Category: Market Action

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 %
Market Action

May 4, 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 % 11,922 17.12 1 1.0438 % 1,696.0
FixedFloater 6.55 % 5.67 % 20,472 16.90 1 -1.6949 % 3,084.7
Floater 4.52 % 4.68 % 46,784 16.06 4 0.2395 % 1,719.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.2897 % 2,823.7
SplitShare 4.69 % 4.89 % 65,873 2.50 6 0.2897 % 3,304.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2897 % 2,578.1
Perpetual-Premium 5.77 % -11.91 % 76,047 0.09 6 -0.0788 % 2,594.4
Perpetual-Discount 5.50 % 5.57 % 101,348 14.49 33 -0.0396 % 2,657.0
FixedReset 5.12 % 4.75 % 166,624 14.17 88 0.0316 % 1,993.5
Deemed-Retractible 5.17 % 5.51 % 124,143 4.93 33 0.0356 % 2,658.6
FloatingReset 3.17 % 5.00 % 22,503 5.32 17 0.1726 % 2,084.8
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -3.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.50
Bid-YTW : 11.05 %
MFC.PR.H FixedReset -1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.21
Bid-YTW : 6.41 %
BAM.PR.G FixedFloater -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 25.00
Evaluated at bid price : 14.50
Bid-YTW : 5.67 %
BMO.PR.T FixedReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 4.25 %
IFC.PR.A FixedReset -1.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.18
Bid-YTW : 9.79 %
TD.PR.Z FloatingReset -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.15
Bid-YTW : 5.38 %
FTS.PR.G FixedReset -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 4.60 %
MFC.PR.N FixedReset -1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.52
Bid-YTW : 6.94 %
CCS.PR.C Deemed-Retractible -1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 6.73 %
CM.PR.O FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 4.28 %
BIP.PR.A FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.77 %
CIU.PR.A Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 5.49 %
BNS.PR.D FloatingReset 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.70
Bid-YTW : 6.94 %
BAM.PR.E Ratchet 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 25.00
Evaluated at bid price : 14.52
Bid-YTW : 5.64 %
CIU.PR.C FixedReset 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 4.51 %
BAM.PF.A FixedReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.03 %
BAM.PF.B FixedReset 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 5.03 %
PVS.PR.E SplitShare 1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.85 %
BAM.PF.G FixedReset 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 4.72 %
IAG.PR.A Deemed-Retractible 1.62 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 6.52 %
SLF.PR.G FixedReset 1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.45
Bid-YTW : 9.53 %
TRP.PR.G FixedReset 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 4.89 %
TD.PR.S FixedReset 2.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.51
Bid-YTW : 4.84 %
SLF.PR.H FixedReset 2.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.85
Bid-YTW : 8.43 %
IAG.PR.G FixedReset 2.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.57 %
TRP.PR.I FloatingReset 11.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 4.34 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BAM.PR.Z FixedReset 278,960 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.24 %
TRP.PR.J FixedReset 136,706 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.69
Bid-YTW : 4.96 %
MFC.PR.H FixedReset 122,950 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.21
Bid-YTW : 6.41 %
BMO.PR.Q FixedReset 79,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.05
Bid-YTW : 6.14 %
RY.PR.Q FixedReset 78,236 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 4.54 %
BAM.PR.T FixedReset 69,296 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 5.19 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.J FloatingReset Quote: 12.50 – 13.30
Spot Rate : 0.8000
Average : 0.4982

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.50
Bid-YTW : 11.05 %
CU.PR.H Perpetual-Discount Quote: 23.85 – 24.38
Spot Rate : 0.5300
Average : 0.3374

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 23.51
Evaluated at bid price : 23.85
Bid-YTW : 5.59 %
BNS.PR.Q FixedReset Quote: 22.54 – 22.99
Spot Rate : 0.4500
Average : 0.2932

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.54
Bid-YTW : 4.99 %
ELF.PR.H Perpetual-Discount Quote: 23.91 – 24.33
Spot Rate : 0.4200
Average : 0.2868

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 23.47
Evaluated at bid price : 23.91
Bid-YTW : 5.79 %
BNS.PR.F FloatingReset Quote: 19.17 – 19.99
Spot Rate : 0.8200
Average : 0.7075

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.17
Bid-YTW : 6.87 %
BAM.PF.F FixedReset Quote: 19.88 – 20.23
Spot Rate : 0.3500
Average : 0.2387

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-04
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 4.86 %
Market Action

May 3, 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 4.70 % 5.70 % 11,861 17.05 1 -0.2083 % 1,678.5
FixedFloater 6.44 % 5.57 % 21,286 17.03 1 -0.3378 % 3,137.9
Floater 4.53 % 4.73 % 48,373 15.98 4 -0.6426 % 1,715.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1257 % 2,815.6
SplitShare 4.70 % 4.94 % 65,341 1.52 6 0.1257 % 3,294.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1257 % 2,570.7
Perpetual-Premium 5.77 % -10.74 % 78,637 0.09 6 0.0920 % 2,596.5
Perpetual-Discount 5.50 % 5.54 % 99,910 14.53 33 0.0013 % 2,658.0
FixedReset 5.13 % 4.79 % 167,732 14.27 88 -0.1299 % 1,992.9
Deemed-Retractible 5.17 % 5.59 % 125,774 5.06 33 0.1172 % 2,657.7
FloatingReset 3.18 % 4.91 % 23,428 5.33 17 -0.1548 % 2,081.2
Performance Highlights
Issue Index Change Notes
TD.PR.S FixedReset -3.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.03
Bid-YTW : 5.26 %
FTS.PR.J Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 22.23
Evaluated at bid price : 22.55
Bid-YTW : 5.34 %
TRP.PR.I FloatingReset -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.85 %
FTS.PR.F Perpetual-Discount -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 23.08
Evaluated at bid price : 23.34
Bid-YTW : 5.33 %
MFC.PR.G FixedReset -1.75 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.70
Bid-YTW : 7.17 %
PWF.PR.A Floater -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 11.60
Evaluated at bid price : 11.60
Bid-YTW : 4.07 %
MFC.PR.F FixedReset -1.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.90
Bid-YTW : 10.05 %
CM.PR.P FixedReset -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 4.25 %
IFC.PR.C FixedReset -1.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.35
Bid-YTW : 7.83 %
TD.PF.B FixedReset -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 4.20 %
BMO.PR.S FixedReset -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 4.23 %
GWO.PR.O FloatingReset -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.35
Bid-YTW : 11.04 %
FTS.PR.K FixedReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 17.34
Evaluated at bid price : 17.34
Bid-YTW : 4.44 %
TD.PF.A FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 4.18 %
BNS.PR.A FloatingReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 4.34 %
BNS.PR.D FloatingReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.13 %
TRP.PR.G FixedReset 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 4.99 %
ELF.PR.F Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 22.80
Evaluated at bid price : 23.08
Bid-YTW : 5.78 %
CU.PR.C FixedReset 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 4.45 %
BNS.PR.F FloatingReset 1.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.30
Bid-YTW : 6.74 %
BNS.PR.P FixedReset 1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.62
Bid-YTW : 4.12 %
TRP.PR.F FloatingReset 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 12.80
Evaluated at bid price : 12.80
Bid-YTW : 4.83 %
TRP.PR.A FixedReset 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 4.80 %
HSE.PR.A FixedReset 3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 11.35
Evaluated at bid price : 11.35
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 95,580 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.67
Bid-YTW : 4.97 %
BNS.PR.E FixedReset 62,217 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.12
Bid-YTW : 4.53 %
BMO.PR.S FixedReset 44,392 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 4.23 %
CM.PR.P FixedReset 43,795 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 4.25 %
BAM.PR.G FixedFloater 42,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 25.00
Evaluated at bid price : 14.75
Bid-YTW : 5.57 %
HSE.PR.E FixedReset 25,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 5.62 %
There were 19 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: 10.75 – 12.00
Spot Rate : 1.2500
Average : 1.0135

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.85 %
FTS.PR.J Perpetual-Discount Quote: 22.55 – 22.97
Spot Rate : 0.4200
Average : 0.2866

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 22.23
Evaluated at bid price : 22.55
Bid-YTW : 5.34 %
BMO.PR.Y FixedReset Quote: 20.52 – 21.00
Spot Rate : 0.4800
Average : 0.3587

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 4.36 %
TD.PR.S FixedReset Quote: 22.03 – 22.50
Spot Rate : 0.4700
Average : 0.3507

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.03
Bid-YTW : 5.26 %
FTS.PR.F Perpetual-Discount Quote: 23.34 – 23.76
Spot Rate : 0.4200
Average : 0.3075

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-03
Maturity Price : 23.08
Evaluated at bid price : 23.34
Bid-YTW : 5.33 %
BNS.PR.F FloatingReset Quote: 19.30 – 19.99
Spot Rate : 0.6900
Average : 0.5841

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.30
Bid-YTW : 6.74 %
Market Action

May 2, 2016

Well – it’s a day late and it’s just the bare bones. But it’s here:

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 % 5.69 % 11,733 17.06 1 1.3371 % 1,682.0
FixedFloater 6.42 % 5.55 % 19,670 17.06 1 0.6803 % 3,148.5
Floater 4.50 % 4.69 % 49,083 16.04 4 0.6467 % 1,726.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0337 % 2,812.0
SplitShare 4.71 % 4.88 % 65,927 2.51 6 -0.0337 % 3,290.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0337 % 2,567.5
Perpetual-Premium 5.77 % -9.56 % 79,867 0.09 6 -0.0460 % 2,594.1
Perpetual-Discount 5.50 % 5.56 % 98,741 14.54 33 0.3431 % 2,658.0
FixedReset 5.12 % 4.74 % 166,799 14.19 88 -0.0838 % 1,995.5
Deemed-Retractible 5.17 % 5.58 % 125,658 5.06 33 -0.0751 % 2,654.6
FloatingReset 3.17 % 4.93 % 24,390 5.33 17 0.0493 % 2,084.5
Performance Highlights
Issue Index Change Notes
IAG.PR.G FixedReset -3.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.00
Bid-YTW : 6.91 %
HSE.PR.A FixedReset -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 10.96
Evaluated at bid price : 10.96
Bid-YTW : 5.76 %
BNS.PR.P FixedReset -2.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 4.43 %
TRP.PR.A FixedReset -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 4.94 %
CM.PR.O FixedReset -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.23
Evaluated at bid price : 19.23
Bid-YTW : 4.26 %
TD.PR.Y FixedReset -1.93 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.84
Bid-YTW : 4.74 %
NA.PR.Q FixedReset -1.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 4.99 %
TRP.PR.G FixedReset -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.05 %
TD.PR.Z FloatingReset -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.36
Bid-YTW : 5.19 %
SLF.PR.J FloatingReset -1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.87
Bid-YTW : 10.64 %
SLF.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 : 21.08
Bid-YTW : 6.97 %
BAM.PR.T FixedReset -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 5.17 %
TD.PR.S FixedReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 4.59 %
IFC.PR.A FixedReset 1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.56
Bid-YTW : 9.43 %
RY.PR.O Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 23.33
Evaluated at bid price : 23.64
Bid-YTW : 5.18 %
TRP.PR.H FloatingReset 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 10.16
Evaluated at bid price : 10.16
Bid-YTW : 4.50 %
CU.PR.C FixedReset 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 18.29
Evaluated at bid price : 18.29
Bid-YTW : 4.51 %
BAM.PR.E Ratchet 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 25.00
Evaluated at bid price : 14.40
Bid-YTW : 5.69 %
BAM.PF.D Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.95 %
RY.PR.M FixedReset 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 4.30 %
BAM.PR.R FixedReset 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 5.01 %
FTS.PR.G FixedReset 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 4.51 %
FTS.PR.F Perpetual-Discount 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 23.51
Evaluated at bid price : 23.78
Bid-YTW : 5.23 %
FTS.PR.J Perpetual-Discount 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 22.81
Evaluated at bid price : 23.17
Bid-YTW : 5.19 %
TRP.PR.I FloatingReset 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 4.73 %
PWF.PR.Q FloatingReset 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 4.23 %
PWF.PR.A Floater 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 4.00 %
TD.PF.C FixedReset 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 4.16 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 255,825 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 4.87 %
TD.PF.G FixedReset 112,854 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.58 %
BMO.PR.T FixedReset 86,174 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 4.20 %
CM.PR.O FixedReset 41,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.23
Evaluated at bid price : 19.23
Bid-YTW : 4.26 %
BMO.PR.S FixedReset 32,689 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 4.18 %
RY.PR.H FixedReset 29,540 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.23
Evaluated at bid price : 19.23
Bid-YTW : 4.17 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAG.PR.G FixedReset Quote: 20.00 – 20.75
Spot Rate : 0.7500
Average : 0.5231

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.00
Bid-YTW : 6.91 %
BAM.PR.X FixedReset Quote: 13.95 – 14.48
Spot Rate : 0.5300
Average : 0.3524

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 4.94 %
CM.PR.O FixedReset Quote: 19.23 – 19.72
Spot Rate : 0.4900
Average : 0.3253

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-05-02
Maturity Price : 19.23
Evaluated at bid price : 19.23
Bid-YTW : 4.26 %
NA.PR.Q FixedReset Quote: 23.01 – 23.50
Spot Rate : 0.4900
Average : 0.3334

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.01
Bid-YTW : 4.99 %
BNS.PR.B FloatingReset Quote: 21.12 – 21.73
Spot Rate : 0.6100
Average : 0.4545

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.12
Bid-YTW : 5.42 %
BNS.PR.P FixedReset Quote: 23.25 – 23.88
Spot Rate : 0.6300
Average : 0.4745

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 4.43 %
Market Action

April 29, 2016

DBRS greeted news of Husky’s divestment programme with marked restraint:

DBRS views the impact on Husky’s business risk profile as marginally negative due to a lessening in the integration and diversification of the Company’s asset base. The midstream segment has provided a source of stable cash flow partially offsetting the significant erosion in cash flow from oil and gas production activities. DBRS also notes that the Transaction will result in a minor negative impact on Husky’s cash flow (expected 2016 EBITDA contribution from the assets is approximately $180 million; however, Husky will retain a 35% share of EBITDA). However, more importantly, the impact on the Company’s financial risk profile is positive. The Company plans to use the proceeds from the sale to strengthen the Company’s financial position and enhance liquidity. At March 31, 2016, Husky’s total debt was $6.98 billion and the Company had no cash on the balance sheet. For the past 12 month ended March 31, 2016, the Company’s total debt-to-cash flow ratio was 2.90 times (x; up from 2.42x at end of 2015) and total debt in the capital structure was 30.2%. On a pro forma basis, assuming proceeds (before transaction costs) of $1.7 billion are applied to debt reduction, DBRS estimates a total debt-to-cash flow ratio of 2.31x and a ratio of total debt in the capital structure of approximately 24.7%. The Transaction on a stand-alone basis has no immediate impact on the Company’s Issuer Rating and Senior Unsecured Notes and Debentures rating of A (low), the Commercial Paper rating of R-1 (low) and the Preferred Shares – Cumulative rating of Pfd-2 (low).
…
DBRS at this time maintains a Negative trend on Husky’s ratings as the low oil pricing environment continues to weigh on the Company’s cash flow generation and key credit metrics. However, if the Company successfully completes the asset sale program and/or if oil prices recovery materially, DBRS will review the rating and likely change the trend back to Stable.

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 4.76 % 5.77 % 11,648 16.98 1 0.1409 % 1,659.8
FixedFloater 6.46 % 5.59 % 19,737 17.02 1 0.0000 % 3,127.2
Floater 4.53 % 4.71 % 49,735 16.01 4 -0.4768 % 1,715.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0067 % 2,813.0
SplitShare 4.71 % 5.03 % 68,296 2.51 6 -0.0067 % 3,291.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0067 % 2,568.3
Perpetual-Premium 5.77 % -10.11 % 80,801 0.09 6 0.0263 % 2,595.3
Perpetual-Discount 5.52 % 5.57 % 98,354 14.53 33 0.1393 % 2,648.9
FixedReset 5.12 % 4.83 % 169,213 13.99 88 0.0063 % 1,997.1
Deemed-Retractible 5.17 % 5.60 % 125,995 5.07 33 0.1352 % 2,656.6
FloatingReset 3.17 % 4.91 % 25,320 5.34 17 -0.1230 % 2,083.4
Performance Highlights
Issue Index Change Notes
TRP.PR.I FloatingReset -5.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.82 %
TD.PF.C FixedReset -3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 18.77
Evaluated at bid price : 18.77
Bid-YTW : 4.41 %
TD.PF.E FixedReset -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 4.52 %
HSE.PR.C FixedReset -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 5.99 %
GWO.PR.O FloatingReset -1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.45
Bid-YTW : 10.91 %
VNR.PR.A FixedReset -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 17.89
Evaluated at bid price : 17.89
Bid-YTW : 5.33 %
PWF.PR.Q FloatingReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 4.32 %
TRP.PR.D FixedReset -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 4.92 %
BIP.PR.A FixedReset 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.93 %
CU.PR.H Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 23.74
Evaluated at bid price : 24.09
Bid-YTW : 5.53 %
BAM.PF.G FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.91 %
CU.PR.F Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.48 %
CU.PR.D Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 22.40
Evaluated at bid price : 22.70
Bid-YTW : 5.47 %
IAG.PR.G FixedReset 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.71
Bid-YTW : 6.53 %
SLF.PR.I FixedReset 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.75
Bid-YTW : 7.03 %
HSE.PR.A FixedReset 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 5.80 %
BMO.PR.Y FixedReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 4.42 %
BMO.PR.Q FixedReset 1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.02
Bid-YTW : 6.28 %
TD.PF.A FixedReset 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 4.24 %
SLF.PR.J FloatingReset 1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.05
Bid-YTW : 10.44 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 96,834 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.57
Bid-YTW : 5.05 %
BMO.PR.T FixedReset 58,678 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 4.32 %
TD.PF.C FixedReset 43,514 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 18.77
Evaluated at bid price : 18.77
Bid-YTW : 4.41 %
W.PR.K FixedReset 22,544 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 23.20
Evaluated at bid price : 25.06
Bid-YTW : 5.18 %
MFC.PR.M FixedReset 21,630 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.10
Bid-YTW : 6.65 %
BAM.PF.G FixedReset 20,168 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.91 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.C FixedReset Quote: 18.77 – 19.49
Spot Rate : 0.7200
Average : 0.4436

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 18.77
Evaluated at bid price : 18.77
Bid-YTW : 4.41 %
TRP.PR.I FloatingReset Quote: 10.75 – 11.76
Spot Rate : 1.0100
Average : 0.7589

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.82 %
GWO.PR.O FloatingReset Quote: 12.45 – 13.50
Spot Rate : 1.0500
Average : 0.8050

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.45
Bid-YTW : 10.91 %
IGM.PR.B Perpetual-Premium Quote: 25.35 – 25.89
Spot Rate : 0.5400
Average : 0.3487

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 5.37 %
ELF.PR.H Perpetual-Discount Quote: 23.87 – 24.33
Spot Rate : 0.4600
Average : 0.2897

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-29
Maturity Price : 23.43
Evaluated at bid price : 23.87
Bid-YTW : 5.79 %
BNS.PR.C FloatingReset Quote: 21.51 – 21.94
Spot Rate : 0.4300
Average : 0.2724

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.51
Bid-YTW : 5.26 %
Market Action

April 28, 2016

The FOMC release kept policy hikes on hold:

Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. Growth in household spending has moderated, although households’ real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft. A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.
…
Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.
…
Voting against the action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate to 1/2 to 3/4 percent.

This has been interpreted as dovish:

Treasuries trimmed losses from earlier in April after the central bank’s policy-setting Federal Open Market Committee finished a meeting this week by opting against raising interest rates. The statement suggested officials are still looking for the signs of growth, inflation and global stability to justify a move.

“We read the April FOMC statement as slightly dovish,” according to a report Morgan Stanley issued Thursday by analysts including Matthew Hornbach, the head of global interest-rate strategy in New York. “We see it increasingly unlikely that the Fed will be able to deliver a rate hike at the June FOMC meeting.”

… and the US economy is no great shakes:

The U.S. economy expanded in the first quarter at the slowest pace in two years as American consumers reined in spending and companies tightened their belts in response to weak global financial conditions and a plunge in oil prices.

Gross domestic product rose at a 0.5 percent annualized rate after a 1.4 percent fourth-quarter advance, Commerce Department data showed Thursday. The increase was less than the 0.7 percent median projection in a Bloomberg survey and marked the third straight disappointing start to a year.

Shaky global markets and oil’s tumble resulted in the biggest business-investment slump in almost seven years, and household purchases climbed the least since early 2015, the data showed. While Federal Reserve officials on Wednesday acknowledged the softness, they also indicated strong hiring and income gains have the potential to reignite consumer spending and propel economic growth.

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 4.76 % 5.78 % 12,114 16.97 1 -1.1838 % 1,657.5
FixedFloater 6.46 % 5.59 % 19,918 17.03 1 0.0000 % 3,127.2
Floater 4.51 % 4.67 % 50,357 16.10 4 0.4069 % 1,723.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0857 % 2,813.2
SplitShare 4.71 % 5.02 % 69,366 2.52 6 -0.0857 % 3,291.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0857 % 2,568.5
Perpetual-Premium 5.77 % -10.74 % 84,066 0.09 6 0.0329 % 2,594.6
Perpetual-Discount 5.53 % 5.58 % 97,559 14.52 33 0.1158 % 2,645.2
FixedReset 5.12 % 4.87 % 170,829 13.90 88 0.1105 % 1,997.0
Deemed-Retractible 5.18 % 5.64 % 125,867 5.07 33 0.2042 % 2,653.0
FloatingReset 3.17 % 4.94 % 26,358 5.34 17 0.1757 % 2,086.0
Performance Highlights
Issue Index Change Notes
BNS.PR.F FloatingReset -1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.01
Bid-YTW : 7.01 %
PVS.PR.E SplitShare -1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 6.22 %
BNS.PR.Z FixedReset -1.37 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.18
Bid-YTW : 6.13 %
BAM.PR.E Ratchet -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 25.00
Evaluated at bid price : 14.19
Bid-YTW : 5.78 %
BAM.PR.X FixedReset -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 14.04
Evaluated at bid price : 14.04
Bid-YTW : 5.11 %
CU.PR.C FixedReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 4.74 %
BAM.PR.Z FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 5.35 %
BNS.PR.P FixedReset -1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 4.13 %
NA.PR.S FixedReset 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 4.49 %
HSE.PR.C FixedReset 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 5.89 %
BMO.PR.W FixedReset 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 4.29 %
CIU.PR.C FixedReset 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 11.90
Evaluated at bid price : 11.90
Bid-YTW : 4.87 %
BMO.PR.S FixedReset 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.59
Evaluated at bid price : 19.59
Bid-YTW : 4.30 %
SLF.PR.J FloatingReset 1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.86
Bid-YTW : 10.64 %
TRP.PR.I FloatingReset 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 11.41
Evaluated at bid price : 11.41
Bid-YTW : 4.54 %
IFC.PR.C FixedReset 1.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.70
Bid-YTW : 7.69 %
MFC.PR.F FixedReset 1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.15
Bid-YTW : 9.96 %
GWO.PR.O FloatingReset 2.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.65
Bid-YTW : 10.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.J FixedReset 149,856 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 5.10 %
POW.PR.B Perpetual-Discount 32,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 23.52
Evaluated at bid price : 23.79
Bid-YTW : 5.66 %
TD.PF.G FixedReset 27,403 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 4.58 %
CM.PR.P FixedReset 25,190 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 4.32 %
BMO.PR.Z Perpetual-Discount 23,855 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 23.62
Evaluated at bid price : 23.96
Bid-YTW : 5.20 %
BMO.PR.W FixedReset 23,746 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 4.29 %
There were 26 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.B FloatingReset Quote: 10.35 – 12.00
Spot Rate : 1.6500
Average : 0.9162

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 10.35
Evaluated at bid price : 10.35
Bid-YTW : 5.52 %
BAM.PR.G FixedFloater Quote: 14.70 – 15.50
Spot Rate : 0.8000
Average : 0.4786

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 25.00
Evaluated at bid price : 14.70
Bid-YTW : 5.59 %
HSE.PR.G FixedReset Quote: 19.75 – 20.68
Spot Rate : 0.9300
Average : 0.6217

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.74 %
BNS.PR.F FloatingReset Quote: 19.01 – 19.75
Spot Rate : 0.7400
Average : 0.5294

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.01
Bid-YTW : 7.01 %
MFC.PR.H FixedReset Quote: 21.71 – 22.15
Spot Rate : 0.4400
Average : 0.3148

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.71
Bid-YTW : 6.18 %
TD.PF.B FixedReset Quote: 19.40 – 19.75
Spot Rate : 0.3500
Average : 0.2267

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-04-28
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 4.28 %