Category: Market Action

Market Action

November 8, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.5106 % 2,137.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5106 % 4,099.5
Floater 8.91 % 9.41 % 34,434 9.98 4 -0.5106 % 2,362.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2210 % 3,603.8
SplitShare 4.79 % 5.35 % 67,604 3.03 6 0.2210 % 4,303.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2210 % 3,357.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1720 % 2,786.2
Perpetual-Discount 6.18 % 6.28 % 51,067 13.49 31 -0.1720 % 3,038.3
FixedReset Disc 5.59 % 7.15 % 93,119 12.35 58 -0.1835 % 2,643.1
Insurance Straight 6.00 % 6.13 % 67,586 13.66 21 0.5515 % 3,019.5
FloatingReset 7.60 % 7.29 % 27,158 12.13 2 0.7654 % 2,859.5
FixedReset Prem 6.40 % 5.55 % 176,370 3.73 7 0.0332 % 2,586.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1835 % 2,701.8
FixedReset Ins Non 5.32 % 6.35 % 80,925 13.39 14 -0.2753 % 2,762.3
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -13.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 16.06
Evaluated at bid price : 16.06
Bid-YTW : 7.03 %
FFH.PR.G FixedReset Disc -9.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 8.62 %
CU.PR.J Perpetual-Discount -3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.44 %
GWO.PR.T Insurance Straight -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.38 %
BN.PF.J FixedReset Disc -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 7.21 %
CU.PR.C FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.77 %
CU.PR.I FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 23.46
Evaluated at bid price : 23.98
Bid-YTW : 6.84 %
BIP.PR.F FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 21.90
Evaluated at bid price : 22.31
Bid-YTW : 6.93 %
MFC.PR.N FixedReset Ins Non -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.43 %
MFC.PR.M FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 6.35 %
PVS.PR.J SplitShare 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.35 %
FFH.PR.D FloatingReset 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 23.11
Evaluated at bid price : 23.36
Bid-YTW : 7.29 %
SLF.PR.D Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.72 %
GWO.PR.I Insurance Straight 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 6.10 %
SLF.PR.H FixedReset Ins Non 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 18.41
Evaluated at bid price : 18.41
Bid-YTW : 6.75 %
ENB.PR.D FixedReset Disc 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 7.75 %
MFC.PR.C Insurance Straight 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 5.82 %
GWO.PR.Q Insurance Straight 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.24 %
BN.PF.B FixedReset Disc 7.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 7.23 %
BN.PR.N Perpetual-Discount 11.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 18.98
Evaluated at bid price : 18.98
Bid-YTW : 6.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.A Floater 110,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 8.14 %
ENB.PF.C FixedReset Disc 50,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.95 %
BIP.PR.A FixedReset Disc 50,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 7.66 %
PVS.PR.L SplitShare 34,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.32 %
ENB.PR.N FixedReset Disc 34,170 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 7.18 %
BN.PR.B Floater 32,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 11.31
Evaluated at bid price : 11.31
Bid-YTW : 9.41 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 16.06 – 19.50
Spot Rate : 3.4400
Average : 1.9612

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 16.06
Evaluated at bid price : 16.06
Bid-YTW : 7.03 %
FFH.PR.G FixedReset Disc Quote: 15.90 – 17.75
Spot Rate : 1.8500
Average : 1.1250

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 8.62 %
GWO.PR.R Insurance Straight Quote: 19.76 – 21.35
Spot Rate : 1.5900
Average : 1.0652

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 6.17 %
PWF.PR.L Perpetual-Discount Quote: 20.45 – 21.95
Spot Rate : 1.5000
Average : 1.0565

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 6.29 %
POW.PR.C Perpetual-Discount Quote: 23.25 – 24.47
Spot Rate : 1.2200
Average : 0.9133

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.30 %
MFC.PR.B Insurance Straight Quote: 20.12 – 20.99
Spot Rate : 0.8700
Average : 0.5940

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-08
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 5.88 %
Market Action

November 7, 2024

The FOMC eased 25bp to 4.50%:

Recent indicators suggest that economic activity has continued to expand at a solid pace. Since earlier in the year, labor market conditions have generally eased, and the unemployment rate has moved up but remains low. Inflation has made progress toward the Committee’s 2 percent objective but remains somewhat elevated.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate.

In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/2 to 4-3/4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Michael S. Barr; Raphael W. Bostic; Michelle W. Bowman; Lisa D. Cook; Mary C. Daly; Beth M. Hammack; Philip N. Jefferson; Adriana D. Kugler; and Christopher J. Waller.

… and equities responded:

The S&P 500 and S&P/TSX Composite indexes both closed at record highs on Thursday after the Federal Reserve announced a cut of 25 basis points in interest rates, extending a sharp rally sparked by Donald Trump’s return as U.S. president. Bond yields reversed course from Wednesday, however, and were lower for the session in both the U.S. and Canada.

It was the first record high close for the Canadian benchmark stock index since Oct. 17.
…
Investor expectations that Trump would lower corporate taxes and loosen regulations sparked a surge in each of the three major indexes in the prior session, with both the Dow Industrials and S&P 500 recording their largest one-day percentage jumps in two years.
…
Treasury yields, which have surged in recent weeks, retreated after a sharp rise on Wednesday, as the U.S. benchmark 10-year yield eased from a four-month high of 4.479% to 4.332% by late day.

Expectations for continued U.S. rate cuts have been dialed back recently, however, as economic data continues to point to a resilient economy and the potential for higher inflation as a result of likely tariffs and increased government spending under Trump’s administration.

Fed Chair Jerome Powell said no decision has been made on what sort of policy action the central bank will take in December but the central bank is “prepared to adjust our assessment of the appropriate pace and destination” for monetary policy amid uncertainty.

Meanwhile, Powell faces questions about his job security:

President-elect Donald Trump remains likely to allow Federal Reserve Chair Jerome Powell to serve out the remainder of his term, which expires in May 2026, according to a senior adviser to Trump who requested anonymity to describe private conversations.

The adviser cautioned that Trump could always change his mind, but his present view — and that of Trump’s economic team — is that Powell should remain atop the central bank as it pursues its policy of cutting interest rates. Trump in July told Bloomberg he had intended to keep Powell in his role at least for the duration of his term.

Still, Powell was peppered with questions about his job security during his first post-election press conference Thursday. Powell issued a terse “No” in response to a question about whether he would leave his Fed post before his term is up if President-elect Donald Trump asked him to. Powell later clarified that he believes Trump cannot fire him.

”Not permitted under the law,” Powell said.

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 0.1278 % 2,148.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1278 % 4,120.5
Floater 8.86 % 9.38 % 33,387 10.01 4 0.1278 % 2,374.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2215 % 3,595.8
SplitShare 4.80 % 5.38 % 66,610 2.15 6 0.2215 % 4,294.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2215 % 3,350.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0341 % 2,791.0
Perpetual-Discount 6.17 % 6.26 % 51,704 13.51 31 -0.0341 % 3,043.5
FixedReset Disc 5.58 % 7.08 % 96,112 12.31 58 -0.0567 % 2,647.9
Insurance Straight 6.03 % 6.17 % 68,031 13.62 21 1.2870 % 3,002.9
FloatingReset 7.70 % 7.40 % 27,222 11.99 2 0.1236 % 2,837.8
FixedReset Prem 6.40 % 5.57 % 176,762 3.73 7 -0.0442 % 2,585.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0567 % 2,706.7
FixedReset Ins Non 5.30 % 6.29 % 80,837 13.43 14 0.0383 % 2,769.9
Performance Highlights
Issue Index Change Notes
BN.PF.B FixedReset Disc -7.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.83 %
BN.PR.N Perpetual-Discount -5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.11 %
GWO.PR.Q Insurance Straight -5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.54 %
ENB.PR.D FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.95 %
BIP.PR.E FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 22.08
Evaluated at bid price : 22.50
Bid-YTW : 6.99 %
GWO.PR.I Insurance Straight -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.21 %
FTS.PR.K FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.77 %
CCS.PR.C Insurance Straight -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.11 %
BN.PR.R FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 7.81 %
BN.PF.J FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 21.85
Evaluated at bid price : 22.15
Bid-YTW : 7.08 %
GWO.PR.R Insurance Straight -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 19.59
Evaluated at bid price : 19.59
Bid-YTW : 6.22 %
SLF.PR.H FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.92 %
FFH.PR.F FloatingReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.41 %
GWO.PR.Y Insurance Straight -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.18 %
PVS.PR.J SplitShare 1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 5.69 %
FFH.PR.D FloatingReset 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 22.83
Evaluated at bid price : 23.10
Bid-YTW : 7.40 %
CU.PR.I FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.45
Bid-YTW : 6.42 %
BIP.PR.F FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 22.12
Evaluated at bid price : 22.65
Bid-YTW : 6.84 %
PWF.PR.Z Perpetual-Discount 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 6.29 %
BN.PR.X FixedReset Disc 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 15.64
Evaluated at bid price : 15.64
Bid-YTW : 7.83 %
PWF.PR.L Perpetual-Discount 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.26 %
FFH.PR.K FixedReset Disc 2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 21.66
Evaluated at bid price : 22.10
Bid-YTW : 7.22 %
CU.PR.C FixedReset Disc 3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.66 %
CU.PR.J Perpetual-Discount 4.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.18 %
GWO.PR.G Insurance Straight 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.20 %
BN.PF.F FixedReset Disc 5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 7.46 %
SLF.PR.D Insurance Straight 18.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.79 %
GWO.PR.T Insurance Straight 22.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 6.17 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.S FixedReset Disc 381,004 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 24.97
Evaluated at bid price : 24.97
Bid-YTW : 5.64 %
FFH.PR.C FixedReset Disc 63,279 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 22.33
Evaluated at bid price : 23.10
Bid-YTW : 6.76 %
ENB.PR.N FixedReset Disc 24,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 7.17 %
ENB.PR.Y FixedReset Disc 22,179 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.87 %
BMO.PR.W FixedReset Disc 20,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-25
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.87 %
TD.PF.C FixedReset Disc 20,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 22.44
Evaluated at bid price : 23.32
Bid-YTW : 5.66 %
There were 7 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.N Perpetual-Discount Quote: 17.00 – 19.06
Spot Rate : 2.0600
Average : 1.4489

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.11 %
BN.PF.B FixedReset Disc Quote: 19.00 – 20.65
Spot Rate : 1.6500
Average : 1.0652

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.83 %
GWO.PR.Q Insurance Straight Quote: 20.00 – 21.25
Spot Rate : 1.2500
Average : 0.7079

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.54 %
PWF.PR.O Perpetual-Discount Quote: 23.05 – 24.02
Spot Rate : 0.9700
Average : 0.6019

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 6.33 %
PWF.PR.F Perpetual-Discount Quote: 21.12 – 22.30
Spot Rate : 1.1800
Average : 0.8158

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 6.27 %
PWF.PR.S Perpetual-Discount Quote: 17.00 – 20.00
Spot Rate : 3.0000
Average : 2.6981

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-07
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.13 %
Market Action

November 6, 2024

PerpetualDiscounts now yield 6.28%, equivalent to 8.16% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.85% on 2024-11-5 and since then the closing price of ZLC has changed from 15.40 to 15.34, a total return of -0.39%, implying an increase of yields of 3bp (BMO reports a duration of 12.44, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.88%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened dramatically to 340bp from the 305bp reported October 30.

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 0.1493 % 2,145.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1493 % 4,115.3
Floater 8.87 % 9.37 % 33,930 10.02 4 0.1493 % 2,371.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3744 % 3,587.9
SplitShare 4.82 % 5.37 % 67,160 2.16 6 -0.3744 % 4,284.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3744 % 3,343.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.3701 % 2,792.0
Perpetual-Discount 6.17 % 6.28 % 51,992 13.47 31 -1.3701 % 3,044.5
FixedReset Disc 5.58 % 7.07 % 100,013 12.35 58 0.1969 % 2,649.4
Insurance Straight 6.11 % 6.14 % 68,585 13.67 21 -3.0615 % 2,964.8
FloatingReset 7.71 % 7.48 % 26,804 11.90 2 0.2478 % 2,834.3
FixedReset Prem 6.40 % 5.56 % 183,486 3.73 7 0.1163 % 2,587.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1969 % 2,708.3
FixedReset Ins Non 5.31 % 6.29 % 82,212 13.43 14 -1.1544 % 2,768.9
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -19.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.60 %
SLF.PR.D Insurance Straight -17.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.85 %
IFC.PR.C FixedReset Ins Non -11.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.59 %
BN.PF.C Perpetual-Discount -5.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.66 %
BN.PF.F FixedReset Disc -5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.89 %
GWO.PR.G Insurance Straight -4.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.49 %
CU.PR.J Perpetual-Discount -4.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.45 %
PWF.PR.L Perpetual-Discount -4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.43 %
PWF.PR.Z Perpetual-Discount -4.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.41 %
BN.PR.N Perpetual-Discount -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.70 %
MFC.PR.C Insurance Straight -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.02 %
PWF.PR.F Perpetual-Discount -3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.31 %
PWF.PR.E Perpetual-Discount -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.56
Evaluated at bid price : 21.82
Bid-YTW : 6.34 %
PWF.PR.O Perpetual-Discount -2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.73
Evaluated at bid price : 23.02
Bid-YTW : 6.34 %
FFH.PR.K FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.44 %
SLF.PR.E Insurance Straight -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.73 %
PWF.PR.H Perpetual-Discount -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.50
Evaluated at bid price : 22.76
Bid-YTW : 6.36 %
SLF.PR.H FixedReset Ins Non -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.83 %
POW.PR.B Perpetual-Discount -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.25
Evaluated at bid price : 21.52
Bid-YTW : 6.28 %
POW.PR.C Perpetual-Discount -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 23.25
Evaluated at bid price : 23.55
Bid-YTW : 6.22 %
POW.PR.A Perpetual-Discount -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.28
Evaluated at bid price : 22.55
Bid-YTW : 6.27 %
POW.PR.G Perpetual-Discount -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.15
Evaluated at bid price : 22.43
Bid-YTW : 6.30 %
IFC.PR.F Insurance Straight -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.90
Evaluated at bid price : 21.90
Bid-YTW : 6.14 %
PWF.PR.K Perpetual-Discount -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 6.26 %
BN.PF.D Perpetual-Discount -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.41 %
SLF.PR.C Insurance Straight -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.72 %
PWF.PR.R Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.73
Evaluated at bid price : 21.98
Bid-YTW : 6.30 %
BIP.PR.F FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.89
Evaluated at bid price : 22.31
Bid-YTW : 6.95 %
IFC.PR.K Insurance Straight -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.30
Evaluated at bid price : 21.58
Bid-YTW : 6.16 %
GWO.PR.Y Insurance Straight -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.11 %
ENB.PR.A Perpetual-Discount -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.26
Evaluated at bid price : 22.53
Bid-YTW : 6.22 %
PVS.PR.J SplitShare -1.64 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 6.03 %
CU.PR.D Perpetual-Discount -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 6.20 %
CU.PR.C FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.92 %
GWO.PR.I Insurance Straight -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 6.09 %
IFC.PR.G FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.67
Evaluated at bid price : 23.55
Bid-YTW : 6.10 %
BN.PF.J FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.11
Evaluated at bid price : 22.51
Bid-YTW : 6.96 %
CU.PR.E Perpetual-Discount -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.24 %
GWO.PR.P Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 6.25 %
GWO.PR.L Insurance Straight -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.22 %
FTS.PR.K FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 6.65 %
GWO.PR.S Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.49
Evaluated at bid price : 21.49
Bid-YTW : 6.20 %
ENB.PR.Y FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 7.85 %
GWO.PR.Q Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.18 %
FTS.PR.G FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.51 %
BN.PR.X FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 8.03 %
MFC.PR.Q FixedReset Ins Non -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.79
Evaluated at bid price : 23.78
Bid-YTW : 6.03 %
FFH.PR.I FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 7.73 %
IFC.PR.I Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.11
Evaluated at bid price : 22.45
Bid-YTW : 6.09 %
GWO.PR.M Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 23.21
Evaluated at bid price : 23.51
Bid-YTW : 6.25 %
MFC.PR.N FixedReset Ins Non 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.37 %
NA.PR.W FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.60
Evaluated at bid price : 23.65
Bid-YTW : 5.56 %
FFH.PR.C FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.30
Evaluated at bid price : 23.05
Bid-YTW : 6.78 %
BN.PR.R FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 16.79
Evaluated at bid price : 16.79
Bid-YTW : 7.68 %
FTS.PR.M FixedReset Disc 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.92 %
BN.PF.B FixedReset Disc 3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 7.23 %
BN.PF.G FixedReset Disc 3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.55 %
ENB.PR.F FixedReset Disc 5.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.75 %
FFH.PR.G FixedReset Disc 11.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.75 %
CU.PR.G Perpetual-Discount 16.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.18 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 48,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.43
Evaluated at bid price : 23.31
Bid-YTW : 5.67 %
BN.PF.A FixedReset Disc 38,544 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 22.17
Evaluated at bid price : 22.71
Bid-YTW : 6.88 %
MFC.PR.M FixedReset Ins Non 29,145 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 21.46
Evaluated at bid price : 21.76
Bid-YTW : 6.29 %
BN.PF.G FixedReset Disc 25,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.55 %
CU.PR.D Perpetual-Discount 18,147 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 6.20 %
ENB.PF.C FixedReset Disc 17,309 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.19
Evaluated at bid price : 18.19
Bid-YTW : 7.93 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 17.25 – 21.32
Spot Rate : 4.0700
Average : 2.2017

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.60 %
SLF.PR.D Insurance Straight Quote: 16.50 – 19.75
Spot Rate : 3.2500
Average : 1.7622

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.85 %
IFC.PR.C FixedReset Ins Non Quote: 18.00 – 21.22
Spot Rate : 3.2200
Average : 2.1561

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.59 %
BN.PF.F FixedReset Disc Quote: 19.00 – 20.40
Spot Rate : 1.4000
Average : 0.9807

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.89 %
CU.PR.J Perpetual-Discount Quote: 18.80 – 19.87
Spot Rate : 1.0700
Average : 0.6754

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.45 %
PWF.PR.Z Perpetual-Discount Quote: 20.27 – 21.74
Spot Rate : 1.4700
Average : 1.0847

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-06
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.41 %
Market Action

November 5, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.2129 % 2,142.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2129 % 4,109.1
Floater 8.89 % 9.37 % 34,286 10.02 4 -0.2129 % 2,368.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0535 % 3,601.4
SplitShare 4.80 % 5.37 % 69,518 2.16 6 0.0535 % 4,300.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0535 % 3,355.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.0504 % 2,830.8
Perpetual-Discount 6.08 % 6.15 % 51,004 13.63 31 -1.0504 % 3,086.8
FixedReset Disc 5.59 % 7.10 % 101,103 12.35 58 -0.5425 % 2,644.2
Insurance Straight 5.92 % 6.04 % 67,717 13.80 21 -0.0631 % 3,058.4
FloatingReset 7.73 % 7.53 % 24,796 11.84 2 0.0000 % 2,827.3
FixedReset Prem 6.41 % 5.56 % 189,432 3.73 7 -0.0609 % 2,584.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.5425 % 2,702.9
FixedReset Ins Non 5.24 % 6.29 % 84,941 13.44 14 -0.1583 % 2,801.2
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -15.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.20 %
PWF.PR.S Perpetual-Discount -14.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.13 %
FFH.PR.G FixedReset Disc -10.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 8.64 %
ENB.PR.F FixedReset Disc -5.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 17.47
Evaluated at bid price : 17.47
Bid-YTW : 8.17 %
BN.PF.B FixedReset Disc -4.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 7.47 %
FTS.PR.M FixedReset Disc -3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.13 %
BN.PF.G FixedReset Disc -3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.82 %
POW.PR.D Perpetual-Discount -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 6.32 %
MFC.PR.B Insurance Straight -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.92 %
BN.PR.N Perpetual-Discount -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 6.44 %
BIP.PR.A FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 7.77 %
PWF.PR.A Floater -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 12.85
Evaluated at bid price : 12.85
Bid-YTW : 8.16 %
IFC.PR.C FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.77 %
NA.PR.W FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 22.44
Evaluated at bid price : 23.32
Bid-YTW : 5.64 %
CU.PR.F Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.14 %
BN.PR.X FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 15.42
Evaluated at bid price : 15.42
Bid-YTW : 7.94 %
FFH.PR.K FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 21.59
Evaluated at bid price : 22.00
Bid-YTW : 7.25 %
CU.PR.J Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.S FixedReset Disc 106,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 23.15
Evaluated at bid price : 24.87
Bid-YTW : 5.63 %
TD.PF.J FixedReset Prem 50,738 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 23.31
Evaluated at bid price : 25.00
Bid-YTW : 5.72 %
FTS.PR.H FixedReset Disc 39,903 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 7.28 %
PVS.PR.L SplitShare 34,300 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : 5.37 %
NA.PR.W FixedReset Disc 28,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 22.44
Evaluated at bid price : 23.32
Bid-YTW : 5.64 %
GWO.PR.Y Insurance Straight 22,860 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.01 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 16.00 – 19.20
Spot Rate : 3.2000
Average : 1.9626

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.20 %
FFH.PR.G FixedReset Disc Quote: 15.90 – 18.00
Spot Rate : 2.1000
Average : 1.1715

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 8.64 %
PWF.PR.S Perpetual-Discount Quote: 17.00 – 20.00
Spot Rate : 3.0000
Average : 2.1115

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.13 %
ENB.PR.F FixedReset Disc Quote: 17.47 – 18.50
Spot Rate : 1.0300
Average : 0.6075

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 17.47
Evaluated at bid price : 17.47
Bid-YTW : 8.17 %
MFC.PR.L FixedReset Ins Non Quote: 23.21 – 24.21
Spot Rate : 1.0000
Average : 0.6697

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 22.41
Evaluated at bid price : 23.21
Bid-YTW : 5.85 %
BN.PF.G FixedReset Disc Quote: 18.67 – 19.50
Spot Rate : 0.8300
Average : 0.5298

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-05
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.82 %
Market Action

November 4, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,147.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,117.9
Floater 8.87 % 9.37 % 34,637 10.03 4 0.0000 % 2,373.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1803 % 3,599.4
SplitShare 4.80 % 5.36 % 68,766 3.04 6 -0.1803 % 4,298.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1803 % 3,353.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.8305 % 2,860.8
Perpetual-Discount 6.02 % 6.15 % 51,035 13.67 31 0.8305 % 3,119.6
FixedReset Disc 5.53 % 7.02 % 104,905 12.35 58 -0.0598 % 2,658.7
Insurance Straight 5.92 % 6.02 % 67,786 13.80 21 0.1558 % 3,060.4
FloatingReset 7.73 % 7.53 % 25,798 11.85 2 0.1241 % 2,827.3
FixedReset Prem 6.41 % 5.61 % 175,352 3.74 7 0.1607 % 2,585.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0598 % 2,717.7
FixedReset Ins Non 5.24 % 6.28 % 85,875 13.46 14 0.3175 % 2,805.7
Performance Highlights
Issue Index Change Notes
FFH.PR.F FloatingReset -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 8.28 %
FTS.PR.G FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 21.30
Evaluated at bid price : 21.59
Bid-YTW : 6.41 %
BN.PF.D Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.33 %
MFC.PR.B Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 5.82 %
IFC.PR.G FixedReset Ins Non 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.85
Evaluated at bid price : 23.90
Bid-YTW : 6.00 %
ENB.PF.K FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.49
Evaluated at bid price : 23.15
Bid-YTW : 6.84 %
CU.PR.F Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 6.07 %
IFC.PR.C FixedReset Ins Non 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 6.68 %
PWF.PR.E Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.14
Evaluated at bid price : 22.42
Bid-YTW : 6.17 %
IFC.PR.A FixedReset Ins Non 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.47 %
FFH.PR.D FloatingReset 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.46
Evaluated at bid price : 22.70
Bid-YTW : 7.53 %
PWF.PR.L Perpetual-Discount 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.15 %
PWF.PR.S Perpetual-Discount 19.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 6.10 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.W FixedReset Disc 225,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.58
Evaluated at bid price : 23.61
Bid-YTW : 5.57 %
TD.PF.C FixedReset Disc 60,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.33
Evaluated at bid price : 23.12
Bid-YTW : 5.72 %
ENB.PR.P FixedReset Disc 60,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 7.44 %
CM.PR.P FixedReset Disc 56,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 23.58
Evaluated at bid price : 24.52
Bid-YTW : 5.37 %
ENB.PF.A FixedReset Disc 55,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 7.65 %
BMO.PR.E FixedReset Prem 38,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 5.53 %
There were 7 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 20.30 – 22.00
Spot Rate : 1.7000
Average : 1.1522

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.81 %
BIP.PR.E FixedReset Disc Quote: 23.10 – 24.50
Spot Rate : 1.4000
Average : 1.1697

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 22.45
Evaluated at bid price : 23.10
Bid-YTW : 6.79 %
GWO.PR.G Insurance Straight Quote: 21.40 – 22.49
Spot Rate : 1.0900
Average : 0.8992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.16 %
BN.PR.K Floater Quote: 11.27 – 11.72
Spot Rate : 0.4500
Average : 0.2778

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 11.27
Evaluated at bid price : 11.27
Bid-YTW : 9.44 %
SLF.PR.H FixedReset Ins Non Quote: 18.79 – 19.44
Spot Rate : 0.6500
Average : 0.5264

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 6.63 %
IFC.PR.K Insurance Straight Quote: 22.05 – 22.70
Spot Rate : 0.6500
Average : 0.5513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-04
Maturity Price : 21.72
Evaluated at bid price : 22.05
Bid-YTW : 6.02 %
Market Action

November 1, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.2134 % 2,147.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2134 % 4,117.9
Floater 8.87 % 9.36 % 36,031 10.04 4 0.2134 % 2,373.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0350 % 3,605.9
SplitShare 4.79 % 5.22 % 48,724 1.26 8 0.0350 % 4,306.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0350 % 3,359.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0137 % 2,837.3
Perpetual-Discount 6.07 % 6.15 % 51,694 13.65 31 0.0137 % 3,093.9
FixedReset Disc 5.53 % 7.00 % 106,988 12.33 58 0.3625 % 2,660.2
Insurance Straight 5.92 % 6.05 % 68,133 13.82 20 0.1142 % 3,055.6
FloatingReset 7.46 % 7.57 % 25,857 11.81 1 0.0000 % 2,823.8
FixedReset Prem 6.42 % 5.75 % 182,020 3.74 7 -0.0554 % 2,581.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3625 % 2,719.3
FixedReset Ins Non 5.25 % 6.29 % 89,041 13.46 14 0.7861 % 2,796.8
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -17.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.29 %
PWF.PR.L Perpetual-Discount -2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.43 %
CU.PR.F Perpetual-Discount -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.14 %
IFC.PR.G FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 22.72
Evaluated at bid price : 23.65
Bid-YTW : 6.08 %
BN.PR.X FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 7.85 %
BN.PR.T FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 7.83 %
BIP.PR.A FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 7.73 %
MFC.PR.B Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.87 %
FFH.PR.C FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 21.97
Evaluated at bid price : 22.50
Bid-YTW : 6.96 %
ENB.PF.K FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 22.34
Evaluated at bid price : 22.89
Bid-YTW : 6.93 %
IFC.PR.I Insurance Straight 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 22.36
Evaluated at bid price : 22.69
Bid-YTW : 6.01 %
BN.PF.C Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.34 %
ENB.PF.A FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 7.65 %
BN.PF.I FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 21.96
Evaluated at bid price : 22.20
Bid-YTW : 7.58 %
BN.PR.N Perpetual-Discount 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.37 %
MFC.PR.F FixedReset Ins Non 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 6.69 %
BN.PR.Z FixedReset Disc 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 7.48 %
FTS.PR.M FixedReset Disc 4.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.88 %
BN.PF.F FixedReset Disc 6.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 7.42 %
POW.PR.D Perpetual-Discount 6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.20 %
IFC.PR.C FixedReset Ins Non 12.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.77 %
CU.PR.G Perpetual-Discount 17.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.10 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.W FixedReset Disc 444,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-25
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.61 %
FTS.PR.H FixedReset Disc 156,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 15.26
Evaluated at bid price : 15.26
Bid-YTW : 7.31 %
BN.PR.X FixedReset Disc 74,562 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 7.85 %
BN.PR.B Floater 28,915 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 9.40 %
MFC.PR.N FixedReset Ins Non 27,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 6.45 %
BN.PF.E FixedReset Disc 26,348 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.82 %
There were 7 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.S Perpetual-Discount Quote: 16.60 – 20.23
Spot Rate : 3.6300
Average : 2.1212

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.29 %
PWF.PR.L Perpetual-Discount Quote: 20.00 – 21.95
Spot Rate : 1.9500
Average : 1.3461

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.43 %
BN.PF.D Perpetual-Discount Quote: 19.45 – 20.50
Spot Rate : 1.0500
Average : 0.6126

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.39 %
BIP.PR.E FixedReset Disc Quote: 23.26 – 24.50
Spot Rate : 1.2400
Average : 0.9172

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 22.54
Evaluated at bid price : 23.26
Bid-YTW : 6.74 %
IFC.PR.G FixedReset Ins Non Quote: 23.65 – 24.40
Spot Rate : 0.7500
Average : 0.4856

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 22.72
Evaluated at bid price : 23.65
Bid-YTW : 6.08 %
PWF.PR.E Perpetual-Discount Quote: 22.12 – 23.00
Spot Rate : 0.8800
Average : 0.6320

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-01
Maturity Price : 21.88
Evaluated at bid price : 22.12
Bid-YTW : 6.25 %
Market Action

October 31, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.2129 % 2,142.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2129 % 4,109.1
Floater 8.89 % 9.39 % 36,523 10.01 4 -0.2129 % 2,368.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1503 % 3,604.7
SplitShare 4.79 % 5.22 % 46,942 1.27 8 0.1503 % 4,304.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1503 % 3,358.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.7466 % 2,836.9
Perpetual-Discount 6.07 % 6.14 % 51,690 13.68 31 -0.7466 % 3,093.5
FixedReset Disc 5.55 % 7.09 % 108,572 12.38 58 -0.3383 % 2,650.6
Insurance Straight 5.93 % 6.08 % 69,168 13.76 20 0.0167 % 3,052.1
FloatingReset 7.46 % 7.57 % 26,198 11.81 1 0.0000 % 2,823.8
FixedReset Prem 6.41 % 5.72 % 179,655 3.75 7 -0.0055 % 2,582.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3383 % 2,709.5
FixedReset Ins Non 5.29 % 6.29 % 86,020 13.45 14 -0.3708 % 2,775.0
Performance Highlights
Issue Index Change Notes
CU.PR.G Perpetual-Discount -15.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.19 %
POW.PR.D Perpetual-Discount -7.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.64 %
BN.PF.F FixedReset Disc -7.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.88 %
FTS.PR.M FixedReset Disc -4.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.20 %
BN.PR.Z FixedReset Disc -4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 7.76 %
PWF.PR.E Perpetual-Discount -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 21.88
Evaluated at bid price : 22.12
Bid-YTW : 6.25 %
MFC.PR.N FixedReset Ins Non -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.46 %
ENB.PF.K FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 22.16
Evaluated at bid price : 22.62
Bid-YTW : 7.02 %
GWO.PR.N FixedReset Ins Non -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 7.26 %
BN.PF.A FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 22.21
Evaluated at bid price : 22.77
Bid-YTW : 6.86 %
BN.PR.X FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 7.75 %
PWF.PR.Z Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.21 %
GWO.PR.L Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 6.20 %
ENB.PR.F FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 18.44
Evaluated at bid price : 18.44
Bid-YTW : 7.73 %
BN.PR.N Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.47 %
PVS.PR.K SplitShare 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.59 %
BIP.PR.A FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 7.64 %
FFH.PR.E FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.47 %
PWF.PR.R Perpetual-Discount 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 6.14 %
CU.PR.F Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.04 %
GWO.PR.G Insurance Straight 3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 6.13 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PR.K Floater 60,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 11.27
Evaluated at bid price : 11.27
Bid-YTW : 9.43 %
ENB.PR.Y FixedReset Disc 45,051 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 17.83
Evaluated at bid price : 17.83
Bid-YTW : 7.74 %
GWO.PR.Y Insurance Straight 41,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.02 %
BMO.PR.W FixedReset Disc 36,336 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-25
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 5.07 %
ENB.PF.C FixedReset Disc 33,244 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 7.99 %
TD.PF.A FixedReset Disc 27,015 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 22.16
Evaluated at bid price : 22.80
Bid-YTW : 5.83 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.G Perpetual-Discount Quote: 16.00 – 19.10
Spot Rate : 3.1000
Average : 1.6633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.19 %
POW.PR.D Perpetual-Discount Quote: 19.05 – 20.91
Spot Rate : 1.8600
Average : 1.2468

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.64 %
BN.PF.F FixedReset Disc Quote: 19.01 – 20.89
Spot Rate : 1.8800
Average : 1.2800

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.88 %
FTS.PR.M FixedReset Disc Quote: 19.60 – 21.04
Spot Rate : 1.4400
Average : 0.8982

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.20 %
BN.PR.Z FixedReset Disc Quote: 19.81 – 21.07
Spot Rate : 1.2600
Average : 0.8345

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-31
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 7.76 %
PVS.PR.K SplitShare Quote: 25.05 – 26.00
Spot Rate : 0.9500
Average : 0.5722

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.59 %
Market Action

October 30, 2024

PerpetualDiscounts now yield 6.13%, equivalent to 7.97% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.93% on 2024-10-29 and since then the closing price of ZLC has changed from 15.30 to 15.28, a total return of -0.13%, implying an increase of yields of 1bp (BMO reports a duration of 12.35, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.94%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 305bp from the 290bp reported October 23.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,147.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,117.9
Floater 8.87 % 9.36 % 36,807 10.05 4 0.0000 % 2,373.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1051 % 3,599.3
SplitShare 4.80 % 5.23 % 45,780 1.27 8 -0.1051 % 4,298.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1051 % 3,353.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2322 % 2,858.2
Perpetual-Discount 6.02 % 6.13 % 51,621 13.69 31 0.2322 % 3,116.7
FixedReset Disc 5.53 % 7.03 % 112,355 12.47 58 0.0303 % 2,659.6
Insurance Straight 5.93 % 6.09 % 68,898 13.74 20 0.3510 % 3,051.6
FloatingReset 7.46 % 7.57 % 27,178 11.82 1 -0.8889 % 2,823.8
FixedReset Prem 6.41 % 5.72 % 180,317 3.75 7 -0.1383 % 2,583.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0303 % 2,718.7
FixedReset Ins Non 5.27 % 6.28 % 87,118 13.49 14 0.1771 % 2,785.3
Performance Highlights
Issue Index Change Notes
BN.PF.I FixedReset Disc -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.52
Evaluated at bid price : 21.90
Bid-YTW : 7.67 %
FTS.PR.J Perpetual-Discount -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.99 %
ENB.PF.A FixedReset Disc -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.79 %
IFC.PR.F Insurance Straight -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 22.08
Evaluated at bid price : 22.08
Bid-YTW : 6.08 %
FTS.PR.K FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.29
Evaluated at bid price : 20.29
Bid-YTW : 6.57 %
PWF.PR.L Perpetual-Discount -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.19 %
MFC.PR.F FixedReset Ins Non -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.90 %
MFC.PR.B Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.93 %
GWO.PR.R Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 6.10 %
BN.PR.N Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.40 %
MFC.PR.C Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.80 %
CU.PR.J Perpetual-Discount 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.10 %
PWF.PR.Z Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.13 %
PWF.PR.S Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.04 %
SLF.PR.C Insurance Straight 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 5.59 %
PWF.PR.R Perpetual-Discount 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.97
Evaluated at bid price : 22.20
Bid-YTW : 6.23 %
MFC.PR.N FixedReset Ins Non 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.33 %
GWO.PR.G Insurance Straight 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.34 %
IFC.PR.E Insurance Straight 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.90
Evaluated at bid price : 21.90
Bid-YTW : 6.02 %
BN.PF.C Perpetual-Discount 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.42 %
POW.PR.D Perpetual-Discount 4.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.10 %
BN.PF.F FixedReset Disc 7.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.44
Evaluated at bid price : 20.44
Bid-YTW : 7.33 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PR.K Floater 85,485 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 11.32
Evaluated at bid price : 11.32
Bid-YTW : 9.38 %
BMO.PR.W FixedReset Disc 69,768 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-25
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 4.71 %
TD.PF.C FixedReset Disc 37,282 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 22.26
Evaluated at bid price : 23.00
Bid-YTW : 5.75 %
MFC.PR.M FixedReset Ins Non 35,880 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.49
Evaluated at bid price : 21.80
Bid-YTW : 6.28 %
BN.PR.B Floater 18,759 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 9.40 %
FTS.PR.M FixedReset Disc 18,374 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.53
Evaluated at bid price : 20.53
Bid-YTW : 6.86 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.C FixedReset Ins Non Quote: 18.00 – 21.00
Spot Rate : 3.0000
Average : 2.4495

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.59 %
MFC.PR.F FixedReset Ins Non Quote: 15.50 – 17.00
Spot Rate : 1.5000
Average : 1.1596

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.90 %
BN.PF.I FixedReset Disc Quote: 21.90 – 23.60
Spot Rate : 1.7000
Average : 1.3901

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 21.52
Evaluated at bid price : 21.90
Bid-YTW : 7.67 %
FTS.PR.J Perpetual-Discount Quote: 20.22 – 20.80
Spot Rate : 0.5800
Average : 0.3723

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.99 %
CU.PR.C FixedReset Disc Quote: 20.32 – 21.01
Spot Rate : 0.6900
Average : 0.4990

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 6.81 %
ENB.PF.A FixedReset Disc Quote: 18.70 – 19.19
Spot Rate : 0.4900
Average : 0.3193

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-30
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.79 %
Market Action

October 29, 2024

CM announced an LRCN issue today:

CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$500 million of 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the “LRCNs”).

The LRCNs will bear interest at a rate of 6.950% annually, payable quarterly, for the initial period ending on, but excluding, January 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 2.833%. The LRCNs will mature on January 28, 2085. The expected closing date of the offering is November 5, 2024.

In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 59 (Non-Viability Contingent Capital (NVCC)) (the “Series 59 Shares”) to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder’s proportionate share of the Limited Recourse Trust’s assets held in respect of the LRCNs, which will consist of Series 59 Shares except in limited circumstances.

CIBC may redeem the LRCNs on January 28, 2030 and on each January 28, April 28, July 28 and October 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days’ nor more than 60 days’ prior notice.

The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC.

The joint book-running managers for the offering are CIBC World Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.

Thanks to Assiduous Reader IrateAR for bringing this to my attention!

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 0.2990 % 2,147.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2990 % 4,117.9
Floater 8.87 % 9.35 % 35,686 10.05 4 0.2990 % 2,373.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0400 % 3,603.0
SplitShare 4.79 % 5.33 % 46,104 1.27 8 -0.0400 % 4,302.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0400 % 3,357.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.7831 % 2,851.6
Perpetual-Discount 6.04 % 6.13 % 51,603 13.68 31 -0.7831 % 3,109.5
FixedReset Disc 5.53 % 7.01 % 112,939 12.49 58 -0.2705 % 2,658.8
Insurance Straight 5.95 % 6.08 % 67,700 13.77 20 -1.8421 % 3,040.9
FloatingReset 7.39 % 7.50 % 27,079 11.90 1 -0.7937 % 2,849.1
FixedReset Prem 6.40 % 5.68 % 182,024 3.75 7 -0.0055 % 2,586.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2705 % 2,717.9
FixedReset Ins Non 5.28 % 6.26 % 86,587 13.49 14 -1.0716 % 2,780.4
Performance Highlights
Issue Index Change Notes
IFC.PR.C FixedReset Ins Non -11.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.59 %
BN.PF.F FixedReset Disc -7.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.88 %
GWO.PR.G Insurance Straight -6.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.48 %
BN.PF.C Perpetual-Discount -5.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.65 %
IFC.PR.E Insurance Straight -4.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 6.20 %
POW.PR.D Perpetual-Discount -4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 6.39 %
PWF.PR.R Perpetual-Discount -3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.56
Evaluated at bid price : 21.82
Bid-YTW : 6.33 %
CU.PR.F Perpetual-Discount -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.13 %
CU.PR.H Perpetual-Discount -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 6.09 %
MFC.PR.N FixedReset Ins Non -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.45 %
SLF.PR.C Insurance Straight -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.68 %
IFC.PR.I Insurance Straight -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 22.07
Evaluated at bid price : 22.40
Bid-YTW : 6.09 %
GWO.PR.T Insurance Straight -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.14 %
GWO.PR.I Insurance Straight -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.02 %
ENB.PR.A Perpetual-Discount -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 6.08 %
GWO.PR.P Insurance Straight -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.89
Evaluated at bid price : 22.13
Bid-YTW : 6.17 %
MFC.PR.C Insurance Straight -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.86 %
GWO.PR.H Insurance Straight -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 6.09 %
PWF.PR.Z Perpetual-Discount -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.20 %
GWO.PR.L Insurance Straight -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 22.79
Evaluated at bid price : 23.07
Bid-YTW : 6.19 %
GWO.PR.Y Insurance Straight -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 6.03 %
IFC.PR.A FixedReset Ins Non -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 6.57 %
BIP.PR.F FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 22.06
Evaluated at bid price : 22.56
Bid-YTW : 6.86 %
SLF.PR.E Insurance Straight -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.61 %
POW.PR.A Perpetual-Discount -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 6.13 %
BN.PR.Z FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.49 %
CU.PR.E Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 6.10 %
BN.PF.D Perpetual-Discount -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.40 %
GWO.PR.M Insurance Straight -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 6.19 %
POW.PR.B Perpetual-Discount -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 6.16 %
PWF.PR.H Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 23.04
Evaluated at bid price : 23.31
Bid-YTW : 6.20 %
CU.PR.G Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.13
Evaluated at bid price : 19.13
Bid-YTW : 5.99 %
PWF.PR.G Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 23.72
Evaluated at bid price : 24.03
Bid-YTW : 6.17 %
GWO.PR.R Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 6.03 %
BIP.PR.E FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 22.39
Evaluated at bid price : 23.00
Bid-YTW : 6.82 %
GWO.PR.S Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 6.08 %
ENB.PR.F FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.63
Evaluated at bid price : 18.63
Bid-YTW : 7.64 %
MFC.PR.F FixedReset Ins Non 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 15.69
Evaluated at bid price : 15.69
Bid-YTW : 6.82 %
BN.PR.X FixedReset Disc 5.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 16.02
Evaluated at bid price : 16.02
Bid-YTW : 7.64 %
PWF.PR.S Perpetual-Discount 18.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.13 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.P FixedReset Disc 196,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 7.43 %
BMO.PR.W FixedReset Disc 101,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-25
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 4.89 %
SLF.PR.G FixedReset Ins Non 101,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 6.82 %
SLF.PR.E Insurance Straight 54,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.61 %
MFC.PR.N FixedReset Ins Non 51,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.45 %
BMO.PR.E FixedReset Prem 27,848 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.36
Bid-YTW : 5.68 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.C FixedReset Ins Non Quote: 18.00 – 20.90
Spot Rate : 2.9000
Average : 1.8458

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.59 %
BN.PF.F FixedReset Disc Quote: 19.01 – 20.75
Spot Rate : 1.7400
Average : 1.0193

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.88 %
GWO.PR.G Insurance Straight Quote: 20.35 – 22.07
Spot Rate : 1.7200
Average : 1.0260

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.48 %
BN.PF.C Perpetual-Discount Quote: 18.49 – 19.52
Spot Rate : 1.0300
Average : 0.5960

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.65 %
POW.PR.D Perpetual-Discount Quote: 19.78 – 20.90
Spot Rate : 1.1200
Average : 0.7659

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 6.39 %
PWF.PR.R Perpetual-Discount Quote: 21.82 – 22.70
Spot Rate : 0.8800
Average : 0.5381

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-29
Maturity Price : 21.56
Evaluated at bid price : 21.82
Bid-YTW : 6.33 %
Market Action

October 28, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0214 % 2,140.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0214 % 4,105.6
Floater 8.89 % 9.39 % 35,535 10.02 4 0.0214 % 2,366.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0550 % 3,604.5
SplitShare 4.79 % 5.38 % 46,031 1.27 8 -0.0550 % 4,304.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0550 % 3,358.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.6122 % 2,874.1
Perpetual-Discount 5.99 % 6.08 % 51,016 13.80 31 -0.6122 % 3,134.1
FixedReset Disc 5.52 % 7.00 % 113,225 12.48 58 -0.0931 % 2,666.0
Insurance Straight 5.84 % 5.96 % 69,265 13.91 20 0.1502 % 3,098.0
FloatingReset 7.33 % 7.44 % 27,258 11.97 1 0.8000 % 2,871.9
FixedReset Prem 6.40 % 5.71 % 188,345 3.76 7 0.2217 % 2,586.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0931 % 2,725.2
FixedReset Ins Non 5.23 % 6.25 % 84,424 13.52 14 -0.0378 % 2,810.5
Performance Highlights
Issue Index Change Notes
PWF.PR.S Perpetual-Discount -18.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.29 %
BN.PR.X FixedReset Disc -6.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 8.04 %
CCS.PR.C Insurance Straight -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.03 %
IFC.PR.C FixedReset Ins Non -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.77 %
IFC.PR.F Insurance Straight -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 22.19
Evaluated at bid price : 22.47
Bid-YTW : 5.96 %
SLF.PR.D Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.63 %
CM.PR.P FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 23.61
Evaluated at bid price : 24.52
Bid-YTW : 5.37 %
GWO.PR.T Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 21.77
Evaluated at bid price : 21.77
Bid-YTW : 5.99 %
IFC.PR.A FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.47 %
BIK.PR.A FixedReset Prem 1.91 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.71
Bid-YTW : 5.90 %
IFC.PR.I Insurance Straight 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 22.60
Evaluated at bid price : 22.96
Bid-YTW : 5.94 %
CU.PR.F Perpetual-Discount 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 5.94 %
IFC.PR.E Insurance Straight 5.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 21.88
Evaluated at bid price : 22.35
Bid-YTW : 5.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.S FixedReset Disc 105,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 23.11
Evaluated at bid price : 24.75
Bid-YTW : 5.66 %
SLF.PR.H FixedReset Ins Non 57,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 6.63 %
BMO.PR.W FixedReset Disc 53,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-25
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.06 %
RY.PR.M FixedReset Disc 46,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 23.56
Evaluated at bid price : 24.07
Bid-YTW : 5.71 %
TD.PF.C FixedReset Disc 45,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 22.15
Evaluated at bid price : 22.80
Bid-YTW : 5.81 %
BMO.PR.E FixedReset Prem 42,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.54
Bid-YTW : 5.48 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.S Perpetual-Discount Quote: 16.60 – 20.39
Spot Rate : 3.7900
Average : 2.0634

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.29 %
CCS.PR.C Insurance Straight Quote: 21.00 – 22.70
Spot Rate : 1.7000
Average : 1.1174

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.03 %
CU.PR.H Perpetual-Discount Quote: 22.50 – 24.00
Spot Rate : 1.5000
Average : 0.9520

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.93 %
BN.PR.X FixedReset Disc Quote: 15.21 – 16.33
Spot Rate : 1.1200
Average : 0.6545

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 8.04 %
MFC.PR.F FixedReset Ins Non Quote: 15.50 – 17.00
Spot Rate : 1.5000
Average : 1.1444

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 6.90 %
CU.PR.D Perpetual-Discount Quote: 20.70 – 21.76
Spot Rate : 1.0600
Average : 0.7323

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-10-28
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.03 %