Category: Market Action

Market Action

December 30, 2024

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 0.5021 % 2,287.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5021 % 4,387.1
Floater 7.62 % 7.86 % 38,455 11.57 4 0.5021 % 2,528.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.4675 % 3,638.5
SplitShare 4.75 % 4.42 % 56,909 1.12 7 0.4675 % 4,345.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4675 % 3,390.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4356 % 2,876.5
Perpetual-Discount 5.97 % 6.12 % 54,031 13.68 32 0.4356 % 3,136.6
FixedReset Disc 5.37 % 6.57 % 98,112 12.72 53 0.4123 % 2,801.2
Insurance Straight 5.97 % 6.05 % 64,267 13.82 21 -0.0568 % 3,033.0
FloatingReset 6.44 % 6.38 % 42,986 13.36 4 0.3517 % 3,337.1
FixedReset Prem 6.02 % 5.57 % 187,167 13.56 9 0.0954 % 2,602.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4123 % 2,863.4
FixedReset Ins Non 5.24 % 5.99 % 77,918 13.82 14 0.5316 % 2,884.4
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.09
Evaluated at bid price : 23.86
Bid-YTW : 6.81 %
IFC.PR.I Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.97
Evaluated at bid price : 22.25
Bid-YTW : 6.10 %
ENB.PR.A Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.04 %
BIP.PR.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.82
Evaluated at bid price : 23.75
Bid-YTW : 6.49 %
SLF.PR.G FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 16.62
Evaluated at bid price : 16.62
Bid-YTW : 6.57 %
IFC.PR.C FixedReset Ins Non 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.55
Evaluated at bid price : 21.93
Bid-YTW : 6.20 %
FTS.PR.J Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.39
Evaluated at bid price : 20.39
Bid-YTW : 5.90 %
FTS.PR.G FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.81
Evaluated at bid price : 22.14
Bid-YTW : 6.15 %
GWO.PR.N FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 15.57
Evaluated at bid price : 15.57
Bid-YTW : 6.69 %
GWO.PR.M Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.82
Evaluated at bid price : 24.07
Bid-YTW : 6.06 %
PWF.PR.T FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.29
Evaluated at bid price : 22.93
Bid-YTW : 6.02 %
BN.PR.T FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 7.17 %
FTS.PR.F Perpetual-Discount 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.82 %
PWF.PR.Z Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 6.14 %
CU.PR.H Perpetual-Discount 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.92 %
ENB.PF.A FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 7.09 %
BN.PF.I FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.44
Bid-YTW : 6.52 %
BIP.PR.B FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 5.28 %
POW.PR.C Perpetual-Discount 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.61
Evaluated at bid price : 23.88
Bid-YTW : 6.09 %
BN.PF.E FixedReset Disc 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.87 %
IFC.PR.A FixedReset Ins Non 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 47,050 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 3.69 %
NA.PR.W FixedReset Disc 38,881 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 4.05 %
PWF.PR.P FixedReset Disc 26,979 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 15.88
Evaluated at bid price : 15.88
Bid-YTW : 7.03 %
TD.PF.C FixedReset Disc 18,650 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.22 %
FFH.PR.E FixedReset Disc 16,765 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.71
Evaluated at bid price : 22.11
Bid-YTW : 5.84 %
PWF.PF.A Perpetual-Discount 14,211 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.09 %
There were 3 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
ENB.PR.H FixedReset Disc Quote: 20.35 – 22.22
Spot Rate : 1.8700
Average : 1.0354

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.72 %
BN.PF.B FixedReset Disc Quote: 22.15 – 23.85
Spot Rate : 1.7000
Average : 0.9825

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.78
Evaluated at bid price : 22.15
Bid-YTW : 6.57 %
PWF.PR.L Perpetual-Discount Quote: 21.00 – 22.65
Spot Rate : 1.6500
Average : 1.0325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.19 %
GWO.PR.L Insurance Straight Quote: 23.65 – 25.00
Spot Rate : 1.3500
Average : 0.8016

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 6.00 %
BN.PF.D Perpetual-Discount Quote: 19.12 – 20.40
Spot Rate : 1.2800
Average : 0.8177

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.46 %
PVS.PR.K SplitShare Quote: 24.87 – 25.88
Spot Rate : 1.0100
Average : 0.6967

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.87
Bid-YTW : 4.68 %
Market Action

December 27, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,275.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,365.1
Floater 7.66 % 7.92 % 38,531 11.51 4 0.0000 % 2,515.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2502 % 3,621.5
SplitShare 4.77 % 4.81 % 58,179 2.05 7 -0.2502 % 4,324.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2502 % 3,374.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0951 % 2,864.0
Perpetual-Discount 6.00 % 6.15 % 55,991 13.66 32 0.0951 % 3,123.0
FixedReset Disc 5.39 % 6.67 % 99,466 12.65 53 -0.0485 % 2,789.7
Insurance Straight 5.97 % 6.05 % 64,355 13.85 21 -0.1884 % 3,034.8
FloatingReset 6.45 % 6.09 % 39,673 13.08 4 -0.3272 % 3,325.4
FixedReset Prem 6.03 % 5.62 % 189,750 13.40 9 0.1172 % 2,600.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0485 % 2,851.6
FixedReset Ins Non 5.27 % 6.05 % 79,018 13.74 14 0.6399 % 2,869.2
Performance Highlights
Issue Index Change Notes
POW.PR.C Perpetual-Discount -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.17
Evaluated at bid price : 23.43
Bid-YTW : 6.20 %
BIP.PR.B FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.62
Bid-YTW : 7.08 %
ENB.PR.D FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.39 %
BN.PF.J FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.47
Evaluated at bid price : 23.05
Bid-YTW : 6.73 %
FTS.PR.J Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 5.96 %
PVS.PR.K SplitShare -1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.74
Bid-YTW : 4.81 %
BN.PF.I FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.13
Evaluated at bid price : 24.05
Bid-YTW : 6.95 %
FFH.PR.F FloatingReset -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.07 %
GWO.PR.M Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.51
Evaluated at bid price : 23.78
Bid-YTW : 6.13 %
POW.PR.A Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 6.17 %
ENB.PR.J FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 7.20 %
ENB.PR.N FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.25
Evaluated at bid price : 22.84
Bid-YTW : 6.61 %
PWF.PR.H Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.25
Evaluated at bid price : 23.55
Bid-YTW : 6.21 %
ENB.PR.A Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.98 %
PWF.PR.G Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 6.16 %
FTS.PR.M FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.67 %
GWO.PR.N FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 6.83 %
BN.PF.G FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 6.98 %
POW.PR.D Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.09 %
MFC.PR.M FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.94
Evaluated at bid price : 22.44
Bid-YTW : 6.12 %
MFC.PR.J FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.26
Evaluated at bid price : 24.75
Bid-YTW : 5.81 %
FTS.PR.H FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 15.97
Evaluated at bid price : 15.97
Bid-YTW : 7.01 %
CU.PR.D Perpetual-Discount 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.89 %
ENB.PF.E FixedReset Disc 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.55 %
SLF.PR.G FixedReset Ins Non 4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 6.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 42,450 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 3.86 %
ENB.PF.C FixedReset Disc 30,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 7.42 %
FFH.PR.F FloatingReset 25,146 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.07 %
NA.PR.W FixedReset Disc 24,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.10 %
FTS.PR.H FixedReset Disc 20,638 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 15.97
Evaluated at bid price : 15.97
Bid-YTW : 7.01 %
PWF.PF.A Perpetual-Discount 17,098 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.11 %
There were 1 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.X FixedReset Disc Quote: 16.50 – 17.95
Spot Rate : 1.4500
Average : 0.9573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 7.37 %
CU.PR.G Perpetual-Discount Quote: 19.25 – 20.93
Spot Rate : 1.6800
Average : 1.3456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.92 %
GWO.PR.M Insurance Straight Quote: 23.78 – 24.50
Spot Rate : 0.7200
Average : 0.4599

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.51
Evaluated at bid price : 23.78
Bid-YTW : 6.13 %
BN.PF.J FixedReset Disc Quote: 23.05 – 24.00
Spot Rate : 0.9500
Average : 0.7337

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.47
Evaluated at bid price : 23.05
Bid-YTW : 6.73 %
BIP.PR.B FixedReset Disc Quote: 24.62 – 25.40
Spot Rate : 0.7800
Average : 0.5685

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.62
Bid-YTW : 7.08 %
ENB.PF.E FixedReset Disc Quote: 18.90 – 19.95
Spot Rate : 1.0500
Average : 0.9071

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.55 %
Market Action

December 24, 2024

Merry Christmas, everybody!

PerpetualDiscounts now yield 6.13%, equivalent to 7.97% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.61% on 2024-12-24. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 335bp from the 330bp reported December 11.

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 -0.1604 % 2,275.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1604 % 4,365.1
Floater 7.66 % 7.90 % 40,099 11.54 4 -0.1604 % 2,515.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2223 % 3,630.6
SplitShare 4.76 % 4.41 % 60,161 2.05 7 0.2223 % 4,335.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2223 % 3,382.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2511 % 2,861.3
Perpetual-Discount 6.00 % 6.13 % 55,945 13.70 32 -0.2511 % 3,120.1
FixedReset Disc 5.39 % 6.62 % 100,213 12.57 53 0.1431 % 2,791.0
Insurance Straight 5.95 % 6.03 % 65,298 13.86 21 0.0386 % 3,040.5
FloatingReset 6.43 % 6.37 % 37,750 13.39 4 -0.1167 % 3,336.3
FixedReset Prem 6.03 % 5.65 % 191,638 13.68 9 -0.0521 % 2,597.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1431 % 2,853.0
FixedReset Ins Non 5.30 % 6.08 % 80,009 13.71 14 0.0576 % 2,850.9
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.22 %
ENB.PF.E FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 7.70 %
CU.PR.D Perpetual-Discount -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.00 %
BN.PF.G FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.07 %
PWF.PR.Z Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.24 %
TD.PF.J FixedReset Prem -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 23.29
Evaluated at bid price : 24.90
Bid-YTW : 5.81 %
BN.PF.A FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 22.85
Evaluated at bid price : 23.94
Bid-YTW : 6.43 %
FTS.PR.M FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.75 %
PWF.PR.H Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 6.27 %
FFH.PR.G FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 6.33 %
FFH.PR.I FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 22.09
Evaluated at bid price : 22.75
Bid-YTW : 6.31 %
POW.PR.A Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.09 %
PWF.PR.L Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 6.18 %
TD.PF.C FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.94 %
BIP.PR.B FixedReset Disc 2.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 4.78 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.A Floater 102,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 7.27 %
TD.PF.C FixedReset Disc 32,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.94 %
NA.PR.W FixedReset Disc 14,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.09
Bid-YTW : 4.15 %
There were 0 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: 19.25 – 20.93
Spot Rate : 1.6800
Average : 0.9790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.91 %
CU.PR.D Perpetual-Discount Quote: 20.67 – 22.00
Spot Rate : 1.3300
Average : 0.9325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.00 %
SLF.PR.G FixedReset Ins Non Quote: 15.75 – 17.10
Spot Rate : 1.3500
Average : 1.0176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.00 %
BN.PR.R FixedReset Disc Quote: 17.75 – 18.80
Spot Rate : 1.0500
Average : 0.7635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.27 %
BN.PF.G FixedReset Disc Quote: 20.70 – 21.50
Spot Rate : 0.8000
Average : 0.5346

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.07 %
FTS.PR.K FixedReset Disc Quote: 20.42 – 21.10
Spot Rate : 0.6800
Average : 0.4435

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.47 %
Market Action

December 23, 2024

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 0.2412 % 2,279.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2412 % 4,372.2
Floater 7.65 % 7.88 % 37,111 11.56 4 0.2412 % 2,519.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1999 % 3,622.6
SplitShare 4.77 % 5.03 % 62,527 2.06 7 0.1999 % 4,326.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1999 % 3,375.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2194 % 2,868.5
Perpetual-Discount 5.99 % 6.17 % 56,375 13.59 32 0.2194 % 3,127.9
FixedReset Disc 5.39 % 6.66 % 103,378 12.64 53 0.0408 % 2,787.1
Insurance Straight 5.96 % 6.03 % 67,754 13.88 21 0.0682 % 3,039.3
FloatingReset 6.42 % 6.23 % 37,359 13.15 4 0.1286 % 3,340.2
FixedReset Prem 6.03 % 5.62 % 197,004 13.68 9 -0.0607 % 2,598.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0408 % 2,848.9
FixedReset Ins Non 5.30 % 6.09 % 82,858 13.75 14 -0.1792 % 2,849.3
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -4.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.00 %
FTS.PR.H FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 7.08 %
BN.PF.E FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.10 %
PWF.PR.L Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.27 %
BN.PF.D Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 6.50 %
GWO.PR.N FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 6.96 %
BN.PR.M Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.58
Evaluated at bid price : 18.58
Bid-YTW : 6.43 %
FFH.PR.G FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.42 %
GWO.PR.G Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.20 %
GWO.PR.R Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 6.12 %
POW.PR.G Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.78
Evaluated at bid price : 23.06
Bid-YTW : 6.19 %
BN.PF.G FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.96 %
BIP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 23.24
Evaluated at bid price : 24.00
Bid-YTW : 6.82 %
PWF.PR.G Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 6.17 %
CCS.PR.C Insurance Straight 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.97 %
CU.PR.J Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.07 %
BN.PF.H FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.92 %
PWF.PR.A Floater 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 13.37
Evaluated at bid price : 13.37
Bid-YTW : 7.26 %
BN.PF.I FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.32
Bid-YTW : 6.70 %
IFC.PR.E Insurance Straight 3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.55
Evaluated at bid price : 21.93
Bid-YTW : 5.94 %
BN.PR.N Perpetual-Discount 7.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 6.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.Y FixedReset Disc 50,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 24.03
Evaluated at bid price : 24.60
Bid-YTW : 5.77 %
TD.PF.J FixedReset Prem 26,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 23.41
Evaluated at bid price : 25.25
Bid-YTW : 5.71 %
FTS.PR.M FixedReset Disc 25,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.67 %
RY.PR.N Perpetual-Discount 13,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.10 %
ENB.PR.Y FixedReset Disc 12,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 7.39 %
ENB.PF.K FixedReset Disc 12,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.06
Evaluated at bid price : 22.45
Bid-YTW : 7.02 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
ENB.PF.E FixedReset Disc Quote: 18.95 – 19.95
Spot Rate : 1.0000
Average : 0.6633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.52 %
GWO.PR.Y Insurance Straight Quote: 18.73 – 19.75
Spot Rate : 1.0200
Average : 0.6966

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 6.04 %
MFC.PR.B Insurance Straight Quote: 20.00 – 20.99
Spot Rate : 0.9900
Average : 0.7319

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.86 %
BIP.PR.F FixedReset Disc Quote: 23.00 – 23.72
Spot Rate : 0.7200
Average : 0.4793

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.34
Evaluated at bid price : 23.00
Bid-YTW : 6.66 %
BN.PF.C Perpetual-Discount Quote: 18.85 – 19.62
Spot Rate : 0.7700
Average : 0.5382

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.47 %
BN.PF.J FixedReset Disc Quote: 23.37 – 24.30
Spot Rate : 0.9300
Average : 0.7228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.65
Evaluated at bid price : 23.37
Bid-YTW : 6.62 %
Market Action

December 20, 2024

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 0.1006 % 2,274.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1006 % 4,361.6
Floater 7.67 % 7.84 % 34,847 11.61 4 0.1006 % 2,513.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1369 % 3,615.4
SplitShare 4.78 % 4.80 % 62,123 2.07 7 -0.1369 % 4,317.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1369 % 3,368.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0336 % 2,862.2
Perpetual-Discount 6.00 % 6.16 % 56,056 13.58 32 -0.0336 % 3,121.1
FixedReset Disc 5.40 % 6.58 % 104,854 12.87 53 0.2130 % 2,785.9
Insurance Straight 5.96 % 6.06 % 65,963 13.87 21 0.3351 % 3,037.2
FloatingReset 6.44 % 6.14 % 36,308 13.11 4 0.0351 % 3,335.9
FixedReset Prem 6.03 % 5.56 % 198,951 13.76 9 -0.0433 % 2,599.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2130 % 2,847.8
FixedReset Ins Non 5.15 % 6.03 % 87,973 13.81 14 0.2985 % 2,854.4
Performance Highlights
Issue Index Change Notes
BN.PR.N Perpetual-Discount -8.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.97 %
ENB.PF.E FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.43 %
BIP.PR.A FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.01
Evaluated at bid price : 23.76
Bid-YTW : 6.81 %
RY.PR.N Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.10 %
PWF.PR.T FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 6.11 %
MFC.PR.L FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 22.03
Evaluated at bid price : 22.55
Bid-YTW : 5.93 %
ENB.PR.B FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 7.30 %
CCS.PR.C Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.06 %
GWO.PR.N FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 6.76 %
IFC.PR.C FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.46
Evaluated at bid price : 21.80
Bid-YTW : 6.20 %
CU.PR.F Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.86 %
MFC.PR.I FixedReset Ins Non 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.11
Evaluated at bid price : 24.20
Bid-YTW : 6.07 %
CU.PR.D Perpetual-Discount 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.87 %
PWF.PR.F Perpetual-Discount 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.42
Evaluated at bid price : 21.68
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.02
Evaluated at bid price : 23.85
Bid-YTW : 6.58 %
CU.PR.H Perpetual-Discount 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.80
Evaluated at bid price : 22.04
Bid-YTW : 6.01 %
FFH.PR.G FixedReset Disc 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 6.25 %
CU.PR.C FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.48 %
IFC.PR.E Insurance Straight 5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 840,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 3.99 %
NA.PR.W FixedReset Disc 115,085 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.12 %
PWF.PR.A Floater 30,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 7.38 %
BN.PR.R FixedReset Disc 28,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.18 %
TD.PF.J FixedReset Prem 23,080 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.40
Evaluated at bid price : 25.22
Bid-YTW : 5.66 %
CM.PR.S FixedReset Prem 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 25.49
Evaluated at bid price : 25.49
Bid-YTW : 5.52 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.N Perpetual-Discount Quote: 17.15 – 18.70
Spot Rate : 1.5500
Average : 0.9088

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.97 %
PVS.PR.K SplitShare Quote: 24.92 – 25.88
Spot Rate : 0.9600
Average : 0.6760

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 4.60 %
POW.PR.G Perpetual-Discount Quote: 22.83 – 23.45
Spot Rate : 0.6200
Average : 0.3573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 22.58
Evaluated at bid price : 22.83
Bid-YTW : 6.25 %
IFC.PR.A FixedReset Ins Non Quote: 20.22 – 21.13
Spot Rate : 0.9100
Average : 0.7366

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.90 %
RY.PR.N Perpetual-Discount Quote: 24.20 – 24.80
Spot Rate : 0.6000
Average : 0.4368

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.10 %
CU.PR.J Perpetual-Discount Quote: 19.50 – 20.21
Spot Rate : 0.7100
Average : 0.5724

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.16 %
Market Action

December 19, 2024

Whoosh! Bonds got hammered today:

Economic data Thursday was in sync with the Fed’s view, with weekly initial jobless claims falling more than expected while gross domestic product for the third quarter was revised to show a 3.1% increase from the previously reported 2.8% pace.
…
Traders now see just one quarter-point rate reduction by mid-2025, and see less than two cuts in total by the end of the year, compared with last week’s expectations of three rate cuts.

Longer-dated Treasury yields were higher after the economic data, with the benchmark U.S. 10-year note reaching a near 7-month high of 4.594%. Canadian bond yields also moved higher across a steeper curve. The 10-year by late day was up 15 basis points at 3.373%, its highest since late November.

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 -0.0804 % 2,271.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0804 % 4,357.3
Floater 7.68 % 7.87 % 33,862 11.58 4 -0.0804 % 2,511.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2446 % 3,620.3
SplitShare 4.78 % 4.72 % 64,576 2.07 7 -0.2446 % 4,323.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2446 % 3,373.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.7158 % 2,863.1
Perpetual-Discount 6.00 % 6.17 % 55,508 13.60 32 -0.7158 % 3,122.1
FixedReset Disc 5.41 % 6.65 % 105,143 12.87 53 0.0391 % 2,780.0
Insurance Straight 5.98 % 6.08 % 66,306 13.82 21 -1.3137 % 3,027.1
FloatingReset 6.44 % 5.99 % 36,127 13.10 4 0.1992 % 3,334.7
FixedReset Prem 6.02 % 5.56 % 200,338 13.62 9 0.0130 % 2,601.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0391 % 2,841.7
FixedReset Ins Non 5.16 % 6.03 % 90,691 13.81 14 -0.3380 % 2,845.9
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -8.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 6.49 %
IFC.PR.A FixedReset Ins Non -3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.90 %
GWO.PR.L Insurance Straight -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 6.11 %
PWF.PR.F Perpetual-Discount -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.27 %
CU.PR.C FixedReset Disc -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.65 %
GWO.PR.Y Insurance Straight -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.00 %
IFC.PR.K Insurance Straight -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 6.16 %
CU.PR.D Perpetual-Discount -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.97 %
BN.PR.M Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.63
Evaluated at bid price : 18.63
Bid-YTW : 6.41 %
FTS.PR.F Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.86 %
FFH.PR.K FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.78
Evaluated at bid price : 23.40
Bid-YTW : 6.72 %
BN.PR.N Perpetual-Discount -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.39 %
FTS.PR.J Perpetual-Discount -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.93 %
BN.PR.Z FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.44
Evaluated at bid price : 21.79
Bid-YTW : 6.90 %
GWO.PR.S Insurance Straight -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.09 %
GWO.PR.P Insurance Straight -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 6.12 %
BN.PF.J FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.43
Evaluated at bid price : 23.00
Bid-YTW : 6.67 %
GWO.PR.H Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.10 %
BN.PR.K Floater -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 7.87 %
GWO.PR.T Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.11 %
POW.PR.A Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.20 %
GWO.PR.M Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 23.65
Evaluated at bid price : 23.92
Bid-YTW : 6.08 %
CU.PR.F Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.14
Evaluated at bid price : 19.14
Bid-YTW : 5.94 %
POW.PR.B Perpetual-Discount -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 6.18 %
ENB.PR.B FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.39 %
GWO.PR.G Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 6.10 %
GWO.PR.I Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.95 %
MFC.PR.C Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.77 %
CCS.PR.C Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.13 %
PWF.PR.A Floater 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 7.40 %
BN.PF.E FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.85 %
ENB.PF.E FixedReset Disc 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 7.33 %
NA.PR.W FixedReset Disc 4.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.04 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.T FixedReset Disc 157,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 7.01 %
NA.PR.W FixedReset Disc 84,075 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.04 %
CM.PR.P FixedReset Disc 65,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 4.24 %
CM.PR.Q FixedReset Disc 53,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 24.07
Evaluated at bid price : 24.65
Bid-YTW : 5.80 %
MFC.PR.M FixedReset Ins Non 52,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.85
Evaluated at bid price : 22.30
Bid-YTW : 6.03 %
MFC.PR.N FixedReset Ins Non 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.32 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 20.14 – 23.25
Spot Rate : 3.1100
Average : 1.7254

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 6.49 %
CU.PR.C FixedReset Disc Quote: 20.40 – 21.25
Spot Rate : 0.8500
Average : 0.6271

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.65 %
PVS.PR.H SplitShare Quote: 25.00 – 25.50
Spot Rate : 0.5000
Average : 0.3037

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.81 %
CU.PR.D Perpetual-Discount Quote: 20.75 – 21.59
Spot Rate : 0.8400
Average : 0.6519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.97 %
FFH.PR.K FixedReset Disc Quote: 23.40 – 23.90
Spot Rate : 0.5000
Average : 0.3322

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.78
Evaluated at bid price : 23.40
Bid-YTW : 6.72 %
IFC.PR.A FixedReset Ins Non Quote: 20.22 – 20.93
Spot Rate : 0.7100
Average : 0.5465

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.90 %
Market Action

December 17, 2024

Canadian inflation numbers came out today:

Here are some highlights from Tuesday’s report:

  • Core inflation is showing some mixed signals. On a three-month annualized basis, the Bank of Canada’s preferred measures of core inflation – which strip out volatile movements in consumer prices – rose by 3.2 per cent and 3.3 per cent, respectively. Two months ago, those measures were rising by 2.1 per cent.
  • On the other hand, the short-term trend for other measures of core inflation is more encouraging. On a three-month annualized basis, the CPI excluding food and energy rose by 1.9 per cent in November, matching the increase in October.
  • Rents are moving in the wrong direction. Year-over-year, rental costs jumped by 7.7 per cent in November, up from a 7.3-per-cent pace in October. However, there is ample data out of the private sector that shows asking rents are on the decline in many urban areas.
  • Grocery prices rose 2.6 per cent, year-over-year, in November, a slight deceleration from 2.7 per cent in October. While food price increases have moderated, grocery costs have risen by 20 per cent over three years.

    There was a minor reaction from the swaps market:


    Pre-Announcement


    Post-Announcement

    So the projected December, 2025, policy rate edged up 2bp, from 2.76% to 2.78%. Not much change, but the current projection of 2.78% is significantly higher than the post-BoC-easing rate of 2.65%.

    TXPR was down 0.24% today, but still managed to set a new 52-week high before sliding.

    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 0.4608 % 2,291.9
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4608 % 4,395.8
    Floater 7.61 % 7.75 % 33,971 11.71 4 0.4608 % 2,533.3
    OpRet 0.00 % 0.00 % 0 0.00 0 -0.0228 % 3,629.0
    SplitShare 4.76 % 4.32 % 62,260 1.16 7 -0.0228 % 4,333.8
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0228 % 3,381.4
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1588 % 2,896.0
    Perpetual-Discount 5.93 % 6.08 % 52,889 13.70 32 -0.1588 % 3,158.0
    FixedReset Disc 5.46 % 6.67 % 104,377 12.87 53 -0.3609 % 2,755.4
    Insurance Straight 5.87 % 5.94 % 65,290 14.02 21 -0.0246 % 3,083.7
    FloatingReset 6.49 % 6.06 % 34,298 12.94 4 1.2642 % 3,310.6
    FixedReset Prem 6.03 % 5.59 % 204,811 13.76 9 0.0608 % 2,598.0
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3609 % 2,816.5
    FixedReset Ins Non 5.15 % 6.05 % 85,011 13.83 14 -0.1792 % 2,850.5
    Performance Highlights
    Issue Index Change Notes
    FFH.PR.I FixedReset Disc -26.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.50
    Evaluated at bid price : 16.50
    Bid-YTW : 8.59 %
    BIP.PR.F FixedReset Disc -6.82 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.68
    Evaluated at bid price : 22.00
    Bid-YTW : 6.92 %
    CU.PR.C FixedReset Disc -4.47 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.10
    Evaluated at bid price : 20.10
    Bid-YTW : 6.75 %
    PWF.PR.S Perpetual-Discount -3.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 19.64
    Evaluated at bid price : 19.64
    Bid-YTW : 6.21 %
    SLF.PR.E Insurance Straight -2.91 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.00
    Evaluated at bid price : 20.00
    Bid-YTW : 5.65 %
    IFC.PR.G FixedReset Ins Non -2.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.57
    Evaluated at bid price : 23.33
    Bid-YTW : 6.05 %
    POW.PR.C Perpetual-Discount -2.12 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.69
    Evaluated at bid price : 24.00
    Bid-YTW : 6.15 %
    CU.PR.E Perpetual-Discount -1.73 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.50
    Evaluated at bid price : 20.50
    Bid-YTW : 6.04 %
    FFH.PR.H FloatingReset -1.61 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.45
    Evaluated at bid price : 21.45
    Bid-YTW : 6.74 %
    MFC.PR.L FixedReset Ins Non -1.53 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.03
    Evaluated at bid price : 22.55
    Bid-YTW : 5.93 %
    MFC.PR.I FixedReset Ins Non -1.49 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.91
    Evaluated at bid price : 23.80
    Bid-YTW : 6.18 %
    GWO.PR.G Insurance Straight -1.24 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.44
    Evaluated at bid price : 21.44
    Bid-YTW : 6.09 %
    PWF.PR.F Perpetual-Discount -1.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.59
    Evaluated at bid price : 21.85
    Bid-YTW : 6.09 %
    BN.PR.X FixedReset Disc -1.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.41
    Evaluated at bid price : 16.41
    Bid-YTW : 7.30 %
    FFH.PR.E FixedReset Disc -1.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.77
    Evaluated at bid price : 22.21
    Bid-YTW : 5.77 %
    FTS.PR.H FixedReset Disc -1.05 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 15.95
    Evaluated at bid price : 15.95
    Bid-YTW : 6.90 %
    FFH.PR.K FixedReset Disc -1.05 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.92
    Evaluated at bid price : 23.65
    Bid-YTW : 6.64 %
    POW.PR.D Perpetual-Discount 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.71
    Evaluated at bid price : 20.71
    Bid-YTW : 6.16 %
    IFC.PR.I Insurance Straight 1.15 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.55
    Evaluated at bid price : 22.91
    Bid-YTW : 5.90 %
    BN.PR.B Floater 1.23 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 12.30
    Evaluated at bid price : 12.30
    Bid-YTW : 7.81 %
    GWO.PR.P Insurance Straight 1.25 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.40
    Evaluated at bid price : 22.66
    Bid-YTW : 5.97 %
    IFC.PR.F Insurance Straight 1.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.78
    Evaluated at bid price : 22.25
    Bid-YTW : 5.96 %
    ENB.PF.G FixedReset Disc 1.88 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 18.95
    Evaluated at bid price : 18.95
    Bid-YTW : 7.38 %
    CU.PR.J Perpetual-Discount 2.59 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 19.79
    Evaluated at bid price : 19.79
    Bid-YTW : 6.07 %
    PWF.PR.G Perpetual-Discount 2.71 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 24.29
    Evaluated at bid price : 24.60
    Bid-YTW : 6.08 %
    IFC.PR.A FixedReset Ins Non 3.00 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.93
    Evaluated at bid price : 20.93
    Bid-YTW : 5.69 %
    SLF.PR.J FloatingReset 8.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.31
    Evaluated at bid price : 16.31
    Bid-YTW : 7.09 %
    BN.PF.H FixedReset Disc 25.36 % YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2025-12-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.67
    Bid-YTW : 6.18 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    NA.PR.E FixedReset Disc 79,800 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.30
    Evaluated at bid price : 24.95
    Bid-YTW : 5.63 %
    TD.PF.C FixedReset Disc 71,200 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.52
    Evaluated at bid price : 24.65
    Bid-YTW : 5.32 %
    FTS.PR.M FixedReset Disc 56,260 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.70
    Evaluated at bid price : 20.70
    Bid-YTW : 6.70 %
    TD.PF.D FixedReset Disc 52,900 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.77
    Evaluated at bid price : 24.41
    Bid-YTW : 5.85 %
    IFC.PR.C FixedReset Ins Non 46,982 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.45
    Evaluated at bid price : 21.45
    Bid-YTW : 6.32 %
    ENB.PF.K FixedReset Disc 39,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.96
    Evaluated at bid price : 22.30
    Bid-YTW : 7.00 %
    There were 19 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    FFH.PR.I FixedReset Disc Quote: 16.50 – 22.26
    Spot Rate : 5.7600
    Average : 3.1195

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.50
    Evaluated at bid price : 16.50
    Bid-YTW : 8.59 %
    BIP.PR.F FixedReset Disc Quote: 22.00 – 23.48
    Spot Rate : 1.4800
    Average : 0.8948

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.68
    Evaluated at bid price : 22.00
    Bid-YTW : 6.92 %
    GWO.PR.L Insurance Straight Quote: 23.85 – 25.15
    Spot Rate : 1.3000
    Average : 0.7735

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.58
    Evaluated at bid price : 23.85
    Bid-YTW : 5.94 %
    BN.PR.M Perpetual-Discount Quote: 19.02 – 20.39
    Spot Rate : 1.3700
    Average : 0.8571

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 19.02
    Evaluated at bid price : 19.02
    Bid-YTW : 6.28 %
    ENB.PF.E FixedReset Disc Quote: 18.89 – 19.95
    Spot Rate : 1.0600
    Average : 0.6314

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 18.89
    Evaluated at bid price : 18.89
    Bid-YTW : 7.45 %
    CU.PR.C FixedReset Disc Quote: 20.10 – 21.25
    Spot Rate : 1.1500
    Average : 0.7473

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.10
    Evaluated at bid price : 20.10
    Bid-YTW : 6.75 %
    Market Action

    December 11, 2024

    Another good solid day for TXPR, which gained 0.32% and set a new 52-week high despite (because of?) the BoC policy easing.

    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 -0.2373 % 2,305.6
    FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2373 % 4,422.1
    Floater 8.26 % 8.60 % 31,839 10.66 4 -0.2373 % 2,548.5
    OpRet 0.00 % 0.00 % 0 0.00 0 -0.1534 % 3,628.2
    SplitShare 4.77 % 4.24 % 65,021 1.18 7 -0.1534 % 4,332.8
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1534 % 3,380.6
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7053 % 2,899.3
    Perpetual-Discount 5.92 % 6.09 % 52,745 13.71 32 0.7053 % 3,161.5
    FixedReset Disc 5.43 % 6.63 % 106,179 12.81 53 0.2723 % 2,767.4
    Insurance Straight 5.91 % 5.99 % 68,997 13.97 21 -0.0923 % 3,062.8
    FloatingReset 6.41 % 6.04 % 33,710 12.79 4 0.0462 % 3,378.4
    FixedReset Prem 6.03 % 5.48 % 222,848 13.89 9 -0.0997 % 2,598.0
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2723 % 2,828.8
    FixedReset Ins Non 5.16 % 5.90 % 84,884 13.94 14 0.4390 % 2,848.6
    Performance Highlights
    Issue Index Change Notes
    SLF.PR.E Insurance Straight -7.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.94 %
    SLF.PR.C Insurance Straight -5.94 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.88 %
    GWO.PR.N FixedReset Ins Non -3.23 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 15.00
    Evaluated at bid price : 15.00
    Bid-YTW : 6.68 %
    SLF.PR.D Insurance Straight -2.87 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.98
    Evaluated at bid price : 19.98
    Bid-YTW : 5.59 %
    BN.PF.J FixedReset Disc -2.52 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.38
    Evaluated at bid price : 21.70
    Bid-YTW : 7.10 %
    FFH.PR.E FixedReset Disc -1.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.96
    Evaluated at bid price : 22.50
    Bid-YTW : 5.60 %
    PVS.PR.L SplitShare -1.18 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2030-06-30
    Maturity Price : 25.00
    Evaluated at bid price : 25.20
    Bid-YTW : 5.38 %
    FFH.PR.F FloatingReset -1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.51
    Evaluated at bid price : 22.75
    Bid-YTW : 6.04 %
    BN.PR.X FixedReset Disc 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 16.80
    Evaluated at bid price : 16.80
    Bid-YTW : 7.10 %
    PWF.PR.G Perpetual-Discount 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 24.34
    Evaluated at bid price : 24.65
    Bid-YTW : 6.06 %
    CU.PR.G Perpetual-Discount 1.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.15
    Evaluated at bid price : 19.15
    Bid-YTW : 5.93 %
    ELF.PR.H Perpetual-Discount 1.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.14 %
    POW.PR.G Perpetual-Discount 1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.98
    Evaluated at bid price : 23.25
    Bid-YTW : 6.12 %
    GWO.PR.H Insurance Straight 1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.40
    Evaluated at bid price : 20.40
    Bid-YTW : 5.97 %
    GWO.PR.S Insurance Straight 1.11 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.65
    Evaluated at bid price : 21.90
    Bid-YTW : 6.00 %
    FFH.PR.G FixedReset Disc 1.16 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.51
    Evaluated at bid price : 21.86
    Bid-YTW : 6.13 %
    MFC.PR.I FixedReset Ins Non 1.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.05
    Evaluated at bid price : 24.08
    Bid-YTW : 5.98 %
    CCS.PR.C Insurance Straight 1.21 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.85
    Evaluated at bid price : 20.85
    Bid-YTW : 6.02 %
    GWO.PR.T Insurance Straight 1.27 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.53
    Evaluated at bid price : 21.53
    Bid-YTW : 6.00 %
    PWF.PR.Z Perpetual-Discount 1.28 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.40
    Evaluated at bid price : 21.40
    Bid-YTW : 6.11 %
    BN.PF.E FixedReset Disc 1.29 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.60
    Evaluated at bid price : 19.60
    Bid-YTW : 6.99 %
    PWF.PR.S Perpetual-Discount 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.09
    Evaluated at bid price : 20.09
    Bid-YTW : 6.07 %
    BN.PF.F FixedReset Disc 1.44 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.20
    Evaluated at bid price : 21.20
    Bid-YTW : 6.96 %
    GWO.PR.L Insurance Straight 1.50 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.41
    Evaluated at bid price : 23.70
    Bid-YTW : 5.97 %
    BN.PR.M Perpetual-Discount 1.58 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.32
    Evaluated at bid price : 19.32
    Bid-YTW : 6.28 %
    ENB.PR.N FixedReset Disc 1.66 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.76
    Evaluated at bid price : 22.10
    Bid-YTW : 6.65 %
    POW.PR.D Perpetual-Discount 1.69 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.10
    Evaluated at bid price : 21.10
    Bid-YTW : 6.03 %
    MFC.PR.B Insurance Straight 1.74 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.50
    Evaluated at bid price : 20.50
    Bid-YTW : 5.70 %
    PWF.PR.R Perpetual-Discount 1.79 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.12 %
    BN.PR.R FixedReset Disc 1.82 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 17.91
    Evaluated at bid price : 17.91
    Bid-YTW : 7.03 %
    SLF.PR.J FloatingReset 1.85 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 16.50
    Evaluated at bid price : 16.50
    Bid-YTW : 7.06 %
    MFC.PR.C Insurance Straight 2.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.02
    Evaluated at bid price : 20.02
    Bid-YTW : 5.65 %
    BN.PR.Z FixedReset Disc 2.21 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.90
    Evaluated at bid price : 22.20
    Bid-YTW : 6.77 %
    ENB.PR.F FixedReset Disc 2.95 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.20
    Evaluated at bid price : 19.20
    Bid-YTW : 7.14 %
    IFC.PR.G FixedReset Ins Non 3.12 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.10
    Evaluated at bid price : 24.45
    Bid-YTW : 5.73 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    TD.PF.C FixedReset Disc 209,958 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.86
    Evaluated at bid price : 24.85
    Bid-YTW : 5.14 %
    TD.PF.J FixedReset Prem 128,405 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.36
    Evaluated at bid price : 25.10
    Bid-YTW : 5.58 %
    GWO.PR.R Insurance Straight 54,810 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.10
    Evaluated at bid price : 20.10
    Bid-YTW : 5.99 %
    CU.PR.E Perpetual-Discount 51,600 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.85
    Evaluated at bid price : 20.85
    Bid-YTW : 5.93 %
    FFH.PR.E FixedReset Disc 50,615 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.96
    Evaluated at bid price : 22.50
    Bid-YTW : 5.60 %
    PWF.PR.Z Perpetual-Discount 44,100 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.40
    Evaluated at bid price : 21.40
    Bid-YTW : 6.11 %
    There were 26 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    IFC.PR.F Insurance Straight Quote: 22.30 – 25.00
    Spot Rate : 2.7000
    Average : 1.6984

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.82
    Evaluated at bid price : 22.30
    Bid-YTW : 6.04 %
    SLF.PR.E Insurance Straight Quote: 19.00 – 20.70
    Spot Rate : 1.7000
    Average : 0.9961

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.94 %
    ELF.PR.H Perpetual-Discount Quote: 22.75 – 24.00
    Spot Rate : 1.2500
    Average : 0.7543

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.14 %
    SLF.PR.C Insurance Straight Quote: 19.00 – 20.50
    Spot Rate : 1.5000
    Average : 1.0154

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.88 %
    ENB.PF.A FixedReset Disc Quote: 19.75 – 20.90
    Spot Rate : 1.1500
    Average : 0.6717

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.75
    Evaluated at bid price : 19.75
    Bid-YTW : 7.14 %
    BN.PF.J FixedReset Disc Quote: 21.70 – 23.20
    Spot Rate : 1.5000
    Average : 1.0546

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.38
    Evaluated at bid price : 21.70
    Bid-YTW : 7.10 %
    Market Action

    December 10, 2024

    The Canadian preferred share market continued to show strength – up 0.41% today after setting a new 52-week high – aided by renewed murmers of a potential TD.PF.C redemption.

    It’s a very odd market: there are enough players willing to bet that the market is cheap enough relative to other markets to make redemption speculation make sense, but not enough to actually raise the market to levels that would reflect this as a generalized rule. So it’s all special situations. I’ll be glad when things return to normal!

    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 -0.3940 % 2,311.1
    FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3940 % 4,432.6
    Floater 8.24 % 8.53 % 32,261 10.73 4 -0.3940 % 2,554.6
    OpRet 0.00 % 0.00 % 0 0.00 0 0.1993 % 3,633.7
    SplitShare 4.76 % 4.24 % 67,683 1.18 7 0.1993 % 4,339.4
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1993 % 3,385.8
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.6528 % 2,879.0
    Perpetual-Discount 5.96 % 6.13 % 51,719 13.64 32 0.6528 % 3,139.4
    FixedReset Disc 5.45 % 6.66 % 102,934 12.76 53 0.3497 % 2,759.9
    Insurance Straight 5.91 % 6.04 % 66,334 13.88 21 0.9957 % 3,065.6
    FloatingReset 6.41 % 5.97 % 32,726 12.79 4 0.5923 % 3,376.8
    FixedReset Prem 6.03 % 5.45 % 212,675 13.91 9 0.0434 % 2,600.6
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3497 % 2,821.1
    FixedReset Ins Non 5.18 % 5.94 % 86,734 13.91 14 0.0000 % 2,836.2
    Performance Highlights
    Issue Index Change Notes
    BN.PF.J FixedReset Disc -3.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.94
    Evaluated at bid price : 22.26
    Bid-YTW : 6.92 %
    IFC.PR.G FixedReset Ins Non -2.83 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.76
    Evaluated at bid price : 23.71
    Bid-YTW : 5.94 %
    PWF.PR.H Perpetual-Discount 1.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.44
    Evaluated at bid price : 23.73
    Bid-YTW : 6.14 %
    GWO.PR.M Insurance Straight 1.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.68
    Evaluated at bid price : 23.95
    Bid-YTW : 6.06 %
    ENB.PR.D FixedReset Disc 1.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.56
    Evaluated at bid price : 18.56
    Bid-YTW : 7.19 %
    GWO.PR.P Insurance Straight 1.17 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.18
    Evaluated at bid price : 22.46
    Bid-YTW : 6.02 %
    IFC.PR.K Insurance Straight 1.24 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.76
    Evaluated at bid price : 22.10
    Bid-YTW : 6.05 %
    POW.PR.D Perpetual-Discount 1.27 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.75
    Evaluated at bid price : 20.75
    Bid-YTW : 6.14 %
    GWO.PR.H Insurance Straight 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.18
    Evaluated at bid price : 20.18
    Bid-YTW : 6.03 %
    IFC.PR.A FixedReset Ins Non 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.18
    Evaluated at bid price : 20.18
    Bid-YTW : 5.87 %
    IFC.PR.E Insurance Straight 1.37 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.73
    Evaluated at bid price : 22.15
    Bid-YTW : 5.97 %
    BN.PF.B FixedReset Disc 1.40 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.52
    Evaluated at bid price : 21.80
    Bid-YTW : 6.66 %
    CU.PR.D Perpetual-Discount 1.40 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.05
    Evaluated at bid price : 21.05
    Bid-YTW : 5.87 %
    ENB.PR.A Perpetual-Discount 1.52 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.09 %
    GWO.PR.Y Insurance Straight 1.57 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.79
    Evaluated at bid price : 18.79
    Bid-YTW : 6.01 %
    POW.PR.A Perpetual-Discount 1.66 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.03
    Evaluated at bid price : 23.30
    Bid-YTW : 6.11 %
    GWO.PR.I Insurance Straight 1.86 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.18
    Evaluated at bid price : 19.18
    Bid-YTW : 5.89 %
    BN.PR.N Perpetual-Discount 1.87 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.05
    Evaluated at bid price : 19.05
    Bid-YTW : 6.37 %
    ENB.PF.G FixedReset Disc 1.99 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.41
    Evaluated at bid price : 18.41
    Bid-YTW : 7.41 %
    FFH.PR.F FloatingReset 2.22 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.72
    Evaluated at bid price : 23.00
    Bid-YTW : 5.97 %
    BN.PF.D Perpetual-Discount 2.33 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.75
    Evaluated at bid price : 19.75
    Bid-YTW : 6.34 %
    MFC.PR.C Insurance Straight 2.62 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.60
    Evaluated at bid price : 19.60
    Bid-YTW : 5.77 %
    SLF.PR.D Insurance Straight 2.85 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.57
    Evaluated at bid price : 20.57
    Bid-YTW : 5.42 %
    TD.PF.C FixedReset Disc 5.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.74
    Evaluated at bid price : 24.77
    Bid-YTW : 5.16 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    TD.PF.C FixedReset Disc 300,026 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.74
    Evaluated at bid price : 24.77
    Bid-YTW : 5.16 %
    NA.PR.W FixedReset Disc 116,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.04
    Evaluated at bid price : 24.10
    Bid-YTW : 5.29 %
    FFH.PR.C FixedReset Prem 85,134 YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2025-01-30
    Maturity Price : 25.00
    Evaluated at bid price : 25.23
    Bid-YTW : 5.42 %
    FFH.PR.E FixedReset Disc 82,593 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.15
    Evaluated at bid price : 22.80
    Bid-YTW : 5.52 %
    ENB.PR.Y FixedReset Disc 48,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.25
    Evaluated at bid price : 18.25
    Bid-YTW : 7.29 %
    GWO.PR.Y Insurance Straight 37,959 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.79
    Evaluated at bid price : 18.79
    Bid-YTW : 6.01 %
    There were 24 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    MFC.PR.K FixedReset Ins Non Quote: 23.91 – 24.75
    Spot Rate : 0.8400
    Average : 0.4700

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.84
    Evaluated at bid price : 23.91
    Bid-YTW : 5.60 %
    IFC.PR.G FixedReset Ins Non Quote: 23.71 – 24.50
    Spot Rate : 0.7900
    Average : 0.4957

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.76
    Evaluated at bid price : 23.71
    Bid-YTW : 5.94 %
    BN.PF.J FixedReset Disc Quote: 22.26 – 23.10
    Spot Rate : 0.8400
    Average : 0.5662

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.94
    Evaluated at bid price : 22.26
    Bid-YTW : 6.92 %
    PWF.PR.R Perpetual-Discount Quote: 22.35 – 23.00
    Spot Rate : 0.6500
    Average : 0.3909

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.06
    Evaluated at bid price : 22.35
    Bid-YTW : 6.23 %
    SLF.PR.C Insurance Straight Quote: 20.20 – 20.89
    Spot Rate : 0.6900
    Average : 0.4841

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.20
    Evaluated at bid price : 20.20
    Bid-YTW : 5.52 %
    CU.PR.E Perpetual-Discount Quote: 20.90 – 21.50
    Spot Rate : 0.6000
    Average : 0.4102

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.90
    Evaluated at bid price : 20.90
    Bid-YTW : 5.92 %
    Market Action

    December 9, 2024

    Straight Perpetuals did well today, presumably due to the L.PR.B redemption.

    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 0.5348 % 2,320.2
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5348 % 4,450.2
    Floater 8.21 % 8.51 % 30,203 10.75 4 0.5348 % 2,564.7
    OpRet 0.00 % 0.00 % 0 0.00 0 0.6533 % 3,626.5
    SplitShare 4.77 % 4.23 % 69,286 1.18 7 0.6533 % 4,330.8
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6533 % 3,379.1
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7611 % 2,860.3
    Perpetual-Discount 6.00 % 6.18 % 49,121 13.58 32 0.7611 % 3,119.0
    FixedReset Disc 5.47 % 6.67 % 104,685 12.95 53 0.0756 % 2,750.2
    Insurance Straight 5.96 % 6.10 % 63,468 13.82 21 0.9176 % 3,035.4
    FloatingReset 6.45 % 6.10 % 33,039 12.79 4 -0.5084 % 3,357.0
    FixedReset Prem 6.03 % 5.47 % 210,070 13.94 9 0.0434 % 2,599.5
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0756 % 2,811.3
    FixedReset Ins Non 5.18 % 5.95 % 88,011 13.85 14 0.2217 % 2,836.2
    Performance Highlights
    Issue Index Change Notes
    MFC.PR.C Insurance Straight -2.85 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 5.92 %
    BN.PF.D Perpetual-Discount -1.88 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.30
    Evaluated at bid price : 19.30
    Bid-YTW : 6.49 %
    FFH.PR.F FloatingReset -1.53 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.25
    Evaluated at bid price : 22.50
    Bid-YTW : 6.10 %
    BIP.PR.A FixedReset Disc -1.31 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.73
    Evaluated at bid price : 23.44
    Bid-YTW : 6.75 %
    MFC.PR.I FixedReset Ins Non -1.04 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.91
    Evaluated at bid price : 23.80
    Bid-YTW : 6.06 %
    PWF.PR.E Perpetual-Discount 1.03 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.31
    Evaluated at bid price : 22.58
    Bid-YTW : 6.17 %
    ELF.PR.H Perpetual-Discount 1.04 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.11
    Evaluated at bid price : 22.33
    Bid-YTW : 6.26 %
    PWF.PR.L Perpetual-Discount 1.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 20.87
    Evaluated at bid price : 20.87
    Bid-YTW : 6.20 %
    GWO.PR.G Insurance Straight 1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.40
    Evaluated at bid price : 21.40
    Bid-YTW : 6.10 %
    POW.PR.B Perpetual-Discount 1.15 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.75
    Evaluated at bid price : 22.00
    Bid-YTW : 6.18 %
    POW.PR.G Perpetual-Discount 1.23 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.71
    Evaluated at bid price : 23.00
    Bid-YTW : 6.19 %
    IFC.PR.F Insurance Straight 1.28 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.11
    Evaluated at bid price : 22.11
    Bid-YTW : 6.12 %
    GWO.PR.S Insurance Straight 1.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.28
    Evaluated at bid price : 21.55
    Bid-YTW : 6.10 %
    CU.PR.H Perpetual-Discount 1.34 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.75
    Evaluated at bid price : 22.00
    Bid-YTW : 6.01 %
    BN.PR.Z FixedReset Disc 1.35 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.39
    Evaluated at bid price : 21.71
    Bid-YTW : 6.93 %
    BN.PR.C Floater 1.37 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 12.57
    Evaluated at bid price : 12.57
    Bid-YTW : 8.52 %
    SLF.PR.E Insurance Straight 1.54 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 20.50
    Evaluated at bid price : 20.50
    Bid-YTW : 5.50 %
    BN.PF.C Perpetual-Discount 1.56 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.50
    Evaluated at bid price : 19.50
    Bid-YTW : 6.36 %
    FTS.PR.F Perpetual-Discount 1.65 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.50
    Evaluated at bid price : 21.50
    Bid-YTW : 5.75 %
    PWF.PR.G Perpetual-Discount 1.77 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 23.93
    Evaluated at bid price : 24.19
    Bid-YTW : 6.18 %
    ENB.PR.B FixedReset Disc 1.97 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 18.10
    Evaluated at bid price : 18.10
    Bid-YTW : 7.34 %
    PVS.PR.J SplitShare 2.03 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 25.15
    Bid-YTW : 4.23 %
    PWF.PR.S Perpetual-Discount 2.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.67
    Evaluated at bid price : 19.67
    Bid-YTW : 6.19 %
    GWO.PR.T Insurance Straight 4.00 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.06
    Evaluated at bid price : 21.06
    Bid-YTW : 6.13 %
    CU.PR.F Perpetual-Discount 4.83 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 18.87
    Evaluated at bid price : 18.87
    Bid-YTW : 6.02 %
    IFC.PR.E Insurance Straight 6.74 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.85
    Evaluated at bid price : 21.85
    Bid-YTW : 6.08 %
    GWO.PR.N FixedReset Ins Non 7.67 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 15.45
    Evaluated at bid price : 15.45
    Bid-YTW : 6.49 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    BN.PR.Z FixedReset Disc 280,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.39
    Evaluated at bid price : 21.71
    Bid-YTW : 6.93 %
    NA.PR.W FixedReset Disc 166,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 23.05
    Evaluated at bid price : 24.10
    Bid-YTW : 5.29 %
    MFC.PR.Q FixedReset Ins Non 146,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.76
    Evaluated at bid price : 23.70
    Bid-YTW : 5.82 %
    FFH.PR.E FixedReset Disc 62,600 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.15
    Evaluated at bid price : 22.80
    Bid-YTW : 5.52 %
    GWO.PR.S Insurance Straight 36,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.28
    Evaluated at bid price : 21.55
    Bid-YTW : 6.10 %
    BN.PF.A FixedReset Disc 27,700 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.99
    Evaluated at bid price : 24.27
    Bid-YTW : 6.28 %
    There were 25 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    IFC.PR.F Insurance Straight Quote: 22.11 – 23.89
    Spot Rate : 1.7800
    Average : 1.0172

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.11
    Evaluated at bid price : 22.11
    Bid-YTW : 6.12 %
    PVS.PR.K SplitShare Quote: 24.85 – 26.00
    Spot Rate : 1.1500
    Average : 0.7215

    YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2029-05-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.85
    Bid-YTW : 4.64 %
    GWO.PR.R Insurance Straight Quote: 19.84 – 20.85
    Spot Rate : 1.0100
    Average : 0.6781

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.84
    Evaluated at bid price : 19.84
    Bid-YTW : 6.07 %
    FFH.PR.F FloatingReset Quote: 22.50 – 23.50
    Spot Rate : 1.0000
    Average : 0.7123

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.25
    Evaluated at bid price : 22.50
    Bid-YTW : 6.10 %
    MFC.PR.C Insurance Straight Quote: 19.10 – 19.90
    Spot Rate : 0.8000
    Average : 0.5176

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 5.92 %
    CCS.PR.C Insurance Straight Quote: 20.54 – 21.40
    Spot Rate : 0.8600
    Average : 0.6014

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 20.54
    Evaluated at bid price : 20.54
    Bid-YTW : 6.11 %