Category: Market Action

Market Action

December 12, 2023

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 -1.3333 % 2,145.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.3333 % 4,114.3
Floater 11.35 % 11.78 % 42,573 8.14 2 -1.3333 % 2,371.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1812 % 3,360.4
SplitShare 5.00 % 7.36 % 53,685 1.78 8 0.1812 % 4,013.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1812 % 3,131.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.2853 % 2,475.1
Perpetual-Discount 6.94 % 7.11 % 58,028 12.36 33 -1.2853 % 2,699.0
FixedReset Disc 5.90 % 8.08 % 124,438 11.56 60 -0.3711 % 2,206.9
Insurance Straight 6.84 % 7.05 % 75,738 12.55 19 -0.7491 % 2,643.9
FloatingReset 10.62 % 10.71 % 37,220 8.87 3 0.5703 % 2,490.2
FixedReset Prem 6.97 % 6.94 % 173,720 12.39 1 -0.3953 % 2,511.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3711 % 2,255.9
FixedReset Ins Non 5.73 % 7.61 % 81,462 12.15 14 -0.1903 % 2,480.1
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset Disc -14.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 8.67 %
POW.PR.C Perpetual-Discount -13.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.81 %
CU.PR.D Perpetual-Discount -8.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.69
Evaluated at bid price : 16.69
Bid-YTW : 7.43 %
MFC.PR.C Insurance Straight -7.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.97 %
PWF.PF.A Perpetual-Discount -3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.01
Evaluated at bid price : 16.01
Bid-YTW : 7.15 %
SLF.PR.H FixedReset Ins Non -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 7.54 %
SLF.PR.E Insurance Straight -3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.46 %
BN.PR.B Floater -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 11.78 %
MFC.PR.B Insurance Straight -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.57 %
BIP.PR.E FixedReset Disc -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 8.25 %
FTS.PR.F Perpetual-Discount -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 6.90 %
GWO.PR.P Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.08 %
FTS.PR.J Perpetual-Discount -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.86 %
BIP.PR.F FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 8.51 %
IFC.PR.K Perpetual-Discount -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.86 %
GWO.PR.N FixedReset Ins Non -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 13.01
Evaluated at bid price : 13.01
Bid-YTW : 8.45 %
BN.PF.C Perpetual-Discount -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 7.52 %
GWO.PR.M Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 7.05 %
CM.PR.T FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 22.87
Evaluated at bid price : 23.70
Bid-YTW : 7.25 %
TD.PF.D FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 8.07 %
PWF.PR.S Perpetual-Discount -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 7.17 %
GWO.PR.L Insurance Straight -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.04 %
RY.PR.O Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.89 %
MFC.PR.Q FixedReset Ins Non -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 7.07 %
POW.PR.D Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 7.07 %
CIU.PR.A Perpetual-Discount -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 7.02 %
SLF.PR.C Insurance Straight -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.29 %
FTS.PR.M FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 8.74 %
ELF.PR.H Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.79
Evaluated at bid price : 19.79
Bid-YTW : 7.09 %
POW.PR.A Perpetual-Discount -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 7.06 %
NA.PR.S FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.98 %
FFH.PR.H FloatingReset 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 11.34 %
PWF.PR.P FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 8.94 %
RY.PR.S FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 22.26
Evaluated at bid price : 22.98
Bid-YTW : 6.47 %
RY.PR.Z FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.54 %
GWO.PR.T Insurance Straight 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.28
Evaluated at bid price : 18.28
Bid-YTW : 7.08 %
PVS.PR.I SplitShare 1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.98
Bid-YTW : 7.18 %
BN.PF.E FixedReset Disc 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 15.02
Evaluated at bid price : 15.02
Bid-YTW : 9.93 %
CCS.PR.C Insurance Straight 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 7.09 %
MFC.PR.M FixedReset Ins Non 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.78 %
RY.PR.N Perpetual-Discount 6.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.90 %
GWO.PR.Y Insurance Straight 7.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 7.29 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.T FixedReset Disc 88,961 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 22.87
Evaluated at bid price : 23.70
Bid-YTW : 7.25 %
BN.PF.F FixedReset Disc 70,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 9.55 %
BNS.PR.I FixedReset Disc 53,995 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 24.27
Evaluated at bid price : 25.11
Bid-YTW : 5.99 %
TD.PF.A FixedReset Disc 53,271 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 7.72 %
TD.PF.L FixedReset Disc 37,245 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 23.43
Evaluated at bid price : 24.26
Bid-YTW : 7.06 %
BN.PR.N Perpetual-Discount 33,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 7.36 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
POW.PR.C Perpetual-Discount Quote: 19.00 – 22.04
Spot Rate : 3.0400
Average : 1.8354

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.81 %
PWF.PR.T FixedReset Disc Quote: 17.37 – 20.50
Spot Rate : 3.1300
Average : 2.0738

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 8.67 %
CU.PR.D Perpetual-Discount Quote: 16.69 – 18.22
Spot Rate : 1.5300
Average : 1.0355

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.69
Evaluated at bid price : 16.69
Bid-YTW : 7.43 %
PVS.PR.K SplitShare Quote: 21.60 – 22.60
Spot Rate : 1.0000
Average : 0.5782

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 7.59 %
TD.PF.D FixedReset Disc Quote: 18.75 – 19.75
Spot Rate : 1.0000
Average : 0.6299

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 8.07 %
MFC.PR.C Insurance Straight Quote: 16.25 – 17.06
Spot Rate : 0.8100
Average : 0.4950

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-12
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.97 %
Market Action

December 11, 2023

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 2.5057 % 2,174.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.5057 % 4,169.9
Floater 11.20 % 11.46 % 55,031 8.35 2 2.5057 % 2,403.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5880 % 3,354.4
SplitShare 5.01 % 7.55 % 55,345 1.78 8 -0.5880 % 4,005.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5880 % 3,125.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3065 % 2,507.3
Perpetual-Discount 6.86 % 7.01 % 57,045 12.46 33 -0.3065 % 2,734.1
FixedReset Disc 5.87 % 8.04 % 119,873 11.57 60 0.9219 % 2,215.1
Insurance Straight 6.79 % 6.94 % 74,602 12.70 19 -1.3332 % 2,663.9
FloatingReset 10.68 % 10.77 % 38,562 8.88 3 0.2478 % 2,476.0
FixedReset Prem 6.94 % 6.88 % 175,453 3.39 1 0.0000 % 2,521.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.9219 % 2,264.3
FixedReset Ins Non 5.72 % 7.63 % 81,335 12.13 14 0.6530 % 2,484.8
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -13.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 7.81 %
RY.PR.N Perpetual-Discount -8.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 6.28 %
GWO.PR.T Insurance Straight -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.19 %
FTS.PR.G FixedReset Disc -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.73 %
CCS.PR.C Insurance Straight -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.39
Evaluated at bid price : 17.39
Bid-YTW : 7.22 %
BN.PF.E FixedReset Disc -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 10.11 %
PVS.PR.J SplitShare -2.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.05
Bid-YTW : 7.79 %
PVS.PR.H SplitShare -1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.92
Bid-YTW : 7.73 %
BN.PR.M Perpetual-Discount -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 7.33 %
GWO.PR.R Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 7.04 %
GWO.PR.G Insurance Straight -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 7.05 %
CU.PR.E Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.94 %
GWO.PR.I Insurance Straight -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 6.83 %
BN.PF.D Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.39 %
BN.PF.C Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 7.38 %
MFC.PR.C Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.43 %
FFH.PR.G FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 9.47 %
PWF.PR.S Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 7.05 %
PWF.PR.K Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 7.11 %
BN.PR.Z FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 9.10 %
IFC.PR.A FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.67 %
FFH.PR.D FloatingReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 10.69 %
CIU.PR.A Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 6.94 %
CM.PR.T FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 23.25
Evaluated at bid price : 24.10
Bid-YTW : 7.12 %
TD.PF.A FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.74 %
CU.PR.C FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.08 %
MFC.PR.K FixedReset Ins Non 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 6.96 %
FFH.PR.C FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 8.69 %
BMO.PR.S FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.29
Evaluated at bid price : 19.29
Bid-YTW : 7.64 %
BN.PR.K Floater 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 11.78 %
CM.PR.O FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 7.96 %
TD.PF.I FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 22.91
Evaluated at bid price : 24.10
Bid-YTW : 6.78 %
FFH.PR.I FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 16.02
Evaluated at bid price : 16.02
Bid-YTW : 9.38 %
MIC.PR.A Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 8.06 %
TD.PF.C FixedReset Disc 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 7.98 %
TD.PF.L FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 23.43
Evaluated at bid price : 24.26
Bid-YTW : 7.06 %
BN.PF.H FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 9.16 %
RY.PR.Z FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.64 %
POW.PR.C Perpetual-Discount 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.71 %
NA.PR.W FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 8.13 %
IFC.PR.G FixedReset Ins Non 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 7.27 %
RY.PR.S FixedReset Disc 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 22.09
Evaluated at bid price : 22.69
Bid-YTW : 6.56 %
IFC.PR.E Insurance Straight 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.67 %
TD.PF.B FixedReset Disc 2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.56 %
RY.PR.J FixedReset Disc 3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.66
Evaluated at bid price : 18.66
Bid-YTW : 8.08 %
BN.PR.B Floater 3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 11.46 %
GWO.PR.N FixedReset Ins Non 4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 8.30 %
BNS.PR.I FixedReset Disc 8.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 24.27
Evaluated at bid price : 25.11
Bid-YTW : 5.99 %
CU.PR.D Perpetual-Discount 8.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 6.82 %
PWF.PR.T FixedReset Disc 17.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 7.37 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.B FixedReset Disc 140,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.56 %
BNS.PR.I FixedReset Disc 125,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 24.27
Evaluated at bid price : 25.11
Bid-YTW : 5.99 %
CM.PR.O FixedReset Disc 74,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 7.96 %
TD.PF.L FixedReset Disc 62,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 23.43
Evaluated at bid price : 24.26
Bid-YTW : 7.06 %
TD.PF.D FixedReset Disc 47,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 7.94 %
IFC.PR.A FixedReset Ins Non 42,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.67 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.Y Insurance Straight Quote: 14.47 – 17.00
Spot Rate : 2.5300
Average : 1.4886

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 7.81 %
CU.PR.F Perpetual-Discount Quote: 16.50 – 18.25
Spot Rate : 1.7500
Average : 1.4380

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 6.89 %
FTS.PR.G FixedReset Disc Quote: 19.02 – 19.75
Spot Rate : 0.7300
Average : 0.4503

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 7.73 %
PWF.PR.K Perpetual-Discount Quote: 17.71 – 18.59
Spot Rate : 0.8800
Average : 0.6048

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 7.11 %
RY.PR.Z FixedReset Disc Quote: 18.90 – 19.64
Spot Rate : 0.7400
Average : 0.4740

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 7.64 %
GWO.PR.R Insurance Straight Quote: 17.13 – 17.85
Spot Rate : 0.7200
Average : 0.4599

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-11
Maturity Price : 17.13
Evaluated at bid price : 17.13
Bid-YTW : 7.04 %
Market Action

December 8, 2023

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 0.6881 % 2,120.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6881 % 4,068.0
Floater 11.48 % 11.88 % 51,532 8.10 2 0.6881 % 2,344.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.1273 % 3,374.2
SplitShare 4.98 % 7.44 % 52,935 1.79 8 0.1273 % 4,029.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1273 % 3,144.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2039 % 2,515.0
Perpetual-Discount 6.83 % 7.01 % 56,415 12.51 33 -0.2039 % 2,742.5
FixedReset Disc 5.90 % 8.09 % 120,450 11.48 60 -0.7134 % 2,194.9
Insurance Straight 6.70 % 6.92 % 71,871 12.72 19 -0.8344 % 2,699.9
FloatingReset 10.71 % 10.79 % 38,101 8.81 3 0.3059 % 2,469.9
FixedReset Prem 6.94 % 6.87 % 175,105 3.40 1 0.3570 % 2,521.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7134 % 2,243.6
FixedReset Ins Non 5.76 % 7.63 % 84,240 12.02 14 0.8677 % 2,468.7
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset Disc -13.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 8.66 %
CU.PR.D Perpetual-Discount -9.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.69
Evaluated at bid price : 16.69
Bid-YTW : 7.42 %
GWO.PR.N FixedReset Ins Non -4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 12.72
Evaluated at bid price : 12.72
Bid-YTW : 8.62 %
RY.PR.J FixedReset Disc -3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 8.36 %
MFC.PR.B Insurance Straight -2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.39 %
NA.PR.W FixedReset Disc -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 8.25 %
IFC.PR.G FixedReset Ins Non -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 7.41 %
FTS.PR.K FixedReset Disc -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 8.35 %
RY.PR.Z FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 7.75 %
IFC.PR.K Perpetual-Discount -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.75 %
SLF.PR.D Insurance Straight -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.25 %
RY.PR.O Perpetual-Discount -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.81 %
SLF.PR.E Insurance Straight -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 6.25 %
BN.PR.X FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 9.25 %
CIU.PR.A Perpetual-Discount -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 7.01 %
CCS.PR.C Insurance Straight -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.01 %
BMO.PR.W FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.38
Evaluated at bid price : 17.38
Bid-YTW : 8.20 %
MFC.PR.M FixedReset Ins Non -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 8.01 %
MFC.PR.C Insurance Straight -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.36 %
TD.PF.C FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 8.09 %
BMO.PR.Y FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 8.13 %
BN.PF.H FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 9.30 %
BN.PF.I FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 9.33 %
BIP.PR.B FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 9.16 %
BMO.PR.T FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.97 %
GWO.PR.H Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.49
Evaluated at bid price : 17.49
Bid-YTW : 6.96 %
PWF.PR.Z Perpetual-Discount -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 7.09 %
BMO.PR.S FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 7.74 %
GWO.PR.Q Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 7.00 %
TD.PF.B FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.73
Evaluated at bid price : 18.73
Bid-YTW : 7.76 %
CM.PR.S FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 7.34 %
BN.PR.Z FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 8.99 %
GWO.PR.M Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.93 %
GWO.PR.T Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 6.96 %
GWO.PR.S Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 7.01 %
MFC.PR.F FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 7.99 %
SLF.PR.G FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 8.21 %
GWO.PR.L Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.92 %
GWO.PR.Y Insurance Straight -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.78
Evaluated at bid price : 16.78
Bid-YTW : 6.73 %
IFC.PR.A FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.98
Evaluated at bid price : 16.98
Bid-YTW : 7.75 %
MIC.PR.A Perpetual-Discount 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.96
Evaluated at bid price : 16.96
Bid-YTW : 8.17 %
MFC.PR.Q FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 6.99 %
SLF.PR.J FloatingReset 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 10.66 %
PVS.PR.I SplitShare 1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 7.80 %
FFH.PR.K FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 9.09 %
POW.PR.D Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.97 %
BIP.PR.E FixedReset Disc 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 8.00 %
SLF.PR.H FixedReset Ins Non 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 7.29 %
RY.PR.N Perpetual-Discount 8.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.77 %
MFC.PR.N FixedReset Ins Non 18.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 8.01 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 84,128 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.82 %
TD.PF.L FixedReset Disc 84,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 23.06
Evaluated at bid price : 23.90
Bid-YTW : 7.16 %
SLF.PR.H FixedReset Ins Non 83,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 7.29 %
BIP.PR.B FixedReset Disc 58,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 9.16 %
BIP.PR.A FixedReset Disc 42,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 9.86 %
TD.PF.E FixedReset Disc 39,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 8.02 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.K Perpetual-Discount Quote: 19.90 – 25.15
Spot Rate : 5.2500
Average : 3.1373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.75 %
PWF.PR.T FixedReset Disc Quote: 17.37 – 20.37
Spot Rate : 3.0000
Average : 1.7116

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 8.66 %
CU.PR.D Perpetual-Discount Quote: 16.69 – 18.39
Spot Rate : 1.7000
Average : 0.9795

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.69
Evaluated at bid price : 16.69
Bid-YTW : 7.42 %
CU.PR.F Perpetual-Discount Quote: 16.55 – 18.25
Spot Rate : 1.7000
Average : 1.0959

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 6.87 %
IFC.PR.E Insurance Straight Quote: 19.42 – 20.65
Spot Rate : 1.2300
Average : 0.9213

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 6.85 %
IFC.PR.G FixedReset Ins Non Quote: 20.95 – 22.09
Spot Rate : 1.1400
Average : 0.8581

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-08
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 7.41 %
Market Action

December 7, 2023

TXPR closed at 531.75, down 0.93% on the day. Volume today was 2.71-million, third-highest of the past 21 trading days.

CPD closed at 10.58, down 0.94% on the day. Volume was 207,270, highest of the past 21 trading days.

ZPR closed at 8.995, down 0.61% on the day. Volume was 89,610, third-lowest of the past 21 trading days.

Five-year Canada yields were down to 3.43%.

Given the volume and the direction, this might be due to tax-loss selling. 2022 was, of course, an awful year and prices are still down a tick from year-end 2022.

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 1.0663 % 2,106.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0663 % 4,040.2
Floater 11.56 % 11.99 % 42,382 8.03 2 1.0663 % 2,328.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4961 % 3,369.9
SplitShare 4.99 % 7.32 % 52,796 1.79 8 -0.4961 % 4,024.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4961 % 3,140.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.9650 % 2,520.2
Perpetual-Discount 6.82 % 6.99 % 56,153 12.52 33 -0.9650 % 2,748.1
FixedReset Disc 5.86 % 8.09 % 118,843 11.56 60 -0.6656 % 2,210.6
Insurance Straight 6.65 % 6.85 % 71,052 12.78 19 -1.0018 % 2,722.6
FloatingReset 10.74 % 10.80 % 38,295 8.86 3 -0.6835 % 2,462.4
FixedReset Prem 6.97 % 6.97 % 173,936 3.40 1 0.0000 % 2,512.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.6656 % 2,259.7
FixedReset Ins Non 5.81 % 7.73 % 87,000 12.16 14 -2.2439 % 2,447.4
Performance Highlights
Issue Index Change Notes
MFC.PR.N FixedReset Ins Non -17.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 9.56 %
RY.PR.N Perpetual-Discount -10.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 6.28 %
TD.PF.J FixedReset Disc -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 7.18 %
IFC.PR.E Insurance Straight -4.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 6.85 %
SLF.PR.H FixedReset Ins Non -3.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 7.55 %
RY.PR.H FixedReset Disc -3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 7.98 %
PVS.PR.I SplitShare -2.71 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 8.64 %
POW.PR.D Perpetual-Discount -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.09 %
BMO.PR.W FixedReset Disc -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 8.16 %
TD.PF.B FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.94
Evaluated at bid price : 18.94
Bid-YTW : 7.76 %
MFC.PR.L FixedReset Ins Non -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 7.73 %
IFC.PR.C FixedReset Ins Non -2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.77
Evaluated at bid price : 17.77
Bid-YTW : 8.16 %
NA.PR.S FixedReset Disc -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 7.98 %
SLF.PR.C Insurance Straight -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 6.22 %
RY.PR.Z FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 7.67 %
FFH.PR.C FixedReset Disc -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 8.80 %
BN.PF.B FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.22
Evaluated at bid price : 17.22
Bid-YTW : 9.18 %
MFC.PR.B Insurance Straight -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.21 %
IFC.PR.G FixedReset Ins Non -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.27 %
FTS.PR.J Perpetual-Discount -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.98
Evaluated at bid price : 17.98
Bid-YTW : 6.67 %
MFC.PR.M FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.39
Evaluated at bid price : 18.39
Bid-YTW : 7.97 %
FTS.PR.F Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.74 %
PWF.PF.A Perpetual-Discount -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 6.95 %
BMO.PR.E FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 22.64
Evaluated at bid price : 23.70
Bid-YTW : 6.65 %
TD.PF.C FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 8.06 %
BMO.PR.S FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 7.74 %
POW.PR.B Perpetual-Discount -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 7.07 %
TD.PF.D FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 8.09 %
TD.PF.I FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 22.77
Evaluated at bid price : 23.80
Bid-YTW : 6.93 %
GWO.PR.R Insurance Straight -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.88 %
CM.PR.O FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 8.09 %
MFC.PR.Q FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 7.14 %
CU.PR.F Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 6.82 %
MFC.PR.C Insurance Straight -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 6.26 %
FTS.PR.K FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 8.25 %
ELF.PR.H Perpetual-Discount -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 7.01 %
FFH.PR.I FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 9.52 %
TD.PF.E FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.09
Evaluated at bid price : 19.09
Bid-YTW : 8.02 %
BN.PF.A FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 8.46 %
CU.PR.G Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 6.84 %
GWO.PR.I Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 6.72 %
CM.PR.Q FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 8.37 %
FFH.PR.H FloatingReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 11.56 %
FFH.PR.G FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 9.54 %
GWO.PR.G Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.94 %
GWO.PR.S Insurance Straight -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.93 %
BN.PF.I FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 9.23 %
BIP.PR.F FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 8.55 %
GWO.PR.Y Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 6.66 %
BN.PR.Z FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 8.95 %
BN.PR.B Floater 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 10.90
Evaluated at bid price : 10.90
Bid-YTW : 11.99 %
BN.PF.H FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 9.18 %
BIP.PR.A FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 9.94 %
BMO.PR.Y FixedReset Disc 3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 8.11 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.I FixedReset Disc 161,767 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 22.77
Evaluated at bid price : 23.80
Bid-YTW : 6.93 %
CM.PR.Y FixedReset Disc 126,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 23.77
Evaluated at bid price : 24.40
Bid-YTW : 7.38 %
GWO.PR.L Insurance Straight 114,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 6.84 %
RY.PR.O Perpetual-Discount 108,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 21.44
Evaluated at bid price : 21.75
Bid-YTW : 5.67 %
NA.PR.C FixedReset Prem 107,849 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 6.97 %
POW.PR.D Perpetual-Discount 90,404 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.09 %
There were 34 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.N Perpetual-Discount Quote: 19.71 – 23.94
Spot Rate : 4.2300
Average : 2.3970

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 6.28 %
MFC.PR.N FixedReset Ins Non Quote: 15.00 – 18.23
Spot Rate : 3.2300
Average : 1.9826

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 9.56 %
TD.PF.J FixedReset Disc Quote: 21.70 – 22.75
Spot Rate : 1.0500
Average : 0.5914

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 21.39
Evaluated at bid price : 21.70
Bid-YTW : 7.18 %
MFC.PR.L FixedReset Ins Non Quote: 18.61 – 19.76
Spot Rate : 1.1500
Average : 0.7662

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 7.73 %
CU.PR.I FixedReset Disc Quote: 21.20 – 22.15
Spot Rate : 0.9500
Average : 0.5847

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-07
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 8.22 %
PVS.PR.I SplitShare Quote: 23.35 – 24.30
Spot Rate : 0.9500
Average : 0.6607

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 8.64 %
Market Action

December 6, 2023

The BoC stood pat on the policy rate:

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

The global economy continues to slow and inflation has eased further. In the United States, growth has been stronger than expected, led by robust consumer spending, but is likely to weaken in the months ahead as past policy rate increases work their way through the economy. Growth in the euro area has weakened and, combined with lower energy prices, this has reduced inflationary pressures. Oil prices are about $10-per-barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have also eased, with long-term interest rates unwinding some of the sharp increases seen earlier in the autumn. The US dollar has weakened against most currencies, including Canada’s.

In Canada, economic growth stalled through the middle quarters of 2023. Real GDP contracted at a rate of 1.1% in the third quarter, following growth of 1.4% in the second quarter. Higher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero, and business investment has been volatile but essentially flat over the past year. Exports and inventory adjustment subtracted from GDP growth in the third quarter, while government spending and new home construction provided a boost. The labour market continues to ease: job creation has been slower than labour force growth, job vacancies have declined further, and the unemployment rate has risen modestly. Even so, wages are still rising by 4-5%. Overall, these data and indicators for the fourth quarter suggest the economy is no longer in excess demand.

The slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices. Combined with the drop in gasoline prices, this contributed to the easing of CPI inflation to 3.1% in October. However, shelter price inflation has picked up, reflecting faster growth in rent and other housing costs along with the continued contribution from elevated mortgage interest costs. In recent months, the Bank’s preferred measures of core inflation have been around 3½-4%, with the October data coming in towards the lower end of this range.

With further signs that monetary policy is moderating spending and relieving price pressures, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. Governing Council is still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed. Governing Council wants to see further and sustained easing in core inflation, and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour. The Bank remains resolute in its commitment to restoring price stability for Canadians.

At 3.42% the five year Canada rate has now retreated to the high-end of what I think should be a stable range of 3.00-3.50%.

PerpetualDiscounts now yield 6.92%, equivalent to 9.00% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.40% on 2023-11-24 and since then the closing price has changed from 14.58 to 15.30, an increase of 493bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.15 implying a decrease of 41bp in yield to 4.99%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 400bp from the 375bp reported November 29.

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 -0.3695 % 2,084.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3695 % 3,997.5
Floater 11.68 % 12.09 % 42,797 7.97 2 -0.3695 % 2,303.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1057 % 3,386.7
SplitShare 4.96 % 7.11 % 53,097 1.80 8 0.1057 % 4,044.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1057 % 3,155.6
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2765 % 2,544.7
Perpetual-Discount 6.75 % 6.92 % 55,774 12.59 33 0.2765 % 2,774.9
FixedReset Disc 5.82 % 7.98 % 122,340 11.64 60 -0.2242 % 2,225.4
Insurance Straight 6.58 % 6.78 % 70,941 12.90 19 -0.0223 % 2,750.1
FloatingReset 10.67 % 10.72 % 37,494 8.88 3 0.1331 % 2,479.3
FixedReset Prem 6.97 % 6.96 % 160,978 3.41 1 -0.3951 % 2,512.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2242 % 2,274.9
FixedReset Ins Non 5.68 % 7.53 % 88,224 12.16 14 0.0077 % 2,503.6
Performance Highlights
Issue Index Change Notes
TD.PF.A FixedReset Disc -3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.89 %
BN.PF.H FixedReset Disc -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 19.98
Evaluated at bid price : 19.98
Bid-YTW : 9.30 %
PWF.PF.A Perpetual-Discount -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 16.71
Evaluated at bid price : 16.71
Bid-YTW : 6.84 %
GWO.PR.Y Insurance Straight -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 16.78
Evaluated at bid price : 16.78
Bid-YTW : 6.73 %
PWF.PR.P FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 9.13 %
FTS.PR.M FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 8.73 %
POW.PR.D Perpetual-Discount -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.89 %
BN.PF.I FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 9.14 %
TD.PF.B FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 7.56 %
BN.PF.G FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 9.62 %
MFC.PR.F FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 14.13
Evaluated at bid price : 14.13
Bid-YTW : 8.06 %
FFH.PR.D FloatingReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 19.97
Evaluated at bid price : 19.97
Bid-YTW : 10.69 %
MFC.PR.C Insurance Straight -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.18 %
FTS.PR.F Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 6.63 %
BN.PR.X FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 9.18 %
BIP.PR.B FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 9.12 %
IFC.PR.C FixedReset Ins Non 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 7.96 %
FFH.PR.I FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 9.40 %
GWO.PR.M Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.79 %
MFC.PR.N FixedReset Ins Non 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 7.87 %
GWO.PR.L Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.83 %
RY.PR.N Perpetual-Discount 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.60 %
RY.PR.O Perpetual-Discount 6.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 21.49
Evaluated at bid price : 21.80
Bid-YTW : 5.65 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.I FixedReset Disc 202,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 22.93
Evaluated at bid price : 24.15
Bid-YTW : 6.82 %
BNS.PR.I FixedReset Disc 167,848 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 22.39
Evaluated at bid price : 23.22
Bid-YTW : 6.56 %
NA.PR.C FixedReset Prem 151,346 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 6.96 %
NA.PR.G FixedReset Disc 143,550 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 22.93
Evaluated at bid price : 24.37
Bid-YTW : 6.55 %
CM.PR.T FixedReset Disc 122,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 22.92
Evaluated at bid price : 23.75
Bid-YTW : 7.29 %
CM.PR.S FixedReset Disc 112,808 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 7.32 %
There were 34 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: 14.13 – 23.79
Spot Rate : 9.6600
Average : 5.5996

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 14.13
Evaluated at bid price : 14.13
Bid-YTW : 8.06 %
BN.PR.B Floater Quote: 10.76 – 12.80
Spot Rate : 2.0400
Average : 1.3310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 10.76
Evaluated at bid price : 10.76
Bid-YTW : 12.15 %
GWO.PR.Y Insurance Straight Quote: 16.78 – 18.25
Spot Rate : 1.4700
Average : 0.9633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 16.78
Evaluated at bid price : 16.78
Bid-YTW : 6.73 %
IFC.PR.F Insurance Straight Quote: 20.00 – 21.60
Spot Rate : 1.6000
Average : 1.2153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.78 %
MIC.PR.A Perpetual-Discount Quote: 16.77 – 17.75
Spot Rate : 0.9800
Average : 0.6338

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 16.77
Evaluated at bid price : 16.77
Bid-YTW : 8.27 %
TD.PF.A FixedReset Disc Quote: 18.40 – 19.16
Spot Rate : 0.7600
Average : 0.5255

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-06
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.89 %
Market Action

December 5, 2023

Sorry this is so late!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -2.7403 % 2,092.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.7403 % 4,012.4
Floater 11.64 % 11.98 % 41,214 8.04 2 -2.7403 % 2,312.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.1587 % 3,383.1
SplitShare 4.97 % 7.20 % 55,268 1.80 8 0.1587 % 4,040.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1587 % 3,152.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3747 % 2,537.7
Perpetual-Discount 6.77 % 6.97 % 54,367 12.56 33 -0.3747 % 2,767.3
FixedReset Disc 5.81 % 7.98 % 114,214 11.68 60 0.4080 % 2,230.4
Insurance Straight 6.58 % 6.77 % 71,004 12.89 19 1.0061 % 2,750.8
FloatingReset 10.68 % 10.83 % 39,013 8.98 3 -0.8109 % 2,476.0
FixedReset Prem 6.94 % 6.84 % 148,982 3.41 1 0.4365 % 2,522.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4080 % 2,280.0
FixedReset Ins Non 5.68 % 7.50 % 84,462 12.20 14 0.7615 % 2,503.4
Performance Highlights
Issue Index Change Notes
RY.PR.O Perpetual-Discount -4.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.03 %
BMO.PR.Y FixedReset Disc -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.30 %
BN.PR.B Floater -2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 12.15 %
SLF.PR.J FloatingReset -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 10.83 %
BN.PR.K Floater -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 10.90
Evaluated at bid price : 10.90
Bid-YTW : 11.98 %
GWO.PR.L Insurance Straight -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 20.44
Evaluated at bid price : 20.44
Bid-YTW : 6.93 %
POW.PR.C Perpetual-Discount -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 6.81 %
BIP.PR.E FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 8.24 %
GWO.PR.M Insurance Straight -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.88 %
FFH.PR.M FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 8.73 %
MFC.PR.I FixedReset Ins Non -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 7.45 %
GWO.PR.H Insurance Straight 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 6.79 %
RY.PR.H FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.64 %
BMO.PR.S FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.73
Evaluated at bid price : 19.73
Bid-YTW : 7.54 %
PVS.PR.G SplitShare 1.28 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 7.30 %
NA.PR.S FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 7.71 %
BNS.PR.I FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 22.37
Evaluated at bid price : 23.18
Bid-YTW : 6.57 %
GWO.PR.S Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.89 %
BN.PF.I FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.58
Evaluated at bid price : 19.58
Bid-YTW : 9.01 %
BN.PF.J FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 8.74 %
FFH.PR.K FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 9.25 %
GWO.PR.G Insurance Straight 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 6.84 %
BIP.PR.A FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 10.11 %
MFC.PR.B Insurance Straight 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.10 %
MFC.PR.C Insurance Straight 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.11 %
BIP.PR.B FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 9.23 %
BN.PF.H FixedReset Disc 2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 9.05 %
BN.PR.Z FixedReset Disc 3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.11
Evaluated at bid price : 18.11
Bid-YTW : 9.09 %
BN.PF.B FixedReset Disc 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 17.68
Evaluated at bid price : 17.68
Bid-YTW : 8.94 %
BN.PF.G FixedReset Disc 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 16.27
Evaluated at bid price : 16.27
Bid-YTW : 9.49 %
MFC.PR.K FixedReset Ins Non 5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.44
Evaluated at bid price : 21.72
Bid-YTW : 6.91 %
MFC.PR.N FixedReset Ins Non 6.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.98 %
GWO.PR.T Insurance Straight 12.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 6.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.M FixedReset Disc 162,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 23.33
Evaluated at bid price : 24.01
Bid-YTW : 7.47 %
IFC.PR.A FixedReset Ins Non 127,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.91 %
BMO.PR.E FixedReset Disc 121,393 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 22.78
Evaluated at bid price : 24.00
Bid-YTW : 6.55 %
BIP.PR.B FixedReset Disc 79,065 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 9.23 %
TD.PF.A FixedReset Disc 50,617 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.58 %
TD.PF.L FixedReset Disc 38,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 23.11
Evaluated at bid price : 23.95
Bid-YTW : 7.22 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.K Perpetual-Discount Quote: 20.55 – 25.15
Spot Rate : 4.6000
Average : 3.1144

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.53 %
IFC.PR.G FixedReset Ins Non Quote: 21.90 – 23.50
Spot Rate : 1.6000
Average : 0.9241

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 21.58
Evaluated at bid price : 21.90
Bid-YTW : 7.12 %
RY.PR.O Perpetual-Discount Quote: 20.50 – 21.76
Spot Rate : 1.2600
Average : 0.8211

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.03 %
CCS.PR.C Insurance Straight Quote: 18.27 – 19.50
Spot Rate : 1.2300
Average : 0.8849

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 6.86 %
CU.PR.F Perpetual-Discount Quote: 16.82 – 18.25
Spot Rate : 1.4300
Average : 1.1000

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 6.75 %
GWO.PR.Y Insurance Straight Quote: 17.10 – 17.75
Spot Rate : 0.6500
Average : 0.4078

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-05
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.60 %
Market Action

December 4, 2023

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 -1.3735 % 2,150.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.3735 % 4,125.4
Floater 11.32 % 11.64 % 38,797 8.25 2 -1.3735 % 2,377.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1059 % 3,377.8
SplitShare 4.97 % 7.27 % 55,198 1.80 8 0.1059 % 4,033.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1059 % 3,147.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3729 % 2,547.3
Perpetual-Discount 6.75 % 6.93 % 53,352 12.61 33 0.3729 % 2,777.7
FixedReset Disc 5.83 % 8.03 % 112,317 11.69 60 -0.3964 % 2,221.4
Insurance Straight 6.64 % 6.77 % 67,305 12.89 19 -1.0485 % 2,723.4
FloatingReset 10.60 % 10.63 % 37,502 8.93 3 -0.3211 % 2,496.3
FixedReset Prem 0.00 % 0.00 % 0 0.00 1 -0.3964 % 2,511.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3964 % 2,270.7
FixedReset Ins Non 5.72 % 7.57 % 84,095 12.06 14 -1.4134 % 2,484.5
Performance Highlights
Issue Index Change Notes
GWO.PR.T Insurance Straight -10.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.71 %
MFC.PR.N FixedReset Ins Non -8.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 8.46 %
MFC.PR.K FixedReset Ins Non -5.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 7.30 %
BN.PF.B FixedReset Disc -4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 9.25 %
IFC.PR.A FixedReset Ins Non -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.91 %
FFH.PR.K FixedReset Disc -4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 9.40 %
BN.PR.Z FixedReset Disc -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 9.41 %
RY.PR.H FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 7.73 %
BN.PR.B Floater -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 11.06
Evaluated at bid price : 11.06
Bid-YTW : 11.80 %
IFC.PR.E Insurance Straight -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.61 %
RY.PR.Z FixedReset Disc -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 7.52 %
GWO.PR.S Insurance Straight -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.87
Evaluated at bid price : 18.87
Bid-YTW : 6.98 %
GWO.PR.G Insurance Straight -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.95 %
NA.PR.E FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 7.50 %
RY.PR.M FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.10 %
PVS.PR.G SplitShare -1.51 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 7.91 %
MFC.PR.F FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 7.97 %
SLF.PR.H FixedReset Ins Non -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 17.97
Evaluated at bid price : 17.97
Bid-YTW : 7.32 %
CU.PR.D Perpetual-Discount -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.77 %
RY.PR.S FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 21.74
Evaluated at bid price : 22.15
Bid-YTW : 6.80 %
BN.PF.J FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 8.87 %
BIP.PR.B FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 9.44 %
IFC.PR.C FixedReset Ins Non -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 8.05 %
BN.PF.A FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 8.24 %
CU.PR.E Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.83 %
CM.PR.S FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 7.30 %
BN.PR.X FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 14.24
Evaluated at bid price : 14.24
Bid-YTW : 9.34 %
BNS.PR.I FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 22.20
Evaluated at bid price : 22.88
Bid-YTW : 6.66 %
FFH.PR.C FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 8.55 %
RY.PR.J FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 8.11 %
TD.PF.B FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 7.52 %
FTS.PR.G FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 7.50 %
CM.PR.T FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 22.93
Evaluated at bid price : 23.76
Bid-YTW : 7.29 %
BIP.PR.F FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 8.30 %
BN.PR.T FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 9.63 %
MFC.PR.L FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.99
Evaluated at bid price : 18.99
Bid-YTW : 7.57 %
BN.PR.R FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 13.81
Evaluated at bid price : 13.81
Bid-YTW : 9.88 %
POW.PR.D Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.77 %
TD.PF.J FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 22.05
Evaluated at bid price : 22.57
Bid-YTW : 6.88 %
NA.PR.W FixedReset Disc 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 8.14 %
BIP.PR.E FixedReset Disc 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 8.09 %
BN.PF.I FixedReset Disc 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.31
Evaluated at bid price : 19.31
Bid-YTW : 9.13 %
BMO.PR.Y FixedReset Disc 4.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 8.03 %
RY.PR.N Perpetual-Discount 8.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 5.79 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.S FixedReset Disc 87,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.80 %
TD.PF.L FixedReset Disc 75,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 23.17
Evaluated at bid price : 24.00
Bid-YTW : 7.20 %
BMO.PR.S FixedReset Disc 53,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.49
Evaluated at bid price : 19.49
Bid-YTW : 7.64 %
TD.PF.C FixedReset Disc 46,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 7.89 %
CM.PR.P FixedReset Disc 46,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.93 %
GWO.PR.L Insurance Straight 42,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 6.79 %
There were 49 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.T Insurance Straight Quote: 16.75 – 20.00
Spot Rate : 3.2500
Average : 1.8525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.71 %
MFC.PR.N FixedReset Ins Non Quote: 16.97 – 19.27
Spot Rate : 2.3000
Average : 1.3176

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 16.97
Evaluated at bid price : 16.97
Bid-YTW : 8.46 %
PWF.PR.E Perpetual-Discount Quote: 19.93 – 21.71
Spot Rate : 1.7800
Average : 0.9890

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 7.01 %
TD.PF.E FixedReset Disc Quote: 19.10 – 20.80
Spot Rate : 1.7000
Average : 1.0963

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 8.01 %
BN.PR.Z FixedReset Disc Quote: 17.50 – 18.70
Spot Rate : 1.2000
Average : 0.7425

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 9.41 %
MFC.PR.M FixedReset Ins Non Quote: 18.86 – 19.85
Spot Rate : 0.9900
Average : 0.6035

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-04
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 7.77 %
Market Action

December 1, 2023

Plunging rate expectations are well illustrated by this chart from Reuters:

Rate Expectations … isn’t there a novel with that title?

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 0.5345 % 2,180.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5345 % 4,182.9
Floater 11.17 % 11.52 % 50,411 8.34 2 0.5345 % 2,410.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2283 % 3,374.2
SplitShare 4.98 % 7.20 % 54,347 1.81 8 0.2283 % 4,029.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2283 % 3,144.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.3322 % 2,537.8
Perpetual-Discount 6.73 % 6.92 % 52,233 12.62 33 0.3322 % 2,767.4
FixedReset Disc 5.79 % 7.91 % 125,155 11.79 55 0.3028 % 2,230.2
Insurance Straight 6.55 % 6.75 % 66,814 12.96 19 0.0166 % 2,752.2
FloatingReset 10.47 % 10.50 % 35,587 9.24 1 1.1039 % 2,504.3
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.3028 % 2,521.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3028 % 2,279.7
FixedReset Ins Non 5.64 % 7.53 % 81,066 12.27 14 0.2611 % 2,520.1
Performance Highlights
Issue Index Change Notes
RY.PR.N Perpetual-Discount -9.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 6.27 %
BMO.PR.Y FixedReset Disc -3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 8.38 %
BIP.PR.E FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 8.24 %
BIP.PR.F FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 8.36 %
PWF.PR.P FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 13.16
Evaluated at bid price : 13.16
Bid-YTW : 8.96 %
GWO.PR.H Insurance Straight -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 6.82 %
IFC.PR.F Insurance Straight -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 6.81 %
PVS.PR.H SplitShare -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 7.54 %
PWF.PR.F Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.97 %
BN.PR.T FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 9.70 %
PWF.PR.S Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.92 %
BN.PF.H FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 9.21 %
PVS.PR.I SplitShare 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 7.25 %
BMO.PR.T FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.89 %
SLF.PR.J FloatingReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 15.57
Evaluated at bid price : 15.57
Bid-YTW : 10.50 %
IFC.PR.G FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 21.47
Evaluated at bid price : 21.75
Bid-YTW : 7.15 %
BN.PF.D Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 7.29 %
BNS.PR.I FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 22.34
Evaluated at bid price : 23.13
Bid-YTW : 6.56 %
BN.PR.N Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 16.74
Evaluated at bid price : 16.74
Bid-YTW : 7.26 %
CU.PR.D Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.68 %
PWF.PR.K Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.94 %
FTS.PR.F Perpetual-Discount 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.58 %
MFC.PR.F FixedReset Ins Non 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 7.83 %
PVS.PR.J SplitShare 1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.35
Bid-YTW : 7.37 %
RY.PR.O Perpetual-Discount 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 5.78 %
BN.PF.G FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 15.70
Evaluated at bid price : 15.70
Bid-YTW : 9.79 %
BN.PR.M Perpetual-Discount 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 7.21 %
TD.PF.J FixedReset Disc 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 21.87
Evaluated at bid price : 22.30
Bid-YTW : 6.95 %
BN.PR.X FixedReset Disc 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 9.20 %
BN.PF.I FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 9.39 %
BMO.PR.W FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 7.91 %
PWF.PF.A Perpetual-Discount 2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 6.65 %
BN.PF.J FixedReset Disc 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 8.73 %
BN.PF.E FixedReset Disc 4.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 15.16
Evaluated at bid price : 15.16
Bid-YTW : 9.79 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BN.PF.H FixedReset Disc 93,294 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 9.21 %
FTS.PR.H FixedReset Disc 40,116 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 13.06
Evaluated at bid price : 13.06
Bid-YTW : 9.03 %
BN.PR.N Perpetual-Discount 37,625 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 16.74
Evaluated at bid price : 16.74
Bid-YTW : 7.26 %
CU.PR.C FixedReset Disc 35,549 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 8.25 %
NA.PR.S FixedReset Disc 27,927 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 7.77 %
RY.PR.Z FixedReset Disc 26,867 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 7.33 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BN.PR.X FixedReset Disc Quote: 14.40 – 16.30
Spot Rate : 1.9000
Average : 1.0703

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 9.20 %
RY.PR.N Perpetual-Discount Quote: 19.71 – 21.65
Spot Rate : 1.9400
Average : 1.1955

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 6.27 %
BMO.PR.Y FixedReset Disc Quote: 17.75 – 18.75
Spot Rate : 1.0000
Average : 0.7062

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 8.38 %
BN.PF.F FixedReset Disc Quote: 17.00 – 18.30
Spot Rate : 1.3000
Average : 1.0099

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 9.48 %
TD.PF.D FixedReset Disc Quote: 18.97 – 19.97
Spot Rate : 1.0000
Average : 0.7453

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 18.97
Evaluated at bid price : 18.97
Bid-YTW : 8.01 %
BIP.PR.E FixedReset Disc Quote: 20.07 – 21.16
Spot Rate : 1.0900
Average : 0.8989

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-12-01
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 8.24 %
Market Action

November 30, 2023

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 1.4460 % 2,169.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.4460 % 4,160.6
Floater 11.22 % 11.58 % 50,816 8.30 2 1.4460 % 2,397.8
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4177 % 3,366.5
SplitShare 4.99 % 7.16 % 54,183 1.81 8 -0.4177 % 4,020.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4177 % 3,136.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0802 % 2,529.4
Perpetual-Discount 6.76 % 6.94 % 51,604 12.57 33 -0.0802 % 2,758.2
FixedReset Disc 5.82 % 8.21 % 115,790 11.55 55 0.1854 % 2,223.5
Insurance Straight 6.55 % 6.73 % 65,880 12.98 19 0.2802 % 2,751.8
FloatingReset 10.63 % 10.67 % 35,242 9.13 1 -0.8371 % 2,477.0
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.1854 % 2,513.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1854 % 2,272.9
FixedReset Ins Non 5.65 % 7.76 % 81,758 11.99 14 0.5833 % 2,513.6
Performance Highlights
Issue Index Change Notes
FTS.PR.K FixedReset Disc -2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 8.37 %
PVS.PR.J SplitShare -2.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 7.79 %
BN.PR.M Perpetual-Discount -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 16.56
Evaluated at bid price : 16.56
Bid-YTW : 7.34 %
BN.PF.D Perpetual-Discount -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.37 %
RY.PR.O Perpetual-Discount -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.88 %
CU.PR.D Perpetual-Discount -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.76 %
BN.PF.H FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 9.54 %
SLF.PR.G FixedReset Ins Non -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 14.29
Evaluated at bid price : 14.29
Bid-YTW : 8.52 %
FTS.PR.F Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.68 %
BN.PF.I FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 9.86 %
BMO.PR.W FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 8.44 %
BMO.PR.T FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 8.29 %
BN.PF.C Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 7.34 %
GWO.PR.R Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.75 %
IFC.PR.I Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.56 %
POW.PR.C Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.70 %
TD.PF.D FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 8.25 %
MFC.PR.L FixedReset Ins Non 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 7.91 %
CM.PR.P FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.93
Evaluated at bid price : 17.93
Bid-YTW : 8.28 %
BIK.PR.A FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 22.37
Evaluated at bid price : 23.20
Bid-YTW : 8.38 %
GWO.PR.Y Insurance Straight 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.63 %
BNS.PR.I FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 22.19
Evaluated at bid price : 22.86
Bid-YTW : 6.91 %
PWF.PR.G Perpetual-Discount 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 6.89 %
PWF.PF.A Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 6.84 %
MFC.PR.M FixedReset Ins Non 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 8.03 %
BN.PR.Z FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.29
Evaluated at bid price : 18.29
Bid-YTW : 9.19 %
MFC.PR.N FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 8.01 %
BN.PF.G FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 10.27 %
BN.PF.A FixedReset Disc 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 8.49 %
BN.PF.F FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 9.76 %
TD.PF.E FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 8.20 %
MFC.PR.J FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 7.24 %
IFC.PR.E Insurance Straight 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.52 %
PWF.PR.P FixedReset Disc 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 9.20 %
BN.PR.K Floater 2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 11.63 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 71,508 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.90 %
MFC.PR.K FixedReset Ins Non 61,070 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.50
Evaluated at bid price : 21.80
Bid-YTW : 7.06 %
NA.PR.S FixedReset Disc 55,404 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 19.21
Evaluated at bid price : 19.21
Bid-YTW : 8.14 %
TD.PF.C FixedReset Disc 49,969 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 8.18 %
TD.PF.B FixedReset Disc 43,296 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 7.70 %
MFC.PR.F FixedReset Ins Non 33,307 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 14.28
Evaluated at bid price : 14.28
Bid-YTW : 8.27 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 13.33 – 16.00
Spot Rate : 2.6700
Average : 1.7178

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 9.20 %
MFC.PR.F FixedReset Ins Non Quote: 14.28 – 23.79
Spot Rate : 9.5100
Average : 8.6629

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 14.28
Evaluated at bid price : 14.28
Bid-YTW : 8.27 %
CU.PR.F Perpetual-Discount Quote: 16.70 – 18.25
Spot Rate : 1.5500
Average : 1.1383

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 6.79 %
RY.PR.O Perpetual-Discount Quote: 21.02 – 22.00
Spot Rate : 0.9800
Average : 0.6509

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.88 %
MFC.PR.L FixedReset Ins Non Quote: 18.84 – 19.78
Spot Rate : 0.9400
Average : 0.6603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-30
Maturity Price : 18.84
Evaluated at bid price : 18.84
Bid-YTW : 7.91 %
PVS.PR.J SplitShare Quote: 22.00 – 22.80
Spot Rate : 0.8000
Average : 0.5370

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 7.79 %
Market Action

November 29, 2023

PerpetualDiscounts now yield 6.97%, equivalent to 9.06% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.40% on 2023-11-24 and since then the closing price has changed from 14.58 to 14.77, an increase of 130bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.15 implying a decrease of 11bp in yield to 5.29%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 375bp from the 365bp reported November 22.

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 -0.2704 % 2,138.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2704 % 4,101.3
Floater 11.39 % 11.57 % 51,617 8.31 2 -0.2704 % 2,363.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.3129 % 3,380.6
SplitShare 4.97 % 7.18 % 55,215 1.81 8 0.3129 % 4,037.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3129 % 3,150.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.1928 % 2,531.4
Perpetual-Discount 6.75 % 6.97 % 52,161 12.53 33 0.1928 % 2,760.4
FixedReset Disc 5.83 % 8.20 % 114,551 11.55 55 0.1735 % 2,219.4
Insurance Straight 6.57 % 6.72 % 65,244 12.95 19 -0.5079 % 2,744.1
FloatingReset 10.54 % 10.57 % 36,636 9.20 1 3.1208 % 2,497.9
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 0.1735 % 2,509.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1735 % 2,268.7
FixedReset Ins Non 5.69 % 7.80 % 81,711 11.95 14 0.6923 % 2,499.0
Performance Highlights
Issue Index Change Notes
PWF.PR.T FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 7.82 %
TD.PF.D FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 8.35 %
PWF.PR.Z Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 7.04 %
BN.PF.I FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 9.74 %
BMO.PR.Y FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.48
Evaluated at bid price : 18.48
Bid-YTW : 8.33 %
IFC.PR.C FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 8.15 %
MFC.PR.F FixedReset Ins Non 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 14.16
Evaluated at bid price : 14.16
Bid-YTW : 8.34 %
BIP.PR.F FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 19.87
Evaluated at bid price : 19.87
Bid-YTW : 8.50 %
IFC.PR.G FixedReset Ins Non 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 7.46 %
NA.PR.W FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.61 %
BIK.PR.A FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 22.20
Evaluated at bid price : 22.90
Bid-YTW : 8.49 %
BN.PR.X FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 9.73 %
PVS.PR.H SplitShare 2.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 7.01 %
BIP.PR.E FixedReset Disc 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 8.23 %
BN.PF.G FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 10.43 %
MFC.PR.I FixedReset Ins Non 2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 7.63 %
SLF.PR.J FloatingReset 3.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 15.53
Evaluated at bid price : 15.53
Bid-YTW : 10.57 %
CU.PR.H Perpetual-Discount 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 6.76 %
MFC.PR.C Insurance Straight 7.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.26 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.K Perpetual-Discount 88,266 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.02 %
CM.PR.Q FixedReset Disc 50,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 8.53 %
GWO.PR.N FixedReset Ins Non 38,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 13.21
Evaluated at bid price : 13.21
Bid-YTW : 8.74 %
BN.PF.A FixedReset Disc 34,979 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 19.97
Evaluated at bid price : 19.97
Bid-YTW : 8.64 %
BN.PF.G FixedReset Disc 32,436 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 10.43 %
MFC.PR.F FixedReset Ins Non 31,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 14.16
Evaluated at bid price : 14.16
Bid-YTW : 8.34 %
There were 16 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: 14.16 – 23.79
Spot Rate : 9.6300
Average : 7.7341

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 14.16
Evaluated at bid price : 14.16
Bid-YTW : 8.34 %
MFC.PR.K FixedReset Ins Non Quote: 21.66 – 22.95
Spot Rate : 1.2900
Average : 0.8426

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 21.36
Evaluated at bid price : 21.66
Bid-YTW : 7.10 %
TD.PF.D FixedReset Disc Quote: 18.82 – 19.82
Spot Rate : 1.0000
Average : 0.8235

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 8.35 %
IFC.PR.K Perpetual-Discount Quote: 20.25 – 25.15
Spot Rate : 4.9000
Average : 4.7566

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.62 %
MFC.PR.Q FixedReset Ins Non Quote: 21.57 – 22.20
Spot Rate : 0.6300
Average : 0.4868

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-11-29
Maturity Price : 21.29
Evaluated at bid price : 21.57
Bid-YTW : 7.26 %
PVS.PR.G SplitShare Quote: 23.66 – 24.10
Spot Rate : 0.4400
Average : 0.3338

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.66
Bid-YTW : 7.52 %