19
Bid-YTW : 5.89 %
NA.PR.C FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 6.30 %
IAG.PR.G FixedReset Ins Non -1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.60
Bid-YTW : 8.89 %
HSE.PR.C FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 7.88 %
BMO.PR.E FixedReset Disc -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.71 %
IAG.PR.A Deemed-Retractible -1.75 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.24
Bid-YTW : 8.70 %
RY.PR.S FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.51 %
BIP.PR.C FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.60
Bid-YTW : 5.97 %
GWO.PR.P Deemed-Retractible -1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 7.67 %
GWO.PR.R Deemed-Retractible -1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.52
Bid-YTW : 8.66 %
GWO.PR.I Deemed-Retractible -1.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.95
Bid-YTW : 9.90 %
IFC.PR.E Deemed-Retractible -1.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.50
Bid-YTW : 8.18 %
RY.PR.H FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 5.85 %
BMO.PR.T FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.93 %
IFC.PR.C FixedReset Ins Non -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.94
Bid-YTW : 11.54 %
RY.PR.O Perpetual-Discount -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.72
Evaluated at bid price : 23.05
Bid-YTW : 5.36 %
BMO.PR.C FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.24
Evaluated at bid price : 22.75
Bid-YTW : 5.74 %
BMO.PR.D FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.41
Evaluated at bid price : 21.41
Bid-YTW : 5.94 %
SLF.PR.I FixedReset Ins Non -1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.00
Bid-YTW : 8.55 %
EIT.PR.A SplitShare -1.23 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.11
Bid-YTW : 5.65 %
BIP.PR.F FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.46
Evaluated at bid price : 21.75
Bid-YTW : 5.88 %
PWF.PR.T FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.03 %
BAM.PR.T FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.45 %
BAM.PR.Z FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 6.33 %
TD.PF.C FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.28
Evaluated at bid price : 18.28
Bid-YTW : 5.92 %
POW.PR.B Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 6.12 %
BIP.PR.D FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.21
Evaluated at bid price : 22.69
Bid-YTW : 6.24 %
SLF.PR.H FixedReset Ins Non -1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.50
Bid-YTW : 10.29 %
RY.PR.N Perpetual-Discount -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.67
Evaluated at bid price : 22.99
Bid-YTW : 5.37 %
BNS.PR.I FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.52 %
NA.PR.E FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.28 %
CM.PR.O FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.09 %
TD.PF.B FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.93 %
PWF.PR.S Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.10 %
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 : 20.12
Bid-YTW : 8.99 %
CU.PR.D Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.83 %
SLF.PR.D Deemed-Retractible 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.21
Bid-YTW : 9.57 %
BAM.PR.C Floater 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 5.27 %
PWF.PR.H Perpetual-Discount 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 6.03 %
IFC.PR.F Deemed-Retractible 1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.04
Bid-YTW : 7.79 %
BAM.PF.B FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.15 %
EML.PR.A FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.67 %
BAM.PR.X FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 5.98 %
PWF.PR.A Floater 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 4.13 %
CM.PR.S FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 5.77 %
CGI.PR.D SplitShare 1.57 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2023-06-14
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 4.79 %
PWF.PR.R Perpetual-Discount 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.39
Evaluated at bid price : 22.80
Bid-YTW : 6.12 %
MFC.PR.F FixedReset Ins Non 1.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.15
Bid-YTW : 13.57 %
BAM.PF.A FixedReset Disc 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 6.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.I FixedReset Disc 72,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.52 %
BAM.PR.R FixedReset Disc 64,189 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 6.37 %
TD.PF.K FixedReset Disc 60,338 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.89 %
PWF.PR.P FixedReset Disc 53,160 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 14.68
Evaluated at bid price : 14.68
Bid-YTW : 5.99 %
NA.PR.W FixedReset Disc 50,351 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.25 %
TD.PF.D FixedReset Disc 50,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.86 %
There were 85 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.G FixedReset Disc Quote: 11.20 – 18.00
Spot Rate : 6.8000
Average : 3.6564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 12.25 %

HSE.PR.A FixedReset Disc Quote: 12.10 – 12.99
Spot Rate : 0.8900
Average : 0.5822

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 7.41 %

EMA.PR.H FixedReset Disc Quote: 23.15 – 24.00
Spot Rate : 0.8500
Average : 0.5885

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 22.38
Evaluated at bid price : 23.15
Bid-YTW : 5.31 %

HSE.PR.E FixedReset Disc Quote: 17.56 – 18.19
Spot Rate : 0.6300
Average : 0.4293

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 7.88 %

BMO.PR.Q FixedReset Bank Non Quote: 22.40 – 22.98
Spot Rate : 0.5800
Average : 0.3878

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.40
Bid-YTW : 5.77 %

BIP.PR.E FixedReset Disc Quote: 22.15 – 22.73
Spot Rate : 0.5800
Average : 0.3895

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-12-21
Maturity Price : 21.78
Evaluated at bid price : 22.15
Bid-YTW : 5.69 %