Category: Market Action

Market Action

May 23, 2017

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 -0.3349 % 2,161.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3349 % 3,966.1
Floater 3.53 % 3.68 % 58,069 18.06 4 -0.3349 % 2,285.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0157 % 3,049.8
SplitShare 4.72 % 4.17 % 75,056 1.57 5 0.0157 % 3,642.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0157 % 2,841.7
Perpetual-Premium 5.32 % 4.28 % 67,815 0.09 22 0.0819 % 2,779.2
Perpetual-Discount 5.12 % 5.14 % 101,326 15.23 14 -0.1625 % 2,988.1
FixedReset 4.50 % 4.11 % 201,015 6.58 94 0.2566 % 2,305.4
Deemed-Retractible 5.00 % 5.21 % 136,929 4.14 31 0.1448 % 2,885.9
FloatingReset 2.51 % 3.17 % 48,434 4.43 10 0.5166 % 2,524.6
Performance Highlights
Issue Index Change Notes
BAM.PF.D Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.94
Evaluated at bid price : 23.33
Bid-YTW : 5.31 %
CM.PR.Q FixedReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.20
Evaluated at bid price : 22.65
Bid-YTW : 4.11 %
SLF.PR.I FixedReset 1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.85
Bid-YTW : 5.24 %
BNS.PR.C FloatingReset 1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.09
Bid-YTW : 3.30 %
IFC.PR.C FixedReset 1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.71
Bid-YTW : 5.68 %
IAG.PR.G FixedReset 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.47
Bid-YTW : 5.56 %
HSE.PR.A FixedReset 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 15.41
Evaluated at bid price : 15.41
Bid-YTW : 4.33 %
TRP.PR.F FloatingReset 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 3.29 %
TRP.PR.C FixedReset 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 3.96 %
TRP.PR.B FixedReset 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 3.90 %
SLF.PR.H FixedReset 1.98 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.07
Bid-YTW : 7.10 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.T Deemed-Retractible 164,775 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.22 %
TRP.PR.G FixedReset 69,904 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.22
Evaluated at bid price : 22.73
Bid-YTW : 4.27 %
HSE.PR.C FixedReset 25,259 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.62
Evaluated at bid price : 23.21
Bid-YTW : 4.49 %
HSE.PR.E FixedReset 23,581 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.96
Evaluated at bid price : 23.92
Bid-YTW : 4.74 %
BMO.PR.C FixedReset 19,721 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 23.33
Evaluated at bid price : 25.55
Bid-YTW : 4.18 %
MFC.PR.R FixedReset 16,587 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.56
Bid-YTW : 4.27 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.A Deemed-Retractible Quote: 25.22 – 25.57
Spot Rate : 0.3500
Average : 0.2215

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-22
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : -6.27 %
BAM.PF.D Perpetual-Discount Quote: 23.33 – 23.70
Spot Rate : 0.3700
Average : 0.2795

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.94
Evaluated at bid price : 23.33
Bid-YTW : 5.31 %
BAM.PF.F FixedReset Quote: 22.43 – 22.86
Spot Rate : 0.4300
Average : 0.3402

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.13
Evaluated at bid price : 22.43
Bid-YTW : 4.40 %
BAM.PF.C Perpetual-Discount Quote: 23.04 – 23.28
Spot Rate : 0.2400
Average : 0.1581

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 22.68
Evaluated at bid price : 23.04
Bid-YTW : 5.33 %
MFC.PR.B Deemed-Retractible Quote: 23.34 – 23.65
Spot Rate : 0.3100
Average : 0.2295

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.34
Bid-YTW : 5.70 %
VNR.PR.A FixedReset Quote: 21.00 – 21.30
Spot Rate : 0.3000
Average : 0.2206

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-23
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.55 %
Market Action

May 19, 2017

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 3.0483 % 2,168.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 3.0483 % 3,979.4
Floater 3.52 % 3.67 % 58,785 18.09 4 3.0483 % 2,293.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0157 % 3,049.3
SplitShare 4.72 % 4.21 % 73,062 1.58 5 0.0157 % 3,641.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0157 % 2,841.3
Perpetual-Premium 5.33 % 2.24 % 67,411 0.09 22 0.0339 % 2,776.9
Perpetual-Discount 5.11 % 5.16 % 102,517 15.21 14 0.2535 % 2,992.9
FixedReset 4.51 % 4.15 % 202,490 6.58 94 0.2240 % 2,299.5
Deemed-Retractible 5.01 % 5.16 % 142,243 3.45 31 0.0263 % 2,881.8
FloatingReset 2.52 % 3.34 % 49,086 4.44 10 0.0376 % 2,511.7
Performance Highlights
Issue Index Change Notes
TD.PR.Y FixedReset 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.71
Bid-YTW : 3.29 %
MFC.PR.H FixedReset 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.51
Bid-YTW : 4.41 %
TRP.PR.A FixedReset 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 18.54
Evaluated at bid price : 18.54
Bid-YTW : 4.06 %
BAM.PF.D Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 23.22
Evaluated at bid price : 23.65
Bid-YTW : 5.23 %
BMO.PR.Q FixedReset 1.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 5.13 %
TRP.PR.E FixedReset 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.16 %
BAM.PF.H FixedReset 1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.60
Bid-YTW : 3.32 %
IFC.PR.A FixedReset 1.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.31
Bid-YTW : 7.60 %
TD.PF.H FixedReset 1.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 3.70 %
BAM.PR.B Floater 3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 3.67 %
BAM.PR.K Floater 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 12.85
Evaluated at bid price : 12.85
Bid-YTW : 3.71 %
BAM.PR.C Floater 4.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 3.70 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.T Deemed-Retractible 279,028 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 5.22 %
TD.PF.C FixedReset 79,535 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 20.64
Evaluated at bid price : 20.64
Bid-YTW : 4.06 %
BMO.PR.C FixedReset 71,116 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.12 %
HSE.PR.C FixedReset 50,330 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 22.64
Evaluated at bid price : 23.25
Bid-YTW : 4.52 %
MFC.PR.R FixedReset 40,592 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 4.44 %
EIT.PR.A SplitShare 34,050 YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.32 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.L Perpetual-Discount Quote: 24.89 – 26.13
Spot Rate : 1.2400
Average : 0.7190

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 24.64
Evaluated at bid price : 24.89
Bid-YTW : 5.16 %
TD.PF.E FixedReset Quote: 22.67 – 23.05
Spot Rate : 0.3800
Average : 0.2363

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 22.18
Evaluated at bid price : 22.67
Bid-YTW : 4.23 %
MFC.PR.R FixedReset Quote: 25.37 – 25.76
Spot Rate : 0.3900
Average : 0.2494

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 4.44 %
BNS.PR.D FloatingReset Quote: 21.60 – 21.99
Spot Rate : 0.3900
Average : 0.2665

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 4.82 %
TD.PR.T FloatingReset Quote: 24.19 – 24.50
Spot Rate : 0.3100
Average : 0.1925

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.19
Bid-YTW : 2.90 %
BAM.PR.Z FixedReset Quote: 21.90 – 22.31
Spot Rate : 0.4100
Average : 0.2935

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-19
Maturity Price : 21.55
Evaluated at bid price : 21.90
Bid-YTW : 4.59 %
Market Action

May 18, 2017

The Toronto housing market is getting weird:

Agents are also reporting price cuts for some listings, bidding delirium for others, and a swarm of investors looking for deals.

After holding on to their rapidly appreciating asset for so long, some sellers in the Greater Toronto Area appear to be rushing headlong to cash in. Buyers who lamented that there were so few listings now seem incapacitated by the amount of choice.

“I think they’re overwhelmed – there are so many houses to look at,” says Ms. [Davelle] Morrison of Bosley Real Estate Ltd. “No matter what neighbourhood they want to be in, there are so many houses to look at.”

There will be ups and downs, all magnified by reporters who have to convince their readers that they will miss important news if they don’t read the story right now, but I continue to believe that the Canadian housing market and the preferred share market are linked by one thing: there won’t be a dramatic change until five-year yields start rising substantially.

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 -2.1205 % 2,104.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.1205 % 3,861.7
Floater 3.62 % 3.80 % 58,965 17.80 4 -2.1205 % 2,225.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0124 % 3,048.9
SplitShare 4.72 % 4.20 % 69,842 1.59 5 0.0124 % 3,641.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0124 % 2,840.8
Perpetual-Premium 5.33 % 1.00 % 67,070 0.09 22 -0.1104 % 2,776.0
Perpetual-Discount 5.13 % 5.16 % 103,661 15.20 14 -0.6713 % 2,985.4
FixedReset 4.52 % 4.16 % 204,085 6.57 94 -0.5646 % 2,294.4
Deemed-Retractible 5.01 % 4.94 % 140,518 0.10 31 -0.0966 % 2,881.0
FloatingReset 2.52 % 3.32 % 49,638 4.44 10 -0.6395 % 2,510.7
Performance Highlights
Issue Index Change Notes
BAM.PR.C Floater -3.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 3.86 %
BAM.PR.K Floater -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 12.32
Evaluated at bid price : 12.32
Bid-YTW : 3.87 %
TRP.PR.A FixedReset -2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 4.11 %
IFC.PR.A FixedReset -2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.01
Bid-YTW : 7.85 %
CM.PR.Q FixedReset -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 21.95
Evaluated at bid price : 22.29
Bid-YTW : 4.22 %
MFC.PR.G FixedReset -2.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.53
Bid-YTW : 5.45 %
BAM.PR.B Floater -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 12.54
Evaluated at bid price : 12.54
Bid-YTW : 3.80 %
NA.PR.W FixedReset -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 4.09 %
TD.PF.H FixedReset -1.90 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : 4.15 %
BAM.PF.H FixedReset -1.80 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.17
Bid-YTW : 3.82 %
IAG.PR.G FixedReset -1.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.11
Bid-YTW : 5.85 %
RY.PR.H FixedReset -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 4.01 %
TRP.PR.E FixedReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 4.22 %
BAM.PR.R FixedReset -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 4.44 %
BAM.PF.D Perpetual-Discount -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 22.98
Evaluated at bid price : 23.37
Bid-YTW : 5.30 %
SLF.PR.I FixedReset -1.44 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.57
Bid-YTW : 5.44 %
SLF.PR.H FixedReset -1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.63
Bid-YTW : 7.47 %
BIP.PR.A FixedReset -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 22.53
Evaluated at bid price : 23.18
Bid-YTW : 4.94 %
MFC.PR.M FixedReset -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.54 %
NA.PR.Q FixedReset -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.42
Bid-YTW : 4.03 %
BAM.PF.C Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 22.67
Evaluated at bid price : 23.03
Bid-YTW : 5.32 %
BMO.PR.W FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 4.03 %
SLF.PR.J FloatingReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.20
Bid-YTW : 9.21 %
MFC.PR.K FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.80
Bid-YTW : 6.81 %
TD.PR.Y FixedReset -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.44
Bid-YTW : 3.54 %
TRP.PR.F FloatingReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 3.33 %
TD.PF.A FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 4.01 %
BAM.PR.Z FixedReset -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 21.55
Evaluated at bid price : 21.90
Bid-YTW : 4.59 %
PWF.PR.K Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 23.88
Evaluated at bid price : 24.13
Bid-YTW : 5.16 %
MFC.PR.L FixedReset -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.85
Bid-YTW : 6.83 %
BAM.PR.N Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 22.50
Evaluated at bid price : 22.76
Bid-YTW : 5.28 %
TRP.PR.B FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 4.00 %
BMO.PR.S FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 4.03 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.T Deemed-Retractible 837,263 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.21 %
TRP.PR.D FixedReset 104,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 4.23 %
BMO.PR.C FixedReset 46,750 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 4.15 %
MFC.PR.M FixedReset 39,710 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.54 %
BAM.PF.I FixedReset 35,561 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.14 %
POW.PR.A Perpetual-Premium 24,764 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-17
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : -14.26 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.C Floater Quote: 12.35 – 13.25
Spot Rate : 0.9000
Average : 0.5816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 3.86 %
IAG.PR.G FixedReset Quote: 22.11 – 22.85
Spot Rate : 0.7400
Average : 0.4318

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.11
Bid-YTW : 5.85 %
TRP.PR.E FixedReset Quote: 20.67 – 21.28
Spot Rate : 0.6100
Average : 0.3632

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 4.22 %
IFC.PR.A FixedReset Quote: 18.01 – 18.63
Spot Rate : 0.6200
Average : 0.3922

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.01
Bid-YTW : 7.85 %
BIP.PR.A FixedReset Quote: 23.18 – 23.70
Spot Rate : 0.5200
Average : 0.3465

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 22.53
Evaluated at bid price : 23.18
Bid-YTW : 4.94 %
BAM.PR.K Floater Quote: 12.32 – 12.89
Spot Rate : 0.5700
Average : 0.3975

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-18
Maturity Price : 12.32
Evaluated at bid price : 12.32
Bid-YTW : 3.87 %
Market Action

May 17, 2017

FixedResets got whacked today, probably due to strength in the bond market. The five-year Canada yield dropped to 0.91%.

PerpetualDiscounts now yield 5.10%, equivalent to 6.63% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.80%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread” is now about 285bp, a narrowing from the 295bp reported May 3.

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 -0.5784 % 2,150.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5784 % 3,945.3
Floater 3.55 % 3.73 % 60,958 17.96 4 -0.5784 % 2,273.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.7522 % 3,048.5
SplitShare 4.71 % 4.16 % 65,640 1.59 5 0.7522 % 3,640.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.7522 % 2,840.5
Perpetual-Premium 5.32 % 3.76 % 69,819 0.09 22 -0.0480 % 2,779.0
Perpetual-Discount 5.09 % 5.10 % 104,377 15.30 14 -0.1347 % 3,005.5
FixedReset 4.49 % 4.13 % 206,233 6.57 94 -0.8627 % 2,307.4
Deemed-Retractible 5.00 % 5.03 % 137,429 3.46 30 -0.1616 % 2,883.8
FloatingReset 2.51 % 3.16 % 49,686 4.45 10 -0.5247 % 2,526.9
Performance Highlights
Issue Index Change Notes
HSE.PR.A FixedReset -4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 15.24
Evaluated at bid price : 15.24
Bid-YTW : 4.42 %
MFC.PR.N FixedReset -2.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 6.29 %
MFC.PR.M FixedReset -2.72 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.78
Bid-YTW : 6.33 %
TD.PF.D FixedReset -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.07
Evaluated at bid price : 22.47
Bid-YTW : 4.18 %
BAM.PF.B FixedReset -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 4.44 %
RY.PR.M FixedReset -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.49
Evaluated at bid price : 21.85
Bid-YTW : 4.13 %
CM.PR.O FixedReset -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.23
Evaluated at bid price : 21.23
Bid-YTW : 4.02 %
VNR.PR.A FixedReset -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 4.58 %
BAM.PR.T FixedReset -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 4.47 %
CU.PR.C FixedReset -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 4.06 %
BAM.PF.A FixedReset -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.71
Evaluated at bid price : 22.16
Bid-YTW : 4.48 %
TRP.PR.H FloatingReset -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 13.73
Evaluated at bid price : 13.73
Bid-YTW : 3.32 %
TRP.PR.G FixedReset -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.13
Evaluated at bid price : 22.60
Bid-YTW : 4.33 %
CU.PR.I FixedReset -1.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.25 %
CM.PR.P FixedReset -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 4.01 %
BAM.PR.Z FixedReset -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.72
Evaluated at bid price : 22.15
Bid-YTW : 4.53 %
MFC.PR.K FixedReset -1.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.06
Bid-YTW : 6.61 %
TD.PF.C FixedReset -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 20.82
Evaluated at bid price : 20.82
Bid-YTW : 4.02 %
TD.PF.E FixedReset -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.39
Evaluated at bid price : 23.00
Bid-YTW : 4.16 %
BAM.PF.E FixedReset -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 4.43 %
BAM.PR.K Floater -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 12.71
Evaluated at bid price : 12.71
Bid-YTW : 3.75 %
CM.PR.Q FixedReset -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.29
Evaluated at bid price : 22.80
Bid-YTW : 4.11 %
RY.PR.J FixedReset -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.02
Evaluated at bid price : 22.37
Bid-YTW : 4.14 %
TD.PF.B FixedReset -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 3.99 %
MFC.PR.J FixedReset -1.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.88
Bid-YTW : 5.64 %
MFC.PR.L FixedReset -1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.06
Bid-YTW : 6.67 %
SLF.PR.H FixedReset -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.90
Bid-YTW : 7.24 %
IFC.PR.C FixedReset -1.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.45
Bid-YTW : 5.87 %
TRP.PR.C FixedReset -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 15.42
Evaluated at bid price : 15.42
Bid-YTW : 4.07 %
TD.PF.A FixedReset -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 3.96 %
TRP.PR.B FixedReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 3.96 %
TRP.PR.F FloatingReset -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 3.29 %
RY.PR.H FixedReset -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 3.94 %
BAM.PF.G FixedReset -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.32
Evaluated at bid price : 22.83
Bid-YTW : 4.35 %
NA.PR.W FixedReset -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 4.01 %
MFC.PR.H FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.23
Bid-YTW : 4.58 %
BAM.PR.M Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.68
Evaluated at bid price : 22.92
Bid-YTW : 5.24 %
W.PR.K FixedReset -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 4.56 %
BAM.PR.X FixedReset -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 4.34 %
TRP.PR.D FixedReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 4.20 %
BMO.PR.Y FixedReset -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.09
Evaluated at bid price : 22.50
Bid-YTW : 4.12 %
IFC.PR.A FixedReset -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.45
Bid-YTW : 7.47 %
BMO.PR.S FixedReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 3.98 %
BMO.PR.W FixedReset -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 20.78
Evaluated at bid price : 20.78
Bid-YTW : 3.98 %
TRP.PR.E FixedReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.16 %
RY.PR.Z FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 3.88 %
RY.PR.I FixedReset -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 3.57 %
EIT.PR.A SplitShare 1.05 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 4.37 %
PVS.PR.E SplitShare 1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-16
Maturity Price : 26.00
Evaluated at bid price : 26.15
Bid-YTW : -5.35 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BIP.PR.D FixedReset 130,508 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.75 %
MFC.PR.R FixedReset 119,414 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.22 %
MFC.PR.O FixedReset 87,651 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.80
Bid-YTW : 3.59 %
TD.PF.G FixedReset 76,390 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.97
Bid-YTW : 3.44 %
RY.PR.P Perpetual-Premium 67,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 4.62 %
BAM.PR.K Floater 42,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 12.71
Evaluated at bid price : 12.71
Bid-YTW : 3.75 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Quote: 20.75 – 21.31
Spot Rate : 0.5600
Average : 0.3846

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 6.29 %
W.PR.K FixedReset Quote: 25.71 – 26.20
Spot Rate : 0.4900
Average : 0.3421

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 4.56 %
HSE.PR.A FixedReset Quote: 15.24 – 15.72
Spot Rate : 0.4800
Average : 0.3356

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 15.24
Evaluated at bid price : 15.24
Bid-YTW : 4.42 %
GWO.PR.S Deemed-Retractible Quote: 25.35 – 25.76
Spot Rate : 0.4100
Average : 0.2665

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 5.16 %
BAM.PR.T FixedReset Quote: 19.01 – 19.37
Spot Rate : 0.3600
Average : 0.2228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 4.47 %
BAM.PR.M Perpetual-Discount Quote: 22.92 – 23.23
Spot Rate : 0.3100
Average : 0.1945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-17
Maturity Price : 22.68
Evaluated at bid price : 22.92
Bid-YTW : 5.24 %
Market Action

May 16, 2017

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.1253 % 2,162.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1253 % 3,968.3
Floater 3.53 % 3.69 % 57,519 18.04 4 -1.1253 % 2,286.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1408 % 3,025.7
SplitShare 4.70 % 4.56 % 66,208 3.94 5 -0.1408 % 3,613.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1408 % 2,819.3
Perpetual-Premium 5.32 % -0.80 % 70,638 0.09 22 -0.2024 % 2,780.4
Perpetual-Discount 5.08 % 5.12 % 105,136 15.24 14 -0.0060 % 3,009.6
FixedReset 4.46 % 4.06 % 208,880 6.59 94 -0.0443 % 2,327.5
Deemed-Retractible 4.99 % 4.85 % 139,580 0.11 30 -0.0163 % 2,888.5
FloatingReset 2.49 % 3.06 % 49,497 4.45 10 0.2280 % 2,540.2
Performance Highlights
Issue Index Change Notes
BAM.PR.C Floater -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 12.78
Evaluated at bid price : 12.78
Bid-YTW : 3.73 %
HSE.PR.A FixedReset -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 15.94
Evaluated at bid price : 15.94
Bid-YTW : 4.23 %
IAG.PR.A Deemed-Retractible -1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.04 %
BAM.PR.B Floater -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 12.91
Evaluated at bid price : 12.91
Bid-YTW : 3.69 %
POW.PR.D Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.12 %
TRP.PR.D FixedReset -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 4.14 %
TRP.PR.E FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 21.23
Evaluated at bid price : 21.23
Bid-YTW : 4.11 %
ELF.PR.G Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 22.70
Evaluated at bid price : 22.94
Bid-YTW : 5.22 %
TRP.PR.B FixedReset 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 3.90 %
TRP.PR.H FloatingReset 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 13.98
Evaluated at bid price : 13.98
Bid-YTW : 3.26 %
Volume Highlights
Issue Index Shares
Traded		 Notes
HSE.PR.G FixedReset 157,298 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 22.91
Evaluated at bid price : 23.91
Bid-YTW : 4.74 %
BMO.PR.C FixedReset 153,374 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.72
Bid-YTW : 4.06 %
BMO.PR.K Deemed-Retractible 117,635 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-15
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.20 %
BAM.PR.M Perpetual-Discount 63,599 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 22.93
Evaluated at bid price : 23.21
Bid-YTW : 5.17 %
RY.PR.D Deemed-Retractible 57,762 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-15
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : -6.77 %
TD.PF.G FixedReset 56,630 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 27.01
Bid-YTW : 3.40 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAG.PR.A Deemed-Retractible Quote: 23.00 – 23.49
Spot Rate : 0.4900
Average : 0.3374

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.04 %
POW.PR.D Perpetual-Discount Quote: 24.60 – 25.05
Spot Rate : 0.4500
Average : 0.3177

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.12 %
BAM.PR.C Floater Quote: 12.78 – 13.14
Spot Rate : 0.3600
Average : 0.2681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 12.78
Evaluated at bid price : 12.78
Bid-YTW : 3.73 %
TRP.PR.A FixedReset Quote: 18.91 – 19.20
Spot Rate : 0.2900
Average : 0.2038

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 3.97 %
EML.PR.A FixedReset Quote: 26.40 – 26.69
Spot Rate : 0.2900
Average : 0.2151

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 26.40
Bid-YTW : 4.34 %
BAM.PF.D Perpetual-Discount Quote: 23.76 – 24.09
Spot Rate : 0.3300
Average : 0.2645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-16
Maturity Price : 23.32
Evaluated at bid price : 23.76
Bid-YTW : 5.21 %
Market Action

May 15, 2017

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 0.6685 % 2,187.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6685 % 4,013.4
Floater 3.49 % 3.64 % 53,228 18.17 4 0.6685 % 2,313.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1253 % 3,030.0
SplitShare 4.69 % 4.49 % 66,554 3.94 5 0.1253 % 3,618.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1253 % 2,823.3
Perpetual-Premium 5.31 % -1.92 % 69,838 0.09 22 -0.0763 % 2,786.0
Perpetual-Discount 5.08 % 5.06 % 104,967 15.31 14 -0.1285 % 3,009.8
FixedReset 4.45 % 4.04 % 211,078 6.60 94 -0.1310 % 2,328.5
Deemed-Retractible 4.99 % 4.76 % 132,137 0.11 30 -0.0095 % 2,888.9
FloatingReset 2.50 % 3.11 % 48,509 4.46 10 0.0279 % 2,534.4
Performance Highlights
Issue Index Change Notes
TRP.PR.B FixedReset -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 14.48
Evaluated at bid price : 14.48
Bid-YTW : 3.95 %
TRP.PR.G FixedReset -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 22.27
Evaluated at bid price : 22.82
Bid-YTW : 4.28 %
ELF.PR.G Perpetual-Discount -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 22.45
Evaluated at bid price : 22.71
Bid-YTW : 5.27 %
BAM.PR.B Floater 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 3.64 %
BAM.PR.C Floater 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 3.64 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.F FixedReset 115,960 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.20
Bid-YTW : 9.56 %
NA.PR.X FixedReset 62,604 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.80
Bid-YTW : 3.67 %
RY.PR.R FixedReset 57,796 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 27.01
Bid-YTW : 3.45 %
TRP.PR.D FixedReset 40,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 21.19
Evaluated at bid price : 21.19
Bid-YTW : 4.09 %
SLF.PR.I FixedReset 34,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.95
Bid-YTW : 5.18 %
GWO.PR.H Deemed-Retractible 26,540 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.21
Bid-YTW : 5.48 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.I FixedReset Quote: 26.15 – 27.15
Spot Rate : 1.0000
Average : 0.5645

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 3.91 %
TRP.PR.G FixedReset Quote: 22.82 – 23.25
Spot Rate : 0.4300
Average : 0.2533

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-15
Maturity Price : 22.27
Evaluated at bid price : 22.82
Bid-YTW : 4.28 %
MFC.PR.N FixedReset Quote: 21.27 – 21.66
Spot Rate : 0.3900
Average : 0.2604

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.27
Bid-YTW : 5.90 %
MFC.PR.L FixedReset Quote: 20.30 – 20.62
Spot Rate : 0.3200
Average : 0.1982

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.30
Bid-YTW : 6.48 %
PWF.PR.F Perpetual-Premium Quote: 25.08 – 25.49
Spot Rate : 0.4100
Average : 0.2897

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-14
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.00 %
W.PR.M FixedReset Quote: 26.25 – 26.56
Spot Rate : 0.3100
Average : 0.1945

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.09 %
Market Action

May 12, 2017

You have no idea how happy I am that my technical difficulties have been resolved!

(table deleted)

Update, 2017-5-16 Recalculated Tables:

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 -0.1669 % 2,172.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1669 % 3,986.8
Floater 3.51 % 3.68 % 53,306 18.08 4 -0.1669 % 2,297.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0862 % 3,026.2
SplitShare 4.70 % 4.53 % 64,586 3.95 5 0.0862 % 3,613.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0862 % 2,819.7
Perpetual-Premium 5.31 % -3.35 % 72,125 0.09 22 -0.0142 % 2,788.1
Perpetual-Discount 5.08 % 5.04 % 105,471 15.32 14 -0.0836 % 3,013.6
FixedReset 4.45 % 4.04 % 214,072 6.60 94 -0.0799 % 2,331.5
Deemed-Retractible 4.99 % 4.42 % 133,442 0.12 30 -0.1636 % 2,889.2
FloatingReset 2.50 % 3.08 % 48,842 4.46 10 -0.0605 % 2,533.7
Performance Highlights
Issue Index Change Notes
MFC.PR.C Deemed-Retractible -1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.40
Bid-YTW : 6.17 %
PWF.PR.P FixedReset -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 15.88
Evaluated at bid price : 15.88
Bid-YTW : 4.03 %
MFC.PR.F FixedReset -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.24
Bid-YTW : 9.51 %
MFC.PR.B Deemed-Retractible -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.20
Bid-YTW : 5.77 %
TRP.PR.A FixedReset 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 3.97 %
TRP.PR.F FloatingReset 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 3.27 %
TRP.PR.B FixedReset 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 14.76
Evaluated at bid price : 14.76
Bid-YTW : 3.87 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.N FixedReset 333,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.79
Bid-YTW : 9.03 %
HSE.PR.C FixedReset 127,385 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 22.73
Evaluated at bid price : 23.42
Bid-YTW : 4.47 %
TD.PF.A FixedReset 116,591 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 21.27
Evaluated at bid price : 21.56
Bid-YTW : 3.86 %
BMO.PR.K Deemed-Retractible 110,091 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-11
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 3.48 %
HSE.PR.E FixedReset 109,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 23.00
Evaluated at bid price : 24.01
Bid-YTW : 4.74 %
BMO.PR.L Deemed-Retractible 99,290 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-24
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.42 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.I Deemed-Retractible Quote: 22.65 – 22.96
Spot Rate : 0.3100
Average : 0.1900

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.65
Bid-YTW : 6.16 %
BNS.PR.D FloatingReset Quote: 21.70 – 22.05
Spot Rate : 0.3500
Average : 0.2506

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.70
Bid-YTW : 4.70 %
TRP.PR.H FloatingReset Quote: 13.78 – 14.05
Spot Rate : 0.2700
Average : 0.1992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 13.78
Evaluated at bid price : 13.78
Bid-YTW : 3.31 %
HSE.PR.C FixedReset Quote: 23.42 – 23.65
Spot Rate : 0.2300
Average : 0.1661

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 22.73
Evaluated at bid price : 23.42
Bid-YTW : 4.47 %
BAM.PR.C Floater Quote: 12.95 – 13.20
Spot Rate : 0.2500
Average : 0.1862

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 3.68 %
PWF.PR.P FixedReset Quote: 15.88 – 16.08
Spot Rate : 0.2000
Average : 0.1378

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-12
Maturity Price : 15.88
Evaluated at bid price : 15.88
Bid-YTW : 4.03 %
Market Action

May 11, 2017

Better late than never!

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 0.0742 % 2,176.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0742 % 3,993.4
Floater 3.50 % 3.65 % 50,431 18.15 4 0.0742 % 2,301.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1878 % 3,023.6
SplitShare 4.70 % 4.55 % 64,369 3.95 5 -0.1878 % 3,610.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1878 % 2,817.3
Perpetual-Premium 5.31 % -3.04 % 72,463 0.09 22 -0.0815 % 2,788.5
Perpetual-Discount 5.07 % 5.09 % 105,657 15.34 14 0.1046 % 3,016.2
FixedReset 4.44 % 4.05 % 212,955 6.55 94 -0.0869 % 2,333.4
Deemed-Retractible 4.98 % 4.32 % 132,830 0.12 30 0.0773 % 2,893.9
FloatingReset 2.46 % 2.99 % 47,293 4.47 10 -0.1069 % 2,535.2
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-11
Maturity Price : 22.75
Evaluated at bid price : 23.13
Bid-YTW : 3.73 %
PVS.PR.E SplitShare -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.21
Bid-YTW : 4.72 %
TRP.PR.E FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-11
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 4.07 %
BAM.PF.H FixedReset 1.64 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.60
Bid-YTW : 3.30 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.R FixedReset 272,595 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.98
Bid-YTW : 4.13 %
TRP.PR.J FixedReset 122,350 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 27.10
Bid-YTW : 3.56 %
BNS.PR.H FixedReset 112,026 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 26.40
Bid-YTW : 3.61 %
NA.PR.X FixedReset 90,965 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.85
Bid-YTW : 3.60 %
NA.PR.Q FixedReset 81,108 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.82
Bid-YTW : 3.65 %
BAM.PR.T FixedReset 63,854 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-11
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 4.40 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CCS.PR.C Deemed-Retractible Quote: 24.05 – 24.54
Spot Rate : 0.4900
Average : 0.3879

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.05
Bid-YTW : 5.74 %
PWF.PR.T FixedReset Quote: 23.13 – 23.48
Spot Rate : 0.3500
Average : 0.2543

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-11
Maturity Price : 22.75
Evaluated at bid price : 23.13
Bid-YTW : 3.73 %
BNS.PR.Z FixedReset Quote: 22.05 – 22.32
Spot Rate : 0.2700
Average : 0.1848

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.05
Bid-YTW : 4.98 %
SLF.PR.H FixedReset Quote: 19.02 – 19.32
Spot Rate : 0.3000
Average : 0.2188

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.02
Bid-YTW : 7.13 %
PWF.PR.A Floater Quote: 14.95 – 15.25
Spot Rate : 0.3000
Average : 0.2208

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-11
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 3.16 %
TRP.PR.F FloatingReset Quote: 18.64 – 18.89
Spot Rate : 0.2500
Average : 0.1743

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-11
Maturity Price : 18.64
Evaluated at bid price : 18.64
Bid-YTW : 3.27 %
Market Action

May 10, 2017

Sorry, technical problems continue. I will update when I can.

Update, 2017-5-13:

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 0.8419 % 2,174.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8419 % 3,990.5
Floater 3.51 % 3.66 % 48,786 18.14 4 0.8419 % 2,299.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0860 % 3,029.3
SplitShare 4.70 % 4.41 % 64,813 1.59 5 -0.0860 % 3,617.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0860 % 2,822.6
Perpetual-Premium 5.30 % -5.07 % 73,573 0.09 22 0.2167 % 2,790.8
Perpetual-Discount 5.08 % 5.05 % 104,084 15.32 14 0.3450 % 3,013.0
FixedReset 4.43 % 4.00 % 215,347 6.55 94 0.0455 % 2,335.4
Deemed-Retractible 4.98 % 4.85 % 134,580 2.65 30 -0.0163 % 2,891.7
FloatingReset 2.46 % 2.93 % 47,650 4.47 10 0.0651 % 2,538.0
Performance Highlights
Issue Index Change Notes
CU.PR.I FixedReset -1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.43
Bid-YTW : 2.74 %
BAM.PR.C Floater 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 13.03
Evaluated at bid price : 13.03
Bid-YTW : 3.66 %
MFC.PR.F FixedReset 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.59
Bid-YTW : 9.29 %
MFC.PR.M FixedReset 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.75
Bid-YTW : 5.79 %
MFC.PR.K FixedReset 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.80
Bid-YTW : 6.22 %
BAM.PR.M Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.19 %
BAM.PF.D Perpetual-Discount 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 23.48
Evaluated at bid price : 23.94
Bid-YTW : 5.16 %
PWF.PR.A Floater 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 14.92
Evaluated at bid price : 14.92
Bid-YTW : 3.16 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.Z FixedReset 150,414 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.20
Bid-YTW : 4.83 %
MFC.PR.R FixedReset 48,970 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.94
Bid-YTW : 4.17 %
NA.PR.W FixedReset 40,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 3.97 %
POW.PR.D Perpetual-Discount 38,610 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 24.67
Evaluated at bid price : 24.93
Bid-YTW : 5.05 %
VNR.PR.A FixedReset 30,460 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 21.36
Evaluated at bid price : 21.64
Bid-YTW : 4.45 %
RY.PR.B Deemed-Retractible 24,917 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-09
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : -17.45 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.H FixedReset Quote: 26.17 – 26.60
Spot Rate : 0.4300
Average : 0.3258

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.17
Bid-YTW : 3.79 %
EIT.PR.A SplitShare Quote: 25.51 – 25.80
Spot Rate : 0.2900
Average : 0.1904

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 4.61 %
BAM.PR.X FixedReset Quote: 16.65 – 16.99
Spot Rate : 0.3400
Average : 0.2405

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.27 %
POW.PR.D Perpetual-Discount Quote: 24.93 – 25.21
Spot Rate : 0.2800
Average : 0.1809

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-10
Maturity Price : 24.67
Evaluated at bid price : 24.93
Bid-YTW : 5.05 %
BNS.PR.Q FixedReset Quote: 24.89 – 25.16
Spot Rate : 0.2700
Average : 0.1787

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.89
Bid-YTW : 3.09 %
MFC.PR.B Deemed-Retractible Quote: 23.60 – 23.83
Spot Rate : 0.2300
Average : 0.1516

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.60
Bid-YTW : 5.69 %
Market Action

May 2, 2017

Technology is having its effect! The relative price of services is rising, but the price of ‘stuff’ is falling:

But another form of progress has led to what some economists call the “Walmart effect”: falling prices for a huge array of manufactured goods.

Since the 1980s, for instance, the real price of a midrange color television has plummeted about tenfold, and televisions today are crisper, bigger, lighter and often Internet-connected. Similarly, the effective price of clothing, bicycles, small appliances, processed foods — virtually anything produced in a factory — has followed a downward trajectory. The result is that Americans can buy much more stuff at bargain prices.

Many crucial services, though, remain out of reach for poor families. The costs of a college education and health care have soared.

priceofstuff
Click for Big
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.0936 % 2,153.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0936 % 3,951.2
Floater 3.54 % 3.66 % 47,795 18.14 4 -0.0936 % 2,277.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0313 % 3,024.3
SplitShare 4.70 % 4.34 % 71,515 1.61 5 -0.0313 % 3,611.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0313 % 2,818.0
Perpetual-Premium 5.32 % -0.63 % 73,804 0.09 22 -0.1669 % 2,780.1
Perpetual-Discount 5.06 % 5.10 % 105,359 15.31 14 0.0746 % 3,010.7
FixedReset 4.44 % 4.05 % 228,724 6.56 94 -0.3091 % 2,333.1
Deemed-Retractible 5.00 % 4.88 % 142,542 3.50 31 -0.0328 % 2,890.8
FloatingReset 2.52 % 3.07 % 52,023 4.49 10 -0.0885 % 2,528.9
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset -2.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.77
Bid-YTW : 8.05 %
SLF.PR.G FixedReset -1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.10
Bid-YTW : 8.88 %
BAM.PF.G FixedReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 22.44
Evaluated at bid price : 23.03
Bid-YTW : 4.33 %
RY.PR.M FixedReset -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 21.99
Evaluated at bid price : 22.39
Bid-YTW : 4.05 %
BAM.PR.X FixedReset -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 4.34 %
PWF.PR.P FixedReset -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 4.02 %
TRP.PR.K FixedReset -1.14 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.98
Bid-YTW : 4.24 %
PWF.PR.E Perpetual-Premium -1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -10.77 %
TRP.PR.A FixedReset 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 19.13
Evaluated at bid price : 19.13
Bid-YTW : 3.96 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset 183,365 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 3.88 %
BMO.PR.L Deemed-Retractible 150,150 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-24
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 3.86 %
PWF.PR.P FixedReset 79,601 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 4.02 %
PWF.PR.K Perpetual-Discount 67,018 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 24.12
Evaluated at bid price : 24.37
Bid-YTW : 5.10 %
BMO.PR.M FixedReset 56,800 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.71
Bid-YTW : 3.11 %
BNS.PR.H FixedReset 43,520 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 26.37
Bid-YTW : 3.62 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.M FixedReset Quote: 21.52 – 21.94
Spot Rate : 0.4200
Average : 0.2654

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.52
Bid-YTW : 5.95 %
RY.PR.A Deemed-Retractible Quote: 25.22 – 25.53
Spot Rate : 0.3100
Average : 0.1749

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : -9.26 %
BAM.PR.X FixedReset Quote: 16.55 – 17.03
Spot Rate : 0.4800
Average : 0.3699

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 4.34 %
MFC.PR.J FixedReset Quote: 22.71 – 23.02
Spot Rate : 0.3100
Average : 0.2078

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.71
Bid-YTW : 5.24 %
TRP.PR.B FixedReset Quote: 14.26 – 14.63
Spot Rate : 0.3700
Average : 0.2758

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2047-05-02
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 4.06 %
PWF.PR.E Perpetual-Premium Quote: 25.35 – 25.65
Spot Rate : 0.3000
Average : 0.2066

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -10.77 %