HSE Has Negative Outlook At S&P

March 26th, 2020

Standard & Poor’s has announced:

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


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

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

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

Several other ratings actions were taken on Canadian oil companies:

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

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

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

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

March 26th, 2020

DBRS has announced that it:

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

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

Specifically, DBRS Morningstar has the following concerns:

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

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

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

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

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

March 26, 2020

March 26th, 2020
unicorn_200326_1 money_200326_1
money_200326_2 unicorn_200326_2

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

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

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

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

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

And this was in the face of incredible unemployment numbers:

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

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

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

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

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

Meanwhile, in Canada:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Amid dividend cuts, income investors can still find safety

March 25th, 2020

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

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

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

March 25, 2020

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

Two Trillion bucks are on the way:

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

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

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

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

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

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

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

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

We all know someone like Lindsey Graham, eh?

And it was a good day for Canadian markets:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

March 25th, 2020

Brompton Group has announced:

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

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

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

DBRS Mass Review of SplitShares

March 25th, 2020

DBRS has announced:

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

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

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

BBD Preferreds Downgraded to CC by S&P

March 24th, 2020

Standard & Poor’s has announced:

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


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

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

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

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

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

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

EMA Downgraded to P-3(high) by S&P

March 24th, 2020

Standard & Poor’s has announced:

  • Halifax, Nova Scotia-based utility holding company Emera Inc. has closed on the sale of its Emera Maine subsidiary to ENMAX Corp.
  • Although we expect the sale to improve Emera Inc.’s consolidated financial measures in the near term, the transaction does not fully mitigate other factors that weigh on the company’s credit quality, including our expectation that the company’s funds from operation (FFO) to debt will be consistently above 12%.
  • As a result, we no longer expect Emera to maintain its financial measures at the upper end of its financial risk category, removing support for our use of a positive comparable ratings analysis modifier.
  • Therefore, we are lowering our issuer credit rating on Emera to ‘BBB’ from ‘BBB+’. The outlook is stable.
  • At the same time, we are lowering the senior unsecured debt rating to ‘BBB-‘ from ‘BBB’, subordinated notes rating to ‘BB+’ from ‘BBB-‘, and preferred shares rating to ‘BB+’ from ‘BBB-‘ on the global scale and to ‘P-3 (High)’ from ‘P-2 (Low)’ on the Canada National Scale ratings.
  • We are also downgrading intermediate holding company TECO Energy Inc. (TECO) and financing company TECO Finance Inc. to ‘BBB’ from ‘BBB+’.
  • We also reviewed our ratings on operating subsidiaries Nova Scotia Power Inc. (NSPI) and Tampa Electric Co. (TEC) and conclude that the cumulative value of the structural protections in place between these two operating companies and parent Emera are sufficient to insulate our issuer credit rating on both entities for up to one notch from the group credit profile of parent Emera.
  • As such, we are affirming our ratings on NSPI and TEC, including the ‘BBB+’ issuer credit ratings.
  • For NSPI, we are affirming the A-1 (Low) Canadian National Scale Commercial Paper Ratings.
  • For TEC, are affirming the ‘A-2’ short-term ratings.
  • The stable outlook on all these entities largely reflects our expectation that Emera will maintain its financial measures, including FFO to debt at about 11% over the next two years.


We could downgrade Emera over the next 12-24 months if the company’s financial measures deteriorates with FFO to debt of below 10% with no prospect for improvement. This could happen if there are material adverse regulatory outcomes, a material delay in the completion of capital projects, or if the COVID-19 pandemic persists and has a material long-term impact on the company’s financial measures.

We could raise ratings on Emera if its financial measures improve with FFO to debt approaching 13% on a sustained basis, indicative of the higher end of the financial risk profile category.

Affected issues are EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H.

March 24, 2020

March 24th, 2020
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Today the markets celebrated hopes of a great big bail-out:

Stocks soared on Tuesday on expectations that Congress was close to producing a stimulus bill to stabilize America’s faltering economy and offer lifelines to industries on the brink of collapse because of the coronavirus.

A plan to bail out companies and send checks of up to $1,200 to Americans had been stalled since Sunday over objections by Democrats. But on Tuesday, top Democrats and Trump administration officials said they were optimistic about finalizing an agreement on a roughly $2 trillion plan.

The S&P 500 had its biggest daily gain since 2008, rising more than 9 percent. Stocks in Europe climbed, led by Germany, where stocks rose more than 10 percent.

and in Canada …:

Canada’s main stock market rallied on Tuesday, rebounding from an eight-year low the day before, as hopes rose that global stimulus measures will ease the economic impact of the coronavirus pandemic.

The Toronto Stock Exchange’s S&P/TSX composite index surged 11.96%, or 1,342.59 points, to 12,571.08, after hitting its lowest intraday level since October 2011 at 11,172.73 on Monday. Since peaking in February, the index has tumbled about 30%. Tuesday’s percentage gain for the Canadian index was its biggest since July 1979, based on Refinitiv Eikon data.

Suncor Energy Inc. cut its 2020 production outlook and suspended share repurchases for the year following the decline in crude oil prices and due to the economic impact of the virus outbreak. Still, its shares rallied 13%.

The Canadian dollar was little changed at about 1.45 to the U.S. dollar, or 68.97 U.S. cents. The currency, which last Thursday hit a four-year low at 1.4669, traded in a range of 1.4375 to 1.4532.

Canadian government bond yields rose across the curve in sympathy with U.S. Treasuries. The 10-year was up 3.7 basis points at 0.855%.

As mentioned yesterday, the Fed has announced the Primary Market Corporate Credit Facility and the Secondary Market Corporate Support Facility. There are calls for the BoC to do the same:

The mad scramble for cash amid the coronavirus panic is putting enormous strain on the Canadian corporate bond market, which the country’s largest companies rely on for a steady source of financing.

While high-quality credit typically serves as a safe haven in the midst of an economic shock, corporate bonds have plummeted alongside stocks over the past few bewildering weeks.

The iShares Canadian Corporate Bond Index ETF (XCB) – the largest of its kind – fell by a staggering 23 per cent in just 11 trading days, before a market-wide bounce on Tuesday clawed back a portion of the fund’s losses.

To help restore order, the Bank of Canada may follow the U.S. Federal Reserve’s lead and intervene in the corporate credit market for the first time in its history.

“To draw a line and support investment-grade debt, that’s the kind of bold move that can inspire confidence. That will create some semblance of rationality,” Mr. Mamdani said.

Last week, the Bank of Canada opened that door, giving itself the authority to buy and sell corporate and municipal debt, “for purposes of addressing a situation of financial system stress that could have material macroeconomic consequences,” according to a regulatory notice from March 18.

But in the real world:

A source familiar with the data confirmed that the government received an estimated 929,000 Employment Insurance claims in the week of March 16-22 – a week in which a dramatic escalation of social-isolation requirements across the country forced many businesses to either sharply curtail their operations or shut down entirely.

Those EI filings represent roughly 5 per cent of all employees in the country – and imply that the national unemployment rate may have nearly doubled in just seven days.

The numbers of layoffs could surge again in the coming days, as the country’s two most populous provinces, Ontario and Quebec, will institute new rules requiring businesses deemed non-essential to close their doors as of midnight Tuesday night.

TXPR closed at 408.38, up 3.996% on the day. Volume today was 4.63-million – and this enormous figure is merely about average of the past two weeks.

CPD closed at 8.10, up 3.18% on the day. Volume of 325,281, above average but nothing special in the context of the past 30 trading days.

ZPR closed at 6.30, up 3.11% on the day. Volume of 500,507 was the lowest since March 6.

Five-year Canada yields were up 5bp to 0.76% today.

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

Update, 1:47am: A deal has been reached on the US stimulus package:

The legislation, which is expected to be enacted within days, is the biggest economic stimulus package in modern American history, aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption.

Struck shortly before 1 a.m., it was the product of a marathon set of negotiations among Senate Republicans, Democrats and President Trump’s team that nearly fell apart as Democrats insisted upon stronger worker protections and oversight over a new $500 billion fund to bail out distressed businesses.

The deal was struck after a furious final round of haggling between Senator Mitch McConnell, Republican of Kentucky, Steven Mnuchin, the Treasury secretary, and Senator Chuck Schumer, Democrat of New York, after Democrats twice blocked action on the measure as they insisted on concessions.

S&P overnight Futures are down 1.12% as of 1:34am; we’ll see what the next few updates look like!

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 -0.2187 % 1,227.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2187 % 2,251.9
Floater 8.82 % 8.92 % 57,682 10.49 4 -0.2187 % 1,297.8
OpRet 0.00 % 0.00 % 0 0.00 0 7.4768 % 2,854.4
SplitShare 5.81 % 9.75 % 78,706 3.93 7 7.4768 % 3,408.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 7.4768 % 2,659.7
Perpetual-Premium 7.63 % 8.08 % 105,909 11.22 12 2.6740 % 2,233.6
Perpetual-Discount 7.10 % 7.15 % 88,006 12.35 24 1.9898 % 2,466.4
FixedReset Disc 8.89 % 7.54 % 209,786 11.48 64 3.4021 % 1,355.4
Deemed-Retractible 7.06 % 7.96 % 98,671 11.45 27 3.4948 % 2,393.8
FloatingReset 7.17 % 7.35 % 64,026 12.13 3 5.6312 % 1,410.2
FixedReset Prem 7.20 % 7.15 % 194,211 12.28 22 4.7575 % 1,883.0
FixedReset Bank Non 2.05 % 8.14 % 124,571 1.78 3 1.8638 % 2,592.2
FixedReset Ins Non 8.92 % 7.92 % 118,838 11.16 22 5.6474 % 1,321.9
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -6.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.22
Evaluated at bid price : 7.22
Bid-YTW : 7.91 %
TD.PF.I FixedReset Disc -2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.82
Evaluated at bid price : 12.82
Bid-YTW : 7.58 %
EMA.PR.E Perpetual-Discount -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.67 %
BNS.PR.I FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 6.92 %
BAM.PR.B Floater -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 6.75
Evaluated at bid price : 6.75
Bid-YTW : 9.01 %
RY.PR.J FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.72
Evaluated at bid price : 12.72
Bid-YTW : 6.72 %
RY.PR.S FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 6.29 %
POW.PR.B Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.23
Evaluated at bid price : 17.23
Bid-YTW : 7.97 %
PWF.PR.F Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 8.10 %
BAM.PF.E FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.06
Evaluated at bid price : 10.06
Bid-YTW : 7.97 %
POW.PR.D Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.72
Evaluated at bid price : 16.72
Bid-YTW : 7.67 %
MFC.PR.J FixedReset Ins Non 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.05
Evaluated at bid price : 11.05
Bid-YTW : 8.15 %
BIP.PR.D FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.03
Evaluated at bid price : 16.03
Bid-YTW : 7.86 %
PWF.PR.R Perpetual-Premium 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.41
Evaluated at bid price : 17.41
Bid-YTW : 8.08 %
PWF.PR.Z Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.48
Evaluated at bid price : 16.48
Bid-YTW : 7.99 %
CIU.PR.A Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 7.15 %
POW.PR.G Perpetual-Premium 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.27 %
HSE.PR.C FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 6.80
Evaluated at bid price : 6.80
Bid-YTW : 15.78 %
CM.PR.Q FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.77
Evaluated at bid price : 10.77
Bid-YTW : 8.14 %
PWF.PR.T FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.72
Evaluated at bid price : 10.72
Bid-YTW : 7.97 %
RY.PR.C Deemed-Retractible 1.64 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.31
Bid-YTW : 11.49 %
ELF.PR.H Perpetual-Premium 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.28 %
CU.PR.F Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 7.00 %
GWO.PR.G Deemed-Retractible 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.08
Evaluated at bid price : 16.08
Bid-YTW : 8.15 %
MFC.PR.B Deemed-Retractible 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 7.63 %
BNS.PR.G FixedReset Prem 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.02 %
EMA.PR.C FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.54 %
MFC.PR.C Deemed-Retractible 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.28
Evaluated at bid price : 14.28
Bid-YTW : 7.96 %
TD.PF.C FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.63
Evaluated at bid price : 11.63
Bid-YTW : 7.05 %
RY.PR.P Perpetual-Premium 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 6.49 %
PWF.PR.S Perpetual-Discount 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 7.97 %
ELF.PR.G Perpetual-Discount 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.26 %
BNS.PR.H FixedReset Prem 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.16
Evaluated at bid price : 17.16
Bid-YTW : 7.18 %
MFC.PR.O FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 8.11 %
PWF.PR.A Floater 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.10
Evaluated at bid price : 7.10
Bid-YTW : 8.67 %
RY.PR.F Deemed-Retractible 2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.22
Bid-YTW : 11.56 %
GWO.PR.F Deemed-Retractible 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 7.93 %
NA.PR.G FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.27
Evaluated at bid price : 12.27
Bid-YTW : 7.91 %
RY.PR.A Deemed-Retractible 2.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.29
Bid-YTW : 11.37 %
PWF.PR.E Perpetual-Premium 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.08 %
CM.PR.S FixedReset Disc 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 7.54 %
TD.PF.H FixedReset Prem 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.15 %
BAM.PF.C Perpetual-Discount 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.44
Evaluated at bid price : 16.44
Bid-YTW : 7.43 %
CU.PR.E Perpetual-Discount 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 7.04 %
MFC.PR.R FixedReset Ins Non 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 8.27 %
CU.PR.G Perpetual-Discount 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.42
Evaluated at bid price : 16.42
Bid-YTW : 6.94 %
BMO.PR.S FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.78
Evaluated at bid price : 10.78
Bid-YTW : 7.58 %
GWO.PR.H Deemed-Retractible 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 7.60 %
POW.PR.A Perpetual-Premium 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 8.10 %
TD.PF.G FixedReset Prem 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.18 %
PVS.PR.D SplitShare 2.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 22.61
Bid-YTW : 11.66 %
BAM.PF.A FixedReset Disc 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 8.24 %
RY.PR.Q FixedReset Prem 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.06 %
PWF.PR.H Perpetual-Premium 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 8.27 %
TD.PF.K FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 7.21 %
CCS.PR.C Deemed-Retractible 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.99 %
CM.PR.P FixedReset Disc 2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 7.77 %
SLF.PR.B Deemed-Retractible 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 7.46 %
GWO.PR.S Deemed-Retractible 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.37
Evaluated at bid price : 16.37
Bid-YTW : 8.08 %
RY.PR.E Deemed-Retractible 3.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 11.40 %
MFC.PR.H FixedReset Ins Non 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 8.44 %
GWO.PR.I Deemed-Retractible 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 7.95 %
BMO.PR.T FixedReset Disc 3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.54
Evaluated at bid price : 10.54
Bid-YTW : 7.46 %
SLF.PR.I FixedReset Ins Non 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 8.05 %
GWO.PR.L Deemed-Retractible 3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.34
Evaluated at bid price : 17.34
Bid-YTW : 8.21 %
RY.PR.G Deemed-Retractible 3.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 11.40 %
PWF.PR.K Perpetual-Discount 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.16
Evaluated at bid price : 16.16
Bid-YTW : 7.83 %
MFC.PR.F FixedReset Ins Non 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.26
Evaluated at bid price : 7.26
Bid-YTW : 7.13 %
TD.PF.B FixedReset Disc 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.31
Evaluated at bid price : 11.31
Bid-YTW : 7.06 %
IAF.PR.B Deemed-Retractible 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 7.47 %
BAM.PR.R FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.68
Evaluated at bid price : 8.68
Bid-YTW : 8.53 %
SLF.PR.C Deemed-Retractible 3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.73
Evaluated at bid price : 14.73
Bid-YTW : 7.61 %
NA.PR.A FixedReset Prem 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 7.92 %
IFC.PR.G FixedReset Ins Non 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 7.66 %
NA.PR.S FixedReset Disc 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.71
Evaluated at bid price : 10.71
Bid-YTW : 7.91 %
PVS.PR.F SplitShare 3.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 20.71
Bid-YTW : 9.69 %
PWF.PR.O Perpetual-Premium 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.24 %
RY.PR.H FixedReset Disc 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 6.86 %
BAM.PF.D Perpetual-Discount 3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.39 %
PWF.PR.L Perpetual-Discount 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 7.95 %
TD.PF.E FixedReset Disc 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.16 %
TD.PF.M FixedReset Disc 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.08
Evaluated at bid price : 16.08
Bid-YTW : 7.07 %
NA.PR.E FixedReset Disc 3.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.62
Evaluated at bid price : 11.62
Bid-YTW : 7.73 %
BMO.PR.W FixedReset Disc 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 7.30 %
BNS.PR.E FixedReset Prem 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.17 %
BAM.PR.N Perpetual-Discount 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 7.38 %
BAM.PR.M Perpetual-Discount 3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 7.32 %
RY.PR.N Perpetual-Discount 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.61 %
POW.PR.C Perpetual-Premium 3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 8.31 %
MFC.PR.M FixedReset Ins Non 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 7.71 %
TD.PF.J FixedReset Disc 3.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 7.06 %
GWO.PR.P Deemed-Retractible 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 8.10 %
BIP.PR.C FixedReset Prem 4.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 8.25 %
IFC.PR.I Perpetual-Premium 4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.32 %
SLF.PR.E Deemed-Retractible 4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 7.58 %
W.PR.K FixedReset Prem 4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 7.78 %
MFC.PR.I FixedReset Ins Non 4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 8.30 %
NA.PR.X FixedReset Prem 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.83 %
PWF.PR.Q FloatingReset 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.04
Evaluated at bid price : 7.04
Bid-YTW : 7.65 %
CM.PR.Y FixedReset Disc 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.35 %
SLF.PR.A Deemed-Retractible 4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 7.44 %
BAM.PF.B FixedReset Disc 4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.25 %
BIP.PR.F FixedReset Disc 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.03 %
IAF.PR.G FixedReset Ins Non 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.22
Evaluated at bid price : 11.22
Bid-YTW : 7.92 %
BIP.PR.E FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 7.75 %
SLF.PR.J FloatingReset 4.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.16
Evaluated at bid price : 7.16
Bid-YTW : 6.73 %
CM.PR.O FixedReset Disc 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.58
Evaluated at bid price : 10.58
Bid-YTW : 7.72 %
HSE.PR.E FixedReset Disc 4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.44
Evaluated at bid price : 7.44
Bid-YTW : 14.32 %
BAM.PR.Z FixedReset Disc 4.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 8.14 %
BAM.PR.T FixedReset Disc 4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 9.06
Evaluated at bid price : 9.06
Bid-YTW : 8.40 %
CU.PR.C FixedReset Disc 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 6.19 %
GWO.PR.M Deemed-Retractible 5.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.99
Evaluated at bid price : 17.99
Bid-YTW : 8.13 %
SLF.PR.D Deemed-Retractible 5.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.81
Evaluated at bid price : 14.81
Bid-YTW : 7.57 %
CU.PR.I FixedReset Prem 5.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.94
Evaluated at bid price : 17.94
Bid-YTW : 6.35 %
PWF.PR.G Perpetual-Premium 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 8.11 %
PVS.PR.E SplitShare 5.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 22.16
Bid-YTW : 10.80 %
W.PR.M FixedReset Prem 5.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.51 %
CM.PR.R FixedReset Disc 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 7.98 %
GWO.PR.Q Deemed-Retractible 5.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 8.06 %
BIP.PR.B FixedReset Prem 5.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 8.20 %
IFC.PR.F Deemed-Retractible 5.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.42 %
BAM.PF.I FixedReset Prem 5.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 6.74 %
EIT.PR.A SplitShare 5.74 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 20.25
Bid-YTW : 10.92 %
BAM.PF.H FixedReset Prem 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.60 %
BMO.PR.Q FixedReset Bank Non 5.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 9.07 %
BAM.PR.X FixedReset Disc 5.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.62
Evaluated at bid price : 7.62
Bid-YTW : 8.20 %
RY.PR.Z FixedReset Disc 6.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.56
Evaluated at bid price : 11.56
Bid-YTW : 6.74 %
TRP.PR.B FixedReset Disc 6.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.51
Evaluated at bid price : 7.51
Bid-YTW : 6.40 %
NA.PR.W FixedReset Disc 6.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.61
Evaluated at bid price : 10.61
Bid-YTW : 7.69 %
TRP.PR.C FixedReset Disc 6.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.45
Evaluated at bid price : 7.45
Bid-YTW : 7.46 %
EML.PR.A FixedReset Ins Non 6.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 8.29 %
EIT.PR.B SplitShare 6.84 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 20.30
Bid-YTW : 9.75 %
MFC.PR.K FixedReset Ins Non 6.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 7.62 %
RY.PR.R FixedReset Prem 6.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.90 %
CU.PR.H Perpetual-Discount 7.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.93 %
EMA.PR.H FixedReset Prem 7.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.03 %
TD.PF.L FixedReset Disc 7.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 7.31 %
GWO.PR.R Deemed-Retractible 7.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.81
Evaluated at bid price : 15.81
Bid-YTW : 7.65 %
BAM.PF.J FixedReset Prem 7.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 6.75 %
TRP.PR.E FixedReset Disc 7.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.64
Evaluated at bid price : 10.64
Bid-YTW : 7.77 %
BIK.PR.A FixedReset Prem 7.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 8.77 %
MFC.PR.G FixedReset Ins Non 7.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.91
Evaluated at bid price : 10.91
Bid-YTW : 8.29 %
TRP.PR.F FloatingReset 7.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.31
Evaluated at bid price : 8.31
Bid-YTW : 7.35 %
IFC.PR.C FixedReset Ins Non 7.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.68
Evaluated at bid price : 10.68
Bid-YTW : 7.77 %
NA.PR.C FixedReset Disc 7.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 7.80 %
TRP.PR.J FixedReset Prem 7.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.84 %
TRP.PR.K FixedReset Prem 8.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.74
Evaluated at bid price : 17.74
Bid-YTW : 7.00 %
TD.PF.A FixedReset Disc 8.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 6.90 %
SLF.PR.H FixedReset Ins Non 8.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 9.23
Evaluated at bid price : 9.23
Bid-YTW : 7.65 %
MFC.PR.N FixedReset Ins Non 8.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 7.40 %
HSE.PR.A FixedReset Disc 8.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 4.77
Evaluated at bid price : 4.77
Bid-YTW : 12.55 %
CM.PR.T FixedReset Disc 8.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 7.22 %
TRP.PR.G FixedReset Disc 9.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.26
Evaluated at bid price : 12.26
Bid-YTW : 7.46 %
IFC.PR.E Deemed-Retractible 9.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.48 %
MFC.PR.Q FixedReset Ins Non 10.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.13 %
TRP.PR.D FixedReset Disc 10.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.38
Evaluated at bid price : 11.38
Bid-YTW : 7.32 %
IFC.PR.A FixedReset Ins Non 11.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.93
Evaluated at bid price : 8.93
Bid-YTW : 7.17 %
MFC.PR.L FixedReset Ins Non 11.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.16
Evaluated at bid price : 10.16
Bid-YTW : 7.66 %
SLF.PR.G FixedReset Ins Non 13.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.24
Evaluated at bid price : 7.24
Bid-YTW : 7.10 %
GWO.PR.N FixedReset Ins Non 13.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.61
Evaluated at bid price : 8.61
Bid-YTW : 5.66 %
BIP.PR.A FixedReset Disc 14.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 8.81 %
TRP.PR.A FixedReset Disc 15.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 9.64
Evaluated at bid price : 9.64
Bid-YTW : 7.43 %
PVS.PR.G SplitShare 35.41 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 20.65
Bid-YTW : 8.83 %
Volume Highlights
Issue Index Shares
Traded
Notes
SLF.PR.B Deemed-Retractible 527,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 7.46 %
TD.PF.A FixedReset Disc 431,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 6.90 %
TD.PF.H FixedReset Prem 169,358 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.15 %
TD.PF.K FixedReset Disc 54,905 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 7.21 %
MFC.PR.O FixedReset Ins Non 45,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 8.11 %
TRP.PR.J FixedReset Prem 36,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.84 %
There were 93 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: 11.11 – 19.90
Spot Rate : 8.7900
Average : 5.0421

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 8.30 %

PWF.PR.T FixedReset Disc Quote: 10.72 – 17.75
Spot Rate : 7.0300
Average : 4.0528

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.72
Evaluated at bid price : 10.72
Bid-YTW : 7.97 %

NA.PR.A FixedReset Prem Quote: 17.06 – 23.90
Spot Rate : 6.8400
Average : 3.9887

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 7.92 %

MFC.PR.G FixedReset Ins Non Quote: 10.91 – 18.18
Spot Rate : 7.2700
Average : 4.5998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.91
Evaluated at bid price : 10.91
Bid-YTW : 8.29 %

MFC.PR.N FixedReset Ins Non Quote: 10.00 – 15.88
Spot Rate : 5.8800
Average : 3.3816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 7.40 %

CM.PR.Q FixedReset Disc Quote: 10.77 – 15.00
Spot Rate : 4.2300
Average : 2.5856

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.77
Evaluated at bid price : 10.77
Bid-YTW : 8.14 %