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It’s raining money in Washington!
Economists fear that by the time the coronavirus pandemic subsides and economic activity resumes, entire industries could be wiped out, proprietors across the country could lose their businesses and millions of workers could find themselves jobless.
To blunt the fallout, Washington is weighing proposals that could easily top $2 trillion, a staggering jump from the initial $8.3 billion virus response bill lawmakers approved this month. That includes a $1 trillion request President Trump floated with Congress on Wednesday, which would provide direct payments to individuals and small businesses, along with aid for airlines and other affected industries.
Mr. Trump and Republicans are also weighing a separate proposal that would potentially extend $1 trillion in assistance to small businesses, to keep them afloat during the outbreak and keep workers on their payrolls.
The scope of the business crisis could be seen on Wednesday. Detroit automakers said they would temporarily shutter production to try to contain the spread of virus, a decision that will ripple through hundreds of suppliers and millions of workers who depend on a vibrant auto industry.
And it’s raining money in Ottawa!
Prime Minister Justin Trudeau unveiled a sweeping emergency-aid package Wednesday aimed at helping Canadian workers and businesses survive the severe economic downturn caused by the new coronavirus pandemic.
The stimulus package – which includes $27-billion in emergency aid for workers and businesses and $55-billion in tax deferrals – will inject billions of dollars into businesses to help with their cash flow and to keep workers on the payroll, even if they have been sent home, while bolstering federal benefits and support programs for people who have lost their jobs.
…
The government announced two entirely new programs: The first – a $10-billion Emergency Care Benefit – will provide $450 a week for 15 weeks for workers who are quarantined or sick, or for parents who must stay at home to care for their children owing to school closings; and the second – a $5-billion Emergency Support Benefit – will provide funding to recently unemployed Canadians who do not qualify for EI.
…
In addition, small-business owners will receive a temporary wage subsidy from Ottawa that will be equal to 10 per cent of salary paid to employees for a period of three months. The measure is estimated to cost $3.8-billion.
…
The government will place a six-month moratorium on repayment of student loans, provide $157.5-million for homelessness programs and more than $300-million for Indigenous communities.
…
Last week, Ottawa pledged $1-billion in funding for health research and aid to the provinces, as well as $10-billion in new credits to backstop businesses.
Some were unimpressed:
Financial markets reeled again on Wednesday, as the coronavirus continued its relentless spread, governments ramped up efforts to contain it and investors waited for lawmakers in Washington to take action on proposals to bolster the American economy.
The selling reflected another extreme swing in sentiment on Wall Street. Stocks jumped on Tuesday as the White House called for urgent action to pump $1 trillion into the economy.
Stocks did recoup some losses late in the day Wednesday, as the Senate began to vote on a bill to provide sick leave, jobless benefits, free coronavirus testing and other aid. President Trump is expected to sign it. But when all was said and done, the S&P 500 fell about 5 percent, stocks in Europe were sharply lower and oil prices cratered.
…
The American oil benchmark, West Texas Intermediate, dropped 24 percent to just over $20 a barrel, the lowest price since 2003. The global Brent benchmark fell to just above $25 a barrel, a level just below January 2016. Oil prices are more than 60 percent below where they were at the beginning of the year.
… and in Canada:
Canada’s main stock market fell to a near seven-year low and the loonie declined by as much as 3.1 per cent on Wednesday as investors priced in a coronavirus-driven global recession into stock and commodity markets even as Ottawa rolled out economic stimulus.
The Toronto Stock Exchange Composite Index closed down 7.6 per cent at 11,721.42, having hit its lowest intraday level since July 2012 at 11,384.06. The index has fallen about 35 per cent from its Feb. 28 peak.
…
The sector with the biggest decline on the TSX was energy, down 12.5 per cent, as the price of oil, one of Canada’s major exports, extended its recent slide. U.S. crude oil futures plunged to a 18-year low, settling with a decline of 24.4 per cent at $20.37 a barrel.
…
The Canadian dollar touched its weakest intraday level since January 2016 at 1.4650 per U.S. dollar. It was last at 1.4459, down 1.8 per cent.Canada’s annual inflation rate dropped to 2.2 per cent in February on moderating gasoline prices, Statistics Canada said, with some analysts saying it was unlikely stay above the central bank’s 2 per cent target.
Canadian government bond yields were higher across a steeper yield curve in sympathy with U.S. Treasuries as investors braced for increased fiscal spending. The 10-year yield was up 8.8 basis points at 1.044 per cent.
So let’s pretend that it’s not happening!
The unprecedented intensity of the continuing global market crash is fuelling calls in the United States and Canada for a rarely used provision – shutting down stock exchanges to prevent markets from collapsing entirely.
On Wednesday, pandemic fear gripped financial markets once again, twice triggering market-wide trading halts in the U.S. and Canada for the fourth day out of the past eight.
Trillions of dollars of investor money are evaporating at stunning speed, as markets grapple with the potential economic cost of the outbreak.
“If the market is so dislocated that the purpose of the market isn’t functioning, in terms of trading and being able to manage risk, why is it open?” said Jason Mann, chief investment officer at Toronto-based Edgehill Partners.
On the bright side, fodder for future learned articles was provided by the inverted liquidity of the Bond/ETF market:
A rush to sell global bonds in the past week has now rippled into the world of exchange-traded funds with some of the most actively traded seeing the most bulging gaps relative to the value of underlying holdings in years.
Exchange-traded funds offer liquidity in different asset classes and have become in recent years a one-stop shop for investors and traders to access different markets and get trading liquidity in previous illiquid parts of the market.
…
With liquidity drying up across the board, funds trying to offload any sizeable holdings are having to sell at lower prices than quoted on trading platforms, market players said.“There is massive selling pressure on bond ETFs and funds – when you provide NAV on an over-the-counter product with very little bids similar to what you are currently seeing in the bond market, it becomes a stampede to get out,” said a portfolio manager at a European fund in Hong Kong.
Hmmm … sorta reminds you of the Canadian preferred share market, eh?
Speaking of the Canadian preferred share market …
TXPR closed at 402.36, down 6.58% on the day. Volume today was a stunning 7.86-million, highest of the past 30 trading days and well ahead of second-place March 17.
CPD closed at 7.96, down 8.82% on the day. Volume of 134,559 was the lowest since March 6.
ZPR closed at 6.28, down 6.69% on the day. Volume of 760,460 was the lowest since March 6
Five-year Canada yields were up 11bp to 0.92% today.
PerpetualDiscounts now yield 7.10%, equivalent to 9.23% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.54%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened dramatically to 570bp from the 445bp reported March 11. Today’s figure blows the old record right out of the water: 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.
Again, not going to check suspicious quotes today, there are too many of them!
| 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 | -9.0784 % | 1,185.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -9.0784 % | 2,175.4 |
| Floater | 9.13 % | 9.33 % | 57,873 | 10.14 | 4 | -9.0784 % | 1,253.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -15.0911 % | 2,728.9 |
| SplitShare | 6.08 % | 11.69 % | 75,771 | 3.88 | 7 | -15.0911 % | 3,258.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -15.0911 % | 2,542.7 |
| Perpetual-Premium | 8.09 % | 8.25 % | 93,881 | 11.06 | 12 | -12.3998 % | 2,105.4 |
| Perpetual-Discount | 7.14 % | 7.10 % | 83,749 | 12.36 | 24 | -8.2391 % | 2,452.2 |
| FixedReset Disc | 9.32 % | 8.20 % | 215,461 | 10.90 | 64 | -7.9270 % | 1,293.0 |
| Deemed-Retractible | 7.26 % | 8.23 % | 91,627 | 11.21 | 27 | -10.4187 % | 2,327.6 |
| FloatingReset | 6.62 % | 6.64 % | 66,613 | 12.93 | 3 | -10.2412 % | 1,422.1 |
| FixedReset Prem | 7.19 % | 7.26 % | 187,955 | 12.23 | 22 | -7.0514 % | 1,886.9 |
| FixedReset Bank Non | 2.40 % | 17.49 % | 118,257 | 1.76 | 3 | -7.7714 % | 2,211.7 |
| FixedReset Ins Non | 9.37 % | 8.59 % | 123,616 | 10.73 | 22 | -5.8197 % | 1,270.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.G | FixedReset Disc | -30.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 8.50 Evaluated at bid price : 8.50 Bid-YTW : 10.93 % |
| IAF.PR.B | Deemed-Retractible | -30.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.03 Evaluated at bid price : 12.03 Bid-YTW : 9.64 % |
| ELF.PR.H | Perpetual-Premium | -27.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.01 Evaluated at bid price : 15.01 Bid-YTW : 9.42 % |
| POW.PR.A | Perpetual-Premium | -25.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 10.24 % |
| PVS.PR.G | SplitShare | -25.27 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 17.00 Bid-YTW : 12.87 % |
| MFC.PR.N | FixedReset Ins Non | -25.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.61 Evaluated at bid price : 7.61 Bid-YTW : 10.45 % |
| HSE.PR.A | FixedReset Disc | -24.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 4.21 Evaluated at bid price : 4.21 Bid-YTW : 15.36 % |
| PVS.PR.H | SplitShare | -24.41 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 17.50 Bid-YTW : 11.10 % |
| HSE.PR.E | FixedReset Disc | -23.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.00 Evaluated at bid price : 7.00 Bid-YTW : 15.97 % |
| PVS.PR.F | SplitShare | -22.27 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 18.50 Bid-YTW : 12.61 % |
| HSE.PR.C | FixedReset Disc | -22.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.20 Evaluated at bid price : 7.20 Bid-YTW : 15.20 % |
| HSE.PR.G | FixedReset Disc | -21.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.51 Evaluated at bid price : 6.51 Bid-YTW : 16.99 % |
| BNS.PR.H | FixedReset Prem | -19.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 8.53 % |
| BAM.PR.T | FixedReset Disc | -19.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 8.32 Evaluated at bid price : 8.32 Bid-YTW : 9.70 % |
| BAM.PF.F | FixedReset Disc | -18.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.01 Evaluated at bid price : 10.01 Bid-YTW : 9.61 % |
| BAM.PR.X | FixedReset Disc | -18.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.06 Evaluated at bid price : 7.06 Bid-YTW : 9.48 % |
| BAM.PF.B | FixedReset Disc | -17.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.31 Evaluated at bid price : 10.31 Bid-YTW : 9.21 % |
| BAM.PF.A | FixedReset Disc | -17.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 9.14 % |
| GWO.PR.T | Deemed-Retractible | -17.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 8.65 % |
| IFC.PR.I | Perpetual-Premium | -16.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.84 % |
| PWF.PR.Q | FloatingReset | -15.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 6.64 % |
| GWO.PR.M | Deemed-Retractible | -15.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.59 % |
| GWO.PR.S | Deemed-Retractible | -15.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.51 Evaluated at bid price : 15.51 Bid-YTW : 8.52 % |
| CU.PR.I | FixedReset Prem | -14.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.02 % |
| MFC.PR.C | Deemed-Retractible | -14.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.91 Evaluated at bid price : 13.91 Bid-YTW : 8.17 % |
| PVS.PR.E | SplitShare | -14.76 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 14.12 % |
| POW.PR.D | Perpetual-Discount | -14.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 8.33 % |
| GWO.PR.P | Deemed-Retractible | -14.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 8.47 % |
| CU.PR.H | Perpetual-Discount | -13.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.18 % |
| GWO.PR.Q | Deemed-Retractible | -13.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.29 Evaluated at bid price : 15.29 Bid-YTW : 8.48 % |
| BAM.PR.R | FixedReset Disc | -13.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 8.90 Evaluated at bid price : 8.90 Bid-YTW : 8.85 % |
| BIK.PR.A | FixedReset Prem | -13.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.54 % |
| MFC.PR.B | Deemed-Retractible | -13.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 7.77 % |
| IFC.PR.E | Deemed-Retractible | -13.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 7.45 % |
| POW.PR.B | Perpetual-Discount | -13.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 8.69 % |
| BAM.PF.J | FixedReset Prem | -13.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 7.35 % |
| IFC.PR.F | Deemed-Retractible | -13.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.62 % |
| BIP.PR.A | FixedReset Disc | -13.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.65 Evaluated at bid price : 10.65 Bid-YTW : 10.42 % |
| BAM.PF.I | FixedReset Prem | -13.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.10 % |
| SLF.PR.D | Deemed-Retractible | -12.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.12 Evaluated at bid price : 14.12 Bid-YTW : 7.93 % |
| BIP.PR.F | FixedReset Disc | -12.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 8.56 % |
| BNS.PR.Z | FixedReset Bank Non | -12.45 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.00 Bid-YTW : 21.26 % |
| MFC.PR.I | FixedReset Ins Non | -12.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 9.69 % |
| PWF.PR.P | FixedReset Disc | -12.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.05 Evaluated at bid price : 7.05 Bid-YTW : 8.82 % |
| PWF.PR.O | Perpetual-Premium | -12.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 8.42 % |
| GWO.PR.F | Deemed-Retractible | -11.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 8.23 % |
| BIP.PR.E | FixedReset Disc | -11.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 8.53 % |
| SLF.PR.B | Deemed-Retractible | -11.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 7.87 % |
| CIU.PR.A | Perpetual-Discount | -11.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 7.10 % |
| EML.PR.A | FixedReset Ins Non | -11.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.59 % |
| BAM.PR.Z | FixedReset Disc | -11.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 8.73 % |
| TRP.PR.A | FixedReset Disc | -11.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 8.16 Evaluated at bid price : 8.16 Bid-YTW : 9.32 % |
| BAM.PF.E | FixedReset Disc | -11.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 9.75 Evaluated at bid price : 9.75 Bid-YTW : 8.76 % |
| GWO.PR.G | Deemed-Retractible | -11.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 8.05 % |
| GWO.PR.L | Deemed-Retractible | -11.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.09 Evaluated at bid price : 17.09 Bid-YTW : 8.32 % |
| CM.PR.Y | FixedReset Disc | -11.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 8.07 % |
| TD.PF.M | FixedReset Disc | -11.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 7.59 % |
| BAM.PR.B | Floater | -10.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.47 Evaluated at bid price : 6.47 Bid-YTW : 9.39 % |
| BAM.PR.K | Floater | -10.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.46 Evaluated at bid price : 6.46 Bid-YTW : 9.41 % |
| SLF.PR.C | Deemed-Retractible | -10.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 7.83 % |
| PWF.PR.K | Perpetual-Discount | -10.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.22 Evaluated at bid price : 15.22 Bid-YTW : 8.31 % |
| EMA.PR.F | FixedReset Disc | -10.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 8.24 % |
| GWO.PR.I | Deemed-Retractible | -10.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 7.84 % |
| BAM.PR.C | Floater | -10.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.51 Evaluated at bid price : 6.51 Bid-YTW : 9.33 % |
| TRP.PR.D | FixedReset Disc | -10.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 9.24 Evaluated at bid price : 9.24 Bid-YTW : 9.56 % |
| CCS.PR.C | Deemed-Retractible | -10.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 7.49 % |
| POW.PR.C | Perpetual-Premium | -10.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 8.26 % |
| BIP.PR.C | FixedReset Prem | -10.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 8.74 % |
| CM.PR.T | FixedReset Disc | -9.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 8.14 % |
| PWF.PR.I | Perpetual-Premium | -9.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 8.03 % |
| PWF.PR.E | Perpetual-Premium | -9.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 8.49 % |
| SLF.PR.A | Deemed-Retractible | -9.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 7.79 % |
| CU.PR.D | Perpetual-Discount | -9.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.07 Evaluated at bid price : 18.07 Bid-YTW : 6.86 % |
| SLF.PR.E | Deemed-Retractible | -9.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 7.70 % |
| BIP.PR.B | FixedReset Prem | -8.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 8.52 % |
| GWO.PR.H | Deemed-Retractible | -8.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.75 % |
| POW.PR.G | Perpetual-Premium | -8.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.18 Evaluated at bid price : 17.18 Bid-YTW : 8.36 % |
| CU.PR.E | Perpetual-Discount | -8.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.79 % |
| PWF.PR.R | Perpetual-Premium | -8.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 8.25 % |
| BMO.PR.Z | Perpetual-Discount | -8.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.33 % |
| NA.PR.A | FixedReset Prem | -8.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.22 % |
| GWO.PR.R | Deemed-Retractible | -8.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.55 Evaluated at bid price : 15.55 Bid-YTW : 7.77 % |
| W.PR.M | FixedReset Prem | -8.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 8.57 % |
| PWF.PR.F | Perpetual-Discount | -8.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 8.31 % |
| MFC.PR.O | FixedReset Ins Non | -8.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.48 % |
| RY.PR.M | FixedReset Disc | -8.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.65 Evaluated at bid price : 11.65 Bid-YTW : 7.55 % |
| BNS.PR.E | FixedReset Prem | -8.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 7.41 % |
| TD.PF.D | FixedReset Disc | -8.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 8.20 % |
| CU.PR.G | Perpetual-Discount | -8.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.09 Evaluated at bid price : 17.09 Bid-YTW : 6.66 % |
| SLF.PR.J | FloatingReset | -7.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 5.91 % |
| CM.PR.S | FixedReset Disc | -7.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.06 Evaluated at bid price : 11.06 Bid-YTW : 8.26 % |
| PWF.PR.T | FixedReset Disc | -7.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 8.53 % |
| CU.PR.F | Perpetual-Discount | -7.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 6.60 % |
| TRP.PR.C | FixedReset Disc | -7.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.50 Evaluated at bid price : 6.50 Bid-YTW : 9.34 % |
| PWF.PR.G | Perpetual-Premium | -7.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 8.06 % |
| TD.PF.L | FixedReset Disc | -7.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 7.74 % |
| RY.PR.N | Perpetual-Discount | -7.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.04 Evaluated at bid price : 19.04 Bid-YTW : 6.52 % |
| TD.PF.F | Perpetual-Discount | -7.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.57 Evaluated at bid price : 19.57 Bid-YTW : 6.37 % |
| BAM.PF.D | Perpetual-Discount | -7.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.63 Evaluated at bid price : 15.63 Bid-YTW : 7.89 % |
| BIP.PR.D | FixedReset Disc | -7.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 8.17 % |
| EIT.PR.B | SplitShare | -7.28 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 8.18 % |
| BMO.PR.Q | FixedReset Bank Non | -7.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.02 Bid-YTW : 17.49 % |
| TD.PF.J | FixedReset Disc | -7.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.28 Evaluated at bid price : 12.28 Bid-YTW : 7.92 % |
| EMA.PR.E | Perpetual-Discount | -7.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.51 % |
| BAM.PR.M | Perpetual-Discount | -6.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 7.79 % |
| NA.PR.X | FixedReset Prem | -6.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 8.14 % |
| BAM.PF.C | Perpetual-Discount | -6.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.66 Evaluated at bid price : 15.66 Bid-YTW : 7.79 % |
| PWF.PR.H | Perpetual-Premium | -6.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 8.25 % |
| PWF.PR.L | Perpetual-Discount | -6.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 8.22 % |
| EIT.PR.A | SplitShare | -6.77 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.05 Bid-YTW : 8.40 % |
| MFC.PR.Q | FixedReset Ins Non | -6.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.42 Evaluated at bid price : 10.42 Bid-YTW : 9.02 % |
| TRP.PR.F | FloatingReset | -6.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.70 Evaluated at bid price : 7.70 Bid-YTW : 7.43 % |
| BAM.PR.N | Perpetual-Discount | -6.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 7.79 % |
| MFC.PR.L | FixedReset Ins Non | -6.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 9.36 Evaluated at bid price : 9.36 Bid-YTW : 8.77 % |
| GWO.PR.N | FixedReset Ins Non | -6.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.68 Evaluated at bid price : 7.68 Bid-YTW : 7.01 % |
| PWF.PR.S | Perpetual-Discount | -6.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 7.90 % |
| MFC.PR.G | FixedReset Ins Non | -6.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.40 Evaluated at bid price : 10.40 Bid-YTW : 9.14 % |
| NA.PR.G | FixedReset Disc | -6.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 8.64 % |
| PVS.PR.D | SplitShare | -5.41 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 22.56 Bid-YTW : 11.69 % |
| W.PR.K | FixedReset Prem | -5.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.03 % |
| RY.PR.O | Perpetual-Discount | -5.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.36 % |
| MFC.PR.R | FixedReset Ins Non | -5.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.26 Evaluated at bid price : 13.26 Bid-YTW : 8.95 % |
| ELF.PR.G | Perpetual-Discount | -5.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 7.08 % |
| BMO.PR.B | FixedReset Prem | -5.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 7.26 % |
| BAM.PF.H | FixedReset Prem | -4.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.81 % |
| RY.PR.P | Perpetual-Premium | -4.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.55 % |
| TD.PF.K | FixedReset Disc | -4.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 7.64 % |
| BMO.PR.E | FixedReset Disc | -4.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 7.50 % |
| BMO.PR.F | FixedReset Disc | -4.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.11 Evaluated at bid price : 15.11 Bid-YTW : 7.67 % |
| NA.PR.W | FixedReset Disc | -4.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 8.55 % |
| PWF.PR.A | Floater | -4.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.00 Evaluated at bid price : 7.00 Bid-YTW : 8.79 % |
| SLF.PR.H | FixedReset Ins Non | -4.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 9.66 Evaluated at bid price : 9.66 Bid-YTW : 7.79 % |
| TD.PF.E | FixedReset Disc | -4.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.41 Evaluated at bid price : 12.41 Bid-YTW : 7.63 % |
| NA.PR.S | FixedReset Disc | -4.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.16 Evaluated at bid price : 10.16 Bid-YTW : 8.75 % |
| TD.PF.H | FixedReset Prem | -4.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 7.29 % |
| IFC.PR.A | FixedReset Ins Non | -4.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 8.60 Evaluated at bid price : 8.60 Bid-YTW : 7.98 % |
| MFC.PR.J | FixedReset Ins Non | -4.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.81 Evaluated at bid price : 10.81 Bid-YTW : 8.75 % |
| RY.PR.W | Perpetual-Discount | -4.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.20 % |
| RY.PR.Q | FixedReset Prem | -4.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.90 % |
| TRP.PR.E | FixedReset Disc | -4.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 9.52 Evaluated at bid price : 9.52 Bid-YTW : 9.12 % |
| BNS.PR.Y | FixedReset Bank Non | -4.10 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.20 Bid-YTW : 8.61 % |
| PWF.PR.Z | Perpetual-Discount | -4.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.97 % |
| NA.PR.C | FixedReset Disc | -4.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 8.37 % |
| CM.PR.R | FixedReset Disc | -3.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 8.21 % |
| BMO.PR.W | FixedReset Disc | -3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 7.95 % |
| MFC.PR.H | FixedReset Ins Non | -3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 9.16 % |
| TD.PF.G | FixedReset Prem | -3.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.92 % |
| MFC.PR.K | FixedReset Ins Non | -3.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.05 Evaluated at bid price : 10.05 Bid-YTW : 8.58 % |
| TD.PF.I | FixedReset Disc | -3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 7.49 % |
| RY.PR.J | FixedReset Disc | -3.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 7.15 % |
| CM.PR.P | FixedReset Disc | -3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 8.45 % |
| CM.PR.Q | FixedReset Disc | -3.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.81 Evaluated at bid price : 10.81 Bid-YTW : 8.58 % |
| RY.PR.Z | FixedReset Disc | -2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.64 Evaluated at bid price : 10.64 Bid-YTW : 7.73 % |
| NA.PR.E | FixedReset Disc | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.18 Evaluated at bid price : 11.18 Bid-YTW : 8.44 % |
| TD.PF.B | FixedReset Disc | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.66 Evaluated at bid price : 10.66 Bid-YTW : 7.87 % |
| TRP.PR.G | FixedReset Disc | -2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.91 Evaluated at bid price : 10.91 Bid-YTW : 8.85 % |
| RY.PR.H | FixedReset Disc | -2.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 7.57 % |
| BNS.PR.I | FixedReset Disc | -2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.19 Evaluated at bid price : 13.19 Bid-YTW : 7.13 % |
| EMA.PR.C | FixedReset Disc | -2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 7.95 % |
| CM.PR.O | FixedReset Disc | -2.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.02 Evaluated at bid price : 10.02 Bid-YTW : 8.55 % |
| SLF.PR.G | FixedReset Ins Non | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 7.62 Evaluated at bid price : 7.62 Bid-YTW : 7.43 % |
| RY.PR.R | FixedReset Prem | -2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 6.87 % |
| BMO.PR.S | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 8.08 % |
| TD.PF.A | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 7.87 % |
| RY.PR.S | FixedReset Disc | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 6.92 % |
| IAF.PR.G | FixedReset Ins Non | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 8.68 % |
| IFC.PR.G | FixedReset Ins Non | -2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 8.02 % |
| BMO.PR.Y | FixedReset Disc | -2.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 12.16 Evaluated at bid price : 12.16 Bid-YTW : 7.41 % |
| BMO.PR.T | FixedReset Disc | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.55 Evaluated at bid price : 10.55 Bid-YTW : 7.81 % |
| BNS.PR.G | FixedReset Prem | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.05 % |
| SLF.PR.I | FixedReset Ins Non | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.56 Evaluated at bid price : 10.56 Bid-YTW : 8.59 % |
| IFC.PR.C | FixedReset Ins Non | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 8.27 % |
| TD.PF.C | FixedReset Disc | -1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.90 Evaluated at bid price : 10.90 Bid-YTW : 7.89 % |
| RY.PR.F | Deemed-Retractible | -1.58 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.45 Bid-YTW : 10.85 % |
| TRP.PR.B | FixedReset Disc | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.40 Evaluated at bid price : 6.40 Bid-YTW : 8.34 % |
| RY.PR.C | Deemed-Retractible | -1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 10.63 % |
| MFC.PR.M | FixedReset Ins Non | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 8.60 % |
| RY.PR.A | Deemed-Retractible | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.57 Bid-YTW : 10.53 % |
| TRP.PR.K | FixedReset Prem | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.93 Evaluated at bid price : 18.93 Bid-YTW : 6.55 % |
| CU.PR.C | FixedReset Disc | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 8.08 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.B | FixedReset Disc | 871,450 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 6.40 Evaluated at bid price : 6.40 Bid-YTW : 8.34 % |
| BMO.PR.B | FixedReset Prem | 463,162 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 7.26 % |
| CM.PR.P | FixedReset Disc | 451,874 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 8.45 % |
| RY.PR.Q | FixedReset Prem | 426,579 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.90 % |
| BNS.PR.E | FixedReset Prem | 411,068 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 7.41 % |
| SLF.PR.A | Deemed-Retractible | 342,817 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 7.79 % |
| MFC.PR.O | FixedReset Ins Non | 308,089 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.48 % |
| RY.PR.R | FixedReset Prem | 244,802 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-18 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 6.87 % |
| BNS.PR.Z | FixedReset Bank Non | 104,584 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.00 Bid-YTW : 21.26 % |
| There were 103 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.A | FixedReset Disc | Quote: 8.16 – 14.00 Spot Rate : 5.8400 Average : 3.1837 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 16.80 – 22.32 Spot Rate : 5.5200 Average : 3.1023 YTW SCENARIO |
| TRP.PR.G | FixedReset Disc | Quote: 10.91 – 16.22 Spot Rate : 5.3100 Average : 2.9332 YTW SCENARIO |
| W.PR.M | FixedReset Prem | Quote: 16.00 – 21.60 Spot Rate : 5.6000 Average : 3.3201 YTW SCENARIO |
| BAM.PF.I | FixedReset Prem | Quote: 17.00 – 24.65 Spot Rate : 7.6500 Average : 5.3924 YTW SCENARIO |
| ELF.PR.H | Perpetual-Premium | Quote: 15.01 – 20.00 Spot Rate : 4.9900 Average : 2.9128 YTW SCENARIO |
Brookfield Property Split Shares (I own some BPS.pr.A and BPS.pr.U) have been tanking the past couple of days. I’m assuming this is due to fears that Brookfield Property might go bankrupt because commercial tenants can’t pay their rents due to the corona virus.
These shares are retractable. I have read the prospectus and it looks like in order to retract I need to get my physical share certificates to Brookfield by March 30 and they would pay me $25 per share at the end of April if they are still solvent!
I would really, really appreciate any input on this subject.
Does anyone have any educated guesses about whether Brookfield Property Split Corp can stay solvent?
If they do go under, how protected are the preferred shareholders?
I think that Brookfield Property Split Corp is a subsidiary of Brookfield Property Partners (BPY.UN). Is that right? Would BPY.UN be the “common” shareholders and would BPS.pr.A shares have seniority over BPY.UN shares if it came to bankruptcy? (nb. BPY.UN shares have dropped 50% in the past couple of weeks)
Might it be better to sell my shares now at a loss (closed around $18) or wait and hope for a full $25 on retraction?
Help!!
Not an investment advice, but if you are concerned about the credit for this issue, here’s a simple swap you could do.
Find another issue that has taken a huge beating in the last 30 days. Example, GWO.PR.M is down by about $7 and currently yields close to 8%.
Or TRP.PR.K is down by about $7 as well.
or….
the list is so long. I doubt there’s really anything that hasn’t fallen by at least $5.
You will take a tax loss(which might be great if you have any pending capital gains for the year) but you’ll be then sitting on a potential tax gain when/if things rebound.
it looks like in order to retract I need to get my physical share certificates to Brookfield by March 30 and they would pay me $25 per share at the end of April if they are still solvent!
…
I think that Brookfield Property Split Corp is a subsidiary of Brookfield Property Partners (BPY.UN).
A description of the shares can be found on preferred shares page of the Brookfield Office Properties website.
The Brookfield Property Partners L.P. Annual Report for 2018 states:
This Annual Report also states:
Commercial landlords are going to be hurt by the coronavirus slowdown, no question. Rents are being deferred all over the place and stock prices are being hammered:
I’m not going to comment on Brookfield Property Partners’ credit quality; but I will say that were I to own the BOP Split preferreds, I would be sorely tempted to tender for retraction and then – assuming the current panic continues – use the proceeds to buy more.
thanks James
(I’m adding this line because apparently this blog needs a minimum 16 characters!)