Category: Market Action

Market Action

December 6, 2024

Jobs, jobs, jobs!

Job creation bounced back in November after disruptions from storms and a major strike, reinforcing a picture of modest employment expansion over the past several months.

The U.S. economy added 227,000 jobs, seasonally adjusted, the Labor Department reported on Friday. With upward revisions to September and October figures, the three-month average gain is 173,000, slightly higher than the average over the six months before that.

The unemployment rate ticked up to 4.2 percent, from 4.1 percent in October, as fewer people were able to find work. But for those who had jobs, wages jumped more than expected and were 4 percent higher than they were a year earlier.

And in the frozen north:

Canada’s unemployment rate jumped to its highest level in years in November, bolstering bets that the Bank of Canada will deliver another outsized interest-rate cut next week to revive a sluggish economy.

The unemployment rate rose to 6.8 per cent in November from 6.5 per cent the previous month, Statistics Canada said Friday in a report. Excluding the pandemic, it was the highest jobless rate since January, 2017.

It was a robust month for hiring: Employment rose by 50,500 or roughly double analyst expectations. But a strong increase in job seekers more than offset the employment gains, resulting in a higher unemployment rate.

Moreover, the details of the hiring burst were less encouraging. The public sector accounted for the bulk of new positions, with a net increase of 45,000 jobs.
…
Average hourly wages rose by an annual 4.1 per cent in November, slowing from 4.9 per cent in October. Total hours worked across the economy edged lower by 0.2 per cent

Darch Keith reports in the Globe:

Today’s unexpected jump in the country’s unemployment rate has traders aggressively adding to bets that the Bank of Canada will announce another large 50 basis point rate cut at its policy meeting next week.


Swaps – pre Announcement

Swaps – pre Announcement

It’s interesting to see the decline in the projected December, 2025, rate from 2.74% to 2.61%. This contrasts with the 2.81% post-inflation level on November 19.

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 0.9598 % 2,307.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9598 % 4,426.5
Floater 8.25 % 8.56 % 29,886 10.71 4 0.9598 % 2,551.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0287 % 3,603.0
SplitShare 4.80 % 4.84 % 67,158 2.10 7 0.0287 % 4,302.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0287 % 3,357.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0545 % 2,838.7
Perpetual-Discount 6.05 % 6.24 % 50,285 13.50 32 -0.0545 % 3,095.4
FixedReset Disc 5.47 % 6.75 % 104,412 12.92 53 0.1965 % 2,748.2
Insurance Straight 6.02 % 6.14 % 63,644 13.75 21 0.6953 % 3,007.8
FloatingReset 6.64 % 6.23 % 34,062 12.49 4 -0.2536 % 3,374.1
FixedReset Prem 6.03 % 5.53 % 211,634 13.83 9 0.1908 % 2,598.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1965 % 2,809.2
FixedReset Ins Non 5.19 % 6.03 % 86,882 13.79 14 0.0136 % 2,829.9
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -6.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 7.11 %
IFC.PR.E Insurance Straight -6.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 6.49 %
CU.PR.F Perpetual-Discount -5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.31 %
BN.PF.C Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.45 %
TD.PF.C FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 22.56
Evaluated at bid price : 23.55
Bid-YTW : 5.52 %
ENB.PR.B FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.59 %
MFC.PR.N FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.59
Evaluated at bid price : 20.59
Bid-YTW : 6.39 %
SLF.PR.C Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.58 %
BN.PR.B Floater 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 12.39
Evaluated at bid price : 12.39
Bid-YTW : 8.64 %
BN.PF.B FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.85 %
MFC.PR.B Insurance Straight 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 5.79 %
BN.PR.K Floater 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 8.56 %
BIP.PR.A FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 23.02
Evaluated at bid price : 23.75
Bid-YTW : 6.75 %
IFC.PR.C FixedReset Ins Non 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 6.37 %
IFC.PR.A FixedReset Ins Non 4.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 6.02 %
BN.PR.R FixedReset Disc 4.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 17.53
Evaluated at bid price : 17.53
Bid-YTW : 7.29 %
GWO.PR.T Insurance Straight 19.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.38 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.B FixedReset Disc 120,325 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.59 %
POW.PR.B Perpetual-Discount 56,941 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 6.25 %
FFH.PR.E FixedReset Disc 52,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 22.15
Evaluated at bid price : 22.80
Bid-YTW : 5.61 %
ENB.PF.K FixedReset Disc 34,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.87
Evaluated at bid price : 22.18
Bid-YTW : 6.99 %
GWO.PR.Q Insurance Straight 34,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.18 %
POW.PR.G Perpetual-Discount 33,362 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 22.46
Evaluated at bid price : 22.72
Bid-YTW : 6.26 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.Z FixedReset Disc Quote: 21.42 – 24.00
Spot Rate : 2.5800
Average : 1.5548

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 7.12 %
PWF.PR.S Perpetual-Discount Quote: 19.25 – 20.60
Spot Rate : 1.3500
Average : 0.8153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.33 %
PWF.PR.F Perpetual-Discount Quote: 21.35 – 22.70
Spot Rate : 1.3500
Average : 0.8434

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.24 %
GWO.PR.N FixedReset Ins Non Quote: 14.35 – 15.49
Spot Rate : 1.1400
Average : 0.6556

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 7.11 %
CU.PR.F Perpetual-Discount Quote: 18.00 – 19.25
Spot Rate : 1.2500
Average : 0.8420

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.31 %
IFC.PR.C FixedReset Ins Non Quote: 21.34 – 22.50
Spot Rate : 1.1600
Average : 0.7712

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-06
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 6.37 %
Market Action

December 5, 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 0.4620 % 2,285.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4620 % 4,384.4
Floater 8.33 % 8.68 % 27,821 10.59 4 0.4620 % 2,526.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.6152 % 3,601.9
SplitShare 4.80 % 4.78 % 68,159 1.19 7 -0.6152 % 4,301.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.6152 % 3,356.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0766 % 2,840.2
Perpetual-Discount 6.05 % 6.26 % 49,781 13.49 32 -0.0766 % 3,097.1
FixedReset Disc 5.48 % 6.78 % 103,808 12.85 53 -0.0608 % 2,742.8
Insurance Straight 6.06 % 6.13 % 59,251 13.76 21 -0.7429 % 2,987.0
FloatingReset 6.63 % 6.24 % 34,294 12.54 4 0.9424 % 3,382.7
FixedReset Prem 6.14 % 5.60 % 184,941 3.72 10 0.0935 % 2,593.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0608 % 2,803.7
FixedReset Ins Non 5.19 % 6.09 % 86,152 13.79 14 0.7943 % 2,829.5
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -18.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.60 %
BN.PR.R FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.64 %
PVS.PR.J SplitShare -1.64 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 4.90 %
ENB.PF.G FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.67 %
PVS.PR.L SplitShare -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.45 %
FTS.PR.M FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.78 %
FFH.PR.E FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.25
Evaluated at bid price : 22.98
Bid-YTW : 5.56 %
FFH.PR.F FloatingReset 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.54
Evaluated at bid price : 22.83
Bid-YTW : 6.24 %
CU.PR.F Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 5.96 %
BN.PF.J FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.53
Evaluated at bid price : 23.16
Bid-YTW : 6.70 %
BN.PR.Z FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.09 %
FFH.PR.H FloatingReset 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.85
Evaluated at bid price : 22.15
Bid-YTW : 6.90 %
TD.PF.J FixedReset Prem 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 23.38
Evaluated at bid price : 25.16
Bid-YTW : 5.63 %
SLF.PR.H FixedReset Ins Non 12.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 6.45 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 69,539 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.69
Evaluated at bid price : 23.83
Bid-YTW : 5.45 %
ENB.PR.Y FixedReset Disc 59,908 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 7.47 %
MFC.PR.F FixedReset Ins Non 50,229 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 6.27 %
FFH.PR.G FixedReset Disc 27,629 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.40 %
GWO.PR.N FixedReset Ins Non 21,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 15.38
Evaluated at bid price : 15.38
Bid-YTW : 6.64 %
CM.PR.S FixedReset Prem 18,964 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 25.21
Evaluated at bid price : 25.21
Bid-YTW : 5.53 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 17.00 – 21.10
Spot Rate : 4.1000
Average : 2.2250

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.60 %
IFC.PR.K Insurance Straight Quote: 21.75 – 22.70
Spot Rate : 0.9500
Average : 0.5923

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.43
Evaluated at bid price : 21.75
Bid-YTW : 6.14 %
BIP.PR.A FixedReset Disc Quote: 23.37 – 24.60
Spot Rate : 1.2300
Average : 0.8918

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 22.68
Evaluated at bid price : 23.37
Bid-YTW : 6.86 %
BN.PR.R FixedReset Disc Quote: 16.70 – 17.89
Spot Rate : 1.1900
Average : 0.8700

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.64 %
ENB.PR.N FixedReset Disc Quote: 21.59 – 22.25
Spot Rate : 0.6600
Average : 0.3806

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.30
Evaluated at bid price : 21.59
Bid-YTW : 6.89 %
IFC.PR.E Insurance Straight Quote: 21.78 – 23.00
Spot Rate : 1.2200
Average : 0.9900

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-05
Maturity Price : 21.78
Evaluated at bid price : 21.78
Bid-YTW : 6.09 %
Market Action

December 4, 2024

PerpetualDiscounts now yield 6.23%, equivalent to 8.10% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.54% on 2024-12-3 and since then the closing price of ZLC changed from 15.82 to 15.90, a total return of +0.51%, implying a decrease of yields of 4bp (BMO reports a duration of 12.37, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.50%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 360bp from the 340bp reported November 27.

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 0.4034 % 2,275.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4034 % 4,364.3
Floater 8.37 % 8.69 % 28,040 10.58 4 0.4034 % 2,515.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1141 % 3,624.2
SplitShare 4.77 % 4.33 % 67,041 1.19 7 0.1141 % 4,328.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1141 % 3,377.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1091 % 2,842.4
Perpetual-Discount 6.04 % 6.23 % 50,516 13.51 32 0.1091 % 3,099.5
FixedReset Disc 5.48 % 6.78 % 105,101 12.85 53 0.0414 % 2,744.4
Insurance Straight 6.02 % 6.15 % 59,277 13.73 21 0.0092 % 3,009.4
FloatingReset 6.69 % 6.30 % 33,346 12.39 4 0.3268 % 3,351.1
FixedReset Prem 6.15 % 5.53 % 186,493 3.72 10 -0.3147 % 2,591.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0414 % 2,805.4
FixedReset Ins Non 5.23 % 6.13 % 88,555 13.79 14 -0.5199 % 2,807.2
Performance Highlights
Issue Index Change Notes
SLF.PR.H FixedReset Ins Non -10.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 7.23 %
IFC.PR.A FixedReset Ins Non -3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
BN.PF.J FixedReset Disc -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.31
Evaluated at bid price : 22.80
Bid-YTW : 6.81 %
CCS.PR.C Insurance Straight -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.15 %
TD.PF.J FixedReset Prem -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 23.19
Evaluated at bid price : 24.65
Bid-YTW : 5.76 %
BN.PR.R FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.45 %
BIK.PR.A FixedReset Prem -1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 5.95 %
SLF.PR.C Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.63 %
PVS.PR.K SplitShare -1.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 4.77 %
PWF.PR.T FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 5.99 %
FFH.PR.F FloatingReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.36
Evaluated at bid price : 22.60
Bid-YTW : 6.30 %
BN.PR.K Floater 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 12.31
Evaluated at bid price : 12.31
Bid-YTW : 8.69 %
PVS.PR.J SplitShare 1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 4.33 %
MFC.PR.F FixedReset Ins Non 5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 16.63
Evaluated at bid price : 16.63
Bid-YTW : 6.28 %
SLF.PR.E Insurance Straight 6.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 5.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 205,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.80
Evaluated at bid price : 24.07
Bid-YTW : 5.39 %
ENB.PF.C FixedReset Disc 144,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 7.46 %
IFC.PR.I Insurance Straight 56,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 22.00
Evaluated at bid price : 22.30
Bid-YTW : 6.16 %
ENB.PR.B FixedReset Disc 52,932 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.52 %
FTS.PR.M FixedReset Disc 52,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.70 %
ENB.PF.E FixedReset Disc 51,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 7.54 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.H FixedReset Ins Non Quote: 16.81 – 19.00
Spot Rate : 2.1900
Average : 1.2248

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 7.23 %
IFC.PR.E Insurance Straight Quote: 21.80 – 23.00
Spot Rate : 1.2000
Average : 0.7379

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 21.80
Evaluated at bid price : 21.80
Bid-YTW : 6.09 %
BN.PR.R FixedReset Disc Quote: 17.15 – 17.95
Spot Rate : 0.8000
Average : 0.5192

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.45 %
TD.PF.J FixedReset Prem Quote: 24.65 – 25.40
Spot Rate : 0.7500
Average : 0.4767

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 23.19
Evaluated at bid price : 24.65
Bid-YTW : 5.76 %
IFC.PR.A FixedReset Ins Non Quote: 19.10 – 20.30
Spot Rate : 1.2000
Average : 0.9640

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
PWF.PR.F Perpetual-Discount Quote: 21.18 – 21.79
Spot Rate : 0.6100
Average : 0.4064

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-04
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 6.29 %
Market Action

December 3, 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 0.1414 % 2,266.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1414 % 4,346.7
Floater 8.40 % 8.76 % 27,988 10.52 4 0.1414 % 2,505.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0741 % 3,620.1
SplitShare 4.78 % 4.22 % 67,062 1.20 7 -0.0741 % 4,323.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0741 % 3,373.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0796 % 2,839.3
Perpetual-Discount 6.05 % 6.25 % 50,847 13.50 32 -0.0796 % 3,096.1
FixedReset Disc 5.48 % 6.73 % 104,823 12.83 53 0.2464 % 2,743.3
Insurance Straight 6.02 % 6.13 % 60,173 13.76 21 -1.0977 % 3,009.1
FloatingReset 6.71 % 6.37 % 33,118 12.38 4 0.4691 % 3,340.2
FixedReset Prem 6.13 % 5.50 % 173,466 3.73 10 0.1479 % 2,599.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2464 % 2,804.2
FixedReset Ins Non 5.21 % 6.06 % 83,841 13.76 14 0.3501 % 2,821.9
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -5.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 6.63 %
SLF.PR.E Insurance Straight -4.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
PWF.PR.F Perpetual-Discount -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.29 %
PVS.PR.J SplitShare -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 4.89 %
GWO.PR.Q Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 6.19 %
PWF.PR.T FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 6.06 %
ENB.PR.F FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.43 %
BIP.PR.B FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 5.52 %
BN.PF.J FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.69
Evaluated at bid price : 23.45
Bid-YTW : 6.61 %
FFH.PR.K FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 23.14
Evaluated at bid price : 24.10
Bid-YTW : 6.55 %
FFH.PR.F FloatingReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.09
Evaluated at bid price : 22.35
Bid-YTW : 6.37 %
ENB.PF.G FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 7.57 %
BN.PF.A FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.99
Evaluated at bid price : 24.26
Bid-YTW : 6.35 %
BN.PR.Z FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.26 %
BN.PF.E FixedReset Disc 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 7.19 %
IFC.PR.A FixedReset Ins Non 3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.09 %
IFC.PR.C FixedReset Ins Non 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.50 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.T FixedReset Disc 49,763 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.17 %
FFH.PR.E FixedReset Disc 48,374 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 21.99
Evaluated at bid price : 22.55
Bid-YTW : 5.68 %
FFH.PR.D FloatingReset 36,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-30
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 4.56 %
BN.PF.F FixedReset Disc 31,191 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 7.22 %
SLF.PR.H FixedReset Ins Non 27,184 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.47 %
CM.PR.P FixedReset Disc 26,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 23.71
Evaluated at bid price : 24.72
Bid-YTW : 5.25 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.M Perpetual-Discount Quote: 19.00 – 20.90
Spot Rate : 1.9000
Average : 1.2104

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.38 %
BIP.PR.A FixedReset Disc Quote: 23.30 – 24.60
Spot Rate : 1.3000
Average : 0.8840

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 22.41
Evaluated at bid price : 23.30
Bid-YTW : 6.87 %
PWF.PR.H Perpetual-Discount Quote: 23.27 – 24.25
Spot Rate : 0.9800
Average : 0.6522

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 23.00
Evaluated at bid price : 23.27
Bid-YTW : 6.25 %
MFC.PR.F FixedReset Ins Non Quote: 15.72 – 16.72
Spot Rate : 1.0000
Average : 0.7233

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 6.63 %
SLF.PR.E Insurance Straight Quote: 19.00 – 20.28
Spot Rate : 1.2800
Average : 1.0091

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-03
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
PVS.PR.J SplitShare Quote: 24.65 – 25.50
Spot Rate : 0.8500
Average : 0.5821

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 4.89 %
Market Action

December 2, 2024

TXPR closed at 619.34, down 0.54% on the day. Volume today was 1.34-million, above the median of the past 21 trading days.

CPD closed at 12.26, down 0.49% on the day. Volume was 70,810, third-highest of the past 21 trading days.

ZPR closed at 10.62, down 0.56% on the day. Volume was 83,450, near the median of the past 21 trading days.

Five-year Canada yields were steady at 2.96%.

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 0.6301 % 2,263.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6301 % 4,340.6
Floater 8.41 % 8.80 % 28,916 10.48 4 0.6301 % 2,501.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2399 % 3,622.8
SplitShare 4.77 % 4.47 % 67,065 1.20 7 0.2399 % 4,326.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2399 % 3,375.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2161 % 2,841.6
Perpetual-Discount 6.04 % 6.22 % 51,123 13.53 32 -0.2161 % 3,098.6
FixedReset Disc 5.42 % 6.74 % 102,386 12.76 53 0.0018 % 2,736.6
Insurance Straight 5.95 % 6.13 % 60,646 13.63 21 0.2843 % 3,042.5
FloatingReset 6.74 % 6.46 % 32,485 12.35 4 0.4595 % 3,324.6
FixedReset Prem 6.14 % 5.53 % 175,770 3.73 10 -0.0272 % 2,595.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0018 % 2,797.3
FixedReset Ins Non 5.22 % 6.09 % 85,005 13.76 14 -0.8239 % 2,812.0
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset Ins Non -4.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.77 %
IFC.PR.A FixedReset Ins Non -3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
BN.PR.Z FixedReset Disc -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 7.39 %
PWF.PR.S Perpetual-Discount -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.26 %
BN.PR.X FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 7.40 %
BN.PR.N Perpetual-Discount -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.42 %
BN.PF.J FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.55
Evaluated at bid price : 23.20
Bid-YTW : 6.68 %
CU.PR.H Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.51
Evaluated at bid price : 21.77
Bid-YTW : 6.06 %
BN.PF.A FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.81
Evaluated at bid price : 23.87
Bid-YTW : 6.47 %
FTS.PR.M FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.74 %
ENB.PF.G FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.68 %
MFC.PR.C Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 5.85 %
IFC.PR.E Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.72
Evaluated at bid price : 21.72
Bid-YTW : 6.11 %
PWF.PR.R Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.98
Evaluated at bid price : 22.22
Bid-YTW : 6.26 %
ENB.PR.F FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 7.35 %
FTS.PR.F Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.86 %
PVS.PR.J SplitShare 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.47 %
BN.PF.F FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 7.26 %
PWF.PR.T FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 5.98 %
FFH.PR.E FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.09
Evaluated at bid price : 22.70
Bid-YTW : 5.64 %
BN.PR.T FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 7.36 %
BN.PR.B Floater 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 12.14
Evaluated at bid price : 12.14
Bid-YTW : 8.81 %
CCS.PR.C Insurance Straight 3.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.00 %
BN.PF.E FixedReset Disc 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 7.39 %
SLF.PR.E Insurance Straight 4.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.68 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.B FixedReset Disc 133,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 6.97 %
IFC.PR.A FixedReset Ins Non 43,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
PWF.PR.K Perpetual-Discount 43,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 6.22 %
ENB.PR.Y FixedReset Disc 35,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 7.52 %
MFC.PR.I FixedReset Ins Non 30,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 22.97
Evaluated at bid price : 23.93
Bid-YTW : 6.09 %
MFC.PR.M FixedReset Ins Non 28,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.05 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.C FixedReset Ins Non Quote: 20.04 – 21.25
Spot Rate : 1.2100
Average : 0.7719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.77 %
BN.PF.G FixedReset Disc Quote: 20.14 – 21.30
Spot Rate : 1.1600
Average : 0.7587

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 7.18 %
PVS.PR.K SplitShare Quote: 24.79 – 26.00
Spot Rate : 1.2100
Average : 0.8736

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.79
Bid-YTW : 4.67 %
IFC.PR.A FixedReset Ins Non Quote: 19.10 – 20.30
Spot Rate : 1.2000
Average : 0.8756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.30 %
CU.PR.C FixedReset Disc Quote: 20.52 – 21.40
Spot Rate : 0.8800
Average : 0.5812

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.55 %
FFH.PR.F FloatingReset Quote: 22.05 – 22.84
Spot Rate : 0.7900
Average : 0.5174

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-02
Maturity Price : 21.77
Evaluated at bid price : 22.05
Bid-YTW : 6.46 %
Market Action

November 29, 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 -0.4049 % 2,248.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4049 % 4,313.4
Floater 8.47 % 8.81 % 30,071 10.48 4 -0.4049 % 2,485.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.4551 % 3,614.1
SplitShare 4.78 % 4.65 % 71,984 1.21 6 0.4551 % 4,316.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4551 % 3,367.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4545 % 2,847.7
Perpetual-Discount 6.05 % 6.21 % 51,468 13.55 31 0.4545 % 3,105.3
FixedReset Disc 5.43 % 6.67 % 105,481 12.83 57 -0.1816 % 2,736.5
Insurance Straight 5.97 % 6.13 % 60,527 13.63 21 0.2188 % 3,033.9
FloatingReset 6.45 % 1.64 % 44,192 0.09 2 -0.1691 % 3,309.4
FixedReset Prem 6.38 % 5.53 % 174,473 3.73 7 0.1656 % 2,596.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1816 % 2,797.3
FixedReset Ins Non 5.18 % 6.11 % 84,002 13.70 14 0.2252 % 2,835.4
Performance Highlights
Issue Index Change Notes
BN.PF.E FixedReset Disc -6.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.11
Evaluated at bid price : 18.11
Bid-YTW : 7.75 %
SLF.PR.E Insurance Straight -5.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
CCS.PR.C Insurance Straight -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 6.23 %
BN.PR.B Floater -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 9.06 %
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 : 24.65
Bid-YTW : 4.87 %
BN.PF.F FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.44 %
BN.PR.Z FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.19
Evaluated at bid price : 21.19
Bid-YTW : 7.24 %
FFH.PR.F FloatingReset -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.85
Evaluated at bid price : 21.85
Bid-YTW : 6.54 %
BN.PF.H FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 24.19
Evaluated at bid price : 24.61
Bid-YTW : 7.23 %
BN.PF.G FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 7.26 %
PWF.PR.F Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.38
Evaluated at bid price : 21.38
Bid-YTW : 6.22 %
IFC.PR.F Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 6.14 %
SLF.PR.H FixedReset Ins Non 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.54 %
IFC.PR.E Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.95
Evaluated at bid price : 21.95
Bid-YTW : 6.04 %
FTS.PR.K FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.63
Evaluated at bid price : 19.63
Bid-YTW : 6.65 %
MIC.PR.A Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.47 %
BIK.PR.A FixedReset Prem 1.72 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 5.78 %
BN.PR.N Perpetual-Discount 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.33 %
PWF.PR.S Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 6.12 %
CU.PR.F Perpetual-Discount 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.01 %
PVS.PR.K SplitShare 5.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 4.65 %
GWO.PR.T Insurance Straight 6.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 229,768 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 22.24
Evaluated at bid price : 22.93
Bid-YTW : 5.67 %
FFH.PR.C FixedReset Disc 103,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.31 %
MFC.PR.M FixedReset Ins Non 75,508 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.68
Evaluated at bid price : 22.06
Bid-YTW : 6.10 %
FFH.PR.D FloatingReset 64,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : 1.64 %
BMO.PR.E FixedReset Prem 48,640 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 5.53 %
ENB.PF.C FixedReset Disc 36,268 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 7.56 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PF.E FixedReset Disc Quote: 18.11 – 19.45
Spot Rate : 1.3400
Average : 0.7634

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.11
Evaluated at bid price : 18.11
Bid-YTW : 7.75 %
ENB.PF.E FixedReset Disc Quote: 18.45 – 19.95
Spot Rate : 1.5000
Average : 0.9638

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.62 %
SLF.PR.E Insurance Straight Quote: 19.00 – 20.35
Spot Rate : 1.3500
Average : 0.8896

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
BN.PF.D Perpetual-Discount Quote: 19.47 – 20.50
Spot Rate : 1.0300
Average : 0.6717

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 6.42 %
GWO.PR.H Insurance Straight Quote: 20.11 – 20.99
Spot Rate : 0.8800
Average : 0.5399

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.15 %
CCS.PR.C Insurance Straight Quote: 20.09 – 21.00
Spot Rate : 0.9100
Average : 0.5930

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 6.23 %
Market Action

November 28, 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 2.0029 % 2,258.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0029 % 4,331.0
Floater 8.43 % 8.82 % 29,922 10.48 4 2.0029 % 2,495.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.8296 % 3,597.7
SplitShare 4.80 % 4.18 % 62,194 1.21 6 -0.8296 % 4,296.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.8296 % 3,352.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0641 % 2,834.8
Perpetual-Discount 6.07 % 6.23 % 53,392 13.53 31 0.0641 % 3,091.3
FixedReset Disc 5.42 % 6.82 % 104,546 12.61 57 0.2096 % 2,741.5
Insurance Straight 5.98 % 6.12 % 60,607 13.61 21 -0.3136 % 3,027.2
FloatingReset 6.48 % 6.71 % 40,803 12.81 2 0.3181 % 3,315.0
FixedReset Prem 6.39 % 5.55 % 174,568 3.45 7 -0.3685 % 2,591.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2096 % 2,802.4
FixedReset Ins Non 5.19 % 6.33 % 83,592 13.46 14 0.0478 % 2,829.0
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -5.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.57 %
PVS.PR.K SplitShare -5.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 5.99 %
CU.PR.F Perpetual-Discount -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.30 %
BN.PR.T FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.83 %
PWF.PR.T FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.89
Evaluated at bid price : 22.30
Bid-YTW : 6.33 %
RY.PR.S FixedReset Prem -1.89 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.51 %
FTS.PR.K FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.92 %
MIC.PR.A Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.56 %
PWF.PR.S Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 6.24 %
IFC.PR.F Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.77
Evaluated at bid price : 21.77
Bid-YTW : 6.21 %
BN.PF.A FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.92
Evaluated at bid price : 24.10
Bid-YTW : 6.60 %
BN.PR.X FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 7.65 %
CU.PR.D Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.99 %
SLF.PR.E Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.62 %
BIP.PR.A FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.71
Evaluated at bid price : 23.40
Bid-YTW : 7.19 %
BN.PF.G FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 7.41 %
PWF.PR.P FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 7.37 %
BN.PR.K Floater 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 8.82 %
BN.PR.B Floater 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 8.82 %
BN.PR.C Floater 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 8.82 %
CU.PR.G Perpetual-Discount 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.11 %
BN.PR.Z FixedReset Disc 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.30
Evaluated at bid price : 21.59
Bid-YTW : 7.28 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.I FixedReset Ins Non 335,514 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 23.02
Evaluated at bid price : 24.03
Bid-YTW : 6.28 %
MFC.PR.B Insurance Straight 123,540 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.91 %
BN.PF.F FixedReset Disc 110,799 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.46 %
MFC.PR.M FixedReset Ins Non 80,737 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.68
Evaluated at bid price : 22.06
Bid-YTW : 6.33 %
BN.PF.I FixedReset Disc 64,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.85
Evaluated at bid price : 23.55
Bid-YTW : 7.31 %
TD.PF.A FixedReset Disc 32,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.26
Evaluated at bid price : 22.97
Bid-YTW : 5.81 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 20.00 – 21.45
Spot Rate : 1.4500
Average : 0.8943

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.57 %
PVS.PR.K SplitShare Quote: 23.51 – 24.89
Spot Rate : 1.3800
Average : 0.8390

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 5.99 %
CU.PR.D Perpetual-Discount Quote: 20.61 – 21.75
Spot Rate : 1.1400
Average : 0.7664

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.99 %
PWF.PR.F Perpetual-Discount Quote: 21.16 – 22.15
Spot Rate : 0.9900
Average : 0.6994

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 6.29 %
BN.PR.T FixedReset Disc Quote: 17.00 – 17.71
Spot Rate : 0.7100
Average : 0.4221

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.83 %
CU.PR.F Perpetual-Discount Quote: 18.00 – 18.81
Spot Rate : 0.8100
Average : 0.5289

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.30 %
Market Action

November 27, 2024

PerpetualDiscounts now yield 6.24%, equivalent to 8.11% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.56% on 2024-11-29 [have to work backwards here, because I forgot to do this calculation on the 27th] and prior to then the closing price of ZLC changed from 15.53 on the 27th to 15.80 on the 29th, a total return of +2.13%, implying a decrease of yields of 17bp (BMO reports a duration of 12.59, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) from 4.73%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 340bp from the 320bp reported November 20.

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 -0.2472 % 2,213.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2472 % 4,245.9
Floater 8.60 % 9.05 % 29,772 10.26 4 -0.2472 % 2,446.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1662 % 3,627.8
SplitShare 4.76 % 4.39 % 63,002 3.02 6 0.1662 % 4,332.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1662 % 3,380.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5232 % 2,833.0
Perpetual-Discount 6.08 % 6.24 % 53,163 13.51 31 0.5232 % 3,089.3
FixedReset Disc 5.43 % 6.84 % 105,155 12.57 57 0.2484 % 2,735.8
Insurance Straight 5.96 % 6.12 % 61,585 13.63 21 0.2551 % 3,036.8
FloatingReset 6.50 % 6.74 % 40,970 12.77 2 0.6617 % 3,304.5
FixedReset Prem 6.37 % 5.57 % 175,853 3.49 7 -0.1373 % 2,601.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2484 % 2,796.5
FixedReset Ins Non 5.20 % 6.33 % 83,999 13.46 14 0.2052 % 2,827.7
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.28
Evaluated at bid price : 23.05
Bid-YTW : 7.30 %
BIK.PR.A FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 5.99 %
BN.PF.F FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 7.48 %
BN.PF.D Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.44 %
FFH.PR.G FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.58 %
PWF.PR.R Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 6.19 %
PWF.PR.G Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 6.20 %
FFH.PR.E FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.56
Evaluated at bid price : 21.91
Bid-YTW : 6.15 %
BIP.PR.F FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.71
Evaluated at bid price : 23.70
Bid-YTW : 6.66 %
FFH.PR.F FloatingReset 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.50 %
ENB.PR.N FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 7.12 %
BN.PF.C Perpetual-Discount 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.41 %
PWF.PR.T FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 6.19 %
BN.PR.M Perpetual-Discount 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.37 %
IFC.PR.G FixedReset Ins Non 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 23.00
Evaluated at bid price : 24.24
Bid-YTW : 6.06 %
SLF.PR.E Insurance Straight 6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.I FixedReset Disc 289,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.82
Evaluated at bid price : 23.50
Bid-YTW : 7.32 %
MFC.PR.M FixedReset Ins Non 262,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.34 %
MFC.PR.I FixedReset Ins Non 250,183 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.99
Evaluated at bid price : 23.98
Bid-YTW : 6.29 %
ENB.PR.Y FixedReset Disc 169,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 7.82 %
ENB.PR.T FixedReset Disc 132,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.39 %
POW.PR.A Perpetual-Discount 106,068 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.64
Evaluated at bid price : 22.89
Bid-YTW : 6.20 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.H Perpetual-Discount Quote: 23.25 – 24.49
Spot Rate : 1.2400
Average : 0.6922

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.25 %
FFH.PR.G FixedReset Disc Quote: 21.58 – 22.58
Spot Rate : 1.0000
Average : 0.6590

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.58 %
CU.PR.E Perpetual-Discount Quote: 20.22 – 21.00
Spot Rate : 0.7800
Average : 0.4739

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 6.10 %
POW.PR.B Perpetual-Discount Quote: 21.73 – 22.38
Spot Rate : 0.6500
Average : 0.4107

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.47
Evaluated at bid price : 21.73
Bid-YTW : 6.24 %
MFC.PR.B Insurance Straight Quote: 19.61 – 20.23
Spot Rate : 0.6200
Average : 0.4273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.95 %
BN.PR.Z FixedReset Disc Quote: 20.80 – 21.50
Spot Rate : 0.7000
Average : 0.5361

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 7.57 %
Market Action

November 26, 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 -0.3898 % 2,219.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3898 % 4,256.4
Floater 8.58 % 9.04 % 30,027 10.27 4 -0.3898 % 2,453.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1792 % 3,621.8
SplitShare 4.77 % 4.61 % 75,294 3.03 6 -0.1792 % 4,325.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1792 % 3,374.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0583 % 2,818.3
Perpetual-Discount 6.11 % 6.27 % 53,078 13.49 31 0.0583 % 3,073.2
FixedReset Disc 5.45 % 6.89 % 98,022 12.57 57 0.2738 % 2,729.0
Insurance Straight 5.98 % 6.13 % 63,394 13.60 21 -0.1706 % 3,029.0
FloatingReset 6.55 % 6.74 % 41,005 12.77 2 0.1068 % 3,282.8
FixedReset Prem 6.36 % 5.60 % 182,356 3.45 7 0.2478 % 2,604.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2738 % 2,789.6
FixedReset Ins Non 5.21 % 6.33 % 79,156 13.43 14 0.1851 % 2,821.9
Performance Highlights
Issue Index Change Notes
IFC.PR.G FixedReset Ins Non -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.76
Evaluated at bid price : 23.71
Bid-YTW : 6.22 %
BN.PR.Z FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 7.60 %
BIP.PR.F FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.56
Evaluated at bid price : 23.41
Bid-YTW : 6.75 %
BIP.PR.E FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.71
Evaluated at bid price : 23.55
Bid-YTW : 6.81 %
ENB.PR.A Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.28 %
FTS.PR.M FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.92 %
BN.PF.E FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 7.49 %
FFH.PR.G FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.66 %
BN.PR.T FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 7.67 %
FFH.PR.I FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.76
Evaluated at bid price : 22.23
Bid-YTW : 6.66 %
FTS.PR.H FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 7.35 %
GWO.PR.N FixedReset Ins Non 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 15.06
Evaluated at bid price : 15.06
Bid-YTW : 7.21 %
BN.PF.I FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.86
Evaluated at bid price : 23.56
Bid-YTW : 7.30 %
CU.PR.C FixedReset Disc 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.81 %
FFH.PR.E FixedReset Disc 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.37
Evaluated at bid price : 21.65
Bid-YTW : 6.22 %
IFC.PR.A FixedReset Ins Non 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 6.33 %
CU.PR.F Perpetual-Discount 3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.06 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.P Insurance Straight 223,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 6.20 %
BN.PR.M Perpetual-Discount 204,627 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.51 %
BN.PF.H FixedReset Disc 155,074 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 6.55 %
GWO.PR.S Insurance Straight 153,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 6.19 %
BN.PR.T FixedReset Disc 135,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 7.67 %
MFC.PR.K FixedReset Ins Non 105,503 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.86
Evaluated at bid price : 23.98
Bid-YTW : 5.86 %
CM.PR.Q FixedReset Disc 100,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 23.97
Evaluated at bid price : 24.55
Bid-YTW : 6.02 %
There were 24 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: 23.55 – 25.10
Spot Rate : 1.5500
Average : 1.1781

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.71
Evaluated at bid price : 23.55
Bid-YTW : 6.81 %
SLF.PR.E Insurance Straight Quote: 18.90 – 20.46
Spot Rate : 1.5600
Average : 1.2069

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
BN.PR.K Floater Quote: 11.80 – 12.40
Spot Rate : 0.6000
Average : 0.3611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 9.06 %
IFC.PR.G FixedReset Ins Non Quote: 23.71 – 24.50
Spot Rate : 0.7900
Average : 0.5603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.76
Evaluated at bid price : 23.71
Bid-YTW : 6.22 %
ENB.PR.J FixedReset Disc Quote: 19.47 – 20.00
Spot Rate : 0.5300
Average : 0.3297

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 7.58 %
BN.PR.Z FixedReset Disc Quote: 20.72 – 21.25
Spot Rate : 0.5300
Average : 0.3564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 7.60 %
Market Action

November 25, 2024

TXPR closed at 620.21, up 0.99% on the day. Volume today was 2.16-million, third-highest of the past 21 trading days.

CPD closed at 12.30, up 0.82% on the day. Volume was 64,420, fourth-highest of the past 21 trading days.

ZPR closed at 10.71, up 1.23% on the day. Volume was 268,330, second-highest of the past 21 trading days.

Five-year Canada yields were up to 3.20%.

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 0.5570 % 2,227.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5570 % 4,273.1
Floater 8.55 % 8.98 % 30,366 10.32 4 0.5570 % 2,462.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2662 % 3,628.3
SplitShare 4.76 % 4.52 % 75,031 3.03 6 0.2662 % 4,333.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2662 % 3,380.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2987 % 2,816.6
Perpetual-Discount 6.11 % 6.25 % 55,054 13.49 31 0.2987 % 3,071.4
FixedReset Disc 5.43 % 6.90 % 102,699 12.61 58 0.5627 % 2,721.5
Insurance Straight 5.97 % 6.11 % 64,719 13.67 21 0.0296 % 3,034.2
FloatingReset 6.55 % 6.72 % 40,924 12.79 2 0.7969 % 3,279.3
FixedReset Prem 6.37 % 5.60 % 170,428 3.50 7 -0.0550 % 2,598.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5627 % 2,781.9
FixedReset Ins Non 5.22 % 6.34 % 78,102 13.45 14 0.1785 % 2,816.7
Performance Highlights
Issue Index Change Notes
SLF.PR.E Insurance Straight -6.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
CU.PR.G Perpetual-Discount -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.33 %
CU.PR.C FixedReset Disc -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 7.00 %
IFC.PR.A FixedReset Ins Non -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.57 %
TD.PF.I FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 5.45 %
BN.PR.N Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.51 %
ENB.PR.F FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.74 %
BIP.PR.E FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 6.71 %
POW.PR.C Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.54
Evaluated at bid price : 23.81
Bid-YTW : 6.17 %
BN.PF.E FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 7.58 %
NA.PR.W FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.72
Evaluated at bid price : 23.90
Bid-YTW : 5.68 %
FTS.PR.G FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.61
Evaluated at bid price : 21.88
Bid-YTW : 6.36 %
MFC.PR.C Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.86 %
FFH.PR.E FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.43 %
FFH.PR.G FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.74 %
GWO.PR.Q Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.15 %
IFC.PR.C FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.83 %
MFC.PR.I FixedReset Ins Non 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.98
Evaluated at bid price : 23.95
Bid-YTW : 6.30 %
BN.PR.C Floater 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 11.89
Evaluated at bid price : 11.89
Bid-YTW : 8.98 %
BN.PR.X FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 7.79 %
BN.PF.G FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.51 %
BN.PR.R FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 7.74 %
BN.PR.Z FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.09
Evaluated at bid price : 21.09
Bid-YTW : 7.46 %
ENB.PF.A FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.76 %
FFH.PR.F FloatingReset 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.70
Evaluated at bid price : 21.70
Bid-YTW : 6.63 %
ENB.PF.G FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.09
Evaluated at bid price : 18.09
Bid-YTW : 7.97 %
BN.PF.A FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.84
Evaluated at bid price : 23.93
Bid-YTW : 6.65 %
BIP.PR.A FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.76
Evaluated at bid price : 23.45
Bid-YTW : 7.17 %
BN.PR.T FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.I FixedReset Disc 188,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.68
Evaluated at bid price : 24.20
Bid-YTW : 6.98 %
GWO.PR.M Insurance Straight 179,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 6.18 %
ENB.PR.P FixedReset Disc 109,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 7.55 %
CU.PR.E Perpetual-Discount 105,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.14 %
FFH.PR.C FixedReset Disc 69,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 24.09
Evaluated at bid price : 25.06
Bid-YTW : 6.40 %
TD.PF.A FixedReset Disc 65,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.25
Evaluated at bid price : 22.95
Bid-YTW : 5.82 %
There were 37 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 19.10 – 23.00
Spot Rate : 3.9000
Average : 2.4413

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.57 %
BIP.PR.F FixedReset Disc Quote: 23.79 – 25.50
Spot Rate : 1.7100
Average : 0.9714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.75
Evaluated at bid price : 23.79
Bid-YTW : 6.63 %
SLF.PR.E Insurance Straight Quote: 18.90 – 20.39
Spot Rate : 1.4900
Average : 0.8197

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
BIP.PR.E FixedReset Disc Quote: 23.85 – 25.10
Spot Rate : 1.2500
Average : 0.7703

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 6.71 %
CU.PR.C FixedReset Disc Quote: 19.95 – 21.29
Spot Rate : 1.3400
Average : 0.9887

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 7.00 %
CU.PR.G Perpetual-Discount Quote: 17.90 – 18.70
Spot Rate : 0.8000
Average : 0.4610

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.33 %