Category: Market Action

Market Action

April 30, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -1.1245 % 2,350.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1245 % 4,509.0
Floater 10.24 % 10.45 % 53,923 9.16 1 -1.1245 % 2,598.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2892 % 3,397.0
SplitShare 4.96 % 8.00 % 33,778 1.72 7 -0.2892 % 4,056.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2892 % 3,165.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1620 % 2,579.9
Perpetual-Discount 6.66 % 6.83 % 46,947 12.78 29 0.1620 % 2,813.3
FixedReset Disc 5.24 % 7.12 % 113,642 11.55 57 0.3123 % 2,555.7
Insurance Straight 6.61 % 6.77 % 55,827 12.81 21 0.1210 % 2,745.5
FloatingReset 9.47 % 9.42 % 26,158 9.97 2 0.5208 % 2,714.4
FixedReset Prem 7.03 % 6.42 % 238,185 3.13 3 0.1460 % 2,517.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3123 % 2,612.4
FixedReset Ins Non 5.21 % 7.30 % 74,331 12.41 14 0.6371 % 2,729.3
Performance Highlights
Issue Index Change Notes
PVS.PR.H SplitShare -3.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.60
Bid-YTW : 8.94 %
TD.PF.B FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 23.10
Evaluated at bid price : 24.07
Bid-YTW : 6.31 %
PWF.PR.F Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.97 %
BN.PR.B Floater -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 12.31
Evaluated at bid price : 12.31
Bid-YTW : 10.45 %
CCS.PR.C Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 6.88 %
BN.PF.B FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 8.51 %
SLF.PR.G FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 15.86
Evaluated at bid price : 15.86
Bid-YTW : 7.97 %
FFH.PR.I FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 8.71 %
PVS.PR.K SplitShare 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 7.02 %
BN.PF.J FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 8.28 %
BN.PF.E FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 9.00 %
BN.PR.M Perpetual-Discount 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.93 %
IFC.PR.G FixedReset Ins Non 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 22.39
Evaluated at bid price : 23.10
Bid-YTW : 6.88 %
BN.PR.Z FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 8.33 %
GWO.PR.I Insurance Straight 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 17.09
Evaluated at bid price : 17.09
Bid-YTW : 6.68 %
BN.PF.G FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 8.62 %
MFC.PR.F FixedReset Ins Non 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.34 %
MFC.PR.I FixedReset Ins Non 3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 22.46
Evaluated at bid price : 23.11
Bid-YTW : 7.17 %
BN.PR.R FixedReset Disc 4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 8.96 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 962,132 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-24
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 4.82 %
RY.PR.Z FixedReset Disc 624,246 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.91
Bid-YTW : 4.54 %
CU.PR.J Perpetual-Discount 187,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.81 %
NA.PR.G FixedReset Prem 171,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 23.20
Evaluated at bid price : 25.01
Bid-YTW : 6.70 %
IFC.PR.K Insurance Straight 69,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.73 %
BMO.PR.F FixedReset Disc 48,756 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-24
Maturity Price : 25.00
Evaluated at bid price : 24.91
Bid-YTW : 5.24 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.K Insurance Straight Quote: 19.80 – 21.60
Spot Rate : 1.8000
Average : 1.0598

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.73 %
BN.PF.C Perpetual-Discount Quote: 17.05 – 18.47
Spot Rate : 1.4200
Average : 0.7736

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 7.22 %
BN.PF.I FixedReset Disc Quote: 21.75 – 23.10
Spot Rate : 1.3500
Average : 0.7635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 8.40 %
GWO.PR.Y Insurance Straight Quote: 16.85 – 18.05
Spot Rate : 1.2000
Average : 0.8024

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 6.77 %
BIP.PR.E FixedReset Disc Quote: 21.11 – 21.94
Spot Rate : 0.8300
Average : 0.4872

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-30
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 8.18 %
TD.PF.L FixedReset Prem Quote: 24.99 – 25.60
Spot Rate : 0.6100
Average : 0.3239

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-30
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 5.75 %
Market Action

April 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 0.5654 % 2,377.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5654 % 4,560.3
Floater 10.12 % 10.33 % 52,285 9.25 1 0.5654 % 2,628.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0422 % 3,406.9
SplitShare 4.94 % 7.72 % 34,038 1.72 7 -0.0422 % 4,068.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0422 % 3,174.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1244 % 2,575.8
Perpetual-Discount 6.67 % 6.85 % 43,617 12.75 29 0.1244 % 2,808.7
FixedReset Disc 5.22 % 7.04 % 107,051 11.52 57 0.2332 % 2,547.7
Insurance Straight 6.62 % 6.80 % 54,425 12.78 21 0.1161 % 2,742.2
FloatingReset 9.52 % 9.52 % 26,359 9.90 2 0.3135 % 2,700.4
FixedReset Prem 6.40 % 6.55 % 220,501 3.13 3 -0.1193 % 2,514.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2332 % 2,604.3
FixedReset Ins Non 5.24 % 7.31 % 71,900 12.37 14 0.1890 % 2,712.0
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 9.32 %
BN.PF.J FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 8.38 %
MFC.PR.I FixedReset Ins Non -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 22.01
Evaluated at bid price : 22.40
Bid-YTW : 7.41 %
GWO.PR.I Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 16.73
Evaluated at bid price : 16.73
Bid-YTW : 6.82 %
IFC.PR.G FixedReset Ins Non -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 6.99 %
NA.PR.E FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 22.19
Evaluated at bid price : 22.75
Bid-YTW : 6.90 %
RY.PR.O Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 22.21
Evaluated at bid price : 22.50
Bid-YTW : 5.44 %
FTS.PR.K FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.85 %
CU.PR.C FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 7.86 %
CM.PR.S FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 23.18
Evaluated at bid price : 23.18
Bid-YTW : 6.74 %
IFC.PR.C FixedReset Ins Non 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 7.28 %
BN.PF.F FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 8.46 %
MFC.PR.Q FixedReset Ins Non 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 21.78
Evaluated at bid price : 22.15
Bid-YTW : 7.19 %
BN.PF.A FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 8.05 %
SLF.PR.E Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.41 %
IFC.PR.A FixedReset Ins Non 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.43 %
BN.PR.T FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 15.94
Evaluated at bid price : 15.94
Bid-YTW : 8.98 %
BN.PR.Z FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 8.46 %
FFH.PR.C FixedReset Disc 2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 21.67
Evaluated at bid price : 22.07
Bid-YTW : 7.93 %
BN.PR.X FixedReset Disc 3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 8.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.Z Perpetual-Discount 71,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 6.88 %
PWF.PR.L Perpetual-Discount 48,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 6.86 %
BMO.PR.S FixedReset Disc 38,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-24
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 4.73 %
RY.PR.Z FixedReset Disc 33,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.91
Bid-YTW : 4.46 %
NA.PR.G FixedReset Prem 31,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 23.20
Evaluated at bid price : 25.01
Bid-YTW : 6.70 %
BN.PF.H FixedReset Disc 26,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 22.63
Evaluated at bid price : 23.01
Bid-YTW : 8.43 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.K SplitShare Quote: 22.25 – 24.99
Spot Rate : 2.7400
Average : 1.5109

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.25
Bid-YTW : 7.27 %
IFC.PR.C FixedReset Ins Non Quote: 20.91 – 22.50
Spot Rate : 1.5900
Average : 1.1610

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 7.28 %
BIP.PR.F FixedReset Disc Quote: 20.25 – 21.40
Spot Rate : 1.1500
Average : 0.7818

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 8.37 %
CU.PR.F Perpetual-Discount Quote: 17.06 – 17.90
Spot Rate : 0.8400
Average : 0.5061

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 6.73 %
MFC.PR.I FixedReset Ins Non Quote: 22.40 – 23.40
Spot Rate : 1.0000
Average : 0.6894

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 22.01
Evaluated at bid price : 22.40
Bid-YTW : 7.41 %
BN.PR.R FixedReset Disc Quote: 15.40 – 16.00
Spot Rate : 0.6000
Average : 0.3982

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-29
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 9.32 %
Market Action

April 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 0.2429 % 2,364.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2429 % 4,534.6
Floater 10.18 % 10.38 % 51,963 9.22 1 0.2429 % 2,613.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.5329 % 3,408.3
SplitShare 4.94 % 7.66 % 34,234 1.73 7 0.5329 % 4,070.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5329 % 3,175.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4635 % 2,572.6
Perpetual-Discount 6.68 % 6.84 % 44,950 12.76 29 0.4635 % 2,805.2
FixedReset Disc 5.23 % 6.80 % 108,358 11.55 57 0.1568 % 2,541.8
Insurance Straight 6.62 % 6.79 % 53,193 12.78 21 0.5713 % 2,739.0
FloatingReset 9.51 % 9.55 % 26,143 9.88 2 0.4197 % 2,691.9
FixedReset Prem 6.39 % 6.53 % 208,945 3.14 3 0.1726 % 2,517.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1568 % 2,598.2
FixedReset Ins Non 5.25 % 7.31 % 71,905 12.37 14 0.3794 % 2,706.9
Performance Highlights
Issue Index Change Notes
POW.PR.A Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.90 %
IFC.PR.A FixedReset Ins Non -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 18.13
Evaluated at bid price : 18.13
Bid-YTW : 7.49 %
FTS.PR.K FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.89 %
GWO.PR.H Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 6.82 %
FTS.PR.G FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 7.34 %
BN.PF.F FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 8.51 %
BMO.PR.E FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 23.14
Evaluated at bid price : 24.85
Bid-YTW : 6.56 %
RY.PR.N Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 22.21
Evaluated at bid price : 22.50
Bid-YTW : 5.43 %
FFH.PR.M FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 23.12
Evaluated at bid price : 23.70
Bid-YTW : 8.14 %
MFC.PR.F FixedReset Ins Non 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 7.46 %
IFC.PR.K Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.70 %
GWO.PR.Q Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.82 %
GWO.PR.I Insurance Straight 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 16.94
Evaluated at bid price : 16.94
Bid-YTW : 6.73 %
PWF.PR.E Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 6.83 %
PWF.PR.H Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 6.79 %
PWF.PF.A Perpetual-Discount 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 16.86
Evaluated at bid price : 16.86
Bid-YTW : 6.72 %
MFC.PR.J FixedReset Ins Non 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 22.49
Evaluated at bid price : 23.25
Bid-YTW : 6.91 %
IFC.PR.G FixedReset Ins Non 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 22.34
Evaluated at bid price : 23.02
Bid-YTW : 6.87 %
PVS.PR.H SplitShare 4.78 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.45
Bid-YTW : 7.46 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 194,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-24
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 4.49 %
BMO.PR.T FixedReset Disc 138,804 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 23.37
Evaluated at bid price : 24.25
Bid-YTW : 6.20 %
RY.PR.Z FixedReset Disc 129,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.91
Bid-YTW : 4.23 %
RY.PR.J FixedReset Disc 34,108 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 23.24
Evaluated at bid price : 23.77
Bid-YTW : 6.68 %
TD.PF.E FixedReset Disc 32,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 22.88
Evaluated at bid price : 23.30
Bid-YTW : 6.78 %
RY.PR.M FixedReset Disc 29,145 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 22.67
Evaluated at bid price : 23.07
Bid-YTW : 6.62 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.Y FixedReset Disc Quote: 23.60 – 25.00
Spot Rate : 1.4000
Average : 1.1409

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 23.13
Evaluated at bid price : 23.60
Bid-YTW : 6.62 %
BN.PR.M Perpetual-Discount Quote: 17.15 – 18.39
Spot Rate : 1.2400
Average : 0.9881

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.02 %
PVS.PR.J SplitShare Quote: 22.51 – 23.75
Spot Rate : 1.2400
Average : 1.0593

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.51
Bid-YTW : 7.66 %
PWF.PR.O Perpetual-Discount Quote: 21.25 – 21.82
Spot Rate : 0.5700
Average : 0.3964

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.88 %
FFH.PR.C FixedReset Disc Quote: 21.57 – 21.95
Spot Rate : 0.3800
Average : 0.2623

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 21.57
Evaluated at bid price : 21.57
Bid-YTW : 8.08 %
POW.PR.A Perpetual-Discount Quote: 20.50 – 20.98
Spot Rate : 0.4800
Average : 0.3644

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.90 %
Market Action

April 25, 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 4.1315 % 2,358.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 4.1315 % 4,523.7
Floater 10.20 % 10.40 % 51,789 9.21 1 4.1315 % 2,607.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4101 % 3,390.2
SplitShare 4.97 % 8.10 % 35,546 1.73 7 -0.4101 % 4,048.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4101 % 3,158.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0199 % 2,560.7
Perpetual-Discount 6.71 % 6.89 % 46,785 12.72 29 0.0199 % 2,792.3
FixedReset Disc 5.24 % 6.99 % 120,080 11.69 57 0.0930 % 2,537.8
Insurance Straight 6.66 % 6.82 % 55,302 12.75 21 -0.0939 % 2,723.5
FloatingReset 9.55 % 9.60 % 26,269 9.85 2 0.3158 % 2,680.7
FixedReset Prem 6.40 % 6.57 % 199,675 3.14 3 -0.2517 % 2,512.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0930 % 2,594.2
FixedReset Ins Non 5.27 % 7.32 % 69,654 12.44 14 0.5507 % 2,696.7
Performance Highlights
Issue Index Change Notes
PVS.PR.H SplitShare -3.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.38
Bid-YTW : 9.28 %
CU.PR.C FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 7.91 %
NA.PR.G FixedReset Prem -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 23.19
Evaluated at bid price : 25.00
Bid-YTW : 6.67 %
SLF.PR.E Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 6.43 %
RY.PR.N Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 22.00
Evaluated at bid price : 22.26
Bid-YTW : 5.49 %
FFH.PR.C FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 8.09 %
MFC.PR.N FixedReset Ins Non 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 7.45 %
TD.PF.D FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 23.00
Evaluated at bid price : 23.48
Bid-YTW : 6.71 %
POW.PR.A Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.82 %
SLF.PR.H FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 7.39 %
MFC.PR.M FixedReset Ins Non 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 7.32 %
BN.PR.R FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 9.12 %
BN.PF.G FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 8.79 %
MFC.PR.F FixedReset Ins Non 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 7.54 %
MFC.PR.C Insurance Straight 3.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 6.47 %
BN.PR.B Floater 4.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 10.40 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 141,251 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.13
Bid-YTW : 5.25 %
TD.PF.E FixedReset Disc 125,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 22.90
Evaluated at bid price : 23.32
Bid-YTW : 6.78 %
RY.PR.H FixedReset Disc 86,565 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 23.35
Evaluated at bid price : 24.23
Bid-YTW : 6.23 %
RY.PR.Z FixedReset Disc 81,808 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-06-23
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 4.41 %
BMO.PR.Y FixedReset Disc 68,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 23.14
Evaluated at bid price : 23.61
Bid-YTW : 6.68 %
RY.PR.M FixedReset Disc 57,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 22.52
Evaluated at bid price : 22.91
Bid-YTW : 6.66 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 16.11 – 19.98
Spot Rate : 3.8700
Average : 2.2006

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 7.54 %
IFC.PR.G FixedReset Ins Non Quote: 22.50 – 24.80
Spot Rate : 2.3000
Average : 1.2646

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 22.02
Evaluated at bid price : 22.50
Bid-YTW : 7.04 %
IFC.PR.C FixedReset Ins Non Quote: 20.52 – 22.50
Spot Rate : 1.9800
Average : 1.3382

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 7.36 %
PVS.PR.H SplitShare Quote: 22.38 – 24.10
Spot Rate : 1.7200
Average : 1.0899

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.38
Bid-YTW : 9.28 %
BMO.PR.Y FixedReset Disc Quote: 23.61 – 25.00
Spot Rate : 1.3900
Average : 0.8568

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-25
Maturity Price : 23.14
Evaluated at bid price : 23.61
Bid-YTW : 6.68 %
PVS.PR.J SplitShare Quote: 22.60 – 23.75
Spot Rate : 1.1500
Average : 0.8612

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.60
Bid-YTW : 7.54 %
Market Action

April 24, 2024

PerpetualDiscounts now yield 6.90%, equivalent to 8.97% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.21% on 2024-4-5 (? previously they were saying the YTM was 5.18% on 2024-4-5; what are they doing?) and since then the closing price of ZLC has changed from 14.79 to 14.52, a decrease of 183bp in price, implying an increase of yields of 15bp (BMO reports a duration of 12.30, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 5.36%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 360bp from the 350bp reported April 17.

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 -4.7390 % 2,265.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -4.7390 % 4,344.2
Floater 10.62 % 10.84 % 53,890 8.89 1 -4.7390 % 2,503.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.7660 % 3,404.2
SplitShare 4.95 % 7.74 % 36,912 1.73 7 -0.7660 % 4,065.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.7660 % 3,171.9
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0072 % 2,560.2
Perpetual-Discount 6.71 % 6.90 % 48,328 12.71 29 -0.0072 % 2,791.7
FixedReset Disc 5.25 % 6.98 % 113,625 11.82 57 0.4575 % 2,535.5
Insurance Straight 6.66 % 6.83 % 56,148 12.75 21 0.0330 % 2,726.0
FloatingReset 9.58 % 9.65 % 26,273 9.81 2 -0.1314 % 2,672.2
FixedReset Prem 6.39 % 6.58 % 194,509 3.14 3 -0.1983 % 2,519.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4575 % 2,591.8
FixedReset Ins Non 5.30 % 7.40 % 66,138 12.40 14 0.5428 % 2,681.9
Performance Highlights
Issue Index Change Notes
BN.PR.B Floater -4.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 11.86
Evaluated at bid price : 11.86
Bid-YTW : 10.84 %
BN.PR.X FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 14.93
Evaluated at bid price : 14.93
Bid-YTW : 9.13 %
PVS.PR.J SplitShare -1.96 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 7.66 %
PVS.PR.I SplitShare -1.81 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.91
Bid-YTW : 8.35 %
PVS.PR.H SplitShare -1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.27
Bid-YTW : 7.74 %
FFH.PR.M FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.83
Evaluated at bid price : 23.40
Bid-YTW : 8.24 %
RY.PR.J FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.12
Evaluated at bid price : 23.65
Bid-YTW : 6.71 %
CM.PR.Q FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.98
Evaluated at bid price : 23.46
Bid-YTW : 6.71 %
PWF.PR.P FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 14.74
Evaluated at bid price : 14.74
Bid-YTW : 8.39 %
NA.PR.W FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 21.47
Evaluated at bid price : 21.80
Bid-YTW : 6.86 %
RY.PR.H FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.43
Evaluated at bid price : 24.30
Bid-YTW : 6.21 %
CM.PR.O FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.41
Evaluated at bid price : 24.35
Bid-YTW : 6.24 %
BN.PF.B FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 8.46 %
BMO.PR.T FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.74
Evaluated at bid price : 24.55
Bid-YTW : 6.19 %
RY.PR.N Perpetual-Discount 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.21
Evaluated at bid price : 22.50
Bid-YTW : 5.43 %
MFC.PR.K FixedReset Ins Non 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.19
Evaluated at bid price : 22.80
Bid-YTW : 6.79 %
TD.PF.C FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.69
Evaluated at bid price : 23.30
Bid-YTW : 6.38 %
TD.PF.D FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.73
Evaluated at bid price : 23.20
Bid-YTW : 6.79 %
CM.PR.P FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.95
Evaluated at bid price : 23.58
Bid-YTW : 6.30 %
MFC.PR.L FixedReset Ins Non 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 7.04 %
BMO.PR.S FixedReset Disc 2.41 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 5.56 %
RY.PR.O Perpetual-Discount 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.21
Evaluated at bid price : 22.50
Bid-YTW : 5.43 %
BN.PF.G FixedReset Disc 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 8.94 %
TD.PF.E FixedReset Disc 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.98
Evaluated at bid price : 23.41
Bid-YTW : 6.75 %
PWF.PR.F Perpetual-Discount 3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.91 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.Z FixedReset Disc 833,967 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.89
Bid-YTW : 5.44 %
RY.PR.H FixedReset Disc 460,210 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.43
Evaluated at bid price : 24.30
Bid-YTW : 6.21 %
BMO.PR.T FixedReset Disc 454,167 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.74
Evaluated at bid price : 24.55
Bid-YTW : 6.19 %
BMO.PR.S FixedReset Disc 391,926 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 5.56 %
TD.PF.C FixedReset Disc 308,947 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.69
Evaluated at bid price : 23.30
Bid-YTW : 6.38 %
BMO.PR.F FixedReset Disc 115,229 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.40 %
BMO.PR.W FixedReset Disc 109,861 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 23.24
Evaluated at bid price : 23.96
Bid-YTW : 6.30 %
TD.PF.E FixedReset Disc 102,629 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 22.98
Evaluated at bid price : 23.41
Bid-YTW : 6.75 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PF.F FixedReset Disc Quote: 19.60 – 20.75
Spot Rate : 1.1500
Average : 0.7155

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.57 %
BN.PR.X FixedReset Disc Quote: 14.93 – 15.99
Spot Rate : 1.0600
Average : 0.6449

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 14.93
Evaluated at bid price : 14.93
Bid-YTW : 9.13 %
CCS.PR.C Insurance Straight Quote: 18.55 – 19.72
Spot Rate : 1.1700
Average : 0.8526

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.83 %
GWO.PR.R Insurance Straight Quote: 17.75 – 18.90
Spot Rate : 1.1500
Average : 0.8685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.85 %
BN.PR.B Floater Quote: 11.86 – 12.50
Spot Rate : 0.6400
Average : 0.3967

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 11.86
Evaluated at bid price : 11.86
Bid-YTW : 10.84 %
SLF.PR.G FixedReset Ins Non Quote: 15.50 – 16.25
Spot Rate : 0.7500
Average : 0.5155

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-24
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 8.08 %
Market Action

April 23, 2024

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.8097 % 2,377.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8097 % 4,560.3
Floater 10.12 % 10.31 % 53,440 9.28 1 0.8097 % 2,628.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0837 % 3,430.5
SplitShare 4.91 % 7.17 % 34,277 1.74 7 -0.0837 % 4,096.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0837 % 3,196.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3806 % 2,560.4
Perpetual-Discount 6.71 % 6.89 % 46,668 12.72 29 -0.3806 % 2,791.9
FixedReset Disc 5.27 % 7.41 % 109,249 11.95 57 0.0154 % 2,523.9
Insurance Straight 6.66 % 6.79 % 56,287 12.81 21 -0.0330 % 2,725.1
FloatingReset 9.57 % 9.55 % 26,580 9.89 2 0.1316 % 2,675.8
FixedReset Prem 6.37 % 6.49 % 194,136 3.15 3 0.1059 % 2,524.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0154 % 2,580.0
FixedReset Ins Non 5.33 % 7.40 % 68,719 12.32 14 0.4763 % 2,667.4
Performance Highlights
Issue Index Change Notes
MFC.PR.C Insurance Straight -5.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 6.76 %
PWF.PR.F Perpetual-Discount -3.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.17 %
RY.PR.O Perpetual-Discount -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 21.98
Evaluated at bid price : 22.25
Bid-YTW : 5.59 %
BN.PF.J FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 8.30 %
PWF.PF.A Perpetual-Discount -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 6.82 %
BIP.PR.A FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 8.98 %
GWO.PR.M Insurance Straight -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.83 %
RY.PR.N Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 22.13
Evaluated at bid price : 22.40
Bid-YTW : 5.55 %
GWO.PR.Y Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 16.73
Evaluated at bid price : 16.73
Bid-YTW : 6.81 %
MFC.PR.F FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 15.67
Evaluated at bid price : 15.67
Bid-YTW : 7.74 %
MFC.PR.Q FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 7.28 %
MIC.PR.A Perpetual-Discount 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.20 %
MFC.PR.L FixedReset Ins Non 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 7.19 %
RY.PR.J FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 23.07
Evaluated at bid price : 23.60
Bid-YTW : 6.79 %
BIP.PR.E FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 21.06
Evaluated at bid price : 21.06
Bid-YTW : 8.15 %
SLF.PR.E Insurance Straight 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 17.87
Evaluated at bid price : 17.87
Bid-YTW : 6.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.H FixedReset Disc 213,416 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 23.26
Evaluated at bid price : 24.15
Bid-YTW : 6.32 %
RY.PR.Z FixedReset Disc 187,625 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 5.60 %
CM.PR.P FixedReset Disc 163,218 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 22.52
Evaluated at bid price : 23.11
Bid-YTW : 6.43 %
FTS.PR.M FixedReset Disc 103,594 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 8.26 %
BN.PR.B Floater 57,246 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 12.45
Evaluated at bid price : 12.45
Bid-YTW : 10.31 %
FFH.PR.M FixedReset Disc 53,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 23.07
Evaluated at bid price : 23.65
Bid-YTW : 8.15 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.C FixedReset Ins Non Quote: 20.40 – 22.50
Spot Rate : 2.1000
Average : 1.1656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 7.40 %
MFC.PR.C Insurance Straight Quote: 16.90 – 17.90
Spot Rate : 1.0000
Average : 0.6303

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 6.76 %
PWF.PR.F Perpetual-Discount Quote: 18.45 – 19.36
Spot Rate : 0.9100
Average : 0.5514

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 7.17 %
BN.PR.M Perpetual-Discount Quote: 16.99 – 18.30
Spot Rate : 1.3100
Average : 1.0786

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 16.99
Evaluated at bid price : 16.99
Bid-YTW : 7.09 %
BN.PR.N Perpetual-Discount Quote: 16.80 – 17.40
Spot Rate : 0.6000
Average : 0.3979

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 7.17 %
MFC.PR.K FixedReset Ins Non Quote: 22.39 – 22.95
Spot Rate : 0.5600
Average : 0.3657

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-23
Maturity Price : 21.93
Evaluated at bid price : 22.39
Bid-YTW : 6.93 %
Market Action

April 22, 2024

I will never whine about debugging problems again:

On March 3, the team noticed that activity from one part of the flight data system stood out from the rest of the garbled data. While the signal wasn’t in the format the Voyager team is used to seeing when the flight data system is functioning as expected, an engineer with NASA’s Deep Space Network was able to decode it.
…
The decoded signal included a readout of the entire flight data system’s memory.

By investigating the readout, the team determined the cause of the issue: 3% of the flight data system’s memory is corrupted. A single chip responsible for storing part of the system’s memory, including some of the computer’s software code, isn’t working properly. While the cause of the chip’s failure is unknown, it could be worn out or may have been hit by an energetic particle from space, the team said.

The loss of the code on the chip caused Voyager 1’s science and engineering data to be unusable.

Since there was no way to repair the chip, the team opted to store the affected code from the chip elsewhere in the system’s memory. While they couldn’t pinpoint a location large enough to hold all of the code, they were able to divide the code into sections and store it in different spots within the flight data system.

“To make this plan work, they also needed to adjust those code sections to ensure, for example, that they all still function as a whole,” according to an update from NASA. “Any references to the location of that code in other parts of the (flight data system) memory needed to be updated as well.”

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 -0.4032 % 2,358.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4032 % 4,523.7
Floater 10.20 % 10.39 % 49,438 9.22 1 -0.4032 % 2,607.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0898 % 3,433.4
SplitShare 4.90 % 7.10 % 32,820 1.74 7 0.0898 % 4,100.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0898 % 3,199.1
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4003 % 2,570.1
Perpetual-Discount 6.69 % 6.87 % 46,346 12.76 29 0.4003 % 2,802.6
FixedReset Disc 5.27 % 7.41 % 111,098 11.92 57 -0.1120 % 2,523.5
Insurance Straight 6.66 % 6.79 % 56,758 12.81 21 -0.2757 % 2,726.0
FloatingReset 9.58 % 9.60 % 26,799 9.85 2 -0.1314 % 2,672.2
FixedReset Prem 6.38 % 6.55 % 201,818 3.15 3 0.1060 % 2,521.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1120 % 2,579.6
FixedReset Ins Non 5.35 % 7.46 % 70,970 12.28 14 0.0437 % 2,654.8
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 7.72 %
GWO.PR.G Insurance Straight -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 6.93 %
SLF.PR.C Insurance Straight -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.44 %
GWO.PR.S Insurance Straight -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 6.92 %
GWO.PR.Y Insurance Straight -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 6.88 %
BN.PF.B FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 8.60 %
PWF.PR.Z Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 6.92 %
BIP.PR.E FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 8.27 %
GWO.PR.R Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 6.88 %
BN.PF.E FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 9.22 %
GWO.PR.I Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 6.72 %
GWO.PR.M Insurance Straight 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 6.74 %
CU.PR.G Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 6.74 %
CU.PR.J Perpetual-Discount 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 6.74 %
POW.PR.C Perpetual-Discount 3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 6.72 %
PWF.PR.E Perpetual-Discount 7.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 6.90 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.T FixedReset Disc 148,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.60 %
TD.PF.L FixedReset Prem 133,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.32 %
RY.PR.H FixedReset Disc 128,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 23.21
Evaluated at bid price : 24.10
Bid-YTW : 6.33 %
FFH.PR.I FixedReset Disc 35,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 8.71 %
GWO.PR.T Insurance Straight 34,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 6.86 %
TD.PF.M FixedReset Disc 34,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 24.01
Evaluated at bid price : 24.80
Bid-YTW : 7.40 %
There were 8 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: 17.05 – 18.30
Spot Rate : 1.2500
Average : 0.8250

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 7.06 %
BN.PF.G FixedReset Disc Quote: 17.58 – 19.00
Spot Rate : 1.4200
Average : 1.0574

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.58
Evaluated at bid price : 17.58
Bid-YTW : 9.16 %
GWO.PR.R Insurance Straight Quote: 17.67 – 18.90
Spot Rate : 1.2300
Average : 0.8775

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 6.88 %
BIP.PR.F FixedReset Disc Quote: 20.28 – 21.40
Spot Rate : 1.1200
Average : 0.7850

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 8.31 %
MFC.PR.N FixedReset Ins Non Quote: 20.14 – 20.99
Spot Rate : 0.8500
Average : 0.6438

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 20.14
Evaluated at bid price : 20.14
Bid-YTW : 7.53 %
MFC.PR.Q FixedReset Ins Non Quote: 21.51 – 22.25
Spot Rate : 0.7400
Average : 0.5346

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-22
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 7.37 %
Market Action

April 19, 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 0.4862 % 2,368.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4862 % 4,542.0
Floater 10.16 % 10.34 % 50,169 9.27 1 0.4862 % 2,617.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0180 % 3,430.3
SplitShare 4.91 % 7.12 % 32,947 1.75 7 0.0180 % 4,096.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0180 % 3,196.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.1565 % 2,559.9
Perpetual-Discount 6.72 % 6.84 % 47,442 12.79 29 -1.1565 % 2,791.4
FixedReset Disc 5.27 % 7.31 % 112,307 12.06 57 -0.1119 % 2,526.4
Insurance Straight 6.64 % 6.79 % 56,079 12.81 21 -0.8129 % 2,733.6
FloatingReset 9.55 % 9.53 % 27,026 9.92 2 0.0000 % 2,675.8
FixedReset Prem 6.39 % 6.52 % 199,679 3.16 3 0.0663 % 2,518.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1119 % 2,582.5
FixedReset Ins Non 5.36 % 7.36 % 71,546 12.33 14 -0.1670 % 2,653.6
Performance Highlights
Issue Index Change Notes
PWF.PR.E Perpetual-Discount -8.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.42 %
POW.PR.C Perpetual-Discount -4.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 6.99 %
SLF.PR.E Insurance Straight -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.50 %
MFC.PR.B Insurance Straight -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 18.13
Evaluated at bid price : 18.13
Bid-YTW : 6.50 %
SLF.PR.D Insurance Straight -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 6.41 %
FTS.PR.H FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 8.32 %
GWO.PR.M Insurance Straight -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.83 %
POW.PR.B Perpetual-Discount -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 19.62
Evaluated at bid price : 19.62
Bid-YTW : 6.88 %
GWO.PR.I Insurance Straight -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 16.77
Evaluated at bid price : 16.77
Bid-YTW : 6.79 %
CU.PR.J Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.91 %
GWO.PR.H Insurance Straight -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.89 %
GWO.PR.T Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.86 %
BN.PF.E FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 9.18 %
POW.PR.A Perpetual-Discount -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.86 %
POW.PR.G Perpetual-Discount -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 6.90 %
BN.PR.N Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 7.23 %
PWF.PR.S Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 6.85 %
FFH.PR.M FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 23.08
Evaluated at bid price : 23.65
Bid-YTW : 8.05 %
GWO.PR.Q Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 6.83 %
GWO.PR.L Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.89 %
BN.PF.D Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 7.26 %
GWO.PR.P Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 6.90 %
PWF.PR.R Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 6.86 %
FFH.PR.C FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 8.08 %
PWF.PR.K Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 6.85 %
TD.PF.D FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 22.54
Evaluated at bid price : 22.99
Bid-YTW : 6.76 %
CM.PR.O FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 23.03
Evaluated at bid price : 23.97
Bid-YTW : 6.24 %
CU.PR.C FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 7.44 %
BN.PF.J FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 8.06 %
BN.PF.F FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.44 %
MFC.PR.C Insurance Straight 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.93
Evaluated at bid price : 17.93
Bid-YTW : 6.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CU.PR.G Perpetual-Discount 269,375 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 16.77
Evaluated at bid price : 16.77
Bid-YTW : 6.84 %
GWO.PR.T Insurance Straight 248,864 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.86 %
FTS.PR.H FixedReset Disc 239,147 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 8.32 %
FFH.PR.G FixedReset Disc 224,728 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.58
Evaluated at bid price : 17.58
Bid-YTW : 8.55 %
IFC.PR.I Insurance Straight 183,796 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 6.83 %
RY.PR.H FixedReset Disc 99,066 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 23.14
Evaluated at bid price : 24.02
Bid-YTW : 6.25 %
There were 41 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.E Perpetual-Discount Quote: 18.65 – 20.69
Spot Rate : 2.0400
Average : 1.1408

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.42 %
BN.PF.A FixedReset Disc Quote: 21.00 – 22.70
Spot Rate : 1.7000
Average : 1.2978

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 8.04 %
POW.PR.C Perpetual-Discount Quote: 20.93 – 21.93
Spot Rate : 1.0000
Average : 0.6061

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 6.99 %
TD.PF.E FixedReset Disc Quote: 22.89 – 23.95
Spot Rate : 1.0600
Average : 0.7505

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 22.49
Evaluated at bid price : 22.89
Bid-YTW : 6.81 %
SLF.PR.E Insurance Straight Quote: 17.52 – 18.17
Spot Rate : 0.6500
Average : 0.4389

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-19
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.50 %
PVS.PR.J SplitShare Quote: 22.90 – 23.75
Spot Rate : 0.8500
Average : 0.6392

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.90
Bid-YTW : 7.12 %
Market Action

April 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 -0.5641 % 2,356.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5641 % 4,520.0
Floater 10.21 % 10.39 % 49,009 9.23 1 -0.5641 % 2,604.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0778 % 3,429.7
SplitShare 4.91 % 7.13 % 34,299 1.75 7 -0.0778 % 4,095.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0778 % 3,195.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1269 % 2,589.9
Perpetual-Discount 6.64 % 6.77 % 45,062 12.88 29 -0.1269 % 2,824.1
FixedReset Disc 5.26 % 7.31 % 108,772 12.08 57 0.0706 % 2,529.2
Insurance Straight 6.58 % 6.74 % 51,990 12.87 21 -0.4720 % 2,756.0
FloatingReset 9.55 % 9.53 % 28,112 9.92 2 -0.2621 % 2,675.8
FixedReset Prem 6.39 % 6.53 % 198,199 3.16 3 0.1460 % 2,517.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0706 % 2,585.4
FixedReset Ins Non 5.35 % 7.39 % 71,296 12.41 14 0.4707 % 2,658.1
Performance Highlights
Issue Index Change Notes
MFC.PR.C Insurance Straight -5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 6.66 %
TD.PF.D FixedReset Disc -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 22.33
Evaluated at bid price : 22.75
Bid-YTW : 6.83 %
GWO.PR.L Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.81 %
GWO.PR.Y Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 6.77 %
POW.PR.D Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.72 %
GWO.PR.M Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.66 %
MFC.PR.L FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 7.19 %
BN.PF.E FixedReset Disc 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 9.04 %
MFC.PR.I FixedReset Ins Non 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 22.21
Evaluated at bid price : 22.71
Bid-YTW : 7.18 %
RY.PR.O Perpetual-Discount 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 22.37
Evaluated at bid price : 22.65
Bid-YTW : 5.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Disc 312,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 19.23
Evaluated at bid price : 19.23
Bid-YTW : 8.10 %
RY.PR.Z FixedReset Disc 271,520 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.22 %
NA.PR.E FixedReset Disc 250,997 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 21.89
Evaluated at bid price : 22.30
Bid-YTW : 6.92 %
CM.PR.T FixedReset Disc 244,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-30
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.42 %
BMO.PR.T FixedReset Disc 194,172 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 23.43
Evaluated at bid price : 24.29
Bid-YTW : 6.16 %
BN.PR.N Perpetual-Discount 113,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 16.87
Evaluated at bid price : 16.87
Bid-YTW : 7.13 %
NA.PR.S FixedReset Disc 108,872 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 22.27
Evaluated at bid price : 23.00
Bid-YTW : 6.63 %
POW.PR.D Perpetual-Discount 108,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.72 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PF.G FixedReset Disc Quote: 17.60 – 19.00
Spot Rate : 1.4000
Average : 0.9228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 9.03 %
MFC.PR.C Insurance Straight Quote: 17.13 – 18.13
Spot Rate : 1.0000
Average : 0.5861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 6.66 %
GWO.PR.R Insurance Straight Quote: 18.00 – 18.90
Spot Rate : 0.9000
Average : 0.6676

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.75 %
GWO.PR.Y Insurance Straight Quote: 16.81 – 17.40
Spot Rate : 0.5900
Average : 0.3951

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 6.77 %
BN.PR.X FixedReset Disc Quote: 15.30 – 15.87
Spot Rate : 0.5700
Average : 0.4008

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 8.78 %
BN.PR.B Floater Quote: 12.34 – 12.65
Spot Rate : 0.3100
Average : 0.2105

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-18
Maturity Price : 12.34
Evaluated at bid price : 12.34
Bid-YTW : 10.39 %
Market Action

April 17, 2024

PerpetualDiscounts now yield 6.75%, equivalent to 8.78% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.18% on 2024-4-5 and since then the closing price of ZLC has changed from 14.79 to 14.62, a decrease of 115bp in price, implying an increase of yields of 9bp (BMO reports a duration of 12.33, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 5.27%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 350bp from the 345bp reported April 10.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,370.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,545.6
Floater 10.15 % 10.33 % 45,677 9.28 1 0.0000 % 2,619.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0419 % 3,432.3
SplitShare 4.90 % 7.09 % 31,755 1.75 7 0.0419 % 4,098.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0419 % 3,198.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0286 % 2,593.1
Perpetual-Discount 6.63 % 6.75 % 45,341 12.91 29 0.0286 % 2,827.7
FixedReset Disc 5.26 % 7.31 % 109,312 12.09 57 0.2587 % 2,527.4
Insurance Straight 6.55 % 6.71 % 53,643 12.92 21 0.3232 % 2,769.1
FloatingReset 9.53 % 9.48 % 29,155 9.96 2 0.1312 % 2,682.8
FixedReset Prem 6.40 % 6.56 % 205,858 3.16 3 0.2129 % 2,513.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2587 % 2,583.5
FixedReset Ins Non 5.37 % 7.40 % 70,853 12.30 14 -0.0036 % 2,645.6
Performance Highlights
Issue Index Change Notes
BN.PR.M Perpetual-Discount -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 7.08 %
MFC.PR.I FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 21.90
Evaluated at bid price : 22.25
Bid-YTW : 7.33 %
NA.PR.S FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.23
Evaluated at bid price : 22.93
Bid-YTW : 6.65 %
BN.PF.B FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 8.44 %
MFC.PR.C Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 6.31 %
CCS.PR.C Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.70 %
FTS.PR.H FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 15.43
Evaluated at bid price : 15.43
Bid-YTW : 8.09 %
SLF.PR.D Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.25 %
BN.PR.Z FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 8.53 %
CU.PR.C FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 7.55 %
MFC.PR.B Insurance Straight 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.35 %
RY.PR.M FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.61
Evaluated at bid price : 23.00
Bid-YTW : 6.60 %
CM.PR.P FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.22
Evaluated at bid price : 22.96
Bid-YTW : 6.36 %
RY.PR.S FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.65
Evaluated at bid price : 23.70
Bid-YTW : 6.44 %
RY.PR.N Perpetual-Discount 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.42
Evaluated at bid price : 22.70
Bid-YTW : 5.47 %
IFC.PR.F Insurance Straight 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.77 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.Z FixedReset Disc 1,250,934 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.08 %
CM.PR.T FixedReset Disc 223,296 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.64 %
RY.PR.J FixedReset Disc 128,122 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 23.15
Evaluated at bid price : 23.68
Bid-YTW : 6.67 %
RY.PR.H FixedReset Disc 125,463 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 23.33
Evaluated at bid price : 24.20
Bid-YTW : 6.20 %
BMO.PR.T FixedReset Disc 82,510 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 23.47
Evaluated at bid price : 24.32
Bid-YTW : 6.15 %
TD.PF.L FixedReset Prem 69,950 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.39 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.E FixedReset Disc Quote: 23.11 – 23.95
Spot Rate : 0.8400
Average : 0.6208

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.70
Evaluated at bid price : 23.11
Bid-YTW : 6.74 %
BN.PR.M Perpetual-Discount Quote: 16.97 – 17.60
Spot Rate : 0.6300
Average : 0.4665

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 7.08 %
CCS.PR.C Insurance Straight Quote: 18.88 – 20.00
Spot Rate : 1.1200
Average : 0.9832

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 6.70 %
BN.PF.A FixedReset Disc Quote: 21.05 – 22.67
Spot Rate : 1.6200
Average : 1.5004

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 8.02 %
NA.PR.G FixedReset Prem Quote: 25.12 – 25.47
Spot Rate : 0.3500
Average : 0.2470

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 23.23
Evaluated at bid price : 25.12
Bid-YTW : 6.56 %
TD.PF.J FixedReset Disc Quote: 23.20 – 23.59
Spot Rate : 0.3900
Average : 0.2904

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-04-17
Maturity Price : 22.45
Evaluated at bid price : 23.20
Bid-YTW : 6.74 %