Category: Market Action

Market Action

February 24, 2020

explosion_200224
Click for Big

Sometimes things work! No sooner do I post a comment deprecating market timing than out jumps a coronavirus to punch us in the nose. Try predicting that in advance!:

The S&P 500 index, which had reached a record high as recently as Wednesday, fell 3.4 percent, its worst single-day performance since February 2018. As analysts issued new warnings that the outbreak could drag down economies around the globe, stocks fell enough to wipe out all of the index’s gains for 2020.

It was a turbulent day for stocks worldwide: European markets recorded their worst session since 2016, and major benchmarks in Asia also closed down.
…
Airline and technology stocks were particularly hard hit on Monday. Delta Air Lines shares fell 6.3 percent and American Airlines slid 8.5 percent, while Apple stock fell 4.8 percent. The tech-heavy Nasdaq composite index dropped 3.7 percent.

The sell-off continued in Asia on Tuesday morning, starting in Japan: The Nikkei 225 fell about 4 percent after the start of trading in Tokyo.

Oil prices dropped, with a barrel of West Texas Intermediate crude slipping nearly 4 percent to roughly $51, a result of the reduced demand from idled factories and restricted travel.

Investors rushed to safety: Gold — viewed as a haven during market tumult — rose to a seven-year high. It’s up nearly 10 percent since the start of 2020.

And money poured into government bonds, pushing down bond yields, which move in the opposite direction of prices. The yield on the 10-year Treasury note fell to 1.37 percent, near the record low closing of 1.36, a level touched back in July 2016. The yield on the 30-year bond is already in record-low territory at 1.83 percent.

TXPR closed at 611.98, down 0.92% on the day. Volume was 2.21-million, above average in the context of the past thirty days but nothing special.

CPD closed at 12.23, down 1.13% on the day. Volume of 133,936 was the highest of the past 30 days, ahead of the second-place February 5.

ZPR closed at 9.85, down 0.71% on the day. Volume of 795,486 was by far the highest of the past 30 days, well ahead of January 24.

Five-year Canada yields were down 8bp to 1.22% today.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.8100 % 2,016.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.8100 % 3,699.7
Floater 6.07 % 6.34 % 48,958 13.33 4 -1.8100 % 2,132.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0260 % 3,491.1
SplitShare 4.77 % 3.98 % 43,251 3.69 6 -0.0260 % 4,169.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0260 % 3,252.9
Perpetual-Premium 5.55 % 0.95 % 56,988 0.09 12 -0.2817 % 3,069.0
Perpetual-Discount 5.18 % 5.26 % 67,224 15.04 24 -0.3450 % 3,371.9
FixedReset Disc 5.55 % 5.33 % 175,377 14.83 64 -0.9747 % 2,159.2
Deemed-Retractible 5.10 % 5.19 % 74,302 14.87 27 -0.3020 % 3,283.2
FloatingReset 6.10 % 6.22 % 58,930 13.57 3 -2.4556 % 2,486.2
FixedReset Prem 5.08 % 3.56 % 133,958 1.41 22 -0.1646 % 2,660.4
FixedReset Bank Non 1.93 % 3.47 % 88,353 1.88 3 0.0953 % 2,747.2
FixedReset Ins Non 5.40 % 5.23 % 98,986 14.95 22 -0.8597 % 2,190.1
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 6.01 %
BAM.PR.K Floater -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 11.06
Evaluated at bid price : 11.06
Bid-YTW : 6.36 %
HSE.PR.A FixedReset Disc -2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 11.15
Evaluated at bid price : 11.15
Bid-YTW : 6.65 %
PWF.PR.Q FloatingReset -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 6.22 %
NA.PR.S FixedReset Disc -2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.47
Evaluated at bid price : 17.47
Bid-YTW : 5.36 %
PWF.PR.P FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 13.14
Evaluated at bid price : 13.14
Bid-YTW : 5.38 %
BAM.PR.T FixedReset Disc -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 5.88 %
BAM.PR.B Floater -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 11.02
Evaluated at bid price : 11.02
Bid-YTW : 6.38 %
SLF.PR.G FixedReset Ins Non -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 12.80
Evaluated at bid price : 12.80
Bid-YTW : 5.21 %
RY.PR.J FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.23 %
IFC.PR.A FixedReset Ins Non -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.48 %
BAM.PR.C Floater -2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 6.34 %
RY.PR.M FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 5.20 %
BAM.PR.X FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 12.89
Evaluated at bid price : 12.89
Bid-YTW : 5.88 %
CM.PR.Q FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.42 %
HSE.PR.C FixedReset Disc -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.53 %
TRP.PR.C FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 11.91
Evaluated at bid price : 11.91
Bid-YTW : 5.81 %
SLF.PR.H FixedReset Ins Non -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.15
Evaluated at bid price : 16.15
Bid-YTW : 5.25 %
BIP.PR.A FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 5.97 %
NA.PR.E FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 5.35 %
TD.PF.D FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.21 %
BAM.PR.R FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 5.83 %
SLF.PR.I FixedReset Ins Non -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.36 %
MFC.PR.F FixedReset Ins Non -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 5.27 %
MFC.PR.L FixedReset Ins Non -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.38
Evaluated at bid price : 16.38
Bid-YTW : 5.32 %
NA.PR.C FixedReset Disc -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.36 %
TD.PF.B FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 5.18 %
TD.PF.E FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 5.28 %
TD.PF.C FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.41
Evaluated at bid price : 17.41
Bid-YTW : 5.21 %
BMO.PR.T FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.96
Evaluated at bid price : 16.96
Bid-YTW : 5.19 %
IFC.PR.C FixedReset Ins Non -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 5.48 %
BMO.PR.W FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 5.17 %
TD.PF.A FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 5.18 %
BMO.PR.Y FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.27 %
MFC.PR.Q FixedReset Ins Non -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.15 %
CM.PR.P FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 5.42 %
CIU.PR.A Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 21.69
Evaluated at bid price : 21.94
Bid-YTW : 5.25 %
BAM.PF.B FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 18.09
Evaluated at bid price : 18.09
Bid-YTW : 5.62 %
IFC.PR.G FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 5.34 %
IAF.PR.G FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.38 %
MFC.PR.K FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.68
Evaluated at bid price : 17.68
Bid-YTW : 5.15 %
MFC.PR.N FixedReset Ins Non -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.86
Evaluated at bid price : 16.86
Bid-YTW : 5.23 %
BMO.PR.D FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.25 %
CU.PR.F Perpetual-Discount -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 5.14 %
MFC.PR.M FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 5.15 %
TD.PF.J FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 5.15 %
RY.PR.Z FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.39
Evaluated at bid price : 17.39
Bid-YTW : 5.06 %
EMA.PR.F FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 5.64 %
BAM.PF.F FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 5.84 %
CM.PR.O FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.79
Evaluated at bid price : 16.79
Bid-YTW : 5.40 %
RY.PR.S FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.89
Evaluated at bid price : 19.89
Bid-YTW : 4.89 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.H FixedReset Prem 60,777 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 3.70 %
BMO.PR.B FixedReset Prem 53,744 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 3.41 %
TD.PF.L FixedReset Disc 33,356 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 22.75
Evaluated at bid price : 23.81
Bid-YTW : 4.87 %
BMO.PR.T FixedReset Disc 32,195 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.96
Evaluated at bid price : 16.96
Bid-YTW : 5.19 %
BMO.PR.Q FixedReset Bank Non 31,617 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 3.68 %
IFC.PR.I Perpetual-Premium 30,957 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.36 %
There were 40 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: 13.14 – 13.65
Spot Rate : 0.5100
Average : 0.3286

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 13.14
Evaluated at bid price : 13.14
Bid-YTW : 5.38 %
BAM.PR.T FixedReset Disc Quote: 15.25 – 15.67
Spot Rate : 0.4200
Average : 0.2509

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 5.88 %
HSE.PR.C FixedReset Disc Quote: 17.40 – 17.80
Spot Rate : 0.4000
Average : 0.2539

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.53 %
CM.PR.O FixedReset Disc Quote: 16.79 – 17.15
Spot Rate : 0.3600
Average : 0.2176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 16.79
Evaluated at bid price : 16.79
Bid-YTW : 5.40 %
MFC.PR.Q FixedReset Ins Non Quote: 19.17 – 19.53
Spot Rate : 0.3600
Average : 0.2407

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.15 %
CU.PR.D Perpetual-Discount Quote: 23.61 – 23.98
Spot Rate : 0.3700
Average : 0.2513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-24
Maturity Price : 23.14
Evaluated at bid price : 23.61
Bid-YTW : 5.19 %
Market Action

February 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 0.0647 % 2,053.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0647 % 3,767.9
Floater 5.96 % 6.17 % 49,747 13.57 4 0.0647 % 2,171.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0195 % 3,492.0
SplitShare 4.77 % 3.91 % 43,855 3.69 6 0.0195 % 4,170.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0195 % 3,253.8
Perpetual-Premium 5.54 % -0.71 % 56,046 0.09 12 0.0557 % 3,077.6
Perpetual-Discount 5.16 % 5.16 % 67,238 14.98 24 0.1799 % 3,383.6
FixedReset Disc 5.50 % 5.42 % 177,472 14.75 64 -0.1616 % 2,180.4
Deemed-Retractible 5.08 % 5.17 % 72,891 14.93 27 0.1106 % 3,293.1
FloatingReset 6.01 % 6.10 % 58,364 13.74 3 -0.4598 % 2,548.8
FixedReset Prem 5.07 % 3.38 % 133,718 1.42 22 0.0531 % 2,664.8
FixedReset Bank Non 1.93 % 3.51 % 84,040 1.89 3 -0.2849 % 2,744.6
FixedReset Ins Non 5.31 % 5.39 % 102,285 14.67 22 0.0461 % 2,209.1
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.47 %
BAM.PR.B Floater -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 11.29
Evaluated at bid price : 11.29
Bid-YTW : 6.22 %
TRP.PR.D FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 5.80 %
TRP.PR.G FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.81 %
TRP.PR.C FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 12.14
Evaluated at bid price : 12.14
Bid-YTW : 6.01 %
BAM.PF.E FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 5.99 %
MFC.PR.I FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 5.56 %
BAM.PR.R FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 5.96 %
TRP.PR.E FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 5.76 %
MFC.PR.N FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 5.42 %
NA.PR.E FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 5.42 %
HSE.PR.C FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.55 %
IAF.PR.B Deemed-Retractible 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.08 %
BAM.PR.K Floater 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 11.38
Evaluated at bid price : 11.38
Bid-YTW : 6.17 %
EMA.PR.E Perpetual-Discount 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 22.08
Evaluated at bid price : 22.37
Bid-YTW : 5.04 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.Z FixedReset Bank Non 244,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.52
Bid-YTW : 3.51 %
MFC.PR.C Deemed-Retractible 180,217 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 5.18 %
BIP.PR.F FixedReset Disc 125,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 22.32
Evaluated at bid price : 22.94
Bid-YTW : 5.62 %
IFC.PR.I Perpetual-Premium 86,922 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.33 %
BMO.PR.E FixedReset Disc 61,949 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.25 %
TD.PF.A FixedReset Disc 55,009 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 17.38
Evaluated at bid price : 17.38
Bid-YTW : 5.28 %
There were 34 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.G FixedReset Ins Non Quote: 19.49 – 19.98
Spot Rate : 0.4900
Average : 0.3139

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 19.49
Evaluated at bid price : 19.49
Bid-YTW : 5.54 %
BAM.PF.B FixedReset Disc Quote: 18.31 – 18.75
Spot Rate : 0.4400
Average : 0.2987

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 5.72 %
MFC.PR.H FixedReset Ins Non Quote: 20.91 – 21.32
Spot Rate : 0.4100
Average : 0.2695

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 5.46 %
BNS.PR.I FixedReset Disc Quote: 20.05 – 20.36
Spot Rate : 0.3100
Average : 0.2094

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.09 %
TRP.PR.E FixedReset Disc Quote: 16.40 – 16.77
Spot Rate : 0.3700
Average : 0.2712

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 5.76 %
MFC.PR.I FixedReset Ins Non Quote: 19.52 – 19.80
Spot Rate : 0.2800
Average : 0.1897

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-21
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 5.56 %
Market Action

February 20, 2020

There was something of a mysterious announcement from DBRS today:

DBRS Limited (DBRS Morningstar) assigned a provisional rating of BBB (low) with a Stable trend to Brookfield Renewable Partners L.P.’s (BEP) up to USD 200 million Class A Preferred Limited Partnership Units (U.S.), Series 17 (the Series 17 Preferred Units).

Series 17 units aren’t mentioned on the company’s website or on Globe Newswire. Is there an announcement planned for the near future?

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 -1.0454 % 2,052.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0454 % 3,765.5
Floater 5.96 % 6.13 % 49,812 13.63 4 -1.0454 % 2,170.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0459 % 3,491.3
SplitShare 4.75 % 3.98 % 42,079 3.65 6 0.0459 % 4,169.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0459 % 3,253.1
Perpetual-Premium 5.54 % 0.22 % 56,234 0.09 12 0.0459 % 3,075.9
Perpetual-Discount 5.17 % 5.20 % 69,206 14.97 24 -0.1743 % 3,377.5
FixedReset Disc 5.49 % 5.41 % 172,273 14.75 64 0.0008 % 2,184.0
Deemed-Retractible 5.08 % 5.18 % 73,718 14.93 27 0.0461 % 3,289.5
FloatingReset 5.98 % 6.06 % 58,901 13.80 3 0.2183 % 2,560.5
FixedReset Prem 5.07 % 3.40 % 135,089 1.42 22 0.0638 % 2,663.4
FixedReset Bank Non 1.93 % 3.44 % 77,807 1.89 3 -0.0949 % 2,752.4
FixedReset Ins Non 5.31 % 5.39 % 104,531 14.66 22 0.2776 % 2,208.1
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 11.12
Evaluated at bid price : 11.12
Bid-YTW : 6.32 %
EMA.PR.E Perpetual-Discount -3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 21.82
Evaluated at bid price : 21.82
Bid-YTW : 5.19 %
TRP.PR.B FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 11.44
Evaluated at bid price : 11.44
Bid-YTW : 5.89 %
BAM.PF.J FixedReset Prem -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 23.40
Evaluated at bid price : 25.00
Bid-YTW : 4.72 %
EMA.PR.C FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.78 %
HSE.PR.C FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.65 %
EMA.PR.F FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 17.93
Evaluated at bid price : 17.93
Bid-YTW : 5.71 %
BIK.PR.A FixedReset Prem 1.11 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.42
Bid-YTW : 4.57 %
TRP.PR.E FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 5.70 %
MFC.PR.M FixedReset Ins Non 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 5.28 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.E FixedReset Disc 84,967 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.38 %
PVS.PR.D SplitShare 84,500 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : 3.55 %
BNS.PR.Z FixedReset Bank Non 73,625 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.51
Bid-YTW : 3.53 %
TD.PF.A FixedReset Disc 69,122 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 5.25 %
IFC.PR.I Perpetual-Premium 65,240 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 5.34 %
BIP.PR.F FixedReset Disc 59,615 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 22.25
Evaluated at bid price : 22.83
Bid-YTW : 5.64 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.K FixedReset Ins Non Quote: 18.15 – 19.00
Spot Rate : 0.8500
Average : 0.4639

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 5.29 %
MFC.PR.F FixedReset Ins Non Quote: 12.70 – 13.46
Spot Rate : 0.7600
Average : 0.4850

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 5.49 %
BAM.PF.J FixedReset Prem Quote: 25.00 – 25.40
Spot Rate : 0.4000
Average : 0.2361

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 23.40
Evaluated at bid price : 25.00
Bid-YTW : 4.72 %
BAM.PR.K Floater Quote: 11.12 – 11.61
Spot Rate : 0.4900
Average : 0.3423

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 11.12
Evaluated at bid price : 11.12
Bid-YTW : 6.32 %
CU.PR.G Perpetual-Discount Quote: 22.00 – 22.50
Spot Rate : 0.5000
Average : 0.3562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 5.14 %
TRP.PR.B FixedReset Disc Quote: 11.44 – 12.00
Spot Rate : 0.5600
Average : 0.4262

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-20
Maturity Price : 11.44
Evaluated at bid price : 11.44
Bid-YTW : 5.89 %
Market Action

February 19, 2020

How about that Canadian inflation, eh?:

The annual pace of inflation jumped last month to 2.4 per cent, its fastest rate in almost two years, fuelled by higher costs at the gas pump, pricey tomatoes and a rare surge in clothing costs.
…
Much of the bump came as concerns about events in the Middle East helped pushed gas prices up 11.2 per cent compared with January, 2019, when a global supply glut lowered oil prices.
…
The average of Canada’s three measures for core inflation, which are considered better gauges of underlying price pressures and closely tracked by the Bank of Canada, was 2.033 per cent compared with 2.067 per cent for December.
…
Costs grew for fresh vegetables by 5 per cent, which the agency says is largely attributable to a 10.8-per-cent bump in the price of tomatoes stemming from inclement weather in growing regions of the United States and Mexico.

PerpetualDiscounts now yield 5.16%, equivalent to 6.71% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed dramatically to 360bp from the 380bp reported February 12.

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 0.1924 % 2,073.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1924 % 3,805.3
Floater 5.90 % 6.08 % 51,781 13.71 4 0.1924 % 2,193.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1677 % 3,489.7
SplitShare 4.72 % 4.06 % 40,338 4.09 6 0.1677 % 4,167.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1677 % 3,251.6
Perpetual-Premium 5.54 % 0.19 % 56,856 0.09 12 0.0295 % 3,074.5
Perpetual-Discount 5.16 % 5.16 % 65,605 15.02 24 0.0070 % 3,383.4
FixedReset Disc 5.49 % 5.42 % 173,941 14.78 64 0.1318 % 2,183.9
Deemed-Retractible 5.09 % 5.19 % 72,451 14.91 27 -0.0231 % 3,288.0
FloatingReset 5.99 % 6.10 % 57,314 13.75 3 0.2675 % 2,554.9
FixedReset Prem 5.07 % 3.39 % 136,601 1.43 22 0.0745 % 2,661.7
FixedReset Bank Non 1.93 % 3.26 % 72,036 1.89 3 -0.0136 % 2,755.0
FixedReset Ins Non 5.33 % 5.39 % 103,347 14.63 22 0.2784 % 2,202.0
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 16.38
Evaluated at bid price : 16.38
Bid-YTW : 5.77 %
BAM.PR.N Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 5.36 %
BAM.PF.F FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 5.92 %
MFC.PR.J FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.39 %
PWF.PR.P FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 5.53 %
TRP.PR.F FloatingReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 14.39
Evaluated at bid price : 14.39
Bid-YTW : 6.30 %
MFC.PR.H FixedReset Ins Non 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.44 %
MFC.PR.N FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 5.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
IFC.PR.I Perpetual-Premium 145,998 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : 5.34 %
MFC.PR.C Deemed-Retractible 100,855 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.19 %
TD.PF.A FixedReset Disc 46,317 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 17.43
Evaluated at bid price : 17.43
Bid-YTW : 5.26 %
CM.PR.P FixedReset Disc 36,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 5.51 %
RY.PR.S FixedReset Disc 36,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.00 %
TRP.PR.C FixedReset Disc 31,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 5.93 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.S Deemed-Retractible Quote: 24.97 – 25.75
Spot Rate : 0.7800
Average : 0.5555

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 24.63
Evaluated at bid price : 24.97
Bid-YTW : 5.32 %
SLF.PR.H FixedReset Ins Non Quote: 16.41 – 16.75
Spot Rate : 0.3400
Average : 0.2307

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 16.41
Evaluated at bid price : 16.41
Bid-YTW : 5.39 %
HSE.PR.A FixedReset Disc Quote: 11.56 – 11.95
Spot Rate : 0.3900
Average : 0.2837

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 11.56
Evaluated at bid price : 11.56
Bid-YTW : 6.74 %
MFC.PR.Q FixedReset Ins Non Quote: 19.42 – 19.76
Spot Rate : 0.3400
Average : 0.2461

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 5.35 %
IFC.PR.G FixedReset Ins Non Quote: 19.20 – 19.44
Spot Rate : 0.2400
Average : 0.1531

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.46 %
MFC.PR.M FixedReset Ins Non Quote: 17.78 – 18.09
Spot Rate : 0.3100
Average : 0.2247

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-19
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 5.38 %
Market Action

February 18, 2020

This kind of mortgage would make even Toronto real estate look attractive!

Denmark’s Jyske Bank offers a minus 0.5 per cent interest mortgage while still making a profit. Customers must make monthly principal payments, but the sum they owe is whittled down month by month by the negative rate over the life of the mortgage. The bank is able to fund the mortgage by selling a bond at minus 0.5 per cent, passing the rate to the customer, and making money on modest mortgage fees.

Soak the rich!

British Columbia’s top income earners will face higher taxes under Finance Minister Carole James’s budget, which maintains an operational surplus just as the pace of the province’s economic growth begins to slow.
…
The new top marginal tax rate rises to 20.5 per cent from 16.8 per cent, for those with a personal net income of more than $220,000. The change will generate an additional $216-million in revenue annually. The NDP raised the rate from 14.8 per cent in 2017.

When Ernst & Young update their personal tax calculators I’ll update my BC Marginal Tax Rates.

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 0.3432 % 2,069.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3432 % 3,798.0
Floater 5.91 % 6.11 % 53,915 13.67 4 0.3432 % 2,188.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1615 % 3,483.9
SplitShare 4.72 % 3.99 % 40,329 3.66 6 0.1615 % 4,160.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1615 % 3,246.2
Perpetual-Premium 5.56 % 1.12 % 56,803 0.09 11 0.0644 % 3,073.6
Perpetual-Discount 5.16 % 5.18 % 67,478 14.97 24 0.3569 % 3,383.2
FixedReset Disc 5.50 % 5.42 % 195,303 14.74 65 -0.1300 % 2,181.1
Deemed-Retractible 5.08 % 5.18 % 72,285 14.93 27 0.0923 % 3,288.7
FloatingReset 6.01 % 6.07 % 57,287 13.79 3 0.2194 % 2,548.1
FixedReset Prem 5.08 % 3.46 % 138,466 1.43 22 -0.1081 % 2,659.7
FixedReset Bank Non 1.93 % 3.26 % 73,095 1.90 3 -0.0136 % 2,755.4
FixedReset Ins Non 5.34 % 5.45 % 104,495 14.57 22 -0.2558 % 2,195.9
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 13.31
Evaluated at bid price : 13.31
Bid-YTW : 5.59 %
MFC.PR.L FixedReset Ins Non -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 5.53 %
BAM.PR.T FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.00 %
BIP.PR.D FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.74
Evaluated at bid price : 23.05
Bid-YTW : 5.65 %
MFC.PR.K FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 5.36 %
MFC.PR.H FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.50 %
W.PR.M FixedReset Prem -1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 3.65 %
BAM.PF.G FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 5.90 %
BAM.PR.K Floater 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 11.49
Evaluated at bid price : 11.49
Bid-YTW : 6.11 %
EMA.PR.E Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.17
Evaluated at bid price : 22.50
Bid-YTW : 5.00 %
CU.PR.F Perpetual-Discount 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.08
Evaluated at bid price : 22.34
Bid-YTW : 5.04 %
Volume Highlights
Issue Index Shares
Traded		 Notes
IFC.PR.I Perpetual-Premium 743,673 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 5.32 %
TD.PF.L FixedReset Disc 55,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.79
Evaluated at bid price : 23.90
Bid-YTW : 4.98 %
CU.PR.G Perpetual-Discount 29,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.00
Evaluated at bid price : 22.27
Bid-YTW : 5.05 %
BIP.PR.D FixedReset Disc 27,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.74
Evaluated at bid price : 23.05
Bid-YTW : 5.65 %
RY.PR.Z FixedReset Disc 25,502 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 5.18 %
CM.PR.Q FixedReset Disc 22,801 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.47 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.A Deemed-Retractible Quote: 23.11 – 23.46
Spot Rate : 0.3500
Average : 0.2466

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 22.83
Evaluated at bid price : 23.11
Bid-YTW : 5.20 %
EMA.PR.H FixedReset Prem Quote: 25.08 – 25.38
Spot Rate : 0.3000
Average : 0.2124

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 23.34
Evaluated at bid price : 25.08
Bid-YTW : 4.81 %
TRP.PR.G FixedReset Disc Quote: 18.70 – 18.94
Spot Rate : 0.2400
Average : 0.1645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.79 %
BNS.PR.I FixedReset Disc Quote: 20.11 – 20.39
Spot Rate : 0.2800
Average : 0.2113

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 5.07 %
GWO.PR.Q Deemed-Retractible Quote: 24.70 – 24.93
Spot Rate : 0.2300
Average : 0.1619

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 24.45
Evaluated at bid price : 24.70
Bid-YTW : 5.28 %
MFC.PR.Q FixedReset Ins Non Quote: 19.34 – 19.55
Spot Rate : 0.2100
Average : 0.1432

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-18
Maturity Price : 19.34
Evaluated at bid price : 19.34
Bid-YTW : 5.37 %
Market Action

February 14, 2020

Well, we all know what day it is, don’t we? It’s February PrefLetter preparation day!

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 0.1719 % 2,062.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1719 % 3,785.0
Floater 5.93 % 6.13 % 54,624 13.65 4 0.1719 % 2,181.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0710 % 3,478.3
SplitShare 4.73 % 4.25 % 39,267 4.10 6 -0.0710 % 4,153.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0710 % 3,241.0
Perpetual-Premium 5.56 % -1.13 % 58,276 0.09 11 -0.0036 % 3,071.6
Perpetual-Discount 5.18 % 5.22 % 67,288 14.95 24 0.0813 % 3,371.1
FixedReset Disc 5.49 % 5.42 % 177,445 14.78 64 -0.0183 % 2,183.9
Deemed-Retractible 5.09 % 5.18 % 71,894 14.90 27 0.1186 % 3,285.7
FloatingReset 6.02 % 6.08 % 59,363 13.79 3 -0.7018 % 2,542.6
FixedReset Prem 5.07 % 3.32 % 140,143 1.44 22 0.0159 % 2,662.6
FixedReset Bank Non 1.93 % 3.24 % 73,669 1.91 3 0.0814 % 2,755.8
FixedReset Ins Non 5.33 % 5.42 % 108,099 14.62 22 -0.2672 % 2,201.5
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 5.39 %
MFC.PR.N FixedReset Ins Non -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 5.50 %
SLF.PR.J FloatingReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 13.31
Evaluated at bid price : 13.31
Bid-YTW : 5.83 %
NA.PR.G FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.44 %
CU.PR.D Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 23.09
Evaluated at bid price : 23.56
Bid-YTW : 5.19 %
NA.PR.E FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 5.43 %
IFC.PR.A FixedReset Ins Non 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.60 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.C Deemed-Retractible 62,548 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 21.72
Evaluated at bid price : 21.97
Bid-YTW : 5.19 %
BMO.PR.B FixedReset Prem 50,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 3.36 %
RY.PR.J FixedReset Disc 42,495 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.25 %
BMO.PR.Y FixedReset Disc 40,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 5.37 %
TRP.PR.C FixedReset Disc 40,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 12.21
Evaluated at bid price : 12.21
Bid-YTW : 5.97 %
TD.PF.I FixedReset Disc 28,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.27 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CIU.PR.A Perpetual-Discount Quote: 22.03 – 22.59
Spot Rate : 0.5600
Average : 0.3298

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 5.22 %
GWO.PR.S Deemed-Retractible Quote: 24.97 – 25.49
Spot Rate : 0.5200
Average : 0.3414

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 24.63
Evaluated at bid price : 24.97
Bid-YTW : 5.32 %
BAM.PF.I FixedReset Prem Quote: 25.40 – 25.75
Spot Rate : 0.3500
Average : 0.2195

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.31 %
GWO.PR.F Deemed-Retractible Quote: 25.86 – 26.18
Spot Rate : 0.3200
Average : 0.1989

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-03-15
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : -24.84 %
TD.PF.L FixedReset Disc Quote: 24.00 – 24.38
Spot Rate : 0.3800
Average : 0.2613

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 22.84
Evaluated at bid price : 24.00
Bid-YTW : 4.95 %
SLF.PR.J FloatingReset Quote: 13.31 – 13.62
Spot Rate : 0.3100
Average : 0.2107

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-14
Maturity Price : 13.31
Evaluated at bid price : 13.31
Bid-YTW : 5.83 %
Market Action

February 13, 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 -0.4279 % 2,059.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4279 % 3,778.5
Floater 5.94 % 6.15 % 54,404 13.62 4 -0.4279 % 2,177.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0710 % 3,480.7
SplitShare 4.73 % 4.24 % 39,802 4.10 6 -0.0710 % 4,156.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0710 % 3,243.3
Perpetual-Premium 5.56 % 0.12 % 58,619 0.09 11 0.0179 % 3,071.7
Perpetual-Discount 5.19 % 5.23 % 68,248 14.95 24 0.1576 % 3,368.4
FixedReset Disc 5.49 % 5.34 % 166,557 14.85 64 0.0300 % 2,184.3
Deemed-Retractible 5.10 % 5.19 % 73,014 14.93 27 0.0693 % 3,281.8
FloatingReset 5.98 % 6.07 % 59,923 13.80 3 -0.0967 % 2,560.5
FixedReset Prem 5.07 % 3.41 % 139,414 1.44 22 -0.0460 % 2,662.2
FixedReset Bank Non 1.93 % 3.28 % 74,153 1.91 3 -0.0136 % 2,753.6
FixedReset Ins Non 5.31 % 5.31 % 109,147 14.76 22 -0.2883 % 2,207.4
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 14.08
Evaluated at bid price : 14.08
Bid-YTW : 5.59 %
SLF.PR.H FixedReset Ins Non -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 16.16
Evaluated at bid price : 16.16
Bid-YTW : 5.38 %
SLF.PR.G FixedReset Ins Non -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 5.25 %
BAM.PR.C Floater -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 11.41
Evaluated at bid price : 11.41
Bid-YTW : 6.15 %
BIP.PR.A FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 6.09 %
IFC.PR.G FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 5.45 %
IFC.PR.C FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 5.55 %
NA.PR.E FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 5.42 %
BAM.PR.K Floater -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 11.34
Evaluated at bid price : 11.34
Bid-YTW : 6.19 %
EMA.PR.F FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.65 %
CU.PR.D Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 23.52
Evaluated at bid price : 23.80
Bid-YTW : 5.15 %
SLF.PR.J FloatingReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 5.77 %
BAM.PR.B Floater 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 6.15 %
BAM.PF.C Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 22.42
Evaluated at bid price : 22.71
Bid-YTW : 5.40 %
BMO.PR.Y FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 5.29 %
TRP.PR.A FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 14.82
Evaluated at bid price : 14.82
Bid-YTW : 5.67 %
MFC.PR.J FixedReset Ins Non 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.29 %
TRP.PR.E FixedReset Disc 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 16.59
Evaluated at bid price : 16.59
Bid-YTW : 5.62 %
HSE.PR.G FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 6.50 %
PWF.PR.P FixedReset Disc 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 13.58
Evaluated at bid price : 13.58
Bid-YTW : 5.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.E FixedReset Disc 85,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 5.42 %
TRP.PR.E FixedReset Disc 76,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 16.59
Evaluated at bid price : 16.59
Bid-YTW : 5.62 %
TD.PF.H FixedReset Prem 64,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 3.35 %
SLF.PR.H FixedReset Ins Non 58,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 16.16
Evaluated at bid price : 16.16
Bid-YTW : 5.38 %
RY.PR.J FixedReset Disc 54,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.16 %
GWO.PR.T Deemed-Retractible 51,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 24.45
Evaluated at bid price : 24.91
Bid-YTW : 5.22 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.A FixedReset Disc Quote: 20.32 – 20.72
Spot Rate : 0.4000
Average : 0.2838

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 6.09 %
W.PR.M FixedReset Prem Quote: 25.82 – 26.19
Spot Rate : 0.3700
Average : 0.2560

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.82
Bid-YTW : 3.45 %
PWF.PR.Q FloatingReset Quote: 13.51 – 13.86
Spot Rate : 0.3500
Average : 0.2571

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 6.07 %
NA.PR.E FixedReset Disc Quote: 18.72 – 19.03
Spot Rate : 0.3100
Average : 0.2215

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 5.42 %
PWF.PR.K Perpetual-Discount Quote: 23.25 – 23.53
Spot Rate : 0.2800
Average : 0.1965

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.35 %
GWO.PR.N FixedReset Ins Non Quote: 13.29 – 13.63
Spot Rate : 0.3400
Average : 0.2572

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-13
Maturity Price : 13.29
Evaluated at bid price : 13.29
Bid-YTW : 4.96 %
Market Action

February 12, 2020

PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.03%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 380bp from the 385bp reported February 5.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.3508 % 2,068.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.3508 % 3,794.7
Floater 5.92 % 6.05 % 53,301 13.77 4 -1.3508 % 2,186.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0322 % 3,483.2
SplitShare 4.73 % 3.99 % 41,377 3.68 6 -0.0322 % 4,159.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0322 % 3,245.6
Perpetual-Premium 5.56 % 0.40 % 58,201 0.09 11 0.0573 % 3,071.2
Perpetual-Discount 5.20 % 5.26 % 67,903 14.95 24 0.0018 % 3,363.1
FixedReset Disc 5.49 % 5.35 % 185,645 14.89 64 0.1193 % 2,183.6
Deemed-Retractible 5.10 % 5.20 % 75,726 14.94 27 0.1064 % 3,279.5
FloatingReset 5.97 % 6.03 % 59,831 13.87 3 0.7797 % 2,563.0
FixedReset Prem 5.07 % 3.49 % 129,549 1.44 22 0.0425 % 2,663.4
FixedReset Bank Non 1.93 % 3.28 % 74,347 1.92 3 -0.0948 % 2,753.9
FixedReset Ins Non 5.30 % 5.34 % 108,675 14.81 22 0.4331 % 2,213.8
Performance Highlights
Issue Index Change Notes
BAM.PR.B Floater -4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 11.27
Evaluated at bid price : 11.27
Bid-YTW : 6.23 %
TRP.PR.A FixedReset Disc -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 5.75 %
HSE.PR.G FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.65 %
BAM.PF.C Perpetual-Discount -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 22.17
Evaluated at bid price : 22.44
Bid-YTW : 5.47 %
CU.PR.C FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 5.35 %
BMO.PR.W FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 5.27 %
TRP.PR.E FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 16.24
Evaluated at bid price : 16.24
Bid-YTW : 5.74 %
MFC.PR.I FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 5.40 %
TRP.PR.C FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 5.85 %
SLF.PR.I FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 5.34 %
NA.PR.E FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 5.35 %
IFC.PR.C FixedReset Ins Non 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 5.47 %
BAM.PR.N Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.30 %
TRP.PR.F FloatingReset 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 6.27 %
SLF.PR.H FixedReset Ins Non 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 16.53
Evaluated at bid price : 16.53
Bid-YTW : 5.26 %
SLF.PR.G FixedReset Ins Non 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 5.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 31,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.17 %
TRP.PR.E FixedReset Disc 26,795 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 16.24
Evaluated at bid price : 16.24
Bid-YTW : 5.74 %
BAM.PF.J FixedReset Prem 25,262 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 23.47
Evaluated at bid price : 25.20
Bid-YTW : 4.67 %
EMA.PR.H FixedReset Prem 24,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 4.49 %
BAM.PR.N Perpetual-Discount 19,618 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 22.40
Evaluated at bid price : 22.66
Bid-YTW : 5.30 %
BMO.PR.E FixedReset Disc 17,757 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.20 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Ins Non Quote: 17.23 – 19.40
Spot Rate : 2.1700
Average : 1.2582

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 17.23
Evaluated at bid price : 17.23
Bid-YTW : 5.34 %
RY.PR.M FixedReset Disc Quote: 18.96 – 20.85
Spot Rate : 1.8900
Average : 1.1814

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 5.20 %
BAM.PR.K Floater Quote: 11.47 – 12.20
Spot Rate : 0.7300
Average : 0.4354

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 11.47
Evaluated at bid price : 11.47
Bid-YTW : 6.12 %
BAM.PF.E FixedReset Disc Quote: 16.91 – 17.88
Spot Rate : 0.9700
Average : 0.6795

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 16.91
Evaluated at bid price : 16.91
Bid-YTW : 5.81 %
TD.PF.E FixedReset Disc Quote: 19.74 – 20.53
Spot Rate : 0.7900
Average : 0.5305

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.33 %
IAF.PR.I FixedReset Ins Non Quote: 20.14 – 20.74
Spot Rate : 0.6000
Average : 0.3792

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-12
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 5.29 %
Market Action

February 11, 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 1.0450 % 2,096.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0450 % 3,846.7
Floater 5.84 % 5.97 % 52,859 13.89 4 1.0450 % 2,216.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1744 % 3,484.3
SplitShare 4.72 % 3.96 % 41,014 3.68 6 0.1744 % 4,161.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1744 % 3,246.6
Perpetual-Premium 5.57 % -0.28 % 56,799 0.09 11 -0.0107 % 3,069.4
Perpetual-Discount 5.20 % 5.25 % 68,610 15.08 24 0.2468 % 3,363.0
FixedReset Disc 5.50 % 5.36 % 170,374 14.83 64 0.0200 % 2,181.0
Deemed-Retractible 5.10 % 5.21 % 78,840 14.91 27 0.1298 % 3,276.0
FloatingReset 6.02 % 6.08 % 61,909 13.80 3 -0.6536 % 2,543.2
FixedReset Prem 5.07 % 3.27 % 131,479 1.45 22 0.0266 % 2,662.3
FixedReset Bank Non 1.93 % 3.21 % 73,753 1.92 3 0.1085 % 2,756.5
FixedReset Ins Non 5.32 % 5.35 % 112,374 14.77 22 0.0852 % 2,204.2
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 5.30 %
PWF.PR.Q FloatingReset -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 6.08 %
TRP.PR.C FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 12.06
Evaluated at bid price : 12.06
Bid-YTW : 5.92 %
MFC.PR.J FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 5.35 %
MFC.PR.G FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.45 %
BAM.PR.T FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 15.69
Evaluated at bid price : 15.69
Bid-YTW : 5.84 %
BAM.PR.B Floater 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 5.97 %
NA.PR.W FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 16.93
Evaluated at bid price : 16.93
Bid-YTW : 5.31 %
HSE.PR.A FixedReset Disc 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 11.67
Evaluated at bid price : 11.67
Bid-YTW : 6.54 %
BAM.PR.C Floater 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 11.67
Evaluated at bid price : 11.67
Bid-YTW : 6.01 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.B FixedReset Disc 40,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 5.67 %
RY.PR.Z FixedReset Disc 30,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 17.58
Evaluated at bid price : 17.58
Bid-YTW : 5.10 %
CU.PR.G Perpetual-Discount 30,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 5.13 %
BAM.PR.N Perpetual-Discount 29,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 22.06
Evaluated at bid price : 22.35
Bid-YTW : 5.37 %
BAM.PF.B FixedReset Disc 28,407 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.61 %
TD.PF.A FixedReset Disc 24,849 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 17.44
Evaluated at bid price : 17.44
Bid-YTW : 5.18 %
There were 21 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 21.89 – 22.35
Spot Rate : 0.4600
Average : 0.3315

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 21.89
Evaluated at bid price : 21.89
Bid-YTW : 5.15 %
ELF.PR.G Perpetual-Discount Quote: 22.52 – 23.00
Spot Rate : 0.4800
Average : 0.3684

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 22.25
Evaluated at bid price : 22.52
Bid-YTW : 5.32 %
PWF.PR.T FixedReset Disc Quote: 17.87 – 18.19
Spot Rate : 0.3200
Average : 0.2089

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 5.38 %
TRP.PR.E FixedReset Disc Quote: 16.41 – 16.73
Spot Rate : 0.3200
Average : 0.2204

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 16.41
Evaluated at bid price : 16.41
Bid-YTW : 5.68 %
EMA.PR.F FixedReset Disc Quote: 17.75 – 18.20
Spot Rate : 0.4500
Average : 0.3539

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 5.60 %
SLF.PR.I FixedReset Ins Non Quote: 18.89 – 19.20
Spot Rate : 0.3100
Average : 0.2141

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-11
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 5.40 %
Market Action

February 10, 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 -0.1065 % 2,074.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1065 % 3,806.9
Floater 5.90 % 6.04 % 49,616 13.78 4 -0.1065 % 2,193.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.0711 % 3,478.3
SplitShare 4.73 % 3.95 % 38,719 3.68 6 0.0711 % 4,153.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0711 % 3,241.0
Perpetual-Premium 5.57 % -0.12 % 56,128 0.09 11 0.0179 % 3,069.7
Perpetual-Discount 5.21 % 5.26 % 69,426 15.06 24 -0.0018 % 3,354.8
FixedReset Disc 5.50 % 5.37 % 172,328 14.85 64 -0.1350 % 2,180.6
Deemed-Retractible 5.11 % 5.22 % 78,180 14.91 27 0.0340 % 3,271.8
FloatingReset 5.98 % 5.98 % 62,813 13.94 3 0.7807 % 2,559.9
FixedReset Prem 5.08 % 3.38 % 133,082 1.45 22 -0.0071 % 2,661.6
FixedReset Bank Non 1.93 % 3.18 % 74,237 1.92 3 -0.1354 % 2,753.6
FixedReset Ins Non 5.32 % 5.34 % 112,625 14.75 22 -0.2066 % 2,202.4
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset Ins Non -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 5.57 %
BAM.PR.T FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 15.52
Evaluated at bid price : 15.52
Bid-YTW : 5.90 %
NA.PR.W FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 16.67
Evaluated at bid price : 16.67
Bid-YTW : 5.39 %
PWF.PR.P FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 5.47 %
MFC.PR.G FixedReset Ins Non -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 19.29
Evaluated at bid price : 19.29
Bid-YTW : 5.51 %
BAM.PR.C Floater -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 11.39
Evaluated at bid price : 11.39
Bid-YTW : 6.16 %
BAM.PR.K Floater -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 6.07 %
BAM.PF.B FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 5.57 %
CIU.PR.A Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 5.26 %
BAM.PF.A FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.54 %
SLF.PR.H FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 16.23
Evaluated at bid price : 16.23
Bid-YTW : 5.35 %
TD.PF.E FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 5.38 %
TRP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 5.61 %
HSE.PR.G FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 6.54 %
PWF.PR.Q FloatingReset 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 5.98 %
EMA.PR.F FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.64 %
BAM.PR.B Floater 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 6.04 %
TRP.PR.G FixedReset Disc 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.73 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Disc 72,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.28 %
RY.PR.J FixedReset Disc 56,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.23 %
TRP.PR.A FixedReset Disc 48,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 5.61 %
NA.PR.E FixedReset Disc 44,425 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 5.45 %
BMO.PR.F FixedReset Disc 34,754 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 23.06
Evaluated at bid price : 24.55
Bid-YTW : 4.91 %
BAM.PR.N Perpetual-Discount 30,641 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 22.00
Evaluated at bid price : 22.23
Bid-YTW : 5.40 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.C FixedReset Ins Non Quote: 17.82 – 18.39
Spot Rate : 0.5700
Average : 0.3795

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 5.57 %
TRP.PR.D FixedReset Disc Quote: 16.70 – 17.04
Spot Rate : 0.3400
Average : 0.1984

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 5.66 %
BAM.PR.T FixedReset Disc Quote: 15.52 – 15.96
Spot Rate : 0.4400
Average : 0.3176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 15.52
Evaluated at bid price : 15.52
Bid-YTW : 5.90 %
EIT.PR.B SplitShare Quote: 25.71 – 26.09
Spot Rate : 0.3800
Average : 0.2692

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 4.36 %
IAF.PR.B Deemed-Retractible Quote: 22.33 – 22.64
Spot Rate : 0.3100
Average : 0.2008

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 22.11
Evaluated at bid price : 22.33
Bid-YTW : 5.21 %
BIP.PR.A FixedReset Disc Quote: 20.62 – 20.99
Spot Rate : 0.3700
Average : 0.2708

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-02-10
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 6.00 %