February 12, 2019

February 12th, 2019
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 -1.6819 % 2,231.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.6819 % 4,094.1
Floater 5.26 % 5.49 % 28,907 14.62 4 -1.6819 % 2,359.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1245 % 3,228.8
SplitShare 4.90 % 5.01 % 61,785 3.95 8 -0.1245 % 3,855.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1245 % 3,008.5
Perpetual-Premium 5.85 % -1.66 % 85,812 0.08 4 -0.0694 % 2,890.0
Perpetual-Discount 5.56 % 5.68 % 71,397 14.35 31 0.0630 % 2,991.1
FixedReset Disc 5.10 % 5.34 % 212,918 14.96 65 -0.5637 % 2,227.6
Deemed-Retractible 5.34 % 6.18 % 92,495 8.14 27 0.0307 % 2,972.4
FloatingReset 4.34 % 5.59 % 59,043 8.45 6 -0.0937 % 2,429.8
FixedReset Prem 5.14 % 4.26 % 309,722 2.28 18 -0.1328 % 2,530.6
FixedReset Bank Non 2.79 % 4.12 % 162,582 2.85 5 -0.0827 % 2,601.2
FixedReset Ins Non 5.01 % 6.82 % 127,368 8.27 22 -0.1005 % 2,219.7
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 12.43
Evaluated at bid price : 12.43
Bid-YTW : 5.64 %
PWF.PR.A Floater -2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 4.70 %
NA.PR.E FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.23
Evaluated at bid price : 20.23
Bid-YTW : 5.51 %
RY.PR.M FixedReset Disc -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.29 %
HSE.PR.E FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 6.42 %
HSE.PR.G FixedReset Disc -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 6.41 %
TD.PF.I FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 22.54
Evaluated at bid price : 23.31
Bid-YTW : 5.08 %
BIP.PR.E FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.41
Evaluated at bid price : 21.41
Bid-YTW : 5.93 %
HSE.PR.C FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 19.53
Evaluated at bid price : 19.53
Bid-YTW : 6.37 %
MFC.PR.J FixedReset Ins Non -1.62 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 6.62 %
TD.PF.E FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.36
Evaluated at bid price : 21.67
Bid-YTW : 5.30 %
HSE.PR.A FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 6.24 %
TRP.PR.G FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 19.87
Evaluated at bid price : 19.87
Bid-YTW : 5.86 %
RY.PR.J FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 5.25 %
TD.PF.K FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.60
Evaluated at bid price : 21.93
Bid-YTW : 5.13 %
BIP.PR.D FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 22.30
Evaluated at bid price : 22.80
Bid-YTW : 6.05 %
TD.PF.D FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.28 %
BAM.PF.H FixedReset Prem -1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.56
Bid-YTW : 4.10 %
RY.PR.S FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.81
Evaluated at bid price : 22.25
Bid-YTW : 4.87 %
GWO.PR.N FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.26
Bid-YTW : 9.28 %
NA.PR.W FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.64 %
CCS.PR.C Deemed-Retractible -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.91
Bid-YTW : 6.17 %
MFC.PR.I FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.05
Bid-YTW : 6.72 %
TD.PF.A FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.23 %
W.PR.J Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.89 %
PWF.PR.L Perpetual-Discount 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 22.30
Evaluated at bid price : 22.57
Bid-YTW : 5.69 %
IFC.PR.G FixedReset Ins Non 2.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.48
Bid-YTW : 6.53 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.B FixedReset Prem 147,533 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 4.24 %
PWF.PR.S Perpetual-Discount 135,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 5.63 %
POW.PR.D Perpetual-Discount 128,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 22.01
Evaluated at bid price : 22.24
Bid-YTW : 5.68 %
CM.PR.S FixedReset Disc 125,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.27 %
TRP.PR.D FixedReset Disc 119,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 5.76 %
BMO.PR.C FixedReset Disc 111,475 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 22.94
Evaluated at bid price : 24.00
Bid-YTW : 5.17 %
NA.PR.A FixedReset Prem 105,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : 4.52 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.E FixedReset Disc Quote: 21.67 – 22.17
Spot Rate : 0.5000
Average : 0.3622

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 21.36
Evaluated at bid price : 21.67
Bid-YTW : 5.30 %

BAM.PR.K Floater Quote: 12.43 – 12.94
Spot Rate : 0.5100
Average : 0.3770

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 12.43
Evaluated at bid price : 12.43
Bid-YTW : 5.64 %

NA.PR.E FixedReset Disc Quote: 20.23 – 20.58
Spot Rate : 0.3500
Average : 0.2181

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.23
Evaluated at bid price : 20.23
Bid-YTW : 5.51 %

IFC.PR.F Deemed-Retractible Quote: 23.50 – 23.99
Spot Rate : 0.4900
Average : 0.3647

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.18 %

RY.PR.M FixedReset Disc Quote: 20.58 – 20.88
Spot Rate : 0.3000
Average : 0.2013

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.29 %

TD.PF.I FixedReset Disc Quote: 23.31 – 23.63
Spot Rate : 0.3200
Average : 0.2313

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-12
Maturity Price : 22.54
Evaluated at bid price : 23.31
Bid-YTW : 5.08 %

February 11, 2019

February 11th, 2019

Fitch is warning about investment-fund induced liquidity mismatches:

Fitch says that investment in open-ended bond funds has surged since the global financial crisis, thanks to factors such as the prevalence of historically low interest rates and tougher bank regulation. It reports that the latest data from the Financial Stability Board shows that investment funds (including open-ended and other fund types) grew by an average of 12.3% annually between 2008 and 2016, and that assets under management in bond funds grew to a high of almost US$11 trillion last year.

“Open-ended bond funds provide daily liquidity for investors but are increasingly investing in longer-dated or lower-quality securities as bank regulation has reduced the supply of market liquidity and investors are seeking extra yield while interest rates remain low,” it says. “This exposes funds to liquidity pressure if there is a spike in redemptions, potentially leading to forced asset sales and a run on the fund as investors pull out.”

This sort of stress could, in turn, spread throughout the financial system, Fitch says, due to connections between funds, banks, non-bank financial institutions (NBFIs) and the rest of the financial market. “Transmission to other institutions could be as a result of market value declines in the types of collateral that they have in common with the funds. Banks and NBFIs could also be exposed through their short-term funding reliance on the funds or other counterparty exposure to them,” it says.

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0748 % 2,269.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0748 % 4,164.1
Floater 5.17 % 5.47 % 29,267 14.67 4 0.0748 % 2,399.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.3598 % 3,232.8
SplitShare 4.89 % 4.90 % 62,137 3.96 8 0.3598 % 3,860.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3598 % 3,012.2
Perpetual-Premium 5.85 % -2.81 % 85,865 0.08 4 -0.2669 % 2,892.0
Perpetual-Discount 5.57 % 5.65 % 72,280 14.34 31 0.0378 % 2,989.2
FixedReset Disc 5.07 % 5.37 % 213,138 14.92 65 0.1925 % 2,240.2
Deemed-Retractible 5.34 % 6.10 % 93,053 8.14 27 0.0921 % 2,971.5
FloatingReset 4.34 % 5.56 % 59,747 8.45 6 0.0657 % 2,432.1
FixedReset Prem 5.14 % 4.19 % 286,781 2.28 18 0.0087 % 2,534.0
FixedReset Bank Non 2.78 % 4.03 % 162,176 2.85 5 0.0248 % 2,603.3
FixedReset Ins Non 5.01 % 6.80 % 127,509 8.31 22 0.3669 % 2,221.9
Performance Highlights
Issue Index Change Notes
PWF.PR.Q FloatingReset -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 14.79
Evaluated at bid price : 14.79
Bid-YTW : 5.56 %
TD.PF.E FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 5.21 %
PWF.PR.A Floater -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 4.55 %
SLF.PR.I FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.10
Bid-YTW : 6.97 %
CU.PR.C FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 5.33 %
MFC.PR.I FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.27
Bid-YTW : 6.59 %
RY.PR.Z FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.12 %
BAM.PR.Z FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.60 %
TRP.PR.H FloatingReset 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 5.75 %
BIP.PR.D FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 5.97 %
BIP.PR.E FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.53
Evaluated at bid price : 21.80
Bid-YTW : 5.81 %
CGI.PR.D SplitShare 1.22 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2023-06-14
Maturity Price : 25.00
Evaluated at bid price : 24.82
Bid-YTW : 4.11 %
PWF.PR.S Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.63 %
RY.PR.S FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.97
Evaluated at bid price : 22.50
Bid-YTW : 4.81 %
MFC.PR.G FixedReset Ins Non 1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.88
Bid-YTW : 6.70 %
MFC.PR.L FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.18
Bid-YTW : 7.82 %
MFC.PR.N FixedReset Ins Non 1.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.89
Bid-YTW : 7.47 %
MFC.PR.F FixedReset Ins Non 1.90 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.45
Bid-YTW : 9.18 %
IFC.PR.G FixedReset Ins Non 2.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 6.80 %
BIP.PR.A FixedReset Disc 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.31 %
CCS.PR.C Deemed-Retractible 3.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.16
Bid-YTW : 6.04 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.E FixedReset Disc 99,445 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 22.37
Evaluated at bid price : 23.14
Bid-YTW : 4.91 %
CM.PR.T FixedReset Disc 82,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 23.21
Evaluated at bid price : 25.20
Bid-YTW : 5.03 %
RY.PR.Z FixedReset Disc 64,589 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.12 %
TRP.PR.F FloatingReset 62,094 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 5.71 %
TD.PF.L FixedReset Prem 57,385 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 23.23
Evaluated at bid price : 25.26
Bid-YTW : 4.97 %
MFC.PR.M FixedReset Ins Non 44,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.01
Bid-YTW : 7.49 %
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.H FixedReset Ins Non Quote: 22.31 – 22.74
Spot Rate : 0.4300
Average : 0.2546

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.31
Bid-YTW : 6.20 %

ELF.PR.H Perpetual-Discount Quote: 24.30 – 24.79
Spot Rate : 0.4900
Average : 0.3198

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 23.94
Evaluated at bid price : 24.30
Bid-YTW : 5.71 %

BIP.PR.D FixedReset Disc Quote: 23.08 – 23.49
Spot Rate : 0.4100
Average : 0.2459

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 5.97 %

MFC.PR.Q FixedReset Ins Non Quote: 21.00 – 21.46
Spot Rate : 0.4600
Average : 0.3016

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 6.72 %

PWF.PR.L Perpetual-Discount Quote: 22.22 – 22.75
Spot Rate : 0.5300
Average : 0.3756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 21.98
Evaluated at bid price : 22.22
Bid-YTW : 5.78 %

CU.PR.F Perpetual-Discount Quote: 20.05 – 20.60
Spot Rate : 0.5500
Average : 0.4119

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-11
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.63 %

February PrefLetter Released!

February 11th, 2019

The February, 2019, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the February, 2019, issue, while the “Next Edition” will be the March, 2019, issue, scheduled to be prepared as of the close March 8, 2019, and eMailed to subscribers prior to market-opening on March 11.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

However, Assiduous Reader Adrian informs me in the comments to the January 2015 release:

Some nitpicking for DG:
FileApp costs $1.19 in the Apple Store.

But Adrian2 now advises:

Well, as of now, FileApp is free (again?).

FTS.PR.K To Reset To 3.925% : Convert or Hold?

February 9th, 2019

It will be recalled that Fortis made selective disclosure of the FTS.PR.K reset rate to its pals in the brokerage industry, but I have obtained a document stating that the quarterly dividend has been reset to $0.2453125, which is $0.98125 p.a., which is 3.925% of the $25.00 par value.

It is of interest to note that the Government of Canada 5-Year yield implied by this rate is 1.875%, whereas the rates of the resets for PPL.PR.C, ENB.PR.P and ENB.PR.J each imply a rate of 1.879%. As far as I can tell, the methodology for getting each of the four rates is identical and specified to be at the same time on the same day. Once Fortis has published the rate officially, I’ll ask them about it. I don’t think it’s just a rounding difference – from the prospectus:

“Annual Fixed Dividend Rate” means, for any Subsequent Fixed Rate Period, the rate of interest (expressed as a percentage rounded to the nearest one hundred-thousandth of one percent (with 0.000005% being rounded up)) equal to the sum of the Government of Canada Bond Yield on the applicable Fixed Rate Calculation Date plus 2.05%.

I remain not just angry about the selective disclosure, but also completely befuddled. What on earth does the company expect to gain by (partial) secrecy? What do they win? They claim to be waiting for “the board of directors approval and declaration” – why? Everybody else in the business is simply careful to state that the quoted rate will actually be paid only as and when declared by the directors, but the rate is the rate. The new rate is calculated in accordance with an extant binding contract embodied by the prospectus – no approval is required for simply announcing the results of the mandated calculation … especially when they are selectively disclosing this rate to their friends in the brokerage business.

The reliance that Fortis has on the brokerage community to communicate this material non-public information is laughable; considering that this was the issue ostensibly at the heart of the ACBP crisis. I am informed by one investor that he received a letter telling him he had conversion rights that did not advise him of the reset rate for FTS.PR.K nor of the calculation methodology for FTS.PR.L (its FloatingReset counterpart). So much for this communication strategy! I will also note that I sent an eMail to TMX DataLinx on the evening of February 4, regarding subscriptions to the CDS Advisory Bulletins, as recommended by Fortis Investor Relations:

What is the cost to subscribe to the captioned service? May these bulletins be purchased individually?

If you suppose that the Exchange can be bothered to respond to inquiries by potential customers on, at worst, a ‘next day’ basis, you clearly haven’t spent a lot of time in the bowels of the Canadian financial industry. No response has been received as yet.

This whole episode is a farce. It will be interesting to see what future screw-ups Fortis can present to the investing public. However, now that we have reached enlightenment, our problem is to decide whether or not investors should convert from FTS.PR.K to FTS.PR.L.

FTS.PR.K is a FixedReset, 4.00%+205, that commenced trading 2013-7-13 after being announced 2013-7-9. It resets to 3.925% effective 2019-3-1, although the company would prefer you didn’t know that. The issue is tracked by HIMIPref™ but relegated to the Scraps – FixedResets (Discount) subindex on credit concerns.

In accordance with the prospectus, holders of FTS.PR.L (if issued; there’s a minimum amount of conversions required):

will be entitled to receive floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors, payable quarterly on the first day of March, June, September and December of each year (the initial quarterly dividend period and each subsequent quarterly dividend period referred to as a “Quarterly Floating Rate Period”), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 2.05% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined by the Corporation on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period.

The most logical way to analyze the question of whether or not to convert is through the theory of Preferred Pairs, for which a calculator is available. Briefly, a Strong Pair is defined as a pair of securities that can be interconverted in the future (e.g., FTS.PR.K and the FloatingReset, FTS.PR.L, that will exist if enough holders convert). Since they will be interconvertible on this future date, it may be assumed that they will be priced identically on this date (if they aren’t then holders will simply convert en masse to the higher-priced issue). And since they will be priced identically on a given date in the future, any current difference in price must be offset by expectations of an equal and opposite value of dividends to be received in the interim. And since the dividend rate on one element of the pair is both fixed and known, the implied average rate of the other, floating rate, instrument can be determined. Finally, we say, we may compare these average rates and take a view regarding the actual future course of that rate relative to the implied rate, which will provide us with guidance on which element of the pair is likely to outperform the other until the next interconversion date, at which time the process will be repeated.

We can show the break-even rates for each FixedReset / FloatingReset Strong Pair graphically by plotting the implied average 3-month bill rate against the next Exchange Date (which is the date to which the average will be calculated).

pairs_fr_190208
Click for Big

The market appears to have lost its fleeting interest in floating rate product; the implied rates until the next interconversion are above the current 3-month bill rate as the averages for investment-grade and junk issues are at +1.10% and +1.44%, respectively. Whatever might be the result of the next few Bank of Canada overnight rate decisions, I suggest that it is unlikely that the average rate over the next five years will be lower than current – but if you disagree, of course, you may interpret the data any way you like.

Since credit quality of each element of the pair is equal to the other element, it should not make any difference whether the pair examined is investment-grade or junk, although we might expect greater variation of implied rates between junk issues on grounds of lower liquidity, and this is just what we see.

If we plug in the current bid price of the FTS.PR.K FixedReset, we may construct the following table showing consistent prices for its soon-may-be-issued FloatingReset counterpart FTS.PR.L given a variety of Implied Breakeven yields consistent with issues currently trading:

Estimate of FloatingReset FTS.PR.L (received in exchange for FTS.PR.K) Trading Price In Current Conditions
  Assumed FloatingReset
Price if Implied Bill
is equal to
FixedReset Bid Price Spread 2.00% 1.50% 1.00%
FTS.PR.K 17.61 205bp 17.73 17.24 16.75

Based on current market conditions, I suggest that the FloatingResets, FTS.PR.L, that will result from conversion are likely to be cheap and trading below the price of their FixedReset counterparts, FTS.PR.K. Therefore I recommend that holders of FTS.PR.K continue to hold the issue and not to convert. I will note that once the FloatingResets commence trading (if, in fact, they do) it may be a good trade to swap the FixedReset for the FloatingReset in the market once both elements of each pair are trading and you can – presumably, according to this analysis – do it with a reasonably good take-out in price, rather than doing it through the company on a 1:1 basis. But that, of course, will depend on the prices at that time and your forecast for the path of policy rates over the next five years. There are no guarantees – my recommendation is based on the assumption that current market conditions with respect to the pairs will continue until the FloatingResets commence trading and that the relative pricing of the two new pairs will reflect these conditions.

Those who wish to convert anyway are advised that the deadline for notifying the company of such a desire is probably February 14 although I do not have that explicitly in writing from the company (surprise, surprise). Brokers and other intermediaries generally set their internal deadlines a day or two in advance of this date, so if you wish to convert there’s no time to waste! Note that brokers will, in general, try to execute the instruction on a ‘best efforts’ basis if received between the two deadlines, provided that the procrastinating shareholder grovels entertainingly enough.

ENB.PR.J : Convert or Hold?

February 9th, 2019

It will be recalled that ENB.PR.J will reset at 4.449% effective March 1, 2019.

ENB.PR.J is a FixedReset, 4.40%+257, that commenced trading 2013-12-12 after being announced 2013-12-3. Notice of the reset to 4.449% was published 2019-1-30. The issue is tracked by HIMIPref™ but relegated to the Scraps – FixedResets (Discount) subindex on credit concerns.

The most logical way to analyze the question of whether or not to convert is through the theory of Preferred Pairs, for which a calculator is available. Briefly, a Strong Pair is defined as a pair of securities that can be interconverted in the future (e.g., ENB.PR.P and the FloatingReset that will exist if enough holders convert). Since they will be interconvertible on this future date, it may be assumed that they will be priced identically on this date (if they aren’t then holders will simply convert en masse to the higher-priced issue). And since they will be priced identically on a given date in the future, any current difference in price must be offset by expectations of an equal and opposite value of dividends to be received in the interim. And since the dividend rate on one element of the pair is both fixed and known, the implied average rate of the other, floating rate, instrument can be determined. Finally, we say, we may compare these average rates and take a view regarding the actual future course of that rate relative to the implied rate, which will provide us with guidance on which element of the pair is likely to outperform the other until the next interconversion date, at which time the process will be repeated.

We can show the break-even rates for each FixedReset / FloatingReset Strong Pair graphically by plotting the implied average 3-month bill rate against the next Exchange Date (which is the date to which the average will be calculated).

pairs_fr_190208
Click for Big

The market appears to have lost its fleeting interest in floating rate product; the implied rates until the next interconversion are above the current 3-month bill rate as the averages for investment-grade and junk issues are at +1.10% and +1.44%, respectively. Whatever might be the result of the next few Bank of Canada overnight rate decisions, I suggest that it is unlikely that the average rate over the next five years will be lower than current – but if you disagree, of course, you may interpret the data any way you like.

Since credit quality of each element of the pair is equal to the other element, it should not make any difference whether the pair examined is investment-grade or junk, although we might expect greater variation of implied rates between junk issues on grounds of lower liquidity, and this is just what we see.

If we plug in the current bid price of the ENB.PR.J FixedReset, we may construct the following table showing consistent prices for its soon-may-be-issued FloatingReset counterpart given a variety of Implied Breakeven yields consistent with issues currently trading:

Estimate of FloatingReset (received in exchange for ENB.PR.J) Trading Price In Current Conditions
  Assumed FloatingReset
Price if Implied Bill
is equal to
FixedReset Bid Price Spread 2.00% 1.50% 1.00%
ENB.PR.J 17.22 257bp 17.34 16.86 16.38

Based on current market conditions, I suggest that the FloatingResets that will result from conversion are likely to be cheap and trading below the price of their FixedReset counterparts, ENB.PR.P. Therefore I recommend that holders of ENB.PR.J continue to hold the issue and not to convert. I will note that once the FloatingResets commence trading (if, in fact, they do) it may be a good trade to swap the FixedReset for the FloatingReset in the market once both elements of each pair are trading and you can – presumably, according to this analysis – do it with a reasonably good take-out in price, rather than doing it through the company on a 1:1 basis. But that, of course, will depend on the prices at that time and your forecast for the path of policy rates over the next five years. There are no guarantees – my recommendation is based on the assumption that current market conditions with respect to the pairs will continue until the FloatingResets commence trading and that the relative pricing of the two new pairs will reflect these conditions.

Those who wish to convert anyway are advised that the deadline for notifying the company of such a desire is 5:00 p.m. (EST) on February 14, 2019. Brokers and other intermediaries generally set their internal deadlines a day or two in advance of this date, so if you wish to convert there’s no time to waste! Note that brokers will, in general, try to execute the instruction on a ‘best efforts’ basis if received between the two deadlines, provided that the procrastinating shareholder grovels entertainingly enough.

ENB.PR.P : Convert or Hold?

February 9th, 2019

It will be recalled that ENB.PR.P will reset at 4.379% effective March 1, 2019.

ENB.PR.P is a FixedReset, 4.00%+250, that commenced trading 2012-9-14 after being announced 2012-9-4. Notice of the reset to 4.379% was published 2019-1-30. It is tracked by HIMIPref™ but is relegated to the Scraps FixedReset Discount index on credit concerns.

The most logical way to analyze the question of whether or not to convert is through the theory of Preferred Pairs, for which a calculator is available. Briefly, a Strong Pair is defined as a pair of securities that can be interconverted in the future (e.g., ENB.PR.P and the FloatingReset that will exist if enough holders convert). Since they will be interconvertible on this future date, it may be assumed that they will be priced identically on this date (if they aren’t then holders will simply convert en masse to the higher-priced issue). And since they will be priced identically on a given date in the future, any current difference in price must be offset by expectations of an equal and opposite value of dividends to be received in the interim. And since the dividend rate on one element of the pair is both fixed and known, the implied average rate of the other, floating rate, instrument can be determined. Finally, we say, we may compare these average rates and take a view regarding the actual future course of that rate relative to the implied rate, which will provide us with guidance on which element of the pair is likely to outperform the other until the next interconversion date, at which time the process will be repeated.

We can show the break-even rates for each FixedReset / FloatingReset Strong Pair graphically by plotting the implied average 3-month bill rate against the next Exchange Date (which is the date to which the average will be calculated).

pairs_fr_190208
Click for Big

The market appears to have lost its fleeting interest in floating rate product; the implied rates until the next interconversion are above the current 3-month bill rate as the averages for investment-grade and junk issues are at +1.10% and +1.44%, respectively. Whatever might be the result of the next few Bank of Canada overnight rate decisions, I suggest that it is unlikely that the average rate over the next five years will be lower than current – but if you disagree, of course, you may interpret the data any way you like.

Since credit quality of each element of the pair is equal to the other element, it should not make any difference whether the pair examined is investment-grade or junk, although we might expect greater variation of implied rates between junk issues on grounds of lower liquidity, and this is just what we see.

If we plug in the current bid price of the ENB.PR.P FixedReset, we may construct the following table showing consistent prices for its soon-may-be-issued FloatingReset counterpart given a variety of Implied Breakeven yields consistent with issues currently trading:

Estimate of FloatingReset (received in exchange for ENB.PR.P) Trading Price In Current Conditions
  Assumed FloatingReset
Price if Implied Bill
is equal to
FixedReset Bid Price Spread 2.00% 1.50% 1.00%
ENB.PR.P 16.83 250bp 16.94 16.47 15.99

Based on current market conditions, I suggest that the FloatingResets that will result from conversion are likely to be cheap and trading below the price of their FixedReset counterparts, ENB.PR.P. Therefore I recommend that holders of ENB.PR.P continue to hold the issue and not to convert. I will note that once the FloatingResets commence trading (if, in fact, they do) it may be a good trade to swap the FixedReset for the FloatingReset in the market once both elements of each pair are trading and you can – presumably, according to this analysis – do it with a reasonably good take-out in price, rather than doing it through the company on a 1:1 basis. But that, of course, will depend on the prices at that time and your forecast for the path of policy rates over the next five years. There are no guarantees – my recommendation is based on the assumption that current market conditions with respect to the pairs will continue until the FloatingResets commence trading and that the relative pricing of the two new pairs will reflect these conditions.

Those who wish to convert anyway are advised that the deadline for notifying the company of such a desire is 5:00 p.m. (EST) on February 14, 2019. Brokers and other intermediaries generally set their internal deadlines a day or two in advance of this date, so if you wish to convert there’s no time to waste! Note that brokers will, in general, try to execute the instruction on a ‘best efforts’ basis if received between the two deadlines, provided that the procrastinating shareholder grovels entertainingly enough.

PPL.PR.C: Convert or Hold?

February 8th, 2019

It will be recalled that PPL.PR.C will reset at 4.478% effective March 1, 2019.

PPL.PR.C was issued as a FixedReset, 4.70%+260, that commenced trading 2013-10-2 after being announced 2013-9-23. Notice of the reset to 4.478% was given 2019-1-30. It is tracked by HIMIPref™ but is relegated to the Scraps – FixedReset (Discount) subindex on credit concerns.

The most logical way to analyze the question of whether or not to convert is through the theory of Preferred Pairs, for which a calculator is available. Briefly, a Strong Pair is defined as a pair of securities that can be interconverted in the future (e.g., PPL.PR.C and the FloatingReset that will exist if enough holders convert). Since they will be interconvertible on this future date, it may be assumed that they will be priced identically on this date (if they aren’t then holders will simply convert en masse to the higher-priced issue). And since they will be priced identically on a given date in the future, any current difference in price must be offset by expectations of an equal and opposite value of dividends to be received in the interim. And since the dividend rate on one element of the pair is both fixed and known, the implied average rate of the other, floating rate, instrument can be determined. Finally, we say, we may compare these average rates and take a view regarding the actual future course of that rate relative to the implied rate, which will provide us with guidance on which element of the pair is likely to outperform the other until the next interconversion date, at which time the process will be repeated.

We can show the break-even rates for each FixedReset / FloatingReset Strong Pair graphically by plotting the implied average 3-month bill rate against the next Exchange Date (which is the date to which the average will be calculated).

pairs_fr_190208
Click for Big

The market appears to have lost its fleeting interest in floating rate product; the implied rates until the next interconversion are above the current 3-month bill rate as the averages for investment-grade and junk issues are at +1.10% and +1.44%, respectively. Whatever might be the result of the next few Bank of Canada overnight rate decisions, I suggest that it is unlikely that the average rate over the next five years will be lower than current – but if you disagree, of course, you may interpret the data any way you like.

Since credit quality of each element of the pair is equal to the other element, it should not make any difference whether the pair examined is investment-grade or junk, although we might expect greater variation of implied rates between junk issues on grounds of lower liquidity, and this is just what we see.

If we plug in the current bid price of the PPL.PR.C FixedReset, we may construct the following table showing consistent prices for its soon-may-be-issued FloatingReset counterpart given a variety of Implied Breakeven yields consistent with issues currently trading:

Estimate of FloatingReset (received in exchange for PPL.PR.C) Trading Price In Current Conditions
  Assumed FloatingReset
Price if Implied Bill
is equal to
FixedReset Bid Price Spread 2.00% 1.50% 1.00%
PPL.PR.C 17.55 260bp 17.67 17.19 16.71

Based on current market conditions, I suggest that the FloatingResets that will result from conversion are likely to be cheap and trading below the price of their FixedReset counterparts, PPL.PR.C. Therefore I recommend that holders of PPL.PR.C continue to hold the issue and not to convert. I will note that once the FloatingResets commence trading (if, in fact, they do) it may be a good trade to swap the FixedReset for the FloatingReset in the market once both elements of each pair are trading and you can – presumably, according to this analysis – do it with a reasonably good take-out in price, rather than doing it through the company on a 1:1 basis. But that, of course, will depend on the prices at that time and your forecast for the path of policy rates over the next five years. There are no guarantees – my recommendation is based on the assumption that current market conditions with respect to the pairs will continue until the FloatingResets commence trading and that the relative pricing of the two new pairs will reflect these conditions.

Those who wish to convert anyway are advised that the deadline for notifying the company of such a desire is 3:00 p.m. (MST) / 5:00 p.m. (EST) on February 14, 2019. Brokers and other intermediaries generally set their internal deadlines a day or two in advance of this date, so if you wish to convert there’s no time to waste! Note that brokers will, in general, try to execute the instruction on a ‘best efforts’ basis if received between the two deadlines, provided that the procrastinating shareholder grovels entertainingly enough.

February 8, 2019

February 8th, 2019

Jobs, jobs, jobs!

Statistics Canada reported on Friday that employers added 66,800 jobs in January, far better than the gain of 8,000 that analysts forecast in a Reuters poll, while the unemployment rate ticked up to 5.8 per cent as more people sought work.

The economy added 99,200 services sector jobs in January, mostly in wholesale and retail trade, as well as professional, scientific and technical services. That was offset by a loss of 32,300 goods sector positions, mostly in agriculture and construction. Resource sector jobs fell by 4,600.

Part-time job gains outpaced full-time, 36,000 versus 30,900, and youth age 15 to 24 led employment growth, adding 52,800 jobs.

The average year-over-year wage growth of permanent employees, which is closely watched by the central bank, was 1.8 per cent in January, up slightly from 1.5 per cent in December.

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 1.1731 % 2,267.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1731 % 4,161.0
Floater 5.17 % 5.51 % 29,724 14.60 4 1.1731 % 2,398.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0499 % 3,221.2
SplitShare 4.91 % 5.00 % 64,692 3.96 8 -0.0499 % 3,846.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0499 % 3,001.4
Perpetual-Premium 5.83 % -4.33 % 89,078 0.08 4 0.3472 % 2,899.8
Perpetual-Discount 5.57 % 5.70 % 71,280 14.30 31 0.3117 % 2,988.1
FixedReset Disc 5.08 % 5.38 % 214,031 14.87 65 0.2745 % 2,235.9
Deemed-Retractible 5.34 % 6.23 % 96,793 8.15 27 0.1975 % 2,968.8
FloatingReset 4.34 % 5.42 % 62,000 8.45 6 0.0939 % 2,430.5
FixedReset Prem 5.14 % 4.20 % 286,345 2.29 18 0.0828 % 2,533.8
FixedReset Bank Non 2.78 % 3.76 % 168,008 2.86 5 0.1242 % 2,602.7
FixedReset Ins Non 5.03 % 6.85 % 124,894 8.28 22 0.2529 % 2,213.8
Performance Highlights
Issue Index Change Notes
SLF.PR.H FixedReset Ins Non -1.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.45
Bid-YTW : 7.86 %
GWO.PR.N FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.40
Bid-YTW : 9.16 %
VNR.PR.A FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 22.48
Evaluated at bid price : 23.20
Bid-YTW : 4.97 %
MFC.PR.L FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.93
Bid-YTW : 7.98 %
TRP.PR.E FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.71 %
RY.PR.M FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 5.17 %
SLF.PR.E Deemed-Retractible 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.55
Bid-YTW : 6.95 %
HSE.PR.A FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 13.97
Evaluated at bid price : 13.97
Bid-YTW : 6.12 %
MFC.PR.K FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.50
Bid-YTW : 7.28 %
TD.PF.E FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 21.79
Evaluated at bid price : 22.29
Bid-YTW : 5.13 %
EML.PR.A FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.40 %
BAM.PF.C Perpetual-Discount 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 5.70 %
SLF.PR.G FixedReset Ins Non 1.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.76
Bid-YTW : 9.10 %
BAM.PR.M Perpetual-Discount 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 5.75 %
BAM.PR.N Perpetual-Discount 4.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 5.72 %
BAM.PR.K Floater 4.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.R FixedReset Disc 109,011 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 22.67
Evaluated at bid price : 23.50
Bid-YTW : 5.32 %
RY.PR.J FixedReset Disc 107,258 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 21.28
Evaluated at bid price : 21.56
Bid-YTW : 5.18 %
BMO.PR.B FixedReset Prem 104,806 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.23 %
RY.PR.L FixedReset Bank Non 104,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-03-26
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 3.76 %
SLF.PR.B Deemed-Retractible 99,343 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.73
Bid-YTW : 6.60 %
BNS.PR.Z FixedReset Bank Non 57,375 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 4.32 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.D SplitShare Quote: 25.27 – 25.70
Spot Rate : 0.4300
Average : 0.2741

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 4.40 %

BMO.PR.Y FixedReset Disc Quote: 21.48 – 21.99
Spot Rate : 0.5100
Average : 0.3552

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 5.19 %

SLF.PR.J FloatingReset Quote: 14.56 – 14.95
Spot Rate : 0.3900
Average : 0.2381

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.56
Bid-YTW : 9.29 %

BMO.PR.D FixedReset Disc Quote: 23.30 – 23.75
Spot Rate : 0.4500
Average : 0.3317

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 22.55
Evaluated at bid price : 23.30
Bid-YTW : 5.18 %

BMO.PR.E FixedReset Disc Quote: 22.98 – 23.33
Spot Rate : 0.3500
Average : 0.2425

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 22.28
Evaluated at bid price : 22.98
Bid-YTW : 4.94 %

TRP.PR.H FloatingReset Quote: 12.81 – 13.50
Spot Rate : 0.6900
Average : 0.5892

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-08
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 5.82 %

NEW.PR.D to Mature on Schedule

February 7th, 2019

Scotia Managed Companies has announced:

NewGrowth Corp. (the “Company”), announced today that all of its issued and outstanding Class A Capital Shares (“Capital Shares”) and Class B Preferred Shares, Series 3 (“Preferred Shares”) will be redeemed by the Company in accordance with their terms on June 26, 2019 and that the Company will wind up and terminate as soon as practicable after such date.

The redemption price for each Preferred Share will be an amount equal to the Series 3 Preferred Share Redemption Price (as defined in the provisions attaching to the Preferred Shares). The Series 3 Preferred Share Redemption Price will equal the lesser of (i) $32.07; and (ii) Unit Value (as defined in the provisions attaching to the Preferred Shares). The redemption price (the “Capital Share Redemption Price”) for every Capital Share redeemed will be an amount equal to the amount, if any, by which the Unit Value exceeds $32.07.

Holders of Capital Shares who wish to receive a redemption payment equal to the Capital Share Redemption Price in portfolio shares (rounded down to the nearest whole share) rather than cash must give notice to this effect to the Company and tender $32.07 for every Capital Share redeemed to the Company no later than May 29, 2019. Holders of Capital Shares who do not give the required 20 business days’ notice will be deemed to have chosen to be paid in cash.

The payment of the amount due to holders of the redeemed Capital Shares and Preferred Shares will be made by the Company on June 26, 2019.

The Capital Shares and Preferred Shares will be delisted from the Toronto Stock Exchange on or about June 26, 2019.
NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks, telecommunication, oil and gas, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are listed for trading on the Toronto Stock Exchange under the symbols NEW.A and NEW.PR.D respectively.

NEW.PR.D is a SplitShare, 4.15%, maturing 2019-6-26, that commenced trading 2014-6-26. It has been tracked by HIMIPref™ but relegated to the Scraps subindex on volume concerns.

February 7, 2019

February 7th, 2019
explosion_190207
Click for Big

TXPR closed at 629.23, down 0.56% on the day. Volume of 1.93-million was on the low side in the context of the past thirty days.

CPD closed at 12.60, down 0.32% on the day. Volume of 192,567 was on the high side in the context of the past thirty days.

ZPR closed at 10.22, down 0.87% on the day. Volume of 244,707 was high in the context of the past thirty days.

One may speculate that all this was in reaction to changes in the five-year Canada yield, which was down 5bp to 1.79% 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 -2.4548 % 2,241.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.4548 % 4,112.8
Floater 5.23 % 5.51 % 30,913 14.61 4 -2.4548 % 2,370.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1098 % 3,222.8
SplitShare 4.91 % 5.00 % 65,457 3.97 8 -0.1098 % 3,848.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1098 % 3,002.9
Perpetual-Premium 5.85 % -0.71 % 88,580 0.08 4 0.0993 % 2,889.7
Perpetual-Discount 5.58 % 5.70 % 72,371 14.31 31 -0.1402 % 2,978.8
FixedReset Disc 5.09 % 5.46 % 215,664 14.73 65 -0.7113 % 2,229.8
Deemed-Retractible 5.36 % 6.22 % 97,793 8.15 27 -0.1164 % 2,962.9
FloatingReset 4.34 % 5.47 % 64,348 8.47 6 -0.7363 % 2,428.2
FixedReset Prem 5.14 % 4.28 % 265,135 2.29 18 -0.0044 % 2,531.7
FixedReset Bank Non 2.79 % 4.00 % 158,940 2.86 5 0.0331 % 2,599.5
FixedReset Ins Non 5.04 % 6.91 % 129,821 8.24 22 -0.1950 % 2,208.2
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -5.52 % A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 1,700 shares today in a range of 12.69-87 before being quoted at 12.15-70. The closing price was 12.70.

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

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 12.15
Evaluated at bid price : 12.15
Bid-YTW : 5.77 %

BAM.PR.N Perpetual-Discount -3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 5.98 %
BAM.PR.M Perpetual-Discount -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.95 %
BAM.PF.F FixedReset Disc -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.02 %
BAM.PR.C Floater -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 5.56 %
BAM.PR.X FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 14.81
Evaluated at bid price : 14.81
Bid-YTW : 5.95 %
HSE.PR.A FixedReset Disc -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 6.32 %
PWF.PR.P FixedReset Disc -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 14.32
Evaluated at bid price : 14.32
Bid-YTW : 5.87 %
TRP.PR.H FloatingReset -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 12.85
Evaluated at bid price : 12.85
Bid-YTW : 5.80 %
BAM.PR.B Floater -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 12.71
Evaluated at bid price : 12.71
Bid-YTW : 5.51 %
BMO.PR.W FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.39 %
BAM.PF.A FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 5.71 %
NA.PR.W FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.68 %
BMO.PR.T FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 5.42 %
BAM.PF.B FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.85 %
BAM.PR.R FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 5.96 %
RY.PR.M FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.31 %
TRP.PR.F FloatingReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 15.70
Evaluated at bid price : 15.70
Bid-YTW : 5.78 %
EML.PR.A FixedReset Ins Non -1.51 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.16 %
BAM.PR.Z FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 5.76 %
HSE.PR.C FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.30 %
RY.PR.Z FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.29 %
MFC.PR.F FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.18
Bid-YTW : 9.47 %
PWF.PR.L Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 22.09
Evaluated at bid price : 22.37
Bid-YTW : 5.73 %
HSE.PR.G FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.09
Evaluated at bid price : 21.09
Bid-YTW : 6.41 %
BMO.PR.S FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.40 %
EMA.PR.F FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.77 %
CM.PR.O FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.52 %
TD.PF.C FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.37 %
RY.PR.J FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.34 %
SLF.PR.J FloatingReset -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.65
Bid-YTW : 9.21 %
TD.PF.B FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.32 %
TD.PF.E FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.29 %
RY.PR.H FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.27 %
NA.PR.S FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 5.64 %
TRP.PR.B FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 6.00 %
BAM.PR.T FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 6.04 %
TD.PF.A FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.29 %
SLF.PR.I FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.41
Bid-YTW : 6.84 %
IFC.PR.G FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.45
Bid-YTW : 7.18 %
TRP.PR.E FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 5.88 %
MFC.PR.B Deemed-Retractible -1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.58
Bid-YTW : 7.12 %
CCS.PR.C Deemed-Retractible -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.42
Bid-YTW : 6.43 %
TRP.PR.C FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 13.73
Evaluated at bid price : 13.73
Bid-YTW : 6.02 %
MFC.PR.M FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.96
Bid-YTW : 7.60 %
IFC.PR.A FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.00
Bid-YTW : 8.76 %
BIP.PR.E FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 5.83 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.R FixedReset Disc 170,315 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 22.66
Evaluated at bid price : 23.48
Bid-YTW : 5.39 %
MFC.PR.H FixedReset Ins Non 82,790 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.45
Bid-YTW : 6.17 %
BMO.PR.D FixedReset Disc 43,702 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 22.50
Evaluated at bid price : 23.21
Bid-YTW : 5.27 %
TRP.PR.D FixedReset Disc 39,820 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 5.91 %
RY.PR.S FixedReset Disc 37,610 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 4.99 %
CM.PR.Q FixedReset Disc 37,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.42 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.I FixedReset Ins Non Quote: 20.99 – 22.80
Spot Rate : 1.8100
Average : 1.2011

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.99
Bid-YTW : 6.79 %

MFC.PR.K FixedReset Ins Non Quote: 19.25 – 20.65
Spot Rate : 1.4000
Average : 0.8283

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.25
Bid-YTW : 7.48 %

MFC.PR.F FixedReset Ins Non Quote: 14.18 – 15.50
Spot Rate : 1.3200
Average : 0.8363

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.18
Bid-YTW : 9.47 %

PWF.PR.P FixedReset Disc Quote: 14.32 – 15.75
Spot Rate : 1.4300
Average : 0.9540

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 14.32
Evaluated at bid price : 14.32
Bid-YTW : 5.87 %

SLF.PR.G FixedReset Ins Non Quote: 14.50 – 15.50
Spot Rate : 1.0000
Average : 0.6716

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.50
Bid-YTW : 9.40 %

BAM.PR.M Perpetual-Discount Quote: 20.26 – 21.10
Spot Rate : 0.8400
Average : 0.5219

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-02-07
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.95 %