Market Action

February 19, 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 0.00 % 0.00 % 0 0.00 0 1.7020 % 2,289.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.7020 % 4,201.2
Floater 3.78 % 3.83 % 51,909 17.74 3 1.7020 % 2,421.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.4789 % 3,666.4
SplitShare 4.71 % 4.27 % 35,327 4.20 8 0.4789 % 4,378.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4789 % 3,416.3
Perpetual-Premium 5.34 % -1.18 % 72,517 0.08 19 -0.0966 % 3,247.5
Perpetual-Discount 4.93 % 4.98 % 92,466 15.44 13 -0.1618 % 3,764.4
FixedReset Disc 4.60 % 3.59 % 176,831 17.91 56 -0.0792 % 2,552.1
Insurance Straight 4.95 % 4.55 % 80,188 15.30 22 -0.0234 % 3,632.2
FloatingReset 3.05 % 2.58 % 29,178 20.79 2 0.9947 % 2,263.9
FixedReset Prem 5.13 % 3.39 % 225,661 0.91 20 -0.1510 % 2,707.3
FixedReset Bank Non 1.80 % 1.70 % 185,887 0.94 1 0.0000 % 2,892.0
FixedReset Ins Non 4.43 % 3.38 % 125,002 18.29 22 -0.2677 % 2,750.9
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset Disc -8.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.41 %
MFC.PR.J FixedReset Ins Non -3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 22.83
Evaluated at bid price : 23.15
Bid-YTW : 3.56 %
TRP.PR.B FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 11.16
Evaluated at bid price : 11.16
Bid-YTW : 3.98 %
NA.PR.G FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 22.95
Evaluated at bid price : 23.86
Bid-YTW : 3.59 %
SLF.PR.G FixedReset Ins Non -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 14.68
Evaluated at bid price : 14.68
Bid-YTW : 3.25 %
CU.PR.F Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 23.57
Evaluated at bid price : 23.98
Bid-YTW : 4.68 %
SLF.PR.H FixedReset Ins Non -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 3.25 %
PWF.PR.P FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 14.83
Evaluated at bid price : 14.83
Bid-YTW : 3.51 %
IAF.PR.I FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 23.26
Evaluated at bid price : 24.26
Bid-YTW : 3.47 %
TRP.PR.F FloatingReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 13.99
Evaluated at bid price : 13.99
Bid-YTW : 3.59 %
BAM.PF.B FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 4.21 %
IFC.PR.A FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 17.59
Evaluated at bid price : 17.59
Bid-YTW : 3.33 %
BAM.PF.E FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 4.22 %
CU.PR.C FixedReset Disc 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 3.70 %
BAM.PR.X FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 3.87 %
BAM.PR.B Floater 3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 11.44
Evaluated at bid price : 11.44
Bid-YTW : 3.79 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.G Perpetual-Premium 277,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-03-21
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : -5.52 %
TD.PF.H FixedReset Prem 267,480 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 2.62 %
MIC.PR.A Perpetual-Premium 91,677 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.21 %
BNS.PR.E FixedReset Prem 86,458 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : 3.39 %
IFC.PR.C FixedReset Ins Non 57,385 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 22.03
Evaluated at bid price : 22.62
Bid-YTW : 3.48 %
TD.PF.K FixedReset Disc 55,815 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 22.92
Evaluated at bid price : 23.79
Bid-YTW : 3.42 %
There were 53 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.J FixedReset Ins Non Quote: 23.15 – 24.37
Spot Rate : 1.2200
Average : 0.7858

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 22.83
Evaluated at bid price : 23.15
Bid-YTW : 3.56 %
TRP.PR.C FixedReset Disc Quote: 11.50 – 12.42
Spot Rate : 0.9200
Average : 0.5513

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.41 %
EIT.PR.B SplitShare Quote: 25.66 – 26.66
Spot Rate : 1.0000
Average : 0.6730

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.02 %
RY.PR.M FixedReset Disc Quote: 22.19 – 24.30
Spot Rate : 2.1100
Average : 1.7916

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 21.78
Evaluated at bid price : 22.19
Bid-YTW : 3.45 %
PWF.PR.P FixedReset Disc Quote: 14.83 – 15.54
Spot Rate : 0.7100
Average : 0.4538

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 14.83
Evaluated at bid price : 14.83
Bid-YTW : 3.51 %
PWF.PR.T FixedReset Disc Quote: 21.55 – 22.45
Spot Rate : 0.9000
Average : 0.6685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-19
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 3.54 %
Issue Comments

MIC.PR.A Strong On Excellent Volume

Sagen MI Canada Inc. has announced:

the closing of its previously announced bought deal offering (the “Offering”) of 4,000,000 non-cumulative Class A Preferred Shares, Series 1 (the “Series 1 Shares”). The Offering was underwritten by a syndicate of underwriters led by BMO Capital Markets, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities, and resulted in gross proceeds of C$100 million.

Each Series 1 Share entitles the holder thereof to fixed, non-cumulative dividends, if, as and when declared by the board of directors of the Company, with an annual dividend yield of 5.40%. Such dividends, if, declared, will be paid on the last day of March, June, September and December in each year at a rate equal to $0.3375 per Series 1 Share. The initial dividend, if declared, will be paid on June 30, 2021 and will be $0.48822 per Series 1 Share. The Series 1 Shares will commence trading today on the Toronto Stock Exchange under the symbol MIC.PR.A.

The Company intends to use the net proceeds of the Offering to strengthen the Company’s capital base, for distributions to shareholders (subject to the completion of the previously announced plan of arrangement (the “Arrangement”) pursuant to which Brookfield Business Partners L.P., together with certain of its affiliates and institutional partners (“Brookfield”), will acquire all of the outstanding common shares of the Company not already owned by Brookfield), and/or for general corporate purposes.

Following the closing of the Arrangement, in order to maintain in force an exemption order from the public voting requirement currently in section 411 of the Insurance Companies Act (Canada) that has been granted to Genworth Financial Mortgage Insurance Company Canada (a wholly-owned subsidiary of the Company doing business as Sagen™), and subject to certain other limitations and conditions, the Class A Preferred Shares, as a class, will carry adjustable voting rights to ensure that, at any given time, 35% of the voting rights in the Company will be held by persons who, among other things, do not hold 20% or more of any class of voting shares of the Company.

MIC.PR.A is a Straight Perpetual, 5.40%, that was announced 2021-2-8.

The issue traded 649,600 shares today in a range of 25.08-48. It has been assigned to the PerpetualPremium subindex. Vital statistics are:

MIC.PR.A Perpetual-Premium YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.19 %
Market Action

February 18, 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 0.00 % 0.00 % 0 0.00 0 0.2394 % 2,251.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2394 % 4,130.9
Floater 3.84 % 3.87 % 53,403 17.66 3 0.2394 % 2,380.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.2436 % 3,648.9
SplitShare 4.68 % 4.27 % 35,055 3.66 8 0.2436 % 4,357.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2436 % 3,400.0
Perpetual-Premium 5.33 % -1.66 % 70,698 0.08 19 0.1236 % 3,250.6
Perpetual-Discount 4.92 % 4.96 % 87,128 15.43 13 0.3529 % 3,770.5
FixedReset Disc 4.59 % 3.56 % 177,230 17.90 56 0.3662 % 2,554.1
Insurance Straight 4.95 % 4.61 % 80,137 15.32 22 -0.0342 % 3,633.0
FloatingReset 3.08 % 2.61 % 29,207 20.72 2 5.9864 % 2,241.6
FixedReset Prem 5.12 % 2.93 % 227,502 0.91 20 -0.0725 % 2,711.4
FixedReset Bank Non 1.80 % 1.69 % 182,340 0.94 1 0.0000 % 2,892.0
FixedReset Ins Non 4.42 % 3.37 % 115,328 18.34 22 -0.0715 % 2,758.3
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 3.38 %
NA.PR.E FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 22.71
Evaluated at bid price : 23.01
Bid-YTW : 3.50 %
MFC.PR.J FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.64
Evaluated at bid price : 23.95
Bid-YTW : 3.44 %
TRP.PR.G FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 4.40 %
BAM.PF.E FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 18.63
Evaluated at bid price : 18.63
Bid-YTW : 4.29 %
MFC.PR.Q FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.10
Evaluated at bid price : 24.02
Bid-YTW : 3.33 %
TD.PF.J FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.21
Evaluated at bid price : 24.20
Bid-YTW : 3.40 %
BAM.PF.D Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 24.55
Evaluated at bid price : 24.79
Bid-YTW : 5.00 %
MFC.PR.I FixedReset Ins Non 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.63
Evaluated at bid price : 24.80
Bid-YTW : 3.41 %
BAM.PF.B FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 4.27 %
EIT.PR.A SplitShare 1.57 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 3.87 %
BAM.PR.T FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.11 %
NA.PR.G FixedReset Disc 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.13
Evaluated at bid price : 24.25
Bid-YTW : 3.52 %
BAM.PF.A FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 21.63
Evaluated at bid price : 22.05
Bid-YTW : 4.13 %
BAM.PF.G FixedReset Disc 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 4.21 %
CU.PR.F Perpetual-Discount 3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.83
Evaluated at bid price : 24.30
Bid-YTW : 4.62 %
BAM.PF.F FixedReset Disc 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 4.26 %
TRP.PR.F FloatingReset 13.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 3.63 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MIC.PR.A Perpetual-Premium 649,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2030-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 5.19 %
NA.PR.A FixedReset Prem 276,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 2.67 %
IFC.PR.E Insurance Straight 148,050 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.25
Evaluated at bid price : 25.55
Bid-YTW : 5.05 %
BNS.PR.E FixedReset Prem 103,876 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 2.90 %
BMO.PR.B FixedReset Prem 102,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.62
Bid-YTW : 2.31 %
TD.PF.H FixedReset Prem 94,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 2.66 %
There were 33 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 22.26 – 24.30
Spot Rate : 2.0400
Average : 1.4424

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 21.83
Evaluated at bid price : 22.26
Bid-YTW : 3.44 %
NA.PR.E FixedReset Disc Quote: 23.01 – 23.66
Spot Rate : 0.6500
Average : 0.3835

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 22.71
Evaluated at bid price : 23.01
Bid-YTW : 3.50 %
TRP.PR.D FixedReset Disc Quote: 18.15 – 18.88
Spot Rate : 0.7300
Average : 0.5401

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 4.22 %
IFC.PR.A FixedReset Ins Non Quote: 17.33 – 17.85
Spot Rate : 0.5200
Average : 0.3542

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 3.38 %
BAM.PF.J FixedReset Disc Quote: 25.10 – 25.48
Spot Rate : 0.3800
Average : 0.2450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-18
Maturity Price : 23.66
Evaluated at bid price : 25.10
Bid-YTW : 4.71 %
IFC.PR.F Insurance Straight Quote: 25.85 – 27.24
Spot Rate : 1.3900
Average : 1.2616

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.85
Bid-YTW : 4.87 %
Market Action

February 17, 2021

PerpetualDiscounts now yield 4.89%, equivalent to 6.36% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.01%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is sharply wider at 335bp than the 310bp reported February 10.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.2687 % 2,245.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2687 % 4,121.0
Floater 3.85 % 3.88 % 53,479 17.62 3 -0.2687 % 2,375.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0973 % 3,640.1
SplitShare 4.69 % 4.42 % 36,494 4.13 8 -0.0973 % 4,347.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0973 % 3,391.7
Perpetual-Premium 5.34 % -1.39 % 72,294 0.08 18 -0.1300 % 3,246.6
Perpetual-Discount 4.93 % 4.89 % 83,762 15.44 13 -0.0406 % 3,757.3
FixedReset Disc 4.61 % 3.61 % 172,797 17.91 56 0.1228 % 2,544.8
Insurance Straight 4.95 % 4.66 % 81,539 15.32 22 0.0144 % 3,634.2
FloatingReset 3.27 % 2.59 % 28,940 20.77 2 -6.8724 % 2,115.0
FixedReset Prem 5.12 % 2.88 % 229,684 0.92 20 -0.0803 % 2,713.4
FixedReset Bank Non 1.80 % 1.69 % 174,300 0.94 1 0.0000 % 2,892.0
FixedReset Ins Non 4.41 % 3.37 % 115,970 18.34 22 -0.1793 % 2,760.3
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -11.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 4.13 %
SLF.PR.J FloatingReset -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 14.39
Evaluated at bid price : 14.39
Bid-YTW : 2.59 %
BAM.PF.D Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 24.20
Evaluated at bid price : 24.51
Bid-YTW : 5.05 %
BIP.PR.E FixedReset Disc -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 23.26
Evaluated at bid price : 24.27
Bid-YTW : 5.17 %
BAM.PF.F FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.41 %
EIT.PR.A SplitShare -1.54 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.42 %
TD.PF.J FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 23.08
Evaluated at bid price : 23.93
Bid-YTW : 3.45 %
MFC.PR.I FixedReset Ins Non -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 24.17
Evaluated at bid price : 24.50
Bid-YTW : 3.52 %
MFC.PR.N FixedReset Ins Non -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 21.81
Evaluated at bid price : 22.18
Bid-YTW : 3.36 %
TD.PF.D FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 22.51
Evaluated at bid price : 23.36
Bid-YTW : 3.45 %
BMO.PR.Y FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 22.00
Evaluated at bid price : 22.50
Bid-YTW : 3.49 %
TRP.PR.D FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 4.26 %
BIP.PR.A FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 22.38
Evaluated at bid price : 23.11
Bid-YTW : 4.37 %
TRP.PR.E FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 17.89
Evaluated at bid price : 17.89
Bid-YTW : 4.25 %
MFC.PR.J FixedReset Ins Non 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 23.26
Evaluated at bid price : 24.25
Bid-YTW : 3.34 %
CU.PR.F Perpetual-Discount 2.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 23.29
Evaluated at bid price : 23.54
Bid-YTW : 4.78 %
PWF.PR.P FixedReset Disc 3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 3.49 %
NA.PR.E FixedReset Disc 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 23.05
Evaluated at bid price : 23.35
Bid-YTW : 3.45 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.F FloatingReset 100,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 4.13 %
SLF.PR.B Insurance Straight 76,306 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 24.84
Evaluated at bid price : 25.07
Bid-YTW : 4.84 %
BNS.PR.H FixedReset Prem 70,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.63
Bid-YTW : 2.45 %
MFC.PR.L FixedReset Ins Non 68,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 3.29 %
TD.PF.H FixedReset Prem 66,193 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 2.65 %
CU.PR.C FixedReset Disc 62,780 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 3.76 %
There were 43 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.F FloatingReset Quote: 12.17 – 14.00
Spot Rate : 1.8300
Average : 1.0818

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 4.13 %
IFC.PR.F Insurance Straight Quote: 25.85 – 27.24
Spot Rate : 1.3900
Average : 1.1208

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.85
Bid-YTW : 4.87 %
EIT.PR.A SplitShare Quote: 25.50 – 26.15
Spot Rate : 0.6500
Average : 0.4200

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.42 %
BAM.PF.F FixedReset Disc Quote: 20.00 – 20.74
Spot Rate : 0.7400
Average : 0.5244

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.41 %
MFC.PR.Q FixedReset Ins Non Quote: 23.76 – 24.25
Spot Rate : 0.4900
Average : 0.2992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 22.97
Evaluated at bid price : 23.76
Bid-YTW : 3.38 %
MFC.PR.I FixedReset Ins Non Quote: 24.50 – 25.05
Spot Rate : 0.5500
Average : 0.3790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-17
Maturity Price : 24.17
Evaluated at bid price : 24.50
Bid-YTW : 3.52 %
Market Action

February 16, 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 0.00 % 0.00 % 0 0.00 0 4.3289 % 2,251.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 4.3289 % 4,132.1
Floater 3.84 % 3.88 % 55,442 17.63 3 4.3289 % 2,381.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0219 % 3,643.6
SplitShare 4.68 % 4.38 % 36,617 3.66 8 -0.0219 % 4,351.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0219 % 3,395.0
Perpetual-Premium 5.33 % -4.22 % 70,987 0.08 18 0.0282 % 3,250.8
Perpetual-Discount 4.93 % 4.91 % 81,083 15.48 13 -0.3887 % 3,758.8
FixedReset Disc 4.61 % 3.60 % 178,305 17.88 56 0.7740 % 2,541.6
Insurance Straight 4.95 % 4.67 % 82,673 15.30 22 -0.0324 % 3,633.7
FloatingReset 3.04 % 2.53 % 29,836 20.92 2 2.2956 % 2,271.1
FixedReset Prem 5.11 % 2.57 % 227,925 0.92 20 0.0529 % 2,715.5
FixedReset Bank Non 1.80 % 1.68 % 171,484 0.95 1 0.0000 % 2,892.0
FixedReset Ins Non 4.41 % 3.36 % 111,444 18.36 22 0.2656 % 2,765.2
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -5.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.66
Evaluated at bid price : 22.92
Bid-YTW : 4.91 %
MFC.PR.J FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 23.56
Evaluated at bid price : 23.87
Bid-YTW : 3.45 %
CM.PR.Q FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.15
Evaluated at bid price : 22.73
Bid-YTW : 3.55 %
PWF.PR.T FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 3.60 %
IFC.PR.G FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.52
Evaluated at bid price : 23.00
Bid-YTW : 3.55 %
BAM.PF.F FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.33 %
RY.PR.Z FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 21.70
Evaluated at bid price : 21.96
Bid-YTW : 3.23 %
BAM.PF.A FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.27 %
TD.PF.K FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.89
Evaluated at bid price : 23.73
Bid-YTW : 3.42 %
TRP.PR.C FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 4.10 %
TD.PF.J FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 23.25
Evaluated at bid price : 24.30
Bid-YTW : 3.38 %
BAM.PR.Z FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 4.14 %
TD.PF.D FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.63
Evaluated at bid price : 23.60
Bid-YTW : 3.40 %
IFC.PR.A FixedReset Ins Non 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 3.34 %
SLF.PR.H FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 20.99
Evaluated at bid price : 20.99
Bid-YTW : 3.21 %
BAM.PR.X FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 14.58
Evaluated at bid price : 14.58
Bid-YTW : 4.03 %
RY.PR.J FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.32
Evaluated at bid price : 23.00
Bid-YTW : 3.46 %
TRP.PR.A FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 15.38
Evaluated at bid price : 15.38
Bid-YTW : 4.33 %
TRP.PR.F FloatingReset 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 13.82
Evaluated at bid price : 13.82
Bid-YTW : 3.63 %
BAM.PF.B FixedReset Disc 2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 4.33 %
SLF.PR.J FloatingReset 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 2.53 %
BAM.PF.G FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 4.35 %
TD.PF.C FixedReset Disc 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 21.86
Evaluated at bid price : 22.24
Bid-YTW : 3.30 %
BAM.PR.T FixedReset Disc 3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 4.16 %
BAM.PR.C Floater 3.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 11.13
Evaluated at bid price : 11.13
Bid-YTW : 3.89 %
PWF.PR.P FixedReset Disc 3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 3.61 %
BAM.PF.E FixedReset Disc 3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 4.33 %
MFC.PR.F FixedReset Ins Non 3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 3.03 %
BAM.PR.K Floater 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 11.16
Evaluated at bid price : 11.16
Bid-YTW : 3.88 %
BAM.PR.R FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 17.19
Evaluated at bid price : 17.19
Bid-YTW : 4.11 %
BAM.PR.B Floater 5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 11.21
Evaluated at bid price : 11.21
Bid-YTW : 3.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
PWF.PR.L Perpetual-Discount 125,750 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-03-18
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 2.29 %
CM.PR.R FixedReset Disc 111,229 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 23.75
Evaluated at bid price : 25.00
Bid-YTW : 3.85 %
TD.PF.J FixedReset Disc 91,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 23.25
Evaluated at bid price : 24.30
Bid-YTW : 3.38 %
MFC.PR.C Insurance Straight 76,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 24.85
Evaluated at bid price : 25.06
Bid-YTW : 4.55 %
SLF.PR.D Insurance Straight 74,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 24.60
Evaluated at bid price : 24.85
Bid-YTW : 4.52 %
CU.PR.G Perpetual-Discount 73,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 23.97
Evaluated at bid price : 24.26
Bid-YTW : 4.63 %
There were 47 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 22.24 – 24.30
Spot Rate : 2.0600
Average : 1.3763

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 21.82
Evaluated at bid price : 22.24
Bid-YTW : 3.44 %
BAM.PF.E FixedReset Disc Quote: 18.45 – 22.24
Spot Rate : 3.7900
Average : 3.1466

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 4.33 %
CU.PR.F Perpetual-Discount Quote: 22.92 – 24.50
Spot Rate : 1.5800
Average : 0.9557

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-16
Maturity Price : 22.66
Evaluated at bid price : 22.92
Bid-YTW : 4.91 %
IFC.PR.F Insurance Straight Quote: 25.85 – 27.24
Spot Rate : 1.3900
Average : 0.8256

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-09-30
Maturity Price : 25.25
Evaluated at bid price : 25.85
Bid-YTW : 4.87 %
CU.PR.I FixedReset Prem Quote: 25.61 – 26.40
Spot Rate : 0.7900
Average : 0.4864

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 3.92 %
EIT.PR.B SplitShare Quote: 25.96 – 26.96
Spot Rate : 1.0000
Average : 0.7599

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.96
Bid-YTW : 4.01 %
PrefLetter

February PrefLetter Released!

The February, 2021, 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, 2021, issue, while the “Next Edition” will be the March, 2021, issue, scheduled to be prepared as of the close March 12, 2021, and eMailed to subscribers prior to market-opening on March15.

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.

But Adrian2 now advises:

Well, as of now, FileApp is free (again?).

Market Action

February 12, 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 0.00 % 0.00 % 0 0.00 0 1.7105 % 2,158.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.7105 % 3,960.7
Floater 4.01 % 4.05 % 56,038 17.29 3 1.7105 % 2,282.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0633 % 3,644.4
SplitShare 4.68 % 4.37 % 36,484 3.67 8 0.0633 % 4,352.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0633 % 3,395.8
Perpetual-Premium 5.33 % -5.05 % 69,367 0.09 18 0.0108 % 3,249.9
Perpetual-Discount 4.91 % 4.88 % 75,018 15.49 13 0.0404 % 3,773.5
FixedReset Disc 4.65 % 3.63 % 167,267 17.89 56 0.9391 % 2,522.1
Insurance Straight 4.95 % 4.55 % 82,988 4.07 22 -0.0468 % 3,634.9
FloatingReset 3.11 % 2.59 % 28,056 20.76 2 1.0145 % 2,220.1
FixedReset Prem 5.12 % 2.52 % 230,688 0.93 20 0.1256 % 2,714.1
FixedReset Bank Non 1.80 % 1.66 % 174,047 0.96 1 0.0000 % 2,892.0
FixedReset Ins Non 4.42 % 3.37 % 110,060 18.37 22 -0.1551 % 2,757.9
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 3.15 %
IAF.PR.I FixedReset Ins Non -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 23.34
Evaluated at bid price : 24.46
Bid-YTW : 3.43 %
MFC.PR.M FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.94
Evaluated at bid price : 22.35
Bid-YTW : 3.40 %
IAF.PR.B Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 4.70 %
SLF.PR.J FloatingReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 2.59 %
BMO.PR.T FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 3.44 %
CM.PR.O FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 3.55 %
IFC.PR.C FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.98
Evaluated at bid price : 22.55
Bid-YTW : 3.49 %
BAM.PF.G FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 4.47 %
BMO.PR.S FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.91
Evaluated at bid price : 22.25
Bid-YTW : 3.33 %
TD.PF.I FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 23.61
Evaluated at bid price : 24.85
Bid-YTW : 3.53 %
TRP.PR.D FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 4.33 %
RY.PR.H FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.90
Evaluated at bid price : 22.26
Bid-YTW : 3.23 %
BIP.PR.A FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 22.17
Evaluated at bid price : 22.76
Bid-YTW : 4.44 %
RY.PR.M FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.75
Evaluated at bid price : 22.15
Bid-YTW : 3.46 %
CM.PR.P FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.29
Evaluated at bid price : 21.29
Bid-YTW : 3.51 %
BAM.PF.E FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 4.49 %
BAM.PR.B Floater 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 4.07 %
GWO.PR.N FixedReset Ins Non 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 3.08 %
BAM.PR.C Floater 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 10.76
Evaluated at bid price : 10.76
Bid-YTW : 4.02 %
MFC.PR.J FixedReset Ins Non 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 23.21
Evaluated at bid price : 24.15
Bid-YTW : 3.35 %
BAM.PF.A FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 4.32 %
BAM.PR.K Floater 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 4.05 %
TRP.PR.C FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 12.20
Evaluated at bid price : 12.20
Bid-YTW : 4.19 %
TRP.PR.B FixedReset Disc 2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 3.85 %
BAM.PR.T FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 16.74
Evaluated at bid price : 16.74
Bid-YTW : 4.29 %
TRP.PR.E FixedReset Disc 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 4.29 %
TRP.PR.F FloatingReset 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 13.53
Evaluated at bid price : 13.53
Bid-YTW : 3.71 %
BAM.PF.B FixedReset Disc 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 19.13
Evaluated at bid price : 19.13
Bid-YTW : 4.43 %
BAM.PF.F FixedReset Disc 3.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 4.38 %
BAM.PR.X FixedReset Disc 3.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 4.09 %
PWF.PR.T FixedReset Disc 3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 3.63 %
BAM.PR.R FixedReset Disc 5.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 4.30 %
BMO.PR.Y FixedReset Disc 5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.95
Evaluated at bid price : 22.42
Bid-YTW : 3.50 %
BAM.PR.Z FixedReset Disc 5.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.22 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.G FixedReset Prem 674,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 2.48 %
BMO.PR.Y FixedReset Disc 227,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.95
Evaluated at bid price : 22.42
Bid-YTW : 3.50 %
PWF.PR.P FixedReset Disc 209,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 3.78 %
NA.PR.X FixedReset Prem 162,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 0.65 %
GWO.PR.N FixedReset Ins Non 112,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 3.08 %
MFC.PR.F FixedReset Ins Non 101,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 3.15 %
There were 28 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.E FixedReset Disc Quote: 17.80 – 22.24
Spot Rate : 4.4400
Average : 2.4413

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 4.49 %
BAM.PR.T FixedReset Disc Quote: 16.74 – 18.18
Spot Rate : 1.4400
Average : 0.7903

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 16.74
Evaluated at bid price : 16.74
Bid-YTW : 4.29 %
SLF.PR.H FixedReset Ins Non Quote: 20.68 – 22.00
Spot Rate : 1.3200
Average : 0.8300

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 3.26 %
PWF.PR.T FixedReset Disc Quote: 21.15 – 22.00
Spot Rate : 0.8500
Average : 0.5618

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 3.63 %
TD.PF.D FixedReset Disc Quote: 23.30 – 24.00
Spot Rate : 0.7000
Average : 0.4753

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 22.47
Evaluated at bid price : 23.30
Bid-YTW : 3.45 %
RY.PR.M FixedReset Disc Quote: 22.15 – 23.00
Spot Rate : 0.8500
Average : 0.6267

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-12
Maturity Price : 21.75
Evaluated at bid price : 22.15
Bid-YTW : 3.46 %
Market Action

February 11, 2021

rainbow_210211
Click for Big

S&P has weighed in on the MFC LRCNs discussed yesterday:

S&P Global Ratings said today it assigned its ‘BBB+’ issue-level rating to Manulife Financial Corp.’s (MFC; A/Stable/–) Canadian dollar-denominated limited recourse capital notes.

The notes are subordinated obligations, not callable in the first five years, and have a 60-year maturity. At the same time, MFC will issue an equivalent amount of perpetual preferred shares, also not callable within the first five years, that offer a typical features of preferred shares including subordination to senior obligations and dividend payments payable at MFC’s discretion. The preferred shares will be held in a dedicated trust and the trustee will provide a revocable waiver for all dividends while the shares remain in the trust. We have assigned the same ‘BBB+’ issue-level rating to the preferred shares.

While the notes do not explicitly allow MFC to defer or cancel any payments of interest or principal, the sole recourse the noteholders have for any nonpayment or any event of default is their proportional part of the preferred shares held in the trust. MFC could decide at any point to stop payment on the notes, trigger the delivery of the preferred shares to the noteholders, simultaneously cancel the preferred shares’ dividends, and suffer no negative consequences thereafter. This, in our view, effectively renders the payments on the notes cancelable at MFC’s discretion.

The ‘BBB+’ ratings for both the notes and the preferred shares are two notches below MFC’s issuer credit rating, incorporating a deduction of one notch, reflecting subordination of the issuances; and a deduction of an additional notch, reflecting optional coupon and dividend cancelability.

We have assigned the equity content of the notes and the preferred shares as intermediate, because we view their features as contributing to MFC’s loss-absorption capacity. In addition, the notes and the preferred shares are only redeemable after five years, with no additional incentive to call either at that date. Therefore, the notes’ and preferred shares’ longevity is also a factor in our evaluation of their intermediate equity content.

We do not expect the issuance of the notes to materially change MFC’s financial leverage or fixed-charge coverage because we anticipate the company will use the proceeds mostly to fund upcoming maturities and redemptions. Since the preferred shares are held in trust solely for the purpose of potential recourse to the noteholders, we will exclude them from any capital, leverage, and coverage calculations while the shares remain in the trust.

TXPR closed at 645.98, up 0.68% on the day. Volume today was 5.49-million, by far the highest daily volume in the past 20 trading days, well ahead of second-place February 3 with 3.87-million.

CPD closed at 12.90, up 1.02% on the day. Volume was 59,103, perhaps a little below the median of the past 20 trading days.

ZPR closed at 10.45, up 0.97% on the day. Volume of 433,493 was second-highest of the past 20 trading days, behind only February 4.

Five-year Canada yields were unchanged at 0.49% today.

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 0.7018 % 2,122.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7018 % 3,894.1
Floater 4.07 % 4.12 % 55,570 17.13 3 0.7018 % 2,244.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0536 % 3,642.1
SplitShare 4.69 % 4.36 % 36,451 3.68 8 0.0536 % 4,349.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0536 % 3,393.6
Perpetual-Premium 5.33 % -5.20 % 69,742 0.09 18 0.1063 % 3,249.5
Perpetual-Discount 4.92 % 4.92 % 75,846 15.49 13 0.0747 % 3,772.0
FixedReset Disc 4.70 % 3.74 % 166,883 17.86 56 0.7857 % 2,498.7
Insurance Straight 4.94 % 4.56 % 86,183 4.07 22 0.3794 % 3,636.6
FloatingReset 3.14 % 2.57 % 27,220 20.83 2 7.1845 % 2,197.8
FixedReset Prem 5.12 % 2.73 % 213,592 0.93 20 0.1552 % 2,710.7
FixedReset Bank Non 1.80 % 1.66 % 174,223 0.96 1 0.0000 % 2,892.0
FixedReset Ins Non 4.41 % 3.34 % 107,372 18.34 22 4.5276 % 2,762.2
Performance Highlights
Issue Index Change Notes
BMO.PR.Y FixedReset Disc -3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 3.74 %
MFC.PR.H FixedReset Ins Non 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.93
Evaluated at bid price : 25.11
Bid-YTW : 3.60 %
BIP.PR.A FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.99
Evaluated at bid price : 22.48
Bid-YTW : 4.51 %
BAM.PF.G FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 4.52 %
BMO.PR.W FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 3.42 %
SLF.PR.D Insurance Straight 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 24.55
Evaluated at bid price : 24.80
Bid-YTW : 4.53 %
BMO.PR.S FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.73
Evaluated at bid price : 22.00
Bid-YTW : 3.37 %
BMO.PR.E FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.00
Evaluated at bid price : 23.98
Bid-YTW : 3.47 %
BAM.PR.Z FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.47 %
BMO.PR.T FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 3.47 %
BAM.PF.A FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 4.41 %
TRP.PR.E FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.43 %
NA.PR.S FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 3.62 %
BAM.PR.X FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 13.81
Evaluated at bid price : 13.81
Bid-YTW : 4.25 %
SLF.PR.E Insurance Straight 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 4.56 %
TRP.PR.G FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 4.48 %
TRP.PR.D FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.38 %
PWF.PR.T FixedReset Disc 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 3.78 %
SLF.PR.C Insurance Straight 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 4.51 %
TRP.PR.B FixedReset Disc 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 11.18
Evaluated at bid price : 11.18
Bid-YTW : 3.97 %
IAF.PR.G FixedReset Ins Non 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 24.13
Evaluated at bid price : 24.50
Bid-YTW : 3.45 %
TRP.PR.A FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 15.02
Evaluated at bid price : 15.02
Bid-YTW : 4.44 %
MFC.PR.I FixedReset Ins Non 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.62
Evaluated at bid price : 24.80
Bid-YTW : 3.41 %
MFC.PR.G FixedReset Ins Non 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 24.52
Evaluated at bid price : 24.92
Bid-YTW : 3.43 %
MFC.PR.J FixedReset Ins Non 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.43
Evaluated at bid price : 23.75
Bid-YTW : 3.46 %
NA.PR.W FixedReset Disc 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 3.56 %
IAF.PR.I FixedReset Ins Non 2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.51
Evaluated at bid price : 24.89
Bid-YTW : 3.34 %
BAM.PR.C Floater 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 10.59
Evaluated at bid price : 10.59
Bid-YTW : 4.09 %
CU.PR.C FixedReset Disc 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 3.77 %
SLF.PR.I FixedReset Ins Non 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.42
Evaluated at bid price : 24.00
Bid-YTW : 3.37 %
BAM.PR.T FixedReset Disc 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 4.42 %
TRP.PR.C FixedReset Disc 3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 11.92
Evaluated at bid price : 11.92
Bid-YTW : 4.29 %
MFC.PR.Q FixedReset Ins Non 3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.06
Evaluated at bid price : 23.95
Bid-YTW : 3.34 %
IFC.PR.G FixedReset Ins Non 4.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.38
Evaluated at bid price : 22.79
Bid-YTW : 3.58 %
IFC.PR.C FixedReset Ins Non 4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.82
Evaluated at bid price : 22.30
Bid-YTW : 3.53 %
IFC.PR.A FixedReset Ins Non 4.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 3.39 %
PWF.PR.P FixedReset Disc 5.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 3.78 %
MFC.PR.K FixedReset Ins Non 7.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.26
Evaluated at bid price : 22.65
Bid-YTW : 3.23 %
SLF.PR.H FixedReset Ins Non 7.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 3.28 %
MFC.PR.M FixedReset Ins Non 8.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.14
Evaluated at bid price : 22.65
Bid-YTW : 3.34 %
MFC.PR.N FixedReset Ins Non 9.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.07
Evaluated at bid price : 22.57
Bid-YTW : 3.28 %
MFC.PR.L FixedReset Ins Non 9.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.36
Evaluated at bid price : 21.67
Bid-YTW : 3.28 %
SLF.PR.G FixedReset Ins Non 10.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 3.14 %
GWO.PR.N FixedReset Ins Non 12.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 3.12 %
SLF.PR.J FloatingReset 14.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 2.57 %
MFC.PR.F FixedReset Ins Non 14.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 15.82
Evaluated at bid price : 15.82
Bid-YTW : 3.04 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BNS.PR.G FixedReset Prem 1,314,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-07-25
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 2.73 %
MFC.PR.F FixedReset Ins Non 480,225 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 15.82
Evaluated at bid price : 15.82
Bid-YTW : 3.04 %
TD.PF.D FixedReset Disc 340,823 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.47
Evaluated at bid price : 23.30
Bid-YTW : 3.45 %
SLF.PR.H FixedReset Ins Non 240,940 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 3.28 %
MFC.PR.M FixedReset Ins Non 176,930 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.14
Evaluated at bid price : 22.65
Bid-YTW : 3.34 %
MFC.PR.K FixedReset Ins Non 149,924 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.26
Evaluated at bid price : 22.65
Bid-YTW : 3.23 %
SLF.PR.B Insurance Straight 108,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-03-13
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 1.29 %
CM.PR.R FixedReset Disc 100,650 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 23.76
Evaluated at bid price : 25.05
Bid-YTW : 3.84 %
There were 50 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.Y FixedReset Disc Quote: 21.25 – 22.85
Spot Rate : 1.6000
Average : 0.9658

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 3.74 %
TRP.PR.E FixedReset Disc Quote: 17.15 – 18.55
Spot Rate : 1.4000
Average : 0.8419

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.43 %
RY.PR.J FixedReset Disc Quote: 22.70 – 23.56
Spot Rate : 0.8600
Average : 0.5139

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 22.14
Evaluated at bid price : 22.70
Bid-YTW : 3.51 %
BAM.PR.Z FixedReset Disc Quote: 20.25 – 21.00
Spot Rate : 0.7500
Average : 0.4486

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 4.47 %
BAM.PR.R FixedReset Disc Quote: 15.62 – 16.45
Spot Rate : 0.8300
Average : 0.5388

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 15.62
Evaluated at bid price : 15.62
Bid-YTW : 4.53 %
SLF.PR.J FloatingReset Quote: 14.50 – 15.30
Spot Rate : 0.8000
Average : 0.5671

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-11
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 2.57 %
Market Action

February 10, 2021

Manulife will be issuing LRCNs, provisionally rated A(low) by DBRS:

DBRS Limited (DBRS Morningstar) assigned a provisional rating of A (low) with a Stable trend to Manulife Financial Corporation’s (Manulife or the Company) Limited Recourse Capital Notes (the Capital Notes). DBRS Morningstar assigned the rating equal to the Company’s Issuer Rating of A (high) less two rating notches, which is consistent with DBRS Morningstar’s notching approach for capital instruments issued by insurance holding companies. This is one notch below the rating of Manulife’s Unsecured Subordinated Debentures.

RATING DRIVERS
Given Manulife’s recent ratings upgrade, DBRS Morningstar does not see upward ratings pressure over the intermediate term. Over the longer term, if Manulife continues to improve profitability and de-risk by further reducing its exposures to product guarantees and long-term care products, while maintaining its capital profile, the ratings would be upgraded.

Conversely, persistent weaker and volatile profitability combined with a sustained deterioration in financial leverage and coverage ratios would result in a ratings downgrade. An adverse event causing regulatory capital to decline substantially would also result in a ratings downgrade.

PerpetualDiscounts now yield 4.66%, equivalent to 6.06% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.98%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is sharply narrower at 310bp than the 355bp reported February 3.

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 -0.0638 % 2,107.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0638 % 3,867.0
Floater 4.10 % 4.12 % 55,566 17.15 3 -0.0638 % 2,228.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.0683 % 3,640.1
SplitShare 4.69 % 4.42 % 37,950 3.68 8 0.0683 % 4,347.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0683 % 3,391.8
Perpetual-Premium 5.34 % -5.08 % 69,402 0.08 18 -0.0065 % 3,246.1
Perpetual-Discount 4.92 % 4.66 % 76,890 15.48 13 0.2810 % 3,769.1
FixedReset Disc 4.73 % 3.69 % 156,210 17.68 56 -0.0535 % 2,479.2
Insurance Straight 4.96 % 4.63 % 89,713 15.37 22 0.1085 % 3,622.9
FloatingReset 3.37 % 3.83 % 29,131 17.74 2 3.5384 % 2,050.5
FixedReset Prem 5.13 % 2.92 % 215,579 0.93 20 -0.1687 % 2,706.5
FixedReset Bank Non 1.80 % 1.65 % 175,874 0.96 1 0.0000 % 2,892.0
FixedReset Ins Non 4.61 % 3.53 % 104,092 17.95 22 0.5705 % 2,642.5
Performance Highlights
Issue Index Change Notes
BAM.PR.C Floater -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 10.29
Evaluated at bid price : 10.29
Bid-YTW : 4.21 %
CU.PR.C FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 3.88 %
RY.PR.M FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 21.40
Evaluated at bid price : 21.67
Bid-YTW : 3.54 %
MFC.PR.K FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 3.51 %
MFC.PR.F FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 13.76
Evaluated at bid price : 13.76
Bid-YTW : 3.50 %
CM.PR.Q FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 21.97
Evaluated at bid price : 22.45
Bid-YTW : 3.60 %
MFC.PR.G FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 23.80
Evaluated at bid price : 24.35
Bid-YTW : 3.50 %
BAM.PF.D Perpetual-Discount 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 24.67
Evaluated at bid price : 24.90
Bid-YTW : 4.97 %
SLF.PR.G FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 3.46 %
MFC.PR.J FixedReset Ins Non 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 22.88
Evaluated at bid price : 23.20
Bid-YTW : 3.55 %
IFC.PR.A FixedReset Ins Non 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 3.55 %
PWF.PR.T FixedReset Disc 2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 3.85 %
BAM.PR.K Floater 2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 10.52
Evaluated at bid price : 10.52
Bid-YTW : 4.12 %
TRP.PR.F FloatingReset 7.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 3.83 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.A FixedReset Disc 151,770 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 14.69
Evaluated at bid price : 14.69
Bid-YTW : 4.54 %
SLF.PR.I FixedReset Ins Non 113,777 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 22.72
Evaluated at bid price : 23.30
Bid-YTW : 3.47 %
TD.PF.G FixedReset Prem 112,350 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 2.98 %
MFC.PR.C Insurance Straight 111,501 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 24.57
Evaluated at bid price : 24.83
Bid-YTW : 4.58 %
BAM.PF.D Perpetual-Discount 108,722 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 24.67
Evaluated at bid price : 24.90
Bid-YTW : 4.97 %
TRP.PR.B FixedReset Disc 84,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 10.96
Evaluated at bid price : 10.96
Bid-YTW : 4.04 %
There were 39 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.N FixedReset Ins Non Quote: 20.60 – 21.50
Spot Rate : 0.9000
Average : 0.5756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 3.65 %
CU.PR.D Perpetual-Discount Quote: 25.00 – 25.50
Spot Rate : 0.5000
Average : 0.3047

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-09-01
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.44 %
BIK.PR.A FixedReset Prem Quote: 25.75 – 26.25
Spot Rate : 0.5000
Average : 0.3160

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 5.07 %
SLF.PR.H FixedReset Ins Non Quote: 19.10 – 19.80
Spot Rate : 0.7000
Average : 0.5262

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 3.53 %
BAM.PR.C Floater Quote: 10.29 – 10.75
Spot Rate : 0.4600
Average : 0.3008

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 10.29
Evaluated at bid price : 10.29
Bid-YTW : 4.21 %
IFC.PR.C FixedReset Ins Non Quote: 21.40 – 21.90
Spot Rate : 0.5000
Average : 0.3491

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-10
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 3.73 %
Market Action

February 9, 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 0.00 % 0.00 % 0 0.00 0 -2.4565 % 2,108.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.4565 % 3,869.4
Floater 4.10 % 4.10 % 56,280 17.19 3 -2.4565 % 2,230.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0244 % 3,637.7
SplitShare 4.69 % 4.48 % 38,103 3.68 8 0.0244 % 4,344.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0244 % 3,389.5
Perpetual-Premium 5.34 % -4.60 % 70,245 0.09 18 0.1934 % 3,246.3
Perpetual-Discount 4.93 % 4.88 % 77,125 15.44 13 0.2190 % 3,758.6
FixedReset Disc 4.73 % 3.69 % 155,511 17.75 56 0.3702 % 2,480.5
Insurance Straight 4.97 % 4.66 % 90,247 15.33 22 0.0633 % 3,618.9
FloatingReset 3.49 % 2.93 % 23,075 19.87 2 -3.0409 % 1,980.4
FixedReset Prem 5.12 % 2.78 % 212,268 0.94 20 0.0353 % 2,711.1
FixedReset Bank Non 1.80 % 1.65 % 178,168 0.97 1 0.0000 % 2,892.0
FixedReset Ins Non 4.64 % 3.55 % 98,052 17.87 22 0.0129 % 2,627.5
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -6.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 4.13 %
BAM.PR.K Floater -4.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 10.22
Evaluated at bid price : 10.22
Bid-YTW : 4.24 %
IFC.PR.A FixedReset Ins Non -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 3.66 %
TRP.PR.C FixedReset Disc -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 11.42
Evaluated at bid price : 11.42
Bid-YTW : 4.48 %
BAM.PR.C Floater -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 10.58
Evaluated at bid price : 10.58
Bid-YTW : 4.09 %
MFC.PR.J FixedReset Ins Non -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 22.33
Evaluated at bid price : 22.62
Bid-YTW : 3.64 %
BAM.PR.B Floater -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 10.57
Evaluated at bid price : 10.57
Bid-YTW : 4.10 %
CU.PR.C FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 3.78 %
GWO.PR.N FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 3.53 %
TD.PF.B FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 3.41 %
BAM.PF.C Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 24.37
Evaluated at bid price : 24.65
Bid-YTW : 4.97 %
NA.PR.W FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 3.64 %
BMO.PR.S FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 3.42 %
BAM.PR.R FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 4.53 %
BMO.PR.Y FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 21.66
Evaluated at bid price : 22.00
Bid-YTW : 3.58 %
RY.PR.H FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 21.61
Evaluated at bid price : 21.86
Bid-YTW : 3.30 %
CM.PR.Q FixedReset Disc 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 21.80
Evaluated at bid price : 22.20
Bid-YTW : 3.65 %
CU.PR.H Perpetual-Premium 3.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-09-01
Maturity Price : 25.75
Evaluated at bid price : 25.85
Bid-YTW : 3.89 %
SLF.PR.G FixedReset Ins Non 3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 3.53 %
BAM.PF.F FixedReset Disc 4.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 4.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
W.PR.M FixedReset Prem 251,547 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-15
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 2.79 %
BAM.PR.K Floater 212,980 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 10.22
Evaluated at bid price : 10.22
Bid-YTW : 4.24 %
TD.PF.G FixedReset Prem 152,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 2.39 %
IAF.PR.G FixedReset Ins Non 101,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 23.56
Evaluated at bid price : 24.00
Bid-YTW : 3.51 %
NA.PR.W FixedReset Disc 88,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 3.64 %
BMO.PR.C FixedReset Disc 82,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 23.85
Evaluated at bid price : 25.10
Bid-YTW : 3.76 %
There were 48 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.T FixedReset Disc Quote: 19.45 – 20.99
Spot Rate : 1.5400
Average : 0.8596

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 3.96 %
TRP.PR.F FloatingReset Quote: 12.17 – 13.24
Spot Rate : 1.0700
Average : 0.6606

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 12.17
Evaluated at bid price : 12.17
Bid-YTW : 4.13 %
MFC.PR.J FixedReset Ins Non Quote: 22.62 – 23.23
Spot Rate : 0.6100
Average : 0.3691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 22.33
Evaluated at bid price : 22.62
Bid-YTW : 3.64 %
TD.PF.D FixedReset Disc Quote: 23.20 – 24.00
Spot Rate : 0.8000
Average : 0.5780

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 22.42
Evaluated at bid price : 23.20
Bid-YTW : 3.47 %
BAM.PR.K Floater Quote: 10.22 – 10.80
Spot Rate : 0.5800
Average : 0.3712

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-02-09
Maturity Price : 10.22
Evaluated at bid price : 10.22
Bid-YTW : 4.24 %
EIT.PR.B SplitShare Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.7962

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.95 %