Category: Market Action

Market Action

December 23, 2020

I was fascinated to read about the Royal Ottawa Golf Club’s CEWS-derived operating surplus:

The Royal Ottawa Golf Club, one of the country’s most prominent private courses, has banked a $1-million surplus from its past season, thanks mostly to federal subsidies for workers’ wages during the COVID-19 pandemic.

CBC News has obtained the club’s audited financial statements, and a recording of its annual general meeting, in which its board told members about the club’s “very strong financial position” due to the Canada emergency wage subsidy (CEWS) windfall.

“We ended up with a rather substantial subsidy,” Doug McLarty, the club treasurer, told participants in the Dec. 5 online video meeting. “It was over a million dollars. And that ended up on the bottom line.”
…
“I can tell you that pretty well every club in Ontario that we are aware of, and in Quebec, applied for that subsidy. And many of them are in a similar situation to what we have enjoyed this year — they have an operating surplus that they weren’t anticipating.” [said McLarty]

It was interesting because not only did the effect go far beyond partial mitigation of coronavirus damage, but because I can’t figure out how they qualified. This puzzlement led to curiosity about investment management firms – we weren’t subject to lockdowns and fees are based on assets under management. So I used the CRA CEWS Registry to search for a few investment management companies that might have obtained some of this largesse … it turns out that quite a few of them were sucking government tit!

If anybody can tell me why these guys don’t deserve to be classed as welfare bums, let me know!

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 -0.2716 % 1,860.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2716 % 3,414.0
Floater 4.67 % 4.61 % 75,891 16.22 2 -0.2716 % 1,967.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1780 % 3,632.3
SplitShare 4.77 % 4.36 % 43,755 3.82 9 0.1780 % 4,337.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1780 % 3,384.5
Perpetual-Premium 5.34 % -0.10 % 73,036 0.08 19 0.1277 % 3,203.7
Perpetual-Discount 5.01 % 5.01 % 71,597 15.40 12 -0.0378 % 3,670.6
FixedReset Disc 5.02 % 3.90 % 148,051 17.22 56 -0.0818 % 2,325.4
Insurance Straight 5.07 % 4.85 % 88,356 15.37 22 -0.0719 % 3,549.0
FloatingReset 1.93 % 1.91 % 41,600 1.09 3 0.0656 % 1,851.5
FixedReset Prem 5.15 % 3.14 % 220,925 0.78 22 0.0573 % 2,677.0
FixedReset Bank Non 1.93 % 1.81 % 174,846 1.09 2 -0.0200 % 2,880.3
FixedReset Ins Non 5.05 % 3.87 % 84,829 17.29 22 0.4152 % 2,426.1
Performance Highlights
Issue Index Change Notes
TRP.PR.D FixedReset Disc -7.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 5.62 %
CU.PR.F Perpetual-Discount -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 23.30
Evaluated at bid price : 23.56
Bid-YTW : 4.81 %
IAF.PR.I FixedReset Ins Non -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 4.05 %
BAM.PR.K Floater -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 9.05
Evaluated at bid price : 9.05
Bid-YTW : 4.74 %
MFC.PR.C Insurance Straight -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 4.77 %
IFC.PR.A FixedReset Ins Non -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 14.97
Evaluated at bid price : 14.97
Bid-YTW : 3.82 %
TRP.PR.C FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 10.37
Evaluated at bid price : 10.37
Bid-YTW : 4.85 %
BAM.PR.Z FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 4.87 %
MFC.PR.L FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 3.95 %
IAF.PR.B Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 23.98
Evaluated at bid price : 24.23
Bid-YTW : 4.75 %
TD.PF.D FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 21.77
Evaluated at bid price : 22.17
Bid-YTW : 3.65 %
GWO.PR.R Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 24.01
Evaluated at bid price : 24.45
Bid-YTW : 4.90 %
BAM.PR.B Floater 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 9.31
Evaluated at bid price : 9.31
Bid-YTW : 4.61 %
GWO.PR.N FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 3.87 %
RY.PR.M FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 3.59 %
CU.PR.G Perpetual-Discount 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 23.16
Evaluated at bid price : 23.60
Bid-YTW : 4.79 %
RY.PR.H FixedReset Disc 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 3.40 %
PWF.PR.T FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 4.11 %
MFC.PR.H FixedReset Ins Non 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 22.91
Evaluated at bid price : 23.40
Bid-YTW : 3.84 %
IAF.PR.G FixedReset Ins Non 7.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 4.05 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.B FixedReset Prem 201,550 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 2.93 %
TD.PF.A FixedReset Disc 22,763 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 3.48 %
BMO.PR.T FixedReset Disc 21,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 3.60 %
BNS.PR.I FixedReset Disc 20,015 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 21.89
Evaluated at bid price : 22.20
Bid-YTW : 3.60 %
RY.PR.Z FixedReset Disc 18,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 3.39 %
BNS.PR.Z FixedReset Bank Non 18,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 1.81 %
There were 20 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: 13.75 – 15.05
Spot Rate : 1.3000
Average : 0.7427

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 5.62 %
MFC.PR.K FixedReset Ins Non Quote: 18.60 – 20.17
Spot Rate : 1.5700
Average : 1.2743

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 3.91 %
BAM.PF.E FixedReset Disc Quote: 15.90 – 16.79
Spot Rate : 0.8900
Average : 0.5950

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 4.94 %
MFC.PR.C Insurance Straight Quote: 23.65 – 24.23
Spot Rate : 0.5800
Average : 0.3975

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 4.77 %
CU.PR.D Perpetual-Discount Quote: 24.85 – 25.85
Spot Rate : 1.0000
Average : 0.8451

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 24.61
Evaluated at bid price : 24.85
Bid-YTW : 4.97 %
CU.PR.C FixedReset Disc Quote: 18.42 – 19.42
Spot Rate : 1.0000
Average : 0.8483

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-23
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 3.94 %
Market Action

December 22, 2020

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 -0.2168 % 1,865.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2168 % 3,423.3
Floater 4.66 % 4.66 % 75,171 16.13 2 -0.2168 % 1,972.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.4493 % 3,625.8
SplitShare 4.78 % 4.46 % 42,866 3.82 9 0.4493 % 4,330.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4493 % 3,378.5
Perpetual-Premium 5.33 % 3.05 % 75,832 0.08 19 0.0412 % 3,199.6
Perpetual-Discount 5.00 % 5.01 % 77,020 15.40 12 0.1999 % 3,672.0
FixedReset Disc 5.01 % 3.90 % 150,304 17.23 56 0.2252 % 2,327.3
Insurance Straight 5.06 % 4.85 % 88,663 15.36 22 -0.0092 % 3,551.5
FloatingReset 1.93 % 1.86 % 43,308 1.10 3 0.0164 % 1,850.3
FixedReset Prem 5.16 % 3.21 % 218,211 0.66 22 0.0807 % 2,675.4
FixedReset Bank Non 1.93 % 1.81 % 169,099 1.09 2 0.0200 % 2,880.9
FixedReset Ins Non 5.07 % 3.89 % 87,209 17.25 22 0.0490 % 2,416.1
Performance Highlights
Issue Index Change Notes
IAF.PR.G FixedReset Ins Non -5.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 4.37 %
CU.PR.G Perpetual-Discount -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 22.91
Evaluated at bid price : 23.18
Bid-YTW : 4.88 %
RY.PR.H FixedReset Disc -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 3.48 %
CM.PR.Q FixedReset Disc -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 3.87 %
TRP.PR.E FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 14.62
Evaluated at bid price : 14.62
Bid-YTW : 5.23 %
BAM.PF.F FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 17.57
Evaluated at bid price : 17.57
Bid-YTW : 4.93 %
BAM.PR.X FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 4.76 %
SLF.PR.D Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 4.67 %
TRP.PR.C FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 10.52
Evaluated at bid price : 10.52
Bid-YTW : 4.78 %
BAM.PF.D Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 24.03
Evaluated at bid price : 24.45
Bid-YTW : 5.01 %
NA.PR.W FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 3.90 %
CM.PR.P FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 3.65 %
EIT.PR.A SplitShare 1.17 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 3.47 %
BMO.PR.E FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 22.22
Evaluated at bid price : 22.65
Bid-YTW : 3.72 %
BMO.PR.S FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 3.58 %
RY.PR.Z FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 3.39 %
MFC.PR.Q FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 3.83 %
PVS.PR.H SplitShare 1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.46 %
BMO.PR.W FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 3.61 %
CU.PR.F Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 23.74
Evaluated at bid price : 24.02
Bid-YTW : 4.71 %
BAM.PR.N Perpetual-Discount 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.03 %
GWO.PR.N FixedReset Ins Non 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 11.15
Evaluated at bid price : 11.15
Bid-YTW : 3.92 %
IAF.PR.B Insurance Straight 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 4.70 %
BAM.PR.R FixedReset Disc 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 4.72 %
MFC.PR.G FixedReset Ins Non 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 21.66
Evaluated at bid price : 22.07
Bid-YTW : 3.80 %
TD.PF.D FixedReset Disc 9.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 21.62
Evaluated at bid price : 21.95
Bid-YTW : 3.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.E FixedReset Disc 56,093 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 22.22
Evaluated at bid price : 22.65
Bid-YTW : 3.72 %
TRP.PR.C FixedReset Disc 54,611 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 10.52
Evaluated at bid price : 10.52
Bid-YTW : 4.78 %
PWF.PR.T FixedReset Disc 52,754 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 4.21 %
MFC.PR.Q FixedReset Ins Non 50,640 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 3.83 %
GWO.PR.G Insurance Straight 27,892 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-21
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.16 %
TRP.PR.K FixedReset Disc 23,769 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 23.68
Evaluated at bid price : 24.81
Bid-YTW : 4.92 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 21.11 – 25.50
Spot Rate : 4.3900
Average : 2.9242

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 3.64 %
IAF.PR.G FixedReset Ins Non Quote: 19.10 – 21.15
Spot Rate : 2.0500
Average : 1.3894

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 4.37 %
MFC.PR.K FixedReset Ins Non Quote: 18.60 – 20.17
Spot Rate : 1.5700
Average : 0.9501

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 3.91 %
EIT.PR.B SplitShare Quote: 26.10 – 27.10
Spot Rate : 1.0000
Average : 0.6364

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 3.71 %
BAM.PR.X FixedReset Disc Quote: 12.01 – 13.40
Spot Rate : 1.3900
Average : 1.0330

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 4.76 %
CU.PR.G Perpetual-Discount Quote: 23.18 – 24.10
Spot Rate : 0.9200
Average : 0.5734

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-22
Maturity Price : 22.91
Evaluated at bid price : 23.18
Bid-YTW : 4.88 %
Market Action

December 21, 2020

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 -0.5391 % 1,869.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5391 % 3,430.7
Floater 4.65 % 4.64 % 51,756 16.17 2 -0.5391 % 1,977.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,609.6
SplitShare 4.80 % 4.62 % 44,620 3.82 9 0.0000 % 4,310.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,363.3
Perpetual-Premium 5.33 % 0.23 % 73,645 0.08 19 -0.1071 % 3,198.3
Perpetual-Discount 5.01 % 5.05 % 74,024 15.37 12 -0.5416 % 3,664.6
FixedReset Disc 5.03 % 3.92 % 151,357 17.21 56 -0.4859 % 2,322.1
Insurance Straight 5.06 % 4.83 % 87,353 15.37 22 -0.6555 % 3,551.8
FloatingReset 1.93 % 1.90 % 43,323 1.10 3 -0.2944 % 1,850.0
FixedReset Prem 5.16 % 3.08 % 221,409 0.66 22 -0.2432 % 2,673.3
FixedReset Bank Non 1.93 % 1.80 % 171,617 1.09 2 0.0200 % 2,880.3
FixedReset Ins Non 5.07 % 3.89 % 87,675 17.23 22 -0.2259 % 2,414.9
Performance Highlights
Issue Index Change Notes
TD.PF.D FixedReset Disc -7.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 4.06 %
BAM.PR.T FixedReset Disc -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 4.83 %
BAM.PF.E FixedReset Disc -3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 4.94 %
BAM.PF.F FixedReset Disc -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 4.85 %
TRP.PR.D FixedReset Disc -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 5.15 %
CU.PR.F Perpetual-Discount -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.41
Evaluated at bid price : 23.68
Bid-YTW : 4.78 %
MFC.PR.H FixedReset Ins Non -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 21.94
Evaluated at bid price : 22.50
Bid-YTW : 3.99 %
SLF.PR.E Insurance Straight -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.66
Evaluated at bid price : 23.93
Bid-YTW : 4.70 %
BAM.PF.A FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 4.79 %
IFC.PR.G FixedReset Ins Non -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 4.09 %
IFC.PR.I Perpetual-Premium -1.70 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 5.11 %
BAM.PR.Z FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 4.83 %
IFC.PR.E Insurance Straight -1.37 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2050-12-21
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.17 %
MFC.PR.B Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.93
Evaluated at bid price : 24.17
Bid-YTW : 4.83 %
BAM.PF.B FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 16.94
Evaluated at bid price : 16.94
Bid-YTW : 4.92 %
TRP.PR.F FloatingReset -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 11.16
Evaluated at bid price : 11.16
Bid-YTW : 4.53 %
GWO.PR.R Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 4.95 %
GWO.PR.I Insurance Straight -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.34
Evaluated at bid price : 23.63
Bid-YTW : 4.76 %
PWF.PR.S Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.83
Evaluated at bid price : 24.10
Bid-YTW : 5.04 %
SLF.PR.C Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 4.65 %
BAM.PR.N Perpetual-Discount -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.10 %
MFC.PR.J FixedReset Ins Non -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 3.94 %
BIK.PR.A FixedReset Prem -1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.70 %
BMO.PR.W FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 3.66 %
BAM.PR.R FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 4.82 %
BAM.PR.B Floater -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 9.20
Evaluated at bid price : 9.20
Bid-YTW : 4.66 %
TRP.PR.E FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 14.87
Evaluated at bid price : 14.87
Bid-YTW : 5.13 %
IAF.PR.B Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 4.79 %
BIP.PR.D FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.65
Evaluated at bid price : 24.10
Bid-YTW : 5.19 %
BAM.PF.D Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.68
Evaluated at bid price : 24.20
Bid-YTW : 5.05 %
SLF.PR.B Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 4.89 %
BIP.PR.C FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 24.17
Evaluated at bid price : 24.67
Bid-YTW : 5.42 %
NA.PR.W FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 3.94 %
RY.PR.M FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 3.62 %
CU.PR.D Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 4.99 %
RY.PR.J FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 21.60
Evaluated at bid price : 21.91
Bid-YTW : 3.64 %
SLF.PR.H FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 17.99
Evaluated at bid price : 17.99
Bid-YTW : 3.65 %
RY.PR.H FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 3.40 %
CM.PR.Q FixedReset Disc 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 21.38
Evaluated at bid price : 21.38
Bid-YTW : 3.80 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.A FixedReset Prem 396,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 2.72 %
RY.PR.H FixedReset Disc 110,931 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 3.40 %
TD.PF.B FixedReset Disc 85,530 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 3.57 %
TD.PF.A FixedReset Disc 78,899 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 3.50 %
NA.PR.S FixedReset Disc 38,412 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 3.93 %
TRP.PR.K FixedReset Disc 27,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 23.67
Evaluated at bid price : 24.80
Bid-YTW : 4.92 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 15.12 – 18.51
Spot Rate : 3.3900
Average : 1.8706

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 15.12
Evaluated at bid price : 15.12
Bid-YTW : 3.78 %
TD.PF.D FixedReset Disc Quote: 20.11 – 22.45
Spot Rate : 2.3400
Average : 1.3253

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 4.06 %
BAM.PF.B FixedReset Disc Quote: 16.94 – 18.24
Spot Rate : 1.3000
Average : 0.9068

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 16.94
Evaluated at bid price : 16.94
Bid-YTW : 4.92 %
CU.PR.D Perpetual-Discount Quote: 24.70 – 25.70
Spot Rate : 1.0000
Average : 0.7469

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 4.99 %
POW.PR.B Perpetual-Premium Quote: 25.20 – 25.78
Spot Rate : 0.5800
Average : 0.3372

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 24.88
Evaluated at bid price : 25.20
Bid-YTW : 5.39 %
TD.PF.J FixedReset Disc Quote: 22.58 – 23.45
Spot Rate : 0.8700
Average : 0.6368

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-21
Maturity Price : 22.24
Evaluated at bid price : 22.58
Bid-YTW : 3.70 %
Market Action

December 18, 2020

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 -0.0539 % 1,879.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0539 % 3,449.3
Floater 4.62 % 4.61 % 73,061 16.22 2 -0.0539 % 1,987.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1285 % 3,609.6
SplitShare 4.80 % 4.58 % 45,313 3.83 9 -0.1285 % 4,310.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1285 % 3,363.3
Perpetual-Premium 5.33 % 2.99 % 73,803 0.08 19 0.0041 % 3,201.7
Perpetual-Discount 4.99 % 5.06 % 77,642 15.38 12 -0.1301 % 3,684.6
FixedReset Disc 5.00 % 3.89 % 150,408 17.27 56 0.1383 % 2,333.4
Insurance Straight 5.03 % 4.75 % 88,338 15.42 22 -0.1718 % 3,575.3
FloatingReset 1.96 % 1.87 % 43,556 1.11 3 -0.5206 % 1,855.4
FixedReset Prem 5.15 % 3.03 % 220,484 0.80 22 0.0340 % 2,679.8
FixedReset Bank Non 1.93 % 1.82 % 178,567 1.10 2 -0.0200 % 2,879.7
FixedReset Ins Non 5.06 % 3.88 % 87,107 17.31 22 -0.1023 % 2,420.4
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 4.67 %
BAM.PF.B FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 4.83 %
CU.PR.D Perpetual-Discount -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 24.07
Evaluated at bid price : 24.36
Bid-YTW : 5.06 %
BAM.PF.G FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 4.79 %
TRP.PR.F FloatingReset -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 11.31
Evaluated at bid price : 11.31
Bid-YTW : 4.53 %
IAF.PR.G FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.10 %
MFC.PR.G FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 3.87 %
SLF.PR.D Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 4.59 %
MFC.PR.C Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 24.06
Evaluated at bid price : 24.32
Bid-YTW : 4.64 %
PWF.PR.T FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 4.21 %
TRP.PR.C FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 10.64
Evaluated at bid price : 10.64
Bid-YTW : 4.69 %
MFC.PR.Q FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 3.88 %
IFC.PR.G FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.00 %
BAM.PF.D Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 24.21
Evaluated at bid price : 24.45
Bid-YTW : 5.02 %
SLF.PR.C Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 4.59 %
RY.PR.M FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 3.64 %
RY.PR.S FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.92
Evaluated at bid price : 22.25
Bid-YTW : 3.50 %
TD.PF.A FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 3.47 %
BAM.PF.A FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 4.69 %
BMO.PR.Y FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 3.70 %
BMO.PR.T FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 3.61 %
TD.PF.C FixedReset Disc 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 3.55 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.A FixedReset Prem 153,990 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 2.81 %
MFC.PR.O FixedReset Ins Non 127,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 3.04 %
TD.PF.A FixedReset Disc 115,403 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 3.47 %
BMO.PR.S FixedReset Disc 77,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 3.61 %
RY.PR.Q FixedReset Prem 71,519 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : 2.76 %
CM.PR.R FixedReset Disc 63,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 24.16
Evaluated at bid price : 24.49
Bid-YTW : 3.98 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 21.01 – 25.50
Spot Rate : 4.4900
Average : 2.4761

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 3.64 %
IAF.PR.I FixedReset Ins Non Quote: 21.30 – 22.00
Spot Rate : 0.7000
Average : 0.4900

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 3.96 %
BAM.PR.X FixedReset Disc Quote: 12.20 – 12.93
Spot Rate : 0.7300
Average : 0.5337

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 4.67 %
PWF.PR.T FixedReset Disc Quote: 18.25 – 18.80
Spot Rate : 0.5500
Average : 0.3548

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 4.21 %
MFC.PR.G FixedReset Ins Non Quote: 21.65 – 22.20
Spot Rate : 0.5500
Average : 0.3958

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 3.87 %
MFC.PR.N FixedReset Ins Non Quote: 19.17 – 19.70
Spot Rate : 0.5300
Average : 0.3861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-18
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 3.84 %
Market Action

December 17, 2020

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 -0.8017 % 1,880.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8017 % 3,451.2
Floater 4.62 % 4.61 % 73,922 16.24 2 -0.8017 % 1,988.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1090 % 3,614.3
SplitShare 4.79 % 4.44 % 46,913 3.83 9 0.1090 % 4,316.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1090 % 3,367.7
Perpetual-Premium 5.33 % 3.63 % 74,527 0.32 19 0.0165 % 3,201.6
Perpetual-Discount 4.98 % 5.04 % 78,105 15.44 12 -0.1538 % 3,689.4
FixedReset Disc 5.01 % 3.90 % 150,372 17.21 56 0.0485 % 2,330.2
Insurance Straight 5.02 % 4.71 % 89,693 15.41 22 -0.2789 % 3,581.4
FloatingReset 1.95 % 1.57 % 43,665 1.11 3 0.3264 % 1,865.2
FixedReset Prem 5.15 % 3.11 % 222,246 0.80 22 0.2061 % 2,678.9
FixedReset Bank Non 1.93 % 1.81 % 178,379 1.11 2 0.0600 % 2,880.3
FixedReset Ins Non 5.05 % 3.86 % 86,434 17.33 22 0.3146 % 2,422.9
Performance Highlights
Issue Index Change Notes
BAM.PF.A FixedReset Disc -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 4.77 %
BAM.PR.R FixedReset Disc -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 4.72 %
SLF.PR.C Insurance Straight -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 4.63 %
TRP.PR.D FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 5.01 %
BAM.PR.K Floater -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 9.25
Evaluated at bid price : 9.25
Bid-YTW : 4.64 %
BMO.PR.Y FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 3.76 %
CCS.PR.C Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 24.44
Evaluated at bid price : 24.68
Bid-YTW : 5.07 %
GWO.PR.I Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 23.67
Evaluated at bid price : 23.94
Bid-YTW : 4.70 %
NA.PR.S FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 19.49
Evaluated at bid price : 19.49
Bid-YTW : 3.93 %
BAM.PR.Z FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 4.72 %
BIP.PR.A FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.21 %
TRP.PR.C FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.65 %
TD.PF.K FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 22.06
Evaluated at bid price : 22.40
Bid-YTW : 3.66 %
TD.PF.I FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 23.77
Evaluated at bid price : 24.10
Bid-YTW : 3.69 %
IFC.PR.C FixedReset Ins Non 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 3.83 %
CM.PR.P FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 3.70 %
NA.PR.G FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 22.19
Evaluated at bid price : 22.60
Bid-YTW : 3.83 %
SLF.PR.G FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 3.92 %
TD.PF.D FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 21.57
Evaluated at bid price : 21.88
Bid-YTW : 3.69 %
TRP.PR.F FloatingReset 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.46 %
MFC.PR.H FixedReset Ins Non 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 22.54
Evaluated at bid price : 23.00
Bid-YTW : 3.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.A FixedReset Prem 279,320 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 2.79 %
MFC.PR.O FixedReset Ins Non 113,424 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.34
Bid-YTW : 2.86 %
RY.PR.Q FixedReset Prem 105,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.39
Bid-YTW : 2.65 %
BMO.PR.Q FixedReset Bank Non 88,719 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 1.92 %
TD.PF.B FixedReset Disc 62,315 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 3.59 %
RY.PR.J FixedReset Disc 62,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 21.48
Evaluated at bid price : 21.75
Bid-YTW : 3.66 %
There were 41 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.J FixedReset Disc Quote: 22.70 – 23.45
Spot Rate : 0.7500
Average : 0.4811

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 22.32
Evaluated at bid price : 22.70
Bid-YTW : 3.67 %
BAM.PF.A FixedReset Disc Quote: 18.88 – 19.45
Spot Rate : 0.5700
Average : 0.3600

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 4.77 %
TRP.PR.B FixedReset Disc Quote: 9.30 – 10.00
Spot Rate : 0.7000
Average : 0.5578

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 9.30
Evaluated at bid price : 9.30
Bid-YTW : 4.60 %
SLF.PR.C Insurance Straight Quote: 24.00 – 24.64
Spot Rate : 0.6400
Average : 0.5066

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 4.63 %
IFC.PR.G FixedReset Ins Non Quote: 20.00 – 20.45
Spot Rate : 0.4500
Average : 0.3450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.04 %
CCS.PR.C Insurance Straight Quote: 24.68 – 24.98
Spot Rate : 0.3000
Average : 0.2150

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-17
Maturity Price : 24.44
Evaluated at bid price : 24.68
Bid-YTW : 5.07 %
Market Action

December 16, 2020

Today’s FOMC Statement contained no surprises:

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.

The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee’s maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.

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 public health, 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; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.

The New York Times reports:

[Jerome H. Powell, Chair,] used his post-meeting remarks to paint a picture of a bifurcated economy, one in which many businesses and households face acute economic pain in the near-term, coupled with the expectation that the economy would snap back once vaccines were widely available — a development that he guessed could come about as soon as midyear.

The United States could then see a long period of unbroken growth, Mr. Powell predicted, signaling that he and his colleagues were prepared to leave rates low for years on end as they try to return the labor market and broader economy to full strength.
…
Despite that upgrade [in projected 2021 economic growth], the median Fed official continued to project interest rates near-zero through the end of 2023, demonstrating the central bank’s plan to move glacially coming out of the crisis.

PerpetualDiscounts now yield 5.04%, equivalent to 6.55% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.80%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at the 375bp reported December 9.

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 -0.4787 % 1,896.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4787 % 3,479.1
Floater 4.58 % 4.56 % 50,811 16.32 2 -0.4787 % 2,005.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1263 % 3,610.3
SplitShare 4.80 % 4.46 % 44,382 3.83 9 -0.1263 % 4,311.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1263 % 3,364.0
Perpetual-Premium 5.33 % 3.24 % 77,228 0.08 19 0.0474 % 3,201.1
Perpetual-Discount 4.97 % 5.04 % 75,284 15.44 12 0.1541 % 3,695.1
FixedReset Disc 5.01 % 3.91 % 149,918 17.18 56 0.4511 % 2,329.1
Insurance Straight 5.01 % 4.55 % 90,624 4.03 22 0.1150 % 3,591.4
FloatingReset 1.96 % 1.49 % 44,028 1.11 3 0.2782 % 1,859.1
FixedReset Prem 5.16 % 3.42 % 221,565 0.67 22 -0.0143 % 2,673.4
FixedReset Bank Non 1.93 % 1.81 % 185,545 1.11 2 0.0200 % 2,878.6
FixedReset Ins Non 5.06 % 3.87 % 87,097 17.29 22 0.1869 % 2,415.3
Performance Highlights
Issue Index Change Notes
MFC.PR.K FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 3.92 %
BIP.PR.E FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 22.97
Evaluated at bid price : 23.75
Bid-YTW : 5.24 %
GWO.PR.H Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 24.16
Evaluated at bid price : 24.41
Bid-YTW : 4.97 %
SLF.PR.I FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 3.80 %
SLF.PR.C Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 4.54 %
BIP.PR.A FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.16 %
MFC.PR.N FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 3.84 %
MFC.PR.G FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 21.50
Evaluated at bid price : 21.85
Bid-YTW : 3.83 %
BIP.PR.F FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 22.88
Evaluated at bid price : 23.81
Bid-YTW : 5.32 %
TRP.PR.G FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 5.11 %
TRP.PR.F FloatingReset 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 4.54 %
RY.PR.Z FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 3.47 %
RY.PR.H FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 3.50 %
NA.PR.W FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 3.92 %
TD.PF.A FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 3.54 %
BMO.PR.Y FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 3.72 %
GWO.PR.N FixedReset Ins Non 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 11.08
Evaluated at bid price : 11.08
Bid-YTW : 3.92 %
BAM.PF.B FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 4.72 %
NA.PR.E FixedReset Disc 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 3.91 %
BAM.PR.X FixedReset Disc 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 12.42
Evaluated at bid price : 12.42
Bid-YTW : 4.58 %
BAM.PR.R FixedReset Disc 6.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 4.59 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 98,440 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 3.65 %
TRP.PR.C FixedReset Disc 81,898 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 10.64
Evaluated at bid price : 10.64
Bid-YTW : 4.69 %
TRP.PR.B FixedReset Disc 67,836 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 9.35
Evaluated at bid price : 9.35
Bid-YTW : 4.58 %
RY.PR.Z FixedReset Disc 58,504 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 3.47 %
IFC.PR.I Perpetual-Premium 47,891 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 4.84 %
TD.PF.H FixedReset Prem 45,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : 3.57 %
There were 54 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.E FixedReset Disc Quote: 15.15 – 16.03
Spot Rate : 0.8800
Average : 0.5271

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 5.02 %
TRP.PR.B FixedReset Disc Quote: 9.35 – 10.00
Spot Rate : 0.6500
Average : 0.4019

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 9.35
Evaluated at bid price : 9.35
Bid-YTW : 4.58 %
MFC.PR.H FixedReset Ins Non Quote: 22.50 – 23.52
Spot Rate : 1.0200
Average : 0.8593

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 21.94
Evaluated at bid price : 22.50
Bid-YTW : 3.98 %
CM.PR.Y FixedReset Prem Quote: 25.25 – 25.73
Spot Rate : 0.4800
Average : 0.3363

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 23.38
Evaluated at bid price : 25.25
Bid-YTW : 4.16 %
BMO.PR.T FixedReset Disc Quote: 19.52 – 20.00
Spot Rate : 0.4800
Average : 0.3454

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 3.67 %
BMO.PR.S FixedReset Disc Quote: 20.32 – 20.65
Spot Rate : 0.3300
Average : 0.2083

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-16
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 3.65 %
Market Action

December 15, 2020

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 0.4810 % 1,905.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4810 % 3,495.8
Floater 4.56 % 4.56 % 49,930 16.33 2 0.4810 % 2,014.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0283 % 3,614.9
SplitShare 4.79 % 4.38 % 46,205 3.83 9 0.0283 % 4,317.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0283 % 3,368.3
Perpetual-Premium 5.33 % 3.34 % 78,439 0.19 19 0.0619 % 3,199.5
Perpetual-Discount 4.98 % 5.05 % 74,050 15.40 12 -0.0103 % 3,689.4
FixedReset Disc 5.03 % 3.91 % 145,114 17.20 56 -0.0144 % 2,318.6
Insurance Straight 5.01 % 4.68 % 91,997 15.44 22 0.1828 % 3,587.3
FloatingReset 1.96 % 1.50 % 44,353 1.12 3 -0.1960 % 1,853.9
FixedReset Prem 5.16 % 3.35 % 216,685 0.85 22 0.0341 % 2,673.8
FixedReset Bank Non 1.93 % 1.84 % 183,620 1.11 2 -0.0200 % 2,878.0
FixedReset Ins Non 5.07 % 3.88 % 87,523 17.29 22 -0.6359 % 2,410.8
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset Disc -5.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.74 %
MFC.PR.H FixedReset Ins Non -4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 21.93
Evaluated at bid price : 22.50
Bid-YTW : 3.98 %
NA.PR.E FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.01 %
BIP.PR.F FixedReset Disc -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 22.73
Evaluated at bid price : 23.53
Bid-YTW : 5.39 %
SLF.PR.G FixedReset Ins Non -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 3.97 %
SLF.PR.I FixedReset Ins Non -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 3.84 %
MFC.PR.G FixedReset Ins Non -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 3.88 %
NA.PR.W FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 3.99 %
MFC.PR.J FixedReset Ins Non -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 3.93 %
GWO.PR.N FixedReset Ins Non -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 10.85
Evaluated at bid price : 10.85
Bid-YTW : 4.00 %
TRP.PR.F FloatingReset -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 11.16
Evaluated at bid price : 11.16
Bid-YTW : 4.59 %
BMO.PR.Y FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 3.79 %
SLF.PR.H FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 3.71 %
MFC.PR.M FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 3.96 %
BAM.PF.I FixedReset Prem 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 3.85 %
IFC.PR.F Insurance Straight 1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.45
Bid-YTW : 5.04 %
BIP.PR.E FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 23.13
Evaluated at bid price : 24.07
Bid-YTW : 5.16 %
PWF.PR.T FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 4.10 %
CU.PR.C FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 18.17
Evaluated at bid price : 18.17
Bid-YTW : 3.98 %
MFC.PR.C Insurance Straight 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 4.55 %
BAM.PF.B FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.84 %
GWO.PR.H Insurance Straight 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 4.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.P FixedReset Disc 90,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.47 %
SLF.PR.H FixedReset Ins Non 52,470 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 3.71 %
TRP.PR.K FixedReset Disc 49,759 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 23.71
Evaluated at bid price : 24.90
Bid-YTW : 4.89 %
MFC.PR.R FixedReset Ins Non 32,875 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 23.83
Evaluated at bid price : 25.04
Bid-YTW : 4.23 %
BAM.PF.A FixedReset Disc 32,652 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 4.62 %
CM.PR.T FixedReset Disc 30,807 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 23.24
Evaluated at bid price : 24.75
Bid-YTW : 4.00 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.D Perpetual-Discount Quote: 24.84 – 26.94
Spot Rate : 2.1000
Average : 1.2171

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 24.59
Evaluated at bid price : 24.84
Bid-YTW : 4.96 %
MFC.PR.H FixedReset Ins Non Quote: 22.50 – 23.63
Spot Rate : 1.1300
Average : 0.6831

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 21.93
Evaluated at bid price : 22.50
Bid-YTW : 3.98 %
CU.PR.C FixedReset Disc Quote: 18.17 – 19.17
Spot Rate : 1.0000
Average : 0.6342

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 18.17
Evaluated at bid price : 18.17
Bid-YTW : 3.98 %
CU.PR.G Perpetual-Discount Quote: 24.11 – 25.00
Spot Rate : 0.8900
Average : 0.5524

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 23.60
Evaluated at bid price : 24.11
Bid-YTW : 4.67 %
BAM.PR.X FixedReset Disc Quote: 12.00 – 13.00
Spot Rate : 1.0000
Average : 0.6734

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.74 %
NA.PR.W FixedReset Disc Quote: 18.50 – 19.50
Spot Rate : 1.0000
Average : 0.6864

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-15
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 3.99 %
Market Action

December 14, 2020

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 1.2260 % 1,896.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.2260 % 3,479.1
Floater 4.58 % 4.58 % 50,597 16.29 2 1.2260 % 2,005.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1811 % 3,613.9
SplitShare 4.79 % 4.39 % 44,833 3.84 9 0.1811 % 4,315.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1811 % 3,367.3
Perpetual-Premium 5.33 % 3.40 % 78,340 0.33 19 -0.0953 % 3,197.6
Perpetual-Discount 4.98 % 5.05 % 76,845 15.40 12 0.1581 % 3,689.8
FixedReset Disc 5.03 % 3.91 % 147,003 17.19 56 0.0131 % 2,318.9
Insurance Straight 5.02 % 4.63 % 92,968 15.43 22 -0.3391 % 3,580.8
FloatingReset 1.96 % 1.56 % 45,920 1.12 3 0.0000 % 1,857.6
FixedReset Prem 5.16 % 3.22 % 218,931 0.85 22 0.0148 % 2,672.8
FixedReset Bank Non 1.93 % 1.83 % 191,165 1.11 2 0.0800 % 2,878.6
FixedReset Ins Non 5.04 % 3.85 % 87,979 17.35 22 0.1361 % 2,426.2
Performance Highlights
Issue Index Change Notes
BAM.PR.R FixedReset Disc -6.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 4.88 %
BAM.PF.B FixedReset Disc -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 4.93 %
GWO.PR.H Insurance Straight -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.05 %
MFC.PR.M FixedReset Ins Non -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 3.91 %
GWO.PR.R Insurance Straight -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 24.31
Evaluated at bid price : 24.58
Bid-YTW : 4.88 %
MFC.PR.L FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 3.94 %
SLF.PR.E Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 4.59 %
BAM.PR.N Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.11 %
IFC.PR.C FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 3.88 %
CM.PR.P FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 3.73 %
BAM.PF.H FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : -8.36 %
NA.PR.G FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 21.87
Evaluated at bid price : 22.15
Bid-YTW : 3.92 %
TRP.PR.C FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 10.55
Evaluated at bid price : 10.55
Bid-YTW : 4.73 %
IAF.PR.G FixedReset Ins Non 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 4.03 %
IAF.PR.B Insurance Straight 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 24.46
Evaluated at bid price : 24.70
Bid-YTW : 4.66 %
MFC.PR.G FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 21.61
Evaluated at bid price : 22.00
Bid-YTW : 3.80 %
SLF.PR.I FixedReset Ins Non 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 3.77 %
CM.PR.O FixedReset Disc 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 3.81 %
BAM.PR.K Floater 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 9.36
Evaluated at bid price : 9.36
Bid-YTW : 4.58 %
CU.PR.F Perpetual-Discount 4.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 24.06
Evaluated at bid price : 24.35
Bid-YTW : 4.64 %
BAM.PR.T FixedReset Disc 4.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 4.60 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BAM.PF.F FixedReset Disc 108,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 4.67 %
RY.PR.Z FixedReset Disc 106,839 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 3.52 %
BAM.PR.B Floater 101,485 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 9.35
Evaluated at bid price : 9.35
Bid-YTW : 4.58 %
RY.PR.S FixedReset Disc 76,795 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 21.52
Evaluated at bid price : 21.90
Bid-YTW : 3.55 %
MFC.PR.O FixedReset Ins Non 68,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 3.05 %
TD.PF.L FixedReset Prem 33,992 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 23.31
Evaluated at bid price : 24.96
Bid-YTW : 3.89 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAF.PR.I FixedReset Ins Non Quote: 20.95 – 22.00
Spot Rate : 1.0500
Average : 0.6511

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 4.02 %
BAM.PF.B FixedReset Disc Quote: 16.82 – 17.74
Spot Rate : 0.9200
Average : 0.5588

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 4.93 %
GWO.PR.H Insurance Straight Quote: 24.00 – 24.81
Spot Rate : 0.8100
Average : 0.4803

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.05 %
IFC.PR.E Insurance Straight Quote: 25.15 – 25.99
Spot Rate : 0.8400
Average : 0.5372

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 24.65
Evaluated at bid price : 25.15
Bid-YTW : 5.16 %
BAM.PR.R FixedReset Disc Quote: 14.06 – 15.30
Spot Rate : 1.2400
Average : 0.9378

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 4.88 %
PWF.PR.T FixedReset Disc Quote: 18.45 – 19.00
Spot Rate : 0.5500
Average : 0.3774

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-14
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 4.16 %
Market Action

December 11, 2020

And now it’s time to prepare PrefLetter!

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 -1.3151 % 1,873.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.3151 % 3,436.9
Floater 4.57 % 4.61 % 63,740 16.11 2 -1.3151 % 1,980.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0545 % 3,607.3
SplitShare 4.80 % 4.44 % 46,350 3.84 9 -0.0545 % 4,307.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0545 % 3,361.2
Perpetual-Premium 5.32 % 3.18 % 79,213 0.09 19 -0.1275 % 3,200.6
Perpetual-Discount 4.97 % 5.05 % 79,702 15.36 12 -0.6041 % 3,684.0
FixedReset Disc 5.02 % 3.90 % 149,230 17.20 56 -0.6191 % 2,318.6
Insurance Straight 5.00 % 4.57 % 88,544 4.00 22 -0.4384 % 3,593.0
FloatingReset 1.96 % 1.88 % 47,484 1.13 3 0.3442 % 1,857.6
FixedReset Prem 5.16 % 3.28 % 217,630 0.81 22 -0.1877 % 2,672.5
FixedReset Bank Non 1.94 % 1.82 % 192,907 1.12 2 0.0000 % 2,876.3
FixedReset Ins Non 5.04 % 3.84 % 85,463 17.37 22 -0.2938 % 2,422.9
Performance Highlights
Issue Index Change Notes
BAM.PR.T FixedReset Disc -4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 4.85 %
CU.PR.F Perpetual-Discount -4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 22.98
Evaluated at bid price : 23.40
Bid-YTW : 4.82 %
CM.PR.O FixedReset Disc -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 3.88 %
NA.PR.G FixedReset Disc -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 21.49
Evaluated at bid price : 21.85
Bid-YTW : 3.97 %
IAF.PR.G FixedReset Ins Non -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.09 %
MFC.PR.G FixedReset Ins Non -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 3.87 %
BAM.PR.K Floater -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 9.33
Evaluated at bid price : 9.33
Bid-YTW : 4.66 %
NA.PR.W FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 3.91 %
BIP.PR.A FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.26 %
BIP.PR.D FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 23.65
Evaluated at bid price : 24.10
Bid-YTW : 5.18 %
BMO.PR.W FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.89
Evaluated at bid price : 19.89
Bid-YTW : 3.65 %
MFC.PR.C Insurance Straight -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 24.10
Evaluated at bid price : 24.36
Bid-YTW : 4.62 %
SLF.PR.C Insurance Straight -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 4.53 %
NA.PR.E FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 3.90 %
TRP.PR.E FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 4.99 %
MFC.PR.H FixedReset Ins Non -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 23.02
Evaluated at bid price : 23.50
Bid-YTW : 3.81 %
SLF.PR.G FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 3.88 %
TRP.PR.D FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 15.43
Evaluated at bid price : 15.43
Bid-YTW : 4.96 %
MFC.PR.M FixedReset Ins Non -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 3.83 %
TD.PF.B FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 3.63 %
IFC.PR.E Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.25
Evaluated at bid price : 25.61
Bid-YTW : 5.08 %
GWO.PR.S Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.00 %
TRP.PR.C FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 10.40
Evaluated at bid price : 10.40
Bid-YTW : 4.80 %
MFC.PR.N FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 3.84 %
BIP.PR.B FixedReset Prem -1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 0.38 %
TD.PF.J FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 22.01
Evaluated at bid price : 22.27
Bid-YTW : 3.75 %
IFC.PR.F Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.53
Bid-YTW : 5.26 %
MFC.PR.F FixedReset Ins Non 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 12.22
Evaluated at bid price : 12.22
Bid-YTW : 3.79 %
IFC.PR.C FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 3.94 %
RY.PR.M FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 3.70 %
BAM.PF.J FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.33 %
GWO.PR.R Insurance Straight 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.57 %
TRP.PR.F FloatingReset 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 11.41
Evaluated at bid price : 11.41
Bid-YTW : 4.49 %
IFC.PR.A FixedReset Ins Non 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 15.23
Evaluated at bid price : 15.23
Bid-YTW : 3.81 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.H FixedReset Ins Non 150,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 3.70 %
TD.PF.B FixedReset Disc 109,568 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 3.63 %
BMO.PR.C FixedReset Disc 109,125 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 24.14
Evaluated at bid price : 24.50
Bid-YTW : 3.89 %
RY.PR.M FixedReset Disc 101,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 3.70 %
BMO.PR.T FixedReset Disc 50,190 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 3.66 %
SLF.PR.A Insurance Straight 40,850 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 24.60
Evaluated at bid price : 24.86
Bid-YTW : 4.77 %
There were 28 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.T FixedReset Disc Quote: 14.70 – 15.63
Spot Rate : 0.9300
Average : 0.5725

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 4.85 %
CU.PR.F Perpetual-Discount Quote: 23.40 – 24.55
Spot Rate : 1.1500
Average : 0.8065

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 22.98
Evaluated at bid price : 23.40
Bid-YTW : 4.82 %
CM.PR.O FixedReset Disc Quote: 19.17 – 19.80
Spot Rate : 0.6300
Average : 0.3802

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 3.88 %
MFC.PR.G FixedReset Ins Non Quote: 21.60 – 22.20
Spot Rate : 0.6000
Average : 0.3693

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 3.87 %
IAF.PR.G FixedReset Ins Non Quote: 20.30 – 20.99
Spot Rate : 0.6900
Average : 0.4815

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.09 %
RY.PR.J FixedReset Disc Quote: 21.50 – 22.00
Spot Rate : 0.5000
Average : 0.2970

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-11
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 3.72 %
Market Action

December 10, 2020

unicorn_201210
Click for Big

TXPR closed at 619.68, up 1.03% on the day. Volume today was 3.86-million, behind only December 9 in the past 20 trading days.

CPD closed at 12.34, up 0.74% on the day. Volume was 74,856, on the low side of the median of the past 20 trading days.

ZPR closed at 9.83, up 0.82% on the day. Volume of 160,824 was near the median of the past 20 trading days.

Five-year Canada yields were down 1bp to 0.46% today.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.3166 % 1,898.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3166 % 3,482.8
Floater 4.51 % 4.56 % 49,051 16.20 2 0.3166 % 2,007.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0305 % 3,609.3
SplitShare 4.80 % 4.40 % 42,897 3.85 9 0.0305 % 4,310.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0305 % 3,363.0
Perpetual-Premium 5.32 % 0.67 % 80,356 0.08 19 0.1566 % 3,204.7
Perpetual-Discount 4.94 % 5.03 % 78,505 15.28 12 0.9076 % 3,706.3
FixedReset Disc 4.99 % 3.92 % 143,779 17.16 56 1.3327 % 2,333.1
Insurance Straight 4.98 % 4.47 % 89,545 4.00 22 0.5044 % 3,608.8
FloatingReset 1.95 % 1.86 % 47,378 1.13 3 0.0000 % 1,851.2
FixedReset Prem 5.15 % 2.87 % 217,102 0.82 22 0.3300 % 2,677.5
FixedReset Bank Non 1.94 % 1.86 % 199,767 1.12 2 -0.1199 % 2,876.3
FixedReset Ins Non 5.03 % 3.91 % 83,344 17.28 22 1.3006 % 2,430.0
Performance Highlights
Issue Index Change Notes
IAF.PR.B Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.99
Evaluated at bid price : 24.24
Bid-YTW : 4.74 %
CCS.PR.C Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 24.45
Evaluated at bid price : 24.69
Bid-YTW : 5.06 %
TRP.PR.A FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 13.13
Evaluated at bid price : 13.13
Bid-YTW : 5.04 %
IAF.PR.I FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 4.07 %
NA.PR.C FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.57
Evaluated at bid price : 24.90
Bid-YTW : 3.92 %
BIP.PR.B FixedReset Prem 1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : -6.89 %
TRP.PR.B FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 9.30
Evaluated at bid price : 9.30
Bid-YTW : 4.70 %
IFC.PR.E Insurance Straight 1.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.25
Evaluated at bid price : 25.89
Bid-YTW : 4.80 %
NA.PR.S FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 3.92 %
RY.PR.P Perpetual-Premium 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-02-24
Maturity Price : 26.00
Evaluated at bid price : 26.61
Bid-YTW : -5.01 %
IFC.PR.F Insurance Straight 1.30 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.79
Bid-YTW : 5.01 %
BMO.PR.Y FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 3.77 %
BAM.PF.B FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 17.94
Evaluated at bid price : 17.94
Bid-YTW : 4.77 %
BMO.PR.D FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 24.06
Evaluated at bid price : 24.39
Bid-YTW : 3.81 %
TD.PF.K FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.84
Evaluated at bid price : 22.11
Bid-YTW : 3.77 %
NA.PR.E FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 3.90 %
CU.PR.I FixedReset Prem 1.43 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.58
Bid-YTW : 4.03 %
TD.PF.B FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 3.64 %
IAF.PR.G FixedReset Ins Non 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 4.05 %
IFC.PR.C FixedReset Ins Non 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 4.05 %
TD.PF.A FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 3.61 %
BIP.PR.F FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.02
Evaluated at bid price : 24.12
Bid-YTW : 5.24 %
TD.PF.J FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 22.18
Evaluated at bid price : 22.50
Bid-YTW : 3.75 %
RY.PR.H FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 3.59 %
BIP.PR.E FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.16
Evaluated at bid price : 24.14
Bid-YTW : 5.13 %
MFC.PR.J FixedReset Ins Non 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 3.91 %
GWO.PR.P Insurance Straight 1.67 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-09
Maturity Price : 25.00
Evaluated at bid price : 25.62
Bid-YTW : -26.31 %
BAM.PF.I FixedReset Prem 1.70 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 3.45 %
BMO.PR.T FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.43
Evaluated at bid price : 19.43
Bid-YTW : 3.74 %
RY.PR.Z FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 3.58 %
MFC.PR.K FixedReset Ins Non 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 3.89 %
CM.PR.O FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 3.81 %
RY.PR.J FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 3.76 %
SLF.PR.C Insurance Straight 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 24.61
Evaluated at bid price : 24.87
Bid-YTW : 4.47 %
BMO.PR.S FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 3.66 %
MFC.PR.N FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 3.85 %
RY.PR.M FixedReset Disc 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.44
Evaluated at bid price : 20.44
Bid-YTW : 3.79 %
NA.PR.W FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 3.88 %
BAM.PF.G FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 4.77 %
TD.PF.C FixedReset Disc 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.54
Evaluated at bid price : 20.54
Bid-YTW : 3.65 %
BAM.PR.R FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 15.24
Evaluated at bid price : 15.24
Bid-YTW : 4.65 %
CM.PR.Q FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 3.87 %
TRP.PR.D FixedReset Disc 2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 15.62
Evaluated at bid price : 15.62
Bid-YTW : 4.96 %
BIP.PR.A FixedReset Disc 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.21 %
BAM.PR.X FixedReset Disc 3.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 4.58 %
TRP.PR.E FixedReset Disc 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 15.42
Evaluated at bid price : 15.42
Bid-YTW : 4.98 %
IFC.PR.G FixedReset Ins Non 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.13 %
MFC.PR.L FixedReset Ins Non 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 18.24
Evaluated at bid price : 18.24
Bid-YTW : 3.91 %
MFC.PR.H FixedReset Ins Non 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.33
Evaluated at bid price : 23.81
Bid-YTW : 3.81 %
BNS.PR.I FixedReset Disc 4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.89
Evaluated at bid price : 22.20
Bid-YTW : 3.63 %
TD.PF.D FixedReset Disc 4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.59
Evaluated at bid price : 21.91
Bid-YTW : 3.73 %
MFC.PR.M FixedReset Ins Non 4.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 3.83 %
CU.PR.F Perpetual-Discount 4.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 24.17
Evaluated at bid price : 24.47
Bid-YTW : 4.61 %
BAM.PR.M Perpetual-Discount 4.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.60
Evaluated at bid price : 23.87
Bid-YTW : 5.05 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.C FixedReset Disc 387,042 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 24.24
Evaluated at bid price : 24.58
Bid-YTW : 3.93 %
TD.PF.A FixedReset Disc 119,041 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 3.61 %
RY.PR.H FixedReset Disc 101,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 3.59 %
MFC.PR.R FixedReset Ins Non 82,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.84
Evaluated at bid price : 25.06
Bid-YTW : 4.27 %
TD.PF.M FixedReset Prem 71,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 23.39
Evaluated at bid price : 25.32
Bid-YTW : 4.10 %
RY.PR.M FixedReset Disc 66,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.44
Evaluated at bid price : 20.44
Bid-YTW : 3.79 %
There were 52 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.I Perpetual-Premium Quote: 26.19 – 28.39
Spot Rate : 2.2000
Average : 1.1960

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.19
Bid-YTW : 4.88 %
BAM.PR.X FixedReset Disc Quote: 12.90 – 14.75
Spot Rate : 1.8500
Average : 1.0866

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 4.58 %
GWO.PR.P Insurance Straight Quote: 25.62 – 26.62
Spot Rate : 1.0000
Average : 0.6099

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-09
Maturity Price : 25.00
Evaluated at bid price : 25.62
Bid-YTW : -26.31 %
BMO.PR.Y FixedReset Disc Quote: 21.07 – 22.00
Spot Rate : 0.9300
Average : 0.5917

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 3.77 %
TD.PF.J FixedReset Disc Quote: 22.50 – 23.45
Spot Rate : 0.9500
Average : 0.6340

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 22.18
Evaluated at bid price : 22.50
Bid-YTW : 3.75 %
CM.PR.S FixedReset Disc Quote: 20.91 – 21.50
Spot Rate : 0.5900
Average : 0.3664

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-12-10
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 3.77 %