Archive for March, 2020

March 27, 2020

Friday, March 27th, 2020
Priscilla 37-kiloton balloon shot test firing in fiery mushroom cloud rising above desert landscape at NV atomic bomb Test Site.  (Photo by Time Life Pictures/Department Of Energy (DOE)/Time Life Pictures/Getty Images)

coronavirus_200327

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So the markets did not have a nice time today:

Canada’s main stock market resumed its slide after a three-day winning run as investors grew more nervous about the spread of the coronavirus pandemic and the Bank of Canada slashed interest rates to nearly zero.

The Toronto Stock Exchange’s S&P/TSX composite index was unofficially down 5.11%, or 683.43 points, at 12,687.74, while shares globally declined in a sign investors were focusing once more on the spread of the virus despite hopes for further stimulus measures to combat its economic impact.

The heavyweight energy and financial sectors led losses, falling 9.4% and 5.2%, respectively. Industrials were down 4.4%, while materials slid 6 per cent.

The Dow Jones Industrial Average fell 915.39 points, or 4.06%, to 21,636.78, the S&P 500 lost 88.6 points, or 3.37%, to 2,541.47 and the Nasdaq Composite dropped 295.16 points, or 3.79%, to 7,502.38.

The pan-European STOXX 600 index lost 3.26%, and MSCI’s gauge of stocks across the globe shed 1.56%. Emerging market stocks lost 0.90%.

U.S. Treasury yields were headed for a weekly decline, though the range of trading was far less volatile than in the previous two sessions.

Benchmark 10-year notes last rose 21/32 in price to yield 0.7424%, from 0.808% late on Thursday. The 30-year bond last rose 1-26/32 in price to yield 1.3291% from 1.395%.

Gold market participants remained concerned about a supply squeeze after a sharp divergence between prices in London and New York. The virus has grounded planes used to transport gold and closed precious metal refineries.

Spot gold dropped 0.8% to $1,615.92 an ounce. The metal was on track to post its largest weekly advance since 2008.

David Chang has some grim thoughts on the restaurant business:

More than anything, David, I do not want to incite panic and hysteria, but I think for restaurants and the service industry, there is going to be a morbidly high business death rate. My fear is the restaurants that survive are going to be the big chains, and we’re going to eradicate the very eclectic mix that makes America and going out to eat so vibrant and great. And there is a lot of feeling that even in good times, if chefs can’t make their numbers, they’re going to lose everything, so imagine what they must be feeling now. When the economy is booming, it’s hard for restaurants to get loans from the bank because there’s no assets to back them. I don’t know if it’s going to be feasible for the government to give out a stimulus loan to a restaurant or restaurant groups the way they were able to do in 2008 to the auto companies. So I’m trying to figure out what the best way is. The government should give a greater bailout package to real estate owners so that there can be relief for restaurant owners. It has to move up the chain.

S&P slashed Cirque de Soleil’s rating:

  • Cirque Du Soleil Group faces significant liquidity pressure from the sudden shutdown of all of its shows in reaction to the coronavirus pandemic.
  • In our view, a default, distressed exchange, or restructuring appears inevitable in the next six months absent a successful refinancing or unanticipated significantly favorable changes in the company’s circumstances.
  • Therefore, S&P Global Ratings is lowering its issuer credit rating on Cirque Du Soleil Group to ‘CCC-‘ from ‘B-‘. The outlook is negative.
  • We are also lowering the rating on the company’s first-lien facility to ‘CCC’ from ‘B’ and on its second-lien term loan to ‘C’ from ‘CCC’.
  • The negative outlook reflects the possibility that Cirque could default, initiate a distressed exchange, or restructure its debt over the next several months absent unanticipated significantly favorable changes in the company’s circumstances.

Russia’s making noises about ending the oil price war:

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also co-operate to cushion the economic fallout from coronavirus.

A pact between the Organization of the Petroleum Exporting Countries and other producers, including Russia (known as OPEC+), to curb oil production to support prices fell apart earlier this month, sending global oil prices into a tailspin.

“Joint actions by countries are needed to restore the [global] economy … They [joint actions] are also possible in OPEC+ deal’s framework,” Mr. Dmitriev, head of the Russian Direct Investment Fund (RDIF), told Reuters in a phone interview.

Mr. Dmitriev and Energy Minister Alexander Novak were Russia’s top negotiators in the production-cut deal with OPEC. The existing deal expires on March 31.

TXPR closed at 446.85, down 3.34% on the day. Volume today was 3.05-million – well below the average of the past three weeks.

CPD closed at 9.01, down 1.96% on the day. Volume was 151,711, below the average of the past 30 trading days.

ZPR closed at 6.95, down 2.80% on the day. Volume of 411,645 was the third-lowest of the past 30 trading days, ahead of only March 4 and March 5.

Five-year Canada yields were down 12bp to 0.63% today.

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 -7.0237 % 1,299.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -7.0237 % 2,385.2
Floater 8.33 % 8.45 % 53,331 10.94 4 -7.0237 % 1,374.6
OpRet 0.00 % 0.00 % 0 0.00 0 -1.5897 % 3,070.2
SplitShare 5.41 % 7.71 % 78,661 3.97 7 -1.5897 % 3,666.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.5897 % 2,860.7
Perpetual-Premium 7.02 % 7.29 % 107,700 12.11 12 -1.8835 % 2,426.4
Perpetual-Discount 6.61 % 6.73 % 89,727 12.88 24 -2.8424 % 2,650.8
FixedReset Disc 8.19 % 6.74 % 215,554 12.40 64 -5.3315 % 1,474.9
Deemed-Retractible 6.47 % 7.11 % 105,241 12.45 27 -3.5864 % 2,614.0
FloatingReset 5.51 % 5.75 % 62,377 14.20 3 -6.4169 % 1,580.7
FixedReset Prem 6.61 % 6.63 % 203,216 12.90 22 -0.9345 % 2,053.0
FixedReset Bank Non 2.01 % 5.40 % 127,856 1.79 3 0.1415 % 2,643.0
FixedReset Ins Non 8.19 % 7.03 % 117,953 12.04 22 -4.8273 % 1,438.2
Performance Highlights
Issue Index Change Notes
BAM.PR.R FixedReset Disc -29.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.05
Evaluated at bid price : 8.05
Bid-YTW : 9.07 %
TRP.PR.D FixedReset Disc -24.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.90
Evaluated at bid price : 9.90
Bid-YTW : 8.41 %
TRP.PR.E FixedReset Disc -17.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.51
Evaluated at bid price : 10.51
Bid-YTW : 7.79 %
HSE.PR.A FixedReset Disc -14.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 5.25
Evaluated at bid price : 5.25
Bid-YTW : 11.17 %
TRP.PR.C FixedReset Disc -13.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.80
Evaluated at bid price : 7.80
Bid-YTW : 6.97 %
IAF.PR.G FixedReset Ins Non -11.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.58
Evaluated at bid price : 11.58
Bid-YTW : 7.58 %
PWF.PR.A Floater -11.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.51
Evaluated at bid price : 7.51
Bid-YTW : 8.20 %
TRP.PR.B FixedReset Disc -10.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.70
Evaluated at bid price : 7.70
Bid-YTW : 6.08 %
BAM.PR.T FixedReset Disc -10.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.20
Evaluated at bid price : 10.20
Bid-YTW : 7.34 %
BIP.PR.E FixedReset Disc -9.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.57
Evaluated at bid price : 16.57
Bid-YTW : 7.61 %
BIP.PR.A FixedReset Disc -9.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 8.70 %
IFC.PR.A FixedReset Ins Non -9.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.53
Evaluated at bid price : 9.53
Bid-YTW : 6.59 %
HSE.PR.C FixedReset Disc -8.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.35
Evaluated at bid price : 9.35
Bid-YTW : 11.11 %
TRP.PR.F FloatingReset -8.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.13
Evaluated at bid price : 9.13
Bid-YTW : 5.85 %
TRP.PR.A FixedReset Disc -8.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 6.70 %
IAF.PR.I FixedReset Ins Non -7.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.48 %
SLF.PR.A Deemed-Retractible -7.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.80 %
TD.PF.E FixedReset Disc -7.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 6.82 %
SLF.PR.B Deemed-Retractible -7.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 6.80 %
BAM.PR.X FixedReset Disc -7.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.30
Evaluated at bid price : 9.30
Bid-YTW : 6.58 %
PWF.PR.Q FloatingReset -6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.00
Evaluated at bid price : 8.00
Bid-YTW : 5.75 %
IFC.PR.G FixedReset Ins Non -6.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.65 %
SLF.PR.C Deemed-Retractible -6.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 6.73 %
HSE.PR.E FixedReset Disc -6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 9.99 %
CM.PR.T FixedReset Disc -6.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 15.74
Evaluated at bid price : 15.74
Bid-YTW : 6.72 %
BAM.PR.B Floater -6.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.20
Evaluated at bid price : 7.20
Bid-YTW : 8.45 %
MFC.PR.N FixedReset Ins Non -6.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.85
Evaluated at bid price : 10.85
Bid-YTW : 6.70 %
SLF.PR.E Deemed-Retractible -6.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 6.79 %
CM.PR.O FixedReset Disc -6.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.86
Evaluated at bid price : 10.86
Bid-YTW : 7.24 %
GWO.PR.I Deemed-Retractible -6.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.02
Evaluated at bid price : 16.02
Bid-YTW : 7.08 %
BIP.PR.D FixedReset Disc -6.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.64
Evaluated at bid price : 17.64
Bid-YTW : 7.14 %
GWO.PR.N FixedReset Ins Non -6.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.58
Evaluated at bid price : 8.58
Bid-YTW : 5.54 %
PWF.PR.F Perpetual-Discount -6.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.35 %
RY.PR.M FixedReset Disc -6.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.67
Evaluated at bid price : 12.67
Bid-YTW : 6.44 %
SLF.PR.D Deemed-Retractible -6.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.71
Evaluated at bid price : 16.71
Bid-YTW : 6.71 %
GWO.PR.H Deemed-Retractible -6.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 7.07 %
BAM.PF.B FixedReset Disc -6.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.53
Evaluated at bid price : 12.53
Bid-YTW : 7.11 %
MFC.PR.R FixedReset Ins Non -5.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 15.09
Evaluated at bid price : 15.09
Bid-YTW : 7.49 %
MFC.PR.H FixedReset Ins Non -5.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.67 %
PWF.PR.L Perpetual-Discount -5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.28 %
EIT.PR.A SplitShare -5.71 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 22.63
Bid-YTW : 7.71 %
GWO.PR.P Deemed-Retractible -5.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.29 %
BMO.PR.C FixedReset Disc -5.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 15.16
Evaluated at bid price : 15.16
Bid-YTW : 6.69 %
MFC.PR.C Deemed-Retractible -5.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.95 %
TD.PF.D FixedReset Disc -5.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.75 %
BAM.PR.C Floater -5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.08
Evaluated at bid price : 7.08
Bid-YTW : 8.59 %
CM.PR.S FixedReset Disc -5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 7.05 %
MFC.PR.J FixedReset Ins Non -5.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 7.38 %
ELF.PR.H Perpetual-Premium -5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 7.28 %
BMO.PR.Y FixedReset Disc -5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 6.98 %
CM.PR.R FixedReset Disc -5.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 7.35 %
EMA.PR.E Perpetual-Discount -5.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.99
Evaluated at bid price : 17.99
Bid-YTW : 6.34 %
RY.PR.J FixedReset Disc -5.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.36 %
BAM.PF.J FixedReset Prem -5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.64
Evaluated at bid price : 18.64
Bid-YTW : 6.42 %
EML.PR.A FixedReset Ins Non -5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.79 %
MFC.PR.B Deemed-Retractible -5.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.61 %
BAM.PF.G FixedReset Disc -5.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 6.63 %
CU.PR.C FixedReset Disc -5.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.03
Evaluated at bid price : 13.03
Bid-YTW : 5.90 %
BNS.PR.I FixedReset Disc -4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.31
Evaluated at bid price : 14.31
Bid-YTW : 6.16 %
NA.PR.G FixedReset Disc -4.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 7.34 %
TD.PF.L FixedReset Disc -4.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 6.56 %
BAM.PF.D Perpetual-Discount -4.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 6.95 %
GWO.PR.G Deemed-Retractible -4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.28 %
PWF.PR.S Perpetual-Discount -4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.22
Evaluated at bid price : 17.22
Bid-YTW : 7.12 %
BAM.PR.M Perpetual-Discount -4.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.38
Evaluated at bid price : 17.38
Bid-YTW : 6.88 %
TD.PF.J FixedReset Disc -4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 6.41 %
CM.PR.Q FixedReset Disc -4.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 7.38 %
MFC.PR.I FixedReset Ins Non -4.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.33
Evaluated at bid price : 12.33
Bid-YTW : 7.37 %
MFC.PR.F FixedReset Ins Non -4.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.40
Evaluated at bid price : 7.40
Bid-YTW : 6.84 %
BAM.PF.A FixedReset Disc -4.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 6.89 %
PWF.PR.K Perpetual-Discount -4.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.20 %
MFC.PR.G FixedReset Ins Non -4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.76
Evaluated at bid price : 11.76
Bid-YTW : 7.58 %
SLF.PR.G FixedReset Ins Non -4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.11
Evaluated at bid price : 8.11
Bid-YTW : 6.18 %
NA.PR.C FixedReset Disc -4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 7.31 %
GWO.PR.R Deemed-Retractible -4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 7.01 %
PWF.PR.R Perpetual-Premium -4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 7.29 %
TD.PF.H FixedReset Prem -4.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 6.77 %
CCS.PR.C Deemed-Retractible -4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 7.11 %
MFC.PR.M FixedReset Ins Non -4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 6.97 %
PWF.PR.Z Perpetual-Discount -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.19 %
CM.PR.Y FixedReset Disc -4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.85 %
BMO.PR.T FixedReset Disc -4.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 6.72 %
IFC.PR.C FixedReset Ins Non -4.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 6.82 %
BMO.PR.E FixedReset Disc -4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 6.46 %
BAM.PF.C Perpetual-Discount -4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.66
Evaluated at bid price : 17.66
Bid-YTW : 6.92 %
PWF.PR.E Perpetual-Premium -3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.30 %
RY.PR.Z FixedReset Disc -3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.15
Evaluated at bid price : 12.15
Bid-YTW : 6.32 %
GWO.PR.Q Deemed-Retractible -3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.11 %
BAM.PR.K Floater -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.20
Evaluated at bid price : 7.20
Bid-YTW : 8.45 %
RY.PR.O Perpetual-Discount -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.29 %
TD.PF.B FixedReset Disc -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 6.52 %
BAM.PR.N Perpetual-Discount -3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.86 %
SLF.PR.J FloatingReset -3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.10
Evaluated at bid price : 8.10
Bid-YTW : 5.01 %
HSE.PR.G FixedReset Disc -3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.75
Evaluated at bid price : 9.75
Bid-YTW : 10.64 %
GWO.PR.S Deemed-Retractible -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.27 %
BMO.PR.F FixedReset Disc -3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 16.71
Evaluated at bid price : 16.71
Bid-YTW : 6.62 %
TRP.PR.G FixedReset Disc -3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.81 %
GWO.PR.T Deemed-Retractible -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.21 %
BAM.PF.H FixedReset Prem -3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.37 %
TD.PF.F Perpetual-Discount -3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.19 %
IAF.PR.B Deemed-Retractible -3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.70 %
BMO.PR.S FixedReset Disc -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 6.69 %
EMA.PR.F FixedReset Disc -3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 6.71 %
BIP.PR.F FixedReset Disc -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 7.52 %
TD.PF.C FixedReset Disc -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.18
Evaluated at bid price : 12.18
Bid-YTW : 6.64 %
BIP.PR.C FixedReset Prem -2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.31 %
POW.PR.G Perpetual-Premium -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.53
Evaluated at bid price : 19.53
Bid-YTW : 7.35 %
EMA.PR.C FixedReset Disc -2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.66 %
ELF.PR.G Perpetual-Discount -2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.16 %
NA.PR.A FixedReset Prem -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 7.25 %
BMO.PR.W FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 6.58 %
BMO.PR.D FixedReset Disc -2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.31
Evaluated at bid price : 14.31
Bid-YTW : 6.84 %
PWF.PR.I Perpetual-Premium -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 7.19 %
MFC.PR.O FixedReset Ins Non -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 7.27 %
TD.PF.A FixedReset Disc -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 6.46 %
BMO.PR.B FixedReset Prem -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.69 %
TD.PF.K FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 6.58 %
BAM.PF.F FixedReset Disc -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 6.92 %
TD.PF.M FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.50 %
BAM.PR.Z FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.74 %
EIT.PR.B SplitShare -2.44 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 7.85 %
CU.PR.F Perpetual-Discount -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 6.36 %
BMO.PR.Z Perpetual-Discount -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 6.18 %
MFC.PR.Q FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.80
Evaluated at bid price : 12.80
Bid-YTW : 6.83 %
PWF.PR.G Perpetual-Premium -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.35 %
EMA.PR.H FixedReset Prem -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 22.01
Evaluated at bid price : 22.40
Bid-YTW : 5.53 %
CU.PR.E Perpetual-Discount -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 6.51 %
PVS.PR.F SplitShare -2.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 7.57 %
RY.PR.S FixedReset Disc -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 5.81 %
PVS.PR.G SplitShare -2.18 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.01
Bid-YTW : 7.54 %
CU.PR.I FixedReset Prem -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.69 %
RY.PR.H FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 6.26 %
RY.PR.N Perpetual-Discount -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.18 %
NA.PR.E FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.92 %
MFC.PR.K FixedReset Ins Non -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 7.03 %
BAM.PF.E FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.98
Evaluated at bid price : 11.98
Bid-YTW : 6.59 %
NA.PR.S FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 7.25 %
BNS.PR.H FixedReset Prem -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.65 %
CM.PR.P FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.28
Evaluated at bid price : 11.28
Bid-YTW : 7.04 %
IFC.PR.E Deemed-Retractible -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 7.01 %
SLF.PR.H FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 6.62 %
TRP.PR.J FixedReset Prem -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.72 %
PWF.PR.O Perpetual-Premium -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 7.34 %
GWO.PR.L Deemed-Retractible -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 7.32 %
CU.PR.G Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.40 %
PVS.PR.D SplitShare -1.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 23.20
Bid-YTW : 9.90 %
SLF.PR.I FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 6.92 %
GWO.PR.F Deemed-Retractible -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 7.07 %
CU.PR.H Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.65 %
RY.PR.C Deemed-Retractible -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 9.10 %
RY.PR.F Deemed-Retractible -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 9.54 %
TD.PF.G FixedReset Prem -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.54 %
RY.PR.G Deemed-Retractible -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.15
Bid-YTW : 9.24 %
BNS.PR.E FixedReset Prem 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.63 %
BIP.PR.B FixedReset Prem 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.29
Evaluated at bid price : 20.29
Bid-YTW : 6.83 %
W.PR.M FixedReset Prem 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 6.65 %
PWF.PR.H Perpetual-Premium 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.34 %
IFC.PR.I Perpetual-Premium 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.95 %
MFC.PR.L FixedReset Ins Non 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 6.88 %
BIK.PR.A FixedReset Prem 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.37 %
POW.PR.D Perpetual-Discount 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.92 %
PVS.PR.H SplitShare 3.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 21.90
Bid-YTW : 7.08 %
W.PR.K FixedReset Prem 5.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.80 %
PWF.PR.P FixedReset Disc 8.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.40
Evaluated at bid price : 8.40
Bid-YTW : 6.64 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.E Deemed-Retractible 80,382 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.20
Bid-YTW : 9.11 %
TD.PF.A FixedReset Disc 62,111 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 6.46 %
RY.PR.F Deemed-Retractible 55,590 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 9.54 %
CM.PR.S FixedReset Disc 42,896 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 7.05 %
TD.PF.G FixedReset Prem 42,427 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.54 %
RY.PR.A Deemed-Retractible 37,314 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.16
Bid-YTW : 9.16 %
There were 51 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.E FixedReset Disc Quote: 10.51 – 16.75
Spot Rate : 6.2400
Average : 3.4446

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.51
Evaluated at bid price : 10.51
Bid-YTW : 7.79 %

TRP.PR.B FixedReset Disc Quote: 7.70 – 11.60
Spot Rate : 3.9000
Average : 2.2797

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 7.70
Evaluated at bid price : 7.70
Bid-YTW : 6.08 %

TRP.PR.D FixedReset Disc Quote: 9.90 – 13.35
Spot Rate : 3.4500
Average : 1.8877

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 9.90
Evaluated at bid price : 9.90
Bid-YTW : 8.41 %

BAM.PR.R FixedReset Disc Quote: 8.05 – 11.10
Spot Rate : 3.0500
Average : 1.7927

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 8.05
Evaluated at bid price : 8.05
Bid-YTW : 9.07 %

TRP.PR.A FixedReset Disc Quote: 10.50 – 12.80
Spot Rate : 2.3000
Average : 1.4473

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 6.70 %

BMO.PR.C FixedReset Disc Quote: 15.16 – 17.00
Spot Rate : 1.8400
Average : 1.0566

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-27
Maturity Price : 15.16
Evaluated at bid price : 15.16
Bid-YTW : 6.69 %

BoC Cuts Policy Rates Another 50bp; Prime Follows

Friday, March 27th, 2020

The Bank of Canada has announced:

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¼ percent. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. This unscheduled rate decision brings the policy rate to its effective lower bound and is intended to provide support to the Canadian financial system and the economy during the COVID-19 pandemic.

The spread of COVID-19 is having serious consequences for Canadians and for the economy, as is the abrupt decline in world oil prices. The pandemic-driven contraction has prompted decisive fiscal policy action in Canada to support individuals and businesses and to minimize any permanent damage to the structure of the economy.

The Bank is playing an important complementary role in this effort. Its interest rate setting cushions the impact of the shocks by easing the cost of borrowing. Its efforts to maintain the functioning of the financial system are helping keep credit available to people and companies. The intent of our decision today is to support the financial system in its central role of providing credit in the economy, and to lay the foundation for the economy’s return to normalcy.

The Bank’s efforts have been primarily focused on ensuring the availability of credit by providing liquidity to help markets continue to function. To promote credit availability, the Bank has expanded its various term repo facilities. To preserve market function, the Bank is conducting Government of Canada bond buybacks and switches, purchases of Canada Mortgage Bonds and banker’s acceptances, and purchases of provincial money market instruments. All these additional measures have been detailed on the Bank’s website and will be extended or augmented as needed.

Today, the Bank is launching two new programs.

First, the Commercial Paper Purchase Program (CPPP) will help to alleviate strains in short-term funding markets and thereby preserve a key source of funding for businesses. Details of the program will be available on the Bank’s web site.

Second, to address strains in the Government of Canada debt market and to enhance the effectiveness of all other actions taken so far, the Bank will begin acquiring Government of Canada securities in the secondary market. Purchases will begin with a minimum of $5 billion per week, across the yield curve. The program will be adjusted as conditions warrant, but will continue until the economic recovery is well underway. The Bank’s balance sheet will expand as a result of these purchases.

The Bank is closely monitoring economic and financial conditions, in coordination with other G7 central banks and fiscal authorities, and will update its outlook in mid-April. As the situation evolves, Governing Council stands ready to take further action as required to support the Canadian economy and financial system and to keep inflation on target.

Changes to prime have not been announced yet, but watch this space!

The Big Banks have followed with their prime rates – at least, according to the two announcements made public as of initial publication of this post. Sadly, we do not know what has been done with the banks’ top secret internal primes or the spreads to Prime that the average customer might see on his renewal notice.

Details are:

TD did not issue a press release, but did put out some puffery:

More help is here. Bank of Canada Governor Stephen Poloz and his team have been proactive and creative in their response to the pandemic, and today’s announcement continues this trend. The Bank of Canada not only sliced its policy rate back to 0.25%, but also delivered two new asset purchases programs, including quantitative easing ‘proper’, specifying that its purchases of Government of Canada securities will result in a larger balance sheet. These are welcome developments that, together with the string of liquidity and other measures of recent weeks, provide a solid backstop to the Canadian financial system. These actions should also reinforce the transmission of monetary policy, providing a fair bit of gas to the economic recovery when the pandemic is finally behind us.

Getting from here to there will not be easy, and so we should not be surprised to see further announcements in the coming weeks as markets digest the implications of the economic sudden stop (see our recent forecast update for our current estimates of the implications on growth and labour markets).

Looking ahead, in a break from past research and communications that had put negative interest rates on the table, Governor Poloz and his team have now seemingly ruled any further cuts out, referring to 0.25% as the effective lower bound. This had been hinted at by the Governor in recent weeks – and in the press conference following this morning’s rate decision the Governor noted that negative rates are still in the toolkit, but experiences in other countries have seen challenges to the financial system result from these policies.

Thus, while they’re not completely ruled out, the Governor’s view is that negative rates are “not sensible” at this stage. Clearly then, any further easing will take the form of increased purchases of government securities, and/or adjustments to other purchase programs to ensure that monetary stimulus is being transmitted fully to all corners of the financial system.

David Parkinson reports in the Globe:

With the Canadian government moving forward on a $52-billion emergency aid program, and with the Bank of Canada having already taken numerous steps in the past two weeks to address market liquidity, the bank decided the time was right to open its policy taps.

“A firefighter has never been criticized for using too much water,” Bank of Canada Governor Stephen Poloz said in a conference call with reporters on Friday.

However, Mr. Poloz made it clear that the bank has no intention of cutting its rate further, and rejected the idea of negative interest rates similar to those at the European Central Bank.

“At this stage, it would be not sensible to think of interest rates going lower than this. We consider this to be the effective lower bound,” Mr. Poloz said.

HSE Has Negative Outlook At S&P

Thursday, March 26th, 2020

Standard & Poor’s has announced:

  • S&P Global Ratings lowered its West Texas Intermediate (WTI) and Brent crude oil price assumptions on March 19, 2020, which initiated a global review of its rated oil and gas issuers.
  • We lowered our 2020 WTI price to US$25 from US$35 and lowered our Brent price to US$30 from US$40.
  • The reduced 2020 price assumptions, in conjunction with the lower 2021 and 2022 prices published on March 9, translate into materially lower revenue and cash flow forecasts for Husky.
  • Our projected three-year (2020-2022) weighted-average funds from operations (FFO)-to-debt and discretionary cash flow (DCF)-to-debt ratios have weakened relative to those we previously forecast.
  • S&P Global Ratings revised its outlook on Husky to negative from stable and affirmed its ‘BBB’ long-term issuer credit and senior unsecured debt ratings on the company.
  • The negative outlook reflects S&P Global Ratings’ view that there is increased risk Husky’s cash flow metrics could deteriorate below the minimum level required to support the ‘BBB’ credit rating.


While we acknowledge the counterbalancing benefits of the company’s downstream segment, including midstream assets, the upstream segment’s revenues and profitability continue to dominate the company’s credit profile. Moreover, the company’s heavy oil-dominant upstream product mix exposes its financial performance to additional volatility, given the persistent weakness of Canadian heavy oil prices.

We would lower the rating to ‘BBB-‘, if Husky’s weighted-average FFO-to-debt ratio decreased below 30%, and we expected the cash flow ratio would remain at this weakened level for a sustained period. Nevertheless, we believe Husky’s participation in several industry sectors, and the integration benefits of its downstream operations, should continue to support an investment-grade rating.

We would revise the outlook to stable, if Husky is able to improve and sustain its three-year weighted-average FFO-to-debt ratio at the upper end of the 30%-45% range. In the absence of material operating efficiency gains, we believe this ratio improvement would only occur in tandem with strengthening hydrocarbon prices.

Several other ratings actions were taken on Canadian oil companies:

  • Cenovus downgraded one notch to BBB-, Negative Outlook
  • Canadian Natural Resources downgraded one notch to BBB, Stable Outlook
  • Suncor downgraded one notch to BBB+, Stable Outlook
  • Ovintiv Canada LLC downgraded one notch to BBB-, Negative Outlook

Husky remains with its Issuer Rating of BBB, although the Outlook has now turned negative. The preferreds remain at P-3(high).

Affected issues are HSE.PR.A, HSE.PR.B, HSE.PR.C, HSE.PR.E and HSE.PR.G .

CF.PR.A and CF.PR.C : Trend Negative, says DBRS

Thursday, March 26th, 2020

DBRS has announced that it:

confirmed its rating on Canaccord Genuity Group Inc.’s (CF or the Company) Cumulative Preferred Shares at Pfd-3 (low) and changed the trend to Negative from Stable. The Company has a Support Assessment of SA3, which implies no expected systemic support.

KEY RATING CONSIDERATIONS
The trend change to Negative from Stable accounts for the impact that current stresses to the global economy and significant market volatility are having and will likely continue to have on CF’s business. Global reactions to the Coronavirus Disease (COVID-19) pandemic have caused economic stresses in the capital markets with declining market values across many asset classes. These factors were abrupt and unexpected, giving the Company minimal time to reposition its balance sheet, which will likely translate into headwinds for its earnings.

Specifically, DBRS Morningstar has the following concerns:

(1) While CF’s trading businesses may benefit from increased volatility, its investment banking activities have been largely subdued among significant global uncertainty related to the coronavirus and its ultimate impact. DBRS Morningstar expects this uncertainty to persist, which will likely adversely affect earnings in the coming quarters.

(2) DBRS Morningstar anticipates that the Company’s margin-lending business may be required to liquidate collateral at fire sale prices, as with other global financial institutions, resulting in potential losses for CF.

(3) DBRS Morningstar expects the current environment might create difficulties for CF as it manages the different businesses it has acquired in the U.S., UK, and Australia over the last few years while also paying down associated debt that will come due throughout the year.

This reverses their August, 2018, decision to upgrade the trend to Stable.

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

March 26, 2020

Thursday, March 26th, 2020
unicorn_200326_1 money_200326_1
money_200326_2 unicorn_200326_2

It’s been a good time for markets. And a very good time for some:

Boeing is up nearly 90 percent this week. American Airlines has jumped almost 50 percent. Carnival Corporation has soared about 46 percent.

Wall Street has been in rally mode, as investors bid up shares of companies that were set to receive support from Washington’s $2 trillion coronavirus aid bill.

With the package advancing through the Senate, the gains continued on Thursday. The S & P 500 climbed about 6 percent, even after the government reported a staggering jump in unemployment claims by workers.

The three-day rally has lifted the S & P 500 by around 17 percent, its best such run since 1933, according to data from Howard Silverblatt, senior index analyst for S & P Dow Jones Indices.

And this was in the face of incredible unemployment numbers:

More than three million people filed for unemployment benefits last week, sending a collective shudder throughout the economy that is unlike anything Americans have experienced.

Thursday’s unemployment numbers provide only the first hint of the economic cataclysm in progress. Even comparatively optimistic forecasters expect millions of lost jobs, and with them foreclosures, evictions and bankruptcies. Thousands of businesses have closed in response to the pandemic, and many will never reopen. Some economists say the decline in gross domestic product this year could rival the worst years of the Great Depression.

The terrifying speed of the economic collapse has spurred lawmakers to action. Late Wednesday night, Republican and Democratic senators agreed on a $2 trillion aid package that would provide cash payments to nearly all Americans and would expand the unemployment system, among other changes. The bill is expected to get final congressional approval on Friday.

Despite the glitches, Thursday’s figures suggest the scale of the problem. In a single week, the pandemic wiped out a year and a half of job gains. The past two weeks’ claims alone would be enough to push the unemployment rate up to 5.7 percent from 3.5 percent in February — a half-century low that now seems like ancient history.

Some forecasters think the unemployment rate could hit 10 percent this summer, which would equal the highest level from the last recession more than a decade ago. Back then, it took nearly two years for the jobless rate to reach that height.

Meanwhile, in Canada:

Canada said it was ready to buy $150-billion of mortgage securities, up from $50-billion announced earlier this month, to expand funding for lenders dealing with tighter credit markets due to the economic impact of the coronavirus outbreak.

The Toronto Stock Exchange’s S&P/TSX composite index rose 1.77%, or 231.94 points, to 13,371.74. The index has rebounded nearly 20% from Monday’s 8-year low.

The heavily weighted financials group rallied 1.7%, while industrials were up 3.3%.

The Canadian dollar was trading 1% higher at 1.4047 to the greenback, or 71.19 U.S. cents. The currency, which on Wednesday notched its biggest gain in four years, touched its strongest intraday level since March 17 at 1.4010.

The price of oil, one of Canada’s major exports, fell more than 7% as restrictions on travel worldwide slashed fuel demand and the United States scrapped plans to buy domestic oil for its emergency reserve.

Canadian government bond yields fell across the curve in sympathy with U.S. Treasuries. The 10-year was down 7.6 basis points at 0.826%.

TXPR closed at 462.27, up 4.69% on the day. Volume today was 4.85-million – and this enormous figure is well below the average of the past three weeks.

CPD closed at 9.19, up 5.15% on the day. Volume was 294,589, below the average of the past 30 trading days.

ZPR closed at 7.15, up 3.32% on the day. Volume of 1,032,368 was nothing special in the context of the past 30 trading days.

Five-year Canada yields were down 4bp to 0.75% today.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 1.2009 % 1,398.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.2009 % 2,565.4
Floater 7.75 % 7.89 % 55,847 11.51 4 1.2009 % 1,478.5
OpRet 0.00 % 0.00 % 0 0.00 0 2.0763 % 3,119.8
SplitShare 5.32 % 7.26 % 80,779 3.98 7 2.0763 % 3,725.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 2.0763 % 2,906.9
Perpetual-Premium 6.89 % 7.09 % 109,617 12.40 12 5.7786 % 2,472.9
Perpetual-Discount 6.42 % 6.57 % 90,672 13.10 24 5.0332 % 2,728.4
FixedReset Disc 7.75 % 6.55 % 218,554 12.75 64 5.2666 % 1,558.0
Deemed-Retractible 6.24 % 6.87 % 104,613 12.76 27 4.0105 % 2,711.3
FloatingReset 5.99 % 6.12 % 62,724 13.73 3 4.0927 % 1,689.0
FixedReset Prem 6.54 % 6.57 % 203,919 13.04 22 4.2049 % 2,072.3
FixedReset Bank Non 2.01 % 5.54 % 128,429 1.79 3 0.5979 % 2,639.3
FixedReset Ins Non 7.80 % 6.94 % 117,184 12.38 22 7.2356 % 1,511.1
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -16.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 7.76
Evaluated at bid price : 7.76
Bid-YTW : 7.35 %
PVS.PR.H SplitShare -5.78 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 21.20
Bid-YTW : 7.66 %
BMO.PR.D FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.72
Evaluated at bid price : 14.72
Bid-YTW : 6.72 %
RY.PR.C Deemed-Retractible 1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.52
Bid-YTW : 8.40 %
RY.PR.E Deemed-Retractible 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.41
Bid-YTW : 8.57 %
BNS.PR.Z FixedReset Bank Non 1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.56
Bid-YTW : 5.54 %
W.PR.K FixedReset Prem 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.17 %
RY.PR.G Deemed-Retractible 1.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.40
Bid-YTW : 8.59 %
BIP.PR.A FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 7.97 %
BNS.PR.E FixedReset Prem 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.76 %
TD.PF.C FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.55
Evaluated at bid price : 12.55
Bid-YTW : 6.50 %
GWO.PR.N FixedReset Ins Non 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 9.15
Evaluated at bid price : 9.15
Bid-YTW : 5.33 %
SLF.PR.D Deemed-Retractible 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.29 %
CU.PR.G Perpetual-Discount 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.31 %
BNS.PR.G FixedReset Prem 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.58 %
TD.PF.B FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 6.35 %
MFC.PR.K FixedReset Ins Non 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.61
Evaluated at bid price : 11.61
Bid-YTW : 6.98 %
SLF.PR.B Deemed-Retractible 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.24
Evaluated at bid price : 19.24
Bid-YTW : 6.28 %
CM.PR.P FixedReset Disc 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.48
Evaluated at bid price : 11.48
Bid-YTW : 6.98 %
PVS.PR.E SplitShare 2.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 9.20 %
TD.PF.K FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.12
Evaluated at bid price : 14.12
Bid-YTW : 6.46 %
RY.PR.W Perpetual-Discount 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.01 %
BAM.PR.B Floater 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 7.70
Evaluated at bid price : 7.70
Bid-YTW : 7.89 %
POW.PR.D Perpetual-Discount 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.10 %
PWF.PR.H Perpetual-Premium 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 7.45 %
GWO.PR.G Deemed-Retractible 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 6.92 %
MFC.PR.B Deemed-Retractible 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 6.27 %
MFC.PR.J FixedReset Ins Non 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.71
Evaluated at bid price : 12.71
Bid-YTW : 7.02 %
BAM.PF.H FixedReset Prem 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.17 %
MFC.PR.F FixedReset Ins Non 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 7.76
Evaluated at bid price : 7.76
Bid-YTW : 6.67 %
RY.PR.Z FixedReset Disc 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 6.13 %
CCS.PR.C Deemed-Retractible 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.81 %
BAM.PF.I FixedReset Prem 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 6.19 %
NA.PR.X FixedReset Prem 2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.13 %
TRP.PR.J FixedReset Prem 2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 6.61 %
SLF.PR.E Deemed-Retractible 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.34 %
GWO.PR.I Deemed-Retractible 3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.62 %
PWF.PR.A Floater 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 8.50
Evaluated at bid price : 8.50
Bid-YTW : 7.22 %
BAM.PF.D Perpetual-Discount 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 6.61 %
SLF.PR.A Deemed-Retractible 3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 6.27 %
POW.PR.A Perpetual-Premium 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.69
Evaluated at bid price : 19.69
Bid-YTW : 7.29 %
BAM.PF.C Perpetual-Discount 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.64 %
PWF.PR.G Perpetual-Premium 3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 7.18 %
BAM.PR.N Perpetual-Discount 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.61 %
TRP.PR.G FixedReset Disc 3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 6.67 %
TD.PF.D FixedReset Disc 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 6.46 %
BAM.PF.J FixedReset Prem 3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 6.07 %
GWO.PR.H Deemed-Retractible 3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.39
Evaluated at bid price : 18.39
Bid-YTW : 6.64 %
TD.PF.H FixedReset Prem 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.56
Evaluated at bid price : 18.56
Bid-YTW : 6.54 %
TD.PF.G FixedReset Prem 3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 6.52 %
GWO.PR.R Deemed-Retractible 3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 6.70 %
TRP.PR.E FixedReset Disc 3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.67
Evaluated at bid price : 12.67
Bid-YTW : 6.46 %
RY.PR.Q FixedReset Prem 3.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.34 %
BNS.PR.H FixedReset Prem 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.59 %
TRP.PR.D FixedReset Disc 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.14
Evaluated at bid price : 13.14
Bid-YTW : 6.29 %
CIU.PR.A Perpetual-Discount 3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.70 %
MFC.PR.G FixedReset Ins Non 3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 7.34 %
BMO.PR.B FixedReset Prem 3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 6.57 %
EIT.PR.B SplitShare 3.92 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 22.55
Bid-YTW : 7.26 %
BAM.PR.M Perpetual-Discount 3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.55 %
IFC.PR.E Deemed-Retractible 4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.89 %
PWF.PR.I Perpetual-Premium 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 6.98 %
EMA.PR.C FixedReset Disc 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.53 %
CM.PR.Y FixedReset Disc 4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 6.61 %
RY.PR.S FixedReset Disc 4.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 15.13
Evaluated at bid price : 15.13
Bid-YTW : 5.74 %
TRP.PR.A FixedReset Disc 4.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.44
Evaluated at bid price : 11.44
Bid-YTW : 6.20 %
CU.PR.E Perpetual-Discount 4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.36 %
CU.PR.C FixedReset Disc 4.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.73
Evaluated at bid price : 13.73
Bid-YTW : 5.67 %
TRP.PR.B FixedReset Disc 4.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 8.65
Evaluated at bid price : 8.65
Bid-YTW : 5.55 %
ELF.PR.G Perpetual-Discount 4.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.95 %
RY.PR.N Perpetual-Discount 4.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.06 %
RY.PR.P Perpetual-Premium 4.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 21.63
Evaluated at bid price : 21.63
Bid-YTW : 6.15 %
NA.PR.G FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 7.02 %
CU.PR.F Perpetual-Discount 4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.21 %
PVS.PR.F SplitShare 4.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 6.99 %
HSE.PR.A FixedReset Disc 4.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 6.11
Evaluated at bid price : 6.11
Bid-YTW : 9.77 %
BIP.PR.E FixedReset Disc 4.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.87 %
CM.PR.O FixedReset Disc 4.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 6.84 %
TRP.PR.K FixedReset Prem 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.41
Evaluated at bid price : 19.41
Bid-YTW : 6.40 %
SLF.PR.C Deemed-Retractible 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.27 %
CU.PR.D Perpetual-Discount 4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 6.40 %
POW.PR.C Perpetual-Premium 4.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.18 %
NA.PR.E FixedReset Disc 4.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 6.86 %
CM.PR.S FixedReset Disc 4.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 6.72 %
BMO.PR.Z Perpetual-Discount 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.03 %
SLF.PR.J FloatingReset 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 8.40
Evaluated at bid price : 8.40
Bid-YTW : 5.73 %
CM.PR.R FixedReset Disc 5.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 7.01 %
TD.PF.M FixedReset Disc 5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.38 %
CU.PR.H Perpetual-Discount 5.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.57 %
NA.PR.A FixedReset Prem 5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.10 %
BMO.PR.E FixedReset Disc 5.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.86
Evaluated at bid price : 14.86
Bid-YTW : 6.25 %
TD.PF.F Perpetual-Discount 5.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.00 %
EMA.PR.E Perpetual-Discount 5.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.99 %
BMO.PR.F FixedReset Disc 5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.44 %
PWF.PR.T FixedReset Disc 5.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.89
Evaluated at bid price : 11.89
Bid-YTW : 7.13 %
BIK.PR.A FixedReset Prem 5.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.52 %
NA.PR.C FixedReset Disc 5.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 7.05 %
BNS.PR.I FixedReset Disc 5.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 15.06
Evaluated at bid price : 15.06
Bid-YTW : 5.90 %
GWO.PR.S Deemed-Retractible 5.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.01 %
TD.PF.I FixedReset Disc 5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 6.62 %
TD.PF.L FixedReset Disc 5.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 6.27 %
RY.PR.J FixedReset Disc 6.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.10 %
GWO.PR.T Deemed-Retractible 6.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.97 %
MFC.PR.H FixedReset Ins Non 6.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.29
Evaluated at bid price : 13.29
Bid-YTW : 7.29 %
IFC.PR.C FixedReset Ins Non 6.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.51
Evaluated at bid price : 12.51
Bid-YTW : 6.63 %
RY.PR.O Perpetual-Discount 6.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.06 %
TD.PF.J FixedReset Disc 6.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.91
Evaluated at bid price : 14.91
Bid-YTW : 6.16 %
TD.PF.E FixedReset Disc 6.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.02
Evaluated at bid price : 14.02
Bid-YTW : 6.37 %
EMA.PR.F FixedReset Disc 6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 6.56 %
GWO.PR.P Deemed-Retractible 6.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.87 %
W.PR.M FixedReset Prem 6.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 6.73 %
TRP.PR.C FixedReset Disc 6.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 9.00
Evaluated at bid price : 9.00
Bid-YTW : 6.16 %
BAM.PF.B FixedReset Disc 6.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 6.73 %
BIP.PR.D FixedReset Disc 6.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.69 %
ELF.PR.H Perpetual-Premium 6.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.86 %
MFC.PR.Q FixedReset Ins Non 6.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 6.74 %
MFC.PR.N FixedReset Ins Non 7.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 6.37 %
SLF.PR.G FixedReset Ins Non 7.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 8.48
Evaluated at bid price : 8.48
Bid-YTW : 6.05 %
IAF.PR.B Deemed-Retractible 7.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.49 %
CM.PR.Q FixedReset Disc 7.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 7.14 %
POW.PR.G Perpetual-Premium 7.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 7.13 %
CM.PR.T FixedReset Disc 7.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 16.84
Evaluated at bid price : 16.84
Bid-YTW : 6.32 %
EMA.PR.H FixedReset Prem 7.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 22.35
Evaluated at bid price : 22.92
Bid-YTW : 5.39 %
PWF.PR.Q FloatingReset 7.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 8.60
Evaluated at bid price : 8.60
Bid-YTW : 6.24 %
IFC.PR.I Perpetual-Premium 7.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 7.09 %
GWO.PR.L Deemed-Retractible 7.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.21 %
BIP.PR.C FixedReset Prem 7.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.09 %
GWO.PR.F Deemed-Retractible 7.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.98 %
PWF.PR.O Perpetual-Premium 7.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.22 %
IFC.PR.A FixedReset Ins Non 7.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 10.51
Evaluated at bid price : 10.51
Bid-YTW : 6.05 %
MFC.PR.I FixedReset Ins Non 8.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.93
Evaluated at bid price : 12.93
Bid-YTW : 7.10 %
GWO.PR.M Deemed-Retractible 8.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 7.19 %
MFC.PR.M FixedReset Ins Non 8.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.11
Evaluated at bid price : 12.11
Bid-YTW : 6.74 %
CU.PR.I FixedReset Prem 8.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 5.57 %
BIP.PR.B FixedReset Prem 8.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.91 %
PWF.PR.K Perpetual-Discount 8.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 6.87 %
PWF.PR.S Perpetual-Discount 8.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.76 %
PWF.PR.R Perpetual-Premium 8.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.96 %
IAF.PR.I FixedReset Ins Non 8.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.29
Evaluated at bid price : 13.29
Bid-YTW : 6.94 %
GWO.PR.Q Deemed-Retractible 8.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.83 %
BAM.PR.T FixedReset Disc 9.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.35
Evaluated at bid price : 11.35
Bid-YTW : 6.67 %
MFC.PR.O FixedReset Ins Non 9.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 7.13 %
EIT.PR.A SplitShare 9.09 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 6.02 %
PWF.PR.E Perpetual-Premium 9.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.00 %
IFC.PR.G FixedReset Ins Non 9.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.24
Evaluated at bid price : 14.24
Bid-YTW : 6.24 %
PWF.PR.Z Perpetual-Discount 9.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.88 %
RY.PR.M FixedReset Disc 9.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 6.13 %
PWF.PR.L Perpetual-Discount 9.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.85 %
PWF.PR.F Perpetual-Discount 10.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.89 %
EML.PR.A FixedReset Ins Non 10.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.44 %
IFC.PR.F Deemed-Retractible 10.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.54 %
MFC.PR.R FixedReset Ins Non 10.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 7.10 %
BAM.PR.X FixedReset Disc 11.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 6.22 %
SLF.PR.H FixedReset Ins Non 11.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 10.67
Evaluated at bid price : 10.67
Bid-YTW : 6.62 %
BAM.PR.R FixedReset Disc 11.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 6.48 %
IAF.PR.G FixedReset Ins Non 11.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.14
Evaluated at bid price : 13.14
Bid-YTW : 6.75 %
SLF.PR.I FixedReset Ins Non 11.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.41
Evaluated at bid price : 12.41
Bid-YTW : 6.92 %
BAM.PF.F FixedReset Disc 13.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 6.80 %
BAM.PF.E FixedReset Disc 13.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 6.57 %
BAM.PR.Z FixedReset Disc 13.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.36
Evaluated at bid price : 14.36
Bid-YTW : 6.64 %
BAM.PF.A FixedReset Disc 15.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 14.73
Evaluated at bid price : 14.73
Bid-YTW : 6.62 %
BAM.PF.G FixedReset Disc 16.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 6.38 %
HSE.PR.G FixedReset Disc 17.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 10.10
Evaluated at bid price : 10.10
Bid-YTW : 10.39 %
HSE.PR.C FixedReset Disc 20.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 10.24
Evaluated at bid price : 10.24
Bid-YTW : 10.15 %
HSE.PR.E FixedReset Disc 23.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 9.43 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PR.R FixedReset Disc 387,868 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 6.48 %
BAM.PR.X FixedReset Disc 68,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 6.22 %
TD.PF.G FixedReset Prem 61,991 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 6.52 %
RY.PR.E Deemed-Retractible 57,735 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.41
Bid-YTW : 8.57 %
TRP.PR.J FixedReset Prem 53,125 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 6.61 %
RY.PR.Z FixedReset Disc 52,197 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 6.13 %
There were 90 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.M FixedReset Ins Non Quote: 12.11 – 18.50
Spot Rate : 6.3900
Average : 3.6833

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 12.11
Evaluated at bid price : 12.11
Bid-YTW : 6.74 %

POW.PR.B Perpetual-Discount Quote: 18.61 – 22.79
Spot Rate : 4.1800
Average : 2.4253

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 7.37 %

MFC.PR.F FixedReset Ins Non Quote: 7.76 – 11.00
Spot Rate : 3.2400
Average : 1.9026

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 7.76
Evaluated at bid price : 7.76
Bid-YTW : 6.67 %

TD.PF.M FixedReset Disc Quote: 17.75 – 19.75
Spot Rate : 2.0000
Average : 1.2553

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.38 %

SLF.PR.G FixedReset Ins Non Quote: 8.48 – 10.99
Spot Rate : 2.5100
Average : 1.7949

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 8.48
Evaluated at bid price : 8.48
Bid-YTW : 6.05 %

POW.PR.C Perpetual-Premium Quote: 20.70 – 22.95
Spot Rate : 2.2500
Average : 1.5373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-26
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.18 %

Amid dividend cuts, income investors can still find safety

Wednesday, March 25th, 2020

John Heinzl was kind enough to quote me in his recent piece Amid dividend cuts, income investors can still find safety:

James Hymas, president of Hymas Investment Management, said the risk of banks cutting dividends is “so small that it cannot be quantified.”

“The saving grace in all of this is that after the credit crunch the regulators really went to town, insisting on higher capital levels,” Mr. Hymas said in an interview. “So the banks have an enormous shock absorber … in terms of their capital and their size and their protection from competition.”

March 25, 2020

Wednesday, March 25th, 2020
unicorn_200325_1 moneygusher_200325_1
rich_200325_1 unicorn_200325_2
unicorn_200325_3 rich_200325_2
moneygusher_200325_2 unicorn_200325_4

Two Trillion bucks are on the way:

Stocks on Wall Street rose on Wednesday as investors sized up a $2 trillion coronavirus rescue package intended to shore up the American economy, but the gains faded late in the day as debate over the bill continued without a vote in the Senate.

The legislation would be the biggest fiscal stimulus package in modern American history, and more than double the size of the roughly $800 billion stimulus package that Congress passed in 2009, during the last recession.

The S&P 500 climbed more than 1 percent, adding to a 9.4 percent gain on Tuesday that had come as investors anticipated that Democrats and Republicans would reach a deal over the plans.

Some of the companies expected to benefit from government help led Wednesday’s gains. Boeing was up more than 20 percent, helping lift the Dow Jones industrial average. American Airlines and Carnival Corporation both jumped more than 10 percent.

But there are always some who are convinced of a vast conspiracy to do them out of what is rightfully theirs:

A last-minute dispute over jobless aid was delaying a final Senate vote expected on Wednesday to approve sweeping legislation to deliver $2 trillion in government relief for an economy battered by the coronavirus pandemic.

Four Republican senators said they believed the bill, which would provide a substantial expansion of unemployment insurance, could lead to layoffs and incentivize workers to collect unemployment payments rather than take a job. They argued that because the unemployment benefits would in some cases be greater than people’s regular wages, some employers and employees would decide that layoffs were preferable. The senators said they would object to fast-tracking a vote until their concerns were addressed.

“If this is not a drafting error, then this is the worst idea I have seen in a long time,” said Senator Lindsey Graham, Republican of South Carolina. “We need to create a sustainable system.”

We all know someone like Lindsey Graham, eh?

And it was a good day for Canadian markets:

Canada’s main stock index climbed on Wednesday after the country’s legislators approved a $27-billion stimulus bill to help people and businesses deal with the coronavirus pandemic. The bill also includes $55-billion in the form of tax deferrals.

The Toronto Stock Exchange’s S&P/TSX composite index closed unofficially up 568.15 points, or 4.52%, at 13,139.23. It rose as high as 12,906.28 before paring gains late in the session.

Ten of the index’s 11 major sectors were higher, led by an 8-per-cent jump in the heavyweight energy sector and a 6.7-per-cent increase in financial stocks.

Of course, all the disruption is leading to shortages of vital supplies:

Sales of gold bars and coins have been soaring since the outbreak of the novel coronavirus and dealers are struggling to keep up with demand. While orders pour in, the supply has tightened considerably because of government lockdowns, grounded airlines and decisions by several bar and coin producers to close down for safety reasons.

The U.S. Mint recently sold out of its popular Silver Eagle coin after sales soared by nearly 300 per cent in March. The Perth Mint in Australia, the country’s official supplier of coins and bars, said demand was so strong it no longer had any gold bars in stock and only a limited supply of gold and silver coins.

Last Friday, the Royal Canadian Mint suspended production of its coins and other products for at least two weeks because of the virus. In a statement, CEO Marie Lemay cautioned that while officials had a plan to resume “modified production” next month, they anticipated “a longer suspension of production and shipping for our numismatic collectable coins as we prioritise the support of trade and commerce.”

The Fed’s support of the corporate bond market had some multiplier effect:

  • The world’s biggest credit ETF took in $1.06 billion on Monday as traders rotated back into corporate bond bets, Bloomberg reported.
  • The iShares iBoxx $ Investment Grade Corporate Bond ETF ended the day up 7.4% after the Federal Reserve announced it will begin buying corporate bonds and credit ETFs amid the coronavirus’s hit to economic activity.
  • Monday’s inflows were the second-biggest in the ETF’s history, according to Bloomberg.
  • The influx of investor cash follows record retreats from investment-grade and high-yield debt funds in the week ended March 19, according to Bank of America.

TXPR closed at 441.57, up 8.13% on the day. Volume today was 4.14-million – and this enormous figure is well below the average of the past three weeks.

Today’s enormous gain, coupled with yesterday’s, means we have recouped all the lost ground since … um … March 16. The total return version of the index is now down only 24.86% on the month to date, so that’s pretty good, eh?

CPD closed at 8.74, up 7.90% on the day. Volume was 402,477, above average but nothing special in the context of the past 30 trading days.

ZPR closed at 6.92, up 9.84% on the day. Volume of 1,439,516 didn’t even make the top three of the past 30 trading days.

Five-year Canada yields were up 3bp to 0.79% today.

PerpetualDiscounts now yield 6.81%, equivalent to 8.85% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.87%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed dramatically to 500bp from the 570bp reported March 18. But we’re still way over the old record set on November 26, 2008 when trouble with the BCE buyout caused a short-lived spike in PerpetualDiscount bid yields, moving the Seniority Spread to 445bp.

I’m not reviewing suspect quotes today, as has been the case for the past while. I’m saving my sarcasm for less turbulent times.

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 12.5685 % 1,381.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 12.5685 % 2,535.0
Floater 7.84 % 8.07 % 56,476 11.33 4 12.5685 % 1,460.9
OpRet 0.00 % 0.00 % 0 0.00 0 7.0730 % 3,056.3
SplitShare 5.43 % 8.16 % 78,747 3.96 7 7.0730 % 3,649.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 7.0730 % 2,847.8
Perpetual-Premium 7.29 % 7.53 % 107,205 11.81 12 4.6671 % 2,337.8
Perpetual-Discount 6.74 % 6.81 % 89,266 12.83 24 5.3204 % 2,597.6
FixedReset Disc 8.14 % 6.83 % 212,654 12.33 64 9.1957 % 1,480.0
Deemed-Retractible 6.49 % 7.25 % 101,515 12.28 27 8.8945 % 2,606.7
FloatingReset 6.24 % 6.16 % 64,057 13.68 3 15.0600 % 1,622.6
FixedReset Prem 6.82 % 6.78 % 204,508 12.75 22 5.6127 % 1,988.7
FixedReset Bank Non 2.02 % 6.28 % 129,140 1.79 3 1.2102 % 2,623.6
FixedReset Ins Non 8.36 % 7.36 % 118,294 11.65 22 6.6057 % 1,409.2
Performance Highlights
Issue Index Change Notes
IFC.PR.I Perpetual-Premium -4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.63 %
EML.PR.A FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 8.19 %
PWF.PR.I Perpetual-Premium 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.29 %
PVS.PR.E SplitShare 1.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 22.53
Bid-YTW : 10.10 %
IFC.PR.F Deemed-Retractible 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.25 %
RY.PR.M FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 6.73 %
CIU.PR.A Perpetual-Discount 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.96 %
PVS.PR.D SplitShare 3.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 9.56 %
BNS.PR.Z FixedReset Bank Non 3.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 6.28 %
RY.PR.G Deemed-Retractible 3.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.05
Bid-YTW : 9.46 %
IAF.PR.I FixedReset Ins Non 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 7.60 %
RY.PR.O Perpetual-Discount 3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.46 %
EMA.PR.H FixedReset Prem 3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.82 %
RY.PR.E Deemed-Retractible 3.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.11
Bid-YTW : 9.31 %
RY.PR.J FixedReset Disc 3.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.19
Evaluated at bid price : 13.19
Bid-YTW : 6.48 %
BMO.PR.F FixedReset Disc 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 6.81 %
SLF.PR.I FixedReset Ins Non 3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 7.74 %
RY.PR.F Deemed-Retractible 3.96 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.10
Bid-YTW : 9.28 %
TD.PF.D FixedReset Disc 3.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 6.69 %
SLF.PR.H FixedReset Ins Non 4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.60
Evaluated at bid price : 9.60
Bid-YTW : 7.36 %
RY.PR.C Deemed-Retractible 4.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.22
Bid-YTW : 9.14 %
RY.PR.A Deemed-Retractible 4.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.20
Bid-YTW : 9.03 %
MFC.PR.F FixedReset Ins Non 4.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 7.56
Evaluated at bid price : 7.56
Bid-YTW : 6.85 %
W.PR.M FixedReset Prem 4.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.20 %
MFC.PR.O FixedReset Ins Non 4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.78 %
IFC.PR.E Deemed-Retractible 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.18 %
RY.PR.S FixedReset Disc 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 6.01 %
BNS.PR.E FixedReset Prem 4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.87 %
BAM.PF.H FixedReset Prem 4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 6.33 %
RY.PR.N Perpetual-Discount 4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.62
Evaluated at bid price : 19.62
Bid-YTW : 6.33 %
CU.PR.C FixedReset Disc 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 5.92 %
NA.PR.C FixedReset Disc 4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 7.46 %
TRP.PR.K FixedReset Prem 4.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 6.70 %
GWO.PR.N FixedReset Ins Non 4.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.00
Evaluated at bid price : 9.00
Bid-YTW : 5.42 %
PWF.PR.K Perpetual-Discount 4.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 7.48 %
GWO.PR.M Deemed-Retractible 4.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 7.77 %
BNS.PR.G FixedReset Prem 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 6.71 %
MFC.PR.M FixedReset Ins Non 4.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.15
Evaluated at bid price : 11.15
Bid-YTW : 7.35 %
CU.PR.I FixedReset Prem 4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.06 %
CU.PR.D Perpetual-Discount 4.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.71 %
MFC.PR.R FixedReset Ins Non 4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 7.89 %
BNS.PR.H FixedReset Prem 4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.84 %
IAF.PR.G FixedReset Ins Non 4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.77
Evaluated at bid price : 11.77
Bid-YTW : 7.55 %
TD.PF.M FixedReset Disc 4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.88
Evaluated at bid price : 16.88
Bid-YTW : 6.72 %
RY.PR.R FixedReset Prem 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.57 %
PWF.PR.T FixedReset Disc 5.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.27
Evaluated at bid price : 11.27
Bid-YTW : 7.55 %
BMO.PR.Z Perpetual-Discount 5.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.34 %
TD.PF.E FixedReset Disc 5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.16
Evaluated at bid price : 13.16
Bid-YTW : 6.80 %
TD.PF.H FixedReset Prem 5.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 6.78 %
PWF.PR.L Perpetual-Discount 5.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 7.54 %
CM.PR.T FixedReset Disc 5.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.83 %
GWO.PR.F Deemed-Retractible 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 7.51 %
POW.PR.D Perpetual-Discount 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 7.27 %
PWF.PR.E Perpetual-Premium 5.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.66 %
EMA.PR.E Perpetual-Discount 5.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 6.32 %
PWF.PR.O Perpetual-Premium 5.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.79 %
BMO.PR.B FixedReset Prem 5.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.83 %
PWF.PR.Z Perpetual-Discount 5.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.43
Evaluated at bid price : 17.43
Bid-YTW : 7.55 %
CM.PR.Y FixedReset Disc 5.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 6.93 %
NA.PR.A FixedReset Prem 5.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.48 %
CM.PR.S FixedReset Disc 5.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.18
Evaluated at bid price : 12.18
Bid-YTW : 7.10 %
CU.PR.E Perpetual-Discount 5.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.64 %
GWO.PR.L Deemed-Retractible 5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 7.75 %
TD.PF.F Perpetual-Discount 5.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.32 %
CM.PR.Q FixedReset Disc 5.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.41
Evaluated at bid price : 11.41
Bid-YTW : 7.68 %
BAM.PF.I FixedReset Prem 6.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.36 %
TD.PF.G FixedReset Prem 6.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.76 %
TD.PF.C FixedReset Disc 6.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 6.61 %
PVS.PR.F SplitShare 6.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 8.14 %
BAM.PF.A FixedReset Disc 6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 7.72 %
PWF.PR.R Perpetual-Premium 6.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.60 %
MFC.PR.K FixedReset Ins Non 6.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.38
Evaluated at bid price : 11.38
Bid-YTW : 7.13 %
RY.PR.Z FixedReset Disc 6.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.32
Evaluated at bid price : 12.32
Bid-YTW : 6.31 %
PWF.PR.F Perpetual-Discount 6.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.68
Evaluated at bid price : 17.68
Bid-YTW : 7.59 %
NA.PR.E FixedReset Disc 6.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 7.21 %
NA.PR.X FixedReset Prem 6.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 7.33 %
CM.PR.O FixedReset Disc 6.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 7.20 %
NA.PR.G FixedReset Disc 6.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.11
Evaluated at bid price : 13.11
Bid-YTW : 7.36 %
TD.PF.J FixedReset Disc 6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.58 %
W.PR.K FixedReset Prem 6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.27 %
EIT.PR.B SplitShare 6.90 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 21.70
Bid-YTW : 8.16 %
BAM.PR.Z FixedReset Disc 6.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 7.59 %
BAM.PF.E FixedReset Disc 7.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 10.78
Evaluated at bid price : 10.78
Bid-YTW : 7.44 %
POW.PR.B Perpetual-Discount 7.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 7.42 %
RY.PR.Q FixedReset Prem 7.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.58 %
BAM.PF.J FixedReset Prem 7.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.29 %
BAM.PR.M Perpetual-Discount 7.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 6.81 %
IAF.PR.B Deemed-Retractible 7.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 6.95 %
POW.PR.A Perpetual-Premium 7.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.52 %
CU.PR.F Perpetual-Discount 7.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.49 %
BIP.PR.E FixedReset Disc 7.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.20 %
BMO.PR.E FixedReset Disc 7.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 6.61 %
CM.PR.R FixedReset Disc 7.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 7.40 %
TD.PF.I FixedReset Disc 7.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.81
Evaluated at bid price : 13.81
Bid-YTW : 7.01 %
MFC.PR.I FixedReset Ins Non 7.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.97
Evaluated at bid price : 11.97
Bid-YTW : 7.68 %
POW.PR.G Perpetual-Premium 7.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.66 %
MFC.PR.L FixedReset Ins Non 7.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 10.95
Evaluated at bid price : 10.95
Bid-YTW : 7.07 %
CM.PR.P FixedReset Disc 7.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.48
Evaluated at bid price : 11.48
Bid-YTW : 7.16 %
TD.PF.A FixedReset Disc 7.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 6.37 %
CU.PR.G Perpetual-Discount 7.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 6.43 %
BIP.PR.C FixedReset Prem 7.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 7.64 %
TRP.PR.G FixedReset Disc 7.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.24
Evaluated at bid price : 13.24
Bid-YTW : 6.90 %
BAM.PR.N Perpetual-Discount 8.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.83 %
PWF.PR.S Perpetual-Discount 8.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 7.36 %
PWF.PR.H Perpetual-Premium 8.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.63 %
NA.PR.S FixedReset Disc 8.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 7.26 %
GWO.PR.Q Deemed-Retractible 8.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.44
Evaluated at bid price : 17.44
Bid-YTW : 7.44 %
BAM.PF.C Perpetual-Discount 8.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.86 %
NA.PR.W FixedReset Disc 8.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 7.05 %
TD.PF.K FixedReset Disc 8.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.82
Evaluated at bid price : 13.82
Bid-YTW : 6.61 %
TD.PF.B FixedReset Disc 8.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.26
Evaluated at bid price : 12.26
Bid-YTW : 6.48 %
MFC.PR.N FixedReset Ins Non 8.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 10.84
Evaluated at bid price : 10.84
Bid-YTW : 6.82 %
BAM.PF.F FixedReset Disc 8.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.93
Evaluated at bid price : 11.93
Bid-YTW : 7.72 %
BAM.PF.D Perpetual-Discount 8.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 6.81 %
MFC.PR.G FixedReset Ins Non 8.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.84
Evaluated at bid price : 11.84
Bid-YTW : 7.62 %
MFC.PR.H FixedReset Ins Non 8.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.76 %
EIT.PR.A SplitShare 8.64 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 8.51 %
BIP.PR.A FixedReset Disc 8.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 8.10 %
GWO.PR.S Deemed-Retractible 8.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.83
Evaluated at bid price : 17.83
Bid-YTW : 7.42 %
PVS.PR.G SplitShare 8.96 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 7.09 %
TD.PF.L FixedReset Disc 9.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.67 %
PWF.PR.G Perpetual-Premium 9.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 7.42 %
BIP.PR.B FixedReset Prem 9.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.51 %
IFC.PR.A FixedReset Ins Non 9.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.75
Evaluated at bid price : 9.75
Bid-YTW : 6.54 %
EMA.PR.F FixedReset Disc 9.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.89
Evaluated at bid price : 12.89
Bid-YTW : 7.02 %
GWO.PR.T Deemed-Retractible 9.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 7.40 %
BIP.PR.F FixedReset Disc 9.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.34 %
SLF.PR.G FixedReset Ins Non 9.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 7.92
Evaluated at bid price : 7.92
Bid-YTW : 6.48 %
BMO.PR.Y FixedReset Disc 9.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 6.72 %
EMA.PR.C FixedReset Disc 9.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.42
Evaluated at bid price : 13.42
Bid-YTW : 6.83 %
BNS.PR.I FixedReset Disc 9.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 6.26 %
RY.PR.H FixedReset Disc 9.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 6.22 %
BIP.PR.D FixedReset Disc 9.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 7.15 %
GWO.PR.R Deemed-Retractible 10.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.95 %
IFC.PR.C FixedReset Ins Non 10.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.76
Evaluated at bid price : 11.76
Bid-YTW : 7.05 %
BAM.PR.C Floater 10.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 7.51
Evaluated at bid price : 7.51
Bid-YTW : 8.09 %
POW.PR.C Perpetual-Premium 10.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.53 %
GWO.PR.P Deemed-Retractible 10.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 7.34 %
TRP.PR.B FixedReset Disc 10.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.28
Evaluated at bid price : 8.28
Bid-YTW : 5.80 %
BIK.PR.A FixedReset Prem 10.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.95 %
GWO.PR.H Deemed-Retractible 10.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.88 %
IFC.PR.G FixedReset Ins Non 10.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 6.87 %
TRP.PR.D FixedReset Disc 11.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 6.55 %
MFC.PR.Q FixedReset Ins Non 11.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.24 %
BAM.PR.B Floater 11.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 7.53
Evaluated at bid price : 7.53
Bid-YTW : 8.07 %
SLF.PR.J FloatingReset 11.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.00
Evaluated at bid price : 8.00
Bid-YTW : 6.02 %
MFC.PR.J FixedReset Ins Non 12.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.39
Evaluated at bid price : 12.39
Bid-YTW : 7.22 %
BAM.PR.K Floater 12.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 7.52
Evaluated at bid price : 7.52
Bid-YTW : 8.08 %
BMO.PR.W FixedReset Disc 12.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 6.45 %
BMO.PR.C FixedReset Disc 12.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.39 %
BMO.PR.T FixedReset Disc 13.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.91
Evaluated at bid price : 11.91
Bid-YTW : 6.56 %
TRP.PR.C FixedReset Disc 13.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.42
Evaluated at bid price : 8.42
Bid-YTW : 6.59 %
BAM.PF.B FixedReset Disc 13.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.47
Evaluated at bid price : 12.47
Bid-YTW : 7.22 %
PWF.PR.Q FloatingReset 13.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.00
Evaluated at bid price : 8.00
Bid-YTW : 6.71 %
TRP.PR.A FixedReset Disc 13.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 10.96
Evaluated at bid price : 10.96
Bid-YTW : 6.49 %
BAM.PF.G FixedReset Disc 14.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.77
Evaluated at bid price : 11.77
Bid-YTW : 7.43 %
BMO.PR.S FixedReset Disc 14.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 6.57 %
GWO.PR.G Deemed-Retractible 14.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.10 %
TRP.PR.E FixedReset Disc 14.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.22
Evaluated at bid price : 12.22
Bid-YTW : 6.71 %
BAM.PR.T FixedReset Disc 14.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 10.41
Evaluated at bid price : 10.41
Bid-YTW : 7.29 %
SLF.PR.A Deemed-Retractible 15.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.46 %
PVS.PR.H SplitShare 15.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 6.60 %
SLF.PR.C Deemed-Retractible 15.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.04
Evaluated at bid price : 17.04
Bid-YTW : 6.57 %
BMO.PR.D FixedReset Disc 15.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 6.60 %
SLF.PR.E Deemed-Retractible 15.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.53 %
PWF.PR.A Floater 16.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.25
Evaluated at bid price : 8.25
Bid-YTW : 7.45 %
SLF.PR.B Deemed-Retractible 16.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.41 %
GWO.PR.I Deemed-Retractible 16.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 6.82 %
BAM.PR.R FixedReset Disc 17.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 10.23
Evaluated at bid price : 10.23
Bid-YTW : 7.23 %
BAM.PR.X FixedReset Disc 18.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.00
Evaluated at bid price : 9.00
Bid-YTW : 6.92 %
SLF.PR.D Deemed-Retractible 18.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.40 %
MFC.PR.B Deemed-Retractible 18.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.43 %
TRP.PR.F FloatingReset 19.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.90
Evaluated at bid price : 9.90
Bid-YTW : 6.16 %
MFC.PR.C Deemed-Retractible 20.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.60 %
HSE.PR.E FixedReset Disc 22.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.10
Evaluated at bid price : 9.10
Bid-YTW : 11.68 %
HSE.PR.A FixedReset Disc 22.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 5.84
Evaluated at bid price : 5.84
Bid-YTW : 10.23 %
HSE.PR.C FixedReset Disc 25.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.50
Evaluated at bid price : 8.50
Bid-YTW : 12.39 %
HSE.PR.G FixedReset Disc 26.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.56
Evaluated at bid price : 8.56
Bid-YTW : 12.28 %
PWF.PR.P FixedReset Disc 28.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 9.30
Evaluated at bid price : 9.30
Bid-YTW : 6.12 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 131,469 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 6.22 %
TD.PF.H FixedReset Prem 108,540 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 6.78 %
MFC.PR.B Deemed-Retractible 107,901 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.43 %
MFC.PR.O FixedReset Ins Non 82,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 7.78 %
NA.PR.S FixedReset Disc 58,712 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 7.26 %
TRP.PR.K FixedReset Prem 56,795 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 6.70 %
There were 84 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.H FixedReset Ins Non Quote: 12.50 – 16.83
Spot Rate : 4.3300
Average : 2.4458

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.76 %

PWF.PR.A Floater Quote: 8.25 – 12.85
Spot Rate : 4.6000
Average : 2.8125

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 8.25
Evaluated at bid price : 8.25
Bid-YTW : 7.45 %

CCS.PR.C Deemed-Retractible Quote: 18.01 – 23.00
Spot Rate : 4.9900
Average : 3.2977

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.99 %

IFC.PR.I Perpetual-Premium Quote: 18.00 – 22.00
Spot Rate : 4.0000
Average : 2.5790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.63 %

MFC.PR.I FixedReset Ins Non Quote: 11.97 – 19.90
Spot Rate : 7.9300
Average : 6.5525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 11.97
Evaluated at bid price : 11.97
Bid-YTW : 7.68 %

BMO.PR.D FixedReset Disc Quote: 14.96 – 17.80
Spot Rate : 2.8400
Average : 1.5787

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-25
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 6.60 %

OSP.PR.A : 70% of Capital Units to Disappear?

Wednesday, March 25th, 2020

Brompton Group has announced:

Brompton Oil Split Corp. (the “Fund”) previously announced a pro-rata redemption of class A shares (the “Class A Shares”) in order to maintain an equal number of preferred shares (the “Preferred Shares”) and Class A Shares outstanding as a result of more Preferred Shares being tendered to the special non-concurrent retraction in connection with the extension of the Fund’s term for an additional three years. As a result of withdrawals from the Preferred Share retraction, the Fund will now be required to redeem 2,259,102 Class A Shares on a pro-rata basis pursuant to the Fund’s constating documents which is a reduction of approximately 70.377% of each Class A shareholders’ holdings. Each Class A shareholder of record on March 31, 2020 will receive a redemption price equal to the greater of: (i) the net asset value per unit (each unit consisting of 1 Class A Share and 1 Preferred Share) minus the sum of $10.00 plus any accrued and unpaid distributions on a Preferred Share, and (ii) nil. The redemption payment, if any, will be made on or before April 15, 2020.

The Fund invests in a portfolio of equity securities of large capitalization North American oil and gas issuers, primarily focused on those with significant exposure to oil.

Given that the NAVPU of the preferred shares as of March 23 is only 3.67 (and the Capital Unit NAV is zero, of course), it currently appears that the redemption price calculated on March 31 will be nil.

DBRS Mass Review of SplitShares

Wednesday, March 25th, 2020

DBRS has announced:

DBRS Limited (DBRS Morningstar) placed certain preferred shares issued by various split share companies Under Review with Negative Implications. Each of these split share companies invests in a portfolio of securities funded by issuing two classes of shares: dividend-yielding preferred shares or securities (the Preferred Shares) and capital shares or units (the Capital Shares). In such structure, the Preferred Shares normally benefit from the downside protection provided by the net asset value (NAV) of the Capital Shares. Following the stock market sell-off in response to the worldwide spread of Coronavirus Disease (COVID-19) and various geopolitical news, the Preferred Shares experienced substantial declines in their downside protection. As a result, DBRS Morningstar placed the Preferred Shares listed below Under Review with Negative Implications. DBRS Morningstar will take final rating action on these Preferred Shares once a longer-term trend has been established for the NAVs of the affected split share companies.

Affected issues, with my estimates of the current (as of the close, March 24) Net Asset Value of the Whole Units, are:

Ticker Current
Rating
Estimated
NAV
DGS.PR.A Pfd-3 11.28
LBS.PR.A Pfd-3 11.77
PDV.PR.A Pfd-3(high) Not
Tracked
SBN.PR.A Pfd-3 11.54

BBD Preferreds Downgraded to CC by S&P

Tuesday, March 24th, 2020

Standard & Poor’s has announced:

  • In the weaker macroeconomic environment we anticipate, in large part because of the COVID-19 outbreak, Bombardier Inc.’s capital structure appears to be unsustainable in the long term.
  • As a result, S&P Global Ratings lowered its ratings on Bombardier by one notch, including its issuer credit rating on the company to ‘CCC+’ from ‘B-‘.
  • At present, we don’t believe Bombardier will face a near-term liquidity crisis given the ample cash on its balance sheet at the beginning of the year.
  • The negative outlook reflects the possibility of another downgrade if macroeconomic conditions further deteriorate from our expectations leading to our view that Bombardier is likely to consider a distressed exchange offer or sub-par redemption in the near term.


In our Feb. 19, 2020, research update on Bombardier, we were expecting S&P Global Ratings’ adjusted debt-to-EBITDA of 6x-7x in 2021. However, we now believe leverage is likely to be higher given our view that earnings and free cash flow prospects for the company’s business jet division have deteriorated, at least over the next couple of years. While we recognize that large cabin business jets, which will make up the majority of Bombardier’s sales in future will see less downward pressure than small cabin jets, we expect demand will be lower than previously expected. Given Bombardier’s high debt load and our expectation for lower earnings and free cash flow generation, we Bombardier’s financial commitments appear unsustainable in the long term. We acknowledge that our forecast is highly uncertain at this time and the company has yet to provide updated guidance.

The negative outlook reflects our view that Bombardier could pursue a distressed exchange or other debt restructuring in the next 12 months to reduce its debt obligations, which we consider unsustainable in the long-term. In our view, key risks include weaker-than-expected demand from a global recession, and operating disruptions that could lead to a meaningful free cash flow deficit.

We could lower our rating on Bombardier if the company announces a distressed exchange or we consider such an event to be highly likely. This could occur if macroeconomic conditions further deteriorate from our expectations, contributing to a weaker outlook for business jet demand, and a large free cash flow deficit. It could also occur if we believe the acquisition of the company’s Bombardier Transportation (BT) segment by Alstom S.A. is unlikely to close as proposed.

We could revise the outlook to stable if we see a lower likelihood that Bombardier could pursue a distressed exchange or debt restructuring in the next twelve months. This could be the case if we expect a strong recovery in the second half of this year, leading us to believe that Bombardier’s capital structure is sustainable in the long-term.

The rating on these preferreds is now so low that S&P doesn’t offer a ‘Canadian National Scale’ equivalent with a “P” prefix … all the preferreds get is a straight transcription to CC.

Affected issues are BBD.PR.B, BBD.PR.C and BBD.PR.D.