Category: Market Action

Market Action

December 19, 2024

Whoosh! Bonds got hammered today:

Economic data Thursday was in sync with the Fed’s view, with weekly initial jobless claims falling more than expected while gross domestic product for the third quarter was revised to show a 3.1% increase from the previously reported 2.8% pace.
…
Traders now see just one quarter-point rate reduction by mid-2025, and see less than two cuts in total by the end of the year, compared with last week’s expectations of three rate cuts.

Longer-dated Treasury yields were higher after the economic data, with the benchmark U.S. 10-year note reaching a near 7-month high of 4.594%. Canadian bond yields also moved higher across a steeper curve. The 10-year by late day was up 15 basis points at 3.373%, its highest since late November.

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 -0.0804 % 2,271.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0804 % 4,357.3
Floater 7.68 % 7.87 % 33,862 11.58 4 -0.0804 % 2,511.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2446 % 3,620.3
SplitShare 4.78 % 4.72 % 64,576 2.07 7 -0.2446 % 4,323.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2446 % 3,373.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.7158 % 2,863.1
Perpetual-Discount 6.00 % 6.17 % 55,508 13.60 32 -0.7158 % 3,122.1
FixedReset Disc 5.41 % 6.65 % 105,143 12.87 53 0.0391 % 2,780.0
Insurance Straight 5.98 % 6.08 % 66,306 13.82 21 -1.3137 % 3,027.1
FloatingReset 6.44 % 5.99 % 36,127 13.10 4 0.1992 % 3,334.7
FixedReset Prem 6.02 % 5.56 % 200,338 13.62 9 0.0130 % 2,601.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0391 % 2,841.7
FixedReset Ins Non 5.16 % 6.03 % 90,691 13.81 14 -0.3380 % 2,845.9
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -8.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 6.49 %
IFC.PR.A FixedReset Ins Non -3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.90 %
GWO.PR.L Insurance Straight -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 6.11 %
PWF.PR.F Perpetual-Discount -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.27 %
CU.PR.C FixedReset Disc -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.65 %
GWO.PR.Y Insurance Straight -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.00 %
IFC.PR.K Insurance Straight -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 6.16 %
CU.PR.D Perpetual-Discount -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.97 %
BN.PR.M Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.63
Evaluated at bid price : 18.63
Bid-YTW : 6.41 %
FTS.PR.F Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.86 %
FFH.PR.K FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.78
Evaluated at bid price : 23.40
Bid-YTW : 6.72 %
BN.PR.N Perpetual-Discount -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.39 %
FTS.PR.J Perpetual-Discount -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.93 %
BN.PR.Z FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.44
Evaluated at bid price : 21.79
Bid-YTW : 6.90 %
GWO.PR.S Insurance Straight -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 6.09 %
GWO.PR.P Insurance Straight -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 6.12 %
BN.PF.J FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.43
Evaluated at bid price : 23.00
Bid-YTW : 6.67 %
GWO.PR.H Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.10 %
BN.PR.K Floater -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 7.87 %
GWO.PR.T Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.11 %
POW.PR.A Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 6.20 %
GWO.PR.M Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 23.65
Evaluated at bid price : 23.92
Bid-YTW : 6.08 %
CU.PR.F Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.14
Evaluated at bid price : 19.14
Bid-YTW : 5.94 %
POW.PR.B Perpetual-Discount -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.78
Evaluated at bid price : 22.03
Bid-YTW : 6.18 %
ENB.PR.B FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.39 %
GWO.PR.G Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 6.10 %
GWO.PR.I Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.95 %
MFC.PR.C Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.77 %
CCS.PR.C Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.13 %
PWF.PR.A Floater 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 7.40 %
BN.PF.E FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.85 %
ENB.PF.E FixedReset Disc 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 7.33 %
NA.PR.W FixedReset Disc 4.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.04 %
Volume Highlights
Issue Index Shares
Traded		 Notes
ENB.PR.T FixedReset Disc 157,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 7.01 %
NA.PR.W FixedReset Disc 84,075 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-15
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : 4.04 %
CM.PR.P FixedReset Disc 65,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 4.24 %
CM.PR.Q FixedReset Disc 53,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 24.07
Evaluated at bid price : 24.65
Bid-YTW : 5.80 %
MFC.PR.M FixedReset Ins Non 52,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.85
Evaluated at bid price : 22.30
Bid-YTW : 6.03 %
MFC.PR.N FixedReset Ins Non 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 6.32 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 20.14 – 23.25
Spot Rate : 3.1100
Average : 1.7254

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 6.49 %
CU.PR.C FixedReset Disc Quote: 20.40 – 21.25
Spot Rate : 0.8500
Average : 0.6271

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.65 %
PVS.PR.H SplitShare Quote: 25.00 – 25.50
Spot Rate : 0.5000
Average : 0.3037

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.81 %
CU.PR.D Perpetual-Discount Quote: 20.75 – 21.59
Spot Rate : 0.8400
Average : 0.6519

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.97 %
FFH.PR.K FixedReset Disc Quote: 23.40 – 23.90
Spot Rate : 0.5000
Average : 0.3322

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 22.78
Evaluated at bid price : 23.40
Bid-YTW : 6.72 %
IFC.PR.A FixedReset Ins Non Quote: 20.22 – 20.93
Spot Rate : 0.7100
Average : 0.5465

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-12-19
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 5.90 %
Market Action

December 17, 2024

Canadian inflation numbers came out today:

Here are some highlights from Tuesday’s report:

  • Core inflation is showing some mixed signals. On a three-month annualized basis, the Bank of Canada’s preferred measures of core inflation – which strip out volatile movements in consumer prices – rose by 3.2 per cent and 3.3 per cent, respectively. Two months ago, those measures were rising by 2.1 per cent.
  • On the other hand, the short-term trend for other measures of core inflation is more encouraging. On a three-month annualized basis, the CPI excluding food and energy rose by 1.9 per cent in November, matching the increase in October.
  • Rents are moving in the wrong direction. Year-over-year, rental costs jumped by 7.7 per cent in November, up from a 7.3-per-cent pace in October. However, there is ample data out of the private sector that shows asking rents are on the decline in many urban areas.
  • Grocery prices rose 2.6 per cent, year-over-year, in November, a slight deceleration from 2.7 per cent in October. While food price increases have moderated, grocery costs have risen by 20 per cent over three years.

    There was a minor reaction from the swaps market:


    Pre-Announcement


    Post-Announcement

    So the projected December, 2025, policy rate edged up 2bp, from 2.76% to 2.78%. Not much change, but the current projection of 2.78% is significantly higher than the post-BoC-easing rate of 2.65%.

    TXPR was down 0.24% today, but still managed to set a new 52-week high before sliding.

    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 0.4608 % 2,291.9
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4608 % 4,395.8
    Floater 7.61 % 7.75 % 33,971 11.71 4 0.4608 % 2,533.3
    OpRet 0.00 % 0.00 % 0 0.00 0 -0.0228 % 3,629.0
    SplitShare 4.76 % 4.32 % 62,260 1.16 7 -0.0228 % 4,333.8
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0228 % 3,381.4
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1588 % 2,896.0
    Perpetual-Discount 5.93 % 6.08 % 52,889 13.70 32 -0.1588 % 3,158.0
    FixedReset Disc 5.46 % 6.67 % 104,377 12.87 53 -0.3609 % 2,755.4
    Insurance Straight 5.87 % 5.94 % 65,290 14.02 21 -0.0246 % 3,083.7
    FloatingReset 6.49 % 6.06 % 34,298 12.94 4 1.2642 % 3,310.6
    FixedReset Prem 6.03 % 5.59 % 204,811 13.76 9 0.0608 % 2,598.0
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3609 % 2,816.5
    FixedReset Ins Non 5.15 % 6.05 % 85,011 13.83 14 -0.1792 % 2,850.5
    Performance Highlights
    Issue Index Change Notes
    FFH.PR.I FixedReset Disc -26.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.50
    Evaluated at bid price : 16.50
    Bid-YTW : 8.59 %
    BIP.PR.F FixedReset Disc -6.82 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.68
    Evaluated at bid price : 22.00
    Bid-YTW : 6.92 %
    CU.PR.C FixedReset Disc -4.47 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.10
    Evaluated at bid price : 20.10
    Bid-YTW : 6.75 %
    PWF.PR.S Perpetual-Discount -3.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 19.64
    Evaluated at bid price : 19.64
    Bid-YTW : 6.21 %
    SLF.PR.E Insurance Straight -2.91 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.00
    Evaluated at bid price : 20.00
    Bid-YTW : 5.65 %
    IFC.PR.G FixedReset Ins Non -2.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.57
    Evaluated at bid price : 23.33
    Bid-YTW : 6.05 %
    POW.PR.C Perpetual-Discount -2.12 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.69
    Evaluated at bid price : 24.00
    Bid-YTW : 6.15 %
    CU.PR.E Perpetual-Discount -1.73 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.50
    Evaluated at bid price : 20.50
    Bid-YTW : 6.04 %
    FFH.PR.H FloatingReset -1.61 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.45
    Evaluated at bid price : 21.45
    Bid-YTW : 6.74 %
    MFC.PR.L FixedReset Ins Non -1.53 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.03
    Evaluated at bid price : 22.55
    Bid-YTW : 5.93 %
    MFC.PR.I FixedReset Ins Non -1.49 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.91
    Evaluated at bid price : 23.80
    Bid-YTW : 6.18 %
    GWO.PR.G Insurance Straight -1.24 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.44
    Evaluated at bid price : 21.44
    Bid-YTW : 6.09 %
    PWF.PR.F Perpetual-Discount -1.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.59
    Evaluated at bid price : 21.85
    Bid-YTW : 6.09 %
    BN.PR.X FixedReset Disc -1.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.41
    Evaluated at bid price : 16.41
    Bid-YTW : 7.30 %
    FFH.PR.E FixedReset Disc -1.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.77
    Evaluated at bid price : 22.21
    Bid-YTW : 5.77 %
    FTS.PR.H FixedReset Disc -1.05 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 15.95
    Evaluated at bid price : 15.95
    Bid-YTW : 6.90 %
    FFH.PR.K FixedReset Disc -1.05 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.92
    Evaluated at bid price : 23.65
    Bid-YTW : 6.64 %
    POW.PR.D Perpetual-Discount 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.71
    Evaluated at bid price : 20.71
    Bid-YTW : 6.16 %
    IFC.PR.I Insurance Straight 1.15 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.55
    Evaluated at bid price : 22.91
    Bid-YTW : 5.90 %
    BN.PR.B Floater 1.23 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 12.30
    Evaluated at bid price : 12.30
    Bid-YTW : 7.81 %
    GWO.PR.P Insurance Straight 1.25 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 22.40
    Evaluated at bid price : 22.66
    Bid-YTW : 5.97 %
    IFC.PR.F Insurance Straight 1.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.78
    Evaluated at bid price : 22.25
    Bid-YTW : 5.96 %
    ENB.PF.G FixedReset Disc 1.88 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 18.95
    Evaluated at bid price : 18.95
    Bid-YTW : 7.38 %
    CU.PR.J Perpetual-Discount 2.59 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 19.79
    Evaluated at bid price : 19.79
    Bid-YTW : 6.07 %
    PWF.PR.G Perpetual-Discount 2.71 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 24.29
    Evaluated at bid price : 24.60
    Bid-YTW : 6.08 %
    IFC.PR.A FixedReset Ins Non 3.00 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.93
    Evaluated at bid price : 20.93
    Bid-YTW : 5.69 %
    SLF.PR.J FloatingReset 8.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.31
    Evaluated at bid price : 16.31
    Bid-YTW : 7.09 %
    BN.PF.H FixedReset Disc 25.36 % YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2025-12-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.67
    Bid-YTW : 6.18 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    NA.PR.E FixedReset Disc 79,800 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.30
    Evaluated at bid price : 24.95
    Bid-YTW : 5.63 %
    TD.PF.C FixedReset Disc 71,200 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.52
    Evaluated at bid price : 24.65
    Bid-YTW : 5.32 %
    FTS.PR.M FixedReset Disc 56,260 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.70
    Evaluated at bid price : 20.70
    Bid-YTW : 6.70 %
    TD.PF.D FixedReset Disc 52,900 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.77
    Evaluated at bid price : 24.41
    Bid-YTW : 5.85 %
    IFC.PR.C FixedReset Ins Non 46,982 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.45
    Evaluated at bid price : 21.45
    Bid-YTW : 6.32 %
    ENB.PF.K FixedReset Disc 39,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.96
    Evaluated at bid price : 22.30
    Bid-YTW : 7.00 %
    There were 19 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    FFH.PR.I FixedReset Disc Quote: 16.50 – 22.26
    Spot Rate : 5.7600
    Average : 3.1195

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 16.50
    Evaluated at bid price : 16.50
    Bid-YTW : 8.59 %
    BIP.PR.F FixedReset Disc Quote: 22.00 – 23.48
    Spot Rate : 1.4800
    Average : 0.8948

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 21.68
    Evaluated at bid price : 22.00
    Bid-YTW : 6.92 %
    GWO.PR.L Insurance Straight Quote: 23.85 – 25.15
    Spot Rate : 1.3000
    Average : 0.7735

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 23.58
    Evaluated at bid price : 23.85
    Bid-YTW : 5.94 %
    BN.PR.M Perpetual-Discount Quote: 19.02 – 20.39
    Spot Rate : 1.3700
    Average : 0.8571

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 19.02
    Evaluated at bid price : 19.02
    Bid-YTW : 6.28 %
    ENB.PF.E FixedReset Disc Quote: 18.89 – 19.95
    Spot Rate : 1.0600
    Average : 0.6314

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 18.89
    Evaluated at bid price : 18.89
    Bid-YTW : 7.45 %
    CU.PR.C FixedReset Disc Quote: 20.10 – 21.25
    Spot Rate : 1.1500
    Average : 0.7473

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-17
    Maturity Price : 20.10
    Evaluated at bid price : 20.10
    Bid-YTW : 6.75 %
    Market Action

    December 11, 2024

    Another good solid day for TXPR, which gained 0.32% and set a new 52-week high despite (because of?) the BoC policy easing.

    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 -0.2373 % 2,305.6
    FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2373 % 4,422.1
    Floater 8.26 % 8.60 % 31,839 10.66 4 -0.2373 % 2,548.5
    OpRet 0.00 % 0.00 % 0 0.00 0 -0.1534 % 3,628.2
    SplitShare 4.77 % 4.24 % 65,021 1.18 7 -0.1534 % 4,332.8
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1534 % 3,380.6
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7053 % 2,899.3
    Perpetual-Discount 5.92 % 6.09 % 52,745 13.71 32 0.7053 % 3,161.5
    FixedReset Disc 5.43 % 6.63 % 106,179 12.81 53 0.2723 % 2,767.4
    Insurance Straight 5.91 % 5.99 % 68,997 13.97 21 -0.0923 % 3,062.8
    FloatingReset 6.41 % 6.04 % 33,710 12.79 4 0.0462 % 3,378.4
    FixedReset Prem 6.03 % 5.48 % 222,848 13.89 9 -0.0997 % 2,598.0
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2723 % 2,828.8
    FixedReset Ins Non 5.16 % 5.90 % 84,884 13.94 14 0.4390 % 2,848.6
    Performance Highlights
    Issue Index Change Notes
    SLF.PR.E Insurance Straight -7.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.94 %
    SLF.PR.C Insurance Straight -5.94 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.88 %
    GWO.PR.N FixedReset Ins Non -3.23 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 15.00
    Evaluated at bid price : 15.00
    Bid-YTW : 6.68 %
    SLF.PR.D Insurance Straight -2.87 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.98
    Evaluated at bid price : 19.98
    Bid-YTW : 5.59 %
    BN.PF.J FixedReset Disc -2.52 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.38
    Evaluated at bid price : 21.70
    Bid-YTW : 7.10 %
    FFH.PR.E FixedReset Disc -1.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.96
    Evaluated at bid price : 22.50
    Bid-YTW : 5.60 %
    PVS.PR.L SplitShare -1.18 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2030-06-30
    Maturity Price : 25.00
    Evaluated at bid price : 25.20
    Bid-YTW : 5.38 %
    FFH.PR.F FloatingReset -1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.51
    Evaluated at bid price : 22.75
    Bid-YTW : 6.04 %
    BN.PR.X FixedReset Disc 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 16.80
    Evaluated at bid price : 16.80
    Bid-YTW : 7.10 %
    PWF.PR.G Perpetual-Discount 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 24.34
    Evaluated at bid price : 24.65
    Bid-YTW : 6.06 %
    CU.PR.G Perpetual-Discount 1.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.15
    Evaluated at bid price : 19.15
    Bid-YTW : 5.93 %
    ELF.PR.H Perpetual-Discount 1.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.14 %
    POW.PR.G Perpetual-Discount 1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.98
    Evaluated at bid price : 23.25
    Bid-YTW : 6.12 %
    GWO.PR.H Insurance Straight 1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.40
    Evaluated at bid price : 20.40
    Bid-YTW : 5.97 %
    GWO.PR.S Insurance Straight 1.11 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.65
    Evaluated at bid price : 21.90
    Bid-YTW : 6.00 %
    FFH.PR.G FixedReset Disc 1.16 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.51
    Evaluated at bid price : 21.86
    Bid-YTW : 6.13 %
    MFC.PR.I FixedReset Ins Non 1.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.05
    Evaluated at bid price : 24.08
    Bid-YTW : 5.98 %
    CCS.PR.C Insurance Straight 1.21 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.85
    Evaluated at bid price : 20.85
    Bid-YTW : 6.02 %
    GWO.PR.T Insurance Straight 1.27 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.53
    Evaluated at bid price : 21.53
    Bid-YTW : 6.00 %
    PWF.PR.Z Perpetual-Discount 1.28 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.40
    Evaluated at bid price : 21.40
    Bid-YTW : 6.11 %
    BN.PF.E FixedReset Disc 1.29 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.60
    Evaluated at bid price : 19.60
    Bid-YTW : 6.99 %
    PWF.PR.S Perpetual-Discount 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.09
    Evaluated at bid price : 20.09
    Bid-YTW : 6.07 %
    BN.PF.F FixedReset Disc 1.44 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.20
    Evaluated at bid price : 21.20
    Bid-YTW : 6.96 %
    GWO.PR.L Insurance Straight 1.50 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.41
    Evaluated at bid price : 23.70
    Bid-YTW : 5.97 %
    BN.PR.M Perpetual-Discount 1.58 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.32
    Evaluated at bid price : 19.32
    Bid-YTW : 6.28 %
    ENB.PR.N FixedReset Disc 1.66 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.76
    Evaluated at bid price : 22.10
    Bid-YTW : 6.65 %
    POW.PR.D Perpetual-Discount 1.69 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.10
    Evaluated at bid price : 21.10
    Bid-YTW : 6.03 %
    MFC.PR.B Insurance Straight 1.74 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.50
    Evaluated at bid price : 20.50
    Bid-YTW : 5.70 %
    PWF.PR.R Perpetual-Discount 1.79 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.12 %
    BN.PR.R FixedReset Disc 1.82 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 17.91
    Evaluated at bid price : 17.91
    Bid-YTW : 7.03 %
    SLF.PR.J FloatingReset 1.85 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 16.50
    Evaluated at bid price : 16.50
    Bid-YTW : 7.06 %
    MFC.PR.C Insurance Straight 2.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.02
    Evaluated at bid price : 20.02
    Bid-YTW : 5.65 %
    BN.PR.Z FixedReset Disc 2.21 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.90
    Evaluated at bid price : 22.20
    Bid-YTW : 6.77 %
    ENB.PR.F FixedReset Disc 2.95 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.20
    Evaluated at bid price : 19.20
    Bid-YTW : 7.14 %
    IFC.PR.G FixedReset Ins Non 3.12 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.10
    Evaluated at bid price : 24.45
    Bid-YTW : 5.73 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    TD.PF.C FixedReset Disc 209,958 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.86
    Evaluated at bid price : 24.85
    Bid-YTW : 5.14 %
    TD.PF.J FixedReset Prem 128,405 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 23.36
    Evaluated at bid price : 25.10
    Bid-YTW : 5.58 %
    GWO.PR.R Insurance Straight 54,810 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.10
    Evaluated at bid price : 20.10
    Bid-YTW : 5.99 %
    CU.PR.E Perpetual-Discount 51,600 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 20.85
    Evaluated at bid price : 20.85
    Bid-YTW : 5.93 %
    FFH.PR.E FixedReset Disc 50,615 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.96
    Evaluated at bid price : 22.50
    Bid-YTW : 5.60 %
    PWF.PR.Z Perpetual-Discount 44,100 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.40
    Evaluated at bid price : 21.40
    Bid-YTW : 6.11 %
    There were 26 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: 22.30 – 25.00
    Spot Rate : 2.7000
    Average : 1.6984

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.82
    Evaluated at bid price : 22.30
    Bid-YTW : 6.04 %
    SLF.PR.E Insurance Straight Quote: 19.00 – 20.70
    Spot Rate : 1.7000
    Average : 0.9961

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.94 %
    ELF.PR.H Perpetual-Discount Quote: 22.75 – 24.00
    Spot Rate : 1.2500
    Average : 0.7543

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.14 %
    SLF.PR.C Insurance Straight Quote: 19.00 – 20.50
    Spot Rate : 1.5000
    Average : 1.0154

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.88 %
    ENB.PF.A FixedReset Disc Quote: 19.75 – 20.90
    Spot Rate : 1.1500
    Average : 0.6717

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 19.75
    Evaluated at bid price : 19.75
    Bid-YTW : 7.14 %
    BN.PF.J FixedReset Disc Quote: 21.70 – 23.20
    Spot Rate : 1.5000
    Average : 1.0546

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-11
    Maturity Price : 21.38
    Evaluated at bid price : 21.70
    Bid-YTW : 7.10 %
    Market Action

    December 10, 2024

    The Canadian preferred share market continued to show strength – up 0.41% today after setting a new 52-week high – aided by renewed murmers of a potential TD.PF.C redemption.

    It’s a very odd market: there are enough players willing to bet that the market is cheap enough relative to other markets to make redemption speculation make sense, but not enough to actually raise the market to levels that would reflect this as a generalized rule. So it’s all special situations. I’ll be glad when things return to normal!

    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 -0.3940 % 2,311.1
    FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3940 % 4,432.6
    Floater 8.24 % 8.53 % 32,261 10.73 4 -0.3940 % 2,554.6
    OpRet 0.00 % 0.00 % 0 0.00 0 0.1993 % 3,633.7
    SplitShare 4.76 % 4.24 % 67,683 1.18 7 0.1993 % 4,339.4
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1993 % 3,385.8
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.6528 % 2,879.0
    Perpetual-Discount 5.96 % 6.13 % 51,719 13.64 32 0.6528 % 3,139.4
    FixedReset Disc 5.45 % 6.66 % 102,934 12.76 53 0.3497 % 2,759.9
    Insurance Straight 5.91 % 6.04 % 66,334 13.88 21 0.9957 % 3,065.6
    FloatingReset 6.41 % 5.97 % 32,726 12.79 4 0.5923 % 3,376.8
    FixedReset Prem 6.03 % 5.45 % 212,675 13.91 9 0.0434 % 2,600.6
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3497 % 2,821.1
    FixedReset Ins Non 5.18 % 5.94 % 86,734 13.91 14 0.0000 % 2,836.2
    Performance Highlights
    Issue Index Change Notes
    BN.PF.J FixedReset Disc -3.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.94
    Evaluated at bid price : 22.26
    Bid-YTW : 6.92 %
    IFC.PR.G FixedReset Ins Non -2.83 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.76
    Evaluated at bid price : 23.71
    Bid-YTW : 5.94 %
    PWF.PR.H Perpetual-Discount 1.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.44
    Evaluated at bid price : 23.73
    Bid-YTW : 6.14 %
    GWO.PR.M Insurance Straight 1.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.68
    Evaluated at bid price : 23.95
    Bid-YTW : 6.06 %
    ENB.PR.D FixedReset Disc 1.14 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.56
    Evaluated at bid price : 18.56
    Bid-YTW : 7.19 %
    GWO.PR.P Insurance Straight 1.17 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.18
    Evaluated at bid price : 22.46
    Bid-YTW : 6.02 %
    IFC.PR.K Insurance Straight 1.24 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.76
    Evaluated at bid price : 22.10
    Bid-YTW : 6.05 %
    POW.PR.D Perpetual-Discount 1.27 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.75
    Evaluated at bid price : 20.75
    Bid-YTW : 6.14 %
    GWO.PR.H Insurance Straight 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.18
    Evaluated at bid price : 20.18
    Bid-YTW : 6.03 %
    IFC.PR.A FixedReset Ins Non 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.18
    Evaluated at bid price : 20.18
    Bid-YTW : 5.87 %
    IFC.PR.E Insurance Straight 1.37 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.73
    Evaluated at bid price : 22.15
    Bid-YTW : 5.97 %
    BN.PF.B FixedReset Disc 1.40 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.52
    Evaluated at bid price : 21.80
    Bid-YTW : 6.66 %
    CU.PR.D Perpetual-Discount 1.40 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.05
    Evaluated at bid price : 21.05
    Bid-YTW : 5.87 %
    ENB.PR.A Perpetual-Discount 1.52 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.49
    Evaluated at bid price : 22.75
    Bid-YTW : 6.09 %
    GWO.PR.Y Insurance Straight 1.57 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.79
    Evaluated at bid price : 18.79
    Bid-YTW : 6.01 %
    POW.PR.A Perpetual-Discount 1.66 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.03
    Evaluated at bid price : 23.30
    Bid-YTW : 6.11 %
    GWO.PR.I Insurance Straight 1.86 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.18
    Evaluated at bid price : 19.18
    Bid-YTW : 5.89 %
    BN.PR.N Perpetual-Discount 1.87 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.05
    Evaluated at bid price : 19.05
    Bid-YTW : 6.37 %
    ENB.PF.G FixedReset Disc 1.99 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.41
    Evaluated at bid price : 18.41
    Bid-YTW : 7.41 %
    FFH.PR.F FloatingReset 2.22 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.72
    Evaluated at bid price : 23.00
    Bid-YTW : 5.97 %
    BN.PF.D Perpetual-Discount 2.33 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.75
    Evaluated at bid price : 19.75
    Bid-YTW : 6.34 %
    MFC.PR.C Insurance Straight 2.62 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 19.60
    Evaluated at bid price : 19.60
    Bid-YTW : 5.77 %
    SLF.PR.D Insurance Straight 2.85 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.57
    Evaluated at bid price : 20.57
    Bid-YTW : 5.42 %
    TD.PF.C FixedReset Disc 5.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.74
    Evaluated at bid price : 24.77
    Bid-YTW : 5.16 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    TD.PF.C FixedReset Disc 300,026 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.74
    Evaluated at bid price : 24.77
    Bid-YTW : 5.16 %
    NA.PR.W FixedReset Disc 116,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 23.04
    Evaluated at bid price : 24.10
    Bid-YTW : 5.29 %
    FFH.PR.C FixedReset Prem 85,134 YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2025-01-30
    Maturity Price : 25.00
    Evaluated at bid price : 25.23
    Bid-YTW : 5.42 %
    FFH.PR.E FixedReset Disc 82,593 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.15
    Evaluated at bid price : 22.80
    Bid-YTW : 5.52 %
    ENB.PR.Y FixedReset Disc 48,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.25
    Evaluated at bid price : 18.25
    Bid-YTW : 7.29 %
    GWO.PR.Y Insurance Straight 37,959 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 18.79
    Evaluated at bid price : 18.79
    Bid-YTW : 6.01 %
    There were 24 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    MFC.PR.K FixedReset Ins Non Quote: 23.91 – 24.75
    Spot Rate : 0.8400
    Average : 0.4700

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.84
    Evaluated at bid price : 23.91
    Bid-YTW : 5.60 %
    IFC.PR.G FixedReset Ins Non Quote: 23.71 – 24.50
    Spot Rate : 0.7900
    Average : 0.4957

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.76
    Evaluated at bid price : 23.71
    Bid-YTW : 5.94 %
    BN.PF.J FixedReset Disc Quote: 22.26 – 23.10
    Spot Rate : 0.8400
    Average : 0.5662

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 21.94
    Evaluated at bid price : 22.26
    Bid-YTW : 6.92 %
    PWF.PR.R Perpetual-Discount Quote: 22.35 – 23.00
    Spot Rate : 0.6500
    Average : 0.3909

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 22.06
    Evaluated at bid price : 22.35
    Bid-YTW : 6.23 %
    SLF.PR.C Insurance Straight Quote: 20.20 – 20.89
    Spot Rate : 0.6900
    Average : 0.4841

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.20
    Evaluated at bid price : 20.20
    Bid-YTW : 5.52 %
    CU.PR.E Perpetual-Discount Quote: 20.90 – 21.50
    Spot Rate : 0.6000
    Average : 0.4102

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-10
    Maturity Price : 20.90
    Evaluated at bid price : 20.90
    Bid-YTW : 5.92 %
    Market Action

    December 9, 2024

    Straight Perpetuals did well today, presumably due to the L.PR.B redemption.

    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 0.5348 % 2,320.2
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5348 % 4,450.2
    Floater 8.21 % 8.51 % 30,203 10.75 4 0.5348 % 2,564.7
    OpRet 0.00 % 0.00 % 0 0.00 0 0.6533 % 3,626.5
    SplitShare 4.77 % 4.23 % 69,286 1.18 7 0.6533 % 4,330.8
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6533 % 3,379.1
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7611 % 2,860.3
    Perpetual-Discount 6.00 % 6.18 % 49,121 13.58 32 0.7611 % 3,119.0
    FixedReset Disc 5.47 % 6.67 % 104,685 12.95 53 0.0756 % 2,750.2
    Insurance Straight 5.96 % 6.10 % 63,468 13.82 21 0.9176 % 3,035.4
    FloatingReset 6.45 % 6.10 % 33,039 12.79 4 -0.5084 % 3,357.0
    FixedReset Prem 6.03 % 5.47 % 210,070 13.94 9 0.0434 % 2,599.5
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0756 % 2,811.3
    FixedReset Ins Non 5.18 % 5.95 % 88,011 13.85 14 0.2217 % 2,836.2
    Performance Highlights
    Issue Index Change Notes
    MFC.PR.C Insurance Straight -2.85 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 5.92 %
    BN.PF.D Perpetual-Discount -1.88 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.30
    Evaluated at bid price : 19.30
    Bid-YTW : 6.49 %
    FFH.PR.F FloatingReset -1.53 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.25
    Evaluated at bid price : 22.50
    Bid-YTW : 6.10 %
    BIP.PR.A FixedReset Disc -1.31 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.73
    Evaluated at bid price : 23.44
    Bid-YTW : 6.75 %
    MFC.PR.I FixedReset Ins Non -1.04 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.91
    Evaluated at bid price : 23.80
    Bid-YTW : 6.06 %
    PWF.PR.E Perpetual-Discount 1.03 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.31
    Evaluated at bid price : 22.58
    Bid-YTW : 6.17 %
    ELF.PR.H Perpetual-Discount 1.04 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.11
    Evaluated at bid price : 22.33
    Bid-YTW : 6.26 %
    PWF.PR.L Perpetual-Discount 1.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 20.87
    Evaluated at bid price : 20.87
    Bid-YTW : 6.20 %
    GWO.PR.G Insurance Straight 1.09 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.40
    Evaluated at bid price : 21.40
    Bid-YTW : 6.10 %
    POW.PR.B Perpetual-Discount 1.15 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.75
    Evaluated at bid price : 22.00
    Bid-YTW : 6.18 %
    POW.PR.G Perpetual-Discount 1.23 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.71
    Evaluated at bid price : 23.00
    Bid-YTW : 6.19 %
    IFC.PR.F Insurance Straight 1.28 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.11
    Evaluated at bid price : 22.11
    Bid-YTW : 6.12 %
    GWO.PR.S Insurance Straight 1.32 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.28
    Evaluated at bid price : 21.55
    Bid-YTW : 6.10 %
    CU.PR.H Perpetual-Discount 1.34 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.75
    Evaluated at bid price : 22.00
    Bid-YTW : 6.01 %
    BN.PR.Z FixedReset Disc 1.35 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.39
    Evaluated at bid price : 21.71
    Bid-YTW : 6.93 %
    BN.PR.C Floater 1.37 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 12.57
    Evaluated at bid price : 12.57
    Bid-YTW : 8.52 %
    SLF.PR.E Insurance Straight 1.54 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 20.50
    Evaluated at bid price : 20.50
    Bid-YTW : 5.50 %
    BN.PF.C Perpetual-Discount 1.56 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.50
    Evaluated at bid price : 19.50
    Bid-YTW : 6.36 %
    FTS.PR.F Perpetual-Discount 1.65 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.50
    Evaluated at bid price : 21.50
    Bid-YTW : 5.75 %
    PWF.PR.G Perpetual-Discount 1.77 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 23.93
    Evaluated at bid price : 24.19
    Bid-YTW : 6.18 %
    ENB.PR.B FixedReset Disc 1.97 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 18.10
    Evaluated at bid price : 18.10
    Bid-YTW : 7.34 %
    PVS.PR.J SplitShare 2.03 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 25.15
    Bid-YTW : 4.23 %
    PWF.PR.S Perpetual-Discount 2.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.67
    Evaluated at bid price : 19.67
    Bid-YTW : 6.19 %
    GWO.PR.T Insurance Straight 4.00 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.06
    Evaluated at bid price : 21.06
    Bid-YTW : 6.13 %
    CU.PR.F Perpetual-Discount 4.83 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 18.87
    Evaluated at bid price : 18.87
    Bid-YTW : 6.02 %
    IFC.PR.E Insurance Straight 6.74 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.85
    Evaluated at bid price : 21.85
    Bid-YTW : 6.08 %
    GWO.PR.N FixedReset Ins Non 7.67 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 15.45
    Evaluated at bid price : 15.45
    Bid-YTW : 6.49 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    BN.PR.Z FixedReset Disc 280,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.39
    Evaluated at bid price : 21.71
    Bid-YTW : 6.93 %
    NA.PR.W FixedReset Disc 166,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 23.05
    Evaluated at bid price : 24.10
    Bid-YTW : 5.29 %
    MFC.PR.Q FixedReset Ins Non 146,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.76
    Evaluated at bid price : 23.70
    Bid-YTW : 5.82 %
    FFH.PR.E FixedReset Disc 62,600 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.15
    Evaluated at bid price : 22.80
    Bid-YTW : 5.52 %
    GWO.PR.S Insurance Straight 36,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 21.28
    Evaluated at bid price : 21.55
    Bid-YTW : 6.10 %
    BN.PF.A FixedReset Disc 27,700 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.99
    Evaluated at bid price : 24.27
    Bid-YTW : 6.28 %
    There were 25 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: 22.11 – 23.89
    Spot Rate : 1.7800
    Average : 1.0172

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.11
    Evaluated at bid price : 22.11
    Bid-YTW : 6.12 %
    PVS.PR.K SplitShare Quote: 24.85 – 26.00
    Spot Rate : 1.1500
    Average : 0.7215

    YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2029-05-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.85
    Bid-YTW : 4.64 %
    GWO.PR.R Insurance Straight Quote: 19.84 – 20.85
    Spot Rate : 1.0100
    Average : 0.6781

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.84
    Evaluated at bid price : 19.84
    Bid-YTW : 6.07 %
    FFH.PR.F FloatingReset Quote: 22.50 – 23.50
    Spot Rate : 1.0000
    Average : 0.7123

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 22.25
    Evaluated at bid price : 22.50
    Bid-YTW : 6.10 %
    MFC.PR.C Insurance Straight Quote: 19.10 – 19.90
    Spot Rate : 0.8000
    Average : 0.5176

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 5.92 %
    CCS.PR.C Insurance Straight Quote: 20.54 – 21.40
    Spot Rate : 0.8600
    Average : 0.6014

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-09
    Maturity Price : 20.54
    Evaluated at bid price : 20.54
    Bid-YTW : 6.11 %
    Market Action

    December 6, 2024

    Jobs, jobs, jobs!

    Job creation bounced back in November after disruptions from storms and a major strike, reinforcing a picture of modest employment expansion over the past several months.

    The U.S. economy added 227,000 jobs, seasonally adjusted, the Labor Department reported on Friday. With upward revisions to September and October figures, the three-month average gain is 173,000, slightly higher than the average over the six months before that.

    The unemployment rate ticked up to 4.2 percent, from 4.1 percent in October, as fewer people were able to find work. But for those who had jobs, wages jumped more than expected and were 4 percent higher than they were a year earlier.

    And in the frozen north:

    Canada’s unemployment rate jumped to its highest level in years in November, bolstering bets that the Bank of Canada will deliver another outsized interest-rate cut next week to revive a sluggish economy.

    The unemployment rate rose to 6.8 per cent in November from 6.5 per cent the previous month, Statistics Canada said Friday in a report. Excluding the pandemic, it was the highest jobless rate since January, 2017.

    It was a robust month for hiring: Employment rose by 50,500 or roughly double analyst expectations. But a strong increase in job seekers more than offset the employment gains, resulting in a higher unemployment rate.

    Moreover, the details of the hiring burst were less encouraging. The public sector accounted for the bulk of new positions, with a net increase of 45,000 jobs.
    …
    Average hourly wages rose by an annual 4.1 per cent in November, slowing from 4.9 per cent in October. Total hours worked across the economy edged lower by 0.2 per cent

    Darch Keith reports in the Globe:

    Today’s unexpected jump in the country’s unemployment rate has traders aggressively adding to bets that the Bank of Canada will announce another large 50 basis point rate cut at its policy meeting next week.


    Swaps – pre Announcement

    Swaps – pre Announcement

    It’s interesting to see the decline in the projected December, 2025, rate from 2.74% to 2.61%. This contrasts with the 2.81% post-inflation level on November 19.

    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 0.9598 % 2,307.9
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9598 % 4,426.5
    Floater 8.25 % 8.56 % 29,886 10.71 4 0.9598 % 2,551.0
    OpRet 0.00 % 0.00 % 0 0.00 0 0.0287 % 3,603.0
    SplitShare 4.80 % 4.84 % 67,158 2.10 7 0.0287 % 4,302.7
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0287 % 3,357.1
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0545 % 2,838.7
    Perpetual-Discount 6.05 % 6.24 % 50,285 13.50 32 -0.0545 % 3,095.4
    FixedReset Disc 5.47 % 6.75 % 104,412 12.92 53 0.1965 % 2,748.2
    Insurance Straight 6.02 % 6.14 % 63,644 13.75 21 0.6953 % 3,007.8
    FloatingReset 6.64 % 6.23 % 34,062 12.49 4 -0.2536 % 3,374.1
    FixedReset Prem 6.03 % 5.53 % 211,634 13.83 9 0.1908 % 2,598.4
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1965 % 2,809.2
    FixedReset Ins Non 5.19 % 6.03 % 86,882 13.79 14 0.0136 % 2,829.9
    Performance Highlights
    Issue Index Change Notes
    GWO.PR.N FixedReset Ins Non -6.70 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 14.35
    Evaluated at bid price : 14.35
    Bid-YTW : 7.11 %
    IFC.PR.E Insurance Straight -6.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 20.47
    Evaluated at bid price : 20.47
    Bid-YTW : 6.49 %
    CU.PR.F Perpetual-Discount -5.51 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 18.00
    Evaluated at bid price : 18.00
    Bid-YTW : 6.31 %
    BN.PF.C Perpetual-Discount -1.29 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 19.20
    Evaluated at bid price : 19.20
    Bid-YTW : 6.45 %
    TD.PF.C FixedReset Disc -1.17 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 22.56
    Evaluated at bid price : 23.55
    Bid-YTW : 5.52 %
    ENB.PR.B FixedReset Disc -1.11 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 17.75
    Evaluated at bid price : 17.75
    Bid-YTW : 7.59 %
    MFC.PR.N FixedReset Ins Non -1.10 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 20.59
    Evaluated at bid price : 20.59
    Bid-YTW : 6.39 %
    SLF.PR.C Insurance Straight 1.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 20.00
    Evaluated at bid price : 20.00
    Bid-YTW : 5.58 %
    BN.PR.B Floater 1.06 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 12.39
    Evaluated at bid price : 12.39
    Bid-YTW : 8.64 %
    BN.PF.B FixedReset Disc 1.18 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.50
    Evaluated at bid price : 21.50
    Bid-YTW : 6.85 %
    MFC.PR.B Insurance Straight 1.31 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 20.16
    Evaluated at bid price : 20.16
    Bid-YTW : 5.79 %
    BN.PR.K Floater 1.38 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 12.50
    Evaluated at bid price : 12.50
    Bid-YTW : 8.56 %
    BIP.PR.A FixedReset Disc 1.63 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 23.02
    Evaluated at bid price : 23.75
    Bid-YTW : 6.75 %
    IFC.PR.C FixedReset Ins Non 1.67 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.34
    Evaluated at bid price : 21.34
    Bid-YTW : 6.37 %
    IFC.PR.A FixedReset Ins Non 4.61 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 19.98
    Evaluated at bid price : 19.98
    Bid-YTW : 6.02 %
    BN.PR.R FixedReset Disc 4.97 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 17.53
    Evaluated at bid price : 17.53
    Bid-YTW : 7.29 %
    GWO.PR.T Insurance Straight 19.12 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 20.25
    Evaluated at bid price : 20.25
    Bid-YTW : 6.38 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    ENB.PR.B FixedReset Disc 120,325 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 17.75
    Evaluated at bid price : 17.75
    Bid-YTW : 7.59 %
    POW.PR.B Perpetual-Discount 56,941 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.49
    Evaluated at bid price : 21.75
    Bid-YTW : 6.25 %
    FFH.PR.E FixedReset Disc 52,700 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 22.15
    Evaluated at bid price : 22.80
    Bid-YTW : 5.61 %
    ENB.PF.K FixedReset Disc 34,500 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.87
    Evaluated at bid price : 22.18
    Bid-YTW : 6.99 %
    GWO.PR.Q Insurance Straight 34,400 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 20.90
    Evaluated at bid price : 20.90
    Bid-YTW : 6.18 %
    POW.PR.G Perpetual-Discount 33,362 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 22.46
    Evaluated at bid price : 22.72
    Bid-YTW : 6.26 %
    There were 16 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    BN.PR.Z FixedReset Disc Quote: 21.42 – 24.00
    Spot Rate : 2.5800
    Average : 1.5548

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.42
    Evaluated at bid price : 21.42
    Bid-YTW : 7.12 %
    PWF.PR.S Perpetual-Discount Quote: 19.25 – 20.60
    Spot Rate : 1.3500
    Average : 0.8153

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 19.25
    Evaluated at bid price : 19.25
    Bid-YTW : 6.33 %
    PWF.PR.F Perpetual-Discount Quote: 21.35 – 22.70
    Spot Rate : 1.3500
    Average : 0.8434

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.35
    Evaluated at bid price : 21.35
    Bid-YTW : 6.24 %
    GWO.PR.N FixedReset Ins Non Quote: 14.35 – 15.49
    Spot Rate : 1.1400
    Average : 0.6556

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 14.35
    Evaluated at bid price : 14.35
    Bid-YTW : 7.11 %
    CU.PR.F Perpetual-Discount Quote: 18.00 – 19.25
    Spot Rate : 1.2500
    Average : 0.8420

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 18.00
    Evaluated at bid price : 18.00
    Bid-YTW : 6.31 %
    IFC.PR.C FixedReset Ins Non Quote: 21.34 – 22.50
    Spot Rate : 1.1600
    Average : 0.7712

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-06
    Maturity Price : 21.34
    Evaluated at bid price : 21.34
    Bid-YTW : 6.37 %
    Market Action

    December 5, 2024

    HIMIPref™ Preferred Indices
    These values reflect the December 2008 revision of the HIMIPref™ Indices
    Values are provisional and are finalized monthly
    Index Mean
    Current
    Yield
    (at bid)    		 Median
    YTW    		 Median
    Average
    Trading
    Value    		 Median
    Mod Dur
    (YTW)    		 Issues Day’s Perf. Index Value
    Ratchet 0.00 % 0.00 % 0 0.00 0 0.4620 % 2,285.9
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4620 % 4,384.4
    Floater 8.33 % 8.68 % 27,821 10.59 4 0.4620 % 2,526.8
    OpRet 0.00 % 0.00 % 0 0.00 0 -0.6152 % 3,601.9
    SplitShare 4.80 % 4.78 % 68,159 1.19 7 -0.6152 % 4,301.5
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.6152 % 3,356.2
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0766 % 2,840.2
    Perpetual-Discount 6.05 % 6.26 % 49,781 13.49 32 -0.0766 % 3,097.1
    FixedReset Disc 5.48 % 6.78 % 103,808 12.85 53 -0.0608 % 2,742.8
    Insurance Straight 6.06 % 6.13 % 59,251 13.76 21 -0.7429 % 2,987.0
    FloatingReset 6.63 % 6.24 % 34,294 12.54 4 0.9424 % 3,382.7
    FixedReset Prem 6.14 % 5.60 % 184,941 3.72 10 0.0935 % 2,593.4
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0608 % 2,803.7
    FixedReset Ins Non 5.19 % 6.09 % 86,152 13.79 14 0.7943 % 2,829.5
    Performance Highlights
    Issue Index Change Notes
    GWO.PR.T Insurance Straight -18.82 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 17.00
    Evaluated at bid price : 17.00
    Bid-YTW : 7.60 %
    BN.PR.R FixedReset Disc -2.62 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 16.70
    Evaluated at bid price : 16.70
    Bid-YTW : 7.64 %
    PVS.PR.J SplitShare -1.64 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 24.65
    Bid-YTW : 4.90 %
    ENB.PF.G FixedReset Disc -1.63 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 18.05
    Evaluated at bid price : 18.05
    Bid-YTW : 7.67 %
    PVS.PR.L SplitShare -1.57 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2030-06-30
    Maturity Price : 25.00
    Evaluated at bid price : 25.10
    Bid-YTW : 5.45 %
    FTS.PR.M FixedReset Disc -1.22 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 20.30
    Evaluated at bid price : 20.30
    Bid-YTW : 6.78 %
    FFH.PR.E FixedReset Disc 1.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 22.25
    Evaluated at bid price : 22.98
    Bid-YTW : 5.56 %
    FFH.PR.F FloatingReset 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 22.54
    Evaluated at bid price : 22.83
    Bid-YTW : 6.24 %
    CU.PR.F Perpetual-Discount 1.38 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 19.05
    Evaluated at bid price : 19.05
    Bid-YTW : 5.96 %
    BN.PF.J FixedReset Disc 1.58 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 22.53
    Evaluated at bid price : 23.16
    Bid-YTW : 6.70 %
    BN.PR.Z FixedReset Disc 1.65 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 21.50
    Evaluated at bid price : 21.50
    Bid-YTW : 7.09 %
    FFH.PR.H FloatingReset 1.98 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 21.85
    Evaluated at bid price : 22.15
    Bid-YTW : 6.90 %
    TD.PF.J FixedReset Prem 2.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 23.38
    Evaluated at bid price : 25.16
    Bid-YTW : 5.63 %
    SLF.PR.H FixedReset Ins Non 12.49 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 18.91
    Evaluated at bid price : 18.91
    Bid-YTW : 6.45 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    TD.PF.C FixedReset Disc 69,539 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 22.69
    Evaluated at bid price : 23.83
    Bid-YTW : 5.45 %
    ENB.PR.Y FixedReset Disc 59,908 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 18.01
    Evaluated at bid price : 18.01
    Bid-YTW : 7.47 %
    MFC.PR.F FixedReset Ins Non 50,229 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 16.66
    Evaluated at bid price : 16.66
    Bid-YTW : 6.27 %
    FFH.PR.G FixedReset Disc 27,629 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 21.31
    Evaluated at bid price : 21.31
    Bid-YTW : 6.40 %
    GWO.PR.N FixedReset Ins Non 21,900 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 15.38
    Evaluated at bid price : 15.38
    Bid-YTW : 6.64 %
    CM.PR.S FixedReset Prem 18,964 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 25.21
    Evaluated at bid price : 25.21
    Bid-YTW : 5.53 %
    There were 9 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    GWO.PR.T Insurance Straight Quote: 17.00 – 21.10
    Spot Rate : 4.1000
    Average : 2.2250

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 17.00
    Evaluated at bid price : 17.00
    Bid-YTW : 7.60 %
    IFC.PR.K Insurance Straight Quote: 21.75 – 22.70
    Spot Rate : 0.9500
    Average : 0.5923

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 21.43
    Evaluated at bid price : 21.75
    Bid-YTW : 6.14 %
    BIP.PR.A FixedReset Disc Quote: 23.37 – 24.60
    Spot Rate : 1.2300
    Average : 0.8918

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 22.68
    Evaluated at bid price : 23.37
    Bid-YTW : 6.86 %
    BN.PR.R FixedReset Disc Quote: 16.70 – 17.89
    Spot Rate : 1.1900
    Average : 0.8700

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 16.70
    Evaluated at bid price : 16.70
    Bid-YTW : 7.64 %
    ENB.PR.N FixedReset Disc Quote: 21.59 – 22.25
    Spot Rate : 0.6600
    Average : 0.3806

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 21.30
    Evaluated at bid price : 21.59
    Bid-YTW : 6.89 %
    IFC.PR.E Insurance Straight Quote: 21.78 – 23.00
    Spot Rate : 1.2200
    Average : 0.9900

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-05
    Maturity Price : 21.78
    Evaluated at bid price : 21.78
    Bid-YTW : 6.09 %
    Market Action

    December 4, 2024

    PerpetualDiscounts now yield 6.23%, equivalent to 8.10% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.54% on 2024-12-3 and since then the closing price of ZLC changed from 15.82 to 15.90, a total return of +0.51%, implying a decrease of yields of 4bp (BMO reports a duration of 12.37, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.50%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 360bp from the 340bp reported November 27.

    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 0.4034 % 2,275.4
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4034 % 4,364.3
    Floater 8.37 % 8.69 % 28,040 10.58 4 0.4034 % 2,515.1
    OpRet 0.00 % 0.00 % 0 0.00 0 0.1141 % 3,624.2
    SplitShare 4.77 % 4.33 % 67,041 1.19 7 0.1141 % 4,328.1
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1141 % 3,377.0
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1091 % 2,842.4
    Perpetual-Discount 6.04 % 6.23 % 50,516 13.51 32 0.1091 % 3,099.5
    FixedReset Disc 5.48 % 6.78 % 105,101 12.85 53 0.0414 % 2,744.4
    Insurance Straight 6.02 % 6.15 % 59,277 13.73 21 0.0092 % 3,009.4
    FloatingReset 6.69 % 6.30 % 33,346 12.39 4 0.3268 % 3,351.1
    FixedReset Prem 6.15 % 5.53 % 186,493 3.72 10 -0.3147 % 2,591.0
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0414 % 2,805.4
    FixedReset Ins Non 5.23 % 6.13 % 88,555 13.79 14 -0.5199 % 2,807.2
    Performance Highlights
    Issue Index Change Notes
    SLF.PR.H FixedReset Ins Non -10.77 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 16.81
    Evaluated at bid price : 16.81
    Bid-YTW : 7.23 %
    IFC.PR.A FixedReset Ins Non -3.29 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 6.30 %
    BN.PF.J FixedReset Disc -2.77 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 22.31
    Evaluated at bid price : 22.80
    Bid-YTW : 6.81 %
    CCS.PR.C Insurance Straight -2.30 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 20.38
    Evaluated at bid price : 20.38
    Bid-YTW : 6.15 %
    TD.PF.J FixedReset Prem -2.03 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 23.19
    Evaluated at bid price : 24.65
    Bid-YTW : 5.76 %
    BN.PR.R FixedReset Disc -1.44 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 17.15
    Evaluated at bid price : 17.15
    Bid-YTW : 7.45 %
    BIK.PR.A FixedReset Prem -1.31 % YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2029-04-01
    Maturity Price : 25.00
    Evaluated at bid price : 26.35
    Bid-YTW : 5.95 %
    SLF.PR.C Insurance Straight -1.30 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 19.80
    Evaluated at bid price : 19.80
    Bid-YTW : 5.63 %
    PVS.PR.K SplitShare -1.00 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2029-05-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.70
    Bid-YTW : 4.77 %
    PWF.PR.T FixedReset Disc 1.11 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 22.18
    Evaluated at bid price : 22.75
    Bid-YTW : 5.99 %
    FFH.PR.F FloatingReset 1.12 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 22.36
    Evaluated at bid price : 22.60
    Bid-YTW : 6.30 %
    BN.PR.K Floater 1.65 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 12.31
    Evaluated at bid price : 12.31
    Bid-YTW : 8.69 %
    PVS.PR.J SplitShare 1.66 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 25.06
    Bid-YTW : 4.33 %
    MFC.PR.F FixedReset Ins Non 5.79 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 16.63
    Evaluated at bid price : 16.63
    Bid-YTW : 6.28 %
    SLF.PR.E Insurance Straight 6.26 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 20.19
    Evaluated at bid price : 20.19
    Bid-YTW : 5.58 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    TD.PF.C FixedReset Disc 205,400 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 22.80
    Evaluated at bid price : 24.07
    Bid-YTW : 5.39 %
    ENB.PF.C FixedReset Disc 144,400 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 18.84
    Evaluated at bid price : 18.84
    Bid-YTW : 7.46 %
    IFC.PR.I Insurance Straight 56,250 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 22.00
    Evaluated at bid price : 22.30
    Bid-YTW : 6.16 %
    ENB.PR.B FixedReset Disc 52,932 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 17.90
    Evaluated at bid price : 17.90
    Bid-YTW : 7.52 %
    FTS.PR.M FixedReset Disc 52,300 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 20.55
    Evaluated at bid price : 20.55
    Bid-YTW : 6.70 %
    ENB.PF.E FixedReset Disc 51,300 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 18.47
    Evaluated at bid price : 18.47
    Bid-YTW : 7.54 %
    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.H FixedReset Ins Non Quote: 16.81 – 19.00
    Spot Rate : 2.1900
    Average : 1.2248

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 16.81
    Evaluated at bid price : 16.81
    Bid-YTW : 7.23 %
    IFC.PR.E Insurance Straight Quote: 21.80 – 23.00
    Spot Rate : 1.2000
    Average : 0.7379

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 21.80
    Evaluated at bid price : 21.80
    Bid-YTW : 6.09 %
    BN.PR.R FixedReset Disc Quote: 17.15 – 17.95
    Spot Rate : 0.8000
    Average : 0.5192

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 17.15
    Evaluated at bid price : 17.15
    Bid-YTW : 7.45 %
    TD.PF.J FixedReset Prem Quote: 24.65 – 25.40
    Spot Rate : 0.7500
    Average : 0.4767

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 23.19
    Evaluated at bid price : 24.65
    Bid-YTW : 5.76 %
    IFC.PR.A FixedReset Ins Non Quote: 19.10 – 20.30
    Spot Rate : 1.2000
    Average : 0.9640

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 6.30 %
    PWF.PR.F Perpetual-Discount Quote: 21.18 – 21.79
    Spot Rate : 0.6100
    Average : 0.4064

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-04
    Maturity Price : 21.18
    Evaluated at bid price : 21.18
    Bid-YTW : 6.29 %
    Market Action

    December 3, 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 0.1414 % 2,266.3
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1414 % 4,346.7
    Floater 8.40 % 8.76 % 27,988 10.52 4 0.1414 % 2,505.0
    OpRet 0.00 % 0.00 % 0 0.00 0 -0.0741 % 3,620.1
    SplitShare 4.78 % 4.22 % 67,062 1.20 7 -0.0741 % 4,323.2
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0741 % 3,373.1
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0796 % 2,839.3
    Perpetual-Discount 6.05 % 6.25 % 50,847 13.50 32 -0.0796 % 3,096.1
    FixedReset Disc 5.48 % 6.73 % 104,823 12.83 53 0.2464 % 2,743.3
    Insurance Straight 6.02 % 6.13 % 60,173 13.76 21 -1.0977 % 3,009.1
    FloatingReset 6.71 % 6.37 % 33,118 12.38 4 0.4691 % 3,340.2
    FixedReset Prem 6.13 % 5.50 % 173,466 3.73 10 0.1479 % 2,599.2
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2464 % 2,804.2
    FixedReset Ins Non 5.21 % 6.06 % 83,841 13.76 14 0.3501 % 2,821.9
    Performance Highlights
    Issue Index Change Notes
    MFC.PR.F FixedReset Ins Non -5.07 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 15.72
    Evaluated at bid price : 15.72
    Bid-YTW : 6.63 %
    SLF.PR.E Insurance Straight -4.28 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.93 %
    PWF.PR.F Perpetual-Discount -1.63 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 21.15
    Evaluated at bid price : 21.15
    Bid-YTW : 6.29 %
    PVS.PR.J SplitShare -1.20 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 24.65
    Bid-YTW : 4.89 %
    GWO.PR.Q Insurance Straight -1.11 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 20.84
    Evaluated at bid price : 20.84
    Bid-YTW : 6.19 %
    PWF.PR.T FixedReset Disc -1.10 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 22.02
    Evaluated at bid price : 22.50
    Bid-YTW : 6.06 %
    ENB.PR.F FixedReset Disc -1.01 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 18.65
    Evaluated at bid price : 18.65
    Bid-YTW : 7.43 %
    BIP.PR.B FixedReset Disc 1.01 % YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2025-12-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.90
    Bid-YTW : 5.52 %
    BN.PF.J FixedReset Disc 1.08 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 22.69
    Evaluated at bid price : 23.45
    Bid-YTW : 6.61 %
    FFH.PR.K FixedReset Disc 1.26 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 23.14
    Evaluated at bid price : 24.10
    Bid-YTW : 6.55 %
    FFH.PR.F FloatingReset 1.36 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 22.09
    Evaluated at bid price : 22.35
    Bid-YTW : 6.37 %
    ENB.PF.G FixedReset Disc 1.50 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 18.27
    Evaluated at bid price : 18.27
    Bid-YTW : 7.57 %
    BN.PF.A FixedReset Disc 1.63 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 22.99
    Evaluated at bid price : 24.26
    Bid-YTW : 6.35 %
    BN.PR.Z FixedReset Disc 1.69 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 21.00
    Evaluated at bid price : 21.00
    Bid-YTW : 7.26 %
    BN.PF.E FixedReset Disc 2.71 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 19.32
    Evaluated at bid price : 19.32
    Bid-YTW : 7.19 %
    IFC.PR.A FixedReset Ins Non 3.40 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 19.75
    Evaluated at bid price : 19.75
    Bid-YTW : 6.09 %
    IFC.PR.C FixedReset Ins Non 4.29 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 20.90
    Evaluated at bid price : 20.90
    Bid-YTW : 6.50 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    ENB.PR.T FixedReset Disc 49,763 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 20.15
    Evaluated at bid price : 20.15
    Bid-YTW : 7.17 %
    FFH.PR.E FixedReset Disc 48,374 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 21.99
    Evaluated at bid price : 22.55
    Bid-YTW : 5.68 %
    FFH.PR.D FloatingReset 36,200 YTW SCENARIO
    Maturity Type : Call
    Maturity Date : 2025-01-30
    Maturity Price : 25.00
    Evaluated at bid price : 25.37
    Bid-YTW : 4.56 %
    BN.PF.F FixedReset Disc 31,191 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 20.62
    Evaluated at bid price : 20.62
    Bid-YTW : 7.22 %
    SLF.PR.H FixedReset Ins Non 27,184 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 18.84
    Evaluated at bid price : 18.84
    Bid-YTW : 6.47 %
    CM.PR.P FixedReset Disc 26,900 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 23.71
    Evaluated at bid price : 24.72
    Bid-YTW : 5.25 %
    There were 19 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    BN.PR.M Perpetual-Discount Quote: 19.00 – 20.90
    Spot Rate : 1.9000
    Average : 1.2104

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 6.38 %
    BIP.PR.A FixedReset Disc Quote: 23.30 – 24.60
    Spot Rate : 1.3000
    Average : 0.8840

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 22.41
    Evaluated at bid price : 23.30
    Bid-YTW : 6.87 %
    PWF.PR.H Perpetual-Discount Quote: 23.27 – 24.25
    Spot Rate : 0.9800
    Average : 0.6522

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 23.00
    Evaluated at bid price : 23.27
    Bid-YTW : 6.25 %
    MFC.PR.F FixedReset Ins Non Quote: 15.72 – 16.72
    Spot Rate : 1.0000
    Average : 0.7233

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 15.72
    Evaluated at bid price : 15.72
    Bid-YTW : 6.63 %
    SLF.PR.E Insurance Straight Quote: 19.00 – 20.28
    Spot Rate : 1.2800
    Average : 1.0091

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-03
    Maturity Price : 19.00
    Evaluated at bid price : 19.00
    Bid-YTW : 5.93 %
    PVS.PR.J SplitShare Quote: 24.65 – 25.50
    Spot Rate : 0.8500
    Average : 0.5821

    YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 24.65
    Bid-YTW : 4.89 %
    Market Action

    December 2, 2024

    TXPR closed at 619.34, down 0.54% on the day. Volume today was 1.34-million, above the median of the past 21 trading days.

    CPD closed at 12.26, down 0.49% on the day. Volume was 70,810, third-highest of the past 21 trading days.

    ZPR closed at 10.62, down 0.56% on the day. Volume was 83,450, near the median of the past 21 trading days.

    Five-year Canada yields were steady at 2.96%.

    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 0.6301 % 2,263.1
    FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6301 % 4,340.6
    Floater 8.41 % 8.80 % 28,916 10.48 4 0.6301 % 2,501.5
    OpRet 0.00 % 0.00 % 0 0.00 0 0.2399 % 3,622.8
    SplitShare 4.77 % 4.47 % 67,065 1.20 7 0.2399 % 4,326.4
    Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2399 % 3,375.6
    Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2161 % 2,841.6
    Perpetual-Discount 6.04 % 6.22 % 51,123 13.53 32 -0.2161 % 3,098.6
    FixedReset Disc 5.42 % 6.74 % 102,386 12.76 53 0.0018 % 2,736.6
    Insurance Straight 5.95 % 6.13 % 60,646 13.63 21 0.2843 % 3,042.5
    FloatingReset 6.74 % 6.46 % 32,485 12.35 4 0.4595 % 3,324.6
    FixedReset Prem 6.14 % 5.53 % 175,770 3.73 10 -0.0272 % 2,595.3
    FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0018 % 2,797.3
    FixedReset Ins Non 5.22 % 6.09 % 85,005 13.76 14 -0.8239 % 2,812.0
    Performance Highlights
    Issue Index Change Notes
    IFC.PR.C FixedReset Ins Non -4.57 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.04
    Evaluated at bid price : 20.04
    Bid-YTW : 6.77 %
    IFC.PR.A FixedReset Ins Non -3.83 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 6.30 %
    BN.PR.Z FixedReset Disc -2.55 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.65
    Evaluated at bid price : 20.65
    Bid-YTW : 7.39 %
    PWF.PR.S Perpetual-Discount -2.16 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 19.45
    Evaluated at bid price : 19.45
    Bid-YTW : 6.26 %
    BN.PR.X FixedReset Disc -1.33 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 16.35
    Evaluated at bid price : 16.35
    Bid-YTW : 7.40 %
    BN.PR.N Perpetual-Discount -1.31 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 18.90
    Evaluated at bid price : 18.90
    Bid-YTW : 6.42 %
    BN.PF.J FixedReset Disc -1.28 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 22.55
    Evaluated at bid price : 23.20
    Bid-YTW : 6.68 %
    CU.PR.H Perpetual-Discount -1.27 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.51
    Evaluated at bid price : 21.77
    Bid-YTW : 6.06 %
    BN.PF.A FixedReset Disc -1.24 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 22.81
    Evaluated at bid price : 23.87
    Bid-YTW : 6.47 %
    FTS.PR.M FixedReset Disc -1.21 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.35
    Evaluated at bid price : 20.35
    Bid-YTW : 6.74 %
    ENB.PF.G FixedReset Disc -1.21 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 18.00
    Evaluated at bid price : 18.00
    Bid-YTW : 7.68 %
    MFC.PR.C Insurance Straight -1.08 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 19.32
    Evaluated at bid price : 19.32
    Bid-YTW : 5.85 %
    IFC.PR.E Insurance Straight -1.05 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.72
    Evaluated at bid price : 21.72
    Bid-YTW : 6.11 %
    PWF.PR.R Perpetual-Discount -1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.98
    Evaluated at bid price : 22.22
    Bid-YTW : 6.26 %
    ENB.PR.F FixedReset Disc 1.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 18.84
    Evaluated at bid price : 18.84
    Bid-YTW : 7.35 %
    FTS.PR.F Perpetual-Discount 1.20 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.05
    Evaluated at bid price : 21.05
    Bid-YTW : 5.86 %
    PVS.PR.J SplitShare 1.22 % YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2028-02-29
    Maturity Price : 25.00
    Evaluated at bid price : 24.95
    Bid-YTW : 4.47 %
    BN.PF.F FixedReset Disc 1.89 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.53
    Evaluated at bid price : 20.53
    Bid-YTW : 7.26 %
    PWF.PR.T FixedReset Disc 2.02 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 22.18
    Evaluated at bid price : 22.75
    Bid-YTW : 5.98 %
    FFH.PR.E FixedReset Disc 2.25 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 22.09
    Evaluated at bid price : 22.70
    Bid-YTW : 5.64 %
    BN.PR.T FixedReset Disc 2.29 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 17.40
    Evaluated at bid price : 17.40
    Bid-YTW : 7.36 %
    BN.PR.B Floater 2.88 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 12.14
    Evaluated at bid price : 12.14
    Bid-YTW : 8.81 %
    CCS.PR.C Insurance Straight 3.83 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.86
    Evaluated at bid price : 20.86
    Bid-YTW : 6.00 %
    BN.PF.E FixedReset Disc 3.87 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 18.81
    Evaluated at bid price : 18.81
    Bid-YTW : 7.39 %
    SLF.PR.E Insurance Straight 4.47 % YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 19.85
    Evaluated at bid price : 19.85
    Bid-YTW : 5.68 %
    Volume Highlights
    Issue Index Shares
    Traded    		 Notes
    BN.PF.B FixedReset Disc 133,000 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.11
    Evaluated at bid price : 21.11
    Bid-YTW : 6.97 %
    IFC.PR.A FixedReset Ins Non 43,700 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 6.30 %
    PWF.PR.K Perpetual-Discount 43,100 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.17
    Evaluated at bid price : 20.17
    Bid-YTW : 6.22 %
    ENB.PR.Y FixedReset Disc 35,400 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 17.87
    Evaluated at bid price : 17.87
    Bid-YTW : 7.52 %
    MFC.PR.I FixedReset Ins Non 30,500 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 22.97
    Evaluated at bid price : 23.93
    Bid-YTW : 6.09 %
    MFC.PR.M FixedReset Ins Non 28,100 YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.64
    Evaluated at bid price : 22.00
    Bid-YTW : 6.05 %
    There were 14 other index-included issues trading in excess of 10,000 shares.
    Wide Spread Highlights
    Issue Index Quote Data and Yield Notes
    IFC.PR.C FixedReset Ins Non Quote: 20.04 – 21.25
    Spot Rate : 1.2100
    Average : 0.7719

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.04
    Evaluated at bid price : 20.04
    Bid-YTW : 6.77 %
    BN.PF.G FixedReset Disc Quote: 20.14 – 21.30
    Spot Rate : 1.1600
    Average : 0.7587

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.14
    Evaluated at bid price : 20.14
    Bid-YTW : 7.18 %
    PVS.PR.K SplitShare Quote: 24.79 – 26.00
    Spot Rate : 1.2100
    Average : 0.8736

    YTW SCENARIO
    Maturity Type : Hard Maturity
    Maturity Date : 2029-05-31
    Maturity Price : 25.00
    Evaluated at bid price : 24.79
    Bid-YTW : 4.67 %
    IFC.PR.A FixedReset Ins Non Quote: 19.10 – 20.30
    Spot Rate : 1.2000
    Average : 0.8756

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 19.10
    Evaluated at bid price : 19.10
    Bid-YTW : 6.30 %
    CU.PR.C FixedReset Disc Quote: 20.52 – 21.40
    Spot Rate : 0.8800
    Average : 0.5812

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 20.52
    Evaluated at bid price : 20.52
    Bid-YTW : 6.55 %
    FFH.PR.F FloatingReset Quote: 22.05 – 22.84
    Spot Rate : 0.7900
    Average : 0.5174

    YTW SCENARIO
    Maturity Type : Limit Maturity
    Maturity Date : 2054-12-02
    Maturity Price : 21.77
    Evaluated at bid price : 22.05
    Bid-YTW : 6.46 %