Category: Market Action

Market Action

May 22, 2019

PerpetualDiscounts now yield 5.45%, equivalent to 7.08% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.66%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 340bp, a slight (and perhaps spurious) narrowing from the 345bp reported May 15.

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 0.7667 % 2,084.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7667 % 3,825.6
Floater 5.64 % 5.98 % 52,978 13.86 3 0.7667 % 2,204.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.3185 % 3,308.3
SplitShare 4.70 % 4.74 % 81,084 4.29 7 0.3185 % 3,950.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3185 % 3,082.6
Perpetual-Premium 5.53 % 4.62 % 82,526 0.09 12 0.0099 % 2,953.2
Perpetual-Discount 5.44 % 5.45 % 75,236 14.71 20 -0.1343 % 3,104.4
FixedReset Disc 5.30 % 5.46 % 149,812 14.82 63 -0.2249 % 2,171.3
Deemed-Retractible 5.22 % 5.87 % 95,016 8.02 27 -0.0694 % 3,082.1
FloatingReset 3.95 % 4.32 % 44,655 2.58 4 0.1150 % 2,415.1
FixedReset Prem 5.11 % 3.84 % 239,191 2.10 21 -0.1131 % 2,586.3
FixedReset Bank Non 1.98 % 3.95 % 155,282 2.60 3 -0.0417 % 2,648.3
FixedReset Ins Non 5.07 % 6.76 % 94,703 8.23 22 0.1436 % 2,240.4
Performance Highlights
Issue Index Change Notes
BAM.PF.A FixedReset Disc -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 5.95 %
HSE.PR.C FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.71 %
RY.PR.M FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.28 %
BIP.PR.F FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.17 %
BIP.PR.A FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.58 %
GWO.PR.T Deemed-Retractible -1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.65
Bid-YTW : 5.97 %
TRP.PR.C FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 12.86
Evaluated at bid price : 12.86
Bid-YTW : 6.05 %
BAM.PF.J FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 22.40
Evaluated at bid price : 23.05
Bid-YTW : 5.19 %
PWF.PR.K Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 22.19
Evaluated at bid price : 22.47
Bid-YTW : 5.55 %
EMA.PR.F FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.74 %
IFC.PR.C FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.25
Bid-YTW : 7.92 %
MFC.PR.N FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.12
Bid-YTW : 7.75 %
IFC.PR.A FixedReset Ins Non 1.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.13
Bid-YTW : 9.42 %
BAM.PR.K Floater 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 5.98 %
SLF.PR.G FixedReset Ins Non 2.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.80
Bid-YTW : 9.06 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.F Perpetual-Discount 209,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.55 %
GWO.PR.G Deemed-Retractible 129,542 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.95
Bid-YTW : 5.87 %
IAF.PR.G FixedReset Ins Non 89,864 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.50
Bid-YTW : 6.15 %
PWF.PR.K Perpetual-Discount 72,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 22.19
Evaluated at bid price : 22.47
Bid-YTW : 5.55 %
BMO.PR.F FixedReset Prem 53,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.96 %
BIP.PR.F FixedReset Disc 45,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.17 %
There were 36 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: 19.99 – 20.49
Spot Rate : 0.5000
Average : 0.3634

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.28 %
BIP.PR.A FixedReset Disc Quote: 19.90 – 20.24
Spot Rate : 0.3400
Average : 0.2224

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.58 %
PWF.PR.F Perpetual-Discount Quote: 23.85 – 24.13
Spot Rate : 0.2800
Average : 0.1790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.55 %
HSE.PR.C FixedReset Disc Quote: 18.01 – 18.46
Spot Rate : 0.4500
Average : 0.3575

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-22
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.71 %
BIK.PR.A FixedReset Prem Quote: 25.71 – 25.97
Spot Rate : 0.2600
Average : 0.1856

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 5.41 %
PVS.PR.E SplitShare Quote: 25.60 – 25.88
Spot Rate : 0.2800
Average : 0.2075

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.69 %
Market Action

May 21, 2019

Canadian bond yields rose dramatically today with the five-year Canada bond yield up 8bp to 1.65%. This may be related to a decrease in trade tensions:

The Canadian dollar strengthened to an 11-day high against the greenback on Tuesday as investors calculated that the threat of trade uncertainty would ease for Canada even as they ramped up on countries with close economic links to China.

Signs that Asia is already feeling the pinch from a trade conflict between the United States and China pushed the U.S. dollar to a four-week high against a basket of major currencies.

Investors have worried that U.S. restrictions on Chinese telecoms equipment maker Huawei Technologies Co Ltd could lead to an escalation in the trade tensions between Washington and Beijing.

Meanwhile, the United States has agreed to lift tariffs on steel and aluminum from Canada and Mexico. Canadian Foreign Minister Chrystia Freeland has since said that Canada will move quickly to ratify the new North American trade pact, called the United States-Mexico-Canada Agreement, or USMCA.

Or maybe not. Who knows?

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 0.1920 % 2,069.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1920 % 3,796.5
Floater 5.68 % 6.02 % 49,293 13.80 3 0.1920 % 2,187.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.4435 % 3,297.8
SplitShare 4.70 % 4.85 % 82,009 4.24 7 0.4435 % 3,938.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4435 % 3,072.8
Perpetual-Premium 5.53 % 2.96 % 85,816 0.09 12 -0.0362 % 2,952.9
Perpetual-Discount 5.43 % 5.45 % 71,934 14.75 20 -0.1232 % 3,108.6
FixedReset Disc 5.28 % 5.44 % 151,288 14.86 63 0.2205 % 2,176.2
Deemed-Retractible 5.22 % 5.81 % 95,400 8.04 27 0.1769 % 3,084.2
FloatingReset 3.96 % 4.30 % 44,569 2.58 4 0.0895 % 2,412.3
FixedReset Prem 5.11 % 3.84 % 242,759 2.10 21 0.0464 % 2,589.3
FixedReset Bank Non 1.98 % 4.01 % 153,976 2.60 3 0.0973 % 2,649.4
FixedReset Ins Non 5.08 % 6.75 % 93,907 8.23 22 0.4653 % 2,237.2
Performance Highlights
Issue Index Change Notes
TRP.PR.A FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 6.12 %
CU.PR.D Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 22.21
Evaluated at bid price : 22.53
Bid-YTW : 5.44 %
GWO.PR.N FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.82
Bid-YTW : 8.82 %
GWO.PR.Q Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 5.83 %
NA.PR.C FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 22.23
Evaluated at bid price : 22.74
Bid-YTW : 5.44 %
MFC.PR.N FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.91
Bid-YTW : 7.89 %
BAM.PR.X FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 6.04 %
PVS.PR.E SplitShare 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.50 %
TRP.PR.C FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 13.01
Evaluated at bid price : 13.01
Bid-YTW : 5.98 %
SLF.PR.I FixedReset Ins Non 1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 6.53 %
MFC.PR.G FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.35
Bid-YTW : 6.82 %
MFC.PR.M FixedReset Ins Non 1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.50
Bid-YTW : 7.57 %
MFC.PR.L FixedReset Ins Non 1.99 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.45
Bid-YTW : 8.05 %
CU.PR.C FixedReset Disc 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 5.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.B FixedReset Prem 121,215 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.62 %
CM.PR.O FixedReset Disc 54,023 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 5.50 %
IAF.PR.I FixedReset Ins Non 29,600 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 6.06 %
RY.PR.J FixedReset Disc 26,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.26 %
BMO.PR.D FixedReset Disc 25,670 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 22.12
Evaluated at bid price : 22.54
Bid-YTW : 5.24 %
CM.PR.R FixedReset Disc 24,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 22.35
Evaluated at bid price : 22.89
Bid-YTW : 5.36 %
There were 21 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CCS.PR.C Deemed-Retractible Quote: 23.07 – 23.79
Spot Rate : 0.7200
Average : 0.5114

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.07
Bid-YTW : 6.12 %
BAM.PF.B FixedReset Disc Quote: 18.01 – 18.46
Spot Rate : 0.4500
Average : 0.2778

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.10 %
CU.PR.E Perpetual-Discount Quote: 22.70 – 23.19
Spot Rate : 0.4900
Average : 0.3405

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-21
Maturity Price : 22.33
Evaluated at bid price : 22.70
Bid-YTW : 5.40 %
IFC.PR.C FixedReset Ins Non Quote: 18.05 – 18.55
Spot Rate : 0.5000
Average : 0.3611

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.05
Bid-YTW : 8.06 %
IAF.PR.G FixedReset Ins Non Quote: 21.34 – 21.90
Spot Rate : 0.5600
Average : 0.4282

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.34
Bid-YTW : 6.23 %
IFC.PR.A FixedReset Ins Non Quote: 14.88 – 15.30
Spot Rate : 0.4200
Average : 0.3292

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.88
Bid-YTW : 9.62 %
Market Action

May 17, 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 0.5517 % 2,065.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5517 % 3,789.2
Floater 5.69 % 6.05 % 50,994 13.76 3 0.5517 % 2,183.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0227 % 3,283.2
SplitShare 4.69 % 4.95 % 81,498 4.25 7 -0.0227 % 3,920.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0227 % 3,059.2
Perpetual-Premium 5.52 % 3.79 % 87,121 0.09 12 0.0857 % 2,953.9
Perpetual-Discount 5.42 % 5.40 % 72,417 14.80 20 0.4751 % 3,112.4
FixedReset Disc 5.29 % 5.40 % 149,209 14.87 63 0.0858 % 2,171.4
Deemed-Retractible 5.23 % 5.89 % 96,003 8.04 27 0.2725 % 3,078.8
FloatingReset 3.96 % 4.30 % 45,217 2.60 4 0.1281 % 2,410.2
FixedReset Prem 5.11 % 3.77 % 246,227 2.11 21 -0.0352 % 2,588.1
FixedReset Bank Non 1.98 % 3.98 % 153,026 2.61 3 -0.0278 % 2,646.8
FixedReset Ins Non 5.10 % 6.75 % 95,807 8.24 22 0.0722 % 2,226.8
Performance Highlights
Issue Index Change Notes
MFC.PR.G FixedReset Ins Non -1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.03
Bid-YTW : 6.97 %
TRP.PR.G FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 5.94 %
MFC.PR.M FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.20
Bid-YTW : 7.71 %
GWO.PR.Q Deemed-Retractible 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.65
Bid-YTW : 5.96 %
POW.PR.D Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.56 %
PWF.PR.L Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.49 %
PWF.PR.S Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 22.03
Evaluated at bid price : 22.38
Bid-YTW : 5.39 %
CU.PR.D Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 22.40
Evaluated at bid price : 22.80
Bid-YTW : 5.37 %
PWF.PR.K Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.49 %
IFC.PR.E Deemed-Retractible 1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 5.72 %
BAM.PF.A FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 5.77 %
TRP.PR.A FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 5.97 %
BAM.PR.K Floater 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 6.08 %
BAM.PF.D Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 21.59
Evaluated at bid price : 21.59
Bid-YTW : 5.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.F FixedReset Prem 148,717 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.95 %
BAM.PR.K Floater 37,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 6.08 %
TD.PF.I FixedReset Disc 30,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 22.30
Evaluated at bid price : 22.86
Bid-YTW : 5.02 %
TD.PF.K FixedReset Disc 21,550 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 21.23
Evaluated at bid price : 21.23
Bid-YTW : 5.15 %
GWO.PR.N FixedReset Ins Non 17,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.67
Bid-YTW : 8.88 %
BIP.PR.E FixedReset Disc 15,550 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.23 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.M Perpetual-Discount Quote: 20.21 – 20.65
Spot Rate : 0.4400
Average : 0.2988

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.97 %
HSE.PR.G FixedReset Disc Quote: 19.86 – 20.22
Spot Rate : 0.3600
Average : 0.2508

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 6.50 %
MFC.PR.G FixedReset Ins Non Quote: 20.03 – 20.50
Spot Rate : 0.4700
Average : 0.3656

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.03
Bid-YTW : 6.97 %
MFC.PR.H FixedReset Ins Non Quote: 21.57 – 21.88
Spot Rate : 0.3100
Average : 0.2059

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.57
Bid-YTW : 6.36 %
MFC.PR.Q FixedReset Ins Non Quote: 20.58 – 20.88
Spot Rate : 0.3000
Average : 0.2007

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.58
Bid-YTW : 6.71 %
TRP.PR.D FixedReset Disc Quote: 17.12 – 17.45
Spot Rate : 0.3300
Average : 0.2432

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-17
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.83 %
Market Action

May 16, 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 0.8906 % 2,053.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8906 % 3,768.4
Floater 5.72 % 6.07 % 47,292 13.73 3 0.8906 % 2,171.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1473 % 3,284.0
SplitShare 4.69 % 4.96 % 78,238 4.25 7 -0.1473 % 3,921.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1473 % 3,059.9
Perpetual-Premium 5.53 % 3.62 % 87,723 0.09 12 -0.0066 % 2,951.4
Perpetual-Discount 5.45 % 5.46 % 71,860 14.59 20 -0.0066 % 3,097.7
FixedReset Disc 5.29 % 5.41 % 150,309 14.90 63 0.0957 % 2,169.5
Deemed-Retractible 5.24 % 5.92 % 97,232 8.03 27 0.1730 % 3,070.4
FloatingReset 3.97 % 4.28 % 47,077 2.60 4 0.2697 % 2,407.1
FixedReset Prem 5.11 % 3.81 % 250,081 2.12 21 0.0501 % 2,589.0
FixedReset Bank Non 1.98 % 3.96 % 159,207 2.61 3 -0.1665 % 2,647.5
FixedReset Ins Non 5.10 % 6.80 % 97,487 8.24 22 0.3036 % 2,225.2
Performance Highlights
Issue Index Change Notes
BIP.PR.E FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.23 %
BIP.PR.F FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 6.02 %
HSE.PR.E FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.44 %
RY.PR.M FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.19 %
EMA.PR.F FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.74 %
BAM.PR.B Floater 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 6.07 %
PWF.PR.A Floater 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 5.23 %
IFC.PR.E Deemed-Retractible 1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 5.88 %
TRP.PR.F FloatingReset 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 14.78
Evaluated at bid price : 14.78
Bid-YTW : 6.18 %
TD.PF.D FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 20.64
Evaluated at bid price : 20.64
Bid-YTW : 5.28 %
IFC.PR.F Deemed-Retractible 1.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 5.72 %
IFC.PR.C FixedReset Ins Non 1.86 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.10
Bid-YTW : 7.97 %
MFC.PR.K FixedReset Ins Non 2.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.89
Bid-YTW : 7.43 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.F FixedReset Prem 84,143 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.28
Bid-YTW : 4.96 %
CM.PR.T FixedReset Prem 59,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 23.23
Evaluated at bid price : 25.21
Bid-YTW : 4.87 %
RY.PR.H FixedReset Disc 57,326 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 5.15 %
MFC.PR.Q FixedReset Ins Non 51,785 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.43
Bid-YTW : 6.80 %
BMO.PR.Q FixedReset Bank Non 51,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.55
Bid-YTW : 4.25 %
TD.PF.B FixedReset Disc 38,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 5.28 %
There were 17 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: 20.20 – 20.80
Spot Rate : 0.6000
Average : 0.4016

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.44 %
EMA.PR.F FixedReset Disc Quote: 18.50 – 19.04
Spot Rate : 0.5400
Average : 0.3748

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 5.74 %
NA.PR.W FixedReset Disc Quote: 17.50 – 17.88
Spot Rate : 0.3800
Average : 0.2279

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 5.53 %
BAM.PF.A FixedReset Disc Quote: 20.17 – 20.69
Spot Rate : 0.5200
Average : 0.3807

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-16
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 5.84 %
GWO.PR.Q Deemed-Retractible Quote: 23.40 – 23.80
Spot Rate : 0.4000
Average : 0.2793

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.40
Bid-YTW : 6.09 %
MFC.PR.B Deemed-Retractible Quote: 21.44 – 21.79
Spot Rate : 0.3500
Average : 0.2326

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.44
Bid-YTW : 6.50 %
Market Action

May 15, 2019

PerpetualDiscounts now yield 5.48%, equivalent to 7.12% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.69%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 345bp, a slight (and perhaps spurious) widening from the 340bp reported May 8.

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 -0.2775 % 2,035.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2775 % 3,735.2
Floater 5.77 % 6.14 % 49,288 13.63 3 -0.2775 % 2,152.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0453 % 3,288.8
SplitShare 4.68 % 4.89 % 75,216 4.25 7 -0.0453 % 3,927.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0453 % 3,064.4
Perpetual-Premium 5.53 % 3.45 % 88,936 0.09 12 -0.0329 % 2,951.6
Perpetual-Discount 5.45 % 5.48 % 74,230 14.63 20 -0.4662 % 3,097.9
FixedReset Disc 5.30 % 5.40 % 150,664 14.89 63 -0.3148 % 2,167.5
Deemed-Retractible 5.25 % 5.97 % 97,482 8.03 27 -0.4471 % 3,065.1
FloatingReset 3.98 % 4.32 % 47,239 2.60 4 -0.8152 % 2,400.6
FixedReset Prem 5.11 % 3.82 % 252,150 2.12 21 0.0575 % 2,587.7
FixedReset Bank Non 1.97 % 3.97 % 147,383 2.62 3 0.0833 % 2,652.0
FixedReset Ins Non 5.12 % 6.83 % 101,448 8.25 22 -0.5366 % 2,218.5
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset Ins Non -2.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.77
Bid-YTW : 8.20 %
TRP.PR.F FloatingReset -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 6.26 %
BAM.PR.T FixedReset Disc -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 15.33
Evaluated at bid price : 15.33
Bid-YTW : 6.33 %
BAM.PR.R FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 6.30 %
MFC.PR.K FixedReset Ins Non -2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.48
Bid-YTW : 7.70 %
BAM.PF.F FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.15 %
IFC.PR.A FixedReset Ins Non -2.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.80
Bid-YTW : 9.64 %
RY.PR.M FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.24 %
TD.PF.D FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.35 %
BAM.PF.E FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 6.22 %
PWF.PR.Z Perpetual-Discount -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 23.01
Evaluated at bid price : 23.32
Bid-YTW : 5.56 %
IFC.PR.E Deemed-Retractible -1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.62
Bid-YTW : 6.02 %
BAM.PF.C Perpetual-Discount -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.98 %
IFC.PR.F Deemed-Retractible -1.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.93 %
BAM.PR.M Perpetual-Discount -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.97 %
BAM.PF.A FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.79 %
BAM.PF.B FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.05 %
CCS.PR.C Deemed-Retractible -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.14 %
SLF.PR.J FloatingReset -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.60
Bid-YTW : 9.41 %
GWO.PR.Q Deemed-Retractible -1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.45
Bid-YTW : 6.06 %
BAM.PR.K Floater -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 11.36
Evaluated at bid price : 11.36
Bid-YTW : 6.18 %
BAM.PR.Z FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 5.91 %
MFC.PR.B Deemed-Retractible -1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.28
Bid-YTW : 6.59 %
SLF.PR.H FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.05
Bid-YTW : 8.08 %
CM.PR.R FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 22.18
Evaluated at bid price : 22.63
Bid-YTW : 5.39 %
MFC.PR.F FixedReset Ins Non -1.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.86
Bid-YTW : 9.51 %
BIP.PR.F FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 21.47
Evaluated at bid price : 21.75
Bid-YTW : 5.94 %
EMA.PR.H FixedReset Disc 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 22.74
Evaluated at bid price : 23.79
Bid-YTW : 5.12 %
Volume Highlights
Issue Index Shares
Traded		 Notes
IAF.PR.G FixedReset Ins Non 115,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.50
Bid-YTW : 6.10 %
BNS.PR.G FixedReset Prem 94,588 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 26.11
Bid-YTW : 3.53 %
CM.PR.R FixedReset Disc 62,520 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 22.18
Evaluated at bid price : 22.63
Bid-YTW : 5.39 %
RY.PR.H FixedReset Disc 60,720 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.17 %
MFC.PR.C Deemed-Retractible 57,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 6.82 %
TRP.PR.B FixedReset Disc 57,850 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 12.24
Evaluated at bid price : 12.24
Bid-YTW : 5.85 %
There were 42 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 21.00 – 21.46
Spot Rate : 0.4600
Average : 0.2979

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.38 %
TD.PF.D FixedReset Disc Quote: 20.35 – 20.83
Spot Rate : 0.4800
Average : 0.3536

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.35 %
NA.PR.G FixedReset Disc Quote: 21.70 – 22.10
Spot Rate : 0.4000
Average : 0.2750

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-15
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.21 %
PWF.PR.H Perpetual-Premium Quote: 25.36 – 25.70
Spot Rate : 0.3400
Average : 0.2197

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-06-14
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : -8.62 %
IAF.PR.B Deemed-Retractible Quote: 21.72 – 22.27
Spot Rate : 0.5500
Average : 0.4499

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.72
Bid-YTW : 6.42 %
TRP.PR.K FixedReset Prem Quote: 25.21 – 25.55
Spot Rate : 0.3400
Average : 0.2402

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 4.55 %
Market Action

May 14, 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 0.2504 % 2,041.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2504 % 3,745.6
Floater 5.76 % 6.10 % 49,003 13.70 3 0.2504 % 2,158.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0453 % 3,290.3
SplitShare 4.68 % 4.92 % 77,812 4.26 7 -0.0453 % 3,929.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0453 % 3,065.8
Perpetual-Premium 5.53 % 3.29 % 89,981 0.09 12 -0.0198 % 2,952.6
Perpetual-Discount 5.42 % 5.46 % 73,455 14.69 20 0.1542 % 3,112.4
FixedReset Disc 5.29 % 5.41 % 155,737 14.92 63 0.3024 % 2,174.3
Deemed-Retractible 5.23 % 5.82 % 92,738 8.05 27 0.2868 % 3,078.8
FloatingReset 3.95 % 4.37 % 48,000 2.60 4 0.9126 % 2,420.4
FixedReset Prem 5.11 % 3.78 % 252,811 2.12 21 0.0816 % 2,586.2
FixedReset Bank Non 1.98 % 4.00 % 147,543 2.62 3 0.0417 % 2,649.7
FixedReset Ins Non 5.09 % 6.81 % 98,246 8.25 22 0.1046 % 2,230.5
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.48
Bid-YTW : 9.03 %
TRP.PR.G FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 18.64
Evaluated at bid price : 18.64
Bid-YTW : 6.04 %
CU.PR.D Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 22.19
Evaluated at bid price : 22.50
Bid-YTW : 5.44 %
BAM.PF.E FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 6.11 %
BIP.PR.D FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 22.40
Evaluated at bid price : 22.92
Bid-YTW : 5.85 %
RY.PR.S FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 21.34
Evaluated at bid price : 21.63
Bid-YTW : 4.84 %
CM.PR.P FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 5.45 %
TD.PF.A FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 5.26 %
IFC.PR.C FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.27
Bid-YTW : 7.85 %
BMO.PR.S FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.29 %
SLF.PR.J FloatingReset 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.79
Bid-YTW : 9.25 %
CCS.PR.C Deemed-Retractible 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 5.98 %
SLF.PR.I FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.29
Bid-YTW : 6.76 %
BIP.PR.E FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.11 %
BAM.PF.A FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.70 %
IFC.PR.E Deemed-Retractible 1.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.82 %
TRP.PR.F FloatingReset 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 15.01
Evaluated at bid price : 15.01
Bid-YTW : 6.08 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.W Perpetual-Premium 86,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-06-13
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 3.29 %
MFC.PR.L FixedReset Ins Non 46,500 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.26
Bid-YTW : 8.12 %
IAF.PR.I FixedReset Ins Non 39,218 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.26
Bid-YTW : 6.04 %
CU.PR.I FixedReset Prem 38,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 3.03 %
TD.PF.A FixedReset Disc 36,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 5.26 %
TRP.PR.K FixedReset Prem 34,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.39
Bid-YTW : 4.29 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.A FixedReset Disc Quote: 12.51 – 13.15
Spot Rate : 0.6400
Average : 0.4512

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 12.51
Evaluated at bid price : 12.51
Bid-YTW : 6.49 %
EMA.PR.F FixedReset Disc Quote: 18.37 – 18.94
Spot Rate : 0.5700
Average : 0.3840

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 5.78 %
PWF.PR.A Floater Quote: 13.03 – 13.50
Spot Rate : 0.4700
Average : 0.3356

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 13.03
Evaluated at bid price : 13.03
Bid-YTW : 5.32 %
GWO.PR.N FixedReset Ins Non Quote: 14.48 – 14.88
Spot Rate : 0.4000
Average : 0.2708

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.48
Bid-YTW : 9.03 %
PWF.PR.P FixedReset Disc Quote: 13.60 – 13.99
Spot Rate : 0.3900
Average : 0.2626

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 5.73 %
TRP.PR.G FixedReset Disc Quote: 18.64 – 19.05
Spot Rate : 0.4100
Average : 0.3029

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-14
Maturity Price : 18.64
Evaluated at bid price : 18.64
Bid-YTW : 6.04 %
Market Action

May 13, 2019

Trump has indicated his disdain for the World Trade Organization and for the Trans-Pacific Partnership while starting mini-trade wars with US allies, eliminating those potential avenues to increase pressure on China to be a freer trader. He’s got his own way of doing things:

Investors are dealing with a painful new reality: The trade war between the United States and China could last indefinitely.

The anxiety caused by that realization rippled through the stock markets on Monday. The S&P 500 tumbled 2.4 percent after China said it would increase tariffs on nearly $60 billion of American-made goods in response to a similar move last week by the Trump administration.
…
On Friday, Mr. Trump raised tariffs on $200 billion worth of Chinese-made goods.

But signs of economic worry also emerged in other financial markets on Monday. The price of Treasury bonds rose, as investors sought the safety of government securities. Prices for soybeans and copper, both of which are sensitive to global growth and trade, dropped. Interest rates rose in corporate bond markets, an indication that investors were seeking higher premiums in response to the increased economic risks of a worsening trade fight.

The trouble is, I think, that he doesn’t care. The point of all this is to impress Joe Lunchbucket, who is tired of all this pusillanimous talking and wants to see some action. And there’s no other point.

The five-year Canada yield was down 7bp to 1.55%, which didn’t do FixedResets a lot of good.

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 -0.7457 % 2,036.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7457 % 3,736.2
Floater 5.77 % 6.11 % 47,326 13.68 3 -0.7457 % 2,153.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0679 % 3,291.8
SplitShare 4.68 % 4.91 % 77,926 4.26 7 -0.0679 % 3,931.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0679 % 3,067.2
Perpetual-Premium 5.53 % 3.12 % 90,373 0.09 12 0.0329 % 2,953.2
Perpetual-Discount 5.43 % 5.48 % 76,360 14.67 20 -0.1210 % 3,107.6
FixedReset Disc 5.30 % 5.43 % 161,036 14.90 63 -0.3464 % 2,167.8
Deemed-Retractible 5.24 % 5.89 % 94,159 8.05 27 -0.3499 % 3,070.0
FloatingReset 3.98 % 4.36 % 49,970 2.61 4 -0.2564 % 2,398.5
FixedReset Prem 5.11 % 3.81 % 255,628 2.12 21 -0.0815 % 2,584.1
FixedReset Bank Non 1.98 % 4.04 % 152,540 2.62 3 -0.1526 % 2,648.6
FixedReset Ins Non 5.10 % 6.84 % 97,511 8.25 22 -0.1838 % 2,228.1
Performance Highlights
Issue Index Change Notes
PWF.PR.A Floater -2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 13.07
Evaluated at bid price : 13.07
Bid-YTW : 5.30 %
BAM.PF.E FixedReset Disc -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.17 %
BIP.PR.E FixedReset Disc -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 6.19 %
MFC.PR.F FixedReset Ins Non -1.99 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.88
Bid-YTW : 9.49 %
MFC.PR.H FixedReset Ins Non -1.87 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.31
Bid-YTW : 6.50 %
IFC.PR.E Deemed-Retractible -1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.60
Bid-YTW : 6.03 %
BMO.PR.Y FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.17 %
BAM.PF.B FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 6.00 %
BAM.PR.R FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 15.53
Evaluated at bid price : 15.53
Bid-YTW : 6.17 %
SLF.PR.I FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.02
Bid-YTW : 6.92 %
BAM.PR.T FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 6.20 %
CM.PR.P FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 5.51 %
TRP.PR.F FloatingReset -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 6.28 %
BAM.PF.G FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.04 %
CM.PR.O FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 5.47 %
IFC.PR.C FixedReset Ins Non -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.06
Bid-YTW : 7.99 %
MFC.PR.C Deemed-Retractible -1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.61
Bid-YTW : 6.81 %
GWO.PR.T Deemed-Retractible -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.60
Bid-YTW : 5.98 %
HSE.PR.E FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.43 %
BAM.PR.K Floater 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 11.47
Evaluated at bid price : 11.47
Bid-YTW : 6.11 %
MFC.PR.M FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.26
Bid-YTW : 7.66 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.B FixedReset Disc 134,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 5.34 %
SLF.PR.A Deemed-Retractible 61,826 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 6.25 %
BMO.PR.B FixedReset Prem 53,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 3.81 %
BNS.PR.E FixedReset Prem 52,505 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 3.61 %
MFC.PR.R FixedReset Ins Non 52,015 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 24.88
Bid-YTW : 4.87 %
EMA.PR.H FixedReset Disc 52,015 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 22.49
Evaluated at bid price : 23.31
Bid-YTW : 5.24 %
There were 35 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.F FloatingReset Quote: 14.55 – 15.03
Spot Rate : 0.4800
Average : 0.3020

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 6.28 %
BAM.PR.Z FixedReset Disc Quote: 19.88 – 20.32
Spot Rate : 0.4400
Average : 0.2679

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 5.85 %
IFC.PR.E Deemed-Retractible Quote: 23.60 – 24.00
Spot Rate : 0.4000
Average : 0.2728

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.60
Bid-YTW : 6.03 %
BIP.PR.F FixedReset Disc Quote: 21.28 – 21.74
Spot Rate : 0.4600
Average : 0.3408

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 6.09 %
GWO.PR.T Deemed-Retractible Quote: 23.60 – 23.94
Spot Rate : 0.3400
Average : 0.2338

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.60
Bid-YTW : 5.98 %
BAM.PR.R FixedReset Disc Quote: 15.53 – 15.95
Spot Rate : 0.4200
Average : 0.3149

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-13
Maturity Price : 15.53
Evaluated at bid price : 15.53
Bid-YTW : 6.17 %
Market Action

May 8, 2019

PerpetualDiscounts now yield 5.47%, equivalent to 7.11% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.71%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 340bp, a slight (and perhaps spurious) widening from the 335bp reported May 1.

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 0.0274 % 2,071.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0274 % 3,801.7
Floater 5.67 % 6.06 % 49,672 13.77 3 0.0274 % 2,190.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1642 % 3,297.8
SplitShare 4.67 % 4.81 % 80,592 4.27 7 0.1642 % 3,938.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1642 % 3,072.8
Perpetual-Premium 5.53 % 3.08 % 97,140 0.09 12 -0.0988 % 2,950.9
Perpetual-Discount 5.42 % 5.47 % 79,119 14.70 20 0.1896 % 3,111.3
FixedReset Disc 5.27 % 5.37 % 167,946 14.92 63 -0.0729 % 2,179.9
Deemed-Retractible 5.22 % 5.82 % 100,141 8.07 27 0.1501 % 3,079.9
FloatingReset 3.96 % 4.30 % 53,612 2.62 4 0.1540 % 2,406.5
FixedReset Prem 5.12 % 3.81 % 259,827 2.14 21 -0.0461 % 2,581.2
FixedReset Bank Non 1.98 % 3.96 % 155,024 2.64 3 -0.0695 % 2,645.0
FixedReset Ins Non 5.04 % 6.85 % 99,696 8.19 22 -0.0138 % 2,235.5
Performance Highlights
Issue Index Change Notes
BIP.PR.E FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.97 %
BAM.PF.F FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.93 %
SLF.PR.G FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.60
Bid-YTW : 9.13 %
TRP.PR.C FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 12.86
Evaluated at bid price : 12.86
Bid-YTW : 5.97 %
HSE.PR.C FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.47 %
SLF.PR.H FixedReset Ins Non -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.50
Bid-YTW : 7.75 %
HSE.PR.E FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.52 %
IAF.PR.B Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.05
Bid-YTW : 6.22 %
MFC.PR.M FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.50
Bid-YTW : 7.65 %
PWF.PR.F Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 23.72
Evaluated at bid price : 24.03
Bid-YTW : 5.49 %
CCS.PR.C Deemed-Retractible 1.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 5.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.H FixedReset Ins Non 103,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.50
Bid-YTW : 7.75 %
TD.PF.B FixedReset Disc 94,831 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 5.30 %
IAF.PR.G FixedReset Ins Non 70,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.50
Bid-YTW : 6.09 %
GWO.PR.R Deemed-Retractible 50,068 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.45
Bid-YTW : 6.21 %
BMO.PR.W FixedReset Disc 47,330 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.31 %
BMO.PR.S FixedReset Disc 43,415 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 18.58
Evaluated at bid price : 18.58
Bid-YTW : 5.29 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.E FixedReset Disc Quote: 21.25 – 21.90
Spot Rate : 0.6500
Average : 0.4508

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.97 %
BAM.PR.Z FixedReset Disc Quote: 19.98 – 20.33
Spot Rate : 0.3500
Average : 0.2234

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 5.81 %
NA.PR.G FixedReset Disc Quote: 21.60 – 22.00
Spot Rate : 0.4000
Average : 0.2778

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 5.23 %
IAF.PR.G FixedReset Ins Non Quote: 21.50 – 21.80
Spot Rate : 0.3000
Average : 0.1859

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.50
Bid-YTW : 6.09 %
CU.PR.D Perpetual-Discount Quote: 22.71 – 23.23
Spot Rate : 0.5200
Average : 0.4071

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 22.34
Evaluated at bid price : 22.71
Bid-YTW : 5.38 %
NA.PR.C FixedReset Disc Quote: 22.42 – 22.74
Spot Rate : 0.3200
Average : 0.2186

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-08
Maturity Price : 22.01
Evaluated at bid price : 22.42
Bid-YTW : 5.47 %
Market Action

May 7, 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 -0.1911 % 2,071.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1911 % 3,800.6
Floater 5.67 % 6.03 % 49,336 13.82 3 -0.1911 % 2,190.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.1928 % 3,292.4
SplitShare 4.68 % 4.85 % 80,176 4.28 7 0.1928 % 3,931.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1928 % 3,067.7
Perpetual-Premium 5.52 % 2.13 % 96,354 0.09 12 -0.0329 % 2,953.8
Perpetual-Discount 5.42 % 5.47 % 77,542 14.70 20 0.2577 % 3,105.4
FixedReset Disc 5.27 % 5.38 % 171,845 14.92 63 -0.2618 % 2,181.5
Deemed-Retractible 5.23 % 5.83 % 101,034 8.07 27 -0.0016 % 3,075.3
FloatingReset 3.96 % 4.44 % 51,918 2.62 4 -0.3962 % 2,402.8
FixedReset Prem 5.11 % 3.90 % 260,651 2.14 21 -0.1611 % 2,582.4
FixedReset Bank Non 1.98 % 3.96 % 160,325 2.64 3 -0.0139 % 2,646.8
FixedReset Ins Non 5.04 % 6.88 % 98,043 8.20 22 -0.3781 % 2,235.8
Performance Highlights
Issue Index Change Notes
HSE.PR.E FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.59 %
EMA.PR.F FixedReset Disc -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 18.41
Evaluated at bid price : 18.41
Bid-YTW : 5.76 %
HSE.PR.A FixedReset Disc -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 6.56 %
MFC.PR.H FixedReset Ins Non -1.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.01
Bid-YTW : 6.25 %
TD.PF.E FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.20 %
PWF.PR.P FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.56 %
SLF.PR.G FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.80
Bid-YTW : 8.97 %
BAM.PR.K Floater -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 11.49
Evaluated at bid price : 11.49
Bid-YTW : 6.10 %
RY.PR.Z FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.22 %
BAM.PR.R FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 15.82
Evaluated at bid price : 15.82
Bid-YTW : 6.05 %
BIP.PR.F FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.07 %
MFC.PR.N FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.02
Bid-YTW : 7.89 %
SLF.PR.J FloatingReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.60
Bid-YTW : 9.38 %
BIP.PR.E FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 21.43
Evaluated at bid price : 21.76
Bid-YTW : 5.81 %
IFC.PR.E Deemed-Retractible 1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.77
Bid-YTW : 5.93 %
CU.PR.D Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 22.75
Evaluated at bid price : 23.00
Bid-YTW : 5.41 %
NA.PR.S FixedReset Disc 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.38 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.N FixedReset Ins Non 126,277 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.62
Bid-YTW : 8.89 %
GWO.PR.G Deemed-Retractible 114,532 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 5.75 %
BNS.PR.I FixedReset Disc 112,510 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 22.05
Evaluated at bid price : 22.60
Bid-YTW : 4.67 %
CU.PR.F Perpetual-Discount 87,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.43 %
TD.PF.C FixedReset Disc 82,841 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 5.26 %
CU.PR.G Perpetual-Discount 71,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.42 %
There were 35 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: 19.75 – 20.50
Spot Rate : 0.7500
Average : 0.5179

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.59 %
BMO.PR.T FixedReset Disc Quote: 18.12 – 18.57
Spot Rate : 0.4500
Average : 0.2719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 5.30 %
PVS.PR.G SplitShare Quote: 25.10 – 25.50
Spot Rate : 0.4000
Average : 0.2476

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.00 %
GWO.PR.I Deemed-Retractible Quote: 21.06 – 21.39
Spot Rate : 0.3300
Average : 0.1985

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.06
Bid-YTW : 6.67 %
CM.PR.S FixedReset Disc Quote: 20.42 – 20.68
Spot Rate : 0.2600
Average : 0.1737

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-07
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 5.11 %
MFC.PR.G FixedReset Ins Non Quote: 20.51 – 20.96
Spot Rate : 0.4500
Average : 0.3649

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.51
Bid-YTW : 6.80 %
Market Action

May 6, 2019

Some might be interested in the Investment Executive Brokerage Report Card:

Not surprisingly, the strong growth in advisors’ businesses flowed through to their bottom lines: more than a fifth (20.8%) of Report Card respondents reported making over $1 million in annual compensation, up from 13.2% in last year’s survey.

Only 18.9% said they were earning less than $250,000 per year, down from 25% in last year’s survey. Only 2.4% said they make less than $100,000 per year (down from 3.8% in 2018).

brokeragereportcard_190506
Click for big
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 -0.0273 % 2,075.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0273 % 3,807.9
Floater 5.66 % 6.02 % 49,233 13.84 3 -0.0273 % 2,194.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2433 % 3,286.0
SplitShare 4.69 % 4.93 % 80,941 4.28 7 -0.2433 % 3,924.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2433 % 3,061.8
Perpetual-Premium 5.52 % 1.24 % 97,739 0.09 12 0.0230 % 2,954.8
Perpetual-Discount 5.43 % 5.49 % 76,537 14.62 20 -0.0440 % 3,097.4
FixedReset Disc 5.25 % 5.37 % 172,495 14.94 63 -0.2538 % 2,187.2
Deemed-Retractible 5.23 % 5.80 % 101,609 8.08 27 -0.1026 % 3,075.3
FloatingReset 3.95 % 4.32 % 52,424 2.63 4 0.3591 % 2,412.3
FixedReset Prem 5.11 % 3.71 % 261,988 2.14 21 -0.1129 % 2,586.6
FixedReset Bank Non 1.98 % 3.97 % 165,838 2.64 3 -0.0278 % 2,647.2
FixedReset Ins Non 5.02 % 6.81 % 96,793 8.21 22 -0.2195 % 2,244.3
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -2.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.21
Bid-YTW : 9.30 %
BIP.PR.D FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 22.23
Evaluated at bid price : 22.65
Bid-YTW : 5.91 %
IFC.PR.E Deemed-Retractible -1.88 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.07 %
HSE.PR.E FixedReset Disc -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.41 %
TRP.PR.B FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 12.24
Evaluated at bid price : 12.24
Bid-YTW : 5.84 %
BAM.PF.A FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.74 %
BAM.PR.T FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 6.15 %
NA.PR.S FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 5.47 %
BAM.PR.X FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 5.88 %
MFC.PR.I FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.81
Bid-YTW : 6.74 %
HSE.PR.G FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.49 %
PWF.PR.A Floater -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 5.19 %
IAF.PR.B Deemed-Retractible 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 6.24 %
RY.PR.Z FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 5.16 %
MFC.PR.Q FixedReset Ins Non 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.65
Bid-YTW : 6.82 %
PWF.PR.P FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 5.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.R FixedReset Disc 57,417 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 22.29
Evaluated at bid price : 22.81
Bid-YTW : 5.33 %
TD.PF.I FixedReset Disc 54,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 22.39
Evaluated at bid price : 23.00
Bid-YTW : 4.97 %
BMO.PR.E FixedReset Disc 42,660 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 21.89
Evaluated at bid price : 22.34
Bid-YTW : 4.92 %
RY.PR.Z FixedReset Disc 32,769 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 5.16 %
TD.PF.E FixedReset Disc 30,552 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 5.11 %
TD.PF.D FixedReset Disc 27,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.20 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Deemed-Retractible Quote: 23.50 – 24.33
Spot Rate : 0.8300
Average : 0.6118

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.07 %
EMA.PR.H FixedReset Disc Quote: 23.70 – 24.30
Spot Rate : 0.6000
Average : 0.4015

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 22.69
Evaluated at bid price : 23.70
Bid-YTW : 5.13 %
GWO.PR.H Deemed-Retractible Quote: 22.41 – 22.85
Spot Rate : 0.4400
Average : 0.2775

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.41
Bid-YTW : 6.29 %
NA.PR.S FixedReset Disc Quote: 18.33 – 18.79
Spot Rate : 0.4600
Average : 0.3066

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 5.47 %
SLF.PR.G FixedReset Ins Non Quote: 15.00 – 15.68
Spot Rate : 0.6800
Average : 0.5389

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.00
Bid-YTW : 8.80 %
TRP.PR.B FixedReset Disc Quote: 12.24 – 12.65
Spot Rate : 0.4100
Average : 0.2717

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-05-06
Maturity Price : 12.24
Evaluated at bid price : 12.24
Bid-YTW : 5.84 %