PrefBlog

Market Action

February PrefLetter Released!

The February, 2024, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the February, 2024, issue, while the “next” edition will be the March, 2024, issue scheduled to be prepared as of the close March 10, and emailed to subscribers prior to the market-opening on March 13. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

However, Assiduous Reader Adrian informs me in the comments to the January 2015 release:

Some nitpicking for DG:
FileApp costs $1.19 in the Apple Store.

Issue Comments

ESP.PR.A To Reset To 8.25% For One Year Term

Brompton Group has announced (on 2024-1-26):

that the distribution rate for the preferred shares (the “Preferred Shares”) for the new term from March 29, 2024 to March 28, 2025 has been increased to $0.825 per Preferred Share per annum (8.25% on the par value of $10) payable quarterly which is an increase from $0.80 per Preferred Share per annum. The new Preferred Share distribution rate is based on current market rates for preferred shares with similar terms.

The Fund invests in an actively managed portfolio consisting primarily of equity securities of dividend-paying (at the time of investment) global energy issuers with a market capitalization of at least $2 billion (at the time of investment) which may include companies operating in energy subsectors and related industries such as oil & gas exploration and production, equipment, services, pipelines, transportation, infrastructure, utilities, among others. The Fund may also invest up to 25% of the value of the portfolio (as measured at the time of investment) in equity securities of other global natural resource issuers which include companies that own, explore, mine, process or develop natural resource commodities or supply goods and services to those companies, including directly or indirectly through exchange-traded funds.

In connection with the extension, shareholders who do not wish to continue their investment in the Fund, will be able to retract Preferred Shares or class A shares (the “Class A Shares”) on March 28, 2024 pursuant to a special retraction right and receive a retraction price that is calculated in the same way that such price would be calculated if the Fund were to terminate on March 28, 2024. Pursuant to this option, the retraction price may be less than the market price if the security is trading at a premium to net asset value. To exercise this retraction right, shareholders must provide notice to their investment dealer by February 29, 2024 at 5:00 p.m. (Toronto time). Alternatively, shareholders may sell their Preferred Shares and/or Class A Shares through their securities dealer for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.

Press Clippings

Exploring the hidden risks of high-yielding products

Thanks to John Heinzl for quoting me in his recent piece Exploring the hidden risks of high-yielding products:

Covered call writing may work well in flat or falling markets, but in general it does more harm than good, critics say.

“I consider the … strategy to be a gimmick to snare the unwary,” James Hymas, president of Hymas Investment Management Inc., said in an e-mail. “I have never seen any evidence whatsoever that any single one of these covered call enthusiasts are any good at writing and trading options. And if you’re not good at it you will give up more in foregone capital gains than you gain in option premia.”
…
In contrast, split preferred dividends are generally safe. In FTN.PR.A’s case, however, there’s an added wrinkle: The manager, Quadravest Capital Management Inc., has hiked the dividend on the preferreds three times in the past four years, by a cumulative 68 per cent. That’s an enormous increase, and it’s the reason the preferreds now yield north of 9 per cent, based on annualizing the most recent monthly dividend.

“I believe that Quadravest boosted the preferred share dividend to such a high level because they wanted to keep the preferred share price high” to facilitate the sale of additional shares through the company’s “at-the-market equity program,” Mr. Hymas said. The ATM, which the company renewed in December, allows Financial 15 Split to issue shares to the public from time to time at the company’s discretion.

But here’s the thing: The dividend – which is currently about 7.7 cents a month or 92.5 cents annually – won’t necessarily remain at its current level forever. The dividend rate is set annually at the discretion of the board and is subject only to a minimum yield of 5.5 per cent until 2025, when the split corporation is scheduled for termination on Dec. 1 of that year (subject to a further five-year extension).

If Quadravest were to cut the preferred dividend to the minimum of 5.5 per cent (based on the issue price of $10) in December, 2024, investors who hold the shares from now until maturity in December, 2025, would have an effective annual yield of just 6.75 per cent, Mr. Hymas said.

Market Action

February 9, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.5955 %	2,285.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5955 %	4,383.0
Floater	10.66 %	10.90 %	51,329	8.80	2	0.5955 %	2,526.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1020 %	3,426.0
SplitShare	4.91 %	7.12 %	46,473	1.91	7	0.1020 %	4,091.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1020 %	3,192.2
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.1760 %	2,623.5
Perpetual-Discount	6.55 %	6.71 %	47,746	12.92	34	-0.1760 %	2,860.8
FixedReset Disc	5.62 %	7.77 %	116,948	11.95	59	0.0641 %	2,353.6
Insurance Straight	6.31 %	6.53 %	71,118	13.11	20	0.4607 %	2,868.7
FloatingReset	10.01 %	10.29 %	36,083	9.21	3	-0.2252 %	2,604.3
FixedReset Prem	6.94 %	6.69 %	169,108	3.29	1	0.5964 %	2,514.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0641 %	2,405.9
FixedReset Ins Non	5.42 %	7.23 %	97,157	12.44	14	0.1438 %	2,621.0

Performance Highlights
Issue	Index	Change	Notes
CU.PR.D	Perpetual-Discount	-14.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 7.51 %
PWF.PR.P	FixedReset Disc	-6.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 9.24 %
GWO.PR.Y	Insurance Straight	-3.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
MIC.PR.A	Perpetual-Discount	-3.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.51 %
BN.PF.I	FixedReset Disc	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.94 %
PWF.PR.T	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 7.69 %
BN.PR.Z	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 8.51 %
FFH.PR.I	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 9.13 %
NA.PR.S	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.46 %
SLF.PR.H	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.23 %
FFH.PR.G	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 9.10 %
CIU.PR.A	Perpetual-Discount	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 6.67 %
IFC.PR.A	FixedReset Ins Non	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.97 %
BN.PR.N	Perpetual-Discount	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 17.42 Evaluated at bid price : 17.42 Bid-YTW : 6.93 %
BIP.PR.E	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 21.31 Evaluated at bid price : 21.60 Bid-YTW : 7.86 %
CM.PR.Q	FixedReset Disc	2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 7.79 %
POW.PR.C	Perpetual-Discount	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 6.52 %
BMO.PR.Y	FixedReset Disc	2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 7.81 %
PWF.PR.H	Perpetual-Discount	2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 21.31 Evaluated at bid price : 21.58 Bid-YTW : 6.72 %
BIP.PR.A	FixedReset Disc	3.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 9.85 %
GWO.PR.I	Insurance Straight	4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.42 %
SLF.PR.C	Insurance Straight	6.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.85 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.J	FixedReset Disc	80,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 7.87 %
GWO.PR.N	FixedReset Ins Non	50,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 13.83 Evaluated at bid price : 13.83 Bid-YTW : 8.33 %
CU.PR.I	FixedReset Disc	50,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 22.64 Evaluated at bid price : 23.00 Bid-YTW : 7.66 %
RY.PR.Z	FixedReset Disc	41,152	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 7.10 %
IFC.PR.C	FixedReset Ins Non	26,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 7.63 %
FFH.PR.I	FixedReset Disc	25,394	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 9.13 %
There were 5 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.D	Perpetual-Discount	Quote: 16.38 – 19.24 Spot Rate : 2.8600 Average : 1.6066 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 7.51 %
MFC.PR.L	FixedReset Ins Non	Quote: 19.51 – 24.06 Spot Rate : 4.5500 Average : 3.8162 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 7.60 %
MIC.PR.A	Perpetual-Discount	Quote: 18.30 – 19.60 Spot Rate : 1.3000 Average : 0.8277 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.51 %
PWF.PR.P	FixedReset Disc	Quote: 13.10 – 14.55 Spot Rate : 1.4500 Average : 0.9935 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 9.24 %
GWO.PR.Y	Insurance Straight	Quote: 17.10 – 18.10 Spot Rate : 1.0000 Average : 0.6947 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-09 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
PVS.PR.K	SplitShare	Quote: 22.40 – 23.15 Spot Rate : 0.7500 Average : 0.4575 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.40 Bid-YTW : 7.05 %

Market Action

February 8, 2024

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

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

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

Five-year Canada yields were up to 3.68%.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.1699 %	2,271.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1699 %	4,357.1
Floater	10.72 %	10.95 %	52,066	8.78	2	-0.1699 %	2,511.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1803 %	3,422.5
SplitShare	4.92 %	7.27 %	48,279	1.92	7	0.1803 %	4,087.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1803 %	3,189.0
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-1.9987 %	2,628.1
Perpetual-Discount	6.54 %	6.71 %	49,429	12.92	34	-1.9987 %	2,865.8
FixedReset Disc	5.62 %	7.62 %	118,820	12.05	59	-0.3617 %	2,352.1
Insurance Straight	6.34 %	6.53 %	74,004	13.12	20	-0.8479 %	2,855.5
FloatingReset	10.00 %	10.30 %	36,174	9.25	3	-2.8624 %	2,610.2
FixedReset Prem	6.99 %	6.87 %	174,807	3.29	1	-0.3960 %	2,499.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.3617 %	2,404.4
FixedReset Ins Non	5.43 %	7.23 %	100,565	12.51	14	-0.3858 %	2,617.2

Performance Highlights
Issue	Index	Change	Notes
POW.PR.A	Perpetual-Discount	-6.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.01 %
FFH.PR.D	FloatingReset	-5.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 10.30 %
FFH.PR.G	FixedReset Disc	-5.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.07 Evaluated at bid price : 16.07 Bid-YTW : 9.12 %
GWO.PR.I	Insurance Straight	-5.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
BN.PR.N	Perpetual-Discount	-5.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.13 Evaluated at bid price : 17.13 Bid-YTW : 7.05 %
FFH.PR.I	FixedReset Disc	-4.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 9.13 %
CCS.PR.C	Insurance Straight	-4.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.86 %
FFH.PR.K	FixedReset Disc	-4.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 8.81 %
FFH.PR.C	FixedReset Disc	-3.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 8.40 %
PWF.PR.H	Perpetual-Discount	-3.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.92 %
BN.PR.M	Perpetual-Discount	-3.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.82 %
MIC.PR.A	Perpetual-Discount	-3.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 7.27 %
POW.PR.C	Perpetual-Discount	-3.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.67 %
CIU.PR.A	Perpetual-Discount	-3.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 6.77 %
BN.PF.D	Perpetual-Discount	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.92 Evaluated at bid price : 17.92 Bid-YTW : 6.95 %
BIP.PR.E	FixedReset Disc	-2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 7.96 %
IFC.PR.K	Perpetual-Discount	-2.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 6.58 %
BMO.PR.Y	FixedReset Disc	-2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 7.92 %
PWF.PR.F	Perpetual-Discount	-2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.66 Evaluated at bid price : 19.66 Bid-YTW : 6.74 %
PWF.PR.R	Perpetual-Discount	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 6.79 %
PWF.PR.Z	Perpetual-Discount	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.79 %
IFC.PR.A	FixedReset Ins Non	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 7.00 %
PWF.PR.K	Perpetual-Discount	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 6.77 %
PWF.PR.E	Perpetual-Discount	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 6.74 %
POW.PR.G	Perpetual-Discount	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 6.78 %
PWF.PR.L	Perpetual-Discount	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.78 %
POW.PR.D	Perpetual-Discount	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.68 %
MFC.PR.Q	FixedReset Ins Non	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.77 Evaluated at bid price : 22.15 Bid-YTW : 7.00 %
POW.PR.B	Perpetual-Discount	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.71 %
GWO.PR.Y	Insurance Straight	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.44 %
NA.PR.S	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 7.46 %
PWF.PR.O	Perpetual-Discount	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 6.74 %
PWF.PR.S	Perpetual-Discount	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 6.73 %
CU.PR.F	Perpetual-Discount	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 6.44 %
FTS.PR.J	Perpetual-Discount	-1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.15 %
IFC.PR.F	Insurance Straight	-1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 6.61 %
BIP.PR.A	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 10.06 %
MFC.PR.L	FixedReset Ins Non	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 7.47 %
FFH.PR.M	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.87 Evaluated at bid price : 22.40 Bid-YTW : 8.37 %
RY.PR.O	Perpetual-Discount	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.44 Evaluated at bid price : 21.73 Bid-YTW : 5.64 %
CU.PR.E	Perpetual-Discount	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.47 %
FTS.PR.F	Perpetual-Discount	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.07 %
CU.PR.J	Perpetual-Discount	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 6.47 %
CM.PR.Q	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 7.85 %
ELF.PR.H	Perpetual-Discount	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.31 Evaluated at bid price : 21.58 Bid-YTW : 6.44 %
MFC.PR.K	FixedReset Ins Non	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 22.03 Evaluated at bid price : 22.55 Bid-YTW : 6.74 %
BN.PF.C	Perpetual-Discount	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.95 %
CU.PR.C	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 7.68 %
MFC.PR.J	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 22.18 Evaluated at bid price : 22.75 Bid-YTW : 6.93 %
BN.PF.E	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 9.30 %
FTS.PR.I	FloatingReset	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 10.32 %
BMO.PR.E	FixedReset Disc	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 23.05 Evaluated at bid price : 24.65 Bid-YTW : 6.50 %
GWO.PR.Q	Insurance Straight	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.61 %
BN.PF.H	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 8.61 %
BN.PF.G	FixedReset Disc	3.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 9.12 %
BN.PF.F	FixedReset Disc	3.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 8.65 %
SLF.PR.H	FixedReset Ins Non	5.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.23 %
BN.PR.R	FixedReset Disc	9.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 15.05 Evaluated at bid price : 15.05 Bid-YTW : 9.14 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.F	FixedReset Disc	221,513	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 23.88 Evaluated at bid price : 24.69 Bid-YTW : 7.21 %
NA.PR.W	FixedReset Disc	51,824	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 7.60 %
FFH.PR.K	FixedReset Disc	34,433	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 8.81 %
FFH.PR.D	FloatingReset	28,753	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 10.30 %
NA.PR.E	FixedReset Disc	28,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 21.67 Evaluated at bid price : 22.00 Bid-YTW : 6.95 %
PWF.PR.E	Perpetual-Discount	28,292	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 6.74 %
There were 20 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.L	FixedReset Ins Non	Quote: 19.56 – 24.06 Spot Rate : 4.5000 Average : 3.0116 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 7.47 %
BN.PF.F	FixedReset Disc	Quote: 18.76 – 22.00 Spot Rate : 3.2400 Average : 1.9893 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 8.65 %
CM.PR.O	FixedReset Disc	Quote: 20.45 – 22.15 Spot Rate : 1.7000 Average : 1.0676 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 7.22 %
POW.PR.A	Perpetual-Discount	Quote: 20.25 – 21.52 Spot Rate : 1.2700 Average : 0.7384 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.01 %
FFH.PR.I	FixedReset Disc	Quote: 16.70 – 17.90 Spot Rate : 1.2000 Average : 0.7173 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 9.13 %
CCS.PR.C	Insurance Straight	Quote: 18.52 – 19.48 Spot Rate : 0.9600 Average : 0.5961 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.86 %

Market Action

February 7, 2024

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.3409 %	2,275.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3409 %	4,364.5
Floater	10.70 %	10.94 %	52,383	8.78	2	0.3409 %	2,515.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.0842 %	3,416.3
SplitShare	4.93 %	7.26 %	47,756	1.92	7	0.0842 %	4,079.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0842 %	3,183.2
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.0295 %	2,681.7
Perpetual-Discount	6.40 %	6.55 %	49,096	13.12	34	-0.0295 %	2,924.3
FixedReset Disc	5.60 %	7.59 %	119,071	12.14	59	-0.4287 %	2,360.7
Insurance Straight	6.29 %	6.49 %	73,925	13.18	20	0.2682 %	2,880.0
FloatingReset	9.71 %	10.09 %	36,424	9.41	3	0.3109 %	2,687.1
FixedReset Prem	6.96 %	6.74 %	177,027	3.30	1	-0.5906 %	2,509.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.4287 %	2,413.1
FixedReset Ins Non	5.41 %	7.36 %	97,856	12.52	14	-0.5735 %	2,627.4

Performance Highlights
Issue	Index	Change	Notes
BN.PR.R	FixedReset Disc	-9.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 9.93 %
SLF.PR.H	FixedReset Ins Non	-7.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.62 %
SLF.PR.C	Insurance Straight	-5.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.28 %
BN.PF.G	FixedReset Disc	-4.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 16.53 Evaluated at bid price : 16.53 Bid-YTW : 9.40 %
BN.PF.H	FixedReset Disc	-3.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 8.73 %
CU.PR.H	Perpetual-Discount	-3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.45 %
BN.PF.I	FixedReset Disc	-3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 8.73 %
PWF.PR.P	FixedReset Disc	-2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 8.49 %
GWO.PR.N	FixedReset Ins Non	-2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 8.11 %
BN.PF.F	FixedReset Disc	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 8.99 %
FTS.PR.M	FixedReset Disc	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 8.09 %
BN.PR.T	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 8.98 %
FFH.PR.I	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 8.70 %
GWO.PR.T	Insurance Straight	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.59 %
PWF.PF.A	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 6.53 %
TD.PF.B	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 6.86 %
BN.PF.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 7.88 %
BN.PF.D	Perpetual-Discount	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 6.75 %
BN.PR.M	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 6.57 %
FTS.PR.F	Perpetual-Discount	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 5.99 %
CIU.PR.A	Perpetual-Discount	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 6.55 %
IFC.PR.A	FixedReset Ins Non	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.85 %
GWO.PR.Y	Insurance Straight	5.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.33 %
GWO.PR.I	Insurance Straight	5.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.07 Evaluated at bid price : 18.07 Bid-YTW : 6.32 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PWF.PR.T	FixedReset Disc	88,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.46 %
BN.PR.M	Perpetual-Discount	73,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 6.57 %
SLF.PR.G	FixedReset Ins Non	73,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 15.17 Evaluated at bid price : 15.17 Bid-YTW : 7.88 %
MFC.PR.K	FixedReset Ins Non	63,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 22.19 Evaluated at bid price : 22.82 Bid-YTW : 6.65 %
BMO.PR.E	FixedReset Disc	54,690	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 23.14 Evaluated at bid price : 24.90 Bid-YTW : 6.42 %
IFC.PR.A	FixedReset Ins Non	53,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.85 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.H	FixedReset Ins Non	Quote: 17.50 – 19.24 Spot Rate : 1.7400 Average : 1.0821 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.62 %
BN.PR.R	FixedReset Disc	Quote: 13.80 – 15.65 Spot Rate : 1.8500 Average : 1.3387 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 9.93 %
SLF.PR.C	Insurance Straight	Quote: 18.00 – 19.50 Spot Rate : 1.5000 Average : 1.0026 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.28 %
BN.PF.H	FixedReset Disc	Quote: 21.51 – 22.60 Spot Rate : 1.0900 Average : 0.7367 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 8.73 %
CU.PR.E	Perpetual-Discount	Quote: 19.26 – 20.95 Spot Rate : 1.6900 Average : 1.4188 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 6.38 %
BN.PF.G	FixedReset Disc	Quote: 16.53 – 17.69 Spot Rate : 1.1600 Average : 0.9274 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-07 Maturity Price : 16.53 Evaluated at bid price : 16.53 Bid-YTW : 9.40 %

Market Action

February 6, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.3397 %	2,267.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3397 %	4,349.7
Floater	10.74 %	10.95 %	54,207	8.78	2	-0.3397 %	2,506.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.1265 %	3,413.4
SplitShare	4.93 %	7.29 %	48,363	1.92	7	0.1265 %	4,076.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1265 %	3,180.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.3334 %	2,682.5
Perpetual-Discount	6.40 %	6.58 %	50,849	13.09	34	-0.3334 %	2,925.1
FixedReset Disc	5.57 %	7.65 %	117,619	12.09	59	-0.1625 %	2,370.8
Insurance Straight	6.31 %	6.52 %	69,516	13.14	20	-0.8356 %	2,872.3
FloatingReset	9.74 %	10.14 %	36,092	9.38	3	0.9788 %	2,678.8
FixedReset Prem	6.92 %	6.55 %	177,227	3.30	1	-0.1180 %	2,524.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1625 %	2,423.5
FixedReset Ins Non	5.38 %	7.05 %	101,336	12.57	14	-0.2441 %	2,642.5

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.Y	Insurance Straight	-5.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
GWO.PR.I	Insurance Straight	-5.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
BIP.PR.A	FixedReset Disc	-3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 9.97 %
CIU.PR.A	Perpetual-Discount	-2.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.65 %
BN.PF.A	FixedReset Disc	-2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 7.97 %
CU.PR.C	FixedReset Disc	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.65 %
BIP.PR.F	FixedReset Disc	-2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 8.05 %
BN.PR.R	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 8.99 %
BN.PR.M	Perpetual-Discount	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 6.64 %
PWF.PR.S	Perpetual-Discount	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.66 %
IFC.PR.C	FixedReset Ins Non	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 7.52 %
TD.PF.B	FixedReset Disc	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.94 %
BMO.PR.Y	FixedReset Disc	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 7.68 %
CU.PR.D	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.38 %
RY.PR.J	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.83 Evaluated at bid price : 19.83 Bid-YTW : 7.72 %
RY.PR.M	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 7.68 %
TD.PF.E	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.66 %
GWO.PR.S	Insurance Straight	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 20.34 Evaluated at bid price : 20.34 Bid-YTW : 6.56 %
CU.PR.F	Perpetual-Discount	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.34 %
FTS.PR.G	FixedReset Disc	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 7.07 %
BN.PF.C	Perpetual-Discount	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.83 %
POW.PR.C	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 6.44 %
BN.PR.Z	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 8.36 %
BN.PR.K	Floater	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 11.68 Evaluated at bid price : 11.68 Bid-YTW : 11.06 %
PVS.PR.K	SplitShare	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.15 Bid-YTW : 7.29 %
MFC.PR.L	FixedReset Ins Non	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 7.36 %
RY.PR.O	Perpetual-Discount	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 21.71 Evaluated at bid price : 22.00 Bid-YTW : 5.57 %
BN.PF.I	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 8.45 %
NA.PR.S	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 7.34 %
FTS.PR.I	FloatingReset	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 16.56 Evaluated at bid price : 16.56 Bid-YTW : 10.20 %
PWF.PR.P	FixedReset Disc	2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 8.30 %
CU.PR.H	Perpetual-Discount	3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 6.23 %
BN.PR.X	FixedReset Disc	7.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 8.29 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.C	FixedReset Disc	82,542	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.33 %
RY.PR.S	FixedReset Disc	75,901	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 22.01 Evaluated at bid price : 22.55 Bid-YTW : 6.64 %
MFC.PR.N	FixedReset Ins Non	70,689	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 7.63 %
SLF.PR.G	FixedReset Ins Non	60,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 15.16 Evaluated at bid price : 15.16 Bid-YTW : 7.88 %
TD.PF.L	FixedReset Disc	58,516	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 23.91 Evaluated at bid price : 24.77 Bid-YTW : 6.98 %
RY.PR.Z	FixedReset Disc	57,257	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 7.06 %
There were 25 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.L	FixedReset Ins Non	Quote: 19.85 – 24.06 Spot Rate : 4.2100 Average : 2.7936 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 7.36 %
CU.PR.E	Perpetual-Discount	Quote: 19.45 – 20.95 Spot Rate : 1.5000 Average : 1.1214 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.32 %
GWO.PR.I	Insurance Straight	Quote: 17.10 – 18.30 Spot Rate : 1.2000 Average : 0.8936 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
GWO.PR.Y	Insurance Straight	Quote: 17.10 – 18.10 Spot Rate : 1.0000 Average : 0.7228 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 6.69 %
CIU.PR.A	Perpetual-Discount	Quote: 17.35 – 17.99 Spot Rate : 0.6400 Average : 0.4101 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.65 %
BN.PR.M	Perpetual-Discount	Quote: 18.16 – 19.00 Spot Rate : 0.8400 Average : 0.6296 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-06 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 6.64 %

Market Action

February 5, 2024

Bonds got hammered again:

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

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

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,275.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,364.5
Floater	10.70 %	10.94 %	34,239	8.79	2	0.0000 %	2,515.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2343 %	3,409.1
SplitShare	4.94 %	7.32 %	50,343	1.92	7	-0.2343 %	4,071.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2343 %	3,176.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.0367 %	2,691.5
Perpetual-Discount	6.38 %	6.54 %	51,424	13.14	34	-0.0367 %	2,934.9
FixedReset Disc	5.56 %	7.57 %	119,372	12.19	59	0.1751 %	2,374.7
Insurance Straight	6.25 %	6.46 %	69,760	13.23	20	0.0226 %	2,896.5
FloatingReset	9.84 %	10.21 %	36,573	9.32	3	-0.6604 %	2,652.8
FixedReset Prem	6.91 %	6.51 %	175,660	3.31	1	-0.2745 %	2,527.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1751 %	2,427.4
FixedReset Ins Non	5.36 %	7.05 %	102,551	12.57	14	0.0401 %	2,649.0

Performance Highlights
Issue	Index	Change	Notes
CU.PR.H	Perpetual-Discount	-4.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.45 %
IFC.PR.I	Insurance Straight	-3.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.53 %
BN.PF.I	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 8.56 %
GWO.PR.G	Insurance Straight	-2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.54 %
CM.PR.Q	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 7.75 %
NA.PR.S	FixedReset Disc	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 7.46 %
PVS.PR.K	SplitShare	-1.84 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.91 Bid-YTW : 7.53 %
TD.PF.D	FixedReset Disc	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.64 %
FTS.PR.I	FloatingReset	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 10.40 %
IFC.PR.A	FixedReset Ins Non	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.97 %
BN.PF.C	Perpetual-Discount	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 6.75 %
BIP.PR.F	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 7.72 %
FTS.PR.F	Perpetual-Discount	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.05 %
FFH.PR.K	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 8.34 %
SLF.PR.G	FixedReset Ins Non	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 15.14 Evaluated at bid price : 15.14 Bid-YTW : 7.89 %
MFC.PR.N	FixedReset Ins Non	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.61 %
TD.PF.A	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.08 %
CU.PR.D	Perpetual-Discount	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 6.29 %
RY.PR.N	Perpetual-Discount	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.71 Evaluated at bid price : 22.00 Bid-YTW : 5.57 %
BN.PR.R	FixedReset Disc	2.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 8.83 %
BIP.PR.A	FixedReset Disc	3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 9.64 %
GWO.PR.I	Insurance Straight	5.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.31 %
BN.PF.H	FixedReset Disc	6.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 22.24 Evaluated at bid price : 22.55 Bid-YTW : 8.32 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.S	FixedReset Disc	145,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.17 Evaluated at bid price : 21.17 Bid-YTW : 7.04 %
FTS.PR.J	Perpetual-Discount	97,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.08 %
BMO.PR.W	FixedReset Disc	95,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.50 %
TD.PF.A	FixedReset Disc	78,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.08 %
NA.PR.W	FixedReset Disc	76,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 7.62 %
RY.PR.Z	FixedReset Disc	70,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.11 %
There were 23 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CM.PR.O	FixedReset Disc	Quote: 20.35 – 22.15 Spot Rate : 1.8000 Average : 1.0031 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 7.25 %
BN.PR.R	FixedReset Disc	Quote: 15.60 – 17.50 Spot Rate : 1.9000 Average : 1.2476 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 8.83 %
PWF.PR.Z	Perpetual-Discount	Quote: 19.61 – 20.70 Spot Rate : 1.0900 Average : 0.6583 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 6.63 %
IFC.PR.I	Insurance Straight	Quote: 21.00 – 21.95 Spot Rate : 0.9500 Average : 0.6786 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.53 %
CU.PR.H	Perpetual-Discount	Quote: 20.40 – 21.66 Spot Rate : 1.2600 Average : 0.9970 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.45 %
NA.PR.S	FixedReset Disc	Quote: 20.28 – 20.90 Spot Rate : 0.6200 Average : 0.3732 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-05 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 7.46 %

PrefBlog

February 13, 2024

February 12, 2024

February PrefLetter Released!

ESP.PR.A To Reset To 8.25% For One Year Term

Exploring the hidden risks of high-yielding products

February 9, 2024

February 8, 2024

February 7, 2024

February 6, 2024

February 5, 2024

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