Category: Market Action

Market Action

November 29, 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 -0.4049 % 2,248.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4049 % 4,313.4
Floater 8.47 % 8.81 % 30,071 10.48 4 -0.4049 % 2,485.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.4551 % 3,614.1
SplitShare 4.78 % 4.65 % 71,984 1.21 6 0.4551 % 4,316.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4551 % 3,367.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4545 % 2,847.7
Perpetual-Discount 6.05 % 6.21 % 51,468 13.55 31 0.4545 % 3,105.3
FixedReset Disc 5.43 % 6.67 % 105,481 12.83 57 -0.1816 % 2,736.5
Insurance Straight 5.97 % 6.13 % 60,527 13.63 21 0.2188 % 3,033.9
FloatingReset 6.45 % 1.64 % 44,192 0.09 2 -0.1691 % 3,309.4
FixedReset Prem 6.38 % 5.53 % 174,473 3.73 7 0.1656 % 2,596.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1816 % 2,797.3
FixedReset Ins Non 5.18 % 6.11 % 84,002 13.70 14 0.2252 % 2,835.4
Performance Highlights
Issue Index Change Notes
BN.PF.E FixedReset Disc -6.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.11
Evaluated at bid price : 18.11
Bid-YTW : 7.75 %
SLF.PR.E Insurance Straight -5.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
CCS.PR.C Insurance Straight -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 6.23 %
BN.PR.B Floater -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 9.06 %
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 : 24.65
Bid-YTW : 4.87 %
BN.PF.F FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.44 %
BN.PR.Z FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.19
Evaluated at bid price : 21.19
Bid-YTW : 7.24 %
FFH.PR.F FloatingReset -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.85
Evaluated at bid price : 21.85
Bid-YTW : 6.54 %
BN.PF.H FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 24.19
Evaluated at bid price : 24.61
Bid-YTW : 7.23 %
BN.PF.G FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 7.26 %
PWF.PR.F Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.38
Evaluated at bid price : 21.38
Bid-YTW : 6.22 %
IFC.PR.F Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 6.14 %
SLF.PR.H FixedReset Ins Non 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.54 %
IFC.PR.E Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.95
Evaluated at bid price : 21.95
Bid-YTW : 6.04 %
FTS.PR.K FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.63
Evaluated at bid price : 19.63
Bid-YTW : 6.65 %
MIC.PR.A Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.47 %
BIK.PR.A FixedReset Prem 1.72 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.50
Bid-YTW : 5.78 %
BN.PR.N Perpetual-Discount 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.33 %
PWF.PR.S Perpetual-Discount 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 6.12 %
CU.PR.F Perpetual-Discount 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 6.01 %
PVS.PR.K SplitShare 5.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 4.65 %
GWO.PR.T Insurance Straight 6.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.15 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 229,768 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 22.24
Evaluated at bid price : 22.93
Bid-YTW : 5.67 %
FFH.PR.C FixedReset Disc 103,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.31 %
MFC.PR.M FixedReset Ins Non 75,508 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 21.68
Evaluated at bid price : 22.06
Bid-YTW : 6.10 %
FFH.PR.D FloatingReset 64,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : 1.64 %
BMO.PR.E FixedReset Prem 48,640 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2028-11-25
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 5.53 %
ENB.PF.C FixedReset Disc 36,268 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 7.56 %
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.PF.E FixedReset Disc Quote: 18.11 – 19.45
Spot Rate : 1.3400
Average : 0.7634

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.11
Evaluated at bid price : 18.11
Bid-YTW : 7.75 %
ENB.PF.E FixedReset Disc Quote: 18.45 – 19.95
Spot Rate : 1.5000
Average : 0.9638

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.62 %
SLF.PR.E Insurance Straight Quote: 19.00 – 20.35
Spot Rate : 1.3500
Average : 0.8896

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
BN.PF.D Perpetual-Discount Quote: 19.47 – 20.50
Spot Rate : 1.0300
Average : 0.6717

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 6.42 %
GWO.PR.H Insurance Straight Quote: 20.11 – 20.99
Spot Rate : 0.8800
Average : 0.5399

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.15 %
CCS.PR.C Insurance Straight Quote: 20.09 – 21.00
Spot Rate : 0.9100
Average : 0.5930

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-29
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 6.23 %
Market Action

November 28, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 2.0029 % 2,258.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.0029 % 4,331.0
Floater 8.43 % 8.82 % 29,922 10.48 4 2.0029 % 2,495.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.8296 % 3,597.7
SplitShare 4.80 % 4.18 % 62,194 1.21 6 -0.8296 % 4,296.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.8296 % 3,352.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0641 % 2,834.8
Perpetual-Discount 6.07 % 6.23 % 53,392 13.53 31 0.0641 % 3,091.3
FixedReset Disc 5.42 % 6.82 % 104,546 12.61 57 0.2096 % 2,741.5
Insurance Straight 5.98 % 6.12 % 60,607 13.61 21 -0.3136 % 3,027.2
FloatingReset 6.48 % 6.71 % 40,803 12.81 2 0.3181 % 3,315.0
FixedReset Prem 6.39 % 5.55 % 174,568 3.45 7 -0.3685 % 2,591.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2096 % 2,802.4
FixedReset Ins Non 5.19 % 6.33 % 83,592 13.46 14 0.0478 % 2,829.0
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -5.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.57 %
PVS.PR.K SplitShare -5.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 5.99 %
CU.PR.F Perpetual-Discount -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.30 %
BN.PR.T FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.83 %
PWF.PR.T FixedReset Disc -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.89
Evaluated at bid price : 22.30
Bid-YTW : 6.33 %
RY.PR.S FixedReset Prem -1.89 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-02-24
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.51 %
FTS.PR.K FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.92 %
MIC.PR.A Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.56 %
PWF.PR.S Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 6.24 %
IFC.PR.F Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.77
Evaluated at bid price : 21.77
Bid-YTW : 6.21 %
BN.PF.A FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.92
Evaluated at bid price : 24.10
Bid-YTW : 6.60 %
BN.PR.X FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 7.65 %
CU.PR.D Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.99 %
SLF.PR.E Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.62 %
BIP.PR.A FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.71
Evaluated at bid price : 23.40
Bid-YTW : 7.19 %
BN.PF.G FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 7.41 %
PWF.PR.P FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 7.37 %
BN.PR.K Floater 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 8.82 %
BN.PR.B Floater 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 8.82 %
BN.PR.C Floater 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 12.12
Evaluated at bid price : 12.12
Bid-YTW : 8.82 %
CU.PR.G Perpetual-Discount 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.11 %
BN.PR.Z FixedReset Disc 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.30
Evaluated at bid price : 21.59
Bid-YTW : 7.28 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.I FixedReset Ins Non 335,514 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 23.02
Evaluated at bid price : 24.03
Bid-YTW : 6.28 %
MFC.PR.B Insurance Straight 123,540 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 19.74
Evaluated at bid price : 19.74
Bid-YTW : 5.91 %
BN.PF.F FixedReset Disc 110,799 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.46 %
MFC.PR.M FixedReset Ins Non 80,737 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.68
Evaluated at bid price : 22.06
Bid-YTW : 6.33 %
BN.PF.I FixedReset Disc 64,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.85
Evaluated at bid price : 23.55
Bid-YTW : 7.31 %
TD.PF.A FixedReset Disc 32,450 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 22.26
Evaluated at bid price : 22.97
Bid-YTW : 5.81 %
There were 16 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: 20.00 – 21.45
Spot Rate : 1.4500
Average : 0.8943

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.57 %
PVS.PR.K SplitShare Quote: 23.51 – 24.89
Spot Rate : 1.3800
Average : 0.8390

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 5.99 %
CU.PR.D Perpetual-Discount Quote: 20.61 – 21.75
Spot Rate : 1.1400
Average : 0.7664

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 5.99 %
PWF.PR.F Perpetual-Discount Quote: 21.16 – 22.15
Spot Rate : 0.9900
Average : 0.6994

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 6.29 %
BN.PR.T FixedReset Disc Quote: 17.00 – 17.71
Spot Rate : 0.7100
Average : 0.4221

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.83 %
CU.PR.F Perpetual-Discount Quote: 18.00 – 18.81
Spot Rate : 0.8100
Average : 0.5289

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-28
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.30 %
Market Action

November 27, 2024

PerpetualDiscounts now yield 6.24%, equivalent to 8.11% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.56% on 2024-11-29 [have to work backwards here, because I forgot to do this calculation on the 27th] and prior to then the closing price of ZLC changed from 15.53 on the 27th to 15.80 on the 29th, a total return of +2.13%, implying a decrease of yields of 17bp (BMO reports a duration of 12.59, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) from 4.73%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 340bp from the 320bp reported November 20.

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 -0.2472 % 2,213.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2472 % 4,245.9
Floater 8.60 % 9.05 % 29,772 10.26 4 -0.2472 % 2,446.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1662 % 3,627.8
SplitShare 4.76 % 4.39 % 63,002 3.02 6 0.1662 % 4,332.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1662 % 3,380.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5232 % 2,833.0
Perpetual-Discount 6.08 % 6.24 % 53,163 13.51 31 0.5232 % 3,089.3
FixedReset Disc 5.43 % 6.84 % 105,155 12.57 57 0.2484 % 2,735.8
Insurance Straight 5.96 % 6.12 % 61,585 13.63 21 0.2551 % 3,036.8
FloatingReset 6.50 % 6.74 % 40,970 12.77 2 0.6617 % 3,304.5
FixedReset Prem 6.37 % 5.57 % 175,853 3.49 7 -0.1373 % 2,601.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2484 % 2,796.5
FixedReset Ins Non 5.20 % 6.33 % 83,999 13.46 14 0.2052 % 2,827.7
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.28
Evaluated at bid price : 23.05
Bid-YTW : 7.30 %
BIK.PR.A FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 5.99 %
BN.PF.F FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 7.48 %
BN.PF.D Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.44 %
FFH.PR.G FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.58 %
PWF.PR.R Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 6.19 %
PWF.PR.G Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 6.20 %
FFH.PR.E FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.56
Evaluated at bid price : 21.91
Bid-YTW : 6.15 %
BIP.PR.F FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.71
Evaluated at bid price : 23.70
Bid-YTW : 6.66 %
FFH.PR.F FloatingReset 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.50 %
ENB.PR.N FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 7.12 %
BN.PF.C Perpetual-Discount 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.41 %
PWF.PR.T FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 6.19 %
BN.PR.M Perpetual-Discount 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.37 %
IFC.PR.G FixedReset Ins Non 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 23.00
Evaluated at bid price : 24.24
Bid-YTW : 6.06 %
SLF.PR.E Insurance Straight 6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.I FixedReset Disc 289,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.82
Evaluated at bid price : 23.50
Bid-YTW : 7.32 %
MFC.PR.M FixedReset Ins Non 262,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.34 %
MFC.PR.I FixedReset Ins Non 250,183 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.99
Evaluated at bid price : 23.98
Bid-YTW : 6.29 %
ENB.PR.Y FixedReset Disc 169,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 7.82 %
ENB.PR.T FixedReset Disc 132,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.39 %
POW.PR.A Perpetual-Discount 106,068 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.64
Evaluated at bid price : 22.89
Bid-YTW : 6.20 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.H Perpetual-Discount Quote: 23.25 – 24.49
Spot Rate : 1.2400
Average : 0.6922

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.25 %
FFH.PR.G FixedReset Disc Quote: 21.58 – 22.58
Spot Rate : 1.0000
Average : 0.6590

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.58 %
CU.PR.E Perpetual-Discount Quote: 20.22 – 21.00
Spot Rate : 0.7800
Average : 0.4739

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 6.10 %
POW.PR.B Perpetual-Discount Quote: 21.73 – 22.38
Spot Rate : 0.6500
Average : 0.4107

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.47
Evaluated at bid price : 21.73
Bid-YTW : 6.24 %
MFC.PR.B Insurance Straight Quote: 19.61 – 20.23
Spot Rate : 0.6200
Average : 0.4273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.95 %
BN.PR.Z FixedReset Disc Quote: 20.80 – 21.50
Spot Rate : 0.7000
Average : 0.5361

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 7.57 %
Market Action

November 26, 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 -0.3898 % 2,219.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3898 % 4,256.4
Floater 8.58 % 9.04 % 30,027 10.27 4 -0.3898 % 2,453.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1792 % 3,621.8
SplitShare 4.77 % 4.61 % 75,294 3.03 6 -0.1792 % 4,325.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1792 % 3,374.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0583 % 2,818.3
Perpetual-Discount 6.11 % 6.27 % 53,078 13.49 31 0.0583 % 3,073.2
FixedReset Disc 5.45 % 6.89 % 98,022 12.57 57 0.2738 % 2,729.0
Insurance Straight 5.98 % 6.13 % 63,394 13.60 21 -0.1706 % 3,029.0
FloatingReset 6.55 % 6.74 % 41,005 12.77 2 0.1068 % 3,282.8
FixedReset Prem 6.36 % 5.60 % 182,356 3.45 7 0.2478 % 2,604.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2738 % 2,789.6
FixedReset Ins Non 5.21 % 6.33 % 79,156 13.43 14 0.1851 % 2,821.9
Performance Highlights
Issue Index Change Notes
IFC.PR.G FixedReset Ins Non -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.76
Evaluated at bid price : 23.71
Bid-YTW : 6.22 %
BN.PR.Z FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 7.60 %
BIP.PR.F FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.56
Evaluated at bid price : 23.41
Bid-YTW : 6.75 %
BIP.PR.E FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.71
Evaluated at bid price : 23.55
Bid-YTW : 6.81 %
ENB.PR.A Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.28 %
FTS.PR.M FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.92 %
BN.PF.E FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 7.49 %
FFH.PR.G FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.66 %
BN.PR.T FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 7.67 %
FFH.PR.I FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.76
Evaluated at bid price : 22.23
Bid-YTW : 6.66 %
FTS.PR.H FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 7.35 %
GWO.PR.N FixedReset Ins Non 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 15.06
Evaluated at bid price : 15.06
Bid-YTW : 7.21 %
BN.PF.I FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.86
Evaluated at bid price : 23.56
Bid-YTW : 7.30 %
CU.PR.C FixedReset Disc 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.81 %
FFH.PR.E FixedReset Disc 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.37
Evaluated at bid price : 21.65
Bid-YTW : 6.22 %
IFC.PR.A FixedReset Ins Non 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 6.33 %
CU.PR.F Perpetual-Discount 3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.06 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.P Insurance Straight 223,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 6.20 %
BN.PR.M Perpetual-Discount 204,627 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.51 %
BN.PF.H FixedReset Disc 155,074 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 6.55 %
GWO.PR.S Insurance Straight 153,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 6.19 %
BN.PR.T FixedReset Disc 135,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 7.67 %
MFC.PR.K FixedReset Ins Non 105,503 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.86
Evaluated at bid price : 23.98
Bid-YTW : 5.86 %
CM.PR.Q FixedReset Disc 100,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 23.97
Evaluated at bid price : 24.55
Bid-YTW : 6.02 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.E FixedReset Disc Quote: 23.55 – 25.10
Spot Rate : 1.5500
Average : 1.1781

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.71
Evaluated at bid price : 23.55
Bid-YTW : 6.81 %
SLF.PR.E Insurance Straight Quote: 18.90 – 20.46
Spot Rate : 1.5600
Average : 1.2069

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
BN.PR.K Floater Quote: 11.80 – 12.40
Spot Rate : 0.6000
Average : 0.3611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 9.06 %
IFC.PR.G FixedReset Ins Non Quote: 23.71 – 24.50
Spot Rate : 0.7900
Average : 0.5603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.76
Evaluated at bid price : 23.71
Bid-YTW : 6.22 %
ENB.PR.J FixedReset Disc Quote: 19.47 – 20.00
Spot Rate : 0.5300
Average : 0.3297

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 7.58 %
BN.PR.Z FixedReset Disc Quote: 20.72 – 21.25
Spot Rate : 0.5300
Average : 0.3564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 7.60 %
Market Action

November 25, 2024

TXPR closed at 620.21, up 0.99% on the day. Volume today was 2.16-million, third-highest of the past 21 trading days.

CPD closed at 12.30, up 0.82% on the day. Volume was 64,420, fourth-highest of the past 21 trading days.

ZPR closed at 10.71, up 1.23% on the day. Volume was 268,330, second-highest of the past 21 trading days.

Five-year Canada yields were up to 3.20%.

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 0.5570 % 2,227.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5570 % 4,273.1
Floater 8.55 % 8.98 % 30,366 10.32 4 0.5570 % 2,462.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2662 % 3,628.3
SplitShare 4.76 % 4.52 % 75,031 3.03 6 0.2662 % 4,333.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2662 % 3,380.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2987 % 2,816.6
Perpetual-Discount 6.11 % 6.25 % 55,054 13.49 31 0.2987 % 3,071.4
FixedReset Disc 5.43 % 6.90 % 102,699 12.61 58 0.5627 % 2,721.5
Insurance Straight 5.97 % 6.11 % 64,719 13.67 21 0.0296 % 3,034.2
FloatingReset 6.55 % 6.72 % 40,924 12.79 2 0.7969 % 3,279.3
FixedReset Prem 6.37 % 5.60 % 170,428 3.50 7 -0.0550 % 2,598.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5627 % 2,781.9
FixedReset Ins Non 5.22 % 6.34 % 78,102 13.45 14 0.1785 % 2,816.7
Performance Highlights
Issue Index Change Notes
SLF.PR.E Insurance Straight -6.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
CU.PR.G Perpetual-Discount -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.33 %
CU.PR.C FixedReset Disc -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 7.00 %
IFC.PR.A FixedReset Ins Non -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.57 %
TD.PF.I FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 5.45 %
BN.PR.N Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.51 %
ENB.PR.F FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.74 %
BIP.PR.E FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 6.71 %
POW.PR.C Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.54
Evaluated at bid price : 23.81
Bid-YTW : 6.17 %
BN.PF.E FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 7.58 %
NA.PR.W FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.72
Evaluated at bid price : 23.90
Bid-YTW : 5.68 %
FTS.PR.G FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.61
Evaluated at bid price : 21.88
Bid-YTW : 6.36 %
MFC.PR.C Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.86 %
FFH.PR.E FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.43 %
FFH.PR.G FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.74 %
GWO.PR.Q Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.15 %
IFC.PR.C FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.83 %
MFC.PR.I FixedReset Ins Non 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.98
Evaluated at bid price : 23.95
Bid-YTW : 6.30 %
BN.PR.C Floater 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 11.89
Evaluated at bid price : 11.89
Bid-YTW : 8.98 %
BN.PR.X FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 7.79 %
BN.PF.G FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.51 %
BN.PR.R FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 7.74 %
BN.PR.Z FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.09
Evaluated at bid price : 21.09
Bid-YTW : 7.46 %
ENB.PF.A FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.76 %
FFH.PR.F FloatingReset 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.70
Evaluated at bid price : 21.70
Bid-YTW : 6.63 %
ENB.PF.G FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.09
Evaluated at bid price : 18.09
Bid-YTW : 7.97 %
BN.PF.A FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.84
Evaluated at bid price : 23.93
Bid-YTW : 6.65 %
BIP.PR.A FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.76
Evaluated at bid price : 23.45
Bid-YTW : 7.17 %
BN.PR.T FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.I FixedReset Disc 188,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.68
Evaluated at bid price : 24.20
Bid-YTW : 6.98 %
GWO.PR.M Insurance Straight 179,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 6.18 %
ENB.PR.P FixedReset Disc 109,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 7.55 %
CU.PR.E Perpetual-Discount 105,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.14 %
FFH.PR.C FixedReset Disc 69,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 24.09
Evaluated at bid price : 25.06
Bid-YTW : 6.40 %
TD.PF.A FixedReset Disc 65,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.25
Evaluated at bid price : 22.95
Bid-YTW : 5.82 %
There were 37 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 19.10 – 23.00
Spot Rate : 3.9000
Average : 2.4413

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.57 %
BIP.PR.F FixedReset Disc Quote: 23.79 – 25.50
Spot Rate : 1.7100
Average : 0.9714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.75
Evaluated at bid price : 23.79
Bid-YTW : 6.63 %
SLF.PR.E Insurance Straight Quote: 18.90 – 20.39
Spot Rate : 1.4900
Average : 0.8197

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
BIP.PR.E FixedReset Disc Quote: 23.85 – 25.10
Spot Rate : 1.2500
Average : 0.7703

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 6.71 %
CU.PR.C FixedReset Disc Quote: 19.95 – 21.29
Spot Rate : 1.3400
Average : 0.9887

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 7.00 %
CU.PR.G Perpetual-Discount Quote: 17.90 – 18.70
Spot Rate : 0.8000
Average : 0.4610

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.33 %
Market Action

November 22, 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 0.9161 % 2,215.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9161 % 4,249.4
Floater 8.59 % 9.01 % 30,634 10.31 4 0.9161 % 2,449.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2787 % 3,618.7
SplitShare 4.77 % 4.57 % 76,081 3.03 6 -0.2787 % 4,321.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2787 % 3,371.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2377 % 2,808.3
Perpetual-Discount 6.13 % 6.27 % 53,061 13.48 31 0.2377 % 3,062.3
FixedReset Disc 5.46 % 6.96 % 102,555 12.47 58 0.2591 % 2,706.3
Insurance Straight 5.97 % 6.12 % 64,491 13.68 21 0.4501 % 3,033.3
FloatingReset 6.62 % 6.72 % 41,352 12.80 2 0.8690 % 3,253.3
FixedReset Prem 6.37 % 5.55 % 164,579 3.69 7 0.2759 % 2,599.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2591 % 2,766.4
FixedReset Ins Non 5.23 % 6.49 % 74,897 13.26 14 0.3618 % 2,811.6
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.29 %
SLF.PR.D Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.74 %
CU.PR.C FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.89 %
IFC.PR.K Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.66
Evaluated at bid price : 21.97
Bid-YTW : 6.07 %
BN.PF.G FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 7.77 %
BN.PR.B Floater 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 11.76
Evaluated at bid price : 11.76
Bid-YTW : 9.08 %
BIP.PR.F FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.68
Evaluated at bid price : 23.65
Bid-YTW : 6.76 %
BN.PF.A FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.57
Evaluated at bid price : 23.38
Bid-YTW : 6.92 %
PVS.PR.J SplitShare 1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 4.34 %
FFH.PR.G FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.96 %
TD.PF.I FixedReset Prem 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 4.96 %
BN.PF.B FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 7.46 %
PVS.PR.G SplitShare 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 3.26 %
SLF.PR.H FixedReset Ins Non 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.99 %
FFH.PR.F FloatingReset 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.76 %
MFC.PR.J FixedReset Ins Non 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.81
Evaluated at bid price : 23.75
Bid-YTW : 6.28 %
BN.PR.K Floater 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 9.01 %
MFC.PR.C Insurance Straight 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
IFC.PR.A FixedReset Ins Non 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 6.49 %
FFH.PR.K FixedReset Disc 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.99
Evaluated at bid price : 23.82
Bid-YTW : 6.95 %
BIP.PR.A FixedReset Disc 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.20
Evaluated at bid price : 22.91
Bid-YTW : 7.47 %
BN.PR.M Perpetual-Discount 3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 6.54 %
POW.PR.A Perpetual-Discount 5.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 6.25 %
GWO.PR.S Insurance Straight 10.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.22 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.M FixedReset Ins Non 204,721 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.48 %
ENB.PR.T FixedReset Disc 136,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 7.54 %
TD.PF.D FixedReset Disc 107,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 23.52
Evaluated at bid price : 24.17
Bid-YTW : 6.22 %
ENB.PR.H FixedReset Disc 31,867 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.69
Evaluated at bid price : 19.69
Bid-YTW : 7.20 %
SLF.PR.E Insurance Straight 28,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.64 %
FFH.PR.C FixedReset Disc 25,242 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 24.12
Evaluated at bid price : 25.06
Bid-YTW : 6.52 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
ENB.PF.E FixedReset Disc Quote: 18.10 – 19.10
Spot Rate : 1.0000
Average : 0.6298

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 8.18 %
BN.PF.A FixedReset Disc Quote: 23.38 – 24.25
Spot Rate : 0.8700
Average : 0.5777

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.57
Evaluated at bid price : 23.38
Bid-YTW : 6.92 %
CU.PR.F Perpetual-Discount Quote: 18.01 – 18.75
Spot Rate : 0.7400
Average : 0.4789

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.29 %
MFC.PR.B Insurance Straight Quote: 19.48 – 20.23
Spot Rate : 0.7500
Average : 0.5203

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 5.98 %
ENB.PF.C FixedReset Disc Quote: 18.45 – 19.00
Spot Rate : 0.5500
Average : 0.3706

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 8.11 %
MIC.PR.A Perpetual-Discount Quote: 21.31 – 21.95
Spot Rate : 0.6400
Average : 0.4656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.46 %
Market Action

November 21, 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 0.9246 % 2,195.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9246 % 4,210.8
Floater 8.67 % 9.14 % 30,434 10.19 4 0.9246 % 2,426.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1921 % 3,628.8
SplitShare 4.76 % 5.11 % 76,047 3.00 6 -0.1921 % 4,333.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1921 % 3,381.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0555 % 2,801.6
Perpetual-Discount 6.15 % 6.27 % 50,766 13.48 31 -0.0555 % 3,055.0
FixedReset Disc 5.47 % 6.85 % 99,364 12.64 58 0.1058 % 2,699.3
Insurance Straight 6.00 % 6.13 % 60,730 13.66 21 0.0251 % 3,019.7
FloatingReset 6.74 % 6.78 % 38,957 12.72 2 0.2177 % 3,225.3
FixedReset Prem 6.39 % 5.55 % 170,842 3.70 7 -0.0055 % 2,592.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1058 % 2,759.2
FixedReset Ins Non 5.24 % 6.27 % 71,537 13.49 14 -0.0172 % 2,801.5
Performance Highlights
Issue Index Change Notes
GWO.PR.S Insurance Straight -7.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.86 %
POW.PR.A Perpetual-Discount -5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.61 %
MFC.PR.J FixedReset Ins Non -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.53
Evaluated at bid price : 23.22
Bid-YTW : 6.27 %
ENB.PF.A FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 7.77 %
IFC.PR.F Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 6.13 %
BN.PR.B Floater 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 11.64
Evaluated at bid price : 11.64
Bid-YTW : 9.17 %
CU.PR.D Perpetual-Discount 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.15 %
GWO.PR.G Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 6.13 %
CU.PR.C FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.60 %
BN.PR.C Floater 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 11.68
Evaluated at bid price : 11.68
Bid-YTW : 9.14 %
FFH.PR.E FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 6.47 %
BN.PF.C Perpetual-Discount 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.57 %
BN.PF.D Perpetual-Discount 3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 6.54 %
MFC.PR.C Insurance Straight 5.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.09 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PR.X FixedReset Disc 159,786 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 15.86
Evaluated at bid price : 15.86
Bid-YTW : 7.85 %
BN.PR.T FixedReset Disc 111,871 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 16.86
Evaluated at bid price : 16.86
Bid-YTW : 7.79 %
TD.PF.A FixedReset Disc 106,218 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.23
Evaluated at bid price : 22.92
Bid-YTW : 5.76 %
BN.PF.G FixedReset Disc 98,143 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 7.61 %
MFC.PR.M FixedReset Ins Non 70,440 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.67
Evaluated at bid price : 22.05
Bid-YTW : 6.23 %
FFH.PR.C FixedReset Disc 66,311 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 24.06
Evaluated at bid price : 25.02
Bid-YTW : 6.33 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.S Insurance Straight Quote: 19.50 – 21.90
Spot Rate : 2.4000
Average : 1.5624

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.86 %
POW.PR.A Perpetual-Discount Quote: 21.50 – 22.90
Spot Rate : 1.4000
Average : 0.8399

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.61 %
MFC.PR.J FixedReset Ins Non Quote: 23.22 – 24.11
Spot Rate : 0.8900
Average : 0.5573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.53
Evaluated at bid price : 23.22
Bid-YTW : 6.27 %
BN.PR.M Perpetual-Discount Quote: 17.85 – 19.40
Spot Rate : 1.5500
Average : 1.2691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.78 %
ENB.PR.A Perpetual-Discount Quote: 21.90 – 22.55
Spot Rate : 0.6500
Average : 0.4525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 6.30 %
BN.PR.B Floater Quote: 11.64 – 12.17
Spot Rate : 0.5300
Average : 0.3401

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 11.64
Evaluated at bid price : 11.64
Bid-YTW : 9.17 %
Market Action

November 20, 2024

PerpetualDiscounts now yield 6.26%, equivalent to 8.14% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.90% on 2024-11-19 and since then the closing price of ZLC has changed from 15.35 to 15.26, a total return of -0.59%, implying an increase of yields of 5bp (BMO reports a duration of 12.47, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.95%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 320bp from the 335bp reported November 13.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.6983 % 2,175.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6983 % 4,172.3
Floater 8.75 % 9.28 % 30,464 10.06 4 0.6983 % 2,404.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.6868 % 3,635.8
SplitShare 4.75 % 4.99 % 79,168 3.00 6 0.6868 % 4,341.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6868 % 3,387.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.4789 % 2,803.2
Perpetual-Discount 6.14 % 6.26 % 47,859 13.49 31 -0.4789 % 3,056.7
FixedReset Disc 5.48 % 6.92 % 95,528 12.64 58 0.1983 % 2,696.4
Insurance Straight 6.00 % 6.15 % 60,173 13.62 21 -0.6133 % 3,019.0
FloatingReset 6.75 % 6.77 % 35,961 12.72 2 2.1348 % 3,218.3
FixedReset Prem 6.39 % 5.54 % 171,900 3.69 7 0.0828 % 2,592.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1983 % 2,756.3
FixedReset Ins Non 5.24 % 6.26 % 71,392 13.56 14 -0.8640 % 2,802.0
Performance Highlights
Issue Index Change Notes
MFC.PR.C Insurance Straight -9.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.44 %
BN.PR.M Perpetual-Discount -5.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.78 %
BN.PF.D Perpetual-Discount -5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.79 %
BN.PF.C Perpetual-Discount -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.72 %
FFH.PR.K FixedReset Disc -2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.52
Evaluated at bid price : 23.00
Bid-YTW : 7.03 %
GWO.PR.S Insurance Straight -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.37 %
MFC.PR.N FixedReset Ins Non -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 6.49 %
BN.PR.N Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.50 %
CU.PR.D Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.22 %
ENB.PF.K FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.20
Evaluated at bid price : 22.67
Bid-YTW : 6.96 %
GWO.PR.G Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 6.22 %
BN.PR.R FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 7.82 %
FFH.PR.I FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 6.76 %
BN.PF.I FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.55
Evaluated at bid price : 23.05
Bid-YTW : 7.39 %
BN.PR.B Floater 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 9.28 %
MIC.PR.A Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.45 %
CU.PR.C FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.71 %
BN.PF.J FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.59
Evaluated at bid price : 23.28
Bid-YTW : 6.80 %
BN.PR.T FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 7.81 %
BN.PF.H FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 23.99
Evaluated at bid price : 24.44
Bid-YTW : 7.38 %
GWO.PR.T Insurance Straight 3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.18 %
PVS.PR.K SplitShare 3.96 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.75 %
FFH.PR.F FloatingReset 4.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 7.00 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PR.R FixedReset Disc 455,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 7.82 %
BN.PF.G FixedReset Disc 265,725 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 7.62 %
FFH.PR.C FixedReset Disc 101,047 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 24.15
Evaluated at bid price : 25.07
Bid-YTW : 6.32 %
ENB.PF.C FixedReset Disc 92,313 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 7.89 %
FFH.PR.D FloatingReset 62,869 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 24.61
Evaluated at bid price : 25.13
Bid-YTW : 6.77 %
FFH.PR.E FixedReset Disc 51,001 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.60 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 19.00 – 23.00
Spot Rate : 4.0000
Average : 2.2718

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.51 %
MFC.PR.C Insurance Straight Quote: 17.51 – 19.50
Spot Rate : 1.9900
Average : 1.1434

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.44 %
BN.PR.M Perpetual-Discount Quote: 17.85 – 19.32
Spot Rate : 1.4700
Average : 0.9611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.78 %
BN.PF.C Perpetual-Discount Quote: 18.40 – 19.65
Spot Rate : 1.2500
Average : 0.8749

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.72 %
FFH.PR.K FixedReset Disc Quote: 23.00 – 24.00
Spot Rate : 1.0000
Average : 0.6516

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.52
Evaluated at bid price : 23.00
Bid-YTW : 7.03 %
GWO.PR.S Insurance Straight Quote: 21.00 – 21.99
Spot Rate : 0.9900
Average : 0.6441

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.37 %
Market Action

November 19, 2024

Canadian inflation is reported to have ticked up a little in October:

The Consumer Price Index rose at an annual rate of 2 per cent in October, up from 1.6 per cent in September, Statistics Canada said Tuesday in a report. Financial analysts were expecting an upturn to 1.9 per cent.

The inflation rate was guided higher by less flattering year-over-year calculations for gasoline prices and hefty increases in property taxes. On a monthly basis, the CPI rose 0.4 per cent.
…
But Tuesday’s report also showed that core measures of inflation – which strip out volatile movements in the CPI – heated up last month, an unwelcome development. This could prompt the BoC to shift back to rate cuts of a quarter-percentage-point after its half-point reduction in October.
…
Property taxes rose 6 per cent in October, year-over-year, up from 4.9 per cent in 2023 and the largest increase since 1992. Statscan makes an annual update to its property tax numbers in every October CPI report.

How market bets and economist views for future BoC rate cuts have shifted after today’s inflation data

Over all, housing inflation is trending lower. Shelter prices rose 4.8 per cent in October, year-over-year, compared with 5 per cent in September. Mortgage interest cost increases are slowing as the BoC cuts interest rates, and rents rose by an annual 7.3 per cent, down from 8.2 per cent in September. Still, national rents have jumped 25 per cent since the end of 2019, underscoring the financial headwinds facing millions of Canadians.

… and then:

Implied probabilities in swaps markets now suggest a 72 per cent chance of a 25 basis point cut on Dec. 11, and a 28 per cent chance that the bank will follow up with another jumbo 50 basis point cut, according to LSEG data.

Just prior to the inflation data, markets were pricing in 61 per cent odds of the 25 basis point cut.


Pre-Announcement

Post-Announcement

Interesting to see that the projected 2025-12-10 rate has ticked up to 2.81% from 2.78%.

Fairfax issues single-handedly lifted the market today, following reported reports (thanks, IrateAR!) that FFH will be issuing an LRCN-like sub-debt issue. We’ll see what gets reported tomorrow.

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 0.5104 % 2,160.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5104 % 4,143.3
Floater 8.81 % 9.34 % 30,611 10.02 4 0.5104 % 2,387.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5372 % 3,611.0
SplitShare 4.78 % 4.97 % 61,446 2.12 6 -0.5372 % 4,312.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5372 % 3,364.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2400 % 2,816.6
Perpetual-Discount 6.11 % 6.28 % 47,474 13.47 31 0.2400 % 3,071.4
FixedReset Disc 5.49 % 6.88 % 91,259 12.60 58 1.0107 % 2,691.1
Insurance Straight 5.96 % 6.12 % 59,710 13.65 21 0.7645 % 3,037.6
FloatingReset 6.90 % 6.77 % 33,191 12.72 2 8.3092 % 3,151.0
FixedReset Prem 6.39 % 5.54 % 169,957 3.70 7 -0.3247 % 2,590.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.0107 % 2,750.9
FixedReset Ins Non 5.20 % 6.28 % 72,253 13.40 14 0.5046 % 2,826.4
Performance Highlights
Issue Index Change Notes
PVS.PR.K SplitShare -4.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.73 %
TD.PF.I FixedReset Prem -1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 5.41 %
IFC.PR.A FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.51 %
BN.PF.B FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.32 %
PVS.PR.G SplitShare 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 3.98 %
MFC.PR.M FixedReset Ins Non 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 21.74
Evaluated at bid price : 22.15
Bid-YTW : 6.28 %
ENB.PR.H FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 6.92 %
BN.PR.K Floater 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 11.43
Evaluated at bid price : 11.43
Bid-YTW : 9.34 %
FFH.PR.M FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 6.67 %
MFC.PR.Q FixedReset Ins Non 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 22.97
Evaluated at bid price : 24.15
Bid-YTW : 6.01 %
CU.PR.D Perpetual-Discount 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.13 %
PWF.PR.Z Perpetual-Discount 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.64
Evaluated at bid price : 20.64
Bid-YTW : 6.31 %
IFC.PR.G FixedReset Ins Non 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 22.98
Evaluated at bid price : 24.18
Bid-YTW : 6.01 %
BIP.PR.A FixedReset Disc 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 21.69
Evaluated at bid price : 22.10
Bid-YTW : 7.53 %
BN.PR.M Perpetual-Discount 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 6.39 %
FFH.PR.K FixedReset Disc 4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 22.90
Evaluated at bid price : 23.65
Bid-YTW : 6.82 %
FFH.PR.D FloatingReset 5.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 24.61
Evaluated at bid price : 25.13
Bid-YTW : 6.77 %
FFH.PR.C FixedReset Disc 6.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 24.13
Evaluated at bid price : 25.05
Bid-YTW : 6.32 %
FFH.PR.F FloatingReset 11.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 7.34 %
FFH.PR.I FixedReset Disc 13.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 6.86 %
FFH.PR.E FixedReset Disc 13.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.60 %
FFH.PR.G FixedReset Disc 14.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.88 %
GWO.PR.T Insurance Straight 18.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.40 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FFH.PR.D FloatingReset 228,320 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 24.61
Evaluated at bid price : 25.13
Bid-YTW : 6.77 %
TD.PF.A FixedReset Disc 117,604 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 22.20
Evaluated at bid price : 22.87
Bid-YTW : 5.77 %
FFH.PR.G FixedReset Disc 100,846 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.88 %
FFH.PR.I FixedReset Disc 100,742 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 6.86 %
NA.PR.S FixedReset Disc 87,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 23.15
Evaluated at bid price : 24.85
Bid-YTW : 5.71 %
FTS.PR.H FixedReset Disc 75,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 15.48
Evaluated at bid price : 15.48
Bid-YTW : 7.28 %
There were 22 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: 24.39 – 25.88
Spot Rate : 1.4900
Average : 0.8468

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 23.04
Evaluated at bid price : 24.39
Bid-YTW : 5.78 %
PVS.PR.K SplitShare Quote: 24.00 – 25.10
Spot Rate : 1.1000
Average : 0.6038

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.73 %
ENB.PF.C FixedReset Disc Quote: 18.22 – 19.00
Spot Rate : 0.7800
Average : 0.5584

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 7.93 %
BN.PF.J FixedReset Disc Quote: 22.91 – 23.45
Spot Rate : 0.5400
Average : 0.3619

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 22.37
Evaluated at bid price : 22.91
Bid-YTW : 6.91 %
BN.PF.B FixedReset Disc Quote: 20.51 – 21.34
Spot Rate : 0.8300
Average : 0.6641

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 7.32 %
BN.PF.G FixedReset Disc Quote: 19.42 – 19.94
Spot Rate : 0.5200
Average : 0.3922

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-19
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 7.64 %
Market Action

November 18, 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 -0.0213 % 2,149.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0213 % 4,122.3
Floater 8.86 % 9.38 % 31,052 9.99 4 -0.0213 % 2,375.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1727 % 3,630.5
SplitShare 4.76 % 4.98 % 73,459 3.01 6 0.1727 % 4,335.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1727 % 3,382.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0385 % 2,809.9
Perpetual-Discount 6.13 % 6.26 % 49,376 13.50 31 0.0385 % 3,064.1
FixedReset Disc 5.55 % 7.01 % 89,305 12.47 58 0.2903 % 2,664.2
Insurance Straight 6.01 % 6.14 % 62,026 13.63 21 -0.5599 % 3,014.5
FloatingReset 7.47 % 7.18 % 30,632 12.24 2 1.5904 % 2,909.3
FixedReset Prem 6.37 % 5.53 % 171,007 3.70 7 0.1654 % 2,599.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2903 % 2,723.3
FixedReset Ins Non 5.22 % 6.36 % 72,168 13.33 14 0.1168 % 2,812.2
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -18.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.62 %
BN.PR.M Perpetual-Discount -3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 18.44
Evaluated at bid price : 18.44
Bid-YTW : 6.56 %
PWF.PR.Z Perpetual-Discount -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.43 %
ENB.PR.D FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 17.66
Evaluated at bid price : 17.66
Bid-YTW : 7.82 %
BN.PF.C Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.46 %
CU.PR.D Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 6.22 %
ENB.PR.A Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 21.78
Evaluated at bid price : 22.02
Bid-YTW : 6.26 %
POW.PR.D Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 6.29 %
IFC.PR.A FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.44 %
BN.PF.E FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.73 %
GWO.PR.N FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 14.66
Evaluated at bid price : 14.66
Bid-YTW : 7.27 %
TD.PF.I FixedReset Prem 1.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 4.98 %
BIP.PR.E FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 22.57
Evaluated at bid price : 23.30
Bid-YTW : 6.81 %
FFH.PR.G FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 7.85 %
BN.PF.I FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 22.23
Evaluated at bid price : 22.56
Bid-YTW : 7.55 %
BIP.PR.B FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.77
Bid-YTW : 7.11 %
FFH.PR.K FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 22.32
Evaluated at bid price : 22.70
Bid-YTW : 7.12 %
FFH.PR.E FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 7.52 %
MIC.PR.A Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.55 %
SLF.PR.C Insurance Straight 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.60 %
FFH.PR.D FloatingReset 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 23.51
Evaluated at bid price : 23.77
Bid-YTW : 7.18 %
CU.PR.F Perpetual-Discount 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 6.13 %
GWO.PR.G Insurance Straight 3.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.15 %
CU.PR.C FixedReset Disc 4.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 6.75 %
POW.PR.A Perpetual-Discount 5.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 6.23 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.D FixedReset Disc 100,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 23.51
Evaluated at bid price : 24.16
Bid-YTW : 6.02 %
GWO.PR.N FixedReset Ins Non 69,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 14.66
Evaluated at bid price : 14.66
Bid-YTW : 7.27 %
ENB.PF.A FixedReset Disc 33,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.68 %
ENB.PR.T FixedReset Disc 25,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 7.34 %
BN.PF.G FixedReset Disc 25,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.39
Evaluated at bid price : 19.39
Bid-YTW : 7.65 %
BN.PF.C Perpetual-Discount 15,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.46 %
There were 4 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 17.25 – 21.39
Spot Rate : 4.1400
Average : 2.3622

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.62 %
BN.PR.M Perpetual-Discount Quote: 18.44 – 19.44
Spot Rate : 1.0000
Average : 0.5929

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 18.44
Evaluated at bid price : 18.44
Bid-YTW : 6.56 %
ENB.PR.A Perpetual-Discount Quote: 22.02 – 22.85
Spot Rate : 0.8300
Average : 0.5406

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 21.78
Evaluated at bid price : 22.02
Bid-YTW : 6.26 %
CU.PR.D Perpetual-Discount Quote: 19.81 – 20.40
Spot Rate : 0.5900
Average : 0.3647

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 6.22 %
MFC.PR.F FixedReset Ins Non Quote: 16.36 – 17.89
Spot Rate : 1.5300
Average : 1.3349

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 6.67 %
PWF.PR.Z Perpetual-Discount Quote: 20.27 – 21.00
Spot Rate : 0.7300
Average : 0.5418

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-18
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.43 %