Toronto Rock Lacrosse Tickets – Update #1

January 16th, 2017

I have four more pairs of Toronto Rock Lacrosse tickets to give away!

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

The first lucky winner is Charles Chiu, who will shortly receive the tickets to the January 28 game against the Rochester Knighthawks.

The four remaining ticket giveaways are:

Toronto Rock Lacrosse Ticket Giveaway
Date Opponent
Saturday
2017-1-28
7pm
Rochester Knighthawks
Friday
2017-2-3
7:30pm
Buffalo Bandits
Friday
2017-3-3
7:30pm
New England Black Wolves
Saturday
2017-3-11
7:00pm
Calgary Roughnecks
Saturday
2017-3-25
7:00pm
Vancouver Stealth

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

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

The next deadline is Friday, January 20 … if you want tickets to see the game against the Buffalo Bandits on February 3, contact me on or before that date!

January 13, 2017

January 14th, 2017
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 4.15 % 4.99 % 24,130 17.89 1 -0.9146 % 1,870.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7971 % 3,457.3
Floater 4.00 % 4.12 % 52,065 17.19 4 -0.7971 % 1,992.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.1383 % 2,951.1
SplitShare 4.80 % 4.36 % 74,742 4.22 6 0.1383 % 3,524.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1383 % 2,749.8
Perpetual-Premium 5.59 % -3.49 % 75,457 0.09 12 0.0262 % 2,700.0
Perpetual-Discount 5.28 % 5.34 % 89,622 14.87 26 0.1575 % 2,821.4
FixedReset 4.59 % 4.33 % 226,646 6.77 96 0.6717 % 2,231.8
Deemed-Retractible 5.11 % 3.34 % 131,885 0.28 32 0.1232 % 2,787.2
FloatingReset 2.46 % 3.43 % 41,192 4.75 11 0.7421 % 2,420.1
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 11.39
Evaluated at bid price : 11.39
Bid-YTW : 4.18 %
PWF.PR.A Floater -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 3.70 %
BNS.PR.B FloatingReset 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.48
Bid-YTW : 3.36 %
VNR.PR.A FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 4.92 %
TD.PF.C FixedReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 4.32 %
BMO.PR.Q FixedReset 1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 5.34 %
IFC.PR.A FixedReset 1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.71
Bid-YTW : 8.07 %
BMO.PR.W FixedReset 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 4.26 %
PWF.PR.T FixedReset 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 4.21 %
BMO.PR.S FixedReset 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 4.21 %
RY.PR.J FixedReset 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 22.03
Evaluated at bid price : 22.42
Bid-YTW : 4.29 %
CU.PR.C FixedReset 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 21.58
Evaluated at bid price : 21.58
Bid-YTW : 4.15 %
TRP.PR.A FixedReset 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 4.54 %
TRP.PR.E FixedReset 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 4.40 %
RY.PR.Z FixedReset 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 4.26 %
TRP.PR.D FixedReset 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 4.58 %
BMO.PR.T FixedReset 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 4.23 %
RY.PR.M FixedReset 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 21.94
Evaluated at bid price : 22.35
Bid-YTW : 4.18 %
BMO.PR.Y FixedReset 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 22.49
Evaluated at bid price : 23.20
Bid-YTW : 4.13 %
TRP.PR.B FixedReset 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 13.94
Evaluated at bid price : 13.94
Bid-YTW : 4.27 %
TRP.PR.C FixedReset 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 15.02
Evaluated at bid price : 15.02
Bid-YTW : 4.32 %
TRP.PR.F FloatingReset 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 3.57 %
TRP.PR.H FloatingReset 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 3.31 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.K FixedReset 346,923 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.43 %
TRP.PR.E FixedReset 270,099 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 4.40 %
BNS.PR.H FixedReset 231,696 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 4.00 %
BAM.PR.X FixedReset 209,348 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 15.41
Evaluated at bid price : 15.41
Bid-YTW : 4.84 %
BMO.PR.B FixedReset 179,269 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.13 %
TD.PF.H FixedReset 162,152 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.15 %
TD.PF.A FixedReset 138,153 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.25 %
TRP.PR.D FixedReset 116,928 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 4.58 %
There were 39 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.E Ratchet Quote: 16.25 – 16.90
Spot Rate : 0.6500
Average : 0.5133

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 25.00
Evaluated at bid price : 16.25
Bid-YTW : 4.99 %

TRP.PR.G FixedReset Quote: 23.07 – 23.53
Spot Rate : 0.4600
Average : 0.3279

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 22.39
Evaluated at bid price : 23.07
Bid-YTW : 4.37 %

BMO.PR.R FloatingReset Quote: 23.47 – 23.87
Spot Rate : 0.4000
Average : 0.3091

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.47
Bid-YTW : 3.43 %

TD.PF.B FixedReset Quote: 19.99 – 20.20
Spot Rate : 0.2100
Average : 0.1321

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 4.33 %

BAM.PR.K Floater Quote: 11.39 – 11.60
Spot Rate : 0.2100
Average : 0.1522

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 11.39
Evaluated at bid price : 11.39
Bid-YTW : 4.18 %

CU.PR.E Perpetual-Discount Quote: 23.50 – 23.70
Spot Rate : 0.2000
Average : 0.1481

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-13
Maturity Price : 23.05
Evaluated at bid price : 23.50
Bid-YTW : 5.26 %

January 12, 2017

January 12th, 2017
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 4.12 % 4.93 % 25,079 17.95 1 1.8634 % 1,887.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6758 % 3,485.1
Floater 3.96 % 4.09 % 52,168 17.26 4 0.6758 % 2,008.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0790 % 2,947.0
SplitShare 4.81 % 4.51 % 77,800 4.22 6 -0.0790 % 3,519.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0790 % 2,746.0
Perpetual-Premium 5.59 % -3.20 % 72,638 0.09 12 -0.1147 % 2,699.3
Perpetual-Discount 5.29 % 5.37 % 92,325 14.88 26 -0.0688 % 2,817.0
FixedReset 4.62 % 4.37 % 230,830 6.77 96 0.1355 % 2,217.0
Deemed-Retractible 5.12 % 3.44 % 133,393 0.28 32 -0.0389 % 2,783.8
FloatingReset 2.46 % 3.56 % 41,122 4.75 11 0.4081 % 2,402.3
Performance Highlights
Issue Index Change Notes
VNR.PR.A FixedReset -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 4.94 %
IAG.PR.A Deemed-Retractible -1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.11
Bid-YTW : 6.53 %
IFC.PR.C FixedReset -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.91
Bid-YTW : 6.14 %
BMO.PR.T FixedReset 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.28 %
SLF.PR.J FloatingReset 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.90
Bid-YTW : 9.03 %
TRP.PR.H FloatingReset 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 12.80
Evaluated at bid price : 12.80
Bid-YTW : 3.36 %
TRP.PR.C FixedReset 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 14.66
Evaluated at bid price : 14.66
Bid-YTW : 4.38 %
BAM.PR.E Ratchet 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 25.00
Evaluated at bid price : 16.40
Bid-YTW : 4.93 %
TRP.PR.B FixedReset 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 13.66
Evaluated at bid price : 13.66
Bid-YTW : 4.31 %
TRP.PR.F FloatingReset 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 16.29
Evaluated at bid price : 16.29
Bid-YTW : 3.63 %
TRP.PR.A FixedReset 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 16.84
Evaluated at bid price : 16.84
Bid-YTW : 4.58 %
PWF.PR.A Floater 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 3.66 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.H FixedReset 340,439 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.24 %
TD.PF.A FixedReset 128,697 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 20.13
Evaluated at bid price : 20.13
Bid-YTW : 4.26 %
TRP.PR.D FixedReset 121,583 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 4.63 %
MFC.PR.R FixedReset 117,325 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.63 %
NA.PR.A FixedReset 104,328 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 26.24
Bid-YTW : 4.12 %
TRP.PR.K FixedReset 99,747 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 4.49 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.R FloatingReset Quote: 23.51 – 23.83
Spot Rate : 0.3200
Average : 0.2094

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 3.37 %

BAM.PR.X FixedReset Quote: 15.26 – 15.56
Spot Rate : 0.3000
Average : 0.1983

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 15.26
Evaluated at bid price : 15.26
Bid-YTW : 4.84 %

IAG.PR.A Deemed-Retractible Quote: 22.11 – 22.58
Spot Rate : 0.4700
Average : 0.3986

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.11
Bid-YTW : 6.53 %

FTS.PR.J Perpetual-Discount Quote: 22.64 – 22.86
Spot Rate : 0.2200
Average : 0.1519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 22.34
Evaluated at bid price : 22.64
Bid-YTW : 5.30 %

FTS.PR.F Perpetual-Discount Quote: 23.08 – 23.36
Spot Rate : 0.2800
Average : 0.2126

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-12
Maturity Price : 22.80
Evaluated at bid price : 23.08
Bid-YTW : 5.37 %

BMO.PR.Q FixedReset Quote: 21.01 – 21.24
Spot Rate : 0.2300
Average : 0.1728

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 5.58 %

January 11, 2017

January 11th, 2017

PerpetualDiscounts now yield 5.36%, equivalent to 6.97% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.05%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 290bp, a slight (and perhaps spurious) narrowing from the 295bp reported January 4.

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 4.19 % 5.04 % 25,992 17.83 1 0.0000 % 1,853.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0634 % 3,461.7
Floater 3.99 % 4.07 % 52,850 17.29 4 0.0634 % 1,995.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0725 % 2,949.4
SplitShare 4.80 % 4.43 % 78,953 4.22 6 0.0725 % 3,522.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0725 % 2,748.1
Perpetual-Premium 5.59 % -5.56 % 73,499 0.09 12 0.2431 % 2,702.4
Perpetual-Discount 5.29 % 5.36 % 95,038 14.88 26 0.2300 % 2,818.9
FixedReset 4.63 % 4.39 % 230,979 6.77 96 0.2439 % 2,214.0
Deemed-Retractible 5.12 % 3.78 % 132,269 0.29 32 0.1220 % 2,784.9
FloatingReset 2.47 % 3.58 % 41,521 4.76 11 -0.1329 % 2,392.5
Performance Highlights
Issue Index Change Notes
TRP.PR.H FloatingReset -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 3.41 %
MFC.PR.O FixedReset 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.63
Bid-YTW : 4.10 %
IFC.PR.C FixedReset 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.13
Bid-YTW : 5.99 %
VNR.PR.A FixedReset 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 4.87 %
IAG.PR.A Deemed-Retractible 1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.38
Bid-YTW : 6.34 %
NA.PR.S FixedReset 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 4.42 %
BMO.PR.Q FixedReset 1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.16
Bid-YTW : 5.43 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.B FixedReset 358,301 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.88
Bid-YTW : 4.34 %
BAM.PR.Z FixedReset 323,640 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 4.93 %
RY.PR.Q FixedReset 275,811 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.86
Bid-YTW : 3.84 %
TD.PF.H FixedReset 257,197 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.64
Bid-YTW : 4.25 %
TRP.PR.K FixedReset 231,439 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.53 %
BNS.PR.H FixedReset 203,305 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 4.21 %
MFC.PR.R FixedReset 171,771 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.63 %
RY.PR.M FixedReset 112,640 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 21.64
Evaluated at bid price : 21.93
Bid-YTW : 4.25 %
BAM.PF.I FixedReset 108,810 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.39 %
BMO.PR.K Deemed-Retractible 106,012 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-02-10
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : -7.23 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.B FixedReset Quote: 25.92 – 26.39
Spot Rate : 0.4700
Average : 0.2884

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.92
Bid-YTW : 4.55 %

CU.PR.C FixedReset Quote: 21.25 – 21.70
Spot Rate : 0.4500
Average : 0.3261

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 4.18 %

BAM.PF.A FixedReset Quote: 21.53 – 21.83
Spot Rate : 0.3000
Average : 0.1881

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 21.26
Evaluated at bid price : 21.53
Bid-YTW : 4.71 %

TRP.PR.A FixedReset Quote: 16.49 – 16.78
Spot Rate : 0.2900
Average : 0.1898

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-11
Maturity Price : 16.49
Evaluated at bid price : 16.49
Bid-YTW : 4.67 %

IFC.PR.A FixedReset Quote: 17.40 – 17.68
Spot Rate : 0.2800
Average : 0.1857

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.40
Bid-YTW : 8.30 %

SLF.PR.H FixedReset Quote: 18.05 – 18.39
Spot Rate : 0.3400
Average : 0.2507

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.05
Bid-YTW : 7.74 %

January 10, 2017

January 11th, 2017

The Canadian Securities Administrators have released their latest plan to increase banks’ hegemony over the financial system, titled CSA CONSULTATION PAPER 81-408 – CONSULTATION ON THE OPTION OF DISCONTINUING EMBEDDED COMMISSIONS.

It is filled with hilarious assertions and disingenuous speculation, such as:

Based on a review of current actively managed fee-based (series F) fund offerings and their five year alphas, the data suggests that:
  • 87% of investment fund managers offering actively managed funds today have some funds with negative alphas which could be at risk of redemption if embedded commissions were discontinued and these managers were not able to adjust their fees or improve performance;
  • For active investment fund managers that manage funds with negative alphas, the proportion of assets at risk or redemption could be on average 53% of firm assets;
  • In aggregate, an estimated 44% of actively managed fund assets may experience redemption and reallocation pressure to competitor investment fund managers over time if embedded commissions were discontinued and these managers were not able to adjust their fees or improve performance; and
  • For active investment fund managers with little or no access to related party distribution97, on average 59% of assets at these firms may experience redemption pressure over time assuming once again these managers were not able to adjust their fees or improve performance.

As we have emphasized throughout this section, much depends on how investment fund managers react to the discontinuation of embedded commissions. And as noted earlier, we expect investment fund managers to alter the way that they compete over time by reducing prices and refocusing their distribution efforts toward improvements in risk adjusted performance to retain market share.

“Refocusing their distribution efforts towards improvements in risk adjusted performance to retain market share” … ha! The banks will refocus their distribution efforts towards in-branch sales. Fees will continue to be absurdly high – they might even get higher – and Granny’s going to put her nest-egg into GICs and house funds, just like the nice man at the bank tells her to do.

And we know the nice man at the bank is not just an expert on investments but is also recommending only those vehicles that he, personally, feels will deliver the best returns as part of the best asset mix for the all-important investor, right? We know this, because he’s on salary and doesn’t have to soil his hands with that evil embedded commission “work for a living” crap. PLUS, he works for a bank, so all of Granny’s worries are over.

Another good laugh was afforded by the paragraph:

As for the issue of low financial literacy potentially hindering investors’ ability to assess the value of advisory services or to negotiate fair fees for such services, the CSA anticipate continuing to work on investor literacy initiatives to increase investors’ awareness of investing costs and empower them to confidently engage in the negotiation of fees with their representative. We also expect that our recent POS and CRM2 reforms (further discussed in Part 6) will improve investors’ awareness and understanding of fund and dealer compensation costs in the lead up to any potential rule proposal discontinuing embedded commissions. This improved awareness and understanding in turn should give investors an initial point of reference from which to gauge the appropriateness of advisory fees under direct pay arrangements.

“CSA anticipate continuing to work on investor literacy initiatives to increase investors’ awareness of investing costs and empower them to confidently engage in the negotiation of fees with their representative” … what, you mean both people who searched for and found and read and understood the official financial literacy educational pages put out and paid for by our Wise Masters? You mean, not just the self-proclaimed investor advocates who feverishly looked to see if their particular hobby-horse was addressed, but both of the people who actually read that earnestly presented gobbledy-gook in order to educate themselves? Wow. Quite the accomplishment!

But, really, you want to understand the point of all this verbiage? It’s well illustrated by this chart:

marketsharefunddistribution
Click for Big

Bank branch distribution has made huge gains over the past ten years and has now pulled equal with the independents. The point of eliminating trailer fees to eliminate the independent channel and move all the business to the banks … nice big banks with enormous compliance departments with lots of jobs for otherwise unemployable ex-regulators. Very expensive plain vanilla funds for everybody and lots of well paying compliance jobs … it’s the regulatory nirvana and it comes closer every day.

Speaking of government idiocy, this is just in from BC:

British Columbia raised the threshold on property tax grants to homes worth as much as C$1.6 million ($1.2 million) to help offset the cost of property taxes in Canada’s most expensive real estate market.

The move, which boosts the threshold from C$1.2 million, is the latest by the provincial government to address public anger over housing affordability ahead of a general election on May 9. On Jan. 16, it also will begin offering loans to plump the down payments of first-time home buyers.

The grant will reduce the annual property tax on a principal residence by up to C$570 a year in urban areas, according to the B.C. Ministry of Finance, which calculates that 83 percent of homes in the Metro Vancouver region will fall below the new threshold. The province expects to spend C$821 million on homeowner grants in 2017-2018, up from C$809 million in the previous year.

[BC Finance Minister Michael] De Jong said the grants were intended to help homeowners who, for example, had bought a property for C$50,000 decades ago but were now living on a fixed income and finding it difficult to pay the tax due on a house worth more than C$1 million.

“The loss of that grant which offsets their taxes would be very problematic,” he said. “That’s the target. Those are the circumstances we’re trying to address.”

It’s just craziness … increasing the complexity of the tax system and further eroding the separation of taxation powers between different levels of government.

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 4.19 % 5.04 % 26,320 17.83 1 0.0000 % 1,853.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6380 % 3,459.5
Floater 3.99 % 4.10 % 52,443 17.23 4 0.6380 % 1,993.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0923 % 2,947.2
SplitShare 4.81 % 4.49 % 79,804 4.23 6 0.0923 % 3,519.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0923 % 2,746.1
Perpetual-Premium 5.60 % -3.84 % 73,898 0.09 12 0.2536 % 2,695.8
Perpetual-Discount 5.30 % 5.37 % 94,261 14.88 26 0.1728 % 2,812.5
FixedReset 4.64 % 4.41 % 234,199 6.77 96 0.0024 % 2,208.6
Deemed-Retractible 5.12 % 4.50 % 131,649 4.48 32 0.1248 % 2,781.5
FloatingReset 2.46 % 3.52 % 40,443 4.76 11 0.1242 % 2,395.7
Performance Highlights
Issue Index Change Notes
CU.PR.I FixedReset -2.48 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.33
Bid-YTW : 3.19 %
TRP.PR.B FixedReset -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 13.47
Evaluated at bid price : 13.47
Bid-YTW : 4.37 %
BNS.PR.Y FixedReset -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.40
Bid-YTW : 5.17 %
TD.PF.A FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 4.29 %
BAM.PR.Z FixedReset 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 4.94 %
TRP.PR.H FloatingReset 4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 12.85
Evaluated at bid price : 12.85
Bid-YTW : 3.34 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.K FixedReset 965,730 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.56 %
BAM.PF.I FixedReset 201,110 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.41 %
BAM.PR.Z FixedReset 156,923 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 4.94 %
MFC.PR.R FixedReset 149,348 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 4.66 %
TRP.PR.E FixedReset 121,030 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.47 %
SLF.PR.I FixedReset 88,699 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.02
Bid-YTW : 5.73 %
There were 40 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.E SplitShare Quote: 26.00 – 26.24
Spot Rate : 0.2400
Average : 0.1559

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.84 %

PWF.PR.L Perpetual-Discount Quote: 23.40 – 23.65
Spot Rate : 0.2500
Average : 0.1711

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.45 %

TRP.PR.B FixedReset Quote: 13.47 – 13.75
Spot Rate : 0.2800
Average : 0.2078

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 13.47
Evaluated at bid price : 13.47
Bid-YTW : 4.37 %

BIP.PR.A FixedReset Quote: 21.66 – 21.90
Spot Rate : 0.2400
Average : 0.1686

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 21.35
Evaluated at bid price : 21.66
Bid-YTW : 5.37 %

CCS.PR.C Deemed-Retractible Quote: 23.30 – 23.59
Spot Rate : 0.2900
Average : 0.2251

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 6.14 %

CU.PR.F Perpetual-Discount Quote: 21.38 – 21.60
Spot Rate : 0.2200
Average : 0.1621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-10
Maturity Price : 21.38
Evaluated at bid price : 21.38
Bid-YTW : 5.34 %

January 9, 2017

January 9th, 2017
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 4.19 % 5.04 % 24,328 17.84 1 1.8987 % 1,853.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8364 % 3,437.5
Floater 4.02 % 4.13 % 53,010 17.17 4 0.8364 % 1,981.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0594 % 2,944.5
SplitShare 4.81 % 4.47 % 80,333 4.23 6 0.0594 % 3,516.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0594 % 2,743.6
Perpetual-Premium 5.62 % -1.15 % 76,416 0.09 12 -0.1939 % 2,689.0
Perpetual-Discount 5.31 % 5.37 % 92,919 14.88 26 -0.1364 % 2,807.6
FixedReset 4.64 % 4.43 % 231,806 6.78 96 -0.7094 % 2,208.5
Deemed-Retractible 5.13 % 3.61 % 130,185 0.29 32 -0.2256 % 2,778.0
FloatingReset 2.47 % 3.46 % 38,314 4.76 11 -0.0222 % 2,392.7
Performance Highlights
Issue Index Change Notes
MFC.PR.L FixedReset -2.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.91
Bid-YTW : 6.88 %
MFC.PR.H FixedReset -2.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.91
Bid-YTW : 4.96 %
BAM.PF.B FixedReset -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 4.87 %
MFC.PR.N FixedReset -2.44 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 6.62 %
MFC.PR.I FixedReset -2.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 5.42 %
BAM.PF.A FixedReset -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 4.76 %
BAM.PF.G FixedReset -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 22.00
Evaluated at bid price : 22.39
Bid-YTW : 4.52 %
BAM.PR.R FixedReset -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 4.66 %
BAM.PF.F FixedReset -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 21.58
Evaluated at bid price : 21.98
Bid-YTW : 4.60 %
MFC.PR.G FixedReset -1.99 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.16
Bid-YTW : 5.78 %
MFC.PR.J FixedReset -1.97 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.93
Bid-YTW : 5.74 %
IAG.PR.G FixedReset -1.88 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.02
Bid-YTW : 5.22 %
IFC.PR.A FixedReset -1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.67
Bid-YTW : 8.06 %
MFC.PR.M FixedReset -1.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.52
Bid-YTW : 6.61 %
BAM.PR.Z FixedReset -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 4.99 %
BAM.PF.E FixedReset -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 4.55 %
CM.PR.Q FixedReset -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 21.82
Evaluated at bid price : 22.15
Bid-YTW : 4.31 %
TRP.PR.G FixedReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 22.06
Evaluated at bid price : 22.53
Bid-YTW : 4.46 %
TD.PF.E FixedReset -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 22.27
Evaluated at bid price : 22.86
Bid-YTW : 4.25 %
BAM.PR.X FixedReset -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 4.82 %
TRP.PR.H FloatingReset -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 12.31
Evaluated at bid price : 12.31
Bid-YTW : 3.49 %
IFC.PR.C FixedReset -1.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 6.07 %
TD.PF.A FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 4.33 %
BAM.PR.T FixedReset -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 17.68
Evaluated at bid price : 17.68
Bid-YTW : 4.86 %
MFC.PR.F FixedReset -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.62
Bid-YTW : 9.97 %
BMO.PR.S FixedReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 4.29 %
TD.PF.D FixedReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 22.03
Evaluated at bid price : 22.45
Bid-YTW : 4.25 %
MFC.PR.K FixedReset -1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.86
Bid-YTW : 6.86 %
GWO.PR.R Deemed-Retractible -1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.43
Bid-YTW : 6.52 %
TRP.PR.E FixedReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 4.51 %
PWF.PR.T FixedReset -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 4.24 %
RY.PR.Z FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 4.32 %
RY.PR.J FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 21.49
Evaluated at bid price : 21.86
Bid-YTW : 4.37 %
TRP.PR.A FixedReset -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 4.66 %
CM.PR.P FixedReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 19.62
Evaluated at bid price : 19.62
Bid-YTW : 4.35 %
BAM.PR.B Floater 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.13 %
BAM.PR.E Ratchet 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 25.00
Evaluated at bid price : 16.10
Bid-YTW : 5.04 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.B FixedReset 254,651 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.83
Bid-YTW : 4.38 %
TRP.PR.K FixedReset 180,349 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.64
Bid-YTW : 4.53 %
BAM.PF.I FixedReset 136,467 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.44 %
SLF.PR.I FixedReset 97,058 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.03
Bid-YTW : 5.72 %
TD.PF.H FixedReset 72,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.56
Bid-YTW : 4.32 %
BMO.PR.T FixedReset 70,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 19.87
Evaluated at bid price : 19.87
Bid-YTW : 4.36 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.F Perpetual-Discount Quote: 24.60 – 24.95
Spot Rate : 0.3500
Average : 0.2098

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 24.20
Evaluated at bid price : 24.60
Bid-YTW : 4.97 %

TRP.PR.G FixedReset Quote: 22.53 – 22.99
Spot Rate : 0.4600
Average : 0.3231

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 22.06
Evaluated at bid price : 22.53
Bid-YTW : 4.46 %

IFC.PR.A FixedReset Quote: 17.67 – 17.95
Spot Rate : 0.2800
Average : 0.1617

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.67
Bid-YTW : 8.06 %

CM.PR.Q FixedReset Quote: 22.15 – 22.50
Spot Rate : 0.3500
Average : 0.2534

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 21.82
Evaluated at bid price : 22.15
Bid-YTW : 4.31 %

VNR.PR.A FixedReset Quote: 20.25 – 20.63
Spot Rate : 0.3800
Average : 0.2852

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-09
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.87 %

BIP.PR.B FixedReset Quote: 25.95 – 26.20
Spot Rate : 0.2500
Average : 0.1653

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 4.51 %

UST.PR.B Matures on Schedule

January 9th, 2017

On October 28, 2016, First Asset Investment Management Inc. announced:

that, as contemplated by the Fund’s declaration of trust, the Fund is scheduled to terminate on January 3, 2017 (the “Termination Date”).

Unitholders will not be required to take any action in connection with the termination of the Fund.

In connection with the termination:

  • •the Class B Preferred Securities of the Fund (TSX: UST.B.PR) outstanding on the Termination Date will mature on such date, and the Fund will repay the original subscription price of $10 for each Class B Preferred Security together with any accrued and unpaid interest thereon payable on the Termination Date;
  • •any Capital Units of the Fund (TSX: UST.UN) outstanding on the Termination Date will be redeemed by the Fund for an amount, if any, equal to a pro rata share of the net assets of the Fund remaining after payment or accrual of all debts, expenses and liabilities (including any senior indebtedness and the aggregate repayment price paid in respect of the Class B Preferred Securities) and liquidation expenses of the Fund;
  • •the last regular monthly distribution in respect of the Capital Units, if any, will be in respect of the month ending November 30, 2016. The Fund will not pay a regular monthly distribution in December 2016, but may pay a special distribution if required for tax purposes;
  • •the Manager will request the Toronto Stock Exchange (the “TSX”) to de-list the Class B Preferred Securities and the Capital Units from the TSX as at the close of business on December 30, 2016; and
  • •payment of the termination proceeds will be made on or about January 6, 2017 to the beneficial holders of such units through CDS Clearing and Depository Services Inc.

If the Manager determines or is advised by the investment sub-advisor that it will not be possible to convert all of the Fund’s property into cash before the Fund’s scheduled termination, the Manager may, upon 30 days’ prior notice to Unitholders, extend the date for termination of the Fund to April 1, 2017.

If the Manager determines that it would be unable to convert all of the Fund’s property to cash on or before the Termination Date and the Manager determines that it would be in the best interests of Unitholders, the Fund’s trustee shall, on the direction of the Manager and upon at least 10 days prior notice to Unitholders, extend the Termination Date to no later than June 30, 2017. Any such extension will not, however, shall not delay the repayment of the Preferred Securities.

They have further announced:

that Utility Split Trust (the “Fund”) was terminated effective January 3, 2017. The Capital Units (TSX: UST.UN) and the Class B Preferred Securities (TSX: UST.PR.B) of the Fund were delisted from the Toronto Stock Exchange on December 30, 2016.

The Capital Units were redeemed for $16.8393 per Capital Unit on January 3, 2016 (the ”Termination Date”). The Class B Preferred Securities were repaid $10.1313 per Class B Preferred Security, consisting of the original subscription price of $10 for each Class B Preferred Security together with any accrued and unpaid interest thereon payable on the Termination Date.

Proceeds will be paid to unitholders on or about January 6, 2017.

and DBRS has announced that it:

has today discontinued the rating on the Class B Preferred Securities (the Preferred Securities) issued by Utility Split Trust, as the Preferred Securities were fully repaid on January 6, 2017.

UST.PR.B was last mentioned on PrefBlog when it was upgraded to Pfd-2 by DBRS. The issue was not tracked by HIMIPref™ since, with a market capitalization of about $12.3-million, it was too small.

January 6, 2017

January 6th, 2017

Jobs, jobs … , well, money, anyway!:

The 156,000 increase in December payrolls followed a 204,000 rise in November that was bigger than previously estimated, a Labor Department report showed Friday in Washington. The median forecast in a Bloomberg survey of economists called for a 175,000 advance. The jobless rate ticked up to 4.7 percent as the labor force grew, and wages rose 2.9 percent from December 2015.

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 4.27 % 5.14 % 23,240 17.72 1 0.2538 % 1,818.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6910 % 3,409.0
Floater 4.05 % 4.18 % 53,448 17.08 4 0.6910 % 1,964.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0462 % 2,942.8
SplitShare 4.82 % 4.46 % 79,967 4.24 6 -0.0462 % 3,514.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0462 % 2,742.0
Perpetual-Premium 5.59 % -3.82 % 76,692 0.09 13 0.2462 % 2,694.2
Perpetual-Discount 5.30 % 5.35 % 96,697 14.90 25 0.2196 % 2,811.4
FixedReset 4.61 % 4.42 % 225,711 6.79 96 0.4822 % 2,224.3
Deemed-Retractible 5.12 % 3.17 % 131,688 0.23 32 0.1285 % 2,784.3
FloatingReset 2.45 % 3.42 % 38,955 4.77 11 0.4038 % 2,393.2
Performance Highlights
Issue Index Change Notes
TRP.PR.H FloatingReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 3.42 %
RY.PR.Z FixedReset 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 4.32 %
TRP.PR.E FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 4.50 %
TRP.PR.J FixedReset 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.63
Bid-YTW : 4.03 %
MFC.PR.M FixedReset 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 6.35 %
TD.PF.F Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 24.39
Evaluated at bid price : 24.80
Bid-YTW : 4.92 %
MFC.PR.G FixedReset 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.61
Bid-YTW : 5.48 %
RY.PR.J FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 21.79
Evaluated at bid price : 22.09
Bid-YTW : 4.37 %
BMO.PR.S FixedReset 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 4.29 %
HSE.PR.E FixedReset 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 22.64
Evaluated at bid price : 23.40
Bid-YTW : 4.98 %
SLF.PR.H FixedReset 1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.30
Bid-YTW : 7.54 %
MFC.PR.N FixedReset 1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.91
Bid-YTW : 6.27 %
HSE.PR.C FixedReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 22.05
Evaluated at bid price : 22.41
Bid-YTW : 4.82 %
HSE.PR.G FixedReset 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 22.67
Evaluated at bid price : 23.50
Bid-YTW : 4.93 %
RY.PR.M FixedReset 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 21.68
Evaluated at bid price : 21.98
Bid-YTW : 4.27 %
TRP.PR.D FixedReset 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 4.65 %
TRP.PR.F FloatingReset 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 15.99
Evaluated at bid price : 15.99
Bid-YTW : 3.68 %
BAM.PR.R FixedReset 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 4.60 %
PWF.PR.A Floater 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 12.63
Evaluated at bid price : 12.63
Bid-YTW : 3.78 %
HSE.PR.A FixedReset 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 4.97 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.H FixedReset 271,938 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.32 %
TRP.PR.D FixedReset 120,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 4.65 %
BAM.PR.Z FixedReset 118,223 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 4.94 %
TRP.PR.K FixedReset 115,418 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.56 %
BMO.PR.T FixedReset 91,096 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 4.41 %
BIP.PR.C FixedReset 77,780 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 4.60 %
There were 35 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Quote: 14.90 – 15.50
Spot Rate : 0.6000
Average : 0.3793

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 4.45 %

BAM.PR.E Ratchet Quote: 15.80 – 16.40
Spot Rate : 0.6000
Average : 0.4512

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 25.00
Evaluated at bid price : 15.80
Bid-YTW : 5.14 %

CU.PR.C FixedReset Quote: 21.34 – 21.75
Spot Rate : 0.4100
Average : 0.2738

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 4.20 %

BAM.PR.T FixedReset Quote: 17.90 – 18.22
Spot Rate : 0.3200
Average : 0.2033

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-06
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 4.85 %

GWO.PR.M Deemed-Retractible Quote: 25.77 – 26.05
Spot Rate : 0.2800
Average : 0.1717

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-03-31
Maturity Price : 25.50
Evaluated at bid price : 25.77
Bid-YTW : 1.48 %

CCS.PR.C Deemed-Retractible Quote: 23.25 – 23.60
Spot Rate : 0.3500
Average : 0.2462

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 6.17 %

January 5, 2017

January 5th, 2017
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 4.28 % 5.16 % 23,446 17.70 1 -0.0634 % 1,814.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.4014 % 3,385.6
Floater 4.08 % 4.18 % 53,942 17.08 4 1.4014 % 1,951.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1320 % 2,944.1
SplitShare 4.81 % 4.45 % 78,818 4.24 6 0.1320 % 3,515.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1320 % 2,743.2
Perpetual-Premium 5.57 % -1.61 % 77,287 0.09 13 0.1091 % 2,687.6
Perpetual-Discount 5.30 % 5.38 % 98,101 14.85 25 0.2266 % 2,805.3
FixedReset 4.62 % 4.45 % 230,616 6.79 96 -0.0094 % 2,213.6
Deemed-Retractible 5.13 % 3.38 % 133,233 0.23 32 0.0936 % 2,780.7
FloatingReset 2.46 % 3.63 % 40,258 4.76 11 0.2808 % 2,383.6
Performance Highlights
Issue Index Change Notes
MFC.PR.N FixedReset -1.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.64
Bid-YTW : 6.46 %
MFC.PR.L FixedReset -1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.27
Bid-YTW : 6.63 %
MFC.PR.K FixedReset -1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.00
Bid-YTW : 6.78 %
BMO.PR.Q FixedReset -1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.62
Bid-YTW : 5.96 %
RY.PR.M FixedReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 21.36
Evaluated at bid price : 21.67
Bid-YTW : 4.33 %
CU.PR.H Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 24.47
Evaluated at bid price : 24.88
Bid-YTW : 5.32 %
TRP.PR.F FloatingReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 15.74
Evaluated at bid price : 15.74
Bid-YTW : 3.74 %
MFC.PR.F FixedReset 1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.70
Bid-YTW : 9.90 %
BAM.PR.Z FixedReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 4.97 %
BAM.PR.B Floater 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 11.37
Evaluated at bid price : 11.37
Bid-YTW : 4.18 %
BAM.PR.R FixedReset 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 4.68 %
PWF.PR.P FixedReset 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 14.99
Evaluated at bid price : 14.99
Bid-YTW : 4.48 %
SLF.PR.J FloatingReset 1.72 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.80
Bid-YTW : 9.08 %
NA.PR.W FixedReset 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 4.46 %
BAM.PR.C Floater 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 11.28
Evaluated at bid price : 11.28
Bid-YTW : 4.21 %
BAM.PR.K Floater 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 11.24
Evaluated at bid price : 11.24
Bid-YTW : 4.23 %
SLF.PR.G FixedReset 2.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.80
Bid-YTW : 8.95 %
GWO.PR.N FixedReset 3.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.05
Bid-YTW : 9.49 %
TRP.PR.H FloatingReset 3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 3.36 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.H FixedReset 317,742 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.81
Bid-YTW : 4.35 %
TRP.PR.K FixedReset 193,027 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.52
Bid-YTW : 4.62 %
CU.PR.H Perpetual-Discount 179,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 24.47
Evaluated at bid price : 24.88
Bid-YTW : 5.32 %
RY.PR.Z FixedReset 170,632 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 4.36 %
BMO.PR.B FixedReset 137,156 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.40 %
BNS.PR.H FixedReset 115,015 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.23 %
BAM.PF.I FixedReset 113,712 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 4.60 %
CM.PR.P FixedReset 109,531 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 4.36 %
BAM.PR.K Floater 105,737 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 11.24
Evaluated at bid price : 11.24
Bid-YTW : 4.23 %
There were 39 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.A Floater Quote: 12.42 – 12.87
Spot Rate : 0.4500
Average : 0.2901

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 12.42
Evaluated at bid price : 12.42
Bid-YTW : 3.84 %

TRP.PR.D FixedReset Quote: 18.96 – 19.27
Spot Rate : 0.3100
Average : 0.2118

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-05
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 4.73 %

MFC.PR.C Deemed-Retractible Quote: 21.56 – 21.82
Spot Rate : 0.2600
Average : 0.1669

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.56
Bid-YTW : 6.82 %

CGI.PR.D SplitShare Quote: 25.14 – 25.50
Spot Rate : 0.3600
Average : 0.2715

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2023-06-14
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.71 %

BNS.PR.B FloatingReset Quote: 23.13 – 23.38
Spot Rate : 0.2500
Average : 0.1636

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.13
Bid-YTW : 3.63 %

BAM.PF.I FixedReset Quote: 25.41 – 25.65
Spot Rate : 0.2400
Average : 0.1567

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 4.60 %

January 4, 2017

January 4th, 2017

Even the pretense of independent analysis is being eroded:

Indonesia’s decision to cut business ties with J.P. Morgan Chase & Co. after a downgrade highlights the fine line banks and ratings companies walk.

Emerging-country governments often react strongly to sovereign-ratings downgrades, which can raise the cost of borrowing in international capital markets. The offense in this case, though, was a downgrade of Indonesia’s stocks, partly occasioned by Donald Trump’s U.S. election win—a ratings change that the country’s finance ministry said could destabilize the financial system.

The ministry responded by ending all partnerships with J.P. Morgan as of Jan. 1, including the bank’s role as a government-appointed primary dealer in certain bond auctions. For a nation to completely cut off a bank that way appears rare. It was a first for Indonesia.

The decision was the product of several run-ins between Southeast Asia’s biggest country and the largest U.S. bank by assets, the ministry’s director of debt portfolio and strategy, Schneider Siahaan, told The Wall Street Journal.

It was the third time a J.P. Morgan ratings call threatened to exacerbate selloffs, Mr. Siahaan said—in 2008 and 2015 Indonesia issued warnings to the bank after its research division downgraded the government’s rupiah bonds—and the government believes J.P. Morgan has a conflict of interest.

PerpetualDiscounts now yield 5.38%, equivalent to 6.99% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.05%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 295bp, a slight (and perhaps spurious) narrowing from the 300bp reported December 14.

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 4.28 % 5.15 % 24,381 17.71 1 0.1270 % 1,815.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8168 % 3,338.8
Floater 4.14 % 4.24 % 55,985 16.97 4 0.8168 % 1,924.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0594 % 2,940.2
SplitShare 4.82 % 4.49 % 81,960 4.24 6 -0.0594 % 3,511.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0594 % 2,739.6
Perpetual-Premium 5.57 % 4.94 % 80,287 0.09 13 0.2705 % 2,684.7
Perpetual-Discount 5.31 % 5.38 % 96,238 14.78 25 0.4171 % 2,798.9
FixedReset 4.62 % 4.43 % 233,343 6.79 96 0.9504 % 2,213.8
Deemed-Retractible 5.13 % 4.48 % 134,719 3.76 32 0.5567 % 2,778.1
FloatingReset 2.47 % 3.45 % 40,637 4.77 11 0.6687 % 2,376.9
Performance Highlights
Issue Index Change Notes
TRP.PR.D FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 4.73 %
BMO.PR.R FloatingReset 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.54
Bid-YTW : 3.32 %
GWO.PR.Q Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.15
Bid-YTW : 5.73 %
TD.PF.A FixedReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 4.35 %
GWO.PR.M Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-03-31
Maturity Price : 25.50
Evaluated at bid price : 25.87
Bid-YTW : -0.21 %
SLF.PR.A Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.88
Bid-YTW : 6.14 %
TRP.PR.E FixedReset 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 4.54 %
PWF.PR.S Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.30
Evaluated at bid price : 22.59
Bid-YTW : 5.39 %
GWO.PR.G Deemed-Retractible 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.41
Bid-YTW : 5.61 %
GWO.PR.H Deemed-Retractible 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.84
Bid-YTW : 6.28 %
GWO.PR.S Deemed-Retractible 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.64
Bid-YTW : 5.52 %
BAM.PF.G FixedReset 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.14
Evaluated at bid price : 22.61
Bid-YTW : 4.50 %
RY.PR.Z FixedReset 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 4.38 %
CM.PR.Q FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.97
Evaluated at bid price : 22.36
Bid-YTW : 4.30 %
CU.PR.I FixedReset 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 27.43
Bid-YTW : 2.02 %
HSE.PR.E FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.45
Evaluated at bid price : 23.06
Bid-YTW : 5.06 %
EML.PR.A FixedReset 1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 26.46
Bid-YTW : 4.22 %
MFC.PR.R FixedReset 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.65 %
TD.PF.E FixedReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.52
Evaluated at bid price : 23.29
Bid-YTW : 4.25 %
BIP.PR.A FixedReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.28
Evaluated at bid price : 21.56
Bid-YTW : 5.43 %
MFC.PR.J FixedReset 1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.25
Bid-YTW : 5.55 %
FTS.PR.H FixedReset 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 4.55 %
PWF.PR.A Floater 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 12.41
Evaluated at bid price : 12.41
Bid-YTW : 3.85 %
BMO.PR.Z Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 24.53
Evaluated at bid price : 24.94
Bid-YTW : 5.05 %
TRP.PR.H FloatingReset 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 12.26
Evaluated at bid price : 12.26
Bid-YTW : 3.48 %
SLF.PR.I FixedReset 1.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.07
Bid-YTW : 5.69 %
GWO.PR.N FixedReset 1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.58
Bid-YTW : 9.96 %
BMO.PR.Y FixedReset 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.06
Evaluated at bid price : 22.50
Bid-YTW : 4.28 %
MFC.PR.I FixedReset 1.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.12
Bid-YTW : 5.24 %
MFC.PR.F FixedReset 1.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.52
Bid-YTW : 10.07 %
RY.PR.J FixedReset 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.68
Evaluated at bid price : 21.94
Bid-YTW : 4.40 %
BMO.PR.W FixedReset 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 4.35 %
RY.PR.H FixedReset 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 4.39 %
BAM.PF.A FixedReset 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.45
Evaluated at bid price : 21.79
Bid-YTW : 4.69 %
BAM.PR.X FixedReset 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 4.81 %
MFC.PR.G FixedReset 1.72 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.52
Bid-YTW : 5.54 %
TRP.PR.B FixedReset 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 13.69
Evaluated at bid price : 13.69
Bid-YTW : 4.36 %
BAM.PF.F FixedReset 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.08
Evaluated at bid price : 22.42
Bid-YTW : 4.55 %
BMO.PR.S FixedReset 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 4.32 %
BAM.PF.B FixedReset 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 4.79 %
BAM.PR.T FixedReset 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 17.83
Evaluated at bid price : 17.83
Bid-YTW : 4.87 %
HSE.PR.C FixedReset 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 4.89 %
CM.PR.O FixedReset 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.37 %
BAM.PF.E FixedReset 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.09
Evaluated at bid price : 21.09
Bid-YTW : 4.55 %
NA.PR.S FixedReset 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.97
Evaluated at bid price : 19.97
Bid-YTW : 4.51 %
PWF.PR.P FixedReset 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 14.76
Evaluated at bid price : 14.76
Bid-YTW : 4.55 %
RY.PR.M FixedReset 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.61
Evaluated at bid price : 21.89
Bid-YTW : 4.29 %
TRP.PR.C FixedReset 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 14.32
Evaluated at bid price : 14.32
Bid-YTW : 4.53 %
MFC.PR.M FixedReset 2.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.86
Bid-YTW : 6.37 %
CM.PR.P FixedReset 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 4.33 %
IAG.PR.G FixedReset 2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.21
Bid-YTW : 5.13 %
MFC.PR.N FixedReset 2.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.92
Bid-YTW : 6.26 %
PWF.PR.T FixedReset 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 4.29 %
IFC.PR.C FixedReset 2.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.38
Bid-YTW : 5.81 %
TRP.PR.A FixedReset 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 16.68
Evaluated at bid price : 16.68
Bid-YTW : 4.67 %
SLF.PR.H FixedReset 2.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.07
Bid-YTW : 7.72 %
TRP.PR.G FixedReset 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.15
Evaluated at bid price : 22.68
Bid-YTW : 4.46 %
MFC.PR.L FixedReset 2.60 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.51
Bid-YTW : 6.45 %
HSE.PR.A FixedReset 2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 13.77
Evaluated at bid price : 13.77
Bid-YTW : 5.05 %
MFC.PR.K FixedReset 2.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.23
Bid-YTW : 6.61 %
TRP.PR.F FloatingReset 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 3.78 %
IFC.PR.A FixedReset 3.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.92
Bid-YTW : 7.87 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.R FixedReset 308,863 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.65 %
PWF.PR.P FixedReset 166,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 14.76
Evaluated at bid price : 14.76
Bid-YTW : 4.55 %
BMO.PR.T FixedReset 159,177 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 4.43 %
TD.PF.C FixedReset 139,560 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 4.42 %
TRP.PR.D FixedReset 126,330 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 4.73 %
TD.PF.H FixedReset 64,765 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.36 %
There were 40 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Quote: 21.89 – 22.90
Spot Rate : 1.0100
Average : 0.5910

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 21.61
Evaluated at bid price : 21.89
Bid-YTW : 4.29 %

CU.PR.I FixedReset Quote: 27.43 – 28.05
Spot Rate : 0.6200
Average : 0.3712

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 27.43
Bid-YTW : 2.02 %

SLF.PR.G FixedReset Quote: 15.45 – 16.00
Spot Rate : 0.5500
Average : 0.3382

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.45
Bid-YTW : 9.27 %

BNS.PR.Q FixedReset Quote: 24.58 – 24.95
Spot Rate : 0.3700
Average : 0.2072

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.58
Bid-YTW : 3.45 %

BNS.PR.Y FixedReset Quote: 21.34 – 21.77
Spot Rate : 0.4300
Average : 0.2787

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.34
Bid-YTW : 5.23 %

BAM.PF.G FixedReset Quote: 22.61 – 22.92
Spot Rate : 0.3100
Average : 0.2133

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-01-04
Maturity Price : 22.14
Evaluated at bid price : 22.61
Bid-YTW : 4.50 %