Category: Market Action

Market Action

January 7, 2025

Another hat trick for the Canadian preferred share market today, with TXPR, CPD and ZPR all making new 52-week highs.

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 -0.6714 % 2,299.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6714 % 4,409.9
Floater 7.58 % 7.84 % 34,137 11.57 4 -0.6714 % 2,541.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.2643 % 3,634.3
SplitShare 4.76 % 4.18 % 51,522 0.79 8 0.2643 % 4,340.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2643 % 3,386.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0931 % 2,925.9
Perpetual-Discount 5.87 % 6.03 % 52,679 13.81 32 0.0931 % 3,190.6
FixedReset Disc 5.34 % 6.43 % 98,908 12.98 50 0.2113 % 2,847.3
Insurance Straight 5.81 % 5.94 % 63,654 14.00 21 0.0509 % 3,116.9
FloatingReset 6.31 % 6.42 % 36,398 13.29 3 0.6679 % 3,398.7
FixedReset Prem 5.67 % 5.45 % 165,998 3.38 12 -0.1501 % 2,598.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2113 % 2,910.6
FixedReset Ins Non 5.16 % 5.93 % 72,033 13.95 14 0.3804 % 2,929.1
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -3.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 21.66
Evaluated at bid price : 22.05
Bid-YTW : 5.93 %
CU.PR.J Perpetual-Discount -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.07 %
PWF.PR.A Floater -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 13.62
Evaluated at bid price : 13.62
Bid-YTW : 7.15 %
BN.PF.E FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 6.79 %
IFC.PR.A FixedReset Ins Non -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.66 %
BN.PF.F FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.80 %
BN.PF.D Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 6.25 %
IFC.PR.I Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 22.84
Evaluated at bid price : 23.25
Bid-YTW : 5.84 %
ENB.PF.K FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 22.95
Evaluated at bid price : 24.00
Bid-YTW : 6.48 %
PVS.PR.L SplitShare 1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.26 %
MFC.PR.C Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.62 %
CU.PR.D Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 21.43
Evaluated at bid price : 21.69
Bid-YTW : 5.71 %
PVS.PR.J SplitShare 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.60 %
MFC.PR.J FixedReset Ins Non 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 23.33
Evaluated at bid price : 24.95
Bid-YTW : 5.70 %
GWO.PR.N FixedReset Ins Non 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 6.44 %
BN.PR.T FixedReset Disc 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 7.03 %
FTS.PR.F Perpetual-Discount 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.57 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 520,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-02
Maturity Price : 25.00
Evaluated at bid price : 24.94
Bid-YTW : 4.87 %
TD.PF.C FixedReset Prem 333,996 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-02
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 4.80 %
BMO.PR.Y FixedReset Disc 108,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.72
Bid-YTW : 5.51 %
TD.PF.D FixedReset Disc 72,958 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 24.20
Evaluated at bid price : 24.77
Bid-YTW : 5.79 %
BN.PF.I FixedReset Disc 50,580 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 6.07 %
MFC.PR.J FixedReset Ins Non 34,136 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 23.33
Evaluated at bid price : 24.95
Bid-YTW : 5.70 %
There were 28 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.D Perpetual-Discount Quote: 21.69 – 22.76
Spot Rate : 1.0700
Average : 0.7891

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 21.43
Evaluated at bid price : 21.69
Bid-YTW : 5.71 %
BN.PR.M Perpetual-Discount Quote: 18.99 – 20.39
Spot Rate : 1.4000
Average : 1.1503

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 6.31 %
GWO.PR.N FixedReset Ins Non Quote: 16.10 – 16.99
Spot Rate : 0.8900
Average : 0.7032

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 6.44 %
MFC.PR.I FixedReset Ins Non Quote: 24.21 – 25.00
Spot Rate : 0.7900
Average : 0.6088

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 23.12
Evaluated at bid price : 24.21
Bid-YTW : 6.08 %
PWF.PR.R Perpetual-Discount Quote: 22.70 – 23.44
Spot Rate : 0.7400
Average : 0.5611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 6.17 %
RY.PR.N Perpetual-Discount Quote: 24.31 – 24.85
Spot Rate : 0.5400
Average : 0.3643

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-07
Maturity Price : 24.06
Evaluated at bid price : 24.31
Bid-YTW : 5.10 %
Market Action

January 6, 2025

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 1.2800 % 2,314.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.2800 % 4,439.7
Floater 7.53 % 7.84 % 35,461 11.58 4 1.2800 % 2,558.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4913 % 3,624.7
SplitShare 4.78 % 4.57 % 51,187 0.79 8 -0.4913 % 4,328.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4913 % 3,377.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7460 % 2,923.2
Perpetual-Discount 5.87 % 6.03 % 54,651 13.82 32 0.7460 % 3,187.6
FixedReset Disc 5.36 % 6.44 % 91,866 12.95 50 0.3481 % 2,841.3
Insurance Straight 5.81 % 5.91 % 62,876 14.03 21 1.0994 % 3,115.3
FloatingReset 6.36 % 6.46 % 37,792 13.24 3 0.2941 % 3,376.1
FixedReset Prem 5.66 % 5.44 % 172,272 3.39 12 -0.3998 % 2,602.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3481 % 2,904.4
FixedReset Ins Non 5.18 % 5.94 % 73,734 13.92 14 0.9147 % 2,918.0
Performance Highlights
Issue Index Change Notes
MFC.PR.I FixedReset Ins Non -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 23.12
Evaluated at bid price : 24.21
Bid-YTW : 6.08 %
PVS.PR.L SplitShare -1.80 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.51 %
PVS.PR.J SplitShare -1.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 5.04 %
GWO.PR.R Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.02 %
SLF.PR.E Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.51 %
BN.PF.G FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.79 %
POW.PR.G Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 6.06 %
GWO.PR.Y Insurance Straight 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.91 %
PWF.PR.K Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 6.02 %
PWF.PR.T FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.28
Evaluated at bid price : 22.91
Bid-YTW : 6.01 %
NA.PR.G FixedReset Prem 1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-16
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 5.60 %
BIP.PR.F FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.66
Evaluated at bid price : 23.58
Bid-YTW : 6.43 %
IFC.PR.C FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.36
Evaluated at bid price : 21.67
Bid-YTW : 6.25 %
ENB.PR.F FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.07 %
IFC.PR.F Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.47
Evaluated at bid price : 22.75
Bid-YTW : 5.86 %
IFC.PR.K Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.26
Evaluated at bid price : 22.65
Bid-YTW : 5.82 %
BN.PF.E FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.69 %
SLF.PR.J FloatingReset 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 16.79
Evaluated at bid price : 16.79
Bid-YTW : 6.87 %
BN.PR.R FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 18.19
Evaluated at bid price : 18.19
Bid-YTW : 7.02 %
MFC.PR.N FixedReset Ins Non 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.56
Evaluated at bid price : 21.90
Bid-YTW : 6.06 %
ENB.PR.N FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.62
Evaluated at bid price : 23.50
Bid-YTW : 6.35 %
MFC.PR.F FixedReset Ins Non 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.16 %
CU.PR.J Perpetual-Discount 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 5.92 %
CU.PR.G Perpetual-Discount 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.78 %
SLF.PR.D Insurance Straight 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 5.50 %
GWO.PR.T Insurance Straight 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.75
Evaluated at bid price : 21.75
Bid-YTW : 5.97 %
PWF.PR.Z Perpetual-Discount 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.90
Evaluated at bid price : 21.90
Bid-YTW : 6.00 %
GWO.PR.G Insurance Straight 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.97 %
CU.PR.F Perpetual-Discount 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 5.73 %
IFC.PR.E Insurance Straight 3.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.49
Evaluated at bid price : 22.76
Bid-YTW : 5.75 %
GWO.PR.Q Insurance Straight 3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.97 %
PWF.PR.L Perpetual-Discount 3.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.37
Evaluated at bid price : 21.64
Bid-YTW : 6.00 %
CU.PR.H Perpetual-Discount 3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.96 %
GWO.PR.N FixedReset Ins Non 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 15.82
Evaluated at bid price : 15.82
Bid-YTW : 6.55 %
PWF.PR.A Floater 3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 13.88
Evaluated at bid price : 13.88
Bid-YTW : 7.01 %
MFC.PR.B Insurance Straight 4.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.70 %
SLF.PR.G FixedReset Ins Non 8.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 6.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.I FixedReset Disc 50,510 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.48
Evaluated at bid price : 23.00
Bid-YTW : 6.18 %
BN.PF.B FixedReset Disc 50,301 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.02
Evaluated at bid price : 22.51
Bid-YTW : 6.44 %
MFC.PR.N FixedReset Ins Non 37,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 21.56
Evaluated at bid price : 21.90
Bid-YTW : 6.06 %
ENB.PR.P FixedReset Disc 36,008 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.93 %
ENB.PF.A FixedReset Disc 25,775 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 7.02 %
ENB.PR.Y FixedReset Disc 21,906 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 7.18 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.I Insurance Straight Quote: 19.36 – 21.84
Spot Rate : 2.4800
Average : 1.5552

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 5.86 %
IFC.PR.K Insurance Straight Quote: 22.65 – 24.63
Spot Rate : 1.9800
Average : 1.2027

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 22.26
Evaluated at bid price : 22.65
Bid-YTW : 5.82 %
BN.PR.M Perpetual-Discount Quote: 19.00 – 20.39
Spot Rate : 1.3900
Average : 0.8766

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.31 %
ENB.PR.A Perpetual-Discount Quote: 23.50 – 24.59
Spot Rate : 1.0900
Average : 0.6351

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.92 %
POW.PR.D Perpetual-Discount Quote: 20.90 – 21.70
Spot Rate : 0.8000
Average : 0.4880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.02 %
PWF.PR.P FixedReset Disc Quote: 16.21 – 16.91
Spot Rate : 0.7000
Average : 0.3900

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-06
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 6.86 %
Market Action

January 3, 2025

Another batch of 52-week highs today for TXPR, CPD and ZPR.

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 0.0400 % 2,285.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0400 % 4,383.6
Floater 7.63 % 7.88 % 35,467 11.54 4 0.0400 % 2,526.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0624 % 3,642.6
SplitShare 4.75 % 4.46 % 53,494 1.11 7 0.0624 % 4,350.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0624 % 3,394.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.9291 % 2,901.6
Perpetual-Discount 5.92 % 6.08 % 52,536 13.78 32 0.9291 % 3,164.0
FixedReset Disc 5.31 % 6.48 % 102,656 12.77 53 0.4862 % 2,831.5
Insurance Straight 5.88 % 5.95 % 63,813 13.99 21 0.8650 % 3,081.5
FloatingReset 6.41 % 6.50 % 37,178 13.19 3 0.5090 % 3,366.2
FixedReset Prem 6.15 % 5.45 % 172,620 13.45 8 0.1792 % 2,613.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4862 % 2,894.3
FixedReset Ins Non 5.23 % 5.96 % 76,060 13.85 14 0.1170 % 2,891.6
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 6.94 %
MFC.PR.B Insurance Straight -2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.95 %
GWO.PR.Q Insurance Straight -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 6.19 %
CU.PR.J Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.02 %
ENB.PR.P FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 6.96 %
ENB.PR.A Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 23.08
Evaluated at bid price : 23.34
Bid-YTW : 5.96 %
BN.PF.H FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.26
Bid-YTW : 3.99 %
GWO.PR.H Insurance Straight 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 5.99 %
IFC.PR.F Insurance Straight 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 5.93 %
IFC.PR.K Insurance Straight 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.04
Evaluated at bid price : 22.35
Bid-YTW : 5.90 %
POW.PR.A Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 6.05 %
FFH.PR.I FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.53
Evaluated at bid price : 23.05
Bid-YTW : 6.20 %
PWF.PR.S Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 6.06 %
SLF.PR.D Insurance Straight 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.61 %
FFH.PR.K FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 6.28 %
MFC.PR.C Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.67 %
BN.PF.D Perpetual-Discount 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.35 %
BN.PR.M Perpetual-Discount 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.36 %
CU.PR.E Perpetual-Discount 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.89 %
FTS.PR.J Perpetual-Discount 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 5.75 %
ENB.PF.C FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.15 %
FTS.PR.F Perpetual-Discount 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.65 %
ENB.PR.D FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.13
Evaluated at bid price : 19.13
Bid-YTW : 7.17 %
BN.PR.N Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.32 %
GWO.PR.G Insurance Straight 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.13 %
ENB.PF.G FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.35 %
ENB.PF.K FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.77
Evaluated at bid price : 23.63
Bid-YTW : 6.62 %
IFC.PR.A FixedReset Ins Non 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 5.59 %
IFC.PR.I Insurance Straight 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.63
Evaluated at bid price : 23.01
Bid-YTW : 5.89 %
ENB.PF.E FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.27 %
MFC.PR.N FixedReset Ins Non 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 6.20 %
PWF.PR.K Perpetual-Discount 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.08 %
GWO.PR.I Insurance Straight 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 5.88 %
POW.PR.C Perpetual-Discount 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 6.06 %
GWO.PR.R Insurance Straight 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 5.95 %
IFC.PR.E Insurance Straight 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.66
Evaluated at bid price : 22.05
Bid-YTW : 5.92 %
PWF.PR.Z Perpetual-Discount 7.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 6.12 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 321,451 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-02
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 4.48 %
ENB.PR.Y FixedReset Disc 57,830 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 18.94
Evaluated at bid price : 18.94
Bid-YTW : 7.20 %
TD.PF.J FixedReset Prem 24,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 23.43
Evaluated at bid price : 25.30
Bid-YTW : 5.67 %
NA.PR.G FixedReset Prem 23,180 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 23.62
Evaluated at bid price : 26.23
Bid-YTW : 5.79 %
MFC.PR.B Insurance Straight 20,499 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.95 %
TD.PF.D FixedReset Disc 20,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 24.18
Evaluated at bid price : 24.75
Bid-YTW : 5.82 %
There were 7 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.G FixedReset Ins Non Quote: 15.75 – 17.15
Spot Rate : 1.4000
Average : 0.9428

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 6.94 %
BN.PF.D Perpetual-Discount Quote: 19.45 – 20.48
Spot Rate : 1.0300
Average : 0.7195

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.35 %
MFC.PR.K FixedReset Ins Non Quote: 24.25 – 25.88
Spot Rate : 1.6300
Average : 1.3277

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.99
Evaluated at bid price : 24.25
Bid-YTW : 5.66 %
GWO.PR.Q Insurance Straight Quote: 20.99 – 21.73
Spot Rate : 0.7400
Average : 0.4586

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 6.19 %
IFC.PR.E Insurance Straight Quote: 22.05 – 24.25
Spot Rate : 2.2000
Average : 1.9575

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 21.66
Evaluated at bid price : 22.05
Bid-YTW : 5.92 %
PWF.PR.T FixedReset Disc Quote: 22.65 – 23.45
Spot Rate : 0.8000
Average : 0.5681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-03
Maturity Price : 22.12
Evaluated at bid price : 22.65
Bid-YTW : 6.10 %
Market Action

January 2, 2025

PerpetualDiscounts now yield 6.10%, equivalent to 7.93% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.63% on 2024-12-31 and since then the closing price of ZLC changed from 15.53 to 15.52, a total return of -0.06%, implying a negligible increase in yields. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 330bp from the 335bp reported December 24.

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 0.6039 % 2,284.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6039 % 4,381.8
Floater 7.63 % 7.90 % 36,753 11.52 4 0.6039 % 2,525.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0851 % 3,640.3
SplitShare 4.75 % 4.31 % 54,118 1.12 7 0.0851 % 4,347.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0851 % 3,392.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0728 % 2,874.9
Perpetual-Discount 5.97 % 6.10 % 53,005 13.75 32 -0.0728 % 3,134.9
FixedReset Disc 5.33 % 6.53 % 103,794 12.83 53 0.1813 % 2,817.8
Insurance Straight 5.93 % 6.02 % 63,656 13.88 21 0.0769 % 3,055.0
FloatingReset 6.44 % 6.56 % 36,666 13.10 3 0.5149 % 3,349.2
FixedReset Prem 6.16 % 5.48 % 179,698 13.43 8 0.1688 % 2,608.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1813 % 2,880.3
FixedReset Ins Non 5.23 % 5.96 % 76,798 13.83 14 -0.4028 % 2,888.2
Performance Highlights
Issue Index Change Notes
PWF.PR.Z Perpetual-Discount -6.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.57 %
IFC.PR.C FixedReset Ins Non -3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.37 %
GWO.PR.N FixedReset Ins Non -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 6.83 %
POW.PR.C Perpetual-Discount -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 23.00
Evaluated at bid price : 23.27
Bid-YTW : 6.25 %
BN.PR.T FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 7.27 %
GWO.PR.G Insurance Straight -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.24 %
SLF.PR.D Insurance Straight -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 5.68 %
BIP.PR.E FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 22.75
Evaluated at bid price : 23.60
Bid-YTW : 6.54 %
GWO.PR.R Insurance Straight -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.16 %
BN.PR.M Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 6.47 %
MFC.PR.J FixedReset Ins Non -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 23.16
Evaluated at bid price : 24.50
Bid-YTW : 5.85 %
POW.PR.B Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.10 %
CU.PR.G Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 5.86 %
BN.PF.G FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 6.86 %
BN.PF.F FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.36
Evaluated at bid price : 21.65
Bid-YTW : 6.82 %
ENB.PF.K FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 22.51
Evaluated at bid price : 23.16
Bid-YTW : 6.76 %
SLF.PR.C Insurance Straight 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.56 %
FFH.PR.F FloatingReset 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 22.04
Evaluated at bid price : 22.30
Bid-YTW : 6.03 %
FTS.PR.K FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.25 %
FTS.PR.F Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.77 %
ENB.PR.D FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 7.30 %
FTS.PR.J Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.85 %
RY.PR.O Perpetual-Discount 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 24.23
Evaluated at bid price : 24.52
Bid-YTW : 5.04 %
ENB.PR.F FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 7.17 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 538,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-02
Maturity Price : 25.00
Evaluated at bid price : 24.93
Bid-YTW : 4.72 %
TD.PF.D FixedReset Disc 27,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 24.11
Evaluated at bid price : 24.70
Bid-YTW : 5.83 %
GWO.PR.S Insurance Straight 25,001 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 6.07 %
CM.PR.S FixedReset Prem 20,476 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 25.35
Evaluated at bid price : 25.35
Bid-YTW : 5.48 %
ENB.PR.T FixedReset Disc 15,802 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.86 %
FTS.PR.G FixedReset Disc 12,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.94
Evaluated at bid price : 22.33
Bid-YTW : 6.09 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.Z Perpetual-Discount Quote: 20.00 – 22.00
Spot Rate : 2.0000
Average : 1.2166

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.57 %
MFC.PR.K FixedReset Ins Non Quote: 24.25 – 25.88
Spot Rate : 1.6300
Average : 0.9963

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 22.99
Evaluated at bid price : 24.25
Bid-YTW : 5.66 %
BN.PR.R FixedReset Disc Quote: 17.86 – 20.00
Spot Rate : 2.1400
Average : 1.5316

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 7.18 %
IFC.PR.F Insurance Straight Quote: 22.20 – 24.99
Spot Rate : 2.7900
Average : 2.2193

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.74
Evaluated at bid price : 22.20
Bid-YTW : 5.99 %
IFC.PR.E Insurance Straight Quote: 21.05 – 23.25
Spot Rate : 2.2000
Average : 1.6917

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.23 %
CU.PR.H Perpetual-Discount Quote: 21.50 – 23.12
Spot Rate : 1.6200
Average : 1.1405

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2055-01-02
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.19 %
Market Action

December 31, 2024

TXPR closed at 635.41, up 0.86% on the day after setting a new 52-week high. Volume today was 1.29-million, near the median of the past 21 trading days.

CPD closed at 12.57, up 0.48% on the day after setting a new 52-week high. Volume was 56,850, below the median of the past 21 trading days.

ZPR closed at 10.95, up 0.74% on the day after setting a new 52-week high. Volume was 71,010, a little below the median of the past 21 trading days.

Five-year Canada yields were steady at 2.99%.

And that’s it for another year!

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 -0.7194 % 2,270.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7194 % 4,355.5
Floater 7.68 % 7.94 % 38,089 11.49 4 -0.7194 % 2,510.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0340 % 3,637.2
SplitShare 4.75 % 4.43 % 56,334 1.12 7 -0.0340 % 4,343.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0340 % 3,389.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0175 % 2,877.0
Perpetual-Discount 5.97 % 6.11 % 54,369 13.71 32 0.0175 % 3,137.2
FixedReset Disc 5.34 % 6.53 % 103,997 12.84 53 0.4097 % 2,812.7
Insurance Straight 5.93 % 6.02 % 64,599 13.86 21 0.6484 % 3,052.7
FloatingReset 6.45 % 6.40 % 44,370 13.34 4 -0.1519 % 3,332.0
FixedReset Prem 6.02 % 5.56 % 187,338 13.70 9 0.0606 % 2,604.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4097 % 2,875.1
FixedReset Ins Non 5.21 % 6.00 % 78,025 13.88 14 0.5354 % 2,899.9
Performance Highlights
Issue Index Change Notes
CU.PR.H Perpetual-Discount -4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.19 %
RY.PR.O Perpetual-Discount -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.15 %
ENB.PR.D FixedReset Disc -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.43 %
MFC.PR.N FixedReset Ins Non -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.36 %
FFH.PR.F FloatingReset -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.72
Evaluated at bid price : 22.00
Bid-YTW : 6.11 %
BN.PR.C Floater -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 7.95 %
ENB.PR.P FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 7.09 %
MFC.PR.B Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.84 %
PWF.PR.E Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 22.67
Evaluated at bid price : 22.91
Bid-YTW : 6.11 %
GWO.PR.Q Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.05 %
FFH.PR.G FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.62
Evaluated at bid price : 22.00
Bid-YTW : 6.21 %
ENB.PR.J FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.07 %
ENB.PR.T FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 6.92 %
BN.PR.T FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.08
Evaluated at bid price : 18.08
Bid-YTW : 7.09 %
BN.PR.R FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 7.12 %
GWO.PR.R Insurance Straight 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.08 %
ENB.PR.H FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.63 %
ENB.PR.B FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.27 %
ENB.PF.K FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 22.33
Evaluated at bid price : 22.86
Bid-YTW : 6.85 %
BN.PF.J FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 22.77
Evaluated at bid price : 23.58
Bid-YTW : 6.53 %
IFC.PR.C FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.76
Evaluated at bid price : 22.24
Bid-YTW : 6.11 %
ENB.PR.Y FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.25 %
SLF.PR.D Insurance Straight 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 5.57 %
FTS.PR.H FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 16.23
Evaluated at bid price : 16.23
Bid-YTW : 6.83 %
GWO.PR.P Insurance Straight 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 22.26
Evaluated at bid price : 22.53
Bid-YTW : 6.02 %
FFH.PR.E FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.95
Evaluated at bid price : 22.48
Bid-YTW : 5.73 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.B FixedReset Disc 60,433 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.86
Evaluated at bid price : 22.27
Bid-YTW : 6.53 %
TD.PF.J FixedReset Prem 49,686 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 23.38
Evaluated at bid price : 25.13
Bid-YTW : 5.71 %
FFH.PR.K FixedReset Disc 37,696 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 23.05
Evaluated at bid price : 23.90
Bid-YTW : 6.60 %
ENB.PR.B FixedReset Disc 37,203 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.27 %
CM.PR.Q FixedReset Disc 30,867 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 5.20 %
NA.PR.G FixedReset Prem 22,605 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 23.62
Evaluated at bid price : 26.23
Bid-YTW : 5.78 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.F Insurance Straight Quote: 22.14 – 24.99
Spot Rate : 2.8500
Average : 1.5936

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.69
Evaluated at bid price : 22.14
Bid-YTW : 6.01 %
CU.PR.F Perpetual-Discount Quote: 19.46 – 20.70
Spot Rate : 1.2400
Average : 0.7231

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 5.86 %
GWO.PR.I Insurance Straight Quote: 18.70 – 19.99
Spot Rate : 1.2900
Average : 0.8771

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.06 %
CU.PR.H Perpetual-Discount Quote: 21.50 – 22.48
Spot Rate : 0.9800
Average : 0.6148

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.19 %
ENB.PF.G FixedReset Disc Quote: 18.80 – 19.55
Spot Rate : 0.7500
Average : 0.4432

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.48 %
FFH.PR.F FloatingReset Quote: 22.00 – 22.80
Spot Rate : 0.8000
Average : 0.4968

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-31
Maturity Price : 21.72
Evaluated at bid price : 22.00
Bid-YTW : 6.11 %
Market Action

December 30, 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 0.5021 % 2,287.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5021 % 4,387.1
Floater 7.62 % 7.86 % 38,455 11.57 4 0.5021 % 2,528.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.4675 % 3,638.5
SplitShare 4.75 % 4.42 % 56,909 1.12 7 0.4675 % 4,345.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4675 % 3,390.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4356 % 2,876.5
Perpetual-Discount 5.97 % 6.12 % 54,031 13.68 32 0.4356 % 3,136.6
FixedReset Disc 5.37 % 6.57 % 98,112 12.72 53 0.4123 % 2,801.2
Insurance Straight 5.97 % 6.05 % 64,267 13.82 21 -0.0568 % 3,033.0
FloatingReset 6.44 % 6.38 % 42,986 13.36 4 0.3517 % 3,337.1
FixedReset Prem 6.02 % 5.57 % 187,167 13.56 9 0.0954 % 2,602.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4123 % 2,863.4
FixedReset Ins Non 5.24 % 5.99 % 77,918 13.82 14 0.5316 % 2,884.4
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.09
Evaluated at bid price : 23.86
Bid-YTW : 6.81 %
IFC.PR.I Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.97
Evaluated at bid price : 22.25
Bid-YTW : 6.10 %
ENB.PR.A Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.04 %
BIP.PR.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.82
Evaluated at bid price : 23.75
Bid-YTW : 6.49 %
SLF.PR.G FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 16.62
Evaluated at bid price : 16.62
Bid-YTW : 6.57 %
IFC.PR.C FixedReset Ins Non 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.55
Evaluated at bid price : 21.93
Bid-YTW : 6.20 %
FTS.PR.J Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.39
Evaluated at bid price : 20.39
Bid-YTW : 5.90 %
FTS.PR.G FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.81
Evaluated at bid price : 22.14
Bid-YTW : 6.15 %
GWO.PR.N FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 15.57
Evaluated at bid price : 15.57
Bid-YTW : 6.69 %
GWO.PR.M Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.82
Evaluated at bid price : 24.07
Bid-YTW : 6.06 %
PWF.PR.T FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.29
Evaluated at bid price : 22.93
Bid-YTW : 6.02 %
BN.PR.T FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 7.17 %
FTS.PR.F Perpetual-Discount 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 5.82 %
PWF.PR.Z Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 6.14 %
CU.PR.H Perpetual-Discount 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.92 %
ENB.PF.A FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 7.09 %
BN.PF.I FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.44
Bid-YTW : 6.52 %
BIP.PR.B FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 5.28 %
POW.PR.C Perpetual-Discount 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.61
Evaluated at bid price : 23.88
Bid-YTW : 6.09 %
BN.PF.E FixedReset Disc 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.87 %
IFC.PR.A FixedReset Ins Non 2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 47,050 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 3.69 %
NA.PR.W FixedReset Disc 38,881 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 4.05 %
PWF.PR.P FixedReset Disc 26,979 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 15.88
Evaluated at bid price : 15.88
Bid-YTW : 7.03 %
TD.PF.C FixedReset Disc 18,650 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.22 %
FFH.PR.E FixedReset Disc 16,765 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.71
Evaluated at bid price : 22.11
Bid-YTW : 5.84 %
PWF.PF.A Perpetual-Discount 14,211 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.09 %
There were 3 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
ENB.PR.H FixedReset Disc Quote: 20.35 – 22.22
Spot Rate : 1.8700
Average : 1.0354

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.72 %
BN.PF.B FixedReset Disc Quote: 22.15 – 23.85
Spot Rate : 1.7000
Average : 0.9825

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.78
Evaluated at bid price : 22.15
Bid-YTW : 6.57 %
PWF.PR.L Perpetual-Discount Quote: 21.00 – 22.65
Spot Rate : 1.6500
Average : 1.0325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.19 %
GWO.PR.L Insurance Straight Quote: 23.65 – 25.00
Spot Rate : 1.3500
Average : 0.8016

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 23.36
Evaluated at bid price : 23.65
Bid-YTW : 6.00 %
BN.PF.D Perpetual-Discount Quote: 19.12 – 20.40
Spot Rate : 1.2800
Average : 0.8177

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-30
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.46 %
PVS.PR.K SplitShare Quote: 24.87 – 25.88
Spot Rate : 1.0100
Average : 0.6967

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.87
Bid-YTW : 4.68 %
Market Action

December 27, 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 % 2,275.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,365.1
Floater 7.66 % 7.92 % 38,531 11.51 4 0.0000 % 2,515.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2502 % 3,621.5
SplitShare 4.77 % 4.81 % 58,179 2.05 7 -0.2502 % 4,324.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2502 % 3,374.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0951 % 2,864.0
Perpetual-Discount 6.00 % 6.15 % 55,991 13.66 32 0.0951 % 3,123.0
FixedReset Disc 5.39 % 6.67 % 99,466 12.65 53 -0.0485 % 2,789.7
Insurance Straight 5.97 % 6.05 % 64,355 13.85 21 -0.1884 % 3,034.8
FloatingReset 6.45 % 6.09 % 39,673 13.08 4 -0.3272 % 3,325.4
FixedReset Prem 6.03 % 5.62 % 189,750 13.40 9 0.1172 % 2,600.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0485 % 2,851.6
FixedReset Ins Non 5.27 % 6.05 % 79,018 13.74 14 0.6399 % 2,869.2
Performance Highlights
Issue Index Change Notes
POW.PR.C Perpetual-Discount -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.17
Evaluated at bid price : 23.43
Bid-YTW : 6.20 %
BIP.PR.B FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.62
Bid-YTW : 7.08 %
ENB.PR.D FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 7.39 %
BN.PF.J FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.47
Evaluated at bid price : 23.05
Bid-YTW : 6.73 %
FTS.PR.J Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.17
Evaluated at bid price : 20.17
Bid-YTW : 5.96 %
PVS.PR.K SplitShare -1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.74
Bid-YTW : 4.81 %
BN.PF.I FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.13
Evaluated at bid price : 24.05
Bid-YTW : 6.95 %
FFH.PR.F FloatingReset -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.07 %
GWO.PR.M Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.51
Evaluated at bid price : 23.78
Bid-YTW : 6.13 %
POW.PR.A Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 6.17 %
ENB.PR.J FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 7.20 %
ENB.PR.N FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.25
Evaluated at bid price : 22.84
Bid-YTW : 6.61 %
PWF.PR.H Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.25
Evaluated at bid price : 23.55
Bid-YTW : 6.21 %
ENB.PR.A Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.98 %
PWF.PR.G Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 6.16 %
FTS.PR.M FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.67 %
GWO.PR.N FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 6.83 %
BN.PF.G FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 6.98 %
POW.PR.D Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.09 %
MFC.PR.M FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.94
Evaluated at bid price : 22.44
Bid-YTW : 6.12 %
MFC.PR.J FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.26
Evaluated at bid price : 24.75
Bid-YTW : 5.81 %
FTS.PR.H FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 15.97
Evaluated at bid price : 15.97
Bid-YTW : 7.01 %
CU.PR.D Perpetual-Discount 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.89 %
ENB.PF.E FixedReset Disc 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.55 %
SLF.PR.G FixedReset Ins Non 4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 6.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 42,450 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 3.86 %
ENB.PF.C FixedReset Disc 30,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 7.42 %
FFH.PR.F FloatingReset 25,146 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.07 %
NA.PR.W FixedReset Disc 24,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.10 %
FTS.PR.H FixedReset Disc 20,638 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 15.97
Evaluated at bid price : 15.97
Bid-YTW : 7.01 %
PWF.PF.A Perpetual-Discount 17,098 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.11 %
There were 1 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.X FixedReset Disc Quote: 16.50 – 17.95
Spot Rate : 1.4500
Average : 0.9573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 7.37 %
CU.PR.G Perpetual-Discount Quote: 19.25 – 20.93
Spot Rate : 1.6800
Average : 1.3456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.92 %
GWO.PR.M Insurance Straight Quote: 23.78 – 24.50
Spot Rate : 0.7200
Average : 0.4599

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 23.51
Evaluated at bid price : 23.78
Bid-YTW : 6.13 %
BN.PF.J FixedReset Disc Quote: 23.05 – 24.00
Spot Rate : 0.9500
Average : 0.7337

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 22.47
Evaluated at bid price : 23.05
Bid-YTW : 6.73 %
BIP.PR.B FixedReset Disc Quote: 24.62 – 25.40
Spot Rate : 0.7800
Average : 0.5685

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.62
Bid-YTW : 7.08 %
ENB.PF.E FixedReset Disc Quote: 18.90 – 19.95
Spot Rate : 1.0500
Average : 0.9071

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-27
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.55 %
Market Action

December 24, 2024

Merry Christmas, everybody!

PerpetualDiscounts now yield 6.13%, equivalent to 7.97% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.61% on 2024-12-24. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 335bp from the 330bp reported December 11.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1604 % 2,275.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1604 % 4,365.1
Floater 7.66 % 7.90 % 40,099 11.54 4 -0.1604 % 2,515.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2223 % 3,630.6
SplitShare 4.76 % 4.41 % 60,161 2.05 7 0.2223 % 4,335.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2223 % 3,382.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2511 % 2,861.3
Perpetual-Discount 6.00 % 6.13 % 55,945 13.70 32 -0.2511 % 3,120.1
FixedReset Disc 5.39 % 6.62 % 100,213 12.57 53 0.1431 % 2,791.0
Insurance Straight 5.95 % 6.03 % 65,298 13.86 21 0.0386 % 3,040.5
FloatingReset 6.43 % 6.37 % 37,750 13.39 4 -0.1167 % 3,336.3
FixedReset Prem 6.03 % 5.65 % 191,638 13.68 9 -0.0521 % 2,597.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1431 % 2,853.0
FixedReset Ins Non 5.30 % 6.08 % 80,009 13.71 14 0.0576 % 2,850.9
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.22 %
ENB.PF.E FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 7.70 %
CU.PR.D Perpetual-Discount -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.00 %
BN.PF.G FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.07 %
PWF.PR.Z Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.24 %
TD.PF.J FixedReset Prem -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 23.29
Evaluated at bid price : 24.90
Bid-YTW : 5.81 %
BN.PF.A FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 22.85
Evaluated at bid price : 23.94
Bid-YTW : 6.43 %
FTS.PR.M FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.75 %
PWF.PR.H Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 6.27 %
FFH.PR.G FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 6.33 %
FFH.PR.I FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 22.09
Evaluated at bid price : 22.75
Bid-YTW : 6.31 %
POW.PR.A Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.09 %
PWF.PR.L Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 6.18 %
TD.PF.C FixedReset Disc 1.99 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.94 %
BIP.PR.B FixedReset Disc 2.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 4.78 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.A Floater 102,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 7.27 %
TD.PF.C FixedReset Disc 32,850 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.94 %
NA.PR.W FixedReset Disc 14,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.09
Bid-YTW : 4.15 %
There were 0 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: 19.25 – 20.93
Spot Rate : 1.6800
Average : 0.9790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.91 %
CU.PR.D Perpetual-Discount Quote: 20.67 – 22.00
Spot Rate : 1.3300
Average : 0.9325

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 6.00 %
SLF.PR.G FixedReset Ins Non Quote: 15.75 – 17.10
Spot Rate : 1.3500
Average : 1.0176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.00 %
BN.PR.R FixedReset Disc Quote: 17.75 – 18.80
Spot Rate : 1.0500
Average : 0.7635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.27 %
BN.PF.G FixedReset Disc Quote: 20.70 – 21.50
Spot Rate : 0.8000
Average : 0.5346

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.07 %
FTS.PR.K FixedReset Disc Quote: 20.42 – 21.10
Spot Rate : 0.6800
Average : 0.4435

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-24
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.47 %
Market Action

December 23, 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 0.2412 % 2,279.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2412 % 4,372.2
Floater 7.65 % 7.88 % 37,111 11.56 4 0.2412 % 2,519.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1999 % 3,622.6
SplitShare 4.77 % 5.03 % 62,527 2.06 7 0.1999 % 4,326.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1999 % 3,375.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2194 % 2,868.5
Perpetual-Discount 5.99 % 6.17 % 56,375 13.59 32 0.2194 % 3,127.9
FixedReset Disc 5.39 % 6.66 % 103,378 12.64 53 0.0408 % 2,787.1
Insurance Straight 5.96 % 6.03 % 67,754 13.88 21 0.0682 % 3,039.3
FloatingReset 6.42 % 6.23 % 37,359 13.15 4 0.1286 % 3,340.2
FixedReset Prem 6.03 % 5.62 % 197,004 13.68 9 -0.0607 % 2,598.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0408 % 2,848.9
FixedReset Ins Non 5.30 % 6.09 % 82,858 13.75 14 -0.1792 % 2,849.3
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -4.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.00 %
FTS.PR.H FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 7.08 %
BN.PF.E FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.10 %
PWF.PR.L Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.27 %
BN.PF.D Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 6.50 %
GWO.PR.N FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 6.96 %
BN.PR.M Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.58
Evaluated at bid price : 18.58
Bid-YTW : 6.43 %
FFH.PR.G FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.42 %
GWO.PR.G Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.20 %
GWO.PR.R Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 6.12 %
POW.PR.G Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.78
Evaluated at bid price : 23.06
Bid-YTW : 6.19 %
BN.PF.G FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.96 %
BIP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 23.24
Evaluated at bid price : 24.00
Bid-YTW : 6.82 %
PWF.PR.G Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 6.17 %
CCS.PR.C Insurance Straight 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.97 %
CU.PR.J Perpetual-Discount 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.07 %
BN.PF.H FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.92 %
PWF.PR.A Floater 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 13.37
Evaluated at bid price : 13.37
Bid-YTW : 7.26 %
BN.PF.I FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.32
Bid-YTW : 6.70 %
IFC.PR.E Insurance Straight 3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.55
Evaluated at bid price : 21.93
Bid-YTW : 5.94 %
BN.PR.N Perpetual-Discount 7.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 6.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.Y FixedReset Disc 50,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 24.03
Evaluated at bid price : 24.60
Bid-YTW : 5.77 %
TD.PF.J FixedReset Prem 26,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 23.41
Evaluated at bid price : 25.25
Bid-YTW : 5.71 %
FTS.PR.M FixedReset Disc 25,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.67 %
RY.PR.N Perpetual-Discount 13,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.10 %
ENB.PR.Y FixedReset Disc 12,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 7.39 %
ENB.PF.K FixedReset Disc 12,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.06
Evaluated at bid price : 22.45
Bid-YTW : 7.02 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
ENB.PF.E FixedReset Disc Quote: 18.95 – 19.95
Spot Rate : 1.0000
Average : 0.6633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.52 %
GWO.PR.Y Insurance Straight Quote: 18.73 – 19.75
Spot Rate : 1.0200
Average : 0.6966

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 6.04 %
MFC.PR.B Insurance Straight Quote: 20.00 – 20.99
Spot Rate : 0.9900
Average : 0.7319

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.86 %
BIP.PR.F FixedReset Disc Quote: 23.00 – 23.72
Spot Rate : 0.7200
Average : 0.4793

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.34
Evaluated at bid price : 23.00
Bid-YTW : 6.66 %
BN.PF.C Perpetual-Discount Quote: 18.85 – 19.62
Spot Rate : 0.7700
Average : 0.5382

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.47 %
BN.PF.J FixedReset Disc Quote: 23.37 – 24.30
Spot Rate : 0.9300
Average : 0.7228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-23
Maturity Price : 22.65
Evaluated at bid price : 23.37
Bid-YTW : 6.62 %
Market Action

December 20, 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 0.1006 % 2,274.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1006 % 4,361.6
Floater 7.67 % 7.84 % 34,847 11.61 4 0.1006 % 2,513.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1369 % 3,615.4
SplitShare 4.78 % 4.80 % 62,123 2.07 7 -0.1369 % 4,317.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1369 % 3,368.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0336 % 2,862.2
Perpetual-Discount 6.00 % 6.16 % 56,056 13.58 32 -0.0336 % 3,121.1
FixedReset Disc 5.40 % 6.58 % 104,854 12.87 53 0.2130 % 2,785.9
Insurance Straight 5.96 % 6.06 % 65,963 13.87 21 0.3351 % 3,037.2
FloatingReset 6.44 % 6.14 % 36,308 13.11 4 0.0351 % 3,335.9
FixedReset Prem 6.03 % 5.56 % 198,951 13.76 9 -0.0433 % 2,599.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2130 % 2,847.8
FixedReset Ins Non 5.15 % 6.03 % 87,973 13.81 14 0.2985 % 2,854.4
Performance Highlights
Issue Index Change Notes
BN.PR.N Perpetual-Discount -8.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.97 %
ENB.PF.E FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.43 %
BIP.PR.A FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.01
Evaluated at bid price : 23.76
Bid-YTW : 6.81 %
RY.PR.N Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.10 %
PWF.PR.T FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 6.11 %
MFC.PR.L FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 22.03
Evaluated at bid price : 22.55
Bid-YTW : 5.93 %
ENB.PR.B FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 7.30 %
CCS.PR.C Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.06 %
GWO.PR.N FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 6.76 %
IFC.PR.C FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.46
Evaluated at bid price : 21.80
Bid-YTW : 6.20 %
CU.PR.F Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.86 %
MFC.PR.I FixedReset Ins Non 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.11
Evaluated at bid price : 24.20
Bid-YTW : 6.07 %
CU.PR.D Perpetual-Discount 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 5.87 %
PWF.PR.F Perpetual-Discount 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.42
Evaluated at bid price : 21.68
Bid-YTW : 6.15 %
FFH.PR.K FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.02
Evaluated at bid price : 23.85
Bid-YTW : 6.58 %
CU.PR.H Perpetual-Discount 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.80
Evaluated at bid price : 22.04
Bid-YTW : 6.01 %
FFH.PR.G FixedReset Disc 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 6.25 %
CU.PR.C FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.48 %
IFC.PR.E Insurance Straight 5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 840,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 3.99 %
NA.PR.W FixedReset Disc 115,085 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.12 %
PWF.PR.A Floater 30,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 7.38 %
BN.PR.R FixedReset Disc 28,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.18 %
TD.PF.J FixedReset Prem 23,080 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.40
Evaluated at bid price : 25.22
Bid-YTW : 5.66 %
CM.PR.S FixedReset Prem 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 25.49
Evaluated at bid price : 25.49
Bid-YTW : 5.52 %
There were 10 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: 17.15 – 18.70
Spot Rate : 1.5500
Average : 0.9088

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 6.97 %
PVS.PR.K SplitShare Quote: 24.92 – 25.88
Spot Rate : 0.9600
Average : 0.6760

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.92
Bid-YTW : 4.60 %
POW.PR.G Perpetual-Discount Quote: 22.83 – 23.45
Spot Rate : 0.6200
Average : 0.3573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 22.58
Evaluated at bid price : 22.83
Bid-YTW : 6.25 %
IFC.PR.A FixedReset Ins Non Quote: 20.22 – 21.13
Spot Rate : 0.9100
Average : 0.7366

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.90 %
RY.PR.N Perpetual-Discount Quote: 24.20 – 24.80
Spot Rate : 0.6000
Average : 0.4368

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.10 %
CU.PR.J Perpetual-Discount Quote: 19.50 – 20.21
Spot Rate : 0.7100
Average : 0.5724

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-20
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.16 %