Issue Comments

BNS.PR.H To Be Redeemed

The Bank of Nova Scotia has announced:

its intention to redeem all outstanding Non-cumulative 5-Year Rate Reset Preferred Shares Series 38 (Non-Viability Contingent Capital (NVCC)) (“Series 38 Shares”) of Scotiabank on January 27, 2022 at a price equal to $25.00 per share together with declared and unpaid dividends to the Redemption Date (the “Redemption Price”). Formal notice will be issued to the shareholders in accordance with the share conditions.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank. This redemption is part of the Bank’s ongoing management of its Tier 1 capital.

On November 30, 2021, the Board of Directors of Scotiabank declared quarterly dividends of $0.3031250 per Series 38 Share. This will be the final dividend on the Series 38 Shares and will be paid on January 27, 2022, to shareholders of record at the close of business on January 4, 2022, as previously announced. Subsequent to this final dividend payment, the Series 38 Shares will cease to be entitled to dividends.

BNS.PR.H is a FixedReset, 4.85%+419, NVCC, that commenced trading 2016-9-16 after being announced 2016-9-7. It is tracked by HIMIPref™ and has is assigned to the FixedReset-Premium subindex.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

Market Action

December 2, 2021

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 3.13 % 3.66 % 54,208 19.89 1 -4.3521 % 2,786.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0760 % 5,124.6
Floater 3.11 % 3.09 % 86,724 19.44 3 -1.0760 % 2,953.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.2257 % 3,678.0
SplitShare 4.66 % 4.20 % 53,046 3.82 5 0.2257 % 4,392.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2257 % 3,427.1
Perpetual-Premium 5.14 % -0.32 % 43,511 0.09 28 -0.0715 % 3,252.7
Perpetual-Discount 4.73 % 4.86 % 66,445 15.65 6 0.1777 % 3,826.9
FixedReset Disc 3.94 % 4.06 % 125,954 17.14 37 -1.7897 % 2,800.3
Insurance Straight 5.01 % 4.51 % 93,762 14.73 20 -0.3322 % 3,624.7
FloatingReset 2.50 % 2.83 % 30,921 20.19 2 -1.0283 % 2,812.4
FixedReset Prem 4.70 % 3.84 % 114,047 2.47 33 -0.0597 % 2,720.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.7897 % 2,862.5
FixedReset Ins Non 4.11 % 3.89 % 97,033 17.11 19 -0.4681 % 2,930.4
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -47.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 8.46 %
TRP.PR.C FixedReset Disc -5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 14.37
Evaluated at bid price : 14.37
Bid-YTW : 4.81 %
BAM.PR.E Ratchet -4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 25.00
Evaluated at bid price : 19.56
Bid-YTW : 3.66 %
BAM.PF.E FixedReset Disc -3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 4.73 %
BAM.PR.B Floater -3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 3.27 %
BAM.PR.T FixedReset Disc -3.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 4.71 %
CU.PR.C FixedReset Disc -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 21.76
Evaluated at bid price : 22.20
Bid-YTW : 4.30 %
MFC.PR.F FixedReset Ins Non -2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 17.99
Evaluated at bid price : 17.99
Bid-YTW : 3.80 %
MFC.PR.M FixedReset Ins Non -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 22.69
Evaluated at bid price : 23.45
Bid-YTW : 4.00 %
MFC.PR.L FixedReset Ins Non -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 22.52
Evaluated at bid price : 23.04
Bid-YTW : 3.89 %
TRP.PR.F FloatingReset -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 2.83 %
BAM.PF.G FixedReset Disc -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 22.29
Evaluated at bid price : 22.85
Bid-YTW : 4.48 %
TRP.PR.B FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 4.67 %
MFC.PR.K FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.28
Evaluated at bid price : 23.65
Bid-YTW : 3.91 %
BMO.PR.S FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.06
Evaluated at bid price : 24.00
Bid-YTW : 3.88 %
BAM.PR.X FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 4.51 %
PWF.PR.T FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.50
Evaluated at bid price : 23.80
Bid-YTW : 4.06 %
MIC.PR.A Perpetual-Premium -1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.80
Bid-YTW : 4.52 %
CM.PR.Q FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 22.99
Evaluated at bid price : 24.23
Bid-YTW : 4.09 %
PVS.PR.J SplitShare -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.04
Bid-YTW : 4.38 %
TD.PF.D FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.02
Evaluated at bid price : 24.30
Bid-YTW : 4.09 %
GWO.PR.G Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-01
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : -11.59 %
FTS.PR.K FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 21.43
Evaluated at bid price : 21.77
Bid-YTW : 4.05 %
TRP.PR.E FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 4.55 %
BIP.PR.F FixedReset Prem 1.56 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.11 %
RS.PR.A SplitShare 1.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.52 %
TRP.PR.D FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 4.60 %
IFC.PR.G FixedReset Ins Non 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.67
Evaluated at bid price : 24.91
Bid-YTW : 4.05 %
CM.PR.O FixedReset Disc 3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.10
Evaluated at bid price : 24.16
Bid-YTW : 3.83 %
TRP.PR.A FixedReset Disc 4.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 18.38
Evaluated at bid price : 18.38
Bid-YTW : 4.59 %
IFC.PR.E Insurance Straight 10.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 24.01
Evaluated at bid price : 24.50
Bid-YTW : 5.38 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.C Insurance Straight 59,324 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 24.26
Evaluated at bid price : 24.56
Bid-YTW : 4.51 %
SLF.PR.I FixedReset Ins Non 23,925 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 2.69 %
RY.PR.H FixedReset Disc 23,312 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.13
Evaluated at bid price : 24.25
Bid-YTW : 3.74 %
CM.PR.Q FixedReset Disc 21,035 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 22.99
Evaluated at bid price : 24.23
Bid-YTW : 4.09 %
RY.PR.Z FixedReset Disc 20,120 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.15
Evaluated at bid price : 24.20
Bid-YTW : 3.71 %
NA.PR.E FixedReset Prem 17,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 23.73
Evaluated at bid price : 24.95
Bid-YTW : 4.00 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.G FixedReset Disc Quote: 12.17 – 23.50
Spot Rate : 11.3300
Average : 6.2074

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 8.46 %
TRP.PR.C FixedReset Disc Quote: 14.37 – 15.35
Spot Rate : 0.9800
Average : 0.6310

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 14.37
Evaluated at bid price : 14.37
Bid-YTW : 4.81 %
IFC.PR.I Perpetual-Premium Quote: 26.55 – 27.60
Spot Rate : 1.0500
Average : 0.7062

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.55
Bid-YTW : 4.58 %
BAM.PR.E Ratchet Quote: 19.56 – 20.56
Spot Rate : 1.0000
Average : 0.6794

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 25.00
Evaluated at bid price : 19.56
Bid-YTW : 3.66 %
GWO.PR.N FixedReset Ins Non Quote: 16.62 – 17.49
Spot Rate : 0.8700
Average : 0.5609

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 16.62
Evaluated at bid price : 16.62
Bid-YTW : 3.82 %
BAM.PR.B Floater Quote: 13.25 – 14.34
Spot Rate : 1.0900
Average : 0.7926

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-02
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 3.27 %
Market Action

December 1, 2021

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 3.00 % 3.44 % 55,052 20.15 1 0.0000 % 2,913.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1194 % 5,180.4
Floater 3.08 % 3.09 % 88,920 19.43 3 -0.1194 % 2,985.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0972 % 3,669.7
SplitShare 4.67 % 4.13 % 55,045 3.83 5 -0.0972 % 4,382.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0972 % 3,419.4
Perpetual-Premium 5.14 % -2.73 % 45,308 0.09 28 -0.1540 % 3,255.1
Perpetual-Discount 4.74 % 4.88 % 65,740 15.61 6 -0.5168 % 3,820.1
FixedReset Disc 3.87 % 3.96 % 126,466 17.07 37 -0.6410 % 2,851.3
Insurance Straight 4.99 % 4.52 % 92,153 13.88 20 1.2748 % 3,636.7
FloatingReset 2.48 % 2.77 % 31,180 20.34 2 0.0000 % 2,841.6
FixedReset Prem 4.69 % 3.76 % 118,466 2.48 33 0.0430 % 2,722.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.6410 % 2,914.6
FixedReset Ins Non 4.09 % 3.82 % 97,259 17.12 19 -0.3464 % 2,944.2
Performance Highlights
Issue Index Change Notes
TRP.PR.A FixedReset Disc -7.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.79 %
CM.PR.O FixedReset Disc -4.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 22.67
Evaluated at bid price : 23.31
Bid-YTW : 4.01 %
PWF.PR.P FixedReset Disc -3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.17 %
IFC.PR.G FixedReset Ins Non -3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.83
Evaluated at bid price : 24.20
Bid-YTW : 4.23 %
BAM.PF.H FixedReset Prem -2.91 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.05
Bid-YTW : 4.13 %
TRP.PR.D FixedReset Disc -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 4.68 %
TRP.PR.C FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 4.57 %
TRP.PR.E FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 4.62 %
CU.PR.I FixedReset Prem -1.84 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.62
Bid-YTW : 3.85 %
FTS.PR.K FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.13 %
MFC.PR.K FixedReset Ins Non -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.70
Evaluated at bid price : 24.05
Bid-YTW : 3.84 %
PWF.PR.T FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.17
Evaluated at bid price : 24.10
Bid-YTW : 3.96 %
TD.PF.B FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.12
Evaluated at bid price : 24.20
Bid-YTW : 3.77 %
GWO.PR.N FixedReset Ins Non -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 3.81 %
RY.PR.J FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.52
Bid-YTW : 3.83 %
FTS.PR.M FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 22.44
Evaluated at bid price : 23.00
Bid-YTW : 4.23 %
CU.PR.F Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.68
Evaluated at bid price : 23.99
Bid-YTW : 4.70 %
RY.PR.M FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 22.92
Evaluated at bid price : 24.15
Bid-YTW : 3.91 %
BMO.PR.W FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.09
Evaluated at bid price : 24.25
Bid-YTW : 3.73 %
RY.PR.Z FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.23
Evaluated at bid price : 24.37
Bid-YTW : 3.68 %
BAM.PF.B FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 22.72
Evaluated at bid price : 23.31
Bid-YTW : 4.44 %
BAM.PF.A FixedReset Prem 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.55
Evaluated at bid price : 24.78
Bid-YTW : 4.43 %
BAM.PR.X FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 4.44 %
BIP.PR.F FixedReset Prem 5.84 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 4.90 %
BAM.PF.G FixedReset Disc 7.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 22.55
Evaluated at bid price : 23.30
Bid-YTW : 4.38 %
MFC.PR.C Insurance Straight 13.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 4.64 %
MFC.PR.B Insurance Straight 13.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 4.70 %
Volume Highlights
Issue Index Shares
Traded		 Notes
SLF.PR.I FixedReset Ins Non 814,390 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 1.96 %
MFC.PR.G FixedReset Ins Non 84,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-18
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 3.06 %
TD.PF.A FixedReset Disc 65,212 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.12
Evaluated at bid price : 24.29
Bid-YTW : 3.72 %
GWO.PR.P Insurance Straight 50,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : -9.06 %
NA.PR.E FixedReset Prem 47,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.71
Evaluated at bid price : 24.91
Bid-YTW : 4.01 %
TRP.PR.D FixedReset Disc 33,716 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 4.68 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 22.25 – 26.28
Spot Rate : 4.0300
Average : 3.4086

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.94 %
CM.PR.O FixedReset Disc Quote: 23.31 – 24.31
Spot Rate : 1.0000
Average : 0.5685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 22.67
Evaluated at bid price : 23.31
Bid-YTW : 4.01 %
IFC.PR.G FixedReset Ins Non Quote: 24.20 – 25.20
Spot Rate : 1.0000
Average : 0.6412

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.83
Evaluated at bid price : 24.20
Bid-YTW : 4.23 %
PWF.PR.P FixedReset Disc Quote: 17.00 – 17.75
Spot Rate : 0.7500
Average : 0.5194

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.17 %
CU.PR.F Perpetual-Discount Quote: 23.99 – 24.80
Spot Rate : 0.8100
Average : 0.5861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 23.68
Evaluated at bid price : 23.99
Bid-YTW : 4.70 %
TRP.PR.A FixedReset Disc Quote: 17.60 – 18.60
Spot Rate : 1.0000
Average : 0.7890

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-12-01
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.79 %
Issue Comments

SLF.PR.I To Be Redeemed

Sun Life Financial Inc. has announced:

its intention to redeem its $300 million principal amount of issued and outstanding Class A Non-Cumulative Rate Reset Preferred Shares Series 12R (the “Series 12R Shares”) on December 31, 2021 (the “Redemption Date”).

The Series 12R Shares will be redeemed at Sun Life Financial Inc.’s option on the Redemption Date at a redemption price of $25.00 per share, together with all declared and unpaid dividends on such share to but excluding the Redemption Date. Notice will be delivered to the holders of the Series 12R Shares in accordance with the terms governing the Series 12R Shares.

Separately from the payment of the redemption price, the final quarterly dividend of $0.237875 per share for the Series 12R Shares will be paid in the usual manner on December 31, 2021, to shareholders of record on November 24, 2021.

SLF.PR.I was issued a FixedReset 4.25%+273, that commenced trading 2011-11-10 after being announced 2011-11-3. Notice of extension was given in 2016 and the issue reset to 3.806%. I recommended against conversion and there was no conversion.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

Market Action

November 30, 2021

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 3.00 % 3.44 % 55,314 20.15 1 0.0000 % 2,913.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.8978 % 5,186.6
Floater 3.07 % 3.09 % 89,920 19.43 3 -1.8978 % 2,989.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.1870 % 3,673.3
SplitShare 4.67 % 4.12 % 57,195 3.83 5 0.1870 % 4,386.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1870 % 3,422.7
Perpetual-Premium 5.13 % -7.25 % 45,570 0.08 28 -0.1719 % 3,260.1
Perpetual-Discount 4.72 % 4.88 % 66,565 15.63 6 0.0340 % 3,839.9
FixedReset Disc 3.85 % 3.88 % 125,678 17.00 37 -0.4746 % 2,869.7
Insurance Straight 5.06 % 4.54 % 92,230 13.88 20 -2.3491 % 3,591.0
FloatingReset 2.48 % 2.77 % 31,283 20.34 2 -1.1296 % 2,841.6
FixedReset Prem 4.69 % 3.79 % 121,625 2.49 33 -0.4565 % 2,721.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4746 % 2,933.4
FixedReset Ins Non 4.08 % 3.82 % 98,555 17.11 19 -0.8575 % 2,954.4
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -14.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.94 %
MFC.PR.C Insurance Straight -12.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.26 %
MFC.PR.B Insurance Straight -12.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.35 %
BIP.PR.F FixedReset Prem -7.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 23.31
Evaluated at bid price : 23.63
Bid-YTW : 5.38 %
BAM.PF.G FixedReset Disc -6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.42
Evaluated at bid price : 21.76
Bid-YTW : 4.72 %
BAM.PR.B Floater -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 3.12 %
IFC.PR.A FixedReset Ins Non -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 3.90 %
SLF.PR.J FloatingReset -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 2.15 %
BAM.PF.A FixedReset Prem -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 23.39
Evaluated at bid price : 24.40
Bid-YTW : 4.52 %
SLF.PR.G FixedReset Ins Non -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 3.81 %
TRP.PR.B FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 13.73
Evaluated at bid price : 13.73
Bid-YTW : 4.59 %
TRP.PR.E FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 4.52 %
RY.PR.Z FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 23.11
Evaluated at bid price : 24.10
Bid-YTW : 3.73 %
BAM.PR.C Floater -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 13.99
Evaluated at bid price : 13.99
Bid-YTW : 3.09 %
TD.PF.D FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 3.88 %
BAM.PF.H FixedReset Prem -1.51 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.83
Bid-YTW : 3.31 %
TRP.PR.G FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 22.34
Evaluated at bid price : 23.00
Bid-YTW : 4.50 %
FTS.PR.H FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 4.04 %
PWF.PR.S Perpetual-Premium -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 24.35
Evaluated at bid price : 24.60
Bid-YTW : 4.92 %
BAM.PR.K Floater -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 14.03
Evaluated at bid price : 14.03
Bid-YTW : 3.08 %
TD.PF.E FixedReset Prem -1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 3.83 %
CM.PR.T FixedReset Prem 1.27 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 3.26 %
BAM.PR.T FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 4.57 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.R FixedReset Ins Non 56,460 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 1.99 %
MFC.PR.H FixedReset Ins Non 44,069 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 3.17 %
BMO.PR.B FixedReset Prem 40,919 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 2.27 %
IFC.PR.E Insurance Straight 34,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.94 %
BNS.PR.H FixedReset Prem 32,933 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 1.84 %
RY.PR.Z FixedReset Disc 25,487 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 23.11
Evaluated at bid price : 24.10
Bid-YTW : 3.73 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.B Insurance Straight Quote: 21.75 – 25.15
Spot Rate : 3.4000
Average : 1.8232

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.35 %
MFC.PR.C Insurance Straight Quote: 21.46 – 24.54
Spot Rate : 3.0800
Average : 1.6599

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.26 %
IFC.PR.E Insurance Straight Quote: 22.25 – 26.20
Spot Rate : 3.9500
Average : 2.7273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.94 %
BIP.PR.F FixedReset Prem Quote: 23.63 – 25.50
Spot Rate : 1.8700
Average : 1.0576

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 23.31
Evaluated at bid price : 23.63
Bid-YTW : 5.38 %
BAM.PF.G FixedReset Disc Quote: 21.76 – 23.60
Spot Rate : 1.8400
Average : 1.1293

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 21.42
Evaluated at bid price : 21.76
Bid-YTW : 4.72 %
TRP.PR.B FixedReset Disc Quote: 13.73 – 15.00
Spot Rate : 1.2700
Average : 0.7983

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-30
Maturity Price : 13.73
Evaluated at bid price : 13.73
Bid-YTW : 4.59 %
Market Action

November 29, 2021

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 3.00 % 3.44 % 51,124 20.16 1 0.0000 % 2,913.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.2094 % 5,286.9
Floater 3.01 % 3.04 % 87,061 19.56 3 1.2094 % 3,046.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5539 % 3,666.4
SplitShare 4.67 % 4.18 % 57,708 3.83 5 -0.5539 % 4,378.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5539 % 3,416.3
Perpetual-Premium 5.12 % -7.41 % 46,143 0.09 28 -0.0447 % 3,265.7
Perpetual-Discount 4.72 % 4.86 % 67,648 15.67 6 0.0204 % 3,838.6
FixedReset Disc 3.83 % 3.82 % 125,761 17.03 37 -0.1392 % 2,883.4
Insurance Straight 4.94 % 4.50 % 91,430 3.43 20 0.7216 % 3,677.3
FloatingReset 2.45 % 2.77 % 30,124 20.34 2 -1.7753 % 2,874.1
FixedReset Prem 4.67 % 3.37 % 121,470 2.27 33 -0.1887 % 2,733.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1392 % 2,947.4
FixedReset Ins Non 4.05 % 3.83 % 99,473 17.00 19 0.2137 % 2,980.0
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 2.77 %
BAM.PR.T FixedReset Disc -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 4.67 %
TRP.PR.A FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 4.49 %
PVS.PR.J SplitShare -1.63 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.19 %
TRP.PR.D FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 4.53 %
BAM.PF.G FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 22.50
Evaluated at bid price : 23.21
Bid-YTW : 4.40 %
CU.PR.I FixedReset Prem -1.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 3.33 %
BAM.PF.F FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 22.87
Evaluated at bid price : 23.74
Bid-YTW : 4.49 %
BAM.PR.K Floater 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 3.05 %
MFC.PR.F FixedReset Ins Non 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 3.73 %
IFC.PR.E Insurance Straight 16.94 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.25
Evaluated at bid price : 26.02
Bid-YTW : 4.51 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.T FixedReset Disc 51,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 23.19
Evaluated at bid price : 24.40
Bid-YTW : 3.68 %
RY.PR.H FixedReset Disc 39,785 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 23.24
Evaluated at bid price : 24.50
Bid-YTW : 3.68 %
BNS.PR.I FixedReset Prem 27,675 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 23.73
Evaluated at bid price : 25.54
Bid-YTW : 3.79 %
PWF.PF.A Perpetual-Discount 26,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 24.31
Evaluated at bid price : 24.71
Bid-YTW : 4.59 %
RY.PR.J FixedReset Disc 25,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.79
Bid-YTW : 3.48 %
BMO.PR.F FixedReset Prem 23,550 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.87 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.A FixedReset Disc Quote: 18.78 – 20.33
Spot Rate : 1.5500
Average : 1.0373

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 4.49 %
TRP.PR.D FixedReset Disc Quote: 21.30 – 22.55
Spot Rate : 1.2500
Average : 0.7627

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 4.53 %
BAM.PR.T FixedReset Disc Quote: 20.31 – 21.50
Spot Rate : 1.1900
Average : 0.7628

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 4.67 %
CU.PR.C FixedReset Disc Quote: 22.85 – 24.43
Spot Rate : 1.5800
Average : 1.2222

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-29
Maturity Price : 22.17
Evaluated at bid price : 22.85
Bid-YTW : 4.15 %
RS.PR.A SplitShare Quote: 10.42 – 11.25
Spot Rate : 0.8300
Average : 0.5488

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.42
Bid-YTW : 4.38 %
CU.PR.I FixedReset Prem Quote: 26.10 – 26.68
Spot Rate : 0.5800
Average : 0.3797

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.10
Bid-YTW : 3.33 %
Market Action

November 26, 2021

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 3.00 % 3.45 % 51,116 20.10 1 -0.7282 % 2,913.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.5872 % 5,223.7
Floater 3.05 % 3.05 % 88,214 19.53 3 -2.5872 % 3,010.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1006 % 3,686.9
SplitShare 4.65 % 4.06 % 57,800 3.84 5 -0.1006 % 4,402.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1006 % 3,435.3
Perpetual-Premium 5.12 % -8.80 % 45,122 0.09 28 -0.1074 % 3,267.2
Perpetual-Discount 4.72 % 4.87 % 70,154 15.67 6 -0.3458 % 3,837.8
FixedReset Disc 3.83 % 3.87 % 129,050 16.82 37 -0.9672 % 2,887.4
Insurance Straight 4.97 % 4.49 % 91,279 3.44 20 -0.8792 % 3,651.0
FloatingReset 2.43 % 2.74 % 29,394 20.36 2 -1.1787 % 2,926.0
FixedReset Prem 4.66 % 3.55 % 122,352 2.28 33 -0.2533 % 2,738.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.9672 % 2,951.5
FixedReset Ins Non 4.05 % 3.94 % 103,263 16.81 19 -0.6903 % 2,973.6
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -15.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.93 %
BAM.PR.K Floater -4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 13.81
Evaluated at bid price : 13.81
Bid-YTW : 3.13 %
MFC.PR.F FixedReset Ins Non -4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 17.98
Evaluated at bid price : 17.98
Bid-YTW : 3.95 %
TRP.PR.B FixedReset Disc -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 4.69 %
BAM.PF.F FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 22.66
Evaluated at bid price : 23.34
Bid-YTW : 4.67 %
TRP.PR.G FixedReset Disc -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 22.64
Evaluated at bid price : 23.55
Bid-YTW : 4.46 %
BAM.PR.X FixedReset Disc -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.62 %
TRP.PR.A FixedReset Disc -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 4.54 %
CU.PR.C FixedReset Disc -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 22.17
Evaluated at bid price : 22.85
Bid-YTW : 4.26 %
PWF.PR.P FixedReset Disc -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.14 %
TRP.PR.C FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 4.55 %
BAM.PR.T FixedReset Disc -2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 4.68 %
GWO.PR.N FixedReset Ins Non -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.84 %
BAM.PR.Z FixedReset Prem -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 23.88
Evaluated at bid price : 24.35
Bid-YTW : 4.67 %
BAM.PR.R FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 4.58 %
SLF.PR.J FloatingReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 2.13 %
BAM.PR.C Floater -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 14.16
Evaluated at bid price : 14.16
Bid-YTW : 3.05 %
BAM.PR.M Perpetual-Discount -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 4.88 %
BAM.PR.B Floater -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 3.05 %
IFC.PR.A FixedReset Ins Non -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 21.11
Evaluated at bid price : 21.11
Bid-YTW : 3.91 %
BAM.PF.B FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 22.66
Evaluated at bid price : 23.22
Bid-YTW : 4.55 %
PWF.PR.T FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 23.27
Evaluated at bid price : 24.32
Bid-YTW : 4.01 %
BAM.PF.E FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 4.62 %
SLF.PR.H FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 21.98
Evaluated at bid price : 22.50
Bid-YTW : 3.88 %
BAM.PF.H FixedReset Prem -1.27 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.30
Bid-YTW : 2.83 %
FTS.PR.G FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 21.77
Evaluated at bid price : 22.26
Bid-YTW : 4.17 %
BAM.PR.N Perpetual-Discount -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 24.25
Evaluated at bid price : 24.55
Bid-YTW : 4.90 %
BAM.PF.G FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 22.65
Evaluated at bid price : 23.50
Bid-YTW : 4.42 %
CIU.PR.A Perpetual-Premium -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 4.75 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PF.A Perpetual-Discount 46,753 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 24.37
Evaluated at bid price : 24.77
Bid-YTW : 4.57 %
MFC.PR.G FixedReset Ins Non 36,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-18
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : 3.79 %
MFC.PR.H FixedReset Ins Non 31,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.04 %
TD.PF.A FixedReset Disc 29,948 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 23.17
Evaluated at bid price : 24.41
Bid-YTW : 3.79 %
BNS.PR.I FixedReset Prem 25,214 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 23.71
Evaluated at bid price : 25.50
Bid-YTW : 3.89 %
BMO.PR.W FixedReset Disc 24,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 23.14
Evaluated at bid price : 24.38
Bid-YTW : 3.79 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 22.25 – 26.98
Spot Rate : 4.7300
Average : 2.7644

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.93 %
MFC.PR.F FixedReset Ins Non Quote: 17.98 – 18.98
Spot Rate : 1.0000
Average : 0.6100

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 17.98
Evaluated at bid price : 17.98
Bid-YTW : 3.95 %
PVS.PR.G SplitShare Quote: 25.75 – 27.00
Spot Rate : 1.2500
Average : 0.9152

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.11 %
BAM.PR.M Perpetual-Discount Quote: 24.65 – 25.50
Spot Rate : 0.8500
Average : 0.5568

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 4.88 %
BAM.PF.F FixedReset Disc Quote: 23.34 – 24.00
Spot Rate : 0.6600
Average : 0.3853

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 22.66
Evaluated at bid price : 23.34
Bid-YTW : 4.67 %
BAM.PR.K Floater Quote: 13.81 – 14.43
Spot Rate : 0.6200
Average : 0.3803

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-26
Maturity Price : 13.81
Evaluated at bid price : 13.81
Bid-YTW : 3.13 %
Issue Comments

ECN.PR.A To Be Redeemed

ECN Capital Corp. has announced:

that it intends, in accordance with the terms of the Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series A (the “Series A Shares”) as set out in the Company’s articles, to redeem all of the Company’s issued and outstanding Series A Shares. The 3,843,100 Series A Shares will be redeemed on December 31, 2021 (the “Redemption Date”) for a redemption price equal to $25.00 per Series A Share, together with all accrued and unpaid dividends up to but excluding the Redemption Date (the “Redemption Price”), less any tax required to be deducted and withheld by the Company.

As previously announced, the Company’s Board of Directors has declared a dividend of $0.40625 per Series A Share for the fourth quarter of 2021 payable on the Redemption Date to holders of record as of the close of business on December 15, 2021. This will be the final quarterly dividend on the Series A Shares, although holders will receive on redemption of the Series A Shares all accrued and unpaid dividends up to but excluding the Redemption Date.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series A Shares in accordance with the terms of the Series A Shares as set out in the Company’s articles. Non-registered holders of Series A Shares should contact their broker or other intermediary for information regarding the redemption process for the Series A Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series A Shares is Computershare Investor Services Inc. Questions regarding the redemption process may be directed to Computershare Investor Services Inc. at 1-800-564-6253 or by email to corporateactions@computershare.com.

ECN.PR.A is a FixedReset, 6.50%+544M650, that commenced trading 2016-12-2 after being announced 2016-11-23. It has been tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

Market Action

November 25, 2021

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 2.97 % 3.41 % 48,924 20.14 1 -0.0485 % 2,934.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2075 % 5,362.5
Floater 2.97 % 3.00 % 86,476 19.67 3 -0.2075 % 3,090.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,690.6
SplitShare 4.64 % 4.05 % 58,325 3.84 5 0.0000 % 4,407.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,438.8
Perpetual-Premium 5.11 % -8.96 % 45,033 0.09 28 0.0810 % 3,270.7
Perpetual-Discount 4.70 % 4.81 % 72,763 15.77 6 0.0814 % 3,851.1
FixedReset Disc 3.79 % 3.94 % 125,669 17.01 37 0.0511 % 2,915.6
Insurance Straight 4.93 % 4.16 % 90,945 3.25 20 0.0593 % 3,683.4
FloatingReset 2.41 % 2.71 % 29,347 20.42 2 1.0246 % 2,960.9
FixedReset Prem 4.65 % 3.29 % 120,908 2.28 33 -0.0769 % 2,745.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0511 % 2,980.4
FixedReset Ins Non 4.03 % 3.86 % 100,083 16.81 19 -0.1071 % 2,994.3
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.55 %
TRP.PR.D FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 4.51 %
CU.PR.I FixedReset Prem -1.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 3.16 %
BAM.PF.B FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 22.85
Evaluated at bid price : 23.54
Bid-YTW : 4.48 %
CU.PR.G Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 23.72
Evaluated at bid price : 24.00
Bid-YTW : 4.69 %
BAM.PR.M Perpetual-Discount 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 24.80
Evaluated at bid price : 25.02
Bid-YTW : 4.81 %
TRP.PR.F FloatingReset 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 2.71 %
BAM.PR.X FixedReset Disc 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 4.49 %
TRP.PR.G FixedReset Disc 5.22 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-30
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 4.24 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.J FixedReset Prem 26,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.34
Bid-YTW : 3.95 %
BAM.PR.N Perpetual-Discount 26,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 24.60
Evaluated at bid price : 24.85
Bid-YTW : 4.84 %
PWF.PF.A Perpetual-Discount 26,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 24.35
Evaluated at bid price : 24.75
Bid-YTW : 4.58 %
RY.PR.Z FixedReset Disc 25,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 23.28
Evaluated at bid price : 24.50
Bid-YTW : 3.74 %
NA.PR.E FixedReset Prem 15,660 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 23.82
Evaluated at bid price : 25.20
Bid-YTW : 4.04 %
TD.PF.A FixedReset Disc 12,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 23.22
Evaluated at bid price : 24.55
Bid-YTW : 3.76 %
There were 3 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 23.40 – 24.97
Spot Rate : 1.5700
Average : 1.0381

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 22.68
Evaluated at bid price : 23.40
Bid-YTW : 4.15 %
SLF.PR.D Insurance Straight Quote: 24.65 – 25.88
Spot Rate : 1.2300
Average : 0.7217

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 4.49 %
PVS.PR.G SplitShare Quote: 25.80 – 26.69
Spot Rate : 0.8900
Average : 0.5482

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 4.06 %
TRP.PR.E FixedReset Disc Quote: 21.43 – 22.30
Spot Rate : 0.8700
Average : 0.5659

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.55 %
TRP.PR.C FixedReset Disc Quote: 16.00 – 17.00
Spot Rate : 1.0000
Average : 0.7323

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 4.45 %
CU.PR.G Perpetual-Discount Quote: 24.00 – 25.00
Spot Rate : 1.0000
Average : 0.8257

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-25
Maturity Price : 23.72
Evaluated at bid price : 24.00
Bid-YTW : 4.69 %
Market Action

November 24, 2021

PerpetualDiscounts now yield 4.84%, equivalent to 6.29% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.51%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has rocketted to 280bp from the 245bp reported November 17.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 2.97 % 3.41 % 49,115 20.15 1 0.0000 % 2,936.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2300 % 5,373.6
Floater 2.97 % 2.98 % 87,532 19.72 3 -0.2300 % 3,096.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.1356 % 3,690.6
SplitShare 4.64 % 4.05 % 57,998 3.85 5 0.1356 % 4,407.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1356 % 3,438.8
Perpetual-Premium 5.12 % -8.19 % 44,942 0.09 28 -0.1074 % 3,268.0
Perpetual-Discount 4.71 % 4.84 % 67,673 15.70 6 -0.0136 % 3,848.0
FixedReset Disc 3.79 % 3.96 % 124,689 17.01 37 1.1423 % 2,914.1
Insurance Straight 4.93 % 4.16 % 89,592 3.25 20 0.0376 % 3,681.2
FloatingReset 2.43 % 2.77 % 29,422 20.28 2 -1.0685 % 2,930.9
FixedReset Prem 4.65 % 3.09 % 121,852 2.28 33 -0.0059 % 2,748.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.1423 % 2,978.8
FixedReset Ins Non 4.02 % 3.90 % 101,411 16.81 19 0.0469 % 2,997.5
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset Disc -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.62 %
TRP.PR.F FloatingReset -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 2.77 %
MIC.PR.A Perpetual-Premium -1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.25
Evaluated at bid price : 27.04
Bid-YTW : 4.37 %
TRP.PR.B FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 14.69
Evaluated at bid price : 14.69
Bid-YTW : 4.47 %
BAM.PF.B FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 23.01
Evaluated at bid price : 23.85
Bid-YTW : 4.41 %
TRP.PR.C FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 16.13
Evaluated at bid price : 16.13
Bid-YTW : 4.42 %
BAM.PR.R FixedReset Disc 2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 4.50 %
TRP.PR.G FixedReset Disc 74.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 22.34
Evaluated at bid price : 23.00
Bid-YTW : 4.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.H FixedReset Ins Non 168,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.32
Bid-YTW : 2.73 %
FTS.PR.K FixedReset Disc 37,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 21.52
Evaluated at bid price : 21.90
Bid-YTW : 4.12 %
BAM.PF.F FixedReset Disc 33,370 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 23.03
Evaluated at bid price : 24.07
Bid-YTW : 4.50 %
TD.PF.D FixedReset Disc 29,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 3.45 %
PWF.PF.A Perpetual-Discount 29,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 24.31
Evaluated at bid price : 24.70
Bid-YTW : 4.59 %
CM.PR.P FixedReset Disc 25,012 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 23.24
Evaluated at bid price : 24.69
Bid-YTW : 3.77 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 24.30 – 25.00
Spot Rate : 0.7000
Average : 0.4597

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 24.04
Evaluated at bid price : 24.30
Bid-YTW : 4.64 %
CU.PR.E Perpetual-Premium Quote: 25.12 – 25.70
Spot Rate : 0.5800
Average : 0.3579

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-12-24
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : -2.07 %
TRP.PR.F FloatingReset Quote: 18.31 – 18.90
Spot Rate : 0.5900
Average : 0.4025

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 2.77 %
MIC.PR.A Perpetual-Premium Quote: 27.04 – 27.58
Spot Rate : 0.5400
Average : 0.3717

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-03-31
Maturity Price : 25.25
Evaluated at bid price : 27.04
Bid-YTW : 4.37 %
CU.PR.C FixedReset Disc Quote: 23.40 – 24.00
Spot Rate : 0.6000
Average : 0.4549

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 22.68
Evaluated at bid price : 23.40
Bid-YTW : 4.15 %
BAM.PR.M Perpetual-Discount Quote: 24.65 – 25.25
Spot Rate : 0.6000
Average : 0.4603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-11-24
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 4.87 %