Category: Market Action

Market Action

May 18, 2016

PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.00%, so the pre-tax interest-equivalent spread is now about 325bp, a slight (and perhaps spurious) narrowing from the 330bp reported May 11.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 4.67 % 5.68 % 11,772 17.05 1 0.1384 % 1,690.2
FixedFloater 6.62 % 5.74 % 18,540 16.79 1 0.0000 % 3,052.8
Floater 4.54 % 4.75 % 44,961 15.89 4 -0.7395 % 1,709.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2191 % 2,826.1
SplitShare 4.95 % 5.05 % 82,785 2.49 7 0.2191 % 3,307.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2191 % 2,580.3
Perpetual-Premium 5.76 % -9.37 % 74,272 0.09 6 0.0000 % 2,598.0
Perpetual-Discount 5.48 % 5.59 % 103,383 14.50 33 -0.2022 % 2,675.4
FixedReset 5.21 % 4.69 % 166,294 13.81 88 -0.1286 % 1,961.6
Deemed-Retractible 5.15 % 5.56 % 131,545 6.76 33 -0.0773 % 2,665.9
FloatingReset 3.16 % 5.00 % 26,458 5.28 17 -0.2111 % 2,080.6
Performance Highlights
Issue Index Change Notes
TRP.PR.A FixedReset -2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 14.27
Evaluated at bid price : 14.27
Bid-YTW : 4.88 %
TD.PF.E FixedReset -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 20.24
Evaluated at bid price : 20.24
Bid-YTW : 4.48 %
PWF.PR.A Floater -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 4.13 %
FTS.PR.I FloatingReset -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 11.22
Evaluated at bid price : 11.22
Bid-YTW : 4.39 %
FTS.PR.J Perpetual-Discount -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 22.09
Evaluated at bid price : 22.36
Bid-YTW : 5.32 %
TRP.PR.G FixedReset -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 4.86 %
MFC.PR.F FixedReset -1.45 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.56
Bid-YTW : 10.15 %
FTS.PR.F Perpetual-Discount -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.32 %
TRP.PR.E FixedReset -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 4.60 %
CU.PR.G Perpetual-Discount -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 20.78
Evaluated at bid price : 20.78
Bid-YTW : 5.44 %
CM.PR.P FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 4.31 %
NA.PR.W FixedReset -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 4.43 %
CU.PR.I FixedReset 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 3.80 %
FTS.PR.H FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 4.31 %
MFC.PR.J FixedReset 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.80
Bid-YTW : 6.62 %
SLF.PR.G FixedReset 1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.70
Bid-YTW : 9.27 %
BIP.PR.A FixedReset 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.72 %
PWF.PR.Q FloatingReset 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 12.85
Evaluated at bid price : 12.85
Bid-YTW : 4.15 %
FTS.PR.M FixedReset 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 4.60 %
SLF.PR.H FixedReset 1.97 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.57
Bid-YTW : 8.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.O Deemed-Retractible 30,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2016-06-17
Maturity Price : 25.25
Evaluated at bid price : 25.40
Bid-YTW : 1.63 %
RY.PR.R FixedReset 24,063 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.30
Bid-YTW : 4.64 %
BAM.PF.D Perpetual-Discount 22,186 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.93 %
BAM.PF.C Perpetual-Discount 18,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.91 %
EML.PR.A FixedReset 17,080 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 5.15 %
TD.PF.G FixedReset 15,297 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.56 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
FTS.PR.I FloatingReset Quote: 11.22 – 11.85
Spot Rate : 0.6300
Average : 0.4375

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 11.22
Evaluated at bid price : 11.22
Bid-YTW : 4.39 %
SLF.PR.J FloatingReset Quote: 12.77 – 13.25
Spot Rate : 0.4800
Average : 0.3117

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.77
Bid-YTW : 10.80 %
EML.PR.A FixedReset Quote: 25.80 – 26.25
Spot Rate : 0.4500
Average : 0.2942

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 5.15 %
TRP.PR.A FixedReset Quote: 14.27 – 14.82
Spot Rate : 0.5500
Average : 0.4110

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 14.27
Evaluated at bid price : 14.27
Bid-YTW : 4.88 %
BAM.PF.B FixedReset Quote: 17.30 – 17.77
Spot Rate : 0.4700
Average : 0.3421

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 5.08 %
NA.PR.W FixedReset Quote: 17.75 – 18.09
Spot Rate : 0.3400
Average : 0.2418

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-18
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 4.43 %
Market Action

May 17, 2016

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 4.68 % 5.68 % 11,857 17.05 1 -0.2761 % 1,687.8
FixedFloater 6.62 % 5.74 % 18,761 16.79 1 0.0000 % 3,052.8
Floater 4.51 % 4.73 % 44,248 15.94 4 0.3111 % 1,722.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0173 % 2,819.9
SplitShare 4.93 % 5.24 % 81,579 2.46 7 0.0173 % 3,299.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0173 % 2,574.7
Perpetual-Premium 5.76 % -10.92 % 75,343 0.08 6 0.0788 % 2,598.0
Perpetual-Discount 5.47 % 5.57 % 103,302 14.48 33 0.1130 % 2,680.8
FixedReset 5.21 % 4.65 % 166,708 7.48 88 -0.0473 % 1,964.1
Deemed-Retractible 5.15 % 5.58 % 130,646 6.76 33 0.1549 % 2,667.9
FloatingReset 3.16 % 4.91 % 27,100 5.29 17 0.0916 % 2,085.0
Performance Highlights
Issue Index Change Notes
FTS.PR.G FixedReset -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 16.14
Evaluated at bid price : 16.14
Bid-YTW : 4.58 %
BAM.PR.X FixedReset -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 13.43
Evaluated at bid price : 13.43
Bid-YTW : 4.96 %
FTS.PR.I FloatingReset -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 11.44
Evaluated at bid price : 11.44
Bid-YTW : 4.30 %
FTS.PR.M FixedReset -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 4.67 %
FTS.PR.H FixedReset -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 4.36 %
GWO.PR.N FixedReset -1.44 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.65
Bid-YTW : 10.16 %
RY.PR.J FixedReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 19.27
Evaluated at bid price : 19.27
Bid-YTW : 4.52 %
SLF.PR.J FloatingReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.86
Bid-YTW : 10.69 %
FTS.PR.K FixedReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 16.54
Evaluated at bid price : 16.54
Bid-YTW : 4.43 %
BAM.PR.Z FixedReset 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 5.13 %
NA.PR.Q FixedReset 1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.39
Bid-YTW : 4.62 %
TD.PR.T FloatingReset 1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 4.91 %
HSE.PR.G FixedReset 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.70 %
TRP.PR.E FixedReset 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 4.53 %
HSE.PR.E FixedReset 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 5.64 %
CM.PR.Q FixedReset 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 4.55 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 41,513 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.80 %
MFC.PR.O FixedReset 37,692 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 4.50 %
RY.PR.R FixedReset 30,738 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.60 %
BIP.PR.B FixedReset 27,942 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 23.20
Evaluated at bid price : 25.02
Bid-YTW : 5.48 %
RY.PR.Z FixedReset 25,505 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 4.19 %
PVS.PR.E SplitShare 19,025 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.47
Bid-YTW : 6.15 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.Q FloatingReset Quote: 12.66 – 13.48
Spot Rate : 0.8200
Average : 0.6006

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 12.66
Evaluated at bid price : 12.66
Bid-YTW : 4.22 %
HSE.PR.G FixedReset Quote: 19.20 – 19.60
Spot Rate : 0.4000
Average : 0.2847

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.70 %
HSE.PR.C FixedReset Quote: 17.31 – 17.59
Spot Rate : 0.2800
Average : 0.1929

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 5.83 %
BAM.PR.R FixedReset Quote: 14.85 – 15.08
Spot Rate : 0.2300
Average : 0.1479

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 5.11 %
BAM.PR.X FixedReset Quote: 13.43 – 13.75
Spot Rate : 0.3200
Average : 0.2400

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 13.43
Evaluated at bid price : 13.43
Bid-YTW : 4.96 %
BAM.PF.E FixedReset Quote: 17.90 – 18.10
Spot Rate : 0.2000
Average : 0.1470

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-17
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 4.95 %
Market Action

May 16, 2016

The BoC has released the Bank of Canada Review – Spring 2016.

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 4.66 % 5.67 % 12,333 17.07 1 0.6250 % 1,692.5
FixedFloater 6.62 % 5.74 % 18,307 16.79 1 0.0000 % 3,052.8
Floater 4.52 % 4.75 % 43,664 15.90 4 -0.1911 % 1,716.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1906 % 2,819.5
SplitShare 4.93 % 5.47 % 82,625 2.46 7 0.1906 % 3,299.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1906 % 2,574.2
Perpetual-Premium 5.77 % -10.51 % 78,439 0.08 6 0.0394 % 2,596.0
Perpetual-Discount 5.48 % 5.59 % 102,937 14.49 33 0.2506 % 2,677.8
FixedReset 5.21 % 4.74 % 168,276 7.48 88 -0.1845 % 1,965.0
Deemed-Retractible 5.16 % 5.67 % 131,472 6.77 33 0.1590 % 2,663.8
FloatingReset 3.16 % 5.15 % 25,182 5.29 17 0.1732 % 2,083.1
Performance Highlights
Issue Index Change Notes
CM.PR.Q FixedReset -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 4.67 %
BIP.PR.A FixedReset -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 5.80 %
IFC.PR.C FixedReset -2.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.90
Bid-YTW : 8.10 %
BMO.PR.Y FixedReset -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 4.43 %
CU.PR.C FixedReset -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.36 %
TD.PF.E FixedReset -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 4.38 %
IFC.PR.A FixedReset -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.31
Bid-YTW : 9.60 %
NA.PR.S FixedReset -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 4.42 %
CIU.PR.A Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.43 %
FTS.PR.I FloatingReset 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 4.21 %
SLF.PR.J FloatingReset 1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.00
Bid-YTW : 10.54 %
HSE.PR.B FloatingReset 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 10.35
Evaluated at bid price : 10.35
Bid-YTW : 5.51 %
FTS.PR.G FixedReset 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 4.45 %
GWO.PR.N FixedReset 1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.85
Bid-YTW : 9.95 %
GWO.PR.O FloatingReset 1.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.00
Bid-YTW : 10.37 %
HSE.PR.A FixedReset 3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 11.65
Evaluated at bid price : 11.65
Bid-YTW : 5.26 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BAM.PR.K Floater 69,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 10.06
Evaluated at bid price : 10.06
Bid-YTW : 4.75 %
BAM.PF.H FixedReset 49,818 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 4.19 %
NA.PR.X FixedReset 49,091 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 4.54 %
MFC.PR.O FixedReset 44,088 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.63 %
BAM.PR.R FixedReset 39,594 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 5.08 %
BAM.PF.B FixedReset 32,625 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 5.01 %
There were 40 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CM.PR.Q FixedReset Quote: 18.93 – 19.50
Spot Rate : 0.5700
Average : 0.3855

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 4.67 %
ALB.PR.C SplitShare Quote: 26.05 – 26.88
Spot Rate : 0.8300
Average : 0.6523

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-02-28
Maturity Price : 25.67
Evaluated at bid price : 26.05
Bid-YTW : 2.58 %
CU.PR.C FixedReset Quote: 18.00 – 18.43
Spot Rate : 0.4300
Average : 0.2878

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.36 %
CU.PR.I FixedReset Quote: 25.45 – 25.93
Spot Rate : 0.4800
Average : 0.3824

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.04 %
SLF.PR.H FixedReset Quote: 16.12 – 16.69
Spot Rate : 0.5700
Average : 0.4754

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.12
Bid-YTW : 8.96 %
TRP.PR.I FloatingReset Quote: 10.75 – 12.28
Spot Rate : 1.5300
Average : 1.4562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-16
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.83 %
Market Action

May 13, 2016

Assiduous Readers will remember my interest in the minimum wage debate and my position that an increase in the minimum wage is desirable, not because of any bleating about fairness, but because this will help to increase productivity as lower-skill jobs are automated. This automation is well-illustrated by McDonalds self-ordering kiosks in Europe; the issue was further discussed on August 6, 2015. We now have another data point – the hamburger chain Wendy’s is bringing in more self-ordering kiosks to reduce labour costs:

Wendy’s (WEN) said that self-service ordering kiosks will be made available across its 6,000-plus restaurants in the second half of the year as minimum wage hikes and a tight labor market push up wages.

It will be up to franchisees whether to deploy the labor-saving technology, but Wendy’s President Todd Penegor did note that some franchise locations have been raising prices to offset wage hikes.

McDonald’s (MCD) has been testing self-service kiosks. But Wendy’s, which has been vocal about embracing labor-saving technology, is launching the biggest potential expansion.

Wendy’s Penegor said company-operated stores, only about 10% of the total, are seeing wage inflation of 5% to 6%, driven both by the minimum wage and some by the need to offer a competitive wage “to access good labor.”
…
In addition to self-order kiosks, the company is also getting ready to move beyond the testing phase with labor-saving mobile ordering and mobile payment available systemwide by the end of the year. Yum Brands and McDonald’s already have mobile ordering apps.

… and Assiduous Reader SM draws my attention to drone racing:

With the drone industry charged, Mountain Dew® and DR1 Racing, announced a global partnership full of industry firsts. Featuring the top drone racing pilots in the world, this newly formed drone racing series marks the first branded partnership and national broadcast for this burgeoning sport. Headlining the series, the DR1 Invitational presented by Mountain Dew will air this August in a one-hour broadcast special. DR1 will also be the first truly live drone series to stream globally on Twitch, the world’s leading social video platform and community for gamers.
…
The DR1 Invitational presented by Mountain Dew will showcase 12 of the top drone racing pilots in the world as they compete for the title at the iconic Sepulveda Dam in Los Angeles this summer. Pilots, who control drones from the top of the dam, will face down a gauntlet of environmental and man-made obstacles as they fly their drones at speeds of more than 80 MPH while spectators watch on from above.

Sounds great, but best of all would be a demolition derby! Have a field – say the size of a football field – with a large hoop at each end. Go through the hoops alternately. Most hoop passages in twenty minutes wins. I’d buy tickets for that!

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 4.69 % 5.70 % 11,720 17.03 1 0.0000 % 1,682.0
FixedFloater 6.62 % 5.74 % 18,930 16.80 1 -0.4854 % 3,052.8
Floater 4.51 % 4.73 % 43,819 15.94 4 0.0717 % 1,720.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0589 % 2,814.1
SplitShare 4.94 % 5.47 % 80,008 3.96 7 -0.0589 % 3,293.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0589 % 2,569.3
Perpetual-Premium 5.77 % -10.28 % 79,408 0.08 6 -0.0066 % 2,595.0
Perpetual-Discount 5.49 % 5.58 % 102,536 14.51 33 0.1860 % 2,671.1
FixedReset 5.19 % 4.70 % 168,453 7.42 88 -0.1390 % 1,968.7
Deemed-Retractible 5.16 % 5.66 % 129,257 6.77 33 -0.0013 % 2,659.6
FloatingReset 3.16 % 5.19 % 23,705 5.29 17 0.1802 % 2,079.5
Performance Highlights
Issue Index Change Notes
HSE.PR.G FixedReset -3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.83 %
NA.PR.Q FixedReset -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.13
Bid-YTW : 4.83 %
HSE.PR.C FixedReset -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 5.90 %
TD.PR.T FloatingReset -1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.28
Bid-YTW : 5.19 %
FTS.PR.H FixedReset -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 4.34 %
MFC.PR.C Deemed-Retractible -1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 7.13 %
MFC.PR.K FixedReset -1.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.45
Bid-YTW : 7.44 %
TD.PR.S FixedReset -1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.56
Bid-YTW : 4.75 %
HSE.PR.E FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.77 %
TRP.PR.G FixedReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 4.86 %
MFC.PR.L FixedReset -1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.76
Bid-YTW : 7.32 %
MFC.PR.H FixedReset -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 6.29 %
MFC.PR.I FixedReset -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.37
Bid-YTW : 6.66 %
MFC.PR.M FixedReset -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.20
Bid-YTW : 7.20 %
TRP.PR.C FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.70 %
CU.PR.F Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.39 %
TRP.PR.B FixedReset 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.42 %
BAM.PR.X FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 13.71
Evaluated at bid price : 13.71
Bid-YTW : 4.85 %
TD.PF.F Perpetual-Discount 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 24.12
Evaluated at bid price : 24.50
Bid-YTW : 5.02 %
PWF.PR.Q FloatingReset 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 12.57
Evaluated at bid price : 12.57
Bid-YTW : 4.25 %
TRP.PR.A FixedReset 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 14.59
Evaluated at bid price : 14.59
Bid-YTW : 4.76 %
SLF.PR.J FloatingReset 4.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.85
Bid-YTW : 10.69 %
BIP.PR.A FixedReset 8.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.64 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.H FixedReset 233,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 4.34 %
TRP.PR.J FixedReset 60,016 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.80 %
NA.PR.X FixedReset 55,941 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.22
Bid-YTW : 4.52 %
TRP.PR.C FixedReset 54,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.70 %
RY.PR.Q FixedReset 52,106 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.13
Bid-YTW : 4.47 %
TD.PF.F Perpetual-Discount 32,220 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 24.12
Evaluated at bid price : 24.50
Bid-YTW : 5.02 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
POW.PR.B Perpetual-Discount Quote: 23.82 – 24.28
Spot Rate : 0.4600
Average : 0.3133

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 23.55
Evaluated at bid price : 23.82
Bid-YTW : 5.67 %
IAG.PR.A Deemed-Retractible Quote: 21.68 – 22.20
Spot Rate : 0.5200
Average : 0.3885

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.68
Bid-YTW : 6.76 %
RY.PR.J FixedReset Quote: 19.39 – 19.99
Spot Rate : 0.6000
Average : 0.4712

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 19.39
Evaluated at bid price : 19.39
Bid-YTW : 4.48 %
BNS.PR.F FloatingReset Quote: 18.51 – 19.55
Spot Rate : 1.0400
Average : 0.9120

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.57 %
PWF.PR.L Perpetual-Discount Quote: 22.90 – 23.23
Spot Rate : 0.3300
Average : 0.2070

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-13
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.61 %
MFC.PR.I FixedReset Quote: 20.37 – 20.73
Spot Rate : 0.3600
Average : 0.2443

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.37
Bid-YTW : 6.66 %
Market Action

May 12, 2016

Remember the peculiar redemption of REI.PR.A? Assiduous Reader HS draws my attention to a peculiar redemption of UBS-D in the States:

  • •The redemption of UBS-D caused a 52% jump in its value yesterday.
  • •The issue had a 1% yield. There is no financial logic for it to be called.
  • •UBS wasted millions of dollars without explanation

…
UBS-D is not strictly a preferred stock, but a trust preferred security, which gives the parent company some tax advantages. The floating rate was 0.7% above the one-month LIBOR, making the yield at redemption a measly 1.13%.

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 4.69 % 5.70 % 12,191 17.03 1 0.0000 % 1,682.0
FixedFloater 6.59 % 5.71 % 19,692 16.84 1 3.0000 % 3,067.7
Floater 4.52 % 4.72 % 45,345 15.97 4 0.0239 % 1,718.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1809 % 2,815.7
SplitShare 4.94 % 5.33 % 80,778 1.50 7 -0.1809 % 3,295.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1809 % 2,570.9
Perpetual-Premium 5.77 % -12.02 % 80,632 0.09 6 -0.0591 % 2,595.1
Perpetual-Discount 5.50 % 5.57 % 101,484 14.53 33 -0.0303 % 2,666.1
FixedReset 5.18 % 4.67 % 169,857 13.56 88 -0.2183 % 1,971.4
Deemed-Retractible 5.16 % 5.68 % 129,459 6.78 33 -0.0699 % 2,659.6
FloatingReset 3.13 % 4.87 % 23,740 5.31 17 -0.7851 % 2,075.7
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset -7.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 17.83
Evaluated at bid price : 17.83
Bid-YTW : 6.13 %
SLF.PR.J FloatingReset -4.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.33
Bid-YTW : 11.21 %
TRP.PR.I FloatingReset -4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.76 %
PWF.PR.Q FloatingReset -3.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 12.28
Evaluated at bid price : 12.28
Bid-YTW : 4.28 %
BNS.PR.F FloatingReset -2.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.53 %
TD.PF.D FixedReset -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 4.37 %
TRP.PR.A FixedReset -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 14.12
Evaluated at bid price : 14.12
Bid-YTW : 4.91 %
BAM.PF.F FixedReset -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 4.87 %
BNS.PR.Y FixedReset -1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.77
Bid-YTW : 6.20 %
BAM.PF.G FixedReset -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 4.75 %
SLF.PR.G FixedReset -1.51 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.33
Bid-YTW : 9.59 %
BAM.PF.A FixedReset -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 5.01 %
RY.PR.M FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 4.38 %
RY.PR.J FixedReset -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 4.44 %
TRP.PR.C FixedReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 11.87
Evaluated at bid price : 11.87
Bid-YTW : 4.74 %
BNS.PR.Z FixedReset -1.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.80
Bid-YTW : 6.50 %
IAG.PR.G FixedReset 1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.95
Bid-YTW : 6.86 %
BMO.PR.S FixedReset 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 4.22 %
RY.PR.H FixedReset 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 4.17 %
CM.PR.P FixedReset 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 4.18 %
TD.PF.F Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 23.79
Evaluated at bid price : 24.15
Bid-YTW : 5.09 %
TRP.PR.F FloatingReset 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 4.58 %
IFC.PR.A FixedReset 1.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.64
Bid-YTW : 9.26 %
BAM.PR.G FixedFloater 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 25.00
Evaluated at bid price : 14.42
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 105,935 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.77 %
BMO.PR.Y FixedReset 104,410 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.29 %
MFC.PR.O FixedReset 53,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.32
Bid-YTW : 4.72 %
BAM.PR.T FixedReset 34,950 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 5.21 %
TRP.PR.D FixedReset 33,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 4.70 %
SLF.PR.G FixedReset 30,319 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.33
Bid-YTW : 9.59 %
There were 48 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.A FixedReset Quote: 17.83 – 19.00
Spot Rate : 1.1700
Average : 0.7524

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 17.83
Evaluated at bid price : 17.83
Bid-YTW : 6.13 %
BNS.PR.F FloatingReset Quote: 18.51 – 19.55
Spot Rate : 1.0400
Average : 0.7716

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.53 %
TRP.PR.I FloatingReset Quote: 10.75 – 12.28
Spot Rate : 1.5300
Average : 1.3264

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.76 %
TD.PR.T FloatingReset Quote: 21.60 – 22.00
Spot Rate : 0.4000
Average : 0.2402

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 4.87 %
PWF.PR.Q FloatingReset Quote: 12.28 – 12.90
Spot Rate : 0.6200
Average : 0.4624

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-12
Maturity Price : 12.28
Evaluated at bid price : 12.28
Bid-YTW : 4.28 %
SLF.PR.J FloatingReset Quote: 12.33 – 12.84
Spot Rate : 0.5100
Average : 0.3543

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.33
Bid-YTW : 11.21 %
Market Action

May 11, 2016

PerpetualDiscounts now yield 5.57%, equivalent to 7.41% 7.24% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.95%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 345bp 330bp, a marked widening over month since reported at 315bp on April 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 4.69 % 5.70 % 12,284 17.04 1 1.0526 % 1,682.0
FixedFloater 6.79 % 5.89 % 19,874 16.62 1 0.0000 % 2,978.3
Floater 4.52 % 4.72 % 45,745 15.97 4 0.6739 % 1,718.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0580 % 2,820.8
SplitShare 4.93 % 5.37 % 83,792 3.97 7 0.0580 % 3,300.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0580 % 2,575.5
Perpetual-Premium 5.77 % -11.55 % 75,316 0.09 6 -0.0066 % 2,596.7
Perpetual-Discount 5.50 % 5.57 % 101,208 14.53 33 0.0066 % 2,666.9
FixedReset 5.17 % 4.64 % 163,681 7.44 88 -0.0772 % 1,975.7
Deemed-Retractible 5.16 % 5.69 % 127,823 6.78 33 -0.0508 % 2,661.5
FloatingReset 3.10 % 4.86 % 24,002 5.31 17 0.1263 % 2,092.2
Performance Highlights
Issue Index Change Notes
BMO.PR.T FixedReset -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 4.26 %
FTS.PR.H FixedReset -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 4.24 %
SLF.PR.I FixedReset -1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.35
Bid-YTW : 7.08 %
NA.PR.W FixedReset -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 4.35 %
IAG.PR.G FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.75
Bid-YTW : 7.00 %
TD.PF.C FixedReset -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 4.21 %
SLF.PR.H FixedReset -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.13
Bid-YTW : 8.92 %
BMO.PR.S FixedReset -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.58
Evaluated at bid price : 18.58
Bid-YTW : 4.27 %
CM.PR.P FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 4.23 %
CU.PR.C FixedReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 4.28 %
IAG.PR.A Deemed-Retractible -1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.76
Bid-YTW : 6.70 %
TD.PF.B FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 4.19 %
TD.PF.A FixedReset -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 4.16 %
BMO.PR.W FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 4.20 %
BAM.PR.T FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 5.18 %
BIP.PR.A FixedReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.67 %
BAM.PR.E Ratchet 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 25.00
Evaluated at bid price : 14.40
Bid-YTW : 5.70 %
BAM.PR.B Floater 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 10.12
Evaluated at bid price : 10.12
Bid-YTW : 4.72 %
BNS.PR.Y FixedReset 1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.09
Bid-YTW : 5.89 %
BMO.PR.Y FixedReset 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 20.29
Evaluated at bid price : 20.29
Bid-YTW : 4.30 %
MFC.PR.H FixedReset 1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 6.04 %
BMO.PR.M FixedReset 1.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 4.06 %
HSE.PR.A FixedReset 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 5.43 %
BNS.PR.R FixedReset 1.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.41
Bid-YTW : 4.46 %
BNS.PR.Q FixedReset 1.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.99
Bid-YTW : 4.54 %
TRP.PR.F FloatingReset 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 4.65 %
PWF.PR.Q FloatingReset 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 4.12 %
TRP.PR.G FixedReset 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.81 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset 103,127 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 18.58
Evaluated at bid price : 18.58
Bid-YTW : 4.27 %
MFC.PR.O FixedReset 75,814 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.32
Bid-YTW : 4.72 %
TRP.PR.J FixedReset 65,128 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 4.83 %
TD.PF.G FixedReset 58,303 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.06
Bid-YTW : 4.60 %
BAM.PR.X FixedReset 50,875 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 4.85 %
VNR.PR.A FixedReset 42,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 5.05 %
There were 34 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.I FloatingReset Quote: 11.20 – 12.81
Spot Rate : 1.6100
Average : 1.1031

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 4.56 %
TRP.PR.F FloatingReset Quote: 13.10 – 13.90
Spot Rate : 0.8000
Average : 0.5242

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 4.65 %
MFC.PR.G FixedReset Quote: 19.50 – 19.86
Spot Rate : 0.3600
Average : 0.2210

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.50
Bid-YTW : 7.20 %
VNR.PR.A FixedReset Quote: 17.80 – 18.16
Spot Rate : 0.3600
Average : 0.2284

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 5.05 %
BAM.PR.G FixedFloater Quote: 14.00 – 14.50
Spot Rate : 0.5000
Average : 0.4013

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 25.00
Evaluated at bid price : 14.00
Bid-YTW : 5.89 %
FTS.PR.H FixedReset Quote: 13.25 – 13.55
Spot Rate : 0.3000
Average : 0.2052

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-11
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 4.24 %
Market Action

May 10, 2016

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 4.74 % 5.76 % 11,956 16.96 1 -1.9270 % 1,664.5
FixedFloater 6.79 % 5.89 % 20,076 16.63 1 -0.7092 % 2,978.3
Floater 4.55 % 4.77 % 46,188 15.88 4 0.4108 % 1,707.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1165 % 2,819.2
SplitShare 4.92 % 5.36 % 85,121 3.97 7 -0.1165 % 3,299.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1165 % 2,574.0
Perpetual-Premium 5.77 % -11.28 % 75,657 0.08 6 -0.0394 % 2,596.8
Perpetual-Discount 5.50 % 5.56 % 99,789 14.55 33 0.1083 % 2,666.8
FixedReset 5.17 % 4.68 % 162,259 14.03 88 -0.4002 % 1,977.2
Deemed-Retractible 5.16 % 5.69 % 126,945 6.78 33 0.1247 % 2,662.8
FloatingReset 3.10 % 4.86 % 22,222 5.31 17 0.5044 % 2,089.5
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset -4.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 4.97 %
FTS.PR.M FixedReset -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 4.61 %
IAG.PR.G FixedReset -2.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.01
Bid-YTW : 6.81 %
BAM.PR.T FixedReset -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 5.23 %
CM.PR.O FixedReset -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 4.23 %
BAM.PR.E Ratchet -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 25.00
Evaluated at bid price : 14.25
Bid-YTW : 5.76 %
PWF.PR.Q FloatingReset -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 12.37
Evaluated at bid price : 12.37
Bid-YTW : 4.25 %
TD.PF.B FixedReset -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 4.15 %
GWO.PR.N FixedReset -1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.65
Bid-YTW : 10.12 %
TRP.PR.D FixedReset -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 17.24
Evaluated at bid price : 17.24
Bid-YTW : 4.69 %
BNS.PR.Q FixedReset -1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.59
Bid-YTW : 4.89 %
BNS.PR.R FixedReset -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 4.80 %
TRP.PR.E FixedReset -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.50 %
CM.PR.P FixedReset -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 4.18 %
BAM.PF.F FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 4.77 %
NA.PR.W FixedReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 4.29 %
RY.PR.H FixedReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.56
Evaluated at bid price : 18.56
Bid-YTW : 4.19 %
BMO.PR.S FixedReset -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 4.22 %
BMO.PR.Y FixedReset -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.36 %
HSE.PR.A FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 11.07
Evaluated at bid price : 11.07
Bid-YTW : 5.52 %
BAM.PR.Z FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.08 %
NA.PR.S FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 4.34 %
TD.PR.T FloatingReset 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 4.86 %
NA.PR.Q FixedReset 1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.55
Bid-YTW : 4.47 %
BNS.PR.D FloatingReset 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 6.86 %
BAM.PR.R FixedReset 3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 15.05
Evaluated at bid price : 15.05
Bid-YTW : 5.02 %
TRP.PR.I FloatingReset 3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 4.52 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.N Deemed-Retractible 100,995 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-01-27
Maturity Price : 25.00
Evaluated at bid price : 25.28
Bid-YTW : 3.87 %
BNS.PR.E FixedReset 98,085 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.08
Bid-YTW : 4.59 %
IFC.PR.A FixedReset 51,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.31
Bid-YTW : 9.56 %
TRP.PR.D FixedReset 51,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 17.24
Evaluated at bid price : 17.24
Bid-YTW : 4.69 %
TD.PR.Y FixedReset 51,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.05
Bid-YTW : 4.51 %
TRP.PR.J FixedReset 50,630 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.68
Bid-YTW : 4.85 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.E Ratchet Quote: 14.25 – 16.20
Spot Rate : 1.9500
Average : 1.3562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 25.00
Evaluated at bid price : 14.25
Bid-YTW : 5.76 %
MFC.PR.H FixedReset Quote: 21.28 – 22.50
Spot Rate : 1.2200
Average : 0.7429

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.28
Bid-YTW : 6.25 %
TRP.PR.G FixedReset Quote: 18.88 – 19.87
Spot Rate : 0.9900
Average : 0.5993

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 4.97 %
MFC.PR.K FixedReset Quote: 18.55 – 19.50
Spot Rate : 0.9500
Average : 0.6126

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.55
Bid-YTW : 7.35 %
IAG.PR.G FixedReset Quote: 20.01 – 20.65
Spot Rate : 0.6400
Average : 0.4596

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.01
Bid-YTW : 6.81 %
FTS.PR.M FixedReset Quote: 18.48 – 19.05
Spot Rate : 0.5700
Average : 0.3912

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-10
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 4.61 %
Market Action

May 9, 2016

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 4.65 % 5.64 % 11,513 17.11 1 0.1378 % 1,697.2
FixedFloater 6.74 % 5.84 % 19,760 16.68 1 -0.3534 % 2,999.6
Floater 4.57 % 4.78 % 46,785 15.87 4 -0.6959 % 1,700.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1455 % 2,822.5
SplitShare 4.92 % 5.30 % 81,669 3.97 7 0.1455 % 3,302.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1455 % 2,577.0
Perpetual-Premium 5.76 % -11.80 % 74,886 0.08 6 -0.0852 % 2,597.9
Perpetual-Discount 5.50 % 5.57 % 101,137 14.53 33 0.0079 % 2,663.9
FixedReset 5.15 % 4.66 % 162,951 7.44 88 -0.2824 % 1,985.2
Deemed-Retractible 5.16 % 5.69 % 127,413 6.78 33 0.0140 % 2,659.5
FloatingReset 3.12 % 5.07 % 22,185 5.31 17 -0.4249 % 2,079.0
Performance Highlights
Issue Index Change Notes
TRP.PR.I FloatingReset -9.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 10.90
Evaluated at bid price : 10.90
Bid-YTW : 4.69 %
BAM.PR.R FixedReset -6.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 5.17 %
BMO.PR.Q FixedReset -1.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.75
Bid-YTW : 6.31 %
TRP.PR.B FixedReset -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 4.48 %
BNS.PR.Y FixedReset -1.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.86
Bid-YTW : 6.10 %
IFC.PR.C FixedReset -1.68 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.10
Bid-YTW : 7.90 %
TRP.PR.C FixedReset -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.68 %
SLF.PR.H FixedReset -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.38
Bid-YTW : 8.70 %
BAM.PR.C Floater -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 9.81
Evaluated at bid price : 9.81
Bid-YTW : 4.87 %
IAG.PR.G FixedReset -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.46 %
FTS.PR.J Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 22.21
Evaluated at bid price : 22.53
Bid-YTW : 5.35 %
PWF.PR.P FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 13.11
Evaluated at bid price : 13.11
Bid-YTW : 4.39 %
HSE.PR.G FixedReset -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.63 %
MFC.PR.M FixedReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.49
Bid-YTW : 6.97 %
HSE.PR.C FixedReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 5.70 %
BNS.PR.A FloatingReset -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.62
Bid-YTW : 4.47 %
BAM.PR.X FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 4.79 %
TRP.PR.F FloatingReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 12.86
Evaluated at bid price : 12.86
Bid-YTW : 4.74 %
GWO.PR.N FixedReset 1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.88
Bid-YTW : 9.89 %
IAG.PR.A Deemed-Retractible 1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 6.53 %
PWF.PR.Q FloatingReset 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 4.17 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.A FixedReset 109,605 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 14.52
Evaluated at bid price : 14.52
Bid-YTW : 4.77 %
TRP.PR.J FixedReset 106,520 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : 4.89 %
NA.PR.W FixedReset 90,386 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 4.23 %
HSE.PR.A FixedReset 53,209 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 11.19
Evaluated at bid price : 11.19
Bid-YTW : 5.46 %
TRP.PR.C FixedReset 43,490 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.68 %
VNR.PR.A FixedReset 41,120 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 5.06 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.R FixedReset Quote: 14.61 – 15.29
Spot Rate : 0.6800
Average : 0.3851

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 5.17 %
BMO.PR.Q FixedReset Quote: 19.75 – 20.25
Spot Rate : 0.5000
Average : 0.3543

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.75
Bid-YTW : 6.31 %
BNS.PR.D FloatingReset Quote: 18.51 – 18.99
Spot Rate : 0.4800
Average : 0.3482

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.10 %
MFC.PR.K FixedReset Quote: 18.55 – 18.90
Spot Rate : 0.3500
Average : 0.2426

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.55
Bid-YTW : 7.35 %
MFC.PR.I FixedReset Quote: 20.60 – 20.87
Spot Rate : 0.2700
Average : 0.1682

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 6.48 %
HSE.PR.G FixedReset Quote: 19.35 – 19.65
Spot Rate : 0.3000
Average : 0.2048

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-09
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.63 %
Market Action

May 6, 2016

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 4.66 % 5.65 % 11,675 17.11 1 0.0000 % 1,694.9
FixedFloater 6.71 % 5.82 % 20,026 16.72 1 -1.7361 % 3,010.2
Floater 4.54 % 4.75 % 45,452 15.93 4 0.0720 % 1,711.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.0336 % 2,818.4
SplitShare 4.92 % 5.40 % 84,514 3.98 7 0.0336 % 3,298.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0336 % 2,573.3
Perpetual-Premium 5.76 % -12.90 % 75,082 0.09 6 -0.0328 % 2,600.1
Perpetual-Discount 5.50 % 5.56 % 99,922 14.56 33 0.1335 % 2,663.7
FixedReset 5.13 % 4.74 % 162,733 7.42 88 -0.0754 % 1,990.8
Deemed-Retractible 5.17 % 5.59 % 128,201 4.93 33 -0.0788 % 2,659.1
FloatingReset 3.17 % 4.98 % 22,425 5.32 17 0.6291 % 2,087.9
Performance Highlights
Issue Index Change Notes
CIU.PR.C FixedReset -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 4.61 %
RY.PR.J FixedReset -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 4.47 %
RY.PR.M FixedReset -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 4.40 %
BAM.PR.G FixedFloater -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 25.00
Evaluated at bid price : 14.15
Bid-YTW : 5.82 %
TRP.PR.A FixedReset -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 4.94 %
BAM.PR.T FixedReset -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 15.28
Evaluated at bid price : 15.28
Bid-YTW : 5.27 %
BNS.PR.D FloatingReset -1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.14 %
MFC.PR.N FixedReset -1.32 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.43
Bid-YTW : 7.01 %
BIP.PR.A FixedReset -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.83 %
BMO.PR.Z Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 23.56
Evaluated at bid price : 23.90
Bid-YTW : 5.23 %
CCS.PR.C Deemed-Retractible 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.60
Bid-YTW : 6.57 %
IAG.PR.G FixedReset 1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.75
Bid-YTW : 6.40 %
BAM.PF.G FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 4.73 %
TRP.PR.D FixedReset 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 4.76 %
BNS.PR.A FloatingReset 1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.85
Bid-YTW : 4.31 %
PVS.PR.E SplitShare 1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.73
Bid-YTW : 5.91 %
SLF.PR.G FixedReset 1.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.50
Bid-YTW : 9.49 %
BAM.PF.F FixedReset 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 4.82 %
TRP.PR.I FloatingReset 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 4.32 %
GWO.PR.O FloatingReset 3.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.80
Bid-YTW : 10.56 %
PWF.PR.Q FloatingReset 7.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 4.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
HSE.PR.A FixedReset 108,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 11.18
Evaluated at bid price : 11.18
Bid-YTW : 5.65 %
GWO.PR.P Deemed-Retractible 65,750 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.81 %
RY.PR.J FixedReset 65,230 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 4.47 %
SLF.PR.A Deemed-Retractible 62,736 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 6.36 %
GRP.PR.A SplitShare 49,135 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2023-05-25
Maturity Price : 25.00
Evaluated at bid price : 24.76
Bid-YTW : 6.42 %
TRP.PR.D FixedReset 34,007 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 4.76 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.E Ratchet Quote: 14.51 – 16.17
Spot Rate : 1.6600
Average : 1.0945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 25.00
Evaluated at bid price : 14.51
Bid-YTW : 5.65 %
TD.PR.S FixedReset Quote: 22.41 – 23.40
Spot Rate : 0.9900
Average : 0.6364

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.41
Bid-YTW : 4.93 %
TD.PF.F Perpetual-Discount Quote: 23.63 – 24.37
Spot Rate : 0.7400
Average : 0.4961

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 23.32
Evaluated at bid price : 23.63
Bid-YTW : 5.20 %
TRP.PR.A FixedReset Quote: 14.51 – 14.95
Spot Rate : 0.4400
Average : 0.3274

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-06
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 4.94 %
SLF.PR.I FixedReset Quote: 19.80 – 20.35
Spot Rate : 0.5500
Average : 0.4454

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.80
Bid-YTW : 6.88 %
IAG.PR.A Deemed-Retractible Quote: 21.70 – 22.10
Spot Rate : 0.4000
Average : 0.2995

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.70
Bid-YTW : 6.73 %
Market Action

May 5, 2016

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 4.66 % 5.65 % 11,839 17.11 1 -0.0689 % 1,694.9
FixedFloater 6.60 % 5.71 % 20,308 16.85 1 -0.6897 % 3,063.4
Floater 4.54 % 4.75 % 47,057 15.94 4 -0.5018 % 1,710.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2215 % 2,817.5
SplitShare 4.70 % 4.90 % 65,216 2.50 6 -0.2215 % 3,297.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2215 % 2,572.4
Perpetual-Premium 5.76 % -11.73 % 75,539 0.09 6 0.2496 % 2,600.9
Perpetual-Discount 5.51 % 5.56 % 101,326 14.55 33 0.1189 % 2,660.1
FixedReset 5.13 % 4.78 % 164,320 14.19 88 -0.0599 % 1,992.3
Deemed-Retractible 5.16 % 5.61 % 124,654 4.93 33 0.0980 % 2,661.2
FloatingReset 3.19 % 4.98 % 23,102 5.32 17 -0.4783 % 2,074.9
Performance Highlights
Issue Index Change Notes
PWF.PR.Q FloatingReset -9.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 4.70 %
HSE.PR.B FloatingReset -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 10.25
Evaluated at bid price : 10.25
Bid-YTW : 5.58 %
TRP.PR.I FloatingReset -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 4.43 %
HSE.PR.A FixedReset -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.09
Evaluated at bid price : 11.09
Bid-YTW : 5.70 %
FTS.PR.K FixedReset -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 4.53 %
PVS.PR.E SplitShare -1.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 6.16 %
BAM.PR.K Floater -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 9.94
Evaluated at bid price : 9.94
Bid-YTW : 4.80 %
BAM.PR.X FixedReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 13.76
Evaluated at bid price : 13.76
Bid-YTW : 5.02 %
RY.PR.Z FixedReset -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 4.22 %
BAM.PF.G FixedReset -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 4.79 %
BAM.PR.B Floater -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 10.06
Evaluated at bid price : 10.06
Bid-YTW : 4.75 %
FTS.PR.G FixedReset -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 16.67
Evaluated at bid price : 16.67
Bid-YTW : 4.66 %
BAM.PF.B FixedReset -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 17.66
Evaluated at bid price : 17.66
Bid-YTW : 5.10 %
HSE.PR.G FixedReset -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 5.69 %
BNS.PR.A FloatingReset -1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.57
Bid-YTW : 4.54 %
SLF.PR.G FixedReset -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.28
Bid-YTW : 9.69 %
BAM.PF.F FixedReset -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 4.92 %
NA.PR.S FixedReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 4.41 %
BMO.PR.M FixedReset -1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.10
Bid-YTW : 4.33 %
HSB.PR.D Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.29 %
TD.PR.Z FloatingReset 1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.38
Bid-YTW : 5.18 %
CM.PR.O FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 4.23 %
SLF.PR.I FixedReset 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.92
Bid-YTW : 6.79 %
CU.PR.I FixedReset 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.64
Bid-YTW : 3.82 %
PWF.PR.A Floater 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 4.04 %
HSE.PR.C FixedReset 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 5.78 %
CU.PR.H Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 23.51
Evaluated at bid price : 23.85
Bid-YTW : 5.49 %
IFC.PR.A FixedReset 1.71 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.44
Bid-YTW : 9.55 %
SLF.PR.J FloatingReset 2.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.82
Bid-YTW : 10.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 359,035 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.89 %
HSE.PR.A FixedReset 125,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.09
Evaluated at bid price : 11.09
Bid-YTW : 5.70 %
RY.PR.Q FixedReset 67,668 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 4.53 %
BNS.PR.E FixedReset 57,632 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.01
Bid-YTW : 4.64 %
TD.PF.G FixedReset 35,234 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 4.60 %
RY.PR.J FixedReset 32,935 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.37 %
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.Q FloatingReset Quote: 11.40 – 12.80
Spot Rate : 1.4000
Average : 0.9994

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 4.70 %
GWO.PR.O FloatingReset Quote: 12.40 – 13.50
Spot Rate : 1.1000
Average : 0.7943

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.40
Bid-YTW : 10.99 %
BAM.PR.E Ratchet Quote: 14.51 – 15.25
Spot Rate : 0.7400
Average : 0.4746

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 25.00
Evaluated at bid price : 14.51
Bid-YTW : 5.65 %
TD.PF.A FixedReset Quote: 19.12 – 19.95
Spot Rate : 0.8300
Average : 0.5710

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 4.21 %
SLF.PR.G FixedReset Quote: 14.28 – 14.89
Spot Rate : 0.6100
Average : 0.3686

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.28
Bid-YTW : 9.69 %
TRP.PR.I FloatingReset Quote: 11.75 – 13.00
Spot Rate : 1.2500
Average : 1.1338

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-05
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 4.43 %