DF.PR.A To Get Bigger

October 25th, 2021

Quadravest has announced:

Dividend 15 Split Corp. II (the “Company”) is pleased to announce it will undertake an offering of Preferred Shares and Class A Shares of the Company. The offering will be led by National Bank Financial Inc.

The Preferred Shares will be offered at a price of $10.10 per Preferred Share to yield 5.7% on the issue price and the Class A Shares will be offered at a price of $6.45 per Class A Share to yield 18.6% on the issue price.

The closing price on the TSX of each of the Preferred Shares and the Class A Shares on October 22, 2021 was $10.15 and $6.49, respectively.

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $7.95 per share and the aggregate dividends declared on the Class A Shares have been $14.00 per share, for a combined total of $21.95 per unit. All distributions to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

The net proceeds of the offering will be used by the Company to invest in an actively managed portfolio of dividend yielding common shares which includes each of the 15 Canadian companies listed below:

Bank of Montreal Enbridge Inc. TC Energy
The Bank of Nova Scotia Manulife Financial Corp. TELUS Corporation
BCE Inc. National Bank of Canada Thomson Reuters Corp.
Canadian Imperial Bank of Commerce Royal Bank of Canada The Toronto-Dominion Bank
CI Financial Corp. Sun Life Financial Inc. TransAlta Corporation

The Company’s investment objectives are:

Preferred Shares:
i. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of 5.75% annually; and
ii. on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter and it has been extended in the past), to pay the holders of the Preferred Shares $10.00 per Preferred Share.

Class A Shares:
i. to provide holders of the Class A Shares with regular monthly cash dividends currently targeted to be $0.10 per Class A; and
ii. on or about December 1, 2024, to pay the holders of Class A Shares at least the original issue price of those shares.

The sales period of this overnight offering will end at 9:00 a.m. (EST) on October 26, 2021.

So Whole Units are offered at 16.55 and the NAVPU on 2021-10-22 was 15.79. A 4.8% premium isn’t bad business!

October 25, 2021

October 25th, 2021
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 0.3641 % 2,791.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3641 % 5,122.2
Floater 3.11 % 3.14 % 55,973 19.38 3 0.3641 % 2,951.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.2352 % 3,712.2
SplitShare 4.62 % 4.22 % 51,437 3.88 5 0.2352 % 4,433.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2352 % 3,458.9
Perpetual-Premium 5.08 % -9.20 % 53,115 0.09 32 -0.2712 % 3,276.2
Perpetual-Discount 4.71 % 4.59 % 2,590,036 16.20 2 -0.3049 % 3,869.4
FixedReset Disc 3.82 % 3.75 % 107,467 17.11 40 0.2339 % 2,906.1
Insurance Straight 4.91 % 2.92 % 76,686 0.09 20 -0.1669 % 3,699.5
FloatingReset 2.55 % 2.82 % 24,492 20.18 2 -0.7660 % 2,839.2
FixedReset Prem 4.69 % 2.83 % 126,369 1.95 31 -0.0637 % 2,762.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2339 % 2,970.6
FixedReset Ins Non 4.05 % 3.71 % 95,952 17.23 19 -0.1818 % 2,975.7
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 3.71 %
TRP.PR.A FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.27 %
MFC.PR.Q FixedReset Ins Non -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.75
Evaluated at bid price : 25.18
Bid-YTW : 3.87 %
SLF.PR.J FloatingReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 2.29 %
TRP.PR.E FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 21.46
Evaluated at bid price : 21.81
Bid-YTW : 4.23 %
FTS.PR.K FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 21.59
Evaluated at bid price : 22.00
Bid-YTW : 3.95 %
BAM.PR.T FixedReset Disc 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 4.41 %
TRP.PR.D FixedReset Disc 4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 21.66
Evaluated at bid price : 22.10
Bid-YTW : 4.22 %
PWF.PR.P FixedReset Disc 8.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 3.82 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Z FixedReset Disc 77,010 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.19
Evaluated at bid price : 24.33
Bid-YTW : 3.58 %
TD.PF.H FixedReset Prem 54,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-30
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.49 %
TD.PF.L FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.54
Bid-YTW : 2.63 %
BAM.PR.C Floater 39,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 3.14 %
RS.PR.A SplitShare 31,597 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.80
Bid-YTW : 3.30 %
BMO.PR.T FixedReset Disc 28,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.19
Evaluated at bid price : 24.43
Bid-YTW : 3.63 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.J FloatingReset Quote: 16.80 – 17.95
Spot Rate : 1.1500
Average : 0.7159

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 2.29 %

MFC.PR.Q FixedReset Ins Non Quote: 25.18 – 25.72
Spot Rate : 0.5400
Average : 0.3868

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.75
Evaluated at bid price : 25.18
Bid-YTW : 3.87 %

RY.PR.N Perpetual-Premium Quote: 25.96 – 26.69
Spot Rate : 0.7300
Average : 0.5983

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 25.96
Bid-YTW : -9.65 %

GWO.PR.T Insurance Straight Quote: 26.30 – 26.75
Spot Rate : 0.4500
Average : 0.3449

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.30
Bid-YTW : 3.78 %

MFC.PR.M FixedReset Ins Non Quote: 24.23 – 24.54
Spot Rate : 0.3100
Average : 0.2145

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.06
Evaluated at bid price : 24.23
Bid-YTW : 3.79 %

SLF.PR.D Insurance Straight Quote: 25.03 – 25.43
Spot Rate : 0.4000
Average : 0.3046

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 24.81
Evaluated at bid price : 25.03
Bid-YTW : 4.47 %

October 22, 2021

October 24th, 2021
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 0.3654 % 2,781.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3654 % 5,103.6
Floater 3.12 % 3.14 % 56,485 19.39 3 0.3654 % 2,941.2
OpRet 0.00 % 0.00 % 0 0.00 0 -1.0683 % 3,703.4
SplitShare 4.63 % 4.22 % 53,302 3.89 5 -1.0683 % 4,422.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.0683 % 3,450.8
Perpetual-Premium 5.06 % -11.16 % 54,959 0.09 32 0.0990 % 3,285.1
Perpetual-Discount 4.70 % 4.83 % 37,456 15.79 2 0.0407 % 3,881.2
FixedReset Disc 3.83 % 3.70 % 108,718 17.22 40 -0.0702 % 2,899.3
Insurance Straight 4.90 % 0.61 % 77,069 0.09 20 -0.0432 % 3,705.7
FloatingReset 2.53 % 2.81 % 25,354 20.22 2 0.0000 % 2,861.1
FixedReset Prem 4.69 % 2.76 % 126,889 1.96 31 0.1051 % 2,764.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0702 % 2,963.7
FixedReset Ins Non 4.04 % 3.69 % 99,586 17.35 19 0.0876 % 2,981.1
Performance Highlights
Issue Index Change Notes
TRP.PR.D FixedReset Disc -3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 4.38 %
RS.PR.A SplitShare -3.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.42 %
FTS.PR.K FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.01 %
TRP.PR.E FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.27 %
MFC.PR.L FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 22.66
Evaluated at bid price : 23.30
Bid-YTW : 3.73 %
BIP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.13 %
BAM.PR.M Perpetual-Premium 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.43
Evaluated at bid price : 24.67
Bid-YTW : 4.85 %
SLF.PR.G FixedReset Ins Non 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 3.58 %
BIP.PR.B FixedReset Prem 1.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.90
Bid-YTW : 3.64 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PF.D Perpetual-Premium 59,184 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.66
Evaluated at bid price : 24.95
Bid-YTW : 4.94 %
CM.PR.O FixedReset Disc 51,418 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 23.16
Evaluated at bid price : 24.34
Bid-YTW : 3.64 %
TD.PF.A FixedReset Disc 46,082 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 23.13
Evaluated at bid price : 24.35
Bid-YTW : 3.55 %
PWF.PF.A Perpetual-Discount 35,113 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.17
Evaluated at bid price : 24.55
Bid-YTW : 4.59 %
BAM.PF.A FixedReset Prem 32,348 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 23.62
Evaluated at bid price : 25.05
Bid-YTW : 4.20 %
GWO.PR.Y Insurance Straight 31,693 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.27
Evaluated at bid price : 24.65
Bid-YTW : 4.58 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.D FixedReset Disc Quote: 21.17 – 22.50
Spot Rate : 1.3300
Average : 0.8345

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 4.38 %

FTS.PR.K FixedReset Disc Quote: 21.50 – 22.07
Spot Rate : 0.5700
Average : 0.3457

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.01 %

TRP.PR.E FixedReset Disc Quote: 21.43 – 22.38
Spot Rate : 0.9500
Average : 0.7273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.27 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.94
Spot Rate : 1.7400
Average : 1.5674

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

RY.PR.P Perpetual-Premium Quote: 26.76 – 27.24
Spot Rate : 0.4800
Average : 0.3078

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-21
Maturity Price : 26.00
Evaluated at bid price : 26.76
Bid-YTW : -19.21 %

RS.PR.A SplitShare Quote: 10.75 – 11.15
Spot Rate : 0.4000
Average : 0.2498

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.42 %

October 21, 2021

October 22nd, 2021
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 0.6621 % 2,771.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6621 % 5,085.0
Floater 3.13 % 3.15 % 56,842 19.36 3 0.6621 % 2,930.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2716 % 3,743.4
SplitShare 4.58 % 4.14 % 52,924 3.89 5 0.2716 % 4,470.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2716 % 3,488.0
Perpetual-Premium 5.07 % -13.18 % 55,684 0.09 32 0.0257 % 3,281.8
Perpetual-Discount 4.70 % 4.82 % 37,721 15.82 2 0.0203 % 3,879.6
FixedReset Disc 3.83 % 3.70 % 109,059 17.12 40 0.0527 % 2,901.4
Insurance Straight 4.90 % -0.61 % 80,160 0.09 20 -0.0765 % 3,707.3
FloatingReset 2.53 % 2.81 % 25,479 20.22 2 0.7143 % 2,861.1
FixedReset Prem 4.69 % 2.94 % 128,195 1.97 31 0.0188 % 2,761.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0527 % 2,965.8
FixedReset Ins Non 4.05 % 3.67 % 102,690 17.35 19 -0.0673 % 2,978.5
Performance Highlights
Issue Index Change Notes
BAM.PR.T FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.45 %
BAM.PR.M Perpetual-Premium -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 4.90 %
BAM.PR.Z FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.52
Evaluated at bid price : 24.85
Bid-YTW : 4.31 %
BAM.PF.B FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 22.98
Evaluated at bid price : 23.82
Bid-YTW : 4.16 %
RS.PR.A SplitShare 1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 11.15
Bid-YTW : 2.44 %
TRP.PR.F FloatingReset 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 2.81 %
BAM.PR.B Floater 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 3.14 %
BNS.PR.I FixedReset Prem 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-01-27
Maturity Price : 25.00
Evaluated at bid price : 25.68
Bid-YTW : 3.58 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.T FixedReset Disc 231,727 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.18
Evaluated at bid price : 24.40
Bid-YTW : 3.57 %
BMO.PR.C FixedReset Prem 90,730 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 2.94 %
RY.PR.J FixedReset Disc 62,575 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 3.30 %
TD.PF.A FixedReset Disc 57,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.09
Evaluated at bid price : 24.26
Bid-YTW : 3.57 %
RY.PR.Z FixedReset Disc 48,408 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.22
Evaluated at bid price : 24.41
Bid-YTW : 3.56 %
PWF.PF.A Perpetual-Discount 44,970 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.09
Evaluated at bid price : 24.47
Bid-YTW : 4.60 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 16.65 – 18.83
Spot Rate : 2.1800
Average : 1.8751

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.05 %

RY.PR.N Perpetual-Premium Quote: 26.27 – 26.89
Spot Rate : 0.6200
Average : 0.4032

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 26.27
Bid-YTW : -8.50 %

BAM.PF.F FixedReset Disc Quote: 24.12 – 24.65
Spot Rate : 0.5300
Average : 0.3383

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.04
Evaluated at bid price : 24.12
Bid-YTW : 4.24 %

BAM.PR.T FixedReset Disc Quote: 20.35 – 21.20
Spot Rate : 0.8500
Average : 0.6881

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.45 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.70
Spot Rate : 1.5000
Average : 1.3782

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

BAM.PR.M Perpetual-Premium Quote: 24.40 – 24.91
Spot Rate : 0.5100
Average : 0.3920

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 4.90 %

October 20, 2021

October 20th, 2021

Long corporates are now at 3.56%.

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 0.0491 % 2,753.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0491 % 5,051.5
Floater 3.15 % 3.18 % 54,547 19.28 3 0.0491 % 2,911.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1375 % 3,733.3
SplitShare 4.59 % 4.06 % 55,100 3.90 5 -0.1375 % 4,458.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1375 % 3,478.6
Perpetual-Premium 5.07 % -9.25 % 55,954 0.09 32 -0.0171 % 3,281.0
Perpetual-Discount 4.70 % 4.83 % 36,977 15.81 2 -0.0203 % 3,878.8
FixedReset Disc 3.83 % 3.72 % 103,425 17.08 40 0.1606 % 2,899.8
Insurance Straight 4.89 % -2.12 % 80,396 0.09 20 0.6973 % 3,710.1
FloatingReset 2.55 % 2.85 % 25,391 20.12 2 3.0928 % 2,840.8
FixedReset Prem 4.70 % 2.87 % 127,293 1.97 31 0.0250 % 2,760.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1606 % 2,964.2
FixedReset Ins Non 4.04 % 3.65 % 106,712 17.36 19 -0.0090 % 2,980.5
Performance Highlights
Issue Index Change Notes
RS.PR.A SplitShare -1.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 11.00
Bid-YTW : 2.80 %
BNS.PR.I FixedReset Prem -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.62
Evaluated at bid price : 25.30
Bid-YTW : 3.68 %
BAM.PF.B FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 22.83
Evaluated at bid price : 23.55
Bid-YTW : 4.21 %
MIC.PR.A Perpetual-Premium 1.59 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.43
Bid-YTW : 3.93 %
TRP.PR.F FloatingReset 5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 2.85 %
MFC.PR.B Insurance Straight 14.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-19
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 2.15 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.C FixedReset Prem 324,897 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : 2.72 %
PWF.PF.A Perpetual-Discount 95,564 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 24.12
Evaluated at bid price : 24.50
Bid-YTW : 4.60 %
TD.PF.J FixedReset Prem 56,352 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.80
Evaluated at bid price : 25.21
Bid-YTW : 3.91 %
CM.PR.O FixedReset Disc 52,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.15
Evaluated at bid price : 24.31
Bid-YTW : 3.64 %
CM.PR.R FixedReset Prem 46,827 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 2.16 %
NA.PR.G FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.52
Bid-YTW : 3.75 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.70
Spot Rate : 1.5000
Average : 1.2446

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

BNS.PR.I FixedReset Prem Quote: 25.30 – 25.75
Spot Rate : 0.4500
Average : 0.2632

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.62
Evaluated at bid price : 25.30
Bid-YTW : 3.68 %

BIP.PR.B FixedReset Prem Quote: 26.36 – 26.80
Spot Rate : 0.4400
Average : 0.2741

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.36
Bid-YTW : 4.18 %

TRP.PR.E FixedReset Disc Quote: 21.80 – 22.38
Spot Rate : 0.5800
Average : 0.4318

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 4.17 %

BAM.PF.B FixedReset Disc Quote: 23.55 – 24.00
Spot Rate : 0.4500
Average : 0.3038

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 22.83
Evaluated at bid price : 23.55
Bid-YTW : 4.21 %

CIU.PR.A Perpetual-Premium Quote: 24.90 – 25.35
Spot Rate : 0.4500
Average : 0.3100

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 4.67 %

October 19, 2021

October 19th, 2021
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 2.0786 % 2,751.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0786 % 5,049.1
Floater 3.16 % 3.18 % 52,921 19.29 3 2.0786 % 2,909.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.3066 % 3,738.4
SplitShare 4.58 % 4.20 % 55,917 3.90 5 0.3066 % 4,464.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3066 % 3,483.4
Perpetual-Premium 5.07 % -9.40 % 56,144 0.09 32 -0.0929 % 3,281.6
Perpetual-Discount 4.70 % 4.82 % 37,130 15.82 2 0.1221 % 3,879.6
FixedReset Disc 3.83 % 3.71 % 101,476 17.20 40 -0.1132 % 2,895.2
Insurance Straight 4.93 % -0.04 % 80,479 0.09 20 -0.7177 % 3,684.4
FloatingReset 2.63 % 3.02 % 26,353 19.69 2 0.0000 % 2,755.6
FixedReset Prem 4.70 % 2.90 % 127,839 1.51 31 -0.0912 % 2,760.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1132 % 2,959.5
FixedReset Ins Non 4.04 % 3.64 % 101,025 17.36 19 -0.4112 % 2,980.8
Performance Highlights
Issue Index Change Notes
MFC.PR.B Insurance Straight -12.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.33 %
MFC.PR.F FixedReset Ins Non -7.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %
MIC.PR.A Perpetual-Premium -1.85 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.25
Evaluated at bid price : 27.00
Bid-YTW : 4.32 %
GWO.PR.N FixedReset Ins Non -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 3.55 %
CU.PR.C FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 22.25
Evaluated at bid price : 23.00
Bid-YTW : 3.98 %
TD.PF.A FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 23.04
Evaluated at bid price : 24.15
Bid-YTW : 3.59 %
BAM.PR.B Floater 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 3.16 %
RS.PR.A SplitShare 1.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 11.20
Bid-YTW : 2.32 %
BAM.PR.K Floater 4.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 13.56
Evaluated at bid price : 13.56
Bid-YTW : 3.18 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.H FixedReset Prem 199,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-30
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.19 %
TD.PF.C FixedReset Disc 154,109 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 23.19
Evaluated at bid price : 24.59
Bid-YTW : 3.55 %
BAM.PR.C Floater 96,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 13.55
Evaluated at bid price : 13.55
Bid-YTW : 3.18 %
PWF.PF.A Perpetual-Discount 85,120 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 24.09
Evaluated at bid price : 24.47
Bid-YTW : 4.60 %
PWF.PR.T FixedReset Disc 74,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 23.33
Evaluated at bid price : 24.51
Bid-YTW : 3.71 %
TRP.PR.K FixedReset Prem 47,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 2.12 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.B Insurance Straight Quote: 22.00 – 25.30
Spot Rate : 3.3000
Average : 1.8057

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.33 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.75
Spot Rate : 1.5500
Average : 0.9646

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

PWF.PR.P FixedReset Disc Quote: 16.65 – 18.54
Spot Rate : 1.8900
Average : 1.4759

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.05 %

CU.PR.F Perpetual-Premium Quote: 24.98 – 25.79
Spot Rate : 0.8100
Average : 0.5539

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 24.73
Evaluated at bid price : 24.98
Bid-YTW : 4.55 %

GWO.PR.N FixedReset Ins Non Quote: 17.05 – 17.89
Spot Rate : 0.8400
Average : 0.6275

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-19
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 3.55 %

MIC.PR.A Perpetual-Premium Quote: 27.00 – 27.70
Spot Rate : 0.7000
Average : 0.4875

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.25
Evaluated at bid price : 27.00
Bid-YTW : 4.32 %

October 18, 2021

October 18th, 2021
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 -0.5232 % 2,695.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5232 % 4,946.3
Floater 3.22 % 3.19 % 50,569 19.25 3 -0.5232 % 2,850.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0383 % 3,727.0
SplitShare 4.60 % 4.18 % 52,476 3.90 5 -0.0383 % 4,450.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0383 % 3,472.7
Perpetual-Premium 5.06 % -12.30 % 57,029 0.09 32 -0.0049 % 3,284.6
Perpetual-Discount 4.71 % 4.83 % 38,664 15.81 2 -0.4055 % 3,874.9
FixedReset Disc 3.83 % 3.72 % 102,871 17.20 40 -0.3155 % 2,898.5
Insurance Straight 4.89 % -0.18 % 79,363 0.09 20 0.7886 % 3,711.0
FloatingReset 2.63 % 3.02 % 27,431 19.69 2 -2.6942 % 2,755.6
FixedReset Prem 4.69 % 2.77 % 128,158 1.52 31 -0.0200 % 2,762.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3155 % 2,962.8
FixedReset Ins Non 4.03 % 3.60 % 100,215 17.35 19 0.0201 % 2,993.1
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -7.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.05 %
TRP.PR.F FloatingReset -4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.02 %
BAM.PR.R FixedReset Disc -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.36 %
BAM.PR.T FixedReset Disc -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 4.39 %
SLF.PR.H FixedReset Ins Non -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 22.22
Evaluated at bid price : 22.90
Bid-YTW : 3.61 %
RY.PR.M FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.45
Bid-YTW : 3.72 %
TD.PF.A FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 22.92
Evaluated at bid price : 23.90
Bid-YTW : 3.64 %
BAM.PR.K Floater -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 12.93
Evaluated at bid price : 12.93
Bid-YTW : 3.34 %
IFC.PR.G FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 3.74 %
GWO.PR.Y Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 24.28
Evaluated at bid price : 24.65
Bid-YTW : 4.57 %
CU.PR.C FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 22.12
Evaluated at bid price : 22.77
Bid-YTW : 4.03 %
BAM.PR.Z FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 24.46
Evaluated at bid price : 24.80
Bid-YTW : 4.32 %
GWO.PR.F Insurance Straight 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-17
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : -42.42 %
MFC.PR.F FixedReset Ins Non 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 3.53 %
IFC.PR.E Insurance Straight 17.98 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.25
Bid-YTW : 4.01 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PF.A Perpetual-Discount 272,220 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 24.07
Evaluated at bid price : 24.45
Bid-YTW : 4.61 %
CM.PR.P FixedReset Disc 62,830 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 23.08
Evaluated at bid price : 24.33
Bid-YTW : 3.60 %
IFC.PR.I Perpetual-Premium 41,878 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.49
Bid-YTW : 4.52 %
GWO.PR.Y Insurance Straight 37,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 24.28
Evaluated at bid price : 24.65
Bid-YTW : 4.57 %
MFC.PR.N FixedReset Ins Non 34,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 23.05
Evaluated at bid price : 24.30
Bid-YTW : 3.64 %
RY.PR.Z FixedReset Disc 33,309 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 23.20
Evaluated at bid price : 24.35
Bid-YTW : 3.57 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 16.65 – 18.25
Spot Rate : 1.6000
Average : 1.0219

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.05 %

IFC.PR.I Perpetual-Premium Quote: 26.49 – 27.69
Spot Rate : 1.2000
Average : 0.8536

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.49
Bid-YTW : 4.52 %

TRP.PR.F FloatingReset Quote: 17.00 – 18.39
Spot Rate : 1.3900
Average : 1.0798

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.02 %

BAM.PR.T FixedReset Disc Quote: 20.60 – 21.45
Spot Rate : 0.8500
Average : 0.5521

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 4.39 %

IFC.PR.G FixedReset Ins Non Quote: 25.55 – 26.23
Spot Rate : 0.6800
Average : 0.4215

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 3.74 %

BAM.PR.R FixedReset Disc Quote: 20.20 – 20.92
Spot Rate : 0.7200
Average : 0.4643

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-18
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.36 %

PWF.PF.A Soft On Reasonable Volume

October 16th, 2021

Power Corporation of Canada and Power Financial Corporation have announced:

the closing of Power Financial’s previously announced offering of 8,000,000 4.50% Non-Cumulative First Preferred Shares, Series 23 in the capital of Power Financial (the “Series 23 Shares”) priced at $25.00 per share for gross proceeds of $200 million. The issue was bought by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.

The Series 23 Shares will be listed and posted for trading on the Toronto Stock Exchange under the symbol “PWF.PF.A”. The net proceeds of this offering will be used by Power Financial for general corporate purposes. Power Financial intends to redeem all of its outstanding $200 million 6.00% Non-Cumulative First Preferred Shares, Series I.

PWF.PF.A is a Straight Perpetual, 4.50%, announced 2021-10-6. It will be tracked by HIMIPref™ and has been assigned to the PerpetualDiscount subindex.

The issue traded 736,260 shares today in a range of 24.65-83 before closing at 24.65-80. Vital statistics are:

PWF.PF.A Perpetual-Discount YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 24.26
Evaluated at bid price : 24.65
Bid-YTW : 4.56 %

October 15, 2021

October 16th, 2021
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 % 2,709.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1330 % 4,972.3
Floater 3.20 % 3.20 % 50,779 19.23 3 -1.1330 % 2,865.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1150 % 3,728.4
SplitShare 4.60 % 4.16 % 52,157 3.91 5 0.1150 % 4,452.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1150 % 3,474.1
Perpetual-Premium 5.06 % -10.03 % 56,801 0.09 32 -0.1305 % 3,284.8
Perpetual-Discount 4.69 % 4.83 % 35,968 15.82 2 -1.4986 % 3,890.7
FixedReset Disc 3.87 % 3.66 % 101,975 17.35 41 0.4196 % 2,907.6
Insurance Straight 4.93 % -1.00 % 80,370 0.09 20 -0.9107 % 3,682.0
FloatingReset 2.54 % 2.87 % 28,553 20.08 2 1.1598 % 2,831.9
FixedReset Prem 4.69 % 2.89 % 128,877 1.53 31 0.0150 % 2,763.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4196 % 2,972.2
FixedReset Ins Non 4.03 % 3.50 % 99,093 17.50 19 0.4717 % 2,992.5
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -15.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 21.94
Evaluated at bid price : 22.25
Bid-YTW : 5.89 %
BAM.PR.K Floater -3.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 3.29 %
GWO.PR.F Insurance Straight -1.93 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : -29.88 %
RY.PR.M FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.77
Bid-YTW : 3.37 %
FTS.PR.M FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 22.65
Evaluated at bid price : 23.40
Bid-YTW : 3.96 %
IFC.PR.G FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 2.99 %
BAM.PR.X FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 4.12 %
GWO.PR.N FixedReset Ins Non 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.43 %
SLF.PR.J FloatingReset 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 2.23 %
BAM.PR.R FixedReset Disc 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 4.16 %
MFC.PR.F FixedReset Ins Non 6.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 18.34
Evaluated at bid price : 18.34
Bid-YTW : 3.51 %
TRP.PR.C FixedReset Disc 6.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 16.03
Evaluated at bid price : 16.03
Bid-YTW : 4.02 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PF.A Perpetual-Discount 736,260 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 24.26
Evaluated at bid price : 24.65
Bid-YTW : 4.56 %
MFC.PR.K FixedReset Ins Non 288,189 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 23.35
Evaluated at bid price : 24.37
Bid-YTW : 3.55 %
IFC.PR.I Perpetual-Premium 175,711 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.40
Bid-YTW : 4.57 %
SLF.PR.G FixedReset Ins Non 170,665 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 3.49 %
CU.PR.E Perpetual-Premium 164,182 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 2.34 %
PWF.PR.H Perpetual-Premium 163,384 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -15.97 %
IFC.PR.F Insurance Straight 162,291 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 26.00
Bid-YTW : 4.51 %
BIP.PR.B FixedReset Prem 142,258 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.97
Bid-YTW : 4.57 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 22.25 – 26.60
Spot Rate : 4.3500
Average : 2.4368

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 21.94
Evaluated at bid price : 22.25
Bid-YTW : 5.89 %

TRP.PR.F FloatingReset Quote: 17.79 – 18.86
Spot Rate : 1.0700
Average : 0.7396

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 17.79
Evaluated at bid price : 17.79
Bid-YTW : 2.87 %

GWO.PR.F Insurance Straight Quote: 25.86 – 26.43
Spot Rate : 0.5700
Average : 0.3376

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : -29.88 %

BAM.PF.D Perpetual-Premium Quote: 25.03 – 25.58
Spot Rate : 0.5500
Average : 0.3680

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 24.72
Evaluated at bid price : 25.03
Bid-YTW : 4.92 %

BAM.PR.K Floater Quote: 13.09 – 13.64
Spot Rate : 0.5500
Average : 0.3685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-15
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 3.29 %

FTS.PR.F Perpetual-Premium Quote: 25.65 – 26.31
Spot Rate : 0.6600
Average : 0.4828

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : -18.33 %

October 14, 2021

October 14th, 2021
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 0.6695 % 2,740.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6695 % 5,029.2
Floater 3.17 % 3.18 % 49,501 19.29 3 0.6695 % 2,898.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0575 % 3,724.1
SplitShare 4.60 % 4.18 % 50,198 3.91 5 -0.0575 % 4,447.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0575 % 3,470.1
Perpetual-Premium 5.06 % -13.88 % 55,819 0.09 32 -0.0329 % 3,289.1
Perpetual-Discount 4.81 % 4.82 % 36,479 15.83 1 -0.2424 % 3,949.9
FixedReset Disc 3.87 % 3.67 % 96,752 17.37 41 0.2769 % 2,895.5
Insurance Straight 4.89 % -1.20 % 81,016 0.09 20 -0.0841 % 3,715.8
FloatingReset 2.57 % 2.87 % 28,110 20.08 2 -0.8908 % 2,799.4
FixedReset Prem 4.69 % 2.84 % 128,225 1.99 31 0.0963 % 2,762.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2769 % 2,959.8
FixedReset Ins Non 4.05 % 3.52 % 94,545 17.54 19 -0.0090 % 2,978.4
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset Disc -4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.29 %
BAM.PR.R FixedReset Disc -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.29 %
IFC.PR.F Insurance Straight -2.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.82
Bid-YTW : 4.71 %
IFC.PR.A FixedReset Ins Non -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 3.52 %
SLF.PR.J FloatingReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 2.28 %
BAM.PR.N Perpetual-Premium -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 24.60
Evaluated at bid price : 24.86
Bid-YTW : 4.80 %
BAM.PF.D Perpetual-Premium -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 24.70
Evaluated at bid price : 25.00
Bid-YTW : 4.92 %
PVS.PR.J SplitShare -1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 4.35 %
GWO.PR.T Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.40
Bid-YTW : 3.06 %
BAM.PR.X FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.19 %
TRP.PR.A FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 4.12 %
TRP.PR.B FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 4.18 %
RS.PR.A SplitShare 1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 11.00
Bid-YTW : 2.79 %
FTS.PR.K FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 3.84 %
NA.PR.W FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 23.18
Evaluated at bid price : 24.60
Bid-YTW : 3.46 %
BAM.PR.B Floater 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 13.55
Evaluated at bid price : 13.55
Bid-YTW : 3.18 %
CU.PR.C FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 22.16
Evaluated at bid price : 22.84
Bid-YTW : 3.93 %
BAM.PR.T FixedReset Disc 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.21 %
PWF.PR.P FixedReset Disc 8.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 3.64 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y Insurance Straight 162,378 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 24.57
Evaluated at bid price : 24.96
Bid-YTW : 4.51 %
BNS.PR.H FixedReset Prem 130,885 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 1.43 %
PWF.PR.H Perpetual-Premium 62,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-13
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : -15.26 %
BAM.PR.C Floater 50,785 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 3.20 %
PWF.PR.P FixedReset Disc 49,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 3.64 %
SLF.PR.G FixedReset Ins Non 47,240 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 3.48 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.C FixedReset Disc Quote: 15.00 – 16.02
Spot Rate : 1.0200
Average : 0.6282

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.29 %

BAM.PR.R FixedReset Disc Quote: 20.20 – 20.75
Spot Rate : 0.5500
Average : 0.3310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.29 %

RY.PR.N Perpetual-Premium Quote: 26.20 – 26.85
Spot Rate : 0.6500
Average : 0.4816

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 26.20
Bid-YTW : -4.77 %

SLF.PR.J FloatingReset Quote: 16.70 – 17.30
Spot Rate : 0.6000
Average : 0.4641

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 2.28 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.45
Spot Rate : 1.2500
Average : 1.1175

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.74 %

BMO.PR.W FixedReset Disc Quote: 24.50 – 24.93
Spot Rate : 0.4300
Average : 0.2981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-14
Maturity Price : 23.17
Evaluated at bid price : 24.50
Bid-YTW : 3.50 %