June PrefLetter Released!

June 16th, 2024

The June, 2024, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the June, 2024, issue, while the “next” edition will be the July, 2024, issue scheduled to be prepared as of the close July 12, and emailed to subscribers prior to the market-opening on July 15. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

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

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

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

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

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

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

Note: Assiduous Reader DG informs me:

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

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

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

June 14, 2024

June 14th, 2024

TXPR closed at 579.69, down 0.66% on the day. Volume today was 1.41-million, below the median of the past 21 trading days.

CPD closed at 11.53, down 0.35% on the day. Volume was 44,560, third-lowest of the past 21 trading days.

ZPR closed at 9.83, down 0.20% on the day. Volume was 144,200, near the median of the past 21 trading days.

Five-year Canada yields were down to 3.34%.

Well, that’s been a day of interest! My server-guy bricked my website server this morning and I’ve been without eMail and uncertain about when anything would come back; and all this on a PrefLetter weekend! Things appear to OK … for now.

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 -2.8375 % 2,158.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.8375 % 4,139.1
Floater 10.76 % 10.85 % 59,293 8.98 1 -2.8375 % 2,385.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2131 % 3,458.9
SplitShare 4.86 % 6.84 % 31,805 1.62 7 -0.2131 % 4,130.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2131 % 3,222.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.2139 % 2,637.5
Perpetual-Discount 6.53 % 6.69 % 55,332 12.88 28 -1.2139 % 2,876.1
FixedReset Disc 5.35 % 7.32 % 115,954 12.17 49 -0.6483 % 2,494.9
Insurance Straight 6.35 % 6.46 % 58,947 13.31 20 -0.1400 % 2,856.0
FloatingReset 9.61 % 9.51 % 38,346 10.02 3 -1.6997 % 2,647.1
FixedReset Prem 6.38 % 6.76 % 211,861 12.57 7 0.1421 % 2,523.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.6483 % 2,550.2
FixedReset Ins Non 5.40 % 6.94 % 105,324 12.94 14 -0.7358 % 2,630.6
Performance Highlights
Issue Index Change Notes
RY.PR.O Perpetual-Discount -8.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.90 %
MFC.PR.N FixedReset Ins Non -4.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.42 %
PWF.PR.S Perpetual-Discount -4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.86 %
BN.PF.H FixedReset Disc -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 22.25
Evaluated at bid price : 22.62
Bid-YTW : 7.99 %
FTS.PR.H FixedReset Disc -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 8.07 %
SLF.PR.H FixedReset Ins Non -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 17.89
Evaluated at bid price : 17.89
Bid-YTW : 7.15 %
CU.PR.C FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 7.47 %
IFC.PR.E Insurance Straight -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.58 %
BN.PF.F FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 8.25 %
CU.PR.I FixedReset Disc -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.48
Evaluated at bid price : 21.83
Bid-YTW : 7.78 %
BN.PR.T FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 8.73 %
PWF.PR.F Perpetual-Discount -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 6.74 %
PWF.PR.G Perpetual-Discount -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.69 %
BN.PR.R FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 8.77 %
GWO.PR.N FixedReset Ins Non -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 7.71 %
GWO.PR.Q Insurance Straight -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 6.57 %
PWF.PR.O Perpetual-Discount -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.68
Evaluated at bid price : 21.93
Bid-YTW : 6.72 %
BN.PF.G FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 8.64 %
PWF.PR.K Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.67 %
FFH.PR.C FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 7.76 %
PWF.PR.R Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.71 %
PWF.PR.T FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 6.73 %
PWF.PF.A Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 6.50 %
FFH.PR.G FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 8.39 %
FFH.PR.M FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 22.88
Evaluated at bid price : 23.50
Bid-YTW : 7.66 %
SLF.PR.E Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 18.66
Evaluated at bid price : 18.66
Bid-YTW : 6.05 %
FFH.PR.K FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 8.01 %
NA.PR.E FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 22.62
Evaluated at bid price : 23.50
Bid-YTW : 6.31 %
MFC.PR.C Insurance Straight 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.12 %
BN.PR.X FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 8.46 %
BN.PR.M Perpetual-Discount 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.84 %
GWO.PR.G Insurance Straight 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.47 %
CM.PR.P FixedReset Disc 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.76
Evaluated at bid price : 22.21
Bid-YTW : 6.26 %
BN.PF.J FixedReset Disc 4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.64
Evaluated at bid price : 21.90
Bid-YTW : 7.32 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 228,042 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-08-24
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.15 %
FFH.PR.M FixedReset Disc 57,254 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 22.88
Evaluated at bid price : 23.50
Bid-YTW : 7.66 %
SLF.PR.C Insurance Straight 53,385 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 5.96 %
MFC.PR.M FixedReset Ins Non 44,532 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 7.19 %
TD.PF.C FixedReset Disc 27,109 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.89
Evaluated at bid price : 22.40
Bid-YTW : 6.21 %
POW.PR.G Perpetual-Discount 20,197 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.71 %
There were 9 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: 19.85 – 23.22
Spot Rate : 3.3700
Average : 2.5272

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.58 %

IFC.PR.C FixedReset Ins Non Quote: 19.62 – 22.25
Spot Rate : 2.6300
Average : 1.8546

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 19.62
Evaluated at bid price : 19.62
Bid-YTW : 7.14 %

IFC.PR.I Insurance Straight Quote: 21.05 – 23.49
Spot Rate : 2.4400
Average : 1.6957

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.44 %

RY.PR.O Perpetual-Discount Quote: 21.01 – 22.80
Spot Rate : 1.7900
Average : 1.0626

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.90 %

BN.PF.H FixedReset Disc Quote: 22.62 – 23.49
Spot Rate : 0.8700
Average : 0.5168

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 22.25
Evaluated at bid price : 22.62
Bid-YTW : 7.99 %

CU.PR.I FixedReset Disc Quote: 21.83 – 23.00
Spot Rate : 1.1700
Average : 0.8474

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-14
Maturity Price : 21.48
Evaluated at bid price : 21.83
Bid-YTW : 7.78 %

June 13, 2024

June 13th, 2024

TXPR closed at 583.56, down 0.72% on the day. Volume today was 2.26-million, fourth-highest of the past 21 trading days.

CPD closed at 11.57, down 0.94% on the day. Volume was 59,790, slightly above the median of the past 21 trading days.

ZPR closed at 9.85, down 1.20% on the day. Volume was 127,530, near the median by far of the past 21 trading days.

Five-year Canada yields were down to 3.38%.

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 -1.0213 % 2,221.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0213 % 4,259.9
Floater 10.46 % 10.84 % 58,756 8.78 1 -1.0213 % 2,455.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.4997 % 3,466.3
SplitShare 4.85 % 6.61 % 31,361 1.62 7 0.4997 % 4,139.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4997 % 3,229.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.6042 % 2,669.9
Perpetual-Discount 6.45 % 6.62 % 54,833 12.97 28 -0.6042 % 2,911.4
FixedReset Disc 5.32 % 7.53 % 116,534 11.98 49 -0.7919 % 2,511.1
Insurance Straight 6.35 % 6.46 % 59,261 13.30 20 -0.7354 % 2,860.0
FloatingReset 9.43 % 9.41 % 36,403 9.90 3 -1.2933 % 2,692.9
FixedReset Prem 6.38 % 6.99 % 213,293 12.36 7 -0.1703 % 2,519.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7919 % 2,566.9
FixedReset Ins Non 5.36 % 7.23 % 104,410 12.66 14 0.0583 % 2,650.1
Performance Highlights
Issue Index Change Notes
BN.PF.J FixedReset Disc -5.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 7.86 %
BN.PR.X FixedReset Disc -5.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 8.89 %
BIP.PR.E FixedReset Disc -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 8.07 %
CU.PR.I FixedReset Disc -3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.79
Evaluated at bid price : 22.28
Bid-YTW : 7.84 %
GWO.PR.G Insurance Straight -2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.60 %
RY.PR.N Perpetual-Discount -2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.11
Evaluated at bid price : 22.40
Bid-YTW : 5.51 %
CU.PR.G Perpetual-Discount -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.57 %
PWF.PR.P FixedReset Disc -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 14.57
Evaluated at bid price : 14.57
Bid-YTW : 8.24 %
FFH.PR.H FloatingReset -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 18.13
Evaluated at bid price : 18.13
Bid-YTW : 10.40 %
BN.PR.R FixedReset Disc -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 8.90 %
FFH.PR.M FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.93
Evaluated at bid price : 23.55
Bid-YTW : 7.97 %
BN.PF.E FixedReset Disc -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 8.91 %
SLF.PR.E Insurance Straight -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 6.12 %
NA.PR.E FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.47
Evaluated at bid price : 23.22
Bid-YTW : 6.57 %
RY.PR.S FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.73
Evaluated at bid price : 23.85
Bid-YTW : 6.23 %
FFH.PR.D FloatingReset -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 9.41 %
GWO.PR.P Insurance Straight -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.56 %
MFC.PR.C Insurance Straight -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.20 %
IFC.PR.E Insurance Straight -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.46 %
BIP.PR.F FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 8.11 %
BN.PF.F FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 8.37 %
IFC.PR.F Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.52 %
FFH.PR.I FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 8.63 %
BN.PR.M Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.41
Evaluated at bid price : 17.41
Bid-YTW : 6.99 %
BN.PF.G FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 8.82 %
POW.PR.G Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.73 %
MFC.PR.L FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.99 %
BN.PF.B FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 8.11 %
PWF.PR.Z Perpetual-Discount -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 6.66 %
SLF.PR.D Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 18.43
Evaluated at bid price : 18.43
Bid-YTW : 6.06 %
PWF.PR.E Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.66 %
FFH.PR.K FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 8.32 %
RY.PR.M FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.74
Evaluated at bid price : 22.20
Bid-YTW : 6.63 %
FFH.PR.G FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 8.59 %
GWO.PR.Y Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.48 %
MFC.PR.B Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.16 %
BN.PR.B Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 11.63
Evaluated at bid price : 11.63
Bid-YTW : 10.84 %
PWF.PF.A Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.43 %
SLF.PR.H FixedReset Ins Non 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.23 %
MFC.PR.Q FixedReset Ins Non 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.00
Evaluated at bid price : 22.45
Bid-YTW : 6.78 %
BN.PR.T FixedReset Disc 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 8.84 %
PVS.PR.K SplitShare 2.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 6.61 %
SLF.PR.C Insurance Straight 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.97 %
BN.PR.Z FixedReset Disc 3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 8.33 %
TD.PF.J FixedReset Disc 3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.73
Evaluated at bid price : 23.71
Bid-YTW : 6.52 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 275,694 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-08-24
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.49 %
MFC.PR.K FixedReset Ins Non 170,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.09
Evaluated at bid price : 22.61
Bid-YTW : 6.59 %
PWF.PR.T FixedReset Disc 110,859 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.43
Evaluated at bid price : 21.70
Bid-YTW : 6.82 %
TD.PF.B FixedReset Disc 62,762 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 23.10
Evaluated at bid price : 24.25
Bid-YTW : 6.01 %
NA.PR.S FixedReset Disc 42,880 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.47
Evaluated at bid price : 23.35
Bid-YTW : 6.51 %
BMO.PR.W FixedReset Disc 41,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.42
Evaluated at bid price : 23.30
Bid-YTW : 6.15 %
There were 17 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: 20.60 – 23.22
Spot Rate : 2.6200
Average : 1.6031

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.46 %

BIP.PR.E FixedReset Disc Quote: 20.52 – 22.00
Spot Rate : 1.4800
Average : 0.9072

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 8.07 %

BN.PF.J FixedReset Disc Quote: 21.36 – 22.78
Spot Rate : 1.4200
Average : 0.9035

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 7.86 %

TD.PF.E FixedReset Disc Quote: 21.10 – 22.95
Spot Rate : 1.8500
Average : 1.4673

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 7.32 %

POW.PR.G Perpetual-Discount Quote: 21.25 – 22.10
Spot Rate : 0.8500
Average : 0.4759

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.73 %

RY.PR.N Perpetual-Discount Quote: 22.40 – 23.29
Spot Rate : 0.8900
Average : 0.5799

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-13
Maturity Price : 22.11
Evaluated at bid price : 22.40
Bid-YTW : 5.51 %

June 12, 2024

June 12th, 2024

So, US inflation was announced today:

Overall inflation cooled: The Consumer Price Index for May was up 3.3 percent from a year earlier, lower than the 3.4 percent economists had forecast and down from the April reading. And if you compared May prices just to the previous month, they did not climb at all.

“Core” inflation also slowed: A closely watched measure that strips out volatile food and fuel prices to give a sense of the underlying trend climbed 3.4 percent from a year earlier, down from 3.6 percent the previous month and slower than economists had forecast. That was the slowest pace of increase since April 2021.

One piece of bad news in a mostly good-news report: The cost of shelter continued to rise fairly quickly, particularly for homeowners. That has been one of the most stubborn categories of inflation, which is unfortunate because it is also the single largest component of the Consumer Price Index.

As investors dial down expectations for interest rates, the two-year Treasury yield has fallen 0.15 percentage points, on course for its biggest move lower this year.

But the FOMC was wary:

Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. In recent months, there has been modest further progress toward the Committee’s 2 percent inflation objective.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals have moved toward better balance over the past year. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Philip N. Jefferson; Adriana D. Kugler; Loretta J. Mester; and Christopher J. Waller.

Five year Canadas closed at 3.43%, down a fair bit.

PerpetualDiscounts now yield 6.58%, equivalent to 8.55% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.18% on 2024-5-31 and since then the closing price of ZLC has changed from 14.73 to 15.10, an increase of 251bp in price, implying a decrease of yields of 20bp (BMO reports a duration of 12.31, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.98%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained constant at the 355bp reported June 5.

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 0.4274 % 2,243.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4274 % 4,303.9
Floater 10.35 % 10.72 % 59,253 8.87 1 0.4274 % 2,480.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4383 % 3,449.1
SplitShare 4.88 % 6.65 % 30,353 1.63 7 -0.4383 % 4,118.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4383 % 3,213.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0695 % 2,686.2
Perpetual-Discount 6.41 % 6.58 % 54,611 13.02 28 -0.0695 % 2,929.1
FixedReset Disc 5.28 % 7.44 % 115,813 12.19 49 -0.7125 % 2,531.2
Insurance Straight 6.30 % 6.41 % 57,896 13.36 20 0.4570 % 2,881.2
FloatingReset 9.31 % 9.27 % 33,700 10.05 3 -0.0873 % 2,728.2
FixedReset Prem 6.37 % 6.80 % 215,596 12.25 7 0.2047 % 2,523.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7125 % 2,587.4
FixedReset Ins Non 5.37 % 7.23 % 105,136 12.71 14 -0.7093 % 2,648.5
Performance Highlights
Issue Index Change Notes
TD.PF.E FixedReset Disc -6.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.35 %
CM.PR.P FixedReset Disc -5.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.68 %
TD.PF.J FixedReset Disc -4.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 22.23
Evaluated at bid price : 22.80
Bid-YTW : 6.80 %
BN.PR.T FixedReset Disc -4.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 15.26
Evaluated at bid price : 15.26
Bid-YTW : 9.06 %
BN.PR.Z FixedReset Disc -4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 8.66 %
PVS.PR.K SplitShare -3.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.20
Bid-YTW : 7.23 %
MFC.PR.M FixedReset Ins Non -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 7.51 %
MFC.PR.Q FixedReset Ins Non -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 6.92 %
SLF.PR.H FixedReset Ins Non -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 7.34 %
BN.PR.X FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 8.44 %
SLF.PR.G FixedReset Ins Non -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 15.86
Evaluated at bid price : 15.86
Bid-YTW : 7.48 %
BIP.PR.E FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.69 %
CU.PR.J Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 6.51 %
FTS.PR.M FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 7.80 %
CU.PR.C FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 7.49 %
IFC.PR.I Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.46 %
MFC.PR.I FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 22.22
Evaluated at bid price : 22.70
Bid-YTW : 6.99 %
TD.PF.A FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 22.37
Evaluated at bid price : 23.20
Bid-YTW : 6.23 %
CU.PR.D Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.43 %
IFC.PR.F Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.43 %
GWO.PR.N FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 14.21
Evaluated at bid price : 14.21
Bid-YTW : 7.93 %
IFC.PR.E Insurance Straight 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 6.35 %
SLF.PR.E Insurance Straight 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.01 %
GWO.PR.G Insurance Straight 3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.40 %
BN.PF.G FixedReset Disc 5.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 8.71 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 206,390 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-08-24
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.42 %
PWF.PR.T FixedReset Disc 198,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.54
Evaluated at bid price : 21.85
Bid-YTW : 6.77 %
MFC.PR.Q FixedReset Ins Non 98,930 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 6.92 %
NA.PR.S FixedReset Disc 90,829 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 22.54
Evaluated at bid price : 23.48
Bid-YTW : 6.47 %
IFC.PR.G FixedReset Ins Non 60,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.89
Evaluated at bid price : 22.30
Bid-YTW : 6.97 %
PVS.PR.I SplitShare 59,950 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.41
Bid-YTW : 6.65 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.E FixedReset Disc Quote: 21.00 – 22.71
Spot Rate : 1.7100
Average : 1.0476

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.35 %

CM.PR.P FixedReset Disc Quote: 21.65 – 23.45
Spot Rate : 1.8000
Average : 1.1519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.68 %

IFC.PR.I Insurance Straight Quote: 21.40 – 23.49
Spot Rate : 2.0900
Average : 1.5591

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.46 %

BN.PR.Z FixedReset Disc Quote: 19.00 – 21.16
Spot Rate : 2.1600
Average : 1.6862

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 8.66 %

PVS.PR.K SplitShare Quote: 22.20 – 23.65
Spot Rate : 1.4500
Average : 0.9825

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.20
Bid-YTW : 7.23 %

TD.PF.J FixedReset Disc Quote: 22.80 – 24.10
Spot Rate : 1.3000
Average : 0.9727

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-12
Maturity Price : 22.23
Evaluated at bid price : 22.80
Bid-YTW : 6.80 %

NA To Acquire CWB (Subject to Vote)

June 11th, 2024

National Bank of Canada has announced:

  • Aligned with National Bank’s strategic plan to accelerate growth across all its business lines in Canada
  • Provides customers an expanded product and service offering nationally, extensive banking centre network and common customer experience culture
  • Maintains branch footprint and Edmonton-based executive and operational presence
  • Combination creates stronger competitor, and provides more choice for Canadians
  • Concurrent subscription receipt offering of $1 billion

National Bank of Canada (“National Bank”) (TSX: NA) and Canadian Western Bank (“CWB”) (TSX: CWB) today announced they have entered into a definitive agreement (the “Agreement”) for National Bank to acquire CWB, a diversified financial services institution based in Edmonton, Alberta. The transaction brings together two complementary banks with growing businesses, enabling the united bank to enhance services to customers by offering a comprehensive product and service platform at national scale, with a regionally focused service model.

National Bank will acquire all of the issued and outstanding common shares of CWB (the “CWB Shares”) by way of a share exchange (the “Transaction”), valuing CWB at approximately $5.0 billion (the “CWB Equity Value”).

Each CWB Share, other than those held by National Bank, will be exchanged for 0.450 of a common share (the “National Bank Shares”) of National Bank (the “Exchange Ratio”). Based on the 20-day volume weighted average trading price of the National Bank Shares on the TSX as of June 11, 2024, the Exchange Ratio values each CWB Share at $52.24, representing a 110% premium to the closing price of the CWB Shares on the TSX of $24.89 as of June 11, 2024, and a 100% premium to the volume weighted average trading price of the CWB Shares over the last 20 days. The National Bank Shares to be issued upon closing of the Transaction will represent a pro forma ownership of approximately 10.5% of National Bank by CWB shareholders, taking into account the Private Placement and the Public Offering (as defined below).

The Transaction is subject to approval of 662/3% of the votes cast by CWB shareholders at a special meeting of shareholders (the “Meeting”) expected to be held in September 2024 to approve an amendment to CWB’s by-laws to provide for the share exchange.

Each CWB Share, other than those held by National Bank, will be exchanged for 0.450 of a common share (the “National Bank Shares”) of National Bank (the “Exchange Ratio”). Based on the 20-day volume weighted average trading price of the National Bank Shares on the TSX as of June 11, 2024, the Exchange Ratio values each CWB Share at $52.24, representing a 110% premium to the closing price of the CWB Shares on the TSX of $24.89 as of June 11, 2024, and a 100% premium to the volume weighted average trading price of the CWB Shares over the last 20 days. The National Bank Shares to be issued upon closing of the Transaction will represent a pro forma ownership of approximately 10.5% of National Bank by CWB shareholders, taking into account the Private Placement and the Public Offering (as defined below).

The Transaction is subject to approval of 662/3% of the votes cast by CWB shareholders at a special meeting of shareholders (the “Meeting”) expected to be held in September 2024 to approve an amendment to CWB’s by-laws to provide for the share exchange.

ACQUISITION FINANCING

National Bank also announced today that it intends to complete an equity financing in connection with the Transaction. The equity financing is comprised of a public offering (the “Public Offering”) and concurrent private placement (the “Private Placement”) of subscription receipts (the “Subscription Receipts”) for gross proceeds totaling approximately $1.0 billion before giving effect to the Over-Allotment Option and the Additional Subscription Option (as defined below).

Pursuant to the Public Offering, National Bank has agreed to issue and sell 4,453,000 Subscription Receipts at a price of $112.30 for total gross proceeds of approximately $500 million. The Public Offering is being underwritten on a bought-deal basis by a syndicate of underwriters led by National Bank Financial Inc. (“NBF”). National Bank has granted the underwriters an option (the “Over-Allotment Option”) to purchase up to an additional 667,950 Subscription Receipts at the public offering price exercisable up to 30 days after closing of the public offering.

Pursuant to the concurrent Private Placement, National Bank has agreed to issue and sell 4,453,000 Subscription Receipts at the public offering price to Caisse de dépôt et placement du Québec or an affiliate thereof (“CDPQ”) for gross proceeds of approximately $500 million. All of CDPQ’s Subscription Receipts will be subject to a statutory hold period of four months plus one day from the date of their issuance. CDPQ will have the right to purchase up to an additional 667,950 Subscription Receipts, to maintain its pro-rata ownership and subject to, and in the same proportion as, the Over-Allotment Option being exercised by the underwriters (the “Additional Subscription Option”).

National Bank intends to use the net proceeds from the equity financing to support strong regulatory capital ratios following the closing of the Transaction, to fund any cash consideration under the terms of the Transaction and to pay the Transaction expenses.

Affected issues are CWB.PR.B and CWB.PR.D.

Thanks to Assiduous Reader IrateAR for bringing this to my attention!

RY.PR.H To Be Redeemed

June 11th, 2024

Royal Bank of Canada has announced (on June 10):

its intention to redeem all of its issued and outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BB (Series BB shares) (TSX: RY.PR.H) on August 24, 2024, for cash at a redemption price of $25.00 per share to be paid on August 24, 2024.

There are 20,000,000 Series BB shares outstanding, representing $500 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

The final quarterly dividend of $0.228125 for each of the Series BB shares will be paid separately from the redemption price for each of the Series BB Shares and in the usual manner on August 23, 2024 to shareholders of record at the close of business on July 25, 2024. After such dividend payments, the holders of Series BB shares will cease to be entitled to dividends.

RY.PR.H was issued as a FixedReset, 3.90%+226, NVCC-Compliant issue that commenced trading 2014-6-3 after being announced 2014-5-23. The bank gave notice of extension on 2019-7-22. RY.PR.H reset at 3.65% effective 2019-8-24. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ and has been assigned to the FixedReset-Discount subindex.

Thanks to Assiduous Reader IrateAr for bringing this to my attention!

June 11, 2024

June 11th, 2024
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 -1.0152 % 2,234.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0152 % 4,285.6
Floater 10.40 % 10.76 % 59,425 8.84 1 -1.0152 % 2,469.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3953 % 3,464.3
SplitShare 4.86 % 6.55 % 30,668 1.63 7 -0.3953 % 4,137.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3953 % 3,227.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2097 % 2,688.0
Perpetual-Discount 6.40 % 6.56 % 53,283 13.07 28 -0.2097 % 2,931.2
FixedReset Disc 5.24 % 7.37 % 115,365 12.23 49 -0.1991 % 2,549.3
Insurance Straight 6.33 % 6.43 % 58,206 13.35 20 0.1831 % 2,868.1
FloatingReset 9.30 % 9.27 % 33,498 10.09 3 -0.2960 % 2,730.6
FixedReset Prem 6.39 % 6.92 % 215,396 12.25 7 -0.2666 % 2,518.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1991 % 2,605.9
FixedReset Ins Non 5.33 % 7.16 % 103,033 12.69 14 0.0253 % 2,667.4
Performance Highlights
Issue Index Change Notes
BN.PF.G FixedReset Disc -6.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 9.16 %
BN.PR.Z FixedReset Disc -2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 8.28 %
GWO.PR.N FixedReset Ins Non -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 8.04 %
PVS.PR.K SplitShare -2.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.40 %
MIC.PR.A Perpetual-Discount -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 7.21 %
SLF.PR.C Insurance Straight -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 6.13 %
BN.PF.I FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 21.92
Evaluated at bid price : 22.20
Bid-YTW : 8.02 %
GWO.PR.G Insurance Straight -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.59 %
TD.PF.A FixedReset Disc -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 22.24
Evaluated at bid price : 22.96
Bid-YTW : 6.30 %
SLF.PR.E Insurance Straight -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 6.12 %
IFC.PR.E Insurance Straight -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.46 %
POW.PR.A Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 21.26
Evaluated at bid price : 21.53
Bid-YTW : 6.62 %
FFH.PR.H FloatingReset -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 10.18 %
BN.PF.E FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 8.66 %
CU.PR.D Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.49 %
BN.PR.B Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 10.76 %
CU.PR.J Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 18.66
Evaluated at bid price : 18.66
Bid-YTW : 6.43 %
CU.PR.C FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.40 %
GWO.PR.R Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.39 %
BN.PR.M Perpetual-Discount 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.87 %
SLF.PR.H FixedReset Ins Non 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 7.16 %
IFC.PR.I Insurance Straight 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 21.66
Evaluated at bid price : 21.66
Bid-YTW : 6.37 %
NA.PR.W FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.98 %
BIP.PR.F FixedReset Disc 4.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.93 %
GWO.PR.Q Insurance Straight 6.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.43 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 311,276 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-08-24
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.55 %
TD.PF.M FixedReset Prem 66,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 24.10
Evaluated at bid price : 25.00
Bid-YTW : 7.17 %
MFC.PR.Q FixedReset Ins Non 48,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 22.13
Evaluated at bid price : 22.65
Bid-YTW : 6.71 %
FFH.PR.M FixedReset Disc 35,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 23.45
Evaluated at bid price : 24.06
Bid-YTW : 7.80 %
NA.PR.W FixedReset Disc 33,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.98 %
BMO.PR.W FixedReset Disc 30,990 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 22.75
Evaluated at bid price : 23.52
Bid-YTW : 6.10 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 19.80 – 21.99
Spot Rate : 2.1900
Average : 1.5496

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.40 %

BN.PR.Z FixedReset Disc Quote: 19.86 – 21.55
Spot Rate : 1.6900
Average : 1.1666

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 8.28 %

BN.PF.G FixedReset Disc Quote: 17.00 – 18.60
Spot Rate : 1.6000
Average : 1.0877

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 9.16 %

IFC.PR.C FixedReset Ins Non Quote: 19.88 – 22.00
Spot Rate : 2.1200
Average : 1.6782

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 7.36 %

PWF.PR.P FixedReset Disc Quote: 14.91 – 15.50
Spot Rate : 0.5900
Average : 0.3612

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 14.91
Evaluated at bid price : 14.91
Bid-YTW : 8.06 %

BN.PF.A FixedReset Disc Quote: 21.60 – 22.42
Spot Rate : 0.8200
Average : 0.6083

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-11
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 7.77 %

June 10, 2024

June 11th, 2024

Sorry this is late – I was out for dinner again last night. Social Butterfly, that’s me!

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 0.5957 % 2,257.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5957 % 4,329.5
Floater 10.29 % 10.65 % 58,873 8.93 1 0.5957 % 2,495.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0413 % 3,478.0
SplitShare 4.84 % 6.46 % 30,854 1.63 7 -0.0413 % 4,153.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0413 % 3,240.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2387 % 2,693.7
Perpetual-Discount 6.39 % 6.55 % 54,344 13.06 28 0.2387 % 2,937.3
FixedReset Disc 5.23 % 7.37 % 117,207 12.19 49 1.5215 % 2,554.4
Insurance Straight 6.34 % 6.43 % 59,213 13.32 20 0.0789 % 2,862.9
FloatingReset 9.27 % 9.27 % 34,237 10.09 3 -0.1043 % 2,738.7
FixedReset Prem 6.37 % 6.77 % 216,369 12.26 7 0.3015 % 2,525.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.5215 % 2,611.1
FixedReset Ins Non 5.33 % 7.22 % 104,046 12.72 14 0.1160 % 2,666.8
Performance Highlights
Issue Index Change Notes
GWO.PR.Q Insurance Straight -5.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.84 %
BIP.PR.F FixedReset Disc -3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 8.27 %
BN.PR.M Perpetual-Discount -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 6.98 %
SLF.PR.G FixedReset Ins Non -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 7.32 %
NA.PR.W FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 7.14 %
IFC.PR.A FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 7.22 %
MFC.PR.F FixedReset Ins Non -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 15.64
Evaluated at bid price : 15.64
Bid-YTW : 7.36 %
MFC.PR.M FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 7.27 %
BN.PF.F FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 8.20 %
BN.PF.E FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 17.68
Evaluated at bid price : 17.68
Bid-YTW : 8.57 %
PWF.PR.R Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.53 %
TD.PF.I FixedReset Prem 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 23.28
Evaluated at bid price : 24.88
Bid-YTW : 6.58 %
TD.PF.A FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.47
Evaluated at bid price : 23.40
Bid-YTW : 6.17 %
TD.PF.C FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.01
Evaluated at bid price : 22.59
Bid-YTW : 6.39 %
CU.PR.J Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.36 %
SLF.PR.E Insurance Straight 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.02 %
TD.PF.E FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.93
Evaluated at bid price : 22.50
Bid-YTW : 6.84 %
SLF.PR.C Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 18.59
Evaluated at bid price : 18.59
Bid-YTW : 6.01 %
IFC.PR.F Insurance Straight 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.45 %
CU.PR.E Perpetual-Discount 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 19.13
Evaluated at bid price : 19.13
Bid-YTW : 6.47 %
BMO.PR.T FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 23.34
Evaluated at bid price : 24.36
Bid-YTW : 5.92 %
FFH.PR.M FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 23.52
Evaluated at bid price : 24.12
Bid-YTW : 7.78 %
PWF.PR.P FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 14.89
Evaluated at bid price : 14.89
Bid-YTW : 8.07 %
BMO.PR.W FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.78
Evaluated at bid price : 23.55
Bid-YTW : 6.09 %
CM.PR.Q FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.43
Evaluated at bid price : 22.90
Bid-YTW : 6.70 %
NA.PR.S FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.52
Evaluated at bid price : 23.44
Bid-YTW : 6.48 %
TD.PF.J FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.87
Evaluated at bid price : 24.00
Bid-YTW : 6.43 %
RY.PR.M FixedReset Disc 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.82
Evaluated at bid price : 22.33
Bid-YTW : 6.59 %
BN.PR.X FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 8.25 %
RY.PR.J FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.88
Evaluated at bid price : 23.45
Bid-YTW : 6.52 %
RY.PR.H FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-08-24
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.47 %
CU.PR.C FixedReset Disc 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.49 %
MFC.PR.Q FixedReset Ins Non 2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.13
Evaluated at bid price : 22.65
Bid-YTW : 6.71 %
TD.PF.D FixedReset Disc 3.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.39
Evaluated at bid price : 22.85
Bid-YTW : 6.72 %
RY.PR.S FixedReset Disc 4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.90
Evaluated at bid price : 24.25
Bid-YTW : 6.11 %
FFH.PR.K FixedReset Disc 5.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 8.22 %
CM.PR.P FixedReset Disc 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.19
Evaluated at bid price : 22.90
Bid-YTW : 6.29 %
PWF.PR.T FixedReset Disc 31.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.65
Evaluated at bid price : 21.99
Bid-YTW : 6.72 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 283,516 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-08-24
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.47 %
NA.PR.W FixedReset Disc 103,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 7.14 %
RY.PR.M FixedReset Disc 77,804 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.82
Evaluated at bid price : 22.33
Bid-YTW : 6.59 %
NA.PR.S FixedReset Disc 73,327 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.52
Evaluated at bid price : 23.44
Bid-YTW : 6.48 %
TD.PF.D FixedReset Disc 72,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.39
Evaluated at bid price : 22.85
Bid-YTW : 6.72 %
TD.PF.C FixedReset Disc 71,949 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.01
Evaluated at bid price : 22.59
Bid-YTW : 6.39 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.C FixedReset Ins Non Quote: 20.05 – 22.00
Spot Rate : 1.9500
Average : 1.1938

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.30 %

GWO.PR.Q Insurance Straight Quote: 18.90 – 20.14
Spot Rate : 1.2400
Average : 0.7213

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.84 %

BN.PF.F FixedReset Disc Quote: 19.80 – 21.00
Spot Rate : 1.2000
Average : 0.7108

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 8.20 %

RY.PR.J FixedReset Disc Quote: 23.45 – 24.49
Spot Rate : 1.0400
Average : 0.6216

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 22.88
Evaluated at bid price : 23.45
Bid-YTW : 6.52 %

IFC.PR.I Insurance Straight Quote: 21.25 – 23.49
Spot Rate : 2.2400
Average : 1.9823

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.50 %

MFC.PR.F FixedReset Ins Non Quote: 15.64 – 16.86
Spot Rate : 1.2200
Average : 0.9968

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-10
Maturity Price : 15.64
Evaluated at bid price : 15.64
Bid-YTW : 7.36 %

June 7, 2024

June 7th, 2024

TXPR closed at 586.45, down 0.89% on the day. Volume today was 1.60-million, near the median of the past 21 trading days.

CPD closed at 11.64, down 0.77% on the day. Volume was 46,850, below the median of the past 21 trading days.

ZPR closed at 9.94, down 1.19% on the day. Volume was 555,690, highest by far of the past 21 trading days.

Five-year Canada yields were up to 3.53%.

Jobs, jobs, jobs!

  • Services powered the gains: Overall, U.S. employers added 272,000 jobs last month, with health care again accounting for the most growth, adding 68,000 jobs. Government hiring rebounded from April, with 43,000 additional jobs, as did leisure and hospitality work, with 42,000.
  • Wages were strong: Average hourly earnings rose 0.4 percent, or 4.1 percent from a year earlier. That was also stronger than expected, since wage increases have been easing since early 2022. Wage growth isn’t the primary reason that inflation has been high, but economists worry that it will be difficult to bring inflation fully under control if pay keeps rising at its recent pace.
  • But the unemployment rate rose: The jobless rate hit 4 percent for the first time since January 2022, ending one of the longest streaks of sub-4 percent unemployment on record.

Things were a bit different in the Frozen North:

Statistics Canada’s latest labour force survey showed the economy added 27,000 jobs last month – too modest of a gain to keep the unemployment rate from rising by a tenth of a percentage point.

“It didn’t take much digging to unearth the fact that this report is considerably softer than the headline, as all of the gains were in part-time jobs, in one province (Ontario), and the unemployment rate ticked up to 6.2 per cent, as expected,” wrote BMO chief economist Douglas Porter in a client note.

Statistics Canada says the involuntary part-time rate, which refers to the proportion of part-time workers who could not find full-time work or worked part-time because of weak business conditions – was 18.2 per cent in May. That’s up from 15.4 per cent a year prior.

Wage growth remained strong in May as average hourly wages rose 5.1 per cent from a year ago, reaching $34.94.

… and all in all:

Canada’s main stock index fell 1% on Friday as a jump in the U.S. dollar following the release of stronger-than-expected U.S. jobs data pressured metal mining stocks, while investors braced for increased volatility in the months ahead. Wall Street stocks ended slightly lower.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 222.10 points at 22,007.00. For the week, the index lost 1.2%, its third consecutive weekly decline.

The benchmark S&P 500 slipped immediately after the report while U.S Treasury yields climbed as traders slashed bets on a September rate reduction. The index recovered and briefly hit a fresh intraday record high as investors noted the data pointed to underlying economic health.

Traders now see a 56% chance of a September rate reduction, according to the CME’s FedWatch tool.

GameStop slumped 39% in volatile trading just as stock influencer “Roaring Kitty” kicked off his first livestream in three years. The gaming retailer had announced a potential stock offering and a drop in quarterly sales.

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 -1.2605 % 2,243.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.2605 % 4,303.9
Floater 10.35 % 10.70 % 61,158 8.89 1 -1.2605 % 2,480.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.1713 % 3,479.4
SplitShare 4.84 % 6.46 % 32,118 1.64 7 0.1713 % 4,155.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1713 % 3,242.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.5581 % 2,687.3
Perpetual-Discount 6.40 % 6.57 % 55,024 13.05 28 -0.5581 % 2,930.3
FixedReset Disc 5.31 % 7.56 % 118,737 12.08 49 -1.5778 % 2,516.1
Insurance Straight 6.34 % 6.45 % 58,523 13.33 20 -0.1246 % 2,860.6
FloatingReset 9.45 % 9.39 % 35,649 9.97 3 -1.4567 % 2,741.5
FixedReset Prem 6.39 % 6.82 % 219,180 12.14 7 -0.1930 % 2,517.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.5778 % 2,572.0
FixedReset Ins Non 5.34 % 7.22 % 105,613 12.66 14 -1.8775 % 2,663.7
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset Disc -23.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 8.94 %
FFH.PR.K FixedReset Disc -8.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.71 %
SLF.PR.H FixedReset Ins Non -6.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.42 %
CM.PR.P FixedReset Disc -5.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.77 %
RY.PR.S FixedReset Disc -4.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.35
Evaluated at bid price : 23.10
Bid-YTW : 6.51 %
CU.PR.C FixedReset Disc -4.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.79 %
IFC.PR.C FixedReset Ins Non -3.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.34 %
MFC.PR.I FixedReset Ins Non -3.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.32
Evaluated at bid price : 22.85
Bid-YTW : 7.01 %
NA.PR.E FixedReset Disc -3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.55
Evaluated at bid price : 23.37
Bid-YTW : 6.59 %
MFC.PR.F FixedReset Ins Non -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 15.81
Evaluated at bid price : 15.81
Bid-YTW : 7.39 %
TD.PF.D FixedReset Disc -3.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.61
Evaluated at bid price : 22.00
Bid-YTW : 7.07 %
MFC.PR.M FixedReset Ins Non -2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.45 %
MFC.PR.K FixedReset Ins Non -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.98
Evaluated at bid price : 22.45
Bid-YTW : 6.70 %
BN.PF.F FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.39 %
NA.PR.S FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.29
Evaluated at bid price : 23.01
Bid-YTW : 6.68 %
FFH.PR.D FloatingReset -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.82
Evaluated at bid price : 22.10
Bid-YTW : 9.34 %
NA.PR.W FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.13 %
FFH.PR.C FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 7.97 %
CU.PR.E Perpetual-Discount -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.56 %
BIP.PR.F FixedReset Disc -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 8.03 %
BN.PF.C Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 17.88
Evaluated at bid price : 17.88
Bid-YTW : 6.94 %
SLF.PR.J FloatingReset -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 9.39 %
CM.PR.Q FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.94
Evaluated at bid price : 22.50
Bid-YTW : 6.91 %
RY.PR.N Perpetual-Discount -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.64
Evaluated at bid price : 22.90
Bid-YTW : 5.38 %
GWO.PR.N FixedReset Ins Non -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 7.97 %
SLF.PR.G FixedReset Ins Non -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 7.30 %
IFC.PR.A FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.22 %
MFC.PR.N FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.39 %
BN.PF.D Perpetual-Discount -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 6.94 %
TD.PF.C FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.84
Evaluated at bid price : 22.32
Bid-YTW : 6.56 %
FFH.PR.I FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 8.55 %
IFC.PR.F Insurance Straight -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.54 %
MFC.PR.L FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 7.04 %
GWO.PR.M Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 6.51 %
BN.PR.B Floater -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 10.70 %
MIC.PR.A Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.05 %
FTS.PR.K FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.56 %
CU.PR.D Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 6.48 %
PWF.PR.F Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.13
Evaluated at bid price : 20.13
Bid-YTW : 6.63 %
BN.PF.G FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 8.62 %
TD.PF.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.34
Evaluated at bid price : 23.15
Bid-YTW : 6.33 %
CU.PR.G Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 6.44 %
FTS.PR.M FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.80 %
PWF.PR.L Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 6.63 %
BN.PR.N Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.90 %
CU.PR.J Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.44 %
CCS.PR.C Insurance Straight 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 6.49 %
IFC.PR.E Insurance Straight 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.34 %
TD.PF.J FixedReset Disc 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.63
Evaluated at bid price : 23.52
Bid-YTW : 6.64 %
BN.PR.M Perpetual-Discount 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 6.77 %
IFC.PR.G FixedReset Ins Non 4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.77
Evaluated at bid price : 22.13
Bid-YTW : 7.09 %
BIP.PR.A FixedReset Disc 5.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 8.02 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PF.J FixedReset Disc 145,385 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.29
Evaluated at bid price : 22.85
Bid-YTW : 7.39 %
TD.PF.B FixedReset Disc 104,273 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 23.06
Evaluated at bid price : 24.18
Bid-YTW : 6.12 %
BN.PR.N Perpetual-Discount 76,462 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.90 %
CM.PR.S FixedReset Disc 75,535 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 23.75
Evaluated at bid price : 23.75
Bid-YTW : 6.47 %
NA.PR.S FixedReset Disc 68,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.29
Evaluated at bid price : 23.01
Bid-YTW : 6.68 %
FTS.PR.K FixedReset Disc 34,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.56 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.T FixedReset Disc Quote: 16.75 – 21.70
Spot Rate : 4.9500
Average : 2.7675

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 8.94 %

IFC.PR.I Insurance Straight Quote: 21.40 – 23.99
Spot Rate : 2.5900
Average : 1.6998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.45 %

CM.PR.P FixedReset Disc Quote: 21.65 – 23.00
Spot Rate : 1.3500
Average : 0.7958

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.77 %

FFH.PR.K FixedReset Disc Quote: 19.60 – 20.80
Spot Rate : 1.2000
Average : 0.7051

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.71 %

RY.PR.S FixedReset Disc Quote: 23.10 – 24.24
Spot Rate : 1.1400
Average : 0.7511

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 22.35
Evaluated at bid price : 23.10
Bid-YTW : 6.51 %

SLF.PR.H FixedReset Ins Non Quote: 18.05 – 19.25
Spot Rate : 1.2000
Average : 0.8223

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-07
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.42 %

June 6, 2024

June 6th, 2024

TXPR closed at 591.74, down 0.90% on the day. Volume today was 1.76-million, near the median of the past 21 trading days.

CPD closed at 11.73, down 0.93% on the day. Volume was 54,310, above the median of the past 21 trading days.

ZPR closed at 10.06, down 1.18% on the day. Volume was 429,190, highest by far of the past 21 trading days.

Five-year Canada yields were down to 3.46%.

So it looks like there were a few people who resolved to hold on to their FixedResets until the very first BoC policy loosening, reasoning that this was just the first step towards negative rates. Or maybe they were raising cash to invest in Gamestop – it nearly doubled today, if you count after-hours trading.

Update, 2024-06-07: After-hours trading prices are a little hard to find once the day is done: here’s proof:

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 -2.0576 % 2,272.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.0576 % 4,358.8
Floater 10.22 % 10.56 % 61,862 9.00 1 -2.0576 % 2,512.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0295 % 3,473.5
SplitShare 4.84 % 6.45 % 33,209 1.64 7 0.0295 % 4,148.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0295 % 3,236.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2545 % 2,702.3
Perpetual-Discount 6.37 % 6.55 % 55,667 13.08 28 -0.2545 % 2,946.8
FixedReset Disc 5.22 % 7.35 % 118,146 12.28 49 -0.4152 % 2,556.5
Insurance Straight 6.34 % 6.44 % 59,269 13.34 20 -0.5008 % 2,864.2
FloatingReset 9.31 % 9.23 % 35,533 10.16 3 1.6196 % 2,782.1
FixedReset Prem 6.38 % 6.68 % 219,646 12.17 7 -0.3846 % 2,522.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4152 % 2,613.2
FixedReset Ins Non 5.23 % 7.07 % 105,170 12.68 14 -2.7693 % 2,714.6
Performance Highlights
Issue Index Change Notes
IFC.PR.G FixedReset Ins Non -10.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 7.45 %
MFC.PR.Q FixedReset Ins Non -7.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 6.99 %
BIP.PR.A FixedReset Disc -6.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 8.49 %
MFC.PR.J FixedReset Ins Non -4.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 22.07
Evaluated at bid price : 22.53
Bid-YTW : 6.94 %
GWO.PR.N FixedReset Ins Non -4.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 7.84 %
BN.PR.M Perpetual-Discount -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.98 %
IFC.PR.C FixedReset Ins Non -4.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 7.07 %
IFC.PR.A FixedReset Ins Non -3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.10 %
PWF.PR.P FixedReset Disc -2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 8.26 %
CU.PR.C FixedReset Disc -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 7.44 %
BN.PR.T FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.74 %
TD.PF.I FixedReset Prem -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 23.18
Evaluated at bid price : 24.62
Bid-YTW : 6.72 %
BN.PR.X FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 8.53 %
MFC.PR.L FixedReset Ins Non -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.94 %
BN.PR.B Floater -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 11.90
Evaluated at bid price : 11.90
Bid-YTW : 10.56 %
BN.PR.Z FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 8.06 %
FFH.PR.G FixedReset Disc -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 8.43 %
BN.PF.E FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 8.70 %
FFH.PR.I FixedReset Disc -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 8.42 %
FFH.PR.C FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.55
Evaluated at bid price : 21.90
Bid-YTW : 7.79 %
RY.PR.M FixedReset Disc -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.64
Evaluated at bid price : 22.06
Bid-YTW : 6.75 %
GWO.PR.H Insurance Straight -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.46 %
CU.PR.E Perpetual-Discount -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.44 %
BN.PF.H FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 23.03
Evaluated at bid price : 23.45
Bid-YTW : 8.10 %
BMO.PR.W FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 22.38
Evaluated at bid price : 23.23
Bid-YTW : 6.26 %
GWO.PR.I Insurance Straight -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 6.39 %
FFH.PR.K FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 8.01 %
CU.PR.I FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 22.76
Evaluated at bid price : 23.18
Bid-YTW : 7.62 %
BIP.PR.E FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.70
Evaluated at bid price : 22.00
Bid-YTW : 7.57 %
BN.PR.R FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 15.96
Evaluated at bid price : 15.96
Bid-YTW : 8.75 %
GWO.PR.Y Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.44 %
RY.PR.O Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 22.74
Evaluated at bid price : 23.00
Bid-YTW : 5.36 %
MFC.PR.K FixedReset Ins Non -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 22.35
Evaluated at bid price : 23.05
Bid-YTW : 6.51 %
SLF.PR.H FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.92 %
SLF.PR.G FixedReset Ins Non -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 7.18 %
GWO.PR.L Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 6.49 %
MFC.PR.C Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 6.15 %
RY.PR.J FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 22.48
Evaluated at bid price : 23.00
Bid-YTW : 6.74 %
FFH.PR.H FloatingReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 10.28 %
GWO.PR.G Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.44 %
PVS.PR.G SplitShare -1.02 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 6.80 %
CCS.PR.C Insurance Straight 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.60 %
MFC.PR.M FixedReset Ins Non 5.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 7.23 %
SLF.PR.J FloatingReset 7.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 9.23 %
NA.PR.W FixedReset Disc 29.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.97 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.O FixedReset Disc 147,191 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 23.14
Evaluated at bid price : 24.26
Bid-YTW : 6.15 %
BN.PF.A FixedReset Disc 146,604 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.49
Evaluated at bid price : 21.76
Bid-YTW : 7.78 %
BIP.PR.E FixedReset Disc 64,138 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.70
Evaluated at bid price : 22.00
Bid-YTW : 7.57 %
TD.PF.I FixedReset Prem 38,611 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 23.18
Evaluated at bid price : 24.62
Bid-YTW : 6.72 %
RY.PR.M FixedReset Disc 33,617 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.64
Evaluated at bid price : 22.06
Bid-YTW : 6.75 %
TD.PF.B FixedReset Disc 26,669 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 23.18
Evaluated at bid price : 24.30
Bid-YTW : 6.08 %
There were 21 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.G FixedReset Ins Non Quote: 21.12 – 23.30
Spot Rate : 2.1800
Average : 1.2557

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 7.45 %

BIP.PR.A FixedReset Disc Quote: 20.50 – 22.05
Spot Rate : 1.5500
Average : 0.9126

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 8.49 %

MFC.PR.Q FixedReset Ins Non Quote: 22.00 – 23.46
Spot Rate : 1.4600
Average : 0.9477

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 6.99 %

GWO.PR.S Insurance Straight Quote: 20.36 – 22.48
Spot Rate : 2.1200
Average : 1.6675

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 6.47 %

GWO.PR.N FixedReset Ins Non Quote: 14.60 – 15.65
Spot Rate : 1.0500
Average : 0.7094

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 7.84 %

BN.PR.X FixedReset Disc Quote: 15.75 – 16.95
Spot Rate : 1.2000
Average : 0.8831

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-06-06
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 8.53 %