April 12, 2018

April 12th, 2018
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 -0.2739 % 3,010.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2739 % 5,524.5
Floater 3.32 % 3.52 % 104,249 18.50 4 -0.2739 % 3,183.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0790 % 3,156.8
SplitShare 4.56 % 4.62 % 81,047 5.11 4 -0.0790 % 3,769.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0790 % 2,941.4
Perpetual-Premium 5.57 % -5.28 % 75,664 0.09 11 0.1078 % 2,865.9
Perpetual-Discount 5.39 % 5.43 % 71,608 14.80 24 0.0483 % 2,943.5
FixedReset 4.31 % 4.67 % 163,931 5.79 104 0.1328 % 2,508.7
Deemed-Retractible 5.13 % 5.66 % 83,611 5.67 28 0.0015 % 2,944.3
FloatingReset 2.97 % 2.85 % 35,304 3.61 11 0.1533 % 2,759.5
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.81
Bid-YTW : 5.90 %
MFC.PR.F FixedReset 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.83
Bid-YTW : 7.54 %
TRP.PR.G FixedReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-12
Maturity Price : 22.95
Evaluated at bid price : 23.83
Bid-YTW : 5.03 %
CCS.PR.C Deemed-Retractible 1.51 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.16 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.I FixedReset 138,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 3.51 %
TRP.PR.J FixedReset 103,736 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 26.31
Bid-YTW : 3.96 %
TD.PF.G FixedReset 80,664 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.37
Bid-YTW : 3.51 %
TD.PR.S FixedReset 77,620 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.86
Bid-YTW : 3.72 %
BNS.PR.R FixedReset 58,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 3.54 %
MFC.PR.J FixedReset 47,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 4.79 %
There were 21 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.H Perpetual-Premium Quote: 25.36 – 25.63
Spot Rate : 0.2700
Average : 0.1688

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-12
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : -14.55 %

CM.PR.O FixedReset Quote: 22.83 – 23.08
Spot Rate : 0.2500
Average : 0.1575

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-12
Maturity Price : 22.40
Evaluated at bid price : 22.83
Bid-YTW : 4.69 %

MFC.PR.M FixedReset Quote: 22.81 – 23.08
Spot Rate : 0.2700
Average : 0.1838

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.81
Bid-YTW : 5.90 %

W.PR.M FixedReset Quote: 25.67 – 25.98
Spot Rate : 0.3100
Average : 0.2333

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.38 %

EIT.PR.A SplitShare Quote: 25.25 – 25.45
Spot Rate : 0.2000
Average : 0.1324

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.70 %

BAM.PF.D Perpetual-Discount Quote: 21.40 – 21.70
Spot Rate : 0.3000
Average : 0.2426

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-12
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.78 %

April 11, 2018

April 11th, 2018

PerpetualDiscounts now yield 5.42%, equivalent to 7.05% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.9%, so the pre-tax interest-equivalent spread is now about 315bp, a slight (and perhaps spurious) narrowing from the 320bp reported April 4.

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.1509 % 3,019.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1509 % 5,539.7
Floater 3.31 % 3.50 % 108,290 18.54 4 0.1509 % 3,192.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0888 % 3,159.3
SplitShare 4.56 % 4.55 % 80,959 5.12 4 -0.0888 % 3,772.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0888 % 2,943.8
Perpetual-Premium 5.57 % -5.27 % 76,386 0.09 11 0.0827 % 2,862.8
Perpetual-Discount 5.40 % 5.42 % 70,343 14.80 24 0.0555 % 2,942.1
FixedReset 4.32 % 4.68 % 166,088 5.79 104 0.0498 % 2,505.4
Deemed-Retractible 5.13 % 5.65 % 84,859 5.67 28 0.1427 % 2,944.3
FloatingReset 2.98 % 2.95 % 36,701 3.61 11 0.0767 % 2,755.3
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset -1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.90
Bid-YTW : 7.73 %
PWF.PR.Q FloatingReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 3.17 %
MFC.PR.Q FixedReset -1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.74 %
GWO.PR.N FixedReset 1.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 7.63 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Q FixedReset 158,139 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.42
Bid-YTW : 3.81 %
W.PR.M FixedReset 98,646 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.45 %
CM.PR.S FixedReset 89,331 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 22.90
Evaluated at bid price : 24.25
Bid-YTW : 4.53 %
BMO.PR.C FixedReset 82,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.35 %
PWF.PR.Z Perpetual-Discount 70,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 23.50
Evaluated at bid price : 23.83
Bid-YTW : 5.40 %
RY.PR.I FixedReset 64,968 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.07
Bid-YTW : 3.74 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.Q FloatingReset Quote: 21.21 – 21.74
Spot Rate : 0.5300
Average : 0.3419

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 3.17 %

SLF.PR.G FixedReset Quote: 18.90 – 19.48
Spot Rate : 0.5800
Average : 0.4018

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.90
Bid-YTW : 7.73 %

TRP.PR.G FixedReset Quote: 23.51 – 24.03
Spot Rate : 0.5200
Average : 0.3715

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 22.78
Evaluated at bid price : 23.51
Bid-YTW : 5.10 %

TD.PF.D FixedReset Quote: 23.92 – 24.30
Spot Rate : 0.3800
Average : 0.2359

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 23.05
Evaluated at bid price : 23.92
Bid-YTW : 4.80 %

MFC.PR.F FixedReset Quote: 18.63 – 19.00
Spot Rate : 0.3700
Average : 0.2266

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.63
Bid-YTW : 7.72 %

BIP.PR.A FixedReset Quote: 24.41 – 24.75
Spot Rate : 0.3400
Average : 0.2146

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-11
Maturity Price : 23.30
Evaluated at bid price : 24.41
Bid-YTW : 5.55 %

April 10, 2018

April 10th, 2018
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 1.1096 % 3,014.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.1096 % 5,531.4
Floater 3.31 % 3.52 % 109,674 18.50 4 1.1096 % 3,187.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2657 % 3,162.1
SplitShare 4.55 % 4.47 % 81,851 5.12 4 -0.2657 % 3,776.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2657 % 2,946.4
Perpetual-Premium 5.58 % -7.55 % 77,276 0.09 11 0.0072 % 2,860.4
Perpetual-Discount 5.40 % 5.43 % 70,739 14.78 24 0.1452 % 2,940.5
FixedReset 4.32 % 4.66 % 161,841 5.80 104 0.2130 % 2,504.1
Deemed-Retractible 5.14 % 5.64 % 86,186 5.67 28 0.2439 % 2,940.1
FloatingReset 2.98 % 3.07 % 34,186 3.61 11 0.1415 % 2,753.1
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.45
Bid-YTW : 7.90 %
BIP.PR.A FixedReset 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 23.34
Evaluated at bid price : 24.51
Bid-YTW : 5.52 %
BAM.PR.K Floater 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 17.23
Evaluated at bid price : 17.23
Bid-YTW : 3.52 %
SLF.PR.G FixedReset 1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.15
Bid-YTW : 7.50 %
IFC.PR.A FixedReset 1.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.97
Bid-YTW : 7.34 %
IAG.PR.I FixedReset 1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.59 %
PWF.PR.A Floater 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 2.86 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.J FixedReset 181,932 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.40 %
BNS.PR.R FixedReset 153,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 3.51 %
BAM.PF.F FixedReset 134,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 23.70
Evaluated at bid price : 24.11
Bid-YTW : 5.03 %
RY.PR.Q FixedReset 86,889 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.42
Bid-YTW : 3.81 %
CM.PR.S FixedReset 82,502 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-10
Maturity Price : 22.95
Evaluated at bid price : 24.39
Bid-YTW : 4.50 %
SLF.PR.E Deemed-Retractible 62,050 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.41
Bid-YTW : 7.27 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.Q FixedReset Quote: 22.55 – 23.00
Spot Rate : 0.4500
Average : 0.2780

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.55
Bid-YTW : 4.90 %

GWO.PR.I Deemed-Retractible Quote: 21.33 – 21.65
Spot Rate : 0.3200
Average : 0.2090

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.33
Bid-YTW : 7.34 %

CCS.PR.C Deemed-Retractible Quote: 23.05 – 23.69
Spot Rate : 0.6400
Average : 0.5327

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.05
Bid-YTW : 6.50 %

GWO.PR.Q Deemed-Retractible Quote: 24.12 – 24.44
Spot Rate : 0.3200
Average : 0.2131

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.12
Bid-YTW : 5.84 %

TD.PR.Y FixedReset Quote: 24.73 – 25.00
Spot Rate : 0.2700
Average : 0.1790

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.73
Bid-YTW : 3.94 %

SLF.PR.G FixedReset Quote: 19.15 – 19.44
Spot Rate : 0.2900
Average : 0.2065

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.15
Bid-YTW : 7.50 %

April 9, 2018

April 9th, 2018

Well, so much for the pretense of independent and objective advice!

Toronto-Dominion Bank has taken unusual steps to discourage some clients from investing in the marijuana sector.

The bank is limiting the ways in which its advisers discuss the industry with clients, banning staff from recommending almost all marijuana firms and exchange-traded funds (ETFs), according to a recent internal e-mail viewed by The Globe and Mail. TD is also prohibiting portfolio managers from proactively adding most cannabis shares to certain client investment accounts – unless clients specifically instruct their adviser to do so.

As a result, the bank’s investment advisory channel – TD Wealth Private Investment Advice (PIA) – has put dozens of pot stocks and the four Canadian-listed cannabis ETFs onto its non-approved list of securities, leaving advisers with only three Canadian marijuana stocks to suggest.

Investors who use the bank’s online discount brokerage – TD Direct Investing – can buy and sell pot stocks without issue, as those trades are self-directed.

The restrictions put on advisers who work at PIA appear to be driven out of concern of the legal risks the bank could face in the United States, where cannabis is legal in some states but illegal under federal law.

“This is an evolving issue with legal ramifications in the U.S. Therefore, we are restricting our advisers from counselling clients to acquire shares in certain cannabis-organizations with operations in the U.S.,” TD spokeswoman Emily Vear said in an e-mail.

In the internal e-mail sent to TD advisers at the end of March, TD warned that cannabis companies “with U.S. touchpoints could create significant legal risks to [TD Wealth Private Investment Advice] due to the application of U.S. federal laws.” Last week, it wouldn’t explain what those risks are.

I’m sure that if I started tailoring my advice to reduce my company’s legal risk in a foreign country, I’d be getting an uncomfortable visit from the OSC! But don’t worry, regulation fans! I’m sure TD will be OK.

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 2.0091 % 2,981.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0091 % 5,470.7
Floater 3.35 % 3.55 % 110,512 18.44 4 2.0091 % 3,152.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.2269 % 3,170.5
SplitShare 4.54 % 4.43 % 78,818 5.13 4 0.2269 % 3,786.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2269 % 2,954.2
Perpetual-Premium 5.58 % -5.39 % 78,785 0.09 11 0.0684 % 2,860.2
Perpetual-Discount 5.41 % 5.43 % 71,449 14.80 24 -0.0991 % 2,936.2
FixedReset 4.33 % 4.68 % 164,654 5.80 104 0.1044 % 2,498.8
Deemed-Retractible 5.15 % 5.65 % 87,436 5.67 28 0.2429 % 2,933.0
FloatingReset 2.99 % 3.17 % 32,995 3.61 11 0.1909 % 2,749.3
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.71
Bid-YTW : 7.57 %
TRP.PR.A FixedReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 4.96 %
BNS.PR.F FloatingReset 1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.11
Bid-YTW : 4.59 %
GWO.PR.S Deemed-Retractible 1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 5.62 %
IFC.PR.F Deemed-Retractible 1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 5.46 %
BAM.PR.K Floater 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 17.04
Evaluated at bid price : 17.04
Bid-YTW : 3.56 %
PWF.PR.A Floater 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 2.91 %
BAM.PR.C Floater 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 3.55 %
PWF.PR.Q FloatingReset 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 3.13 %
BAM.PR.B Floater 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 17.07
Evaluated at bid price : 17.07
Bid-YTW : 3.56 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.I FixedReset 53,798 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 3.43 %
BAM.PF.F FixedReset 52,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 23.58
Evaluated at bid price : 24.00
Bid-YTW : 5.06 %
BNS.PR.A FloatingReset 50,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-25
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 0.64 %
TD.PF.J FixedReset 37,217 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.57 %
RY.PR.J FixedReset 25,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 23.13
Evaluated at bid price : 24.00
Bid-YTW : 4.81 %
TRP.PR.D FixedReset 25,309 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 21.62
Evaluated at bid price : 22.02
Bid-YTW : 4.95 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.G FixedReset Quote: 23.62 – 25.00
Spot Rate : 1.3800
Average : 0.7923

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-09
Maturity Price : 23.32
Evaluated at bid price : 23.62
Bid-YTW : 5.11 %

IAG.PR.I FixedReset Quote: 25.05 – 26.05
Spot Rate : 1.0000
Average : 0.5553

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.87 %

MFC.PR.Q FixedReset Quote: 25.15 – 25.56
Spot Rate : 0.4100
Average : 0.2357

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.70 %

MFC.PR.L FixedReset Quote: 22.35 – 22.85
Spot Rate : 0.5000
Average : 0.3524

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 6.12 %

PWF.PR.O Perpetual-Premium Quote: 25.45 – 25.79
Spot Rate : 0.3400
Average : 0.2017

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-09
Maturity Price : 25.25
Evaluated at bid price : 25.45
Bid-YTW : -7.73 %

TD.PR.T FloatingReset Quote: 24.55 – 24.95
Spot Rate : 0.4000
Average : 0.2755

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 3.17 %

April 6, 2018

April 6th, 2018

Jobs, jobs, jobs!

The Canadian economy added more jobs than expected last month, driven by hiring in construction and a recovery in full-time positions, data showed on Friday, though economists still expect the central bank to take its time raising interest rates again.

Canada created 32,300 jobs in March, Statistics Canada said, topping economists’ forecasts for an increase of 20,000. The unemployment rate held at 5.8 per cent, while the participation rate was unchanged at 65.5 per cent.

Average hourly wages were up 3.1 per cent from a year ago, matching February’s annual growth rate. Wages are a key measure being watched by the Bank of Canada, with policymakers still seeing slack in the labor market.

But the US was a bit softer than expected:

■ 103,000 jobs were added last month. Wall Street economists had expected an increase of about 185,000, according to Bloomberg.

■ The unemployment rate was 4.1 percent for the sixth straight month.

■ Average earnings rose by 8 cents an hour and are up 2.7 percent over the past year.

■ The Labor Department revised its estimate of February’s job growth upward, but January’s figure was revised sharply downward. The net result was a loss of 50,000 jobs relative to prior estimates.

Meanwhile there are soothing babblings about NAFTA:

Nafta talks have entered a new, intensive phase of discussions and will continue in the coming days, Canada’s foreign minister said after meeting with her U.S. and Mexican counterparts in Washington.

Chrystia Freeland, speaking to reporters Friday afternoon, said the tone of talks is positive and that the three countries are making progress. Canadian Prime Minister Justin Trudeau, speaking elsewhere the same day, said he hoped to get “positive news in the coming times” as talks continue.

And some less soothing babblings:

The Republican president’s renewed ramblings on trade dominated U.S. equity markets this week, with a tweet-induced swoon on Friday leaving the S&P 500 Index 1.4 percent lower than where it started on Monday. The gauge swung wildly, notching four moves of at least 1 percent in the five days, and the Cboe Volatility Index spiked above 20, nearly double its level for the past year.

Trump’s impact on the market was on full display over the past five days. The week began with a 2.2 percent tumble after Trump battered Amazon.com Inc. on Twitter, exacerbating a selloff in megacap tech shares. It didn’t help that China put out a list of products it would target with retaliatory tariffs after the White House issued its own the night before.

A three-day rally of more than 3 percent followed, as White House officials insisted the trade bluster was a negotiating tactic. But Trump upended that notion late Thursday, ordering a review of even harsher tariffs that sparked a bookend rout.

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 -1.1330 % 2,922.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1330 % 5,362.9
Floater 3.42 % 3.62 % 104,160 18.28 4 -1.1330 % 3,090.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2571 % 3,163.4
SplitShare 4.55 % 4.52 % 78,968 5.14 4 0.2571 % 3,777.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2571 % 2,947.5
Perpetual-Premium 5.58 % -8.74 % 79,769 0.09 11 0.0750 % 2,858.3
Perpetual-Discount 5.40 % 5.41 % 73,904 14.83 24 -0.0014 % 2,939.1
FixedReset 4.33 % 4.65 % 169,255 5.83 104 -0.2165 % 2,496.2
Deemed-Retractible 5.16 % 5.85 % 90,831 5.68 28 -0.1567 % 2,925.8
FloatingReset 2.97 % 3.08 % 34,305 3.60 11 -0.2578 % 2,744.0
Performance Highlights
Issue Index Change Notes
GWO.PR.S Deemed-Retractible -1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 5.85 %
BAM.PR.C Floater -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 3.62 %
MFC.PR.N FixedReset -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.59
Bid-YTW : 5.94 %
BAM.PR.T FixedReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.12 %
BAM.PR.B Floater -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 16.68
Evaluated at bid price : 16.68
Bid-YTW : 3.64 %
BAM.PR.Z FixedReset -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.88
Evaluated at bid price : 24.20
Bid-YTW : 4.99 %
PWF.PR.A Floater -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 2.97 %
CCS.PR.C Deemed-Retractible -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.07
Bid-YTW : 6.47 %
HSE.PR.A FixedReset -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.00 %
MFC.PR.G FixedReset -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.16
Bid-YTW : 4.97 %
TRP.PR.H FloatingReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 16.53
Evaluated at bid price : 16.53
Bid-YTW : 3.59 %
MFC.PR.F FixedReset -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.55
Bid-YTW : 7.76 %
SLF.PR.A Deemed-Retractible 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.36
Bid-YTW : 6.76 %
Volume Highlights
Issue Index Shares
Traded
Notes
W.PR.K FixedReset 78,574 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 4.25 %
RY.PR.H FixedReset 67,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.71
Evaluated at bid price : 23.15
Bid-YTW : 4.58 %
GWO.PR.T Deemed-Retractible 53,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 5.62 %
GWO.PR.M Deemed-Retractible 51,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-06
Maturity Price : 25.25
Evaluated at bid price : 26.10
Bid-YTW : -30.96 %
CM.PR.S FixedReset 39,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.86
Evaluated at bid price : 24.16
Bid-YTW : 4.53 %
BAM.PF.A FixedReset 31,254 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.97
Evaluated at bid price : 23.75
Bid-YTW : 5.12 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAG.PR.G FixedReset Quote: 23.10 – 23.95
Spot Rate : 0.8500
Average : 0.4962

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.10
Bid-YTW : 5.55 %

TRP.PR.G FixedReset Quote: 23.60 – 24.40
Spot Rate : 0.8000
Average : 0.5450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-06
Maturity Price : 22.83
Evaluated at bid price : 23.60
Bid-YTW : 5.05 %

GWO.PR.S Deemed-Retractible Quote: 24.23 – 24.67
Spot Rate : 0.4400
Average : 0.2840

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 5.85 %

CCS.PR.C Deemed-Retractible Quote: 23.07 – 23.70
Spot Rate : 0.6300
Average : 0.4862

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.07
Bid-YTW : 6.47 %

GWO.PR.G Deemed-Retractible Quote: 24.10 – 24.45
Spot Rate : 0.3500
Average : 0.2211

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 5.90 %

MFC.PR.G FixedReset Quote: 24.16 – 24.48
Spot Rate : 0.3200
Average : 0.1928

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.16
Bid-YTW : 4.97 %

April 5, 2018

April 5th, 2018

The Bank of Canada has released a working paper by Michael Brolley, David A. Cimon titled Order Flow Segmentation, Liquidity and Price Discovery: The Role of Latency Delays:

Latency delays—known as “speed bumps”—are an intentional slowing of order flow by exchanges. Supporters contend that delays protect market makers from high-frequency arbitrage, while opponents warn that delays promote “quote fading” by market makers. We construct a model of informed trading in a fragmented market, where one market operates a conventional order book and the other imposes a latency delay on market orders. We show that informed investors migrate to the conventional exchange, widening the quoted spread, while the quoted spread narrows at the delayed exchange. The overall market quality impact depends on the relative concentration of speculators who may become informed. If speculators are few relative to liquidity traders, total welfare falls; with relatively more speculators, total welfare rises.

Latency delays are one of the latest means by which exchanges differentiate themselves. These delays are introduced to segment uninformed order flow from the broader market, by preventing informed traders acting on fleeting information. We find that latency delays have a mixed impact on market liquidity: the imposition of a delay improves liquidity on the delayed exchange, but worsens liquidity on standard exchanges. Moreover, the presence of a delayed exchange reduces overall information acquisition, but the subsequent impact on price discovery depends on the ratio of speculators to liquidity traders: with a greater presence of speculators, a delayed exchange worsens overall price discovery, whereas markets with fewer speculators see price discovery improvements when one market imposes a delay.

Our model makes several empirical predictions. We predict that, following the introduction of a delay, quoted spreads should improve at the delayed exchange, while worsening at the standard exchanges. We also predict that the presence of a delayed exchange improves liquidity investor participation, and that informed trading should cluster on the non-delayed exchange. Finally, we predict that as adverse selection increases, total exchange volume falls, while delayed exchange volume increases.

Of interest to policy makers, the impact of delays on price discovery and welfare depend on the relative concentration of speculators. The presence of a delay either decreases welfare when there are few speculators, or increases welfare when there are many. Results for price discovery are reversed: price discovery falls when there are many speculators, but may increase if there are few. Depending on whether a regulator prioritizes welfare or price discovery, the regulator may wish to allow delays for some assets, while disallowing for others.

Equities have tanked after some Trumpian sabre rattling on trade:

President Donald Trump ordered his administration to consider imposing tariffs on an additional $100 billion in Chinese imports, a salvo that sent U.S. stock futures tumbling on concern the world’s two largest economies were hurtling toward a full-blown trade war.

The move threatens to unravel efforts by top U.S. and Chinese trade officials to lower the heat and reach an agreement that could stave off an escalating conflict.

U.S. stock futures dropped on Trump’s latest trade directive. S&P 500 Index futures slid as much as 1.6 percent, after the underlying gauge ended up 0.7 percent on Thursday.

So we’ll see what tomorrow brings!

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 -0.3068 % 2,956.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3068 % 5,424.4
Floater 3.38 % 3.57 % 105,590 18.39 4 -0.3068 % 3,126.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1585 % 3,155.3
SplitShare 4.56 % 4.57 % 79,297 5.14 4 0.1585 % 3,768.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1585 % 2,940.0
Perpetual-Premium 5.55 % -4.00 % 76,478 0.08 11 -0.0322 % 2,856.1
Perpetual-Discount 5.38 % 5.43 % 71,853 14.66 24 0.0053 % 2,939.2
FixedReset 4.31 % 4.64 % 169,515 5.83 104 0.1106 % 2,501.6
Deemed-Retractible 5.15 % 5.75 % 90,127 5.69 28 0.2704 % 2,930.4
FloatingReset 2.96 % 3.10 % 34,690 3.61 11 0.6623 % 2,751.1
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 3.83 %
TRP.PR.A FixedReset -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 4.87 %
BAM.PF.D Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.79 %
CCS.PR.C Deemed-Retractible 1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 6.25 %
BNS.PR.F FloatingReset 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 4.69 %
MFC.PR.L FixedReset 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.56
Bid-YTW : 5.92 %
PWF.PR.Q FloatingReset 7.20 % Just a reversal of yesterday‘s nonsense.
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 21.29
Evaluated at bid price : 21.29
Bid-YTW : 3.18 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.B FixedReset 225,507 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 22.47
Evaluated at bid price : 22.90
Bid-YTW : 4.64 %
TD.PF.D FixedReset 137,028 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 23.18
Evaluated at bid price : 24.20
Bid-YTW : 4.77 %
HSE.PR.A FixedReset 76,160 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 4.94 %
NA.PR.X FixedReset 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.45
Bid-YTW : 3.89 %
TD.PF.J FixedReset 35,371 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 23.19
Evaluated at bid price : 25.11
Bid-YTW : 4.59 %
RY.PR.H FixedReset 35,072 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 22.74
Evaluated at bid price : 23.19
Bid-YTW : 4.57 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.A FixedReset Quote: 19.85 – 20.55
Spot Rate : 0.7000
Average : 0.5123

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 4.87 %

BAM.PF.D Perpetual-Discount Quote: 21.32 – 21.88
Spot Rate : 0.5600
Average : 0.4218

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.79 %

SLF.PR.A Deemed-Retractible Quote: 22.11 – 22.49
Spot Rate : 0.3800
Average : 0.2433

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.11
Bid-YTW : 6.95 %

MFC.PR.M FixedReset Quote: 22.83 – 23.19
Spot Rate : 0.3600
Average : 0.2289

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.83
Bid-YTW : 5.85 %

GWO.PR.P Deemed-Retractible Quote: 25.02 – 25.40
Spot Rate : 0.3800
Average : 0.2643

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 5.43 %

BAM.PF.B FixedReset Quote: 22.82 – 23.10
Spot Rate : 0.2800
Average : 0.1861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-05
Maturity Price : 22.13
Evaluated at bid price : 22.82
Bid-YTW : 5.02 %

April 4, 2018

April 4th, 2018

PerpetualDiscounts now yield 5.45%, equivalent to 7.08% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.90%, so the pre-tax interest equivalent spread is now about 320bp, a slight (and perhaps spurious) narrowing from the 325bp reported March 28.

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 -0.2365 % 2,965.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2365 % 5,441.1
Floater 3.37 % 3.57 % 104,531 18.40 4 -0.2365 % 3,135.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1879 % 3,150.3
SplitShare 4.57 % 4.57 % 79,572 5.14 4 -0.1879 % 3,762.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1879 % 2,935.3
Perpetual-Premium 5.55 % -4.18 % 70,816 0.09 11 0.0358 % 2,857.1
Perpetual-Discount 5.38 % 5.45 % 74,409 14.66 24 -0.0731 % 2,939.0
FixedReset 4.32 % 4.65 % 172,503 5.83 104 -0.0461 % 2,498.9
Deemed-Retractible 5.17 % 5.82 % 93,603 5.68 28 -0.2802 % 2,922.5
FloatingReset 2.98 % 3.04 % 36,120 3.61 11 -0.4087 % 2,733.0
Performance Highlights
Issue Index Change Notes
PWF.PR.Q FloatingReset -7.02 % Clearly a nonsensical quote, as the issue traded 19,000 shares today in a range of 21.30-44, with the last trade actually appearing in the extended session, 5,900 shares at 21.40. I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers.

Nonsense Central also had trouble with this issue on March 20.

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-04
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 3.41 %

TRP.PR.C FixedReset -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-04
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.77 %
IFC.PR.F Deemed-Retractible -1.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.70 %
PVS.PR.F SplitShare -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.75 %
IFC.PR.C FixedReset -1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.97
Bid-YTW : 5.41 %
IFC.PR.E Deemed-Retractible -1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 5.82 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PR.S FixedReset 68,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 3.86 %
W.PR.M FixedReset 57,680 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.56
Bid-YTW : 4.49 %
BNS.PR.Y FixedReset 54,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.26
Bid-YTW : 4.37 %
BNS.PR.Z FixedReset 52,666 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.91
Bid-YTW : 4.76 %
BMO.PR.C FixedReset 41,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 4.32 %
TD.PR.T FloatingReset 40,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 3.04 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.Q FloatingReset Quote: 19.86 – 21.40
Spot Rate : 1.5400
Average : 1.0015

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-04
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 3.41 %

W.PR.K FixedReset Quote: 25.65 – 26.35
Spot Rate : 0.7000
Average : 0.4962

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.21 %

IFC.PR.F Deemed-Retractible Quote: 24.50 – 25.00
Spot Rate : 0.5000
Average : 0.3256

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.70 %

CCS.PR.C Deemed-Retractible Quote: 23.07 – 23.54
Spot Rate : 0.4700
Average : 0.3052

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.07
Bid-YTW : 6.46 %

PVS.PR.B SplitShare Quote: 25.15 – 25.62
Spot Rate : 0.4700
Average : 0.3138

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2019-01-10
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.00 %

TRP.PR.A FixedReset Quote: 20.09 – 20.55
Spot Rate : 0.4600
Average : 0.3064

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-04
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 4.81 %

April 3, 2018

April 3rd, 2018
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 0.1114 % 2,972.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1114 % 5,454.0
Floater 3.36 % 3.57 % 104,939 18.40 4 0.1114 % 3,143.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1086 % 3,156.2
SplitShare 4.56 % 4.53 % 80,527 5.14 4 -0.1086 % 3,769.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1086 % 2,940.9
Perpetual-Premium 5.55 % -3.10 % 73,738 0.09 11 0.0788 % 2,856.0
Perpetual-Discount 5.38 % 5.44 % 74,589 14.67 24 0.1213 % 2,941.2
FixedReset 4.32 % 4.64 % 173,917 5.84 104 -0.1971 % 2,500.0
Deemed-Retractible 5.15 % 5.80 % 91,092 5.69 28 0.2204 % 2,930.7
FloatingReset 2.96 % 3.28 % 33,445 3.62 11 0.3981 % 2,744.2
Performance Highlights
Issue Index Change Notes
TRP.PR.A FixedReset -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 4.83 %
GWO.PR.M Deemed-Retractible -1.22 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-03
Maturity Price : 25.25
Evaluated at bid price : 25.88
Bid-YTW : -22.52 %
TD.PF.B FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 22.40
Evaluated at bid price : 22.83
Bid-YTW : 4.66 %
PWF.PR.A Floater 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 2.91 %
W.PR.H Perpetual-Discount 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 24.22
Evaluated at bid price : 24.48
Bid-YTW : 5.63 %
IFC.PR.E Deemed-Retractible 1.53 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.48
Bid-YTW : 5.61 %
GWO.PR.T Deemed-Retractible 2.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 5.84 %
TRP.PR.F FloatingReset 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 3.77 %
TRP.PR.H FloatingReset 4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 16.72
Evaluated at bid price : 16.72
Bid-YTW : 3.54 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.R FixedReset 155,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.47
Bid-YTW : 3.85 %
TD.PF.J FixedReset 95,013 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 23.16
Evaluated at bid price : 25.00
Bid-YTW : 4.61 %
TD.PF.B FixedReset 82,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 22.40
Evaluated at bid price : 22.83
Bid-YTW : 4.66 %
TD.PF.I FixedReset 54,853 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.62 %
W.PR.H Perpetual-Discount 50,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 24.22
Evaluated at bid price : 24.48
Bid-YTW : 5.63 %
RY.PR.J FixedReset 45,479 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 23.22
Evaluated at bid price : 24.19
Bid-YTW : 4.74 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.N Perpetual-Premium Quote: 24.51 – 25.00
Spot Rate : 0.4900
Average : 0.3513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 24.09
Evaluated at bid price : 24.51
Bid-YTW : 5.04 %

BNS.PR.F FloatingReset Quote: 22.51 – 23.02
Spot Rate : 0.5100
Average : 0.3802

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.51
Bid-YTW : 5.29 %

RY.PR.M FixedReset Quote: 23.96 – 24.30
Spot Rate : 0.3400
Average : 0.2264

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 23.01
Evaluated at bid price : 23.96
Bid-YTW : 4.64 %

BAM.PR.N Perpetual-Discount Quote: 21.00 – 21.33
Spot Rate : 0.3300
Average : 0.2211

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.70 %

MFC.PR.L FixedReset Quote: 22.39 – 22.67
Spot Rate : 0.2800
Average : 0.1860

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.39
Bid-YTW : 6.04 %

BAM.PR.Z FixedReset Quote: 24.40 – 24.68
Spot Rate : 0.2800
Average : 0.1882

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-03
Maturity Price : 22.96
Evaluated at bid price : 24.40
Bid-YTW : 4.94 %

April 2, 2018

April 2nd, 2018

The second quarter opened on a sour note:

The deepening rout in once high-flying technology shares sent U.S. stocks tumbling to start the second quarter, as fresh presidential criticism of Amazon.com and retaliatory tariffs from China rattled markets. Gold rose on haven demand.

Selling was heaviest in technology stocks. The Nasdaq 100 Index lost 2.9 percent as investors continued to offload some of the bull market’s biggest gainers. Amazon, up 50 percent in the past year, sank after Donald Trump renewed his attack on the online retailer. Netflix slid 5 percent, while chipmakers in the S&P 500 plunged 4.3 percent thanks to Intel’s worst day in two years. Bonds erased declines and gold spiked higher as the equity selling picked up steam.

The S&P 500 Index declined 2.2 percent as of 4 p.m. New York time.

The yield on 10-year Treasuries was little changed at 2.74 percent. The yield on two-year Treasuries fell two basis points to 2.25 percent.

Trump’s complaints about the “Amazon Washington Post” and his effects on the market look a lot like a precursor to crony capitalism:

Donald Trump has long bragged how his presidency has been a boon to the stock market. His recent attacks on Amazon.com Inc. are undermining that position.

The online retailer was the biggest drag on the equity benchmark Monday, a position its held for a week as it plunged 12 percent since Axios reported that the president was “obsessed” with regulating the company. That wiped about $75 billion from Amazon’s market capitalization.

Trump has unleashed a barrage of tweets accusing Amazon of not paying enough in taxes and underpaying the U.S. Postal Service.

As far as Amazon’s postal costs are concerned, I found this exposition illuminating:

The Postal Service is losing money, but its package delivery service is profitable, unlike its letter delivery.

The Postal Service is required by law to cover its costs for delivering competitive products, such as packages for Amazon. The Postal Regulatory Commission, which oversees the service, set the appropriate share of the costs of package delivery at 5.5% a little more than a decade ago.

Since then, the service’s delivery of packages has grown substantially, and the United Parcel Service argued in a submission to the commission in 2015 that a realistic appropriate share of costs for those deliveries should be about 24.6%.

A Citigroup analysis last year found that that difference would amount to about $1.46 per parcel, which might serve as the basis for Trump’s $1.50 figure. An op-ed penned in July by Josh Sandbulte in the Wall Street Journal cited that analysis in arguing the Postal Service’s estimate of costs for delivering packages should be revised. Sandbulte is co-president of Greenhaven Associates, a money management firm that owns FedEx common stock.

In response, US Postal Service executive Joseph Corbett wrote that the op-ed provided an “inaccurate and unfair account,” and that the Postal Regulatory Commission has determined each year that the service is covering its costs for package deliveries.

Corbett asserted the Postal Service’s financial insolvency is the result of its inability to overcome “systemic financial imbalances caused by legal and other constraints,” such as a price cap on revenue-producing products that doesn’t take changes in delivery volumes and costs into account.

The Postal Service’s biggest money problem is that it has billions in retirement obligations to its workers that it can’t afford.

But this could play out in Canada’s favour:

The Trump administration is pushing for a preliminary Nafta deal to announce at a summit in Peru next week, and will host cabinet ministers in Washington to try to achieve a breakthrough, according to three people familiar with the talks.

The White House wants leaders from Canada and Mexico to join in unveiling the broad outlines of an updated pact at the Summit of the Americas that begins April 13, while technical talks to hammer out the finer details and legal text could continue, according to the people. They asked not to be identified because the talks are private.

The three nations face a challenge to meet the U.S.’s goal because major divisions remain, including on the U.S. proposal for more North American content in automobiles. The White House declined to comment on plans to announce a deal for the North American Free Trade Agreement.

America’s eagerness to strike a deal on its biggest trade pact comes as U.S. stocks tumbled, falling in seven of their last 10 trading sessions on concerns Trump’s protectionism could spark a trade war. The White House in the past month has imposed tariffs on steel and aluminum imports, and announced plans to slap duties on Chinese goods over alleged intellectual-property violations.

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 -0.4989 % 2,969.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4989 % 5,447.9
Floater 3.36 % 3.56 % 104,700 18.43 4 -0.4989 % 3,139.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0296 % 3,159.6
SplitShare 4.56 % 4.53 % 81,822 5.15 4 0.0296 % 3,773.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0296 % 2,944.0
Perpetual-Premium 5.55 % 0.74 % 74,572 0.09 11 0.1327 % 2,853.8
Perpetual-Discount 5.38 % 5.44 % 74,570 14.66 24 -0.1052 % 2,937.6
FixedReset 4.31 % 4.62 % 173,493 5.84 104 -0.2998 % 2,505.0
Deemed-Retractible 5.17 % 5.82 % 90,803 5.69 28 -0.5689 % 2,924.3
FloatingReset 2.98 % 3.29 % 33,864 3.63 11 -0.8207 % 2,733.3
Performance Highlights
Issue Index Change Notes
TRP.PR.H FloatingReset -4.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 16.04
Evaluated at bid price : 16.04
Bid-YTW : 3.70 %
TRP.PR.F FloatingReset -4.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 3.87 %
GWO.PR.T Deemed-Retractible -3.98 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.62
Bid-YTW : 6.19 %
IFC.PR.E Deemed-Retractible -1.71 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.11
Bid-YTW : 5.88 %
GWO.PR.S Deemed-Retractible -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 5.72 %
CU.PR.D Perpetual-Discount -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 23.00
Evaluated at bid price : 23.25
Bid-YTW : 5.32 %
TRP.PR.K FixedReset -1.46 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.34 %
SLF.PR.B Deemed-Retractible -1.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 6.81 %
W.PR.J Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 24.03
Evaluated at bid price : 24.28
Bid-YTW : 5.78 %
IFC.PR.A FixedReset -1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.15
Bid-YTW : 7.15 %
GWO.PR.I Deemed-Retractible -1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 7.38 %
BAM.PR.T FixedReset -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 5.04 %
BNS.PR.F FloatingReset -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.63
Bid-YTW : 5.14 %
RY.PR.R FixedReset -1.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.00 %
SLF.PR.A Deemed-Retractible -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.24
Bid-YTW : 6.84 %
MFC.PR.H FixedReset -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.87
Bid-YTW : 5.26 %
TRP.PR.B FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 4.70 %
CU.PR.F Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 21.23
Evaluated at bid price : 21.23
Bid-YTW : 5.36 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.I FixedReset 155,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.24
Bid-YTW : 4.48 %
BAM.PF.F FixedReset 75,193 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 23.65
Evaluated at bid price : 24.06
Bid-YTW : 5.01 %
TRP.PR.D FixedReset 44,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 21.69
Evaluated at bid price : 22.12
Bid-YTW : 4.88 %
BNS.PR.P FixedReset 35,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-05-25
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 2.61 %
TRP.PR.B FixedReset 31,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 4.70 %
MFC.PR.Q FixedReset 30,306 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.07
Bid-YTW : 4.73 %
There were 11 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Deemed-Retractible Quote: 23.62 – 24.50
Spot Rate : 0.8800
Average : 0.5139

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.62
Bid-YTW : 6.19 %

TRP.PR.H FloatingReset Quote: 16.04 – 16.81
Spot Rate : 0.7700
Average : 0.4656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 16.04
Evaluated at bid price : 16.04
Bid-YTW : 3.70 %

TRP.PR.F FloatingReset Quote: 19.47 – 20.24
Spot Rate : 0.7700
Average : 0.5806

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-04-02
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 3.87 %

W.PR.K FixedReset Quote: 25.74 – 26.35
Spot Rate : 0.6100
Average : 0.4403

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.74
Bid-YTW : 4.07 %

BNS.PR.F FloatingReset Quote: 22.63 – 23.02
Spot Rate : 0.3900
Average : 0.2378

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.63
Bid-YTW : 5.14 %

GWO.PR.S Deemed-Retractible Quote: 24.40 – 24.84
Spot Rate : 0.4400
Average : 0.3230

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 5.72 %

MAPF 2017 Financial Statements

April 1st, 2018

The Financial Statements and related documents for Malachite Aggressive Preferred Fund are now available on the fund’s main page: