April 23, 2020

Amidst frequent reports of commercial evictions, there is talk of a new federal program to pay the rent:

Ottawa is proposing to offer commercial rent relief in the form of loans for landlords of small and medium-sized businesses that would cover up to three-quarters of tenants’ payments for three months, according to sources familiar with the negotiations.

A portion of the loans – as much as two-thirds, according to three sources – is expected to be forgivable. Discussions with provinces and territories were continuing as next month’s rent payments loom, said the sources.

Three of the sources said the current proposal would require tenants to cover the remaining 25 per cent of their rent, and that the program would initially cover April, May and June rent, with further months subject to a later decision.

Significant questions remained over measures that would guarantee landlords use the money to relieve their tenants, two sources said.

I must say, I’m getting more than a little tired of the continuing execrable quality of the quotes provided by the Exchange.

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 -1.4668 % 1,442.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.4668 % 2,646.2
Floater 5.35 % 5.48 % 39,168 14.69 4 -1.4668 % 1,525.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2737 % 3,272.6
SplitShare 5.07 % 6.30 % 75,260 3.92 7 -0.2737 % 3,908.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2737 % 3,049.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2186 % 2,814.1
Perpetual-Discount 5.96 % 6.15 % 89,663 13.70 35 0.2186 % 3,018.5
FixedReset Disc 6.67 % 5.56 % 203,534 14.22 83 0.0646 % 1,702.1
Deemed-Retractible 5.72 % 6.05 % 101,943 13.66 27 -0.0604 % 2,965.2
FloatingReset 3.21 % 4.77 % 29,509 14.26 4 -0.0598 % 1,665.7
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.0646 % 2,354.0
FixedReset Bank Non 1.95 % 4.27 % 115,484 1.73 3 0.2065 % 2,727.6
FixedReset Ins Non 7.10 % 5.89 % 132,595 13.63 22 0.1597 % 1,673.3
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -10.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.37 %
GWO.PR.N FixedReset Ins Non -7.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 8.45
Evaluated at bid price : 8.45
Bid-YTW : 5.27 %
MFC.PR.F FixedReset Ins Non -5.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 8.16
Evaluated at bid price : 8.16
Bid-YTW : 5.85 %
CU.PR.C FixedReset Disc -4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.18 %
TD.PF.D FixedReset Disc -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.63 %
MFC.PR.R FixedReset Ins Non -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.09 %
BAM.PR.C Floater -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 7.75
Evaluated at bid price : 7.75
Bid-YTW : 5.59 %
BAM.PR.T FixedReset Disc -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 11.46
Evaluated at bid price : 11.46
Bid-YTW : 6.29 %
TRP.PR.D FixedReset Disc -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 6.39 %
HSE.PR.C FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 9.60
Evaluated at bid price : 9.60
Bid-YTW : 10.66 %
BAM.PR.B Floater -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 7.90
Evaluated at bid price : 7.90
Bid-YTW : 5.48 %
TRP.PR.A FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 10.90
Evaluated at bid price : 10.90
Bid-YTW : 6.24 %
BAM.PR.X FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 9.86
Evaluated at bid price : 9.86
Bid-YTW : 5.94 %
IFC.PR.G FixedReset Ins Non -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 15.13
Evaluated at bid price : 15.13
Bid-YTW : 5.61 %
MFC.PR.G FixedReset Ins Non -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.91
Evaluated at bid price : 13.91
Bid-YTW : 6.21 %
BAM.PR.K Floater -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 7.80
Evaluated at bid price : 7.80
Bid-YTW : 5.55 %
BMO.PR.F FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.39 %
PVS.PR.H SplitShare -1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 5.92 %
IFC.PR.F Deemed-Retractible -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 21.56
Evaluated at bid price : 21.84
Bid-YTW : 6.12 %
BNS.PR.I FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 16.88
Evaluated at bid price : 16.88
Bid-YTW : 4.90 %
IFC.PR.A FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 10.18
Evaluated at bid price : 10.18
Bid-YTW : 5.89 %
EIT.PR.A SplitShare -1.25 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 23.75
Bid-YTW : 6.46 %
TD.PF.M FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.39 %
CM.PR.S FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.52 %
BMO.PR.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 5.28 %
RY.PR.M FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.54 %
MFC.PR.N FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 5.94 %
GWO.PR.P Deemed-Retractible 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 6.13 %
TD.PF.B FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.93
Evaluated at bid price : 13.93
Bid-YTW : 5.35 %
RY.PR.H FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.98
Evaluated at bid price : 13.98
Bid-YTW : 5.25 %
BMO.PR.T FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.42
Evaluated at bid price : 13.42
Bid-YTW : 5.56 %
MFC.PR.Q FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 5.78 %
TD.PF.E FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.46 %
TD.PF.A FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 5.32 %
TRP.PR.G FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 6.36 %
MFC.PR.M FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 6.05 %
CM.PR.T FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.57 %
HSE.PR.G FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 9.40
Evaluated at bid price : 9.40
Bid-YTW : 10.77 %
BIP.PR.A FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 7.45 %
RY.PR.P Perpetual-Discount 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 23.54
Evaluated at bid price : 24.00
Bid-YTW : 5.45 %
IAF.PR.G FixedReset Ins Non 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.08 %
EML.PR.A FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 21.95
Evaluated at bid price : 22.52
Bid-YTW : 6.08 %
W.PR.M FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 22.63
Evaluated at bid price : 23.05
Bid-YTW : 5.66 %
NA.PR.X FixedReset Disc 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 23.53
Evaluated at bid price : 24.05
Bid-YTW : 5.56 %
TRP.PR.K FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.52 %
MFC.PR.J FixedReset Ins Non 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 5.77 %
CU.PR.I FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 22.81
Evaluated at bid price : 23.51
Bid-YTW : 4.81 %
SLF.PR.H FixedReset Ins Non 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 5.85 %
HSE.PR.A FixedReset Disc 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 5.55
Evaluated at bid price : 5.55
Bid-YTW : 10.08 %
MFC.PR.H FixedReset Ins Non 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.00 %
SLF.PR.G FixedReset Ins Non 5.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 8.45
Evaluated at bid price : 8.45
Bid-YTW : 5.57 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.J FixedReset Disc 152,120 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 5.22 %
CM.PR.R FixedReset Disc 132,994 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 5.90 %
BMO.PR.Y FixedReset Disc 80,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 5.73 %
MFC.PR.Q FixedReset Ins Non 70,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 5.78 %
TD.PF.K FixedReset Disc 68,257 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 5.32 %
MFC.PR.C Deemed-Retractible 53,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 6.05 %
There were 36 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.G FixedReset Ins Non Quote: 13.91 – 16.50
Spot Rate : 2.5900
Average : 1.5349

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 13.91
Evaluated at bid price : 13.91
Bid-YTW : 6.21 %

TD.PF.E FixedReset Disc Quote: 15.35 – 17.00
Spot Rate : 1.6500
Average : 1.1067

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.46 %

BAM.PF.I FixedReset Disc Quote: 22.55 – 23.75
Spot Rate : 1.2000
Average : 0.7515

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 22.24
Evaluated at bid price : 22.55
Bid-YTW : 5.36 %

PWF.PR.P FixedReset Disc Quote: 8.15 – 9.88
Spot Rate : 1.7300
Average : 1.3335

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.37 %

BIP.PR.B FixedReset Disc Quote: 21.75 – 22.75
Spot Rate : 1.0000
Average : 0.6678

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 6.38 %

CU.PR.C FixedReset Disc Quote: 14.30 – 15.26
Spot Rate : 0.9600
Average : 0.6378

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-04-23
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.18 %

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