Category: Market Action

Market Action

February 16, 2024

US PPI came out hotter than expected today:

Wholesale inflation, as measured by the Producer Price Index, rose more than expected in January, adding to a disappointing inflation picture for the month.

The Producer Price Index rose 0.3% last month, resulting in an annual increase of 0.9%, according to Bureau of Labor Statistics data released Friday. Despite coming in hotter than economists had expected (a projected 0.7% annual gain, according to FactSet), the annual rate is in line with what was seen during the last quarter of 2023.

When stripping out the food and energy categories, which tend to be volatile, core PPI jumped 0.5% for the month, bringing the yearly increase to 2%, a hotter reading than December’s 1.7%.

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 0.8511 % 2,290.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8511 % 4,392.3
Floater 10.63 % 10.93 % 31,495 8.77 2 0.8511 % 2,531.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0659 % 3,429.3
SplitShare 4.91 % 7.18 % 48,891 1.89 7 0.0659 % 4,095.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0659 % 3,195.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2385 % 2,643.7
Perpetual-Discount 6.50 % 6.69 % 45,709 12.95 33 -0.2385 % 2,882.8
FixedReset Disc 5.59 % 7.76 % 114,485 12.03 59 -0.0621 % 2,362.8
Insurance Straight 6.30 % 6.50 % 63,122 13.15 21 -0.0623 % 2,880.5
FloatingReset 10.04 % 10.23 % 34,118 9.32 3 0.4358 % 2,597.0
FixedReset Prem 6.93 % 6.67 % 158,343 3.27 1 0.3960 % 2,519.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0621 % 2,415.2
FixedReset Ins Non 5.41 % 7.17 % 84,661 12.40 14 0.2914 % 2,624.8
Performance Highlights
Issue Index Change Notes
BN.PF.I FixedReset Disc -3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 8.96 %
BN.PR.M Perpetual-Discount -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 6.92 %
GWO.PR.Y Insurance Straight -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.51 %
CM.PR.P FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.94 %
TD.PF.C FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 7.55 %
PWF.PR.Z Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 6.79 %
PWF.PR.O Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 6.82 %
BN.PR.B Floater -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 10.93 %
MFC.PR.B Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 6.13 %
RY.PR.S FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 21.81
Evaluated at bid price : 22.25
Bid-YTW : 6.84 %
PWF.PR.G Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 22.06
Evaluated at bid price : 22.35
Bid-YTW : 6.66 %
BN.PF.E FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 9.44 %
FFH.PR.M FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 22.34
Evaluated at bid price : 22.80
Bid-YTW : 8.32 %
FFH.PR.I FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.94 %
FFH.PR.K FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 8.66 %
POW.PR.D Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.52 %
IFC.PR.E Insurance Straight 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.39 %
TD.PF.B FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.96 %
CU.PR.H Perpetual-Discount 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.34 %
IFC.PR.A FixedReset Ins Non 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 6.99 %
BN.PR.K Floater 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 10.93 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.P FixedReset Disc 50,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.94 %
IFC.PR.A FixedReset Ins Non 49,241 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 6.99 %
RY.PR.M FixedReset Disc 15,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.79 %
NA.PR.S FixedReset Disc 14,130 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 7.36 %
RY.PR.H FixedReset Disc 10,785 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.41 %
POW.PR.D Perpetual-Discount 10,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.52 %
There were 2 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: 20.90 – 25.15
Spot Rate : 4.2500
Average : 2.3323

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.39 %
IFC.PR.I Insurance Straight Quote: 21.45 – 23.25
Spot Rate : 1.8000
Average : 1.1652

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.40 %
MFC.PR.I FixedReset Ins Non Quote: 22.75 – 23.89
Spot Rate : 1.1400
Average : 0.6548

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 22.22
Evaluated at bid price : 22.75
Bid-YTW : 7.17 %
BN.PF.F FixedReset Disc Quote: 18.90 – 20.00
Spot Rate : 1.1000
Average : 0.6506

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 8.71 %
BN.PR.M Perpetual-Discount Quote: 17.49 – 18.75
Spot Rate : 1.2600
Average : 0.9004

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 6.92 %
FTS.PR.F Perpetual-Discount Quote: 20.23 – 21.00
Spot Rate : 0.7700
Average : 0.4935

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-16
Maturity Price : 20.23
Evaluated at bid price : 20.23
Bid-YTW : 6.08 %
Market Action

February 15, 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 -1.0526 % 2,270.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0526 % 4,355.2
Floater 10.72 % 10.78 % 49,541 8.87 2 -1.0526 % 2,509.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3938 % 3,427.0
SplitShare 4.91 % 7.18 % 50,883 1.90 7 -0.3938 % 4,092.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3938 % 3,193.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2004 % 2,650.0
Perpetual-Discount 6.48 % 6.64 % 45,907 12.98 33 0.2004 % 2,889.7
FixedReset Disc 5.58 % 7.73 % 118,601 12.03 59 0.3166 % 2,364.2
Insurance Straight 6.29 % 6.48 % 65,237 13.16 21 0.3537 % 2,882.3
FloatingReset 10.08 % 10.28 % 35,413 9.24 3 -0.8826 % 2,585.7
FixedReset Prem 6.96 % 6.79 % 159,744 3.27 1 -0.1582 % 2,509.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3166 % 2,416.7
FixedReset Ins Non 5.43 % 7.21 % 88,080 12.38 14 0.0037 % 2,617.1
Performance Highlights
Issue Index Change Notes
BN.PR.K Floater -3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 11.26 %
CU.PR.H Perpetual-Discount -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 6.45 %
PVS.PR.J SplitShare -1.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.56
Bid-YTW : 7.54 %
PVS.PR.H SplitShare -1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.71
Bid-YTW : 6.99 %
BN.PF.G FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 9.28 %
RY.PR.J FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 7.80 %
FTS.PR.J Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 6.11 %
PWF.PR.G Perpetual-Discount 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 6.59 %
FTS.PR.K FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 7.62 %
TD.PF.C FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.44 %
BN.PF.H FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 21.44
Evaluated at bid price : 21.78
Bid-YTW : 8.71 %
BN.PR.B Floater 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 10.78 %
CCS.PR.C Insurance Straight 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.73 %
BMO.PR.S FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 7.06 %
BIK.PR.A FixedReset Disc 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 22.83
Evaluated at bid price : 24.15
Bid-YTW : 8.04 %
BN.PR.Z FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 8.37 %
BN.PF.I FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 8.66 %
FTS.PR.G FixedReset Disc 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 7.05 %
FTS.PR.F Perpetual-Discount 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.05 %
MIC.PR.A Perpetual-Discount 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.24 %
GWO.PR.Y Insurance Straight 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.36 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.O FixedReset Disc 450,886 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 7.26 %
BMO.PR.S FixedReset Disc 106,876 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 7.06 %
TD.PF.B FixedReset Disc 70,861 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 7.08 %
BMO.PR.W FixedReset Disc 55,289 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.68 %
NA.PR.S FixedReset Disc 41,075 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 7.34 %
RY.PR.Z FixedReset Disc 39,115 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 7.08 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.B FixedReset Disc Quote: 21.15 – 24.10
Spot Rate : 2.9500
Average : 1.6945

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 7.08 %
BN.PR.M Perpetual-Discount Quote: 17.91 – 18.75
Spot Rate : 0.8400
Average : 0.5061

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 6.75 %
PVS.PR.J SplitShare Quote: 22.56 – 23.48
Spot Rate : 0.9200
Average : 0.7286

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.56
Bid-YTW : 7.54 %
CU.PR.C FixedReset Disc Quote: 19.00 – 19.66
Spot Rate : 0.6600
Average : 0.4700

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.79 %
BN.PR.T FixedReset Disc Quote: 15.07 – 15.70
Spot Rate : 0.6300
Average : 0.4448

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 15.07
Evaluated at bid price : 15.07
Bid-YTW : 9.26 %
BN.PR.R FixedReset Disc Quote: 14.80 – 15.90
Spot Rate : 1.1000
Average : 0.9202

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-15
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 9.41 %
Market Action

February 14, 2024

PerpetualDiscounts now yield 6.66%, equivalent to 8.66% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.12% on 2024-2-14, so there is no need to adjust the figure for the timing of the measurement! The pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to 355bp from the 330bp reported February 7.

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 0.5930 % 2,294.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5930 % 4,401.6
Floater 10.61 % 10.87 % 30,886 8.81 2 0.5930 % 2,536.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0418 % 3,440.5
SplitShare 4.89 % 7.15 % 50,943 1.90 7 0.0418 % 4,108.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0418 % 3,205.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3404 % 2,644.7
Perpetual-Discount 6.50 % 6.66 % 47,641 12.96 33 0.3404 % 2,884.0
FixedReset Disc 5.60 % 7.78 % 117,665 12.04 59 0.0432 % 2,356.8
Insurance Straight 6.31 % 6.51 % 65,417 13.14 21 0.2944 % 2,872.2
FloatingReset 9.99 % 10.25 % 35,520 9.27 3 0.1881 % 2,608.7
FixedReset Prem 6.95 % 6.73 % 164,971 3.28 1 -0.2367 % 2,513.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0432 % 2,409.1
FixedReset Ins Non 5.43 % 7.18 % 90,893 12.38 14 0.1922 % 2,617.0
Performance Highlights
Issue Index Change Notes
RY.PR.J FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 7.87 %
BN.PR.Z FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 8.51 %
PWF.PR.T FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 7.39 %
PVS.PR.H SplitShare 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 6.54 %
PWF.PR.Z Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.41
Evaluated at bid price : 19.41
Bid-YTW : 6.71 %
POW.PR.A Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.65 %
BN.PR.K Floater 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 11.90
Evaluated at bid price : 11.90
Bid-YTW : 10.87 %
IFC.PR.K Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.43 %
SLF.PR.G FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 7.99 %
CU.PR.C FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.83 %
CM.PR.O FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 7.27 %
BN.PF.J FixedReset Disc 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 8.14 %
CU.PR.H Perpetual-Discount 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 6.30 %
GWO.PR.Y Insurance Straight 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.58 %
BMO.PR.Y FixedReset Disc 3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.78 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.Z FixedReset Disc 124,376 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 7.09 %
BMO.PR.T FixedReset Disc 61,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 7.51 %
CM.PR.O FixedReset Disc 58,625 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 7.27 %
BMO.PR.W FixedReset Disc 50,725 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.71 %
TD.PF.A FixedReset Disc 47,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.21 %
BN.PF.B FixedReset Disc 32,418 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 8.32 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.J FixedReset Disc Quote: 21.90 – 22.99
Spot Rate : 1.0900
Average : 0.6473

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 7.16 %
BN.PR.R FixedReset Disc Quote: 14.80 – 15.90
Spot Rate : 1.1000
Average : 0.7231

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 9.41 %
PVS.PR.H SplitShare Quote: 24.00 – 25.00
Spot Rate : 1.0000
Average : 0.6341

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 6.54 %
BN.PF.H FixedReset Disc Quote: 21.52 – 22.35
Spot Rate : 0.8300
Average : 0.5382

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 8.82 %
BIP.PR.E FixedReset Disc Quote: 21.31 – 22.23
Spot Rate : 0.9200
Average : 0.6940

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 7.99 %
BN.PF.C Perpetual-Discount Quote: 17.65 – 18.29
Spot Rate : 0.6400
Average : 0.4153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-14
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 7.00 %
Market Action

February 13, 2024

There are no magic wands in this world:

U.S. stock index futures extended losses sharply on Tuesday, as hotter-than-expected consumer inflation readings smashed market speculations of an early start to interest rate cuts this year.

A Labor Department report showed the Consumer Price Index (CPI) rose 0.3% on a monthly basis in January, above the 0.2% increase expected by economists polled by Reuters. Annually, it increased 3.1% versus the 2.9% estimated growth.

Excluding volatile food and energy components, the core figure rose 0.4% month-on-month in January, compared with the estimated 0.3% rise. Annually, it gained 3.9% versus the estimated 3.7% increase.

… and …

Interest rate swap markets, which capture traders’ views on future monetary policy, now suggest only 40 per cent odds that the bank will cut rates in June, according to Refinitiv Eikon data. That’s down from approximately 50-50 odds last Friday as Statistics Canada released a surprisingly strong jobs report, and 82 per cent odds just prior to a blowout jobs report in the U.S. on Feb. 2. The market is now pricing in only about half a percentage point decrease in the Bank of Canada key lending rate over the course of this year.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0424 % 2,281.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0424 % 4,375.6
Floater 10.67 % 10.92 % 49,880 8.79 2 0.0424 % 2,521.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.3354 % 3,439.1
SplitShare 4.89 % 7.12 % 49,633 1.90 7 0.3354 % 4,107.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3354 % 3,204.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1976 % 2,635.8
Perpetual-Discount 6.52 % 6.70 % 48,230 12.93 33 -0.1976 % 2,874.2
FixedReset Disc 5.60 % 7.74 % 118,989 12.03 59 0.2509 % 2,355.8
Insurance Straight 6.33 % 6.51 % 68,095 13.13 21 -0.1927 % 2,863.7
FloatingReset 10.01 % 10.30 % 35,289 9.20 3 0.1696 % 2,603.8
FixedReset Prem 6.93 % 6.65 % 167,137 3.28 1 0.1580 % 2,519.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2509 % 2,408.1
FixedReset Ins Non 5.44 % 7.19 % 94,540 12.37 14 -0.3058 % 2,612.0
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -5.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 16.96
Evaluated at bid price : 16.96
Bid-YTW : 6.75 %
BMO.PR.Y FixedReset Disc -4.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 8.06 %
CU.PR.H Perpetual-Discount -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.46 %
BIP.PR.B FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 21.67
Evaluated at bid price : 22.11
Bid-YTW : 9.01 %
MIC.PR.A Perpetual-Discount -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 7.43 %
CM.PR.O FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 7.39 %
TD.PF.I FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 23.10
Evaluated at bid price : 24.52
Bid-YTW : 6.75 %
CU.PR.C FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.93 %
MFC.PR.F FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 14.84
Evaluated at bid price : 14.84
Bid-YTW : 7.94 %
SLF.PR.G FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 8.09 %
GWO.PR.S Insurance Straight -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 6.64 %
MFC.PR.J FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 22.03
Evaluated at bid price : 22.51
Bid-YTW : 7.08 %
GWO.PR.P Insurance Straight 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 6.68 %
BN.PR.Z FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 8.40 %
CM.PR.S FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 21.91
Evaluated at bid price : 21.91
Bid-YTW : 7.01 %
FFH.PR.D FloatingReset 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 10.22 %
RY.PR.J FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.74 %
IFC.PR.I Insurance Straight 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.43 %
PVS.PR.J SplitShare 1.95 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.98 %
TD.PF.B FixedReset Disc 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 7.04 %
IFC.PR.F Insurance Straight 7.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 6.63 %
BIP.PR.A FixedReset Disc 18.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 9.63 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 158,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.21 %
RY.PR.M FixedReset Disc 92,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 18.97
Evaluated at bid price : 18.97
Bid-YTW : 7.84 %
CM.PR.Q FixedReset Disc 82,367 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.89 %
POW.PR.C Perpetual-Discount 41,366 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 22.24
Evaluated at bid price : 22.51
Bid-YTW : 6.52 %
RY.PR.H FixedReset Disc 35,327 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 7.50 %
BN.PF.B FixedReset Disc 34,945 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 8.32 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
EIT.PR.A SplitShare Quote: 25.11 – 26.11
Spot Rate : 1.0000
Average : 0.5374

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 9.17 %
BMO.PR.Y FixedReset Disc Quote: 18.90 – 19.90
Spot Rate : 1.0000
Average : 0.6827

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 8.06 %
GWO.PR.Y Insurance Straight Quote: 16.96 – 17.96
Spot Rate : 1.0000
Average : 0.7310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 16.96
Evaluated at bid price : 16.96
Bid-YTW : 6.75 %
BIP.PR.B FixedReset Disc Quote: 22.11 – 23.00
Spot Rate : 0.8900
Average : 0.6583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 21.67
Evaluated at bid price : 22.11
Bid-YTW : 9.01 %
FFH.PR.I FixedReset Disc Quote: 17.18 – 17.89
Spot Rate : 0.7100
Average : 0.4873

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 17.18
Evaluated at bid price : 17.18
Bid-YTW : 9.00 %
MFC.PR.L FixedReset Ins Non Quote: 19.46 – 24.06
Spot Rate : 4.6000
Average : 4.3992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-13
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 7.62 %
Market Action

February 12, 2024

Some cheery news from the Atlanta Fed honcho:

Bumpy and slow is how a top Federal Reserve official sees inflation’s trajectory this year. Translation: Don’t get your hopes up for rate cuts in the next few months.

Atlanta Fed President Raphael Bostic, who is voting on the Federal Open Market Committee’s policy decisions this year, told CNN in an exclusive interview that he is anticipating the nation’s inflation rate — which currently stands at around 3% — will be near “the lower twos” by the end of 2024.

“With that outlook, I really see the first move coming sometime in the summertime,” he said, regarding lowering interest rates that currently sit at a 23-year high.

Bostic said he’s been both surprised and pleased by the strength of the labor market. January’s monthly jobs report stunned economists with the 353,000 new jobs added, which was well above expectations, leaving the unemployment rate below 4% for the 24th consecutive month.

“The question is sort of what is the underlying implication for how fast inflation can get back to 2%?” he said, adding that current economic conditions could work against Americans by helping keep prices elevated. That’s because when unemployment is low, people have more money to spend — which makes it easier for businesses to raise prices.

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 -0.2114 % 2,280.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2114 % 4,373.8
Floater 10.68 % 10.96 % 32,165 8.76 2 -0.2114 % 2,520.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0479 % 3,427.6
SplitShare 4.91 % 7.13 % 49,536 1.90 7 0.0479 % 4,093.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0479 % 3,193.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.6668 % 2,641.0
Perpetual-Discount 6.51 % 6.69 % 50,128 12.93 33 0.6668 % 2,879.9
FixedReset Disc 5.62 % 7.74 % 116,396 12.04 59 -0.1606 % 2,349.9
Insurance Straight 6.32 % 6.48 % 63,033 13.19 21 0.0193 % 2,869.3
FloatingReset 10.03 % 10.27 % 34,772 9.21 3 -0.1881 % 2,599.4
FixedReset Prem 6.94 % 6.70 % 167,413 3.28 1 0.0395 % 2,515.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1606 % 2,402.0
FixedReset Ins Non 5.42 % 7.20 % 93,904 12.42 14 -0.0368 % 2,620.0
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset Disc -13.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 11.37 %
IFC.PR.F Insurance Straight -7.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.14 %
TD.PF.B FixedReset Disc -3.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 7.26 %
BN.PR.T FixedReset Disc -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 9.29 %
GWO.PR.P Insurance Straight -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 6.75 %
BIP.PR.E FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 8.03 %
FTS.PR.F Perpetual-Discount -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 6.23 %
BN.PF.J FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 8.33 %
BN.PR.R FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 14.92
Evaluated at bid price : 14.92
Bid-YTW : 9.33 %
IFC.PR.A FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 7.06 %
NA.PR.S FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 7.39 %
BMO.PR.Y FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 7.74 %
CU.PR.J Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.41 %
FFH.PR.I FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 17.09
Evaluated at bid price : 17.09
Bid-YTW : 9.04 %
IFC.PR.K Insurance Straight 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.48 %
CU.PR.F Perpetual-Discount 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.36 %
FFH.PR.C FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 8.37 %
SLF.PR.H FixedReset Ins Non 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 7.12 %
BN.PF.I FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 8.80 %
CU.PR.H Perpetual-Discount 2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.31 %
MIC.PR.A Perpetual-Discount 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.32 %
POW.PR.A Perpetual-Discount 3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.76 %
GWO.PR.Y Insurance Straight 4.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.39 %
PWF.PR.P FixedReset Disc 9.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 8.45 %
CU.PR.D Perpetual-Discount 16.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.44 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.H FixedReset Ins Non 226,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 7.12 %
BMO.PR.S FixedReset Disc 147,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 7.17 %
RY.PR.J FixedReset Disc 123,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.85 %
FFH.PR.I FixedReset Disc 87,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 17.09
Evaluated at bid price : 17.09
Bid-YTW : 9.04 %
BN.PF.B FixedReset Disc 53,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 8.31 %
SLF.PR.G FixedReset Ins Non 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 8.00 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.A FixedReset Disc Quote: 15.39 – 18.80
Spot Rate : 3.4100
Average : 2.1979

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 11.37 %
IFC.PR.F Insurance Straight Quote: 18.90 – 20.82
Spot Rate : 1.9200
Average : 1.1276

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.14 %
TD.PF.B FixedReset Disc Quote: 20.60 – 21.48
Spot Rate : 0.8800
Average : 0.4992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 7.26 %
NA.PR.E FixedReset Disc Quote: 22.05 – 22.99
Spot Rate : 0.9400
Average : 0.5679

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 21.71
Evaluated at bid price : 22.05
Bid-YTW : 7.01 %
MFC.PR.L FixedReset Ins Non Quote: 19.55 – 24.06
Spot Rate : 4.5100
Average : 4.1790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.59 %
NA.PR.W FixedReset Disc Quote: 18.88 – 19.90
Spot Rate : 1.0200
Average : 0.7040

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-12
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 7.76 %
Market Action

February 9, 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 0.5955 % 2,285.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5955 % 4,383.0
Floater 10.66 % 10.90 % 51,329 8.80 2 0.5955 % 2,526.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1020 % 3,426.0
SplitShare 4.91 % 7.12 % 46,473 1.91 7 0.1020 % 4,091.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1020 % 3,192.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.1760 % 2,623.5
Perpetual-Discount 6.55 % 6.71 % 47,746 12.92 34 -0.1760 % 2,860.8
FixedReset Disc 5.62 % 7.77 % 116,948 11.95 59 0.0641 % 2,353.6
Insurance Straight 6.31 % 6.53 % 71,118 13.11 20 0.4607 % 2,868.7
FloatingReset 10.01 % 10.29 % 36,083 9.21 3 -0.2252 % 2,604.3
FixedReset Prem 6.94 % 6.69 % 169,108 3.29 1 0.5964 % 2,514.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0641 % 2,405.9
FixedReset Ins Non 5.42 % 7.23 % 97,157 12.44 14 0.1438 % 2,621.0
Performance Highlights
Issue Index Change Notes
CU.PR.D Perpetual-Discount -14.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 16.38
Evaluated at bid price : 16.38
Bid-YTW : 7.51 %
PWF.PR.P FixedReset Disc -6.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 9.24 %
GWO.PR.Y Insurance Straight -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
MIC.PR.A Perpetual-Discount -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.51 %
BN.PF.I FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 8.94 %
PWF.PR.T FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 7.69 %
BN.PR.Z FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 8.51 %
FFH.PR.I FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 9.13 %
NA.PR.S FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.46 %
SLF.PR.H FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.23 %
FFH.PR.G FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 9.10 %
CIU.PR.A Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 6.67 %
IFC.PR.A FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.97 %
BN.PR.N Perpetual-Discount 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 6.93 %
BIP.PR.E FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 7.86 %
CM.PR.Q FixedReset Disc 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.79 %
POW.PR.C Perpetual-Discount 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 6.52 %
BMO.PR.Y FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.81 %
PWF.PR.H Perpetual-Discount 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.72 %
BIP.PR.A FixedReset Disc 3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 9.85 %
GWO.PR.I Insurance Straight 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.42 %
SLF.PR.C Insurance Straight 6.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.85 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 80,150 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 7.87 %
GWO.PR.N FixedReset Ins Non 50,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 13.83
Evaluated at bid price : 13.83
Bid-YTW : 8.33 %
CU.PR.I FixedReset Disc 50,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 22.64
Evaluated at bid price : 23.00
Bid-YTW : 7.66 %
RY.PR.Z FixedReset Disc 41,152 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 7.10 %
IFC.PR.C FixedReset Ins Non 26,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.63 %
FFH.PR.I FixedReset Disc 25,394 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 9.13 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.D Perpetual-Discount Quote: 16.38 – 19.24
Spot Rate : 2.8600
Average : 1.6066

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 16.38
Evaluated at bid price : 16.38
Bid-YTW : 7.51 %
MFC.PR.L FixedReset Ins Non Quote: 19.51 – 24.06
Spot Rate : 4.5500
Average : 3.8162

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 7.60 %
MIC.PR.A Perpetual-Discount Quote: 18.30 – 19.60
Spot Rate : 1.3000
Average : 0.8277

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.51 %
PWF.PR.P FixedReset Disc Quote: 13.10 – 14.55
Spot Rate : 1.4500
Average : 0.9935

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 9.24 %
GWO.PR.Y Insurance Straight Quote: 17.10 – 18.10
Spot Rate : 1.0000
Average : 0.6947

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-09
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
PVS.PR.K SplitShare Quote: 22.40 – 23.15
Spot Rate : 0.7500
Average : 0.4575

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.40
Bid-YTW : 7.05 %
Market Action

February 8, 2024

TXPR closed at 565.92, down 0.50% on the day. Volume today was 1.82-million, near the median of the past 21 trading days.

CPD closed at 11.24, down 0.44% on the day. Volume was 99,110, second-highest of the past 21 trading days.

ZPR closed at 9.58, down 0.72% on the day. Volume was 45,590, second-lowest of the past 21 trading days.

Five-year Canada yields were up to 3.68%.

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 -0.1699 % 2,271.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1699 % 4,357.1
Floater 10.72 % 10.95 % 52,066 8.78 2 -0.1699 % 2,511.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1803 % 3,422.5
SplitShare 4.92 % 7.27 % 48,279 1.92 7 0.1803 % 4,087.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1803 % 3,189.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.9987 % 2,628.1
Perpetual-Discount 6.54 % 6.71 % 49,429 12.92 34 -1.9987 % 2,865.8
FixedReset Disc 5.62 % 7.62 % 118,820 12.05 59 -0.3617 % 2,352.1
Insurance Straight 6.34 % 6.53 % 74,004 13.12 20 -0.8479 % 2,855.5
FloatingReset 10.00 % 10.30 % 36,174 9.25 3 -2.8624 % 2,610.2
FixedReset Prem 6.99 % 6.87 % 174,807 3.29 1 -0.3960 % 2,499.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3617 % 2,404.4
FixedReset Ins Non 5.43 % 7.23 % 100,565 12.51 14 -0.3858 % 2,617.2
Performance Highlights
Issue Index Change Notes
POW.PR.A Perpetual-Discount -6.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 7.01 %
FFH.PR.D FloatingReset -5.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 10.30 %
FFH.PR.G FixedReset Disc -5.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 9.12 %
GWO.PR.I Insurance Straight -5.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
BN.PR.N Perpetual-Discount -5.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 7.05 %
FFH.PR.I FixedReset Disc -4.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 9.13 %
CCS.PR.C Insurance Straight -4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 6.86 %
FFH.PR.K FixedReset Disc -4.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 8.81 %
FFH.PR.C FixedReset Disc -3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 8.40 %
PWF.PR.H Perpetual-Discount -3.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.92 %
BN.PR.M Perpetual-Discount -3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.82 %
MIC.PR.A Perpetual-Discount -3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.27 %
POW.PR.C Perpetual-Discount -3.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.67 %
CIU.PR.A Perpetual-Discount -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 6.77 %
BN.PF.D Perpetual-Discount -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 6.95 %
BIP.PR.E FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 7.96 %
IFC.PR.K Perpetual-Discount -2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 6.58 %
BMO.PR.Y FixedReset Disc -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.92 %
PWF.PR.F Perpetual-Discount -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.66
Evaluated at bid price : 19.66
Bid-YTW : 6.74 %
PWF.PR.R Perpetual-Discount -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 6.79 %
PWF.PR.Z Perpetual-Discount -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.79 %
IFC.PR.A FixedReset Ins Non -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 7.00 %
PWF.PR.K Perpetual-Discount -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 6.77 %
PWF.PR.E Perpetual-Discount -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 6.74 %
POW.PR.G Perpetual-Discount -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 6.78 %
PWF.PR.L Perpetual-Discount -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.78 %
POW.PR.D Perpetual-Discount -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.68 %
MFC.PR.Q FixedReset Ins Non -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.77
Evaluated at bid price : 22.15
Bid-YTW : 7.00 %
POW.PR.B Perpetual-Discount -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.71 %
GWO.PR.Y Insurance Straight -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.44 %
NA.PR.S FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 7.46 %
PWF.PR.O Perpetual-Discount -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 6.74 %
PWF.PR.S Perpetual-Discount -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.73 %
CU.PR.F Perpetual-Discount -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 6.44 %
FTS.PR.J Perpetual-Discount -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 6.15 %
IFC.PR.F Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.61 %
BIP.PR.A FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 10.06 %
MFC.PR.L FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 7.47 %
FFH.PR.M FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.87
Evaluated at bid price : 22.40
Bid-YTW : 8.37 %
RY.PR.O Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.44
Evaluated at bid price : 21.73
Bid-YTW : 5.64 %
CU.PR.E Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.47 %
FTS.PR.F Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.07 %
CU.PR.J Perpetual-Discount -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.41
Evaluated at bid price : 18.41
Bid-YTW : 6.47 %
CM.PR.Q FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.85 %
ELF.PR.H Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.44 %
MFC.PR.K FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 22.03
Evaluated at bid price : 22.55
Bid-YTW : 6.74 %
BN.PF.C Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.95 %
CU.PR.C FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 7.68 %
MFC.PR.J FixedReset Ins Non -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 6.93 %
BN.PF.E FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 9.30 %
FTS.PR.I FloatingReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 16.38
Evaluated at bid price : 16.38
Bid-YTW : 10.32 %
BMO.PR.E FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 23.05
Evaluated at bid price : 24.65
Bid-YTW : 6.50 %
GWO.PR.Q Insurance Straight -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.61 %
BN.PF.H FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 8.61 %
BN.PF.G FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 9.12 %
BN.PF.F FixedReset Disc 3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 8.65 %
SLF.PR.H FixedReset Ins Non 5.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.23 %
BN.PR.R FixedReset Disc 9.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 15.05
Evaluated at bid price : 15.05
Bid-YTW : 9.14 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.F FixedReset Disc 221,513 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 23.88
Evaluated at bid price : 24.69
Bid-YTW : 7.21 %
NA.PR.W FixedReset Disc 51,824 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.60 %
FFH.PR.K FixedReset Disc 34,433 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 8.81 %
FFH.PR.D FloatingReset 28,753 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 10.30 %
NA.PR.E FixedReset Disc 28,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 6.95 %
PWF.PR.E Perpetual-Discount 28,292 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 6.74 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.L FixedReset Ins Non Quote: 19.56 – 24.06
Spot Rate : 4.5000
Average : 3.0116

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 7.47 %
BN.PF.F FixedReset Disc Quote: 18.76 – 22.00
Spot Rate : 3.2400
Average : 1.9893

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 8.65 %
CM.PR.O FixedReset Disc Quote: 20.45 – 22.15
Spot Rate : 1.7000
Average : 1.0676

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 7.22 %
POW.PR.A Perpetual-Discount Quote: 20.25 – 21.52
Spot Rate : 1.2700
Average : 0.7384

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 7.01 %
FFH.PR.I FixedReset Disc Quote: 16.70 – 17.90
Spot Rate : 1.2000
Average : 0.7173

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 9.13 %
CCS.PR.C Insurance Straight Quote: 18.52 – 19.48
Spot Rate : 0.9600
Average : 0.5961

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-08
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 6.86 %
Market Action

February 7, 2024

PerpetualDiscounts now yield 6.55%, equivalent to 8.52% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.23% on 2024-2-6 and since then the closing price has changed from 15.08 to 15.06, an increase of 13bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.23 implying a decrease of 1bp in yield to 5.22%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 330bp from the 340bp reported January 31.

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 0.3409 % 2,275.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3409 % 4,364.5
Floater 10.70 % 10.94 % 52,383 8.78 2 0.3409 % 2,515.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0842 % 3,416.3
SplitShare 4.93 % 7.26 % 47,756 1.92 7 0.0842 % 4,079.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0842 % 3,183.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0295 % 2,681.7
Perpetual-Discount 6.40 % 6.55 % 49,096 13.12 34 -0.0295 % 2,924.3
FixedReset Disc 5.60 % 7.59 % 119,071 12.14 59 -0.4287 % 2,360.7
Insurance Straight 6.29 % 6.49 % 73,925 13.18 20 0.2682 % 2,880.0
FloatingReset 9.71 % 10.09 % 36,424 9.41 3 0.3109 % 2,687.1
FixedReset Prem 6.96 % 6.74 % 177,027 3.30 1 -0.5906 % 2,509.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4287 % 2,413.1
FixedReset Ins Non 5.41 % 7.36 % 97,856 12.52 14 -0.5735 % 2,627.4
Performance Highlights
Issue Index Change Notes
BN.PR.R FixedReset Disc -9.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 9.93 %
SLF.PR.H FixedReset Ins Non -7.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.62 %
SLF.PR.C Insurance Straight -5.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.28 %
BN.PF.G FixedReset Disc -4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 16.53
Evaluated at bid price : 16.53
Bid-YTW : 9.40 %
BN.PF.H FixedReset Disc -3.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 8.73 %
CU.PR.H Perpetual-Discount -3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.45 %
BN.PF.I FixedReset Disc -3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 8.73 %
PWF.PR.P FixedReset Disc -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 8.49 %
GWO.PR.N FixedReset Ins Non -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 8.11 %
BN.PF.F FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 8.99 %
FTS.PR.M FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 8.09 %
BN.PR.T FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 8.98 %
FFH.PR.I FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 8.70 %
GWO.PR.T Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.59 %
PWF.PF.A Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.53 %
TD.PF.B FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 6.86 %
BN.PF.A FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 7.88 %
BN.PF.D Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 6.75 %
BN.PR.M Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 6.57 %
FTS.PR.F Perpetual-Discount 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 5.99 %
CIU.PR.A Perpetual-Discount 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 6.55 %
IFC.PR.A FixedReset Ins Non 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.85 %
GWO.PR.Y Insurance Straight 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.33 %
GWO.PR.I Insurance Straight 5.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 6.32 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.T FixedReset Disc 88,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 7.46 %
BN.PR.M Perpetual-Discount 73,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 6.57 %
SLF.PR.G FixedReset Ins Non 73,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 15.17
Evaluated at bid price : 15.17
Bid-YTW : 7.88 %
MFC.PR.K FixedReset Ins Non 63,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 22.19
Evaluated at bid price : 22.82
Bid-YTW : 6.65 %
BMO.PR.E FixedReset Disc 54,690 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 23.14
Evaluated at bid price : 24.90
Bid-YTW : 6.42 %
IFC.PR.A FixedReset Ins Non 53,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.85 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.H FixedReset Ins Non Quote: 17.50 – 19.24
Spot Rate : 1.7400
Average : 1.0821

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.62 %
BN.PR.R FixedReset Disc Quote: 13.80 – 15.65
Spot Rate : 1.8500
Average : 1.3387

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 9.93 %
SLF.PR.C Insurance Straight Quote: 18.00 – 19.50
Spot Rate : 1.5000
Average : 1.0026

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.28 %
BN.PF.H FixedReset Disc Quote: 21.51 – 22.60
Spot Rate : 1.0900
Average : 0.7367

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 8.73 %
CU.PR.E Perpetual-Discount Quote: 19.26 – 20.95
Spot Rate : 1.6900
Average : 1.4188

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.38 %
BN.PF.G FixedReset Disc Quote: 16.53 – 17.69
Spot Rate : 1.1600
Average : 0.9274

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-07
Maturity Price : 16.53
Evaluated at bid price : 16.53
Bid-YTW : 9.40 %
Market Action

February 6, 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 -0.3397 % 2,267.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3397 % 4,349.7
Floater 10.74 % 10.95 % 54,207 8.78 2 -0.3397 % 2,506.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1265 % 3,413.4
SplitShare 4.93 % 7.29 % 48,363 1.92 7 0.1265 % 4,076.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1265 % 3,180.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3334 % 2,682.5
Perpetual-Discount 6.40 % 6.58 % 50,849 13.09 34 -0.3334 % 2,925.1
FixedReset Disc 5.57 % 7.65 % 117,619 12.09 59 -0.1625 % 2,370.8
Insurance Straight 6.31 % 6.52 % 69,516 13.14 20 -0.8356 % 2,872.3
FloatingReset 9.74 % 10.14 % 36,092 9.38 3 0.9788 % 2,678.8
FixedReset Prem 6.92 % 6.55 % 177,227 3.30 1 -0.1180 % 2,524.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1625 % 2,423.5
FixedReset Ins Non 5.38 % 7.05 % 101,336 12.57 14 -0.2441 % 2,642.5
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -5.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
GWO.PR.I Insurance Straight -5.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
BIP.PR.A FixedReset Disc -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 9.97 %
CIU.PR.A Perpetual-Discount -2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.65 %
BN.PF.A FixedReset Disc -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 7.97 %
CU.PR.C FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.65 %
BIP.PR.F FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 8.05 %
BN.PR.R FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 8.99 %
BN.PR.M Perpetual-Discount -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 18.16
Evaluated at bid price : 18.16
Bid-YTW : 6.64 %
PWF.PR.S Perpetual-Discount -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.66 %
IFC.PR.C FixedReset Ins Non -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 7.52 %
TD.PF.B FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 6.94 %
BMO.PR.Y FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.68 %
CU.PR.D Perpetual-Discount -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.38 %
RY.PR.J FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 7.72 %
RY.PR.M FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 7.68 %
TD.PF.E FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 7.66 %
GWO.PR.S Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 6.56 %
CU.PR.F Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.34 %
FTS.PR.G FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 7.07 %
BN.PF.C Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.83 %
POW.PR.C Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 6.44 %
BN.PR.Z FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 8.36 %
BN.PR.K Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 11.68
Evaluated at bid price : 11.68
Bid-YTW : 11.06 %
PVS.PR.K SplitShare 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 22.15
Bid-YTW : 7.29 %
MFC.PR.L FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 7.36 %
RY.PR.O Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 21.71
Evaluated at bid price : 22.00
Bid-YTW : 5.57 %
BN.PF.I FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 8.45 %
NA.PR.S FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 7.34 %
FTS.PR.I FloatingReset 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 10.20 %
PWF.PR.P FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 8.30 %
CU.PR.H Perpetual-Discount 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 6.23 %
BN.PR.X FixedReset Disc 7.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.29 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.C FixedReset Disc 82,542 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.33 %
RY.PR.S FixedReset Disc 75,901 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 22.01
Evaluated at bid price : 22.55
Bid-YTW : 6.64 %
MFC.PR.N FixedReset Ins Non 70,689 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 7.63 %
SLF.PR.G FixedReset Ins Non 60,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 15.16
Evaluated at bid price : 15.16
Bid-YTW : 7.88 %
TD.PF.L FixedReset Disc 58,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 23.91
Evaluated at bid price : 24.77
Bid-YTW : 6.98 %
RY.PR.Z FixedReset Disc 57,257 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 7.06 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.L FixedReset Ins Non Quote: 19.85 – 24.06
Spot Rate : 4.2100
Average : 2.7936

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 7.36 %
CU.PR.E Perpetual-Discount Quote: 19.45 – 20.95
Spot Rate : 1.5000
Average : 1.1214

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.32 %
GWO.PR.I Insurance Straight Quote: 17.10 – 18.30
Spot Rate : 1.2000
Average : 0.8936

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
GWO.PR.Y Insurance Straight Quote: 17.10 – 18.10
Spot Rate : 1.0000
Average : 0.7228

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.69 %
CIU.PR.A Perpetual-Discount Quote: 17.35 – 17.99
Spot Rate : 0.6400
Average : 0.4101

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.65 %
BN.PR.M Perpetual-Discount Quote: 18.16 – 19.00
Spot Rate : 0.8400
Average : 0.6296

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-06
Maturity Price : 18.16
Evaluated at bid price : 18.16
Bid-YTW : 6.64 %
Market Action

February 5, 2024

Bonds got hammered again:

In an interview aired on Sunday, Powell said more evidence on a sustainable downtrend in inflation was needed to warrant lower rates, while Minneapolis Fed President Neel Kashkari wrote in an essay published on Monday that a resilient economy could defer rate cuts for some time.

Fresh data from the Institute for Supply Management showed the U.S. services sector’s growth picked up in January, with a measure of input prices rising to an 11-month high.

This added to doubts about rate cuts, already kindled by Friday’s data, which signaled the labour market’s resilience in the face of tight credit conditions.

Adding pressure was the Treasury market, with both U.S. and Canadian 10-year yields up sharply for a second straight trading day and hitting their highest level since late January.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,275.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,364.5
Floater 10.70 % 10.94 % 34,239 8.79 2 0.0000 % 2,515.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2343 % 3,409.1
SplitShare 4.94 % 7.32 % 50,343 1.92 7 -0.2343 % 4,071.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2343 % 3,176.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0367 % 2,691.5
Perpetual-Discount 6.38 % 6.54 % 51,424 13.14 34 -0.0367 % 2,934.9
FixedReset Disc 5.56 % 7.57 % 119,372 12.19 59 0.1751 % 2,374.7
Insurance Straight 6.25 % 6.46 % 69,760 13.23 20 0.0226 % 2,896.5
FloatingReset 9.84 % 10.21 % 36,573 9.32 3 -0.6604 % 2,652.8
FixedReset Prem 6.91 % 6.51 % 175,660 3.31 1 -0.2745 % 2,527.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1751 % 2,427.4
FixedReset Ins Non 5.36 % 7.05 % 102,551 12.57 14 0.0401 % 2,649.0
Performance Highlights
Issue Index Change Notes
CU.PR.H Perpetual-Discount -4.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.45 %
IFC.PR.I Insurance Straight -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.53 %
BN.PF.I FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 8.56 %
GWO.PR.G Insurance Straight -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.54 %
CM.PR.Q FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.75 %
NA.PR.S FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 7.46 %
PVS.PR.K SplitShare -1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.91
Bid-YTW : 7.53 %
TD.PF.D FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 7.64 %
FTS.PR.I FloatingReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 10.40 %
IFC.PR.A FixedReset Ins Non -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 6.97 %
BN.PF.C Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.75 %
BIP.PR.F FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 7.72 %
FTS.PR.F Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.05 %
FFH.PR.K FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 8.34 %
SLF.PR.G FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 15.14
Evaluated at bid price : 15.14
Bid-YTW : 7.89 %
MFC.PR.N FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 7.61 %
TD.PF.A FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.08 %
CU.PR.D Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 6.29 %
RY.PR.N Perpetual-Discount 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 21.71
Evaluated at bid price : 22.00
Bid-YTW : 5.57 %
BN.PR.R FixedReset Disc 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 8.83 %
BIP.PR.A FixedReset Disc 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 9.64 %
GWO.PR.I Insurance Straight 5.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.31 %
BN.PF.H FixedReset Disc 6.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 22.24
Evaluated at bid price : 22.55
Bid-YTW : 8.32 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 145,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 7.04 %
FTS.PR.J Perpetual-Discount 97,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.08 %
BMO.PR.W FixedReset Disc 95,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.50 %
TD.PF.A FixedReset Disc 78,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.08 %
NA.PR.W FixedReset Disc 76,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.62 %
RY.PR.Z FixedReset Disc 70,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.11 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CM.PR.O FixedReset Disc Quote: 20.35 – 22.15
Spot Rate : 1.8000
Average : 1.0031

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 7.25 %
BN.PR.R FixedReset Disc Quote: 15.60 – 17.50
Spot Rate : 1.9000
Average : 1.2476

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 8.83 %
PWF.PR.Z Perpetual-Discount Quote: 19.61 – 20.70
Spot Rate : 1.0900
Average : 0.6583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 6.63 %
IFC.PR.I Insurance Straight Quote: 21.00 – 21.95
Spot Rate : 0.9500
Average : 0.6786

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.53 %
CU.PR.H Perpetual-Discount Quote: 20.40 – 21.66
Spot Rate : 1.2600
Average : 0.9970

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.45 %
NA.PR.S FixedReset Disc Quote: 20.28 – 20.90
Spot Rate : 0.6200
Average : 0.3732

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-02-05
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 7.46 %