Category: Market Action

Market Action

June 1, 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 0.2233 % 1,414.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2233 % 2,595.8
Floater 5.46 % 5.84 % 32,284 14.05 4 0.2233 % 1,495.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.2892 % 3,426.8
SplitShare 4.90 % 5.14 % 60,962 3.89 7 0.2892 % 4,092.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2892 % 3,193.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3001 % 2,955.2
Perpetual-Discount 5.69 % 5.93 % 77,736 13.94 35 0.3001 % 3,169.7
FixedReset Disc 6.47 % 5.36 % 175,607 14.50 83 -0.2678 % 1,761.6
Deemed-Retractible 5.45 % 5.65 % 88,080 14.22 27 0.3420 % 3,138.5
FloatingReset 5.00 % 5.04 % 45,502 15.49 3 -0.9992 % 1,742.1
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.2678 % 2,436.2
FixedReset Bank Non 2.00 % 3.60 % 147,038 1.63 2 0.1862 % 2,760.5
FixedReset Ins Non 6.76 % 5.51 % 107,847 14.43 22 -0.2326 % 1,766.2
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -14.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.30 %
SLF.PR.G FixedReset Ins Non -5.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 8.70
Evaluated at bid price : 8.70
Bid-YTW : 5.24 %
MFC.PR.F FixedReset Ins Non -4.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 8.55
Evaluated at bid price : 8.55
Bid-YTW : 5.39 %
IFC.PR.A FixedReset Ins Non -4.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 5.66 %
CU.PR.C FixedReset Disc -4.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.82 %
TRP.PR.F FloatingReset -3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 9.48
Evaluated at bid price : 9.48
Bid-YTW : 5.53 %
SLF.PR.H FixedReset Ins Non -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 5.51 %
TRP.PR.G FixedReset Disc -2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.26 %
TD.PF.E FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 15.38
Evaluated at bid price : 15.38
Bid-YTW : 5.42 %
HSE.PR.G FixedReset Disc -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 10.18
Evaluated at bid price : 10.18
Bid-YTW : 9.94 %
BAM.PF.B FixedReset Disc -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.02
Evaluated at bid price : 14.02
Bid-YTW : 6.15 %
TD.PF.K FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 5.30 %
PWF.PR.T FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.63 %
BIP.PR.F FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.55 %
TRP.PR.K FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 22.25
Evaluated at bid price : 22.55
Bid-YTW : 5.45 %
RY.PR.M FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 5.30 %
PWF.PR.A Floater -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 9.10
Evaluated at bid price : 9.10
Bid-YTW : 4.75 %
CM.PR.T FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.29 %
BIK.PR.A FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 22.20
Evaluated at bid price : 22.75
Bid-YTW : 6.41 %
SLF.PR.I FixedReset Ins Non 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.91
Evaluated at bid price : 14.91
Bid-YTW : 5.38 %
SLF.PR.J FloatingReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 9.05
Evaluated at bid price : 9.05
Bid-YTW : 4.38 %
MFC.PR.M FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.18
Evaluated at bid price : 14.18
Bid-YTW : 5.37 %
POW.PR.G Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 23.66
Evaluated at bid price : 23.95
Bid-YTW : 5.93 %
TD.PF.A FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.43
Evaluated at bid price : 14.43
Bid-YTW : 5.11 %
IAF.PR.G FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.54 %
CCS.PR.C Deemed-Retractible 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 5.80 %
POW.PR.A Perpetual-Discount 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.86 %
HSE.PR.A FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 6.10
Evaluated at bid price : 6.10
Bid-YTW : 9.09 %
IFC.PR.E Deemed-Retractible 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 22.99
Evaluated at bid price : 23.34
Bid-YTW : 5.65 %
POW.PR.D Perpetual-Discount 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 5.80 %
MFC.PR.I FixedReset Ins Non 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 5.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Disc 104,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.20 %
BMO.PR.D FixedReset Disc 58,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 5.35 %
TD.PF.A FixedReset Disc 56,401 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.43
Evaluated at bid price : 14.43
Bid-YTW : 5.11 %
BNS.PR.H FixedReset Disc 45,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 22.34
Evaluated at bid price : 22.70
Bid-YTW : 5.13 %
NA.PR.C FixedReset Disc 44,303 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 17.53
Evaluated at bid price : 17.53
Bid-YTW : 5.66 %
BMO.PR.S FixedReset Disc 43,733 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.02
Evaluated at bid price : 14.02
Bid-YTW : 5.38 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.F Perpetual-Discount Quote: 23.46 – 24.49
Spot Rate : 1.0300
Average : 0.5795

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 23.03
Evaluated at bid price : 23.46
Bid-YTW : 5.26 %
PWF.PR.P FixedReset Disc Quote: 8.15 – 9.70
Spot Rate : 1.5500
Average : 1.2480

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.30 %
BAM.PR.T FixedReset Disc Quote: 11.40 – 11.95
Spot Rate : 0.5500
Average : 0.3144

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 6.29 %
BMO.PR.W FixedReset Disc Quote: 14.15 – 14.76
Spot Rate : 0.6100
Average : 0.3869

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.23 %
SLF.PR.G FixedReset Ins Non Quote: 8.70 – 9.31
Spot Rate : 0.6100
Average : 0.4233

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 8.70
Evaluated at bid price : 8.70
Bid-YTW : 5.24 %
BAM.PF.J FixedReset Disc Quote: 23.20 – 23.75
Spot Rate : 0.5500
Average : 0.3660

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-01
Maturity Price : 22.61
Evaluated at bid price : 23.20
Bid-YTW : 5.17 %
Market Action

May 29, 2020

Laurentian Bank chopped its dividend today:

At its meeting held on May 28, 2020, given the highly uncertain economic environment, the Board of Directors of the Laurentian Bank of Canada (TSX: LB) (the “Bank”) has approved a reduction of the quarterly dividend on its common shares by $0.27 or 40% to provide greater financial strength and flexibility to support continued growth, the pursuit of the Bank’s Strategic Plan, and the alignment of the Bank’s payout ratio with the Bank’s policy.

… and the stock got hammered, down 9.14% with volume at a thirty-day (at least) high. Paul Chiasson comments in the Globe:

Laurentian Bank of Canada slashed its dividend by 40 per cent on Friday after a sharp drop in profit, becoming the first large Canadian bank to cut its payout in nearly 30 years.

The Montreal-based bank came into the COVID-19 crisis on a back foot, having struggled in recent years with wage disputes and a challenging transition toward digital banking that has seen it shutter many branches and phase out teller services.
…
Canada’s seventh largest bank reported a 79-per-cent drop in profit for the three months ended April 30, with net income falling to $8.9-million from $43.3-million in the same quarter last year. The decline was largely attributed to a spike in provisions for potential loan losses tied to weakening economic conditions.

Laurentian responded by cutting its quarterly dividend to 40 cents a share, down from 67 cents. This is the first time a large Canadian bank has cut its dividend since National Bank of Canada did so in 1992, according to data from Refinitiv.
…
The bank’s capital position deteriorated slightly in the quarter, with the closely watched common equity Tier 1 ratio falling to 8.8 per cent from 9 per cent. The bank said it now expects its capital levels ”will remain below the level observed over the recent quarters.”

The preferreds were relatively unscathed, with LB.PR.H down 1.5% on elevated volume and LB.PR.J down 0.38% on slightly above average volume.

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 -0.6654 % 1,411.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6654 % 2,590.0
Floater 5.47 % 5.89 % 32,434 13.97 4 -0.6654 % 1,492.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0926 % 3,417.0
SplitShare 4.92 % 5.15 % 61,165 3.89 7 0.0926 % 4,080.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0926 % 3,183.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2170 % 2,946.3
Perpetual-Discount 5.71 % 5.94 % 78,973 13.95 35 0.2170 % 3,160.2
FixedReset Disc 6.45 % 5.28 % 177,909 14.58 83 0.6730 % 1,766.3
Deemed-Retractible 5.44 % 5.78 % 90,841 14.05 27 0.0941 % 3,127.8
FloatingReset 5.12 % 5.22 % 47,479 15.19 3 1.5156 % 1,759.7
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.6730 % 2,442.7
FixedReset Bank Non 2.00 % 3.60 % 151,856 1.63 2 0.1865 % 2,755.4
FixedReset Ins Non 6.74 % 5.36 % 112,051 14.49 22 0.2940 % 1,770.3
Performance Highlights
Issue Index Change Notes
BAM.PR.B Floater -2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 7.40
Evaluated at bid price : 7.40
Bid-YTW : 5.89 %
BAM.PR.K Floater -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 7.35
Evaluated at bid price : 7.35
Bid-YTW : 5.93 %
BAM.PF.E FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 12.74
Evaluated at bid price : 12.74
Bid-YTW : 6.24 %
CCS.PR.C Deemed-Retractible -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 5.90 %
TRP.PR.H FloatingReset -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 7.27
Evaluated at bid price : 7.27
Bid-YTW : 5.22 %
BAM.PR.C Floater -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 7.40
Evaluated at bid price : 7.40
Bid-YTW : 5.89 %
IFC.PR.E Deemed-Retractible -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 22.55
Evaluated at bid price : 22.85
Bid-YTW : 5.78 %
MFC.PR.H FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 5.52 %
BIK.PR.A FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 22.05
Evaluated at bid price : 22.51
Bid-YTW : 6.48 %
MFC.PR.L FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 13.21
Evaluated at bid price : 13.21
Bid-YTW : 5.33 %
IAF.PR.G FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 5.54 %
BMO.PR.W FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.14
Evaluated at bid price : 14.14
Bid-YTW : 5.16 %
BNS.PR.G FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 24.21
Evaluated at bid price : 24.61
Bid-YTW : 5.23 %
ELF.PR.H Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 23.11
Evaluated at bid price : 23.40
Bid-YTW : 5.95 %
TD.PF.K FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 16.41
Evaluated at bid price : 16.41
Bid-YTW : 5.13 %
ELF.PR.G Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.73 %
BAM.PR.Z FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.91
Evaluated at bid price : 14.91
Bid-YTW : 6.07 %
PVS.PR.H SplitShare 1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 5.21 %
TRP.PR.C FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 8.34
Evaluated at bid price : 8.34
Bid-YTW : 5.81 %
GWO.PR.I Deemed-Retractible 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 19.79
Evaluated at bid price : 19.79
Bid-YTW : 5.79 %
MFC.PR.R FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 5.45 %
BMO.PR.T FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 13.69
Evaluated at bid price : 13.69
Bid-YTW : 5.23 %
BIP.PR.D FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.42 %
BMO.PR.E FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 16.63
Evaluated at bid price : 16.63
Bid-YTW : 5.14 %
PWF.PR.S Perpetual-Discount 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.86 %
HSE.PR.E FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 11.05
Evaluated at bid price : 11.05
Bid-YTW : 9.77 %
IAF.PR.B Deemed-Retractible 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 5.62 %
BMO.PR.C FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.23 %
RY.PR.W Perpetual-Discount 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 5.20 %
SLF.PR.I FixedReset Ins Non 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 5.36 %
BIP.PR.E FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 6.46 %
IFC.PR.A FixedReset Ins Non 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 11.01
Evaluated at bid price : 11.01
Bid-YTW : 5.28 %
CM.PR.Y FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.25 %
BMO.PR.D FixedReset Disc 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 17.36
Evaluated at bid price : 17.36
Bid-YTW : 5.28 %
TRP.PR.A FixedReset Disc 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 5.82 %
TD.PF.D FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 5.14 %
RY.PR.M FixedReset Disc 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 5.15 %
PWF.PR.A Floater 2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 9.20
Evaluated at bid price : 9.20
Bid-YTW : 4.70 %
HSE.PR.A FixedReset Disc 3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 6.00
Evaluated at bid price : 6.00
Bid-YTW : 9.03 %
RY.PR.J FixedReset Disc 3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 4.96 %
TD.PF.E FixedReset Disc 3.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.73
Evaluated at bid price : 15.73
Bid-YTW : 5.22 %
SLF.PR.G FixedReset Ins Non 3.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 9.20
Evaluated at bid price : 9.20
Bid-YTW : 4.82 %
CU.PR.C FixedReset Disc 4.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.67
Evaluated at bid price : 15.67
Bid-YTW : 4.53 %
TRP.PR.F FloatingReset 4.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 9.80
Evaluated at bid price : 9.80
Bid-YTW : 5.50 %
GWO.PR.N FixedReset Ins Non 5.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 9.30
Evaluated at bid price : 9.30
Bid-YTW : 4.60 %
TRP.PR.G FixedReset Disc 6.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.99 %
PWF.PR.P FixedReset Disc 17.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 9.55
Evaluated at bid price : 9.55
Bid-YTW : 5.24 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.T FixedReset Disc 116,256 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 13.69
Evaluated at bid price : 13.69
Bid-YTW : 5.23 %
RY.PR.H FixedReset Disc 106,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 4.92 %
TD.PF.A FixedReset Disc 101,636 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.24
Evaluated at bid price : 14.24
Bid-YTW : 5.11 %
BMO.PR.S FixedReset Disc 100,177 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 5.27 %
CM.PR.R FixedReset Disc 96,398 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 5.54 %
MFC.PR.C Deemed-Retractible 59,380 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.55 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 15.67 – 18.00
Spot Rate : 2.3300
Average : 1.4781

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.67
Evaluated at bid price : 15.67
Bid-YTW : 4.53 %
BMO.PR.C FixedReset Disc Quote: 18.20 – 19.51
Spot Rate : 1.3100
Average : 0.7303

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.23 %
TD.PF.D FixedReset Disc Quote: 15.55 – 18.80
Spot Rate : 3.2500
Average : 2.7136

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 5.14 %
MFC.PR.F FixedReset Ins Non Quote: 8.99 – 10.20
Spot Rate : 1.2100
Average : 0.6991

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 8.99
Evaluated at bid price : 8.99
Bid-YTW : 4.99 %
MFC.PR.Q FixedReset Ins Non Quote: 15.21 – 16.38
Spot Rate : 1.1700
Average : 0.7224

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 5.30 %
BIK.PR.A FixedReset Disc Quote: 22.51 – 24.00
Spot Rate : 1.4900
Average : 1.1496

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-29
Maturity Price : 22.05
Evaluated at bid price : 22.51
Bid-YTW : 6.48 %
Market Action

May 28, 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 -1.1588 % 1,420.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1588 % 2,607.3
Floater 5.43 % 5.72 % 32,861 14.23 4 -1.1588 % 1,502.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0290 % 3,413.8
SplitShare 4.92 % 5.19 % 63,424 3.90 7 0.0290 % 4,076.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0290 % 3,180.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3783 % 2,939.9
Perpetual-Discount 5.72 % 5.95 % 79,938 13.94 35 0.3783 % 3,153.4
FixedReset Disc 6.49 % 5.36 % 178,062 14.57 83 0.3696 % 1,754.5
Deemed-Retractible 5.44 % 5.71 % 91,998 14.02 27 0.2219 % 3,124.9
FloatingReset 5.13 % 5.14 % 47,615 15.18 3 0.6199 % 1,733.4
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.3696 % 2,426.4
FixedReset Bank Non 2.00 % 3.70 % 153,095 1.64 2 -0.1035 % 2,750.2
FixedReset Ins Non 6.76 % 5.42 % 112,747 14.51 22 1.1582 % 1,765.1
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -6.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 8.85
Evaluated at bid price : 8.85
Bid-YTW : 4.84 %
MFC.PR.I FixedReset Ins Non -4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 5.48 %
HSE.PR.A FixedReset Disc -3.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 5.82
Evaluated at bid price : 5.82
Bid-YTW : 9.32 %
PWF.PR.A Floater -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 8.95
Evaluated at bid price : 8.95
Bid-YTW : 4.83 %
IAF.PR.B Deemed-Retractible -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 5.71 %
SLF.PR.I FixedReset Ins Non -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.45 %
CU.PR.C FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.03
Evaluated at bid price : 15.03
Bid-YTW : 4.73 %
CM.PR.Y FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.36 %
HSE.PR.C FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 10.56
Evaluated at bid price : 10.56
Bid-YTW : 9.56 %
BAM.PF.H FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 23.56
Evaluated at bid price : 24.25
Bid-YTW : 5.20 %
NA.PR.A FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 22.60
Evaluated at bid price : 23.07
Bid-YTW : 5.49 %
BIK.PR.A FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 22.20
Evaluated at bid price : 22.75
Bid-YTW : 6.41 %
SLF.PR.J FloatingReset 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 8.90
Evaluated at bid price : 8.90
Bid-YTW : 4.62 %
MFC.PR.L FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 5.27 %
TD.PF.G FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 24.11
Evaluated at bid price : 24.58
Bid-YTW : 5.16 %
BAM.PF.A FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 5.93 %
MFC.PR.H FixedReset Ins Non 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 5.46 %
BMO.PR.F FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.15 %
RY.PR.Z FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 4.90 %
GWO.PR.P Deemed-Retractible 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 23.17
Evaluated at bid price : 23.43
Bid-YTW : 5.86 %
TD.PF.K FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 16.24
Evaluated at bid price : 16.24
Bid-YTW : 5.18 %
BMO.PR.T FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 13.52
Evaluated at bid price : 13.52
Bid-YTW : 5.30 %
TRP.PR.K FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 22.58
Evaluated at bid price : 22.90
Bid-YTW : 5.36 %
RY.PR.W Perpetual-Discount 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.29 %
PWF.PR.T FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.49 %
TD.PF.J FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 5.16 %
CM.PR.O FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 13.32
Evaluated at bid price : 13.32
Bid-YTW : 5.60 %
SLF.PR.G FixedReset Ins Non 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 8.86
Evaluated at bid price : 8.86
Bid-YTW : 5.00 %
TRP.PR.C FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 8.24
Evaluated at bid price : 8.24
Bid-YTW : 5.88 %
CM.PR.P FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.36 %
BAM.PF.E FixedReset Disc 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 12.97
Evaluated at bid price : 12.97
Bid-YTW : 6.12 %
MFC.PR.N FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 5.22 %
BAM.PF.B FixedReset Disc 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.31
Evaluated at bid price : 14.31
Bid-YTW : 5.94 %
TRP.PR.A FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 11.22
Evaluated at bid price : 11.22
Bid-YTW : 5.98 %
BAM.PR.X FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 9.67
Evaluated at bid price : 9.67
Bid-YTW : 5.89 %
IFC.PR.A FixedReset Ins Non 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 10.80
Evaluated at bid price : 10.80
Bid-YTW : 5.39 %
PWF.PR.P FixedReset Disc 12.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.15 %
SLF.PR.H FixedReset Ins Non 37.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 12.16
Evaluated at bid price : 12.16
Bid-YTW : 5.25 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.G FixedReset Ins Non 64,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.33
Evaluated at bid price : 15.33
Bid-YTW : 5.42 %
IAF.PR.G FixedReset Ins Non 61,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 5.48 %
RY.PR.Q FixedReset Disc 51,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 23.51
Evaluated at bid price : 24.05
Bid-YTW : 5.12 %
TD.PF.D FixedReset Disc 49,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 5.26 %
TD.PF.J FixedReset Disc 43,850 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 5.16 %
BAM.PF.E FixedReset Disc 31,866 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 12.97
Evaluated at bid price : 12.97
Bid-YTW : 6.12 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.D FixedReset Disc Quote: 15.18 – 18.80
Spot Rate : 3.6200
Average : 2.1254

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 5.26 %
BIK.PR.A FixedReset Disc Quote: 22.75 – 24.00
Spot Rate : 1.2500
Average : 0.7764

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 22.20
Evaluated at bid price : 22.75
Bid-YTW : 6.41 %
CM.PR.Y FixedReset Disc Quote: 20.18 – 21.35
Spot Rate : 1.1700
Average : 0.7223

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.36 %
MFC.PR.J FixedReset Ins Non Quote: 15.44 – 16.50
Spot Rate : 1.0600
Average : 0.6531

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.44
Evaluated at bid price : 15.44
Bid-YTW : 5.27 %
MFC.PR.I FixedReset Ins Non Quote: 15.40 – 16.50
Spot Rate : 1.1000
Average : 0.7826

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 5.48 %
TD.PF.M FixedReset Disc Quote: 20.75 – 21.67
Spot Rate : 0.9200
Average : 0.6160

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-28
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.13 %
Market Action

May 27, 2020

Pembina Pipeline has announced (on 2020-5-26):

that it has agreed to issue $500 million of senior unsecured medium-term notes (the “Offering”). The Offering will be conducted in two tranches consisting of $400 million in senior unsecured medium-term notes, series 16 (the “Series 16 Notes”) having a fixed coupon of 4.67 percent per annum, paid semi-annually, and maturing on May 28, 2050; and $100 million principal amount to be issued through a re-opening of the Company’s 3.71 percent medium-term notes, series 7, due August 11, 2026 (the “Series 7 Notes”).

Closing of the Offering is expected to occur on May 28, 2020 and the net proceeds are intended to be used to repay indebtedness of the Company under its unsecured $2.5 billion revolving credit facility due May 2024 incurred in connection with the acquisition of the U.S. portion of the Cochin Pipeline system, as well as to fund Pembina’s capital program and for general corporate purposes.

The Series 16 Notes and the re-opening of the Series 7 Notes are being offered through a syndicate of dealers under Pembina’s short-form base shelf prospectus dated August 30, 2019, as supplemented by related pricing supplements dated May 26, 2020.

Yesterday, PPL’s FixedResets closed with a fairly wide range of yields, given GOC-5 of 0.36% and 3-Month Bills of 0.24%; from 6.92% (PPL.PR.K; has a minimum rate guarantee) to 8.22% (PPL.PR.O); the interest-equivalent range is 9.00% to 10.69%. The spread between the newly issued 30-year bonds and the FixedResets is therefore between 433bp to 602bp – not directly comparable to the Seniority Spread, of course, because these are FixedResets, but an indication nevertheless of why issuers aren’t coming out with new issues!

PerpetualDiscounts now yield 5.97%, equivalent to 7.76% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously), to 445bp from the 450bp reported May 20. We are still equal to the pre-2020 record of 445bp briefly touched in 2008.

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 1.4295 % 1,437.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.4295 % 2,637.9
Floater 5.37 % 5.68 % 33,403 14.30 4 1.4295 % 1,520.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0753 % 3,412.8
SplitShare 4.92 % 5.14 % 65,955 3.90 7 0.0753 % 4,075.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0753 % 3,180.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0942 % 2,928.9
Perpetual-Discount 5.75 % 5.97 % 80,342 13.91 35 -0.0942 % 3,141.5
FixedReset Disc 6.50 % 5.37 % 179,585 14.52 83 -0.3548 % 1,748.0
Deemed-Retractible 5.45 % 5.76 % 92,384 13.94 27 0.0082 % 3,118.0
FloatingReset 5.16 % 5.14 % 47,921 15.19 3 -0.3090 % 1,722.7
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.3548 % 2,417.5
FixedReset Bank Non 2.00 % 3.69 % 159,353 1.64 2 0.2907 % 2,753.1
FixedReset Ins Non 6.82 % 5.43 % 113,424 14.40 22 -1.2285 % 1,744.9
Performance Highlights
Issue Index Change Notes
SLF.PR.H FixedReset Ins Non -22.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 8.86
Evaluated at bid price : 8.86
Bid-YTW : 7.22 %
PWF.PR.P FixedReset Disc -8.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 7.22
Evaluated at bid price : 7.22
Bid-YTW : 6.96 %
IFC.PR.A FixedReset Ins Non -4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 10.45
Evaluated at bid price : 10.45
Bid-YTW : 5.58 %
TD.PF.J FixedReset Disc -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 5.24 %
BAM.PR.X FixedReset Disc -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 9.44
Evaluated at bid price : 9.44
Bid-YTW : 6.04 %
MFC.PR.O FixedReset Ins Non -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 23.11
Evaluated at bid price : 23.65
Bid-YTW : 5.63 %
BMO.PR.F FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.22 %
RY.PR.Z FixedReset Disc -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.27
Evaluated at bid price : 14.27
Bid-YTW : 4.97 %
CM.PR.S FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 5.37 %
BMO.PR.W FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.21 %
BMO.PR.S FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.30 %
TD.PF.B FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 5.18 %
BMO.PR.T FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 13.32
Evaluated at bid price : 13.32
Bid-YTW : 5.38 %
TD.PF.K FixedReset Disc -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.26 %
PVS.PR.H SplitShare -1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.42 %
HSE.PR.C FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 9.42 %
TRP.PR.C FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 8.08
Evaluated at bid price : 8.08
Bid-YTW : 5.99 %
RY.PR.W Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 22.64
Evaluated at bid price : 22.89
Bid-YTW : 5.37 %
TD.PF.I FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 17.44
Evaluated at bid price : 17.44
Bid-YTW : 5.14 %
CM.PR.T FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.30 %
TD.PF.M FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.13 %
TD.PF.C FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.36
Evaluated at bid price : 14.36
Bid-YTW : 5.21 %
HSE.PR.A FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 6.06
Evaluated at bid price : 6.06
Bid-YTW : 8.94 %
NA.PR.S FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.50 %
CM.PR.O FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 5.70 %
TRP.PR.K FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 22.25
Evaluated at bid price : 22.55
Bid-YTW : 5.45 %
BMO.PR.E FixedReset Disc -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 5.18 %
CM.PR.Q FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.70 %
MFC.PR.M FixedReset Ins Non -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.36 %
CM.PR.P FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 13.72
Evaluated at bid price : 13.72
Bid-YTW : 5.48 %
IFC.PR.G FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 5.64 %
BAM.PF.A FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 6.00 %
CU.PR.G Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.96
Evaluated at bid price : 20.96
Bid-YTW : 5.40 %
BMO.PR.C FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 5.34 %
BAM.PR.Z FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.82
Evaluated at bid price : 14.82
Bid-YTW : 6.10 %
TRP.PR.E FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 12.55
Evaluated at bid price : 12.55
Bid-YTW : 6.04 %
BIP.PR.E FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.62 %
IAF.PR.B Deemed-Retractible 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.63 %
BAM.PF.H FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 23.96
Evaluated at bid price : 24.57
Bid-YTW : 5.14 %
PWF.PR.A Floater 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 9.18
Evaluated at bid price : 9.18
Bid-YTW : 4.70 %
BAM.PR.C Floater 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 7.57
Evaluated at bid price : 7.57
Bid-YTW : 5.75 %
EIT.PR.A SplitShare 1.49 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.56
Bid-YTW : 5.28 %
BIP.PR.A FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.32
Evaluated at bid price : 14.32
Bid-YTW : 6.99 %
BAM.PR.B Floater 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 7.67
Evaluated at bid price : 7.67
Bid-YTW : 5.68 %
IFC.PR.C FixedReset Ins Non 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 5.62 %
BIP.PR.F FixedReset Disc 2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 6.48 %
TRP.PR.B FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 7.44
Evaluated at bid price : 7.44
Bid-YTW : 5.61 %
BAM.PF.B FixedReset Disc 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.08 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BAM.PR.M Perpetual-Discount 75,261 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.03 %
BMO.PR.E FixedReset Disc 63,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 5.18 %
BAM.PF.D Perpetual-Discount 61,363 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.05 %
PWF.PR.T FixedReset Disc 56,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 13.93
Evaluated at bid price : 13.93
Bid-YTW : 5.58 %
BAM.PR.R FixedReset Disc 50,390 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 11.21
Evaluated at bid price : 11.21
Bid-YTW : 6.10 %
MFC.PR.G FixedReset Ins Non 46,581 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 5.43 %
There were 39 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.H FixedReset Ins Non Quote: 8.86 – 12.17
Spot Rate : 3.3100
Average : 1.9498

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 8.86
Evaluated at bid price : 8.86
Bid-YTW : 7.22 %
PWF.PR.P FixedReset Disc Quote: 7.22 – 9.71
Spot Rate : 2.4900
Average : 1.8592

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 7.22
Evaluated at bid price : 7.22
Bid-YTW : 6.96 %
TD.PF.H FixedReset Disc Quote: 22.40 – 23.25
Spot Rate : 0.8500
Average : 0.4956

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 21.87
Evaluated at bid price : 22.40
Bid-YTW : 5.06 %
MFC.PR.M FixedReset Ins Non Quote: 14.01 – 16.17
Spot Rate : 2.1600
Average : 1.8383

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.36 %
EML.PR.A FixedReset Ins Non Quote: 22.75 – 23.47
Spot Rate : 0.7200
Average : 0.4057

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 22.10
Evaluated at bid price : 22.75
Bid-YTW : 5.96 %
TD.PF.E FixedReset Disc Quote: 15.20 – 16.03
Spot Rate : 0.8300
Average : 0.5393

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-27
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 5.40 %
Market Action

May 26, 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 0.0636 % 1,417.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0636 % 2,600.7
Floater 5.45 % 5.81 % 31,817 14.11 4 0.0636 % 1,498.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1219 % 3,410.2
SplitShare 4.93 % 5.09 % 68,613 3.90 7 0.1219 % 4,072.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1219 % 3,177.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4782 % 2,931.6
Perpetual-Discount 5.74 % 5.96 % 80,468 13.93 35 0.4782 % 3,144.5
FixedReset Disc 6.48 % 5.34 % 180,759 14.61 83 0.4043 % 1,754.2
Deemed-Retractible 5.45 % 5.77 % 90,057 13.97 27 0.2891 % 3,117.7
FloatingReset 5.15 % 5.14 % 48,691 15.19 3 -0.3026 % 1,728.0
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.4043 % 2,426.1
FixedReset Bank Non 2.01 % 3.64 % 160,851 1.64 2 0.0000 % 2,745.1
FixedReset Ins Non 6.74 % 5.38 % 113,083 14.48 22 0.0178 % 1,766.6
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -13.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 7.85
Evaluated at bid price : 7.85
Bid-YTW : 6.39 %
TRP.PR.B FixedReset Disc -6.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 7.20
Evaluated at bid price : 7.20
Bid-YTW : 5.80 %
BAM.PF.B FixedReset Disc -5.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.42
Evaluated at bid price : 13.42
Bid-YTW : 6.36 %
IFC.PR.C FixedReset Ins Non -4.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 5.76 %
SLF.PR.H FixedReset Ins Non -3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 5.55 %
MFC.PR.N FixedReset Ins Non -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.77
Evaluated at bid price : 13.77
Bid-YTW : 5.34 %
BIP.PR.F FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.67 %
TRP.PR.E FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 6.12 %
TD.PF.A FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 5.18 %
IFC.PR.A FixedReset Ins Non -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 10.91
Evaluated at bid price : 10.91
Bid-YTW : 5.33 %
HSE.PR.C FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 10.90
Evaluated at bid price : 10.90
Bid-YTW : 9.23 %
HSE.PR.E FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 11.04
Evaluated at bid price : 11.04
Bid-YTW : 9.77 %
HSE.PR.G FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 10.35
Evaluated at bid price : 10.35
Bid-YTW : 9.63 %
CU.PR.I FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 23.58
Evaluated at bid price : 24.30
Bid-YTW : 4.60 %
BIP.PR.A FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 7.12 %
BAM.PR.B Floater -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 7.50
Evaluated at bid price : 7.50
Bid-YTW : 5.81 %
EIT.PR.A SplitShare -1.02 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 5.71 %
MFC.PR.O FixedReset Ins Non -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 23.76
Evaluated at bid price : 24.25
Bid-YTW : 5.49 %
PWF.PR.S Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 5.94 %
CM.PR.R FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 5.60 %
TD.PF.B FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 14.42
Evaluated at bid price : 14.42
Bid-YTW : 5.07 %
MFC.PR.C Deemed-Retractible 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.50 %
PWF.PR.R Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 22.79
Evaluated at bid price : 23.08
Bid-YTW : 6.02 %
W.PR.M FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 23.85
Evaluated at bid price : 24.26
Bid-YTW : 5.41 %
BAM.PR.T FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 6.16 %
MFC.PR.G FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 5.46 %
BAM.PF.G FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.16 %
CU.PR.F Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 5.33 %
BMO.PR.F FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.08 %
TD.PF.L FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.05 %
PWF.PR.T FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.60 %
BMO.PR.E FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 5.09 %
POW.PR.B Perpetual-Discount 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 6.02 %
TD.PF.M FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.04 %
CU.PR.G Perpetual-Discount 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.34 %
BNS.PR.I FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 4.68 %
BMO.PR.Y FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 5.33 %
TD.PF.I FixedReset Disc 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 5.04 %
MFC.PR.L FixedReset Ins Non 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 5.31 %
PWF.PR.A Floater 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 9.06
Evaluated at bid price : 9.06
Bid-YTW : 4.77 %
BMO.PR.B FixedReset Disc 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 21.77
Evaluated at bid price : 22.25
Bid-YTW : 5.01 %
CCS.PR.C Deemed-Retractible 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 21.70
Evaluated at bid price : 21.95
Bid-YTW : 5.78 %
MFC.PR.J FixedReset Ins Non 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 15.49
Evaluated at bid price : 15.49
Bid-YTW : 5.25 %
NA.PR.G FixedReset Disc 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.51 %
MFC.PR.I FixedReset Ins Non 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.27 %
RY.PR.J FixedReset Disc 4.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 5.15 %
W.PR.K FixedReset Disc 6.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 23.15
Evaluated at bid price : 23.85
Bid-YTW : 5.54 %
BAM.PF.I FixedReset Disc 6.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 23.06
Evaluated at bid price : 23.42
Bid-YTW : 5.19 %
BMO.PR.D FixedReset Disc 7.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 5.34 %
GWO.PR.N FixedReset Ins Non 7.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 9.40
Evaluated at bid price : 9.40
Bid-YTW : 4.53 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.C FixedReset Disc 89,473 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 5.61 %
BAM.PF.G FixedReset Disc 65,479 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.16 %
TRP.PR.J FixedReset Disc 60,021 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 24.54
Evaluated at bid price : 24.90
Bid-YTW : 5.54 %
NA.PR.W FixedReset Disc 28,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 5.41 %
TRP.PR.E FixedReset Disc 27,949 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 6.12 %
CM.PR.R FixedReset Disc 25,661 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 5.60 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.M FixedReset Ins Non Quote: 14.22 – 16.17
Spot Rate : 1.9500
Average : 1.4855

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 14.22
Evaluated at bid price : 14.22
Bid-YTW : 5.28 %
BAM.PF.B FixedReset Disc Quote: 13.42 – 14.40
Spot Rate : 0.9800
Average : 0.6559

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.42
Evaluated at bid price : 13.42
Bid-YTW : 6.36 %
PWF.PR.P FixedReset Disc Quote: 7.85 – 9.26
Spot Rate : 1.4100
Average : 1.1675

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 7.85
Evaluated at bid price : 7.85
Bid-YTW : 6.39 %
SLF.PR.H FixedReset Ins Non Quote: 11.50 – 12.17
Spot Rate : 0.6700
Average : 0.4584

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 5.55 %
TRP.PR.G FixedReset Disc Quote: 13.16 – 14.29
Spot Rate : 1.1300
Average : 0.9520

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 13.16
Evaluated at bid price : 13.16
Bid-YTW : 6.37 %
BIP.PR.A FixedReset Disc Quote: 14.06 – 14.53
Spot Rate : 0.4700
Average : 0.3114

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-26
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 7.12 %
Market Action

May 25, 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 0.0000 % 1,416.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,599.1
Floater 5.45 % 5.73 % 31,283 14.23 4 0.0000 % 1,497.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.5778 % 3,406.1
SplitShare 4.93 % 5.16 % 71,376 3.91 7 0.5778 % 4,067.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5778 % 3,173.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0473 % 2,917.7
Perpetual-Discount 5.77 % 6.00 % 79,640 13.89 35 -0.0473 % 3,129.5
FixedReset Disc 6.51 % 5.36 % 183,301 14.57 83 -0.6431 % 1,747.2
Deemed-Retractible 5.45 % 5.73 % 90,477 13.94 27 0.0379 % 3,108.7
FloatingReset 5.09 % 5.14 % 50,783 15.19 3 0.0765 % 1,733.3
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.6431 % 2,416.3
FixedReset Bank Non 2.01 % 3.86 % 166,550 1.64 2 -0.0415 % 2,745.1
FixedReset Ins Non 6.73 % 5.41 % 117,677 14.46 22 0.0185 % 1,766.3
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -8.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 13.16
Evaluated at bid price : 13.16
Bid-YTW : 6.37 %
BMO.PR.D FixedReset Disc -6.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.74 %
BAM.PF.I FixedReset Disc -6.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.52 %
GWO.PR.N FixedReset Ins Non -6.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 8.75
Evaluated at bid price : 8.75
Bid-YTW : 4.87 %
W.PR.K FixedReset Disc -5.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.95
Evaluated at bid price : 22.50
Bid-YTW : 5.89 %
RY.PR.J FixedReset Disc -4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 5.36 %
MFC.PR.I FixedReset Ins Non -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 5.48 %
NA.PR.G FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 5.68 %
BMO.PR.B FixedReset Disc -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 5.14 %
TRP.PR.C FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 5.94 %
SLF.PR.H FixedReset Ins Non -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 12.15
Evaluated at bid price : 12.15
Bid-YTW : 5.35 %
BMO.PR.F FixedReset Disc -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.16 %
MFC.PR.L FixedReset Ins Non -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 13.01
Evaluated at bid price : 13.01
Bid-YTW : 5.41 %
TD.PF.M FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 5.13 %
TD.PF.L FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.13 %
CU.PR.C FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 4.66 %
BMO.PR.T FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 5.31 %
TRP.PR.A FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 6.11 %
BMO.PR.E FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 5.18 %
BNS.PR.I FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.77 %
BMO.PR.Y FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 5.43 %
PWF.PR.T FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 13.69
Evaluated at bid price : 13.69
Bid-YTW : 5.69 %
W.PR.M FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 23.53
Evaluated at bid price : 23.97
Bid-YTW : 5.48 %
IFC.PR.I Perpetual-Discount -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 23.32
Evaluated at bid price : 23.63
Bid-YTW : 5.85 %
CM.PR.Y FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 20.44
Evaluated at bid price : 20.44
Bid-YTW : 5.29 %
MFC.PR.G FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 15.01
Evaluated at bid price : 15.01
Bid-YTW : 5.53 %
BAM.PF.E FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 12.63
Evaluated at bid price : 12.63
Bid-YTW : 6.29 %
PWF.PR.R Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 22.40
Evaluated at bid price : 22.81
Bid-YTW : 6.08 %
CU.PR.G Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.42 %
BAM.PF.J FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 22.35
Evaluated at bid price : 22.78
Bid-YTW : 5.27 %
MFC.PR.J FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 5.39 %
TRP.PR.K FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 22.58
Evaluated at bid price : 22.90
Bid-YTW : 5.36 %
IFC.PR.E Deemed-Retractible -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 22.69
Evaluated at bid price : 23.01
Bid-YTW : 5.73 %
MFC.PR.M FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.30 %
MFC.PR.N FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.18 %
MFC.PR.B Deemed-Retractible 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.55 %
BMO.PR.Z Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 22.88
Evaluated at bid price : 23.30
Bid-YTW : 5.38 %
SLF.PR.G FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 8.91
Evaluated at bid price : 8.91
Bid-YTW : 5.05 %
TRP.PR.E FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 5.99 %
ELF.PR.G Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.88 %
HSE.PR.G FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 9.49 %
PVS.PR.H SplitShare 1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.35
Bid-YTW : 5.16 %
PVS.PR.F SplitShare 1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.66
Bid-YTW : 5.14 %
BIP.PR.A FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 7.02 %
BIP.PR.F FixedReset Disc 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.50 %
IFC.PR.A FixedReset Ins Non 3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 5.23 %
IFC.PR.C FixedReset Ins Non 7.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 5.51 %
BMO.PR.W FixedReset Disc 10.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 5.12 %
PWF.PR.P FixedReset Disc 11.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 9.05
Evaluated at bid price : 9.05
Bid-YTW : 5.53 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.S FixedReset Disc 21,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 14.21
Evaluated at bid price : 14.21
Bid-YTW : 5.41 %
BAM.PR.T FixedReset Disc 19,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 6.24 %
TRP.PR.C FixedReset Disc 18,510 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 5.94 %
BMO.PR.T FixedReset Disc 11,834 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 5.31 %
TD.PF.J FixedReset Disc 11,163 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 5.11 %
RY.PR.F Deemed-Retractible 10,715 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.47 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.I FixedReset Ins Non Quote: 15.40 – 18.00
Spot Rate : 2.6000
Average : 1.5599

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 5.48 %
BAM.PF.I FixedReset Disc Quote: 22.00 – 23.81
Spot Rate : 1.8100
Average : 1.0562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.60
Evaluated at bid price : 22.00
Bid-YTW : 5.52 %
W.PR.K FixedReset Disc Quote: 22.50 – 23.83
Spot Rate : 1.3300
Average : 0.8018

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.95
Evaluated at bid price : 22.50
Bid-YTW : 5.89 %
TRP.PR.G FixedReset Disc Quote: 13.16 – 14.35
Spot Rate : 1.1900
Average : 0.7569

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 13.16
Evaluated at bid price : 13.16
Bid-YTW : 6.37 %
BMO.PR.D FixedReset Disc Quote: 16.00 – 16.99
Spot Rate : 0.9900
Average : 0.5776

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.74 %
CCS.PR.C Deemed-Retractible Quote: 21.44 – 22.75
Spot Rate : 1.3100
Average : 0.9366

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-25
Maturity Price : 21.44
Evaluated at bid price : 21.44
Bid-YTW : 5.94 %
Market Action

May 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 -0.9134 % 1,416.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.9134 % 2,599.1
Floater 5.45 % 5.72 % 31,752 14.25 4 -0.9134 % 1,497.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5572 % 3,386.5
SplitShare 4.96 % 5.43 % 71,643 3.91 7 -0.5572 % 4,044.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5572 % 3,155.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1998 % 2,919.1
Perpetual-Discount 5.77 % 6.00 % 81,343 13.87 35 0.1998 % 3,131.0
FixedReset Disc 6.47 % 5.42 % 186,302 14.54 83 -0.7619 % 1,758.5
Deemed-Retractible 5.45 % 5.71 % 89,092 13.93 27 -0.1941 % 3,107.5
FloatingReset 5.10 % 5.14 % 51,197 15.20 3 -1.4329 % 1,732.0
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.7619 % 2,431.9
FixedReset Bank Non 2.01 % 3.88 % 172,774 1.65 2 0.1039 % 2,746.3
FixedReset Ins Non 6.73 % 5.47 % 117,813 14.27 22 -0.7617 % 1,766.0
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -13.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.35 %
BMO.PR.W FixedReset Disc -10.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 5.77 %
IFC.PR.C FixedReset Ins Non -7.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 6.07 %
IFC.PR.A FixedReset Ins Non -6.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 10.68
Evaluated at bid price : 10.68
Bid-YTW : 5.59 %
TRP.PR.H FloatingReset -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 7.50
Evaluated at bid price : 7.50
Bid-YTW : 5.14 %
SLF.PR.G FixedReset Ins Non -3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 8.81
Evaluated at bid price : 8.81
Bid-YTW : 5.31 %
HSE.PR.G FixedReset Disc -3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 10.35
Evaluated at bid price : 10.35
Bid-YTW : 9.80 %
BAM.PR.X FixedReset Disc -2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 9.70
Evaluated at bid price : 9.70
Bid-YTW : 6.03 %
BIP.PR.F FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.67 %
TD.PF.J FixedReset Disc -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 16.43
Evaluated at bid price : 16.43
Bid-YTW : 5.22 %
CM.PR.Q FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.83 %
BMO.PR.C FixedReset Disc -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 17.54
Evaluated at bid price : 17.54
Bid-YTW : 5.52 %
MFC.PR.B Deemed-Retractible -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.61 %
TD.PF.K FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 5.26 %
BAM.PR.C Floater -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 7.51
Evaluated at bid price : 7.51
Bid-YTW : 5.80 %
GWO.PR.N FixedReset Ins Non -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 9.32
Evaluated at bid price : 9.32
Bid-YTW : 4.75 %
MFC.PR.H FixedReset Ins Non -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 16.06
Evaluated at bid price : 16.06
Bid-YTW : 5.67 %
HSE.PR.E FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 9.71 %
TD.PF.I FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 17.54
Evaluated at bid price : 17.54
Bid-YTW : 5.19 %
BNS.PR.E FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 23.13
Evaluated at bid price : 23.71
Bid-YTW : 5.26 %
TRP.PR.C FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 8.36
Evaluated at bid price : 8.36
Bid-YTW : 5.99 %
MFC.PR.F FixedReset Ins Non -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 9.01
Evaluated at bid price : 9.01
Bid-YTW : 5.16 %
NA.PR.X FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 23.51
Evaluated at bid price : 24.05
Bid-YTW : 5.57 %
MFC.PR.J FixedReset Ins Non -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 15.27
Evaluated at bid price : 15.27
Bid-YTW : 5.43 %
MFC.PR.R FixedReset Ins Non -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.60 %
BMO.PR.Y FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.45 %
PVS.PR.F SplitShare -1.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 5.51 %
BMO.PR.E FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 5.17 %
TD.PF.E FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 5.44 %
TD.PF.B FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.31
Evaluated at bid price : 14.31
Bid-YTW : 5.20 %
RY.PR.H FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 5.04 %
BAM.PR.K Floater -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 7.46
Evaluated at bid price : 7.46
Bid-YTW : 5.84 %
RY.PR.R FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 24.10
Evaluated at bid price : 24.50
Bid-YTW : 5.37 %
PWF.PR.T FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.93
Evaluated at bid price : 13.93
Bid-YTW : 5.68 %
CM.PR.P FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 5.47 %
BMO.PR.B FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 21.84
Evaluated at bid price : 22.36
Bid-YTW : 5.05 %
TD.PF.A FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.37
Evaluated at bid price : 14.37
Bid-YTW : 5.15 %
W.PR.K FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 23.08
Evaluated at bid price : 23.77
Bid-YTW : 5.56 %
RY.PR.W Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.30 %
TD.PF.G FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 23.89
Evaluated at bid price : 24.40
Bid-YTW : 5.26 %
PVS.PR.H SplitShare -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.41 %
PVS.PR.G SplitShare -1.01 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.30 %
BMO.PR.F FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 20.69
Evaluated at bid price : 20.69
Bid-YTW : 5.10 %
BAM.PF.B FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 6.05 %
SLF.PR.H FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 12.45
Evaluated at bid price : 12.45
Bid-YTW : 5.35 %
MFC.PR.L FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.29
Evaluated at bid price : 13.29
Bid-YTW : 5.40 %
MFC.PR.Q FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 5.40 %
MFC.PR.G FixedReset Ins Non 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 15.22
Evaluated at bid price : 15.22
Bid-YTW : 5.56 %
RY.PR.P Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 24.31
Evaluated at bid price : 24.80
Bid-YTW : 5.30 %
MFC.PR.M FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.46 %
CU.PR.C FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 4.67 %
NA.PR.C FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 5.72 %
IFC.PR.I Perpetual-Discount 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 23.66
Evaluated at bid price : 24.00
Bid-YTW : 5.75 %
NA.PR.W FixedReset Disc 3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.Q FixedReset Disc 41,715 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 23.74
Evaluated at bid price : 24.25
Bid-YTW : 5.14 %
TD.PF.B FixedReset Disc 36,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.31
Evaluated at bid price : 14.31
Bid-YTW : 5.20 %
CM.PR.P FixedReset Disc 35,872 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 5.47 %
BMO.PR.E FixedReset Disc 30,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 5.17 %
CM.PR.O FixedReset Disc 29,701 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 5.62 %
TD.PF.C FixedReset Disc 25,735 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 5.21 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.D FixedReset Disc Quote: 15.12 – 18.80
Spot Rate : 3.6800
Average : 2.4431

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 15.12
Evaluated at bid price : 15.12
Bid-YTW : 5.39 %
BMO.PR.W FixedReset Disc Quote: 12.95 – 14.72
Spot Rate : 1.7700
Average : 1.0419

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 5.77 %
IFC.PR.C FixedReset Ins Non Quote: 13.05 – 14.12
Spot Rate : 1.0700
Average : 0.7688

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 6.07 %
PWF.PR.P FixedReset Disc Quote: 8.15 – 9.75
Spot Rate : 1.6000
Average : 1.3418

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.35 %
PVS.PR.F SplitShare Quote: 24.30 – 24.95
Spot Rate : 0.6500
Average : 0.3981

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 5.51 %
IFC.PR.A FixedReset Ins Non Quote: 10.68 – 11.38
Spot Rate : 0.7000
Average : 0.4819

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-22
Maturity Price : 10.68
Evaluated at bid price : 10.68
Bid-YTW : 5.59 %
Market Action

May 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 -0.3765 % 1,429.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3765 % 2,623.0
Floater 5.40 % 5.69 % 30,559 14.30 4 -0.3765 % 1,511.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.5501 % 3,405.5
SplitShare 4.93 % 5.23 % 74,249 3.92 7 0.5501 % 4,066.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5501 % 3,173.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4748 % 2,913.2
Perpetual-Discount 5.78 % 6.02 % 82,242 13.84 35 0.4748 % 3,124.7
FixedReset Disc 6.42 % 5.39 % 188,802 14.63 83 0.3347 % 1,772.0
Deemed-Retractible 5.44 % 5.68 % 90,139 13.94 27 0.6291 % 3,113.6
FloatingReset 5.02 % 4.94 % 50,902 15.56 3 -0.7485 % 1,757.1
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.3347 % 2,450.6
FixedReset Bank Non 2.01 % 3.95 % 171,595 1.65 2 0.3545 % 2,743.4
FixedReset Ins Non 6.68 % 5.48 % 118,285 14.44 22 0.4980 % 1,779.5
Performance Highlights
Issue Index Change Notes
NA.PR.W FixedReset Disc -3.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 5.68 %
TRP.PR.G FixedReset Disc -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.33
Evaluated at bid price : 14.33
Bid-YTW : 5.96 %
TRP.PR.E FixedReset Disc -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 6.11 %
MFC.PR.L FixedReset Ins Non -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 13.12
Evaluated at bid price : 13.12
Bid-YTW : 5.47 %
MFC.PR.M FixedReset Ins Non -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 13.78
Evaluated at bid price : 13.78
Bid-YTW : 5.55 %
MFC.PR.N FixedReset Ins Non -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.33 %
TRP.PR.F FloatingReset -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 9.62
Evaluated at bid price : 9.62
Bid-YTW : 5.70 %
TD.PF.D FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 15.12
Evaluated at bid price : 15.12
Bid-YTW : 5.39 %
MFC.PR.Q FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.47 %
BAM.PR.C Floater -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 7.65
Evaluated at bid price : 7.65
Bid-YTW : 5.69 %
HSE.PR.A FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 6.12
Evaluated at bid price : 6.12
Bid-YTW : 9.11 %
MFC.PR.O FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 24.18
Evaluated at bid price : 24.60
Bid-YTW : 5.48 %
TRP.PR.B FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 7.69
Evaluated at bid price : 7.69
Bid-YTW : 5.66 %
CU.PR.H Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 23.43
Evaluated at bid price : 23.91
Bid-YTW : 5.49 %
IFC.PR.I Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 23.30
Evaluated at bid price : 23.60
Bid-YTW : 5.85 %
BAM.PF.I FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 23.10
Evaluated at bid price : 23.46
Bid-YTW : 5.17 %
SLF.PR.B Deemed-Retractible 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 22.11
Evaluated at bid price : 22.33
Bid-YTW : 5.45 %
CM.PR.R FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 5.68 %
SLF.PR.C Deemed-Retractible 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.43 %
BMO.PR.B FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 22.29
Evaluated at bid price : 22.63
Bid-YTW : 5.00 %
SLF.PR.E Deemed-Retractible 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 5.49 %
SLF.PR.A Deemed-Retractible 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 21.84
Evaluated at bid price : 22.08
Bid-YTW : 5.45 %
TD.PF.I FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 5.10 %
IAF.PR.I FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 5.50 %
TD.PF.L FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.08 %
BAM.PR.T FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 6.29 %
RY.PR.M FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 5.42 %
SLF.PR.D Deemed-Retractible 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.43 %
PVS.PR.E SplitShare 1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.42 %
MFC.PR.I FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 15.82
Evaluated at bid price : 15.82
Bid-YTW : 5.42 %
TD.PF.M FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.03 %
IFC.PR.C FixedReset Ins Non 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.59 %
PWF.PR.T FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 5.61 %
CU.PR.E Perpetual-Discount 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 21.96
Evaluated at bid price : 22.36
Bid-YTW : 5.48 %
MFC.PR.R FixedReset Ins Non 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.52 %
IFC.PR.E Deemed-Retractible 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 22.87
Evaluated at bid price : 23.20
Bid-YTW : 5.68 %
MFC.PR.B Deemed-Retractible 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 5.49 %
RY.PR.S FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 17.03
Evaluated at bid price : 17.03
Bid-YTW : 4.75 %
MFC.PR.H FixedReset Ins Non 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 5.57 %
IAF.PR.B Deemed-Retractible 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.65 %
BAM.PF.J FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 22.47
Evaluated at bid price : 22.98
Bid-YTW : 5.22 %
MFC.PR.J FixedReset Ins Non 2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 5.34 %
NA.PR.G FixedReset Disc 4.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 16.15
Evaluated at bid price : 16.15
Bid-YTW : 5.54 %
BAM.PF.B FixedReset Disc 5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 6.13 %
GWO.PR.N FixedReset Ins Non 8.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 9.49
Evaluated at bid price : 9.49
Bid-YTW : 4.66 %
PWF.PR.P FixedReset Disc 15.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 9.38
Evaluated at bid price : 9.38
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.H Perpetual-Discount 57,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 23.43
Evaluated at bid price : 23.91
Bid-YTW : 5.49 %
TD.PF.G FixedReset Disc 37,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 24.21
Evaluated at bid price : 24.66
Bid-YTW : 5.21 %
CM.PR.R FixedReset Disc 36,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 5.68 %
TD.PF.A FixedReset Disc 24,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 14.54
Evaluated at bid price : 14.54
Bid-YTW : 5.09 %
SLF.PR.H FixedReset Ins Non 20,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 12.31
Evaluated at bid price : 12.31
Bid-YTW : 5.41 %
NA.PR.C FixedReset Disc 19,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.81 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.Q FixedReset Ins Non Quote: 15.00 – 15.75
Spot Rate : 0.7500
Average : 0.5219

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.47 %
NA.PR.W FixedReset Disc Quote: 13.30 – 13.85
Spot Rate : 0.5500
Average : 0.3446

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 5.68 %
HSE.PR.C FixedReset Disc Quote: 11.00 – 11.50
Spot Rate : 0.5000
Average : 0.3742

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 9.24 %
NA.PR.C FixedReset Disc Quote: 17.12 – 17.48
Spot Rate : 0.3600
Average : 0.2555

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.81 %
PVS.PR.H SplitShare Quote: 24.25 – 24.68
Spot Rate : 0.4300
Average : 0.3463

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 5.22 %
BIP.PR.E FixedReset Disc Quote: 19.00 – 19.40
Spot Rate : 0.4000
Average : 0.3225

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-21
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.71 %
Market Action

May 20, 2020

rainbow_200520
Click for Big

TXPR closed at 515.55, up 0.78% on the day. Volume today was 1.92-million, slightly below average in the context of the past thirty days.

CPD closed at 10.36, up 0.58% on the day. Volume was 72,755, slightly below the average of the past 30 trading days.

ZPR closed at 8.07, up 0.88% on the day. Volume of 88,873 was well below average in the context of the past 30 trading days.

Five-year Canada yields were unchanged at 0.42% today.

Don’t look to inflation to drive up 5-year bond yields, says the Bank of Canada:

The Bank of Canada thinks there is likely to be downward pressure on inflation once coronavirus-related shutdowns are lifted, a senior official said on Wednesday, a sign the Bank is in no rush to raise near-record low interest rates.
…
Deputy governor Timothy Lane said Canada would likely emerge with both demand and supply weaker than before. The scarring associated with the shutdown could lower productivity, which tends to result in higher inflation.

“But the Bank’s analysis suggests that the decline in demand stemming in part from weaker business and consumer confidence is likely to have a larger effect. On balance, there is likely to be downward pressure on inflation,” he said in a speech to a Winnipeg business audience via video.

Lane reiterated that the bank expected second quarter growth to plunge anywhere between 15 and 30 percent from its level in late 2019.

Gloom about the immediate future is widespread:

Only one in five Americans expects overall business conditions to be “very” or “somewhat” good over the next year, according to a poll conducted this month for The New York Times by the online research platform SurveyMonkey. Sixty percent said they expected the next five years to be characterized by “periods of widespread unemployment or depression.”

Those numbers are little changed from a month earlier, and may even reflect a slight decline in outlook, signaling that the reopenings and federal and state political moves to deal with the pandemic have had little impact on confidence.

Other data tells a similar story. A survey from the University of Michigan last week found that consumers’ assessment of current economic conditions had improved modestly in early May, but that their view of the future had continued to darken.

PerpetualDiscounts now yield 6.06%, equivalent to 7.88% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.38%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously), to 450bp from the 455bp reported May 13. We are still above the pre-2020 record of 445bp briefly touched in 2008.

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 1.0143 % 1,434.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0143 % 2,632.9
Floater 5.38 % 5.61 % 30,666 14.42 4 1.0143 % 1,517.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.3645 % 3,386.9
SplitShare 4.90 % 5.29 % 77,232 3.87 7 0.3645 % 4,044.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3645 % 3,155.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5121 % 2,899.5
Perpetual-Discount 5.80 % 6.06 % 84,789 13.80 35 0.5121 % 3,110.0
FixedReset Disc 6.45 % 5.38 % 190,978 14.63 83 0.4574 % 1,766.1
Deemed-Retractible 5.48 % 5.79 % 90,710 13.92 27 1.0218 % 3,094.1
FloatingReset 4.99 % 4.93 % 53,015 15.56 3 3.1660 % 1,770.4
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.4574 % 2,442.4
FixedReset Bank Non 2.02 % 4.17 % 169,776 1.66 2 0.0000 % 2,733.7
FixedReset Ins Non 6.71 % 5.50 % 122,093 14.36 22 0.7933 % 1,770.7
Performance Highlights
Issue Index Change Notes
NA.PR.G FixedReset Disc -3.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 5.79 %
BAM.PF.B FixedReset Disc -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.41
Evaluated at bid price : 13.41
Bid-YTW : 6.46 %
TRP.PR.A FixedReset Disc -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 11.26
Evaluated at bid price : 11.26
Bid-YTW : 6.03 %
GWO.PR.N FixedReset Ins Non -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 8.75
Evaluated at bid price : 8.75
Bid-YTW : 5.06 %
RY.PR.M FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.49 %
MFC.PR.H FixedReset Ins Non -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.69 %
RY.PR.S FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 4.85 %
CM.PR.T FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.31 %
TRP.PR.E FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 5.94 %
TRP.PR.D FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 5.93 %
MFC.PR.J FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.08
Evaluated at bid price : 15.08
Bid-YTW : 5.50 %
CM.PR.P FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 5.43 %
EML.PR.A FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 22.51
Evaluated at bid price : 23.05
Bid-YTW : 5.95 %
NA.PR.C FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 5.76 %
GWO.PR.P Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 22.70
Evaluated at bid price : 22.94
Bid-YTW : 5.97 %
PVS.PR.F SplitShare 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.81
Bid-YTW : 5.28 %
PWF.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.69 %
POW.PR.D Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.05 %
CM.PR.O FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 5.55 %
POW.PR.A Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 23.11
Evaluated at bid price : 23.37
Bid-YTW : 6.06 %
BAM.PR.T FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 6.38 %
NA.PR.W FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.81
Evaluated at bid price : 13.81
Bid-YTW : 5.46 %
MFC.PR.C Deemed-Retractible 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.58 %
GWO.PR.H Deemed-Retractible 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.91 %
MFC.PR.G FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.01
Evaluated at bid price : 15.01
Bid-YTW : 5.63 %
POW.PR.C Perpetual-Discount 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.11 %
BAM.PR.Z FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.58
Evaluated at bid price : 14.58
Bid-YTW : 6.30 %
SLF.PR.E Deemed-Retractible 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 5.56 %
ELF.PR.H Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 22.56
Evaluated at bid price : 22.85
Bid-YTW : 6.09 %
BAM.PF.I FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 22.85
Evaluated at bid price : 23.21
Bid-YTW : 5.23 %
MFC.PR.I FixedReset Ins Non 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.50 %
GWO.PR.Q Deemed-Retractible 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 21.66
Evaluated at bid price : 22.04
Bid-YTW : 5.92 %
GWO.PR.T Deemed-Retractible 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 21.69
Evaluated at bid price : 22.00
Bid-YTW : 5.93 %
GWO.PR.S Deemed-Retractible 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 22.03
Evaluated at bid price : 22.40
Bid-YTW : 5.94 %
SLF.PR.B Deemed-Retractible 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 21.85
Evaluated at bid price : 22.09
Bid-YTW : 5.51 %
CM.PR.S FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.02
Evaluated at bid price : 15.02
Bid-YTW : 5.31 %
GWO.PR.M Deemed-Retractible 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 23.93
Evaluated at bid price : 24.17
Bid-YTW : 6.09 %
SLF.PR.G FixedReset Ins Non 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 9.13
Evaluated at bid price : 9.13
Bid-YTW : 5.12 %
SLF.PR.H FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 5.41 %
MFC.PR.M FixedReset Ins Non 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.08
Evaluated at bid price : 14.08
Bid-YTW : 5.42 %
MFC.PR.F FixedReset Ins Non 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 9.15
Evaluated at bid price : 9.15
Bid-YTW : 5.08 %
SLF.PR.A Deemed-Retractible 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.52 %
TD.PF.J FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 5.10 %
TD.PF.K FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 5.14 %
SLF.PR.D Deemed-Retractible 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.51 %
IFC.PR.F Deemed-Retractible 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 22.87
Evaluated at bid price : 23.20
Bid-YTW : 5.79 %
GWO.PR.R Deemed-Retractible 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.87 %
IFC.PR.G FixedReset Ins Non 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.53 %
SLF.PR.C Deemed-Retractible 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.49 %
MFC.PR.B Deemed-Retractible 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.58 %
MFC.PR.N FixedReset Ins Non 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.22 %
BAM.PR.K Floater 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 7.62
Evaluated at bid price : 7.62
Bid-YTW : 5.71 %
BAM.PR.C Floater 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 7.75
Evaluated at bid price : 7.75
Bid-YTW : 5.61 %
TRP.PR.G FixedReset Disc 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.74
Evaluated at bid price : 14.74
Bid-YTW : 5.79 %
IAF.PR.I FixedReset Ins Non 2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 5.53 %
HSE.PR.A FixedReset Disc 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 6.20
Evaluated at bid price : 6.20
Bid-YTW : 8.99 %
IFC.PR.A FixedReset Ins Non 3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 5.27 %
BAM.PR.R FixedReset Disc 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 11.15
Evaluated at bid price : 11.15
Bid-YTW : 6.28 %
BAM.PR.X FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 9.92
Evaluated at bid price : 9.92
Bid-YTW : 5.89 %
BMO.PR.W FixedReset Disc 3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 5.13 %
MFC.PR.L FixedReset Ins Non 3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 5.33 %
BAM.PF.G FixedReset Disc 3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 6.28 %
TRP.PR.H FloatingReset 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 7.80
Evaluated at bid price : 7.80
Bid-YTW : 4.93 %
HSE.PR.E FixedReset Disc 4.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 9.44 %
SLF.PR.J FloatingReset 5.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 9.15
Evaluated at bid price : 9.15
Bid-YTW : 4.56 %
HSE.PR.G FixedReset Disc 6.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 10.80
Evaluated at bid price : 10.80
Bid-YTW : 9.37 %
CU.PR.C FixedReset Disc 7.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 4.74 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.R FixedReset Disc 101,025 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 24.47
Evaluated at bid price : 24.80
Bid-YTW : 5.30 %
CU.PR.C FixedReset Disc 54,225 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 4.74 %
RY.PR.Q FixedReset Disc 44,783 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 23.94
Evaluated at bid price : 24.42
Bid-YTW : 5.11 %
MFC.PR.Q FixedReset Ins Non 44,782 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 5.40 %
CM.PR.R FixedReset Disc 42,175 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 17.16
Evaluated at bid price : 17.16
Bid-YTW : 5.74 %
MFC.PR.I FixedReset Ins Non 41,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.50 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.G FixedReset Disc Quote: 10.80 – 20.40
Spot Rate : 9.6000
Average : 5.2614

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 10.80
Evaluated at bid price : 10.80
Bid-YTW : 9.37 %
TD.PF.D FixedReset Disc Quote: 15.35 – 18.80
Spot Rate : 3.4500
Average : 2.2021

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.31 %
RY.PR.M FixedReset Disc Quote: 14.01 – 16.85
Spot Rate : 2.8400
Average : 1.7880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.49 %
MFC.PR.I FixedReset Ins Non Quote: 15.60 – 18.00
Spot Rate : 2.4000
Average : 1.3943

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.50 %
MFC.PR.M FixedReset Ins Non Quote: 14.08 – 16.17
Spot Rate : 2.0900
Average : 1.5478

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 14.08
Evaluated at bid price : 14.08
Bid-YTW : 5.42 %
CU.PR.C FixedReset Disc Quote: 15.31 – 17.19
Spot Rate : 1.8800
Average : 1.4751

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-20
Maturity Price : 15.31
Evaluated at bid price : 15.31
Bid-YTW : 4.74 %
Market Action

May 19, 2020

rainbow_200519
Click for Big

TXPR closed at 511.54, up 0.73% on the day. Volume today was 1.39-million, lowest of the past thirty days, below even May 1.

CPD closed at 10.30, up 1.18% on the day. Volume was 111,152, perhaps a little above the average of the past 30 trading days.

ZPR closed at 8.00, up 1.39% on the day. Volume of 242,054 was average in the context of the past 30 trading days.

Five-year Canada yields were up 3bp to 0.42% today.

The Bay Street Boo-Hoo-Hoo Brigade is very upset about competition:

When Shopify announced the two U.S. banks as co-leads on the latest financing, Mark McQueen, president of innovation banking with CIBC, tweeted a picture of a plaque commemorating Research in Motion Ltd.’s US$945-million stock sale in January, 2004, which was led by Wall Street banks, but included nine Bay Street underwriters. “They knew that was how you supported the local ecosystem,” he tweeted. “Sad for [Canada] tonight.”
…
In Canada, such fundings, called bought deals, often bring together many underwriters, who typically charge 4 per cent of proceeds. In the much larger U.S. market, Wall Street banks bid on the full deal, taking a lower cut. Shopify has paid 0.96 per cent to 1.86 per cent on its block trades.

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 0.5097 % 1,420.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5097 % 2,606.5
Floater 5.44 % 5.69 % 31,027 14.31 4 0.5097 % 1,502.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.6347 % 3,374.6
SplitShare 4.92 % 5.48 % 77,578 3.87 7 0.6347 % 4,030.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6347 % 3,144.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5004 % 2,884.7
Perpetual-Discount 5.83 % 6.11 % 82,726 13.73 35 0.5004 % 3,094.1
FixedReset Disc 6.48 % 5.40 % 198,179 14.60 83 1.0336 % 1,758.0
Deemed-Retractible 5.53 % 5.82 % 91,208 13.88 27 0.6904 % 3,062.8
FloatingReset 5.14 % 5.13 % 53,566 15.22 3 0.3876 % 1,716.1
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 1.0336 % 2,431.3
FixedReset Bank Non 2.02 % 4.16 % 170,183 1.66 2 0.0000 % 2,733.7
FixedReset Ins Non 6.77 % 5.51 % 123,226 14.33 22 1.6281 % 1,756.8
Performance Highlights
Issue Index Change Notes
BMO.PR.W FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.31 %
IAF.PR.I FixedReset Ins Non -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 5.70 %
EML.PR.A FixedReset Ins Non -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.14
Evaluated at bid price : 22.82
Bid-YTW : 6.00 %
IFC.PR.E Deemed-Retractible -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.28
Evaluated at bid price : 22.67
Bid-YTW : 5.81 %
IAF.PR.G FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 5.71 %
TRP.PR.F FloatingReset 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 9.70
Evaluated at bid price : 9.70
Bid-YTW : 5.65 %
RY.PR.Z FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 4.98 %
BIP.PR.F FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 6.50 %
SLF.PR.B Deemed-Retractible 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.52
Evaluated at bid price : 21.78
Bid-YTW : 5.58 %
CCS.PR.C Deemed-Retractible 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 5.95 %
MFC.PR.R FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 5.61 %
RY.PR.N Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.55
Evaluated at bid price : 22.90
Bid-YTW : 5.36 %
BMO.PR.Y FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.57
Evaluated at bid price : 14.57
Bid-YTW : 5.42 %
SLF.PR.A Deemed-Retractible 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.44
Evaluated at bid price : 21.44
Bid-YTW : 5.63 %
CM.PR.R FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 5.74 %
HSE.PR.G FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 10.17
Evaluated at bid price : 10.17
Bid-YTW : 9.97 %
BAM.PR.Z FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.39
Evaluated at bid price : 14.39
Bid-YTW : 6.39 %
SLF.PR.E Deemed-Retractible 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.63 %
BMO.PR.F FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.05 %
CIU.PR.A Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.57 %
GWO.PR.H Deemed-Retractible 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.99 %
TD.PF.A FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.10 %
GWO.PR.Q Deemed-Retractible 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.74
Evaluated at bid price : 21.74
Bid-YTW : 6.02 %
TRP.PR.K FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.92
Evaluated at bid price : 23.25
Bid-YTW : 5.27 %
MFC.PR.B Deemed-Retractible 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 5.70 %
NA.PR.C FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 5.82 %
BIP.PR.A FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 7.16 %
MFC.PR.Q FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 5.43 %
BAM.PR.B Floater 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 7.65
Evaluated at bid price : 7.65
Bid-YTW : 5.69 %
RY.PR.O Perpetual-Discount 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.55
Evaluated at bid price : 22.90
Bid-YTW : 5.36 %
TD.PF.M FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.10 %
CM.PR.O FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 5.61 %
MFC.PR.C Deemed-Retractible 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 5.65 %
MFC.PR.G FixedReset Ins Non 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.83
Evaluated at bid price : 14.83
Bid-YTW : 5.70 %
RY.PR.P Perpetual-Discount 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 23.97
Evaluated at bid price : 24.45
Bid-YTW : 5.37 %
BAM.PF.E FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 6.29 %
BNS.PR.I FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.80 %
TRP.PR.B FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 7.61
Evaluated at bid price : 7.61
Bid-YTW : 5.71 %
MFC.PR.O FixedReset Ins Non 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 24.15
Evaluated at bid price : 24.58
Bid-YTW : 5.49 %
RY.PR.J FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.31 %
RY.PR.M FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 5.40 %
CM.PR.T FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 19.58
Evaluated at bid price : 19.58
Bid-YTW : 5.25 %
BAM.PF.I FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.56
Evaluated at bid price : 22.90
Bid-YTW : 5.30 %
RY.PR.W Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 23.04
Evaluated at bid price : 23.31
Bid-YTW : 5.27 %
TD.PF.H FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.91
Evaluated at bid price : 22.47
Bid-YTW : 5.11 %
TD.PF.B FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.53
Evaluated at bid price : 14.53
Bid-YTW : 5.11 %
SLF.PR.H FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 12.11
Evaluated at bid price : 12.11
Bid-YTW : 5.49 %
MFC.PR.I FixedReset Ins Non 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 5.58 %
PVS.PR.H SplitShare 2.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.25 %
PVS.PR.G SplitShare 2.14 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.77
Bid-YTW : 5.32 %
BAM.PF.H FixedReset Disc 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 23.60
Evaluated at bid price : 24.27
Bid-YTW : 5.19 %
MFC.PR.H FixedReset Ins Non 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 5.60 %
MFC.PR.K FixedReset Ins Non 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 5.36 %
GWO.PR.I Deemed-Retractible 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 5.96 %
TD.PF.E FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 5.35 %
GWO.PR.G Deemed-Retractible 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 5.94 %
MFC.PR.J FixedReset Ins Non 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 5.43 %
TRP.PR.C FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 8.56
Evaluated at bid price : 8.56
Bid-YTW : 5.85 %
CM.PR.Q FixedReset Disc 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.76 %
BAM.PR.T FixedReset Disc 2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 11.17
Evaluated at bid price : 11.17
Bid-YTW : 6.45 %
MFC.PR.N FixedReset Ins Non 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.33 %
HSE.PR.A FixedReset Disc 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 6.01
Evaluated at bid price : 6.01
Bid-YTW : 9.28 %
TD.PF.D FixedReset Disc 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.28
Evaluated at bid price : 15.28
Bid-YTW : 5.33 %
MFC.PR.F FixedReset Ins Non 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 9.00
Evaluated at bid price : 9.00
Bid-YTW : 5.16 %
SLF.PR.I FixedReset Ins Non 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.46 %
BAM.PF.A FixedReset Disc 2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 5.96 %
TRP.PR.A FixedReset Disc 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 11.61
Evaluated at bid price : 11.61
Bid-YTW : 5.83 %
MFC.PR.M FixedReset Ins Non 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 13.86
Evaluated at bid price : 13.86
Bid-YTW : 5.51 %
BAM.PF.J FixedReset Disc 3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 22.05
Evaluated at bid price : 22.35
Bid-YTW : 5.38 %
TRP.PR.E FixedReset Disc 3.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 5.87 %
HSE.PR.C FixedReset Disc 4.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 9.23 %
IFC.PR.A FixedReset Ins Non 4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 10.95
Evaluated at bid price : 10.95
Bid-YTW : 5.44 %
BAM.PR.X FixedReset Disc 5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 9.60
Evaluated at bid price : 9.60
Bid-YTW : 6.09 %
IFC.PR.C FixedReset Ins Non 5.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.64 %
SLF.PR.G FixedReset Ins Non 6.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 8.99
Evaluated at bid price : 8.99
Bid-YTW : 5.20 %
TRP.PR.G FixedReset Disc 8.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.33
Evaluated at bid price : 14.33
Bid-YTW : 5.96 %
TD.PF.I FixedReset Disc 9.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 5.14 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.R FixedReset Disc 115,691 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 24.41
Evaluated at bid price : 24.75
Bid-YTW : 5.31 %
TD.PF.I FixedReset Disc 102,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 5.14 %
BMO.PR.B FixedReset Disc 31,089 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.82
Evaluated at bid price : 22.34
Bid-YTW : 5.06 %
SLF.PR.I FixedReset Ins Non 29,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.46 %
BAM.PF.G FixedReset Disc 25,666 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.53 %
BIP.PR.C FixedReset Disc 25,075 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.39 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 8.15 – 9.96
Spot Rate : 1.8100
Average : 1.3801

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.35 %
IAF.PR.I FixedReset Ins Non Quote: 15.45 – 16.39
Spot Rate : 0.9400
Average : 0.6093

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 5.70 %
NA.PR.E FixedReset Disc Quote: 15.18 – 15.90
Spot Rate : 0.7200
Average : 0.4358

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 5.45 %
BMO.PR.W FixedReset Disc Quote: 14.00 – 14.74
Spot Rate : 0.7400
Average : 0.4913

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.31 %
TD.PF.M FixedReset Disc Quote: 21.11 – 21.91
Spot Rate : 0.8000
Average : 0.5852

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.10 %
CU.PR.C FixedReset Disc Quote: 14.30 – 15.50
Spot Rate : 1.2000
Average : 1.0311

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-05-19
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.08 %