Category: Market Action

Market Action

January 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 -0.6027 % 2,110.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6027 % 3,872.7
Floater 5.78 % 5.91 % 46,489 14.06 4 -0.6027 % 2,231.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2157 % 3,430.9
SplitShare 4.80 % 4.55 % 31,791 3.76 6 -0.2157 % 4,097.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2157 % 3,196.8
Perpetual-Premium 5.59 % -1.80 % 60,258 0.09 11 0.0936 % 3,052.6
Perpetual-Discount 5.27 % 5.33 % 70,612 14.93 24 0.0467 % 3,294.3
FixedReset Disc 5.43 % 5.62 % 194,911 14.54 64 0.3386 % 2,197.7
Deemed-Retractible 5.16 % 5.26 % 67,734 14.85 27 -0.0639 % 3,231.3
FloatingReset 5.97 % 5.91 % 76,750 14.07 3 -0.3133 % 2,563.6
FixedReset Prem 5.09 % 3.53 % 149,116 1.53 22 -0.0124 % 2,646.2
FixedReset Bank Non 1.94 % 3.74 % 65,724 2.00 3 -0.0273 % 2,732.6
FixedReset Ins Non 5.28 % 5.59 % 138,959 14.52 22 0.4532 % 2,222.7
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 12.52
Evaluated at bid price : 12.52
Bid-YTW : 6.21 %
PVS.PR.F SplitShare -1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.65 %
BNS.PR.I FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.26 %
GWO.PR.N FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 5.27 %
BAM.PR.Z FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 5.74 %
BIP.PR.F FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 22.19
Evaluated at bid price : 22.75
Bid-YTW : 5.62 %
BAM.PR.R FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 15.89
Evaluated at bid price : 15.89
Bid-YTW : 6.09 %
MFC.PR.J FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 5.55 %
TD.PF.J FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 20.29
Evaluated at bid price : 20.29
Bid-YTW : 5.42 %
TRP.PR.E FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 5.91 %
EMA.PR.C FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 5.88 %
EMA.PR.F FixedReset Disc 2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.89 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.G Perpetual-Discount 153,880 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 21.54
Evaluated at bid price : 21.54
Bid-YTW : 5.30 %
CM.PR.S FixedReset Disc 112,365 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.62 %
MFC.PR.B Deemed-Retractible 92,975 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 22.03
Evaluated at bid price : 22.26
Bid-YTW : 5.26 %
GWO.PR.S Deemed-Retractible 77,470 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 24.41
Evaluated at bid price : 24.75
Bid-YTW : 5.33 %
NA.PR.X FixedReset Prem 63,636 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 3.26 %
BMO.PR.B FixedReset Prem 44,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.83
Bid-YTW : 3.53 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.F SplitShare Quote: 25.30 – 25.70
Spot Rate : 0.4000
Average : 0.2928

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.65 %
PWF.PR.H Perpetual-Premium Quote: 25.43 – 25.72
Spot Rate : 0.2900
Average : 0.1905

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-02-09
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : -18.33 %
BAM.PF.B FixedReset Disc Quote: 18.57 – 18.99
Spot Rate : 0.4200
Average : 0.3243

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 5.83 %
IAF.PR.I FixedReset Ins Non Quote: 20.00 – 20.30
Spot Rate : 0.3000
Average : 0.2046

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.60 %
IFC.PR.G FixedReset Ins Non Quote: 19.01 – 19.33
Spot Rate : 0.3200
Average : 0.2304

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 5.72 %
GWO.PR.G Deemed-Retractible Quote: 24.50 – 24.80
Spot Rate : 0.3000
Average : 0.2184

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-10
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.33 %
Market Action

January 9, 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 0.0832 % 2,123.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0832 % 3,896.2
Floater 5.75 % 5.87 % 45,432 14.11 4 0.0832 % 2,245.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0196 % 3,438.3
SplitShare 4.79 % 4.48 % 31,586 4.20 6 0.0196 % 4,106.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0196 % 3,203.7
Perpetual-Premium 5.60 % -1.99 % 61,149 0.09 11 0.0297 % 3,049.8
Perpetual-Discount 5.27 % 5.35 % 67,781 14.93 24 -0.0225 % 3,292.8
FixedReset Disc 5.45 % 5.61 % 195,535 14.58 64 0.4239 % 2,190.3
Deemed-Retractible 5.16 % 5.28 % 66,480 14.91 27 0.0999 % 3,233.4
FloatingReset 5.97 % 5.90 % 77,823 14.09 3 0.9487 % 2,571.7
FixedReset Prem 5.09 % 3.34 % 139,705 1.54 22 0.0545 % 2,646.5
FixedReset Bank Non 1.94 % 3.73 % 66,649 2.00 3 -0.0818 % 2,733.3
FixedReset Ins Non 5.30 % 5.58 % 140,787 14.53 22 0.4357 % 2,212.7
Performance Highlights
Issue Index Change Notes
PWF.PR.A Floater -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 12.56
Evaluated at bid price : 12.56
Bid-YTW : 5.59 %
HSE.PR.A FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 6.80 %
IAF.PR.G FixedReset Ins Non 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.71 %
RY.PR.H FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 5.39 %
MFC.PR.L FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 17.32
Evaluated at bid price : 17.32
Bid-YTW : 5.46 %
TRP.PR.C FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 6.00 %
NA.PR.C FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 5.61 %
PWF.PR.P FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 5.70 %
RY.PR.M FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 5.43 %
TD.PF.L FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 22.86
Evaluated at bid price : 24.07
Bid-YTW : 5.05 %
BMO.PR.C FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 22.33
Evaluated at bid price : 22.71
Bid-YTW : 5.39 %
CM.PR.S FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.60 %
BIP.PR.A FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.27 %
BAM.PR.C Floater 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 11.88
Evaluated at bid price : 11.88
Bid-YTW : 5.87 %
HSE.PR.C FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.74 %
PWF.PR.Q FloatingReset 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 13.82
Evaluated at bid price : 13.82
Bid-YTW : 5.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.A Deemed-Retractible 116,285 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 22.29
Evaluated at bid price : 22.56
Bid-YTW : 5.29 %
RY.PR.Z FixedReset Disc 92,895 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 5.41 %
IAF.PR.I FixedReset Ins Non 81,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 5.57 %
GWO.PR.S Deemed-Retractible 69,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 24.41
Evaluated at bid price : 24.75
Bid-YTW : 5.33 %
RY.PR.A Deemed-Retractible 62,570 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-02-08
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : -4.22 %
TD.PF.B FixedReset Disc 48,013 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 5.44 %
There were 33 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
EML.PR.A FixedReset Ins Non Quote: 25.79 – 26.15
Spot Rate : 0.3600
Average : 0.2331

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : 3.11 %
BIP.PR.E FixedReset Disc Quote: 22.36 – 22.79
Spot Rate : 0.4300
Average : 0.3147

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 22.00
Evaluated at bid price : 22.36
Bid-YTW : 5.62 %
MFC.PR.R FixedReset Ins Non Quote: 24.63 – 24.92
Spot Rate : 0.2900
Average : 0.1912

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 23.40
Evaluated at bid price : 24.63
Bid-YTW : 5.40 %
PWF.PR.S Perpetual-Discount Quote: 22.60 – 22.95
Spot Rate : 0.3500
Average : 0.2576

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 22.26
Evaluated at bid price : 22.60
Bid-YTW : 5.30 %
PWF.PR.Z Perpetual-Discount Quote: 23.70 – 24.00
Spot Rate : 0.3000
Average : 0.2089

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 23.33
Evaluated at bid price : 23.70
Bid-YTW : 5.43 %
BAM.PR.X FixedReset Disc Quote: 13.60 – 13.95
Spot Rate : 0.3500
Average : 0.2800

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-09
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.07 %
Market Action

January 8, 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 0.2502 % 2,121.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2502 % 3,892.9
Floater 5.75 % 5.88 % 46,004 14.10 4 0.2502 % 2,243.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0261 % 3,437.6
SplitShare 4.79 % 4.48 % 32,782 4.20 6 -0.0261 % 4,105.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0261 % 3,203.1
Perpetual-Premium 5.56 % -1.45 % 61,719 0.09 11 0.0679 % 3,048.9
Perpetual-Discount 5.26 % 5.36 % 68,237 14.83 24 0.0323 % 3,293.5
FixedReset Disc 5.46 % 5.63 % 196,707 14.50 64 0.1786 % 2,181.1
Deemed-Retractible 5.17 % 5.28 % 65,176 14.91 27 0.0172 % 3,230.2
FloatingReset 6.01 % 6.10 % 78,761 13.64 3 0.2674 % 2,547.5
FixedReset Prem 5.09 % 3.45 % 141,526 1.54 22 0.0089 % 2,645.0
FixedReset Bank Non 1.94 % 3.74 % 67,645 2.01 3 0.1365 % 2,735.5
FixedReset Ins Non 5.32 % 5.61 % 135,051 14.46 22 0.1463 % 2,203.1
Performance Highlights
Issue Index Change Notes
BAM.PR.R FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 15.70
Evaluated at bid price : 15.70
Bid-YTW : 6.10 %
TRP.PR.F FloatingReset 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 6.29 %
CCS.PR.C Deemed-Retractible 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 23.31
Evaluated at bid price : 23.59
Bid-YTW : 5.32 %
EMA.PR.C FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 5.94 %
TD.PF.J FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 5.45 %
TRP.PR.B FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 5.96 %
TRP.PR.C FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 12.66
Evaluated at bid price : 12.66
Bid-YTW : 6.07 %
EMA.PR.F FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.02 %
MFC.PR.F FixedReset Ins Non 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 5.68 %
BAM.PF.B FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.74 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.M Deemed-Retractible 85,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-02-07
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : -20.43 %
MFC.PR.L FixedReset Ins Non 46,765 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.53 %
NA.PR.X FixedReset Prem 45,280 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 3.34 %
POW.PR.A Perpetual-Premium 42,510 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-02-07
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -9.98 %
CU.PR.G Perpetual-Discount 40,916 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 21.59
Evaluated at bid price : 21.59
Bid-YTW : 5.28 %
TRP.PR.E FixedReset Disc 39,190 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 5.96 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CM.PR.Q FixedReset Disc Quote: 19.08 – 19.61
Spot Rate : 0.5300
Average : 0.3238

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 5.69 %
CIU.PR.A Perpetual-Discount Quote: 21.65 – 22.08
Spot Rate : 0.4300
Average : 0.2902

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.37 %
HSE.PR.G FixedReset Disc Quote: 18.60 – 19.05
Spot Rate : 0.4500
Average : 0.3112

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.90 %
PWF.PR.K Perpetual-Discount Quote: 23.37 – 23.74
Spot Rate : 0.3700
Average : 0.2478

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 23.11
Evaluated at bid price : 23.37
Bid-YTW : 5.38 %
CM.PR.R FixedReset Disc Quote: 21.48 – 21.84
Spot Rate : 0.3600
Average : 0.2385

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 5.67 %
MFC.PR.N FixedReset Ins Non Quote: 17.42 – 17.79
Spot Rate : 0.3700
Average : 0.2637

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-08
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 5.61 %
Market Action

January 7, 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 0.1671 % 2,116.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1671 % 3,883.2
Floater 5.77 % 5.93 % 46,607 14.02 4 0.1671 % 2,237.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0327 % 3,438.5
SplitShare 4.79 % 4.48 % 33,242 4.20 6 -0.0327 % 4,106.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0327 % 3,203.9
Perpetual-Premium 5.56 % -0.69 % 61,578 0.09 11 -0.0214 % 3,046.8
Perpetual-Discount 5.26 % 5.33 % 68,455 14.86 24 0.1526 % 3,292.5
FixedReset Disc 5.47 % 5.65 % 198,471 14.48 64 0.1989 % 2,177.2
Deemed-Retractible 5.17 % 5.29 % 64,592 14.91 27 0.1486 % 3,229.6
FloatingReset 6.02 % 6.08 % 79,936 13.67 3 -0.6042 % 2,540.7
FixedReset Prem 5.09 % 3.50 % 142,011 1.54 22 -0.1082 % 2,644.8
FixedReset Bank Non 1.94 % 3.72 % 68,419 2.01 3 0.0546 % 2,731.8
FixedReset Ins Non 5.33 % 5.60 % 135,395 14.46 22 0.0268 % 2,199.9
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 6.36 %
SLF.PR.H FixedReset Ins Non -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 16.26
Evaluated at bid price : 16.26
Bid-YTW : 5.66 %
BAM.PF.B FixedReset Disc -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 18.39
Evaluated at bid price : 18.39
Bid-YTW : 5.84 %
BMO.PR.T FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 5.52 %
MFC.PR.F FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 12.74
Evaluated at bid price : 12.74
Bid-YTW : 5.78 %
BAM.PR.X FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.07 %
BAM.PF.J FixedReset Prem -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 23.23
Evaluated at bid price : 24.58
Bid-YTW : 4.78 %
PWF.PR.A Floater 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 5.50 %
IAF.PR.B Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 5.26 %
CIU.PR.A Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 5.32 %
BMO.PR.Y FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 19.49
Evaluated at bid price : 19.49
Bid-YTW : 5.55 %
SLF.PR.G FixedReset Ins Non 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 5.58 %
BAM.PR.R FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 6.00 %
PWF.PR.P FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 13.77
Evaluated at bid price : 13.77
Bid-YTW : 5.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.G Perpetual-Discount 290,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 5.30 %
HSE.PR.A FixedReset Disc 135,502 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 12.19
Evaluated at bid price : 12.19
Bid-YTW : 6.70 %
GWO.PR.P Deemed-Retractible 45,737 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 24.68
Evaluated at bid price : 24.99
Bid-YTW : 5.43 %
MFC.PR.O FixedReset Ins Non 45,066 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 3.64 %
TRP.PR.G FixedReset Disc 41,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.03 %
NA.PR.X FixedReset Prem 41,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 3.30 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
W.PR.M FixedReset Prem Quote: 25.75 – 26.25
Spot Rate : 0.5000
Average : 0.3223

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 3.40 %
EMA.PR.C FixedReset Disc Quote: 18.37 – 18.75
Spot Rate : 0.3800
Average : 0.2349

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 6.00 %
RY.PR.J FixedReset Disc Quote: 19.73 – 20.03
Spot Rate : 0.3000
Average : 0.1974

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 5.53 %
BMO.PR.S FixedReset Disc Quote: 18.20 – 18.47
Spot Rate : 0.2700
Average : 0.1710

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.42 %
NA.PR.G FixedReset Disc Quote: 19.68 – 19.96
Spot Rate : 0.2800
Average : 0.1824

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 5.68 %
BAM.PR.X FixedReset Disc Quote: 13.60 – 13.95
Spot Rate : 0.3500
Average : 0.2618

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-07
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.07 %
Market Action

January 6, 2020

This is where trade wars get won and lost:

For the first time, China has taken the Nature Index crown as the biggest producer of high-quality research in chemistry, knocking the United States down to second place.

China’s chemistry output has grown by 17.9% since 2017, to achieve an impressive Share of 6,183.75 in 2018.
…
After taking the top spot in chemistry for three years in a row, the US fell behind China in 2018 with a Share of 5,371.32, representing a 6.2% drop from the previous year.

I mentioned my formal complaint to the Ontario Energy Board on December 27. Enbridge has responded; their response is included with my follow-up to my complaint.

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 -0.1252 % 2,112.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1252 % 3,876.7
Floater 5.77 % 5.90 % 47,076 14.07 4 -0.1252 % 2,234.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0719 % 3,439.6
SplitShare 4.79 % 4.55 % 34,331 3.77 6 0.0719 % 4,107.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0719 % 3,204.9
Perpetual-Premium 5.56 % -2.79 % 62,133 0.09 11 -0.0893 % 3,047.5
Perpetual-Discount 5.27 % 5.36 % 68,560 14.81 24 -0.1488 % 3,287.5
FixedReset Disc 5.48 % 5.65 % 198,110 14.46 64 -0.1642 % 2,172.8
Deemed-Retractible 5.17 % 5.31 % 65,030 14.90 27 -0.1109 % 3,224.8
FloatingReset 5.99 % 6.10 % 81,027 13.65 3 0.0000 % 2,556.2
FixedReset Prem 5.08 % 3.48 % 147,852 1.55 22 -0.2138 % 2,647.7
FixedReset Bank Non 1.94 % 3.76 % 67,746 2.01 3 -0.3355 % 2,730.3
FixedReset Ins Non 5.33 % 5.59 % 140,058 14.39 22 -0.3402 % 2,199.3
Performance Highlights
Issue Index Change Notes
TRP.PR.B FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 11.82
Evaluated at bid price : 11.82
Bid-YTW : 6.05 %
SLF.PR.G FixedReset Ins Non -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 13.22
Evaluated at bid price : 13.22
Bid-YTW : 5.66 %
PWF.PR.P FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 5.87 %
NA.PR.W FixedReset Disc -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 5.72 %
TRP.PR.C FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 12.54
Evaluated at bid price : 12.54
Bid-YTW : 6.12 %
HSE.PR.E FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.02 %
MFC.PR.L FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 5.53 %
TRP.PR.A FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 6.06 %
IAF.PR.G FixedReset Ins Non -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 5.81 %
PWF.PR.Q FloatingReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 13.62
Evaluated at bid price : 13.62
Bid-YTW : 6.10 %
POW.PR.D Perpetual-Discount -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 22.80
Evaluated at bid price : 23.08
Bid-YTW : 5.43 %
IFC.PR.G FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.66
Evaluated at bid price : 18.66
Bid-YTW : 5.78 %
BAM.PF.H FixedReset Prem -1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.84 %
HSE.PR.G FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 6.92 %
TRP.PR.G FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.07 %
MFC.PR.M FixedReset Ins Non -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 5.56 %
SLF.PR.I FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 5.66 %
BAM.PR.R FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 15.71
Evaluated at bid price : 15.71
Bid-YTW : 6.09 %
BAM.PR.X FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 13.77
Evaluated at bid price : 13.77
Bid-YTW : 5.99 %
TD.PF.J FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.49 %
BMO.PR.D FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 5.50 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.T FixedReset Disc 60,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 5.45 %
TRP.PR.C FixedReset Disc 43,316 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 12.54
Evaluated at bid price : 12.54
Bid-YTW : 6.12 %
BNS.PR.G FixedReset Prem 38,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 25.74
Bid-YTW : 3.34 %
CU.PR.G Perpetual-Discount 31,335 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 21.56
Evaluated at bid price : 21.56
Bid-YTW : 5.29 %
RY.PR.Z FixedReset Disc 29,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 5.45 %
CU.PR.F Perpetual-Discount 27,360 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 21.70
Evaluated at bid price : 21.70
Bid-YTW : 5.25 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 19.12 – 19.58
Spot Rate : 0.4600
Average : 0.3266

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 5.52 %
NA.PR.W FixedReset Disc Quote: 16.70 – 17.03
Spot Rate : 0.3300
Average : 0.2081

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 5.72 %
IAF.PR.G FixedReset Ins Non Quote: 18.78 – 19.24
Spot Rate : 0.4600
Average : 0.3460

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 5.81 %
MFC.PR.L FixedReset Ins Non Quote: 17.10 – 17.44
Spot Rate : 0.3400
Average : 0.2281

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 5.53 %
CM.PR.O FixedReset Disc Quote: 16.88 – 17.18
Spot Rate : 0.3000
Average : 0.1982

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 16.88
Evaluated at bid price : 16.88
Bid-YTW : 5.70 %
CU.PR.E Perpetual-Discount Quote: 23.32 – 23.68
Spot Rate : 0.3600
Average : 0.2630

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-06
Maturity Price : 22.92
Evaluated at bid price : 23.32
Bid-YTW : 5.30 %
Market Action

January 3, 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 -1.4999 % 2,115.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.4999 % 3,881.6
Floater 5.77 % 5.88 % 48,762 14.11 4 -1.4999 % 2,237.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1827 % 3,437.1
SplitShare 4.79 % 4.57 % 35,747 4.22 6 -0.1827 % 4,104.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1827 % 3,202.6
Perpetual-Premium 5.55 % -4.78 % 62,398 0.09 11 0.1323 % 3,050.2
Perpetual-Discount 5.26 % 5.36 % 70,730 14.84 24 0.2083 % 3,292.4
FixedReset Disc 5.47 % 5.75 % 201,230 14.28 64 0.3615 % 2,176.4
Deemed-Retractible 5.17 % 5.29 % 65,952 14.90 27 0.0359 % 3,228.4
FloatingReset 6.02 % 6.05 % 84,325 13.73 3 0.2180 % 2,556.2
FixedReset Prem 5.06 % 3.34 % 137,697 1.55 22 0.2615 % 2,653.4
FixedReset Bank Non 1.93 % 3.62 % 65,211 2.01 3 0.0679 % 2,739.5
FixedReset Ins Non 5.31 % 5.72 % 141,655 14.32 22 0.1412 % 2,206.8
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 5.95 %
BAM.PR.C Floater -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 11.77
Evaluated at bid price : 11.77
Bid-YTW : 5.92 %
IAF.PR.G FixedReset Ins Non -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.84 %
NA.PR.C FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.82 %
BAM.PR.N Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 21.32
Evaluated at bid price : 21.59
Bid-YTW : 5.52 %
TD.PF.I FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 5.61 %
BAM.PR.R FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 15.87
Evaluated at bid price : 15.87
Bid-YTW : 6.19 %
BAM.PR.M Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 21.45
Evaluated at bid price : 21.71
Bid-YTW : 5.49 %
CU.PR.I FixedReset Prem 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 1.84 %
BAM.PR.Z FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 5.85 %
NA.PR.G FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 5.78 %
TRP.PR.C FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 6.22 %
SLF.PR.I FixedReset Ins Non 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.72 %
HSE.PR.E FixedReset Disc 2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.05 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.H Perpetual-Discount 53,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 24.28
Evaluated at bid price : 24.77
Bid-YTW : 5.34 %
PWF.PR.G Perpetual-Premium 52,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-02-02
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : -7.39 %
NA.PR.E FixedReset Disc 27,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.79 %
NA.PR.S FixedReset Disc 26,425 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 5.73 %
MFC.PR.N FixedReset Ins Non 25,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 5.83 %
SLF.PR.D Deemed-Retractible 24,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 21.29
Evaluated at bid price : 21.29
Bid-YTW : 5.26 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.T FixedReset Disc Quote: 17.35 – 18.12
Spot Rate : 0.7700
Average : 0.4744

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 5.61 %
BMO.PR.Y FixedReset Disc Quote: 19.27 – 20.00
Spot Rate : 0.7300
Average : 0.5326

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 19.27
Evaluated at bid price : 19.27
Bid-YTW : 5.75 %
SLF.PR.B Deemed-Retractible Quote: 22.73 – 23.10
Spot Rate : 0.3700
Average : 0.2840

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 22.47
Evaluated at bid price : 22.73
Bid-YTW : 5.30 %
GWO.PR.P Deemed-Retractible Quote: 24.92 – 25.20
Spot Rate : 0.2800
Average : 0.1970

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 24.66
Evaluated at bid price : 24.92
Bid-YTW : 5.44 %
PWF.PR.A Floater Quote: 12.62 – 13.14
Spot Rate : 0.5200
Average : 0.4459

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 5.56 %
MFC.PR.J FixedReset Ins Non Quote: 19.36 – 19.61
Spot Rate : 0.2500
Average : 0.1788

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-03
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.70 %
Market Action

January 2, 2020

With every New Year, my long-held dream of 4am food deliveries draws nearer!

A Michigan company that makes self-driving food delivery vehicles will begin testing them out in Ann Arbor in January with patrons from four restaurants.

Ann Arbor-based Refraction AI makes the REV, an autonomous robot that’s five feet (1.5 meters) tall, with wheels and a fuselage that can hold delivery bags. The company will begin using its REVs on Jan. 3 to make meal deliveries from four restaurants to a test group of 300 customers in downtown Ann Arbor.

Canadian preferred share volume was very low today, but we’ll see what next week brings (tomorrow doesn’t count)!

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 -0.3073 % 2,147.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3073 % 3,940.7
Floater 5.68 % 5.80 % 48,905 14.24 4 -0.3073 % 2,271.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0457 % 3,443.4
SplitShare 4.78 % 4.53 % 36,267 3.78 6 -0.0457 % 4,112.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0457 % 3,208.5
Perpetual-Premium 5.56 % -3.10 % 63,371 0.09 11 -0.0608 % 3,046.2
Perpetual-Discount 5.27 % 5.36 % 69,500 14.86 24 -0.0287 % 3,285.5
FixedReset Disc 5.48 % 5.77 % 204,186 14.23 64 0.0192 % 2,168.6
Deemed-Retractible 5.17 % 5.28 % 68,398 14.89 27 -0.1981 % 3,227.2
FloatingReset 6.04 % 6.07 % 85,587 13.70 3 0.9289 % 2,550.6
FixedReset Prem 5.07 % 3.46 % 138,661 1.54 22 -0.0460 % 2,646.4
FixedReset Bank Non 1.93 % 3.66 % 65,736 2.01 3 0.2450 % 2,737.6
FixedReset Ins Non 5.32 % 5.73 % 143,820 14.25 22 -0.0268 % 2,203.7
Performance Highlights
Issue Index Change Notes
HSE.PR.E FixedReset Disc -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.22 %
BIP.PR.A FixedReset Disc -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.49 %
IFC.PR.A FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 5.89 %
NA.PR.G FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 5.89 %
BNS.PR.I FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.49 %
TRP.PR.G FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.19 %
HSE.PR.A FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 12.45
Evaluated at bid price : 12.45
Bid-YTW : 6.76 %
IAF.PR.G FixedReset Ins Non 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.74 %
TRP.PR.F FloatingReset 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 14.33
Evaluated at bid price : 14.33
Bid-YTW : 6.33 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.B FixedReset Disc 58,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 5.65 %
GWO.PR.S Deemed-Retractible 33,019 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 24.42
Evaluated at bid price : 24.75
Bid-YTW : 5.32 %
RY.PR.S FixedReset Disc 32,759 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 5.50 %
SLF.PR.A Deemed-Retractible 30,075 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.30 %
BMO.PR.E FixedReset Disc 18,902 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.67 %
IAF.PR.I FixedReset Ins Non 18,608 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.74 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.E FixedReset Disc Quote: 18.35 – 19.21
Spot Rate : 0.8600
Average : 0.6181

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.22 %
BIP.PR.A FixedReset Disc Quote: 20.30 – 20.80
Spot Rate : 0.5000
Average : 0.2985

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.49 %
BAM.PF.D Perpetual-Discount Quote: 22.25 – 22.65
Spot Rate : 0.4000
Average : 0.2840

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 21.96
Evaluated at bid price : 22.25
Bid-YTW : 5.53 %
ELF.PR.H Perpetual-Premium Quote: 24.91 – 25.27
Spot Rate : 0.3600
Average : 0.2544

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 24.54
Evaluated at bid price : 24.91
Bid-YTW : 5.52 %
PWF.PR.E Perpetual-Premium Quote: 25.17 – 25.57
Spot Rate : 0.4000
Average : 0.3024

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 24.87
Evaluated at bid price : 25.17
Bid-YTW : 5.55 %
TD.PF.D FixedReset Disc Quote: 19.61 – 19.99
Spot Rate : 0.3800
Average : 0.2909

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-01-02
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.77 %
Market Action

December 31, 2019

Happy New Year, everybody!

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 0.5354 % 2,154.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5354 % 3,952.9
Floater 5.66 % 5.78 % 50,574 14.22 4 0.5354 % 2,278.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0841 % 3,445.0
SplitShare 4.63 % 4.43 % 36,798 3.79 7 0.0841 % 4,114.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0841 % 3,210.0
Perpetual-Premium 5.57 % -6.71 % 64,019 0.09 10 0.0983 % 3,048.0
Perpetual-Discount 5.28 % 5.37 % 69,715 14.84 25 0.0550 % 3,286.5
FixedReset Disc 5.46 % 5.76 % 210,555 14.26 66 0.4522 % 2,168.2
Deemed-Retractible 5.16 % 5.27 % 67,875 14.92 27 0.0671 % 3,233.6
FloatingReset 6.13 % 6.41 % 121,133 13.31 2 0.2203 % 2,527.1
FixedReset Prem 5.09 % 3.38 % 143,575 1.49 20 -0.0058 % 2,647.6
FixedReset Bank Non 1.94 % 3.71 % 66,320 2.02 3 0.0000 % 2,731.0
FixedReset Ins Non 5.32 % 5.73 % 148,378 14.29 22 0.5972 % 2,204.2
Performance Highlights
Issue Index Change Notes
IAF.PR.I FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 5.74 %
MFC.PR.I FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.76 %
TRP.PR.G FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.26 %
CM.PR.R FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.82 %
BMO.PR.Y FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.24
Evaluated at bid price : 19.24
Bid-YTW : 5.76 %
TD.PF.D FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 5.73 %
BAM.PR.C Floater 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 5.78 %
TD.PF.E FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.74 %
MFC.PR.G FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 5.77 %
TRP.PR.A FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 6.13 %
MFC.PR.K FixedReset Ins Non 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 5.67 %
CCS.PR.C Deemed-Retractible 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 5.29 %
HSE.PR.E FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.95 %
IFC.PR.G FixedReset Ins Non 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 18.94
Evaluated at bid price : 18.94
Bid-YTW : 5.81 %
HSE.PR.C FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.95 %
HSE.PR.A FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 6.83 %
SLF.PR.G FixedReset Ins Non 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 13.55
Evaluated at bid price : 13.55
Bid-YTW : 5.71 %
HSE.PR.G FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.93 %
RY.PR.J FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 5.62 %
BAM.PF.B FixedReset Disc 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 5.82 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.E FixedReset Disc 31,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 5.88 %
BMO.PR.D FixedReset Disc 27,313 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.71 %
TD.PF.G FixedReset Prem 26,406 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.94
Bid-YTW : 3.29 %
EMA.PR.F FixedReset Disc 25,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 6.34 %
TD.PF.A FixedReset Disc 23,835 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 5.59 %
RY.PR.Z FixedReset Disc 19,435 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 5.56 %
There were 10 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: 17.60 – 18.49
Spot Rate : 0.8900
Average : 0.6054

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.06 %
SLF.PR.J FloatingReset Quote: 13.17 – 13.69
Spot Rate : 0.5200
Average : 0.3693

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 13.17
Evaluated at bid price : 13.17
Bid-YTW : 5.89 %
SLF.PR.I FixedReset Ins Non Quote: 18.93 – 19.34
Spot Rate : 0.4100
Average : 0.2673

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 5.77 %
CU.PR.I FixedReset Prem Quote: 25.36 – 25.85
Spot Rate : 0.4900
Average : 0.3515

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : 3.31 %
IFC.PR.A FixedReset Ins Non Quote: 14.40 – 14.86
Spot Rate : 0.4600
Average : 0.3282

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 5.95 %
TD.PF.C FixedReset Disc Quote: 17.64 – 17.96
Spot Rate : 0.3200
Average : 0.2287

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-31
Maturity Price : 17.64
Evaluated at bid price : 17.64
Bid-YTW : 5.67 %
Market Action

December 30, 2019

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 2.9686 % 2,142.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.9686 % 3,931.8
Floater 5.69 % 5.78 % 51,233 14.22 4 2.9686 % 2,265.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1066 % 3,442.1
SplitShare 4.63 % 4.53 % 38,314 3.79 7 0.1066 % 4,110.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1066 % 3,207.3
Perpetual-Premium 5.57 % -5.97 % 66,552 0.09 10 0.0918 % 3,045.0
Perpetual-Discount 5.28 % 5.36 % 72,559 14.85 25 0.0923 % 3,284.7
FixedReset Disc 5.47 % 5.80 % 211,813 14.20 66 0.5140 % 2,158.4
Deemed-Retractible 5.16 % 5.27 % 68,938 14.90 27 -0.0078 % 3,231.5
FloatingReset 6.14 % 6.43 % 126,013 13.29 2 -0.1467 % 2,521.6
FixedReset Prem 5.09 % 3.39 % 148,642 1.49 20 0.0705 % 2,647.8
FixedReset Bank Non 1.94 % 3.71 % 69,032 2.02 3 0.1363 % 2,731.0
FixedReset Ins Non 5.37 % 5.77 % 154,434 14.24 22 0.3931 % 2,191.2
Performance Highlights
Issue Index Change Notes
BAM.PF.B FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 5.97 %
IFC.PR.C FixedReset Ins Non -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.07 %
CM.PR.P FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 5.77 %
TD.PF.I FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 5.69 %
W.PR.M FixedReset Prem 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.74
Bid-YTW : 3.38 %
CU.PR.C FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.48
Evaluated at bid price : 17.48
Bid-YTW : 5.76 %
TRP.PR.G FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.33 %
EIT.PR.A SplitShare 1.06 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.72
Bid-YTW : 4.12 %
BMO.PR.S FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 5.57 %
CM.PR.Q FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 5.84 %
TRP.PR.E FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 6.05 %
IAF.PR.I FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 5.79 %
RY.PR.Z FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.54
Evaluated at bid price : 17.54
Bid-YTW : 5.55 %
TD.PF.C FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.57
Evaluated at bid price : 17.57
Bid-YTW : 5.69 %
RY.PR.M FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 5.66 %
MFC.PR.F FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 12.79
Evaluated at bid price : 12.79
Bid-YTW : 5.94 %
MFC.PR.I FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.54
Evaluated at bid price : 19.54
Bid-YTW : 5.82 %
TRP.PR.C FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 12.53
Evaluated at bid price : 12.53
Bid-YTW : 6.33 %
NA.PR.W FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 5.82 %
BAM.PF.F FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.66
Evaluated at bid price : 18.66
Bid-YTW : 5.93 %
BNS.PR.I FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.61 %
HSE.PR.A FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 6.94 %
HSE.PR.E FixedReset Disc 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 7.05 %
IAF.PR.G FixedReset Ins Non 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 5.79 %
BAM.PR.K Floater 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 5.78 %
BAM.PR.C Floater 2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 5.86 %
PWF.PR.A Floater 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 5.47 %
BAM.PR.B Floater 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 11.90
Evaluated at bid price : 11.90
Bid-YTW : 5.83 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 40,879 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 5.57 %
BMO.PR.E FixedReset Disc 36,484 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.71 %
BMO.PR.D FixedReset Disc 31,463 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 21.19
Evaluated at bid price : 21.19
Bid-YTW : 5.71 %
IAF.PR.I FixedReset Ins Non 30,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 5.79 %
CM.PR.O FixedReset Disc 29,501 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 5.83 %
RY.PR.M FixedReset Disc 28,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 5.66 %
There were 16 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: 18.52 – 19.50
Spot Rate : 0.9800
Average : 0.7111

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 7.06 %
BAM.PF.B FixedReset Disc Quote: 18.33 – 18.84
Spot Rate : 0.5100
Average : 0.3621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 5.97 %
IFC.PR.C FixedReset Ins Non Quote: 17.55 – 17.99
Spot Rate : 0.4400
Average : 0.2934

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.07 %
GWO.PR.N FixedReset Ins Non Quote: 13.53 – 14.00
Spot Rate : 0.4700
Average : 0.3306

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 13.53
Evaluated at bid price : 13.53
Bid-YTW : 5.46 %
BAM.PR.C Floater Quote: 11.85 – 12.30
Spot Rate : 0.4500
Average : 0.3150

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 5.86 %
MFC.PR.H FixedReset Ins Non Quote: 20.95 – 21.23
Spot Rate : 0.2800
Average : 0.1621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-30
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.71 %
Market Action

December 27, 2019

I mentioned my problem with Enbridge Gas on November 25; some Assiduous Readers may be interested in reading my formal complaint to the OEB. The file number assigned by the OEB is 2019-0006848. Anybody who has had a similar problem is encouraged to make a similar complaint to the board; feel free to quote and draw inspiration from my complaint and refer to it if convenient. Just be sure that you describe your own experiences as well as you can remember and complain about them!

You will note that the focus of the complaint is not on the unilateral conversion to eMail billing itself, but on the obfuscation and falsehoods that were a feature of my attempts to reverse it. A complaint merely about the conversion could be cleared simply by them reversing the conversion, which is not enough; the customer-hostile actions are what get my goat.

I have learned of other complaints, some formal, some not:

Preferred share volume was down from recent highly elevated levels, but still quite respectable for December 27! This was the last day for tax-loss selling, which this year has been outweighed by bargain-hunter buying. It will be most interesting to see on Monday whether the positive pressure persists in the absence of tax-loss selling!

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 0.0637 % 2,080.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0637 % 3,818.4
Floater 5.86 % 5.93 % 53,050 14.00 4 0.0637 % 2,200.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2463 % 3,438.5
SplitShare 4.64 % 4.39 % 38,573 3.80 7 -0.2463 % 4,106.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2463 % 3,203.9
Perpetual-Premium 5.57 % -7.46 % 66,785 0.09 10 0.0393 % 3,042.2
Perpetual-Discount 5.28 % 5.36 % 71,876 14.82 25 -0.0464 % 3,281.6
FixedReset Disc 5.50 % 5.75 % 219,213 14.26 66 -0.1410 % 2,147.4
Deemed-Retractible 5.16 % 5.29 % 69,984 14.96 27 -0.0686 % 3,231.7
FloatingReset 6.13 % 6.43 % 131,098 13.30 2 0.0734 % 2,525.3
FixedReset Prem 5.09 % 3.43 % 149,849 1.50 20 -0.2420 % 2,645.9
FixedReset Bank Non 1.94 % 3.76 % 68,472 2.03 3 0.0682 % 2,727.2
FixedReset Ins Non 5.38 % 5.70 % 161,378 14.27 22 0.0664 % 2,182.6
Performance Highlights
Issue Index Change Notes
PWF.PR.A Floater -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 12.42
Evaluated at bid price : 12.42
Bid-YTW : 5.64 %
BAM.PR.R FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 15.59
Evaluated at bid price : 15.59
Bid-YTW : 6.20 %
HSE.PR.C FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.04 %
MFC.PR.L FixedReset Ins Non -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.57 %
BAM.PR.Z FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 5.87 %
IAF.PR.I FixedReset Ins Non -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 19.34
Evaluated at bid price : 19.34
Bid-YTW : 5.79 %
TRP.PR.B FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 11.99
Evaluated at bid price : 11.99
Bid-YTW : 6.06 %
EIT.PR.A SplitShare -1.05 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.39 %
EIT.PR.B SplitShare -1.02 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 4.56 %
GWO.PR.N FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 13.53
Evaluated at bid price : 13.53
Bid-YTW : 5.36 %
BAM.PR.K Floater 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 5.93 %
PWF.PR.P FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 13.68
Evaluated at bid price : 13.68
Bid-YTW : 5.87 %
IFC.PR.G FixedReset Ins Non 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 18.64
Evaluated at bid price : 18.64
Bid-YTW : 5.84 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.I FixedReset Disc 40,851 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 5.66 %
RY.PR.S FixedReset Disc 29,917 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.55 %
NA.PR.C FixedReset Disc 29,240 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 5.88 %
CM.PR.O FixedReset Disc 27,978 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 16.71
Evaluated at bid price : 16.71
Bid-YTW : 5.80 %
TD.PF.L FixedReset Disc 25,835 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 22.78
Evaluated at bid price : 23.90
Bid-YTW : 5.22 %
TRP.PR.G FixedReset Disc 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 6.31 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.C FixedReset Disc Quote: 17.00 – 17.54
Spot Rate : 0.5400
Average : 0.3638

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.04 %
IAF.PR.G FixedReset Ins Non Quote: 18.76 – 19.43
Spot Rate : 0.6700
Average : 0.5010

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 5.86 %
BAM.PR.R FixedReset Disc Quote: 15.59 – 16.06
Spot Rate : 0.4700
Average : 0.3200

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 15.59
Evaluated at bid price : 15.59
Bid-YTW : 6.20 %
CU.PR.D Perpetual-Discount Quote: 23.30 – 23.78
Spot Rate : 0.4800
Average : 0.3344

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 22.91
Evaluated at bid price : 23.30
Bid-YTW : 5.29 %
BMO.PR.T FixedReset Disc Quote: 17.05 – 17.43
Spot Rate : 0.3800
Average : 0.2408

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-12-27
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 5.64 %
W.PR.M FixedReset Prem Quote: 25.80 – 26.25
Spot Rate : 0.4500
Average : 0.3177

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.97 %