Market Action

April 26, 2022

TXPR closed at 616.88, hitting a new 52-week low on the day, down 1.02% on the day. Volume today was 2.54-million, above the median of the past 21 trading days.

CPD closed at 12.23, hitting a new 52-week low on the day, down 1.29% on the day. Volume was 117,270, third-highest of the past 21 trading days, behind April 7 and April 8.

ZPR closed at 10.27, hitting a new 52-week low on the day, down 1.91% on the day. Volume of 378,350 was well above the median of the past 21 trading days.

Five-year Canada yields were down 12bp to 2.60% today.

It wasn’t much fun anywhere:

The tech-heavy Nasdaq index has now fallen 22% from its record high close last November, meeting the definition of a bear market which begins with a decline of 20% from recent highs.
…
Tesla contributed more than any other stock to the S&P 500 and Nasdaq’s steep declines. Tesla slumped 12% after investors worried that chief executive Elon Musk might sell some of his stake in the electric car maker to help pay for his $44 billion deal to buy Twitter, announced on Monday.
…
In Canada S&P/TSX composite index ended down 321.08 points, or 1.5%, at 20,690.81.
…
The Toronto market’s technology sector fell 3.7%, while heavily-weighted financials ended 1.8% lower.

The industrials group was down 1.7%, weighed by a 7.3% decline for shares of Air Canada after the airline reported a larger-than-expected quarterly loss and said it is adding capacity to meet a rebound in spring traffic.

Energy was a bright spot, gaining 0.8% as oil prices rallied. U.S. crude oil futures settled 3.2% higher at $101.70 a barrel.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.68 % 4.36 % 25,559 18.70 1 -2.1739 % 2,564.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7846 % 4,830.6
Floater 4.22 % 4.30 % 34,033 16.81 4 -0.7846 % 2,783.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.6259 % 3,542.4
SplitShare 4.74 % 5.11 % 48,641 3.45 6 -0.6259 % 4,230.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.6259 % 3,300.7
Perpetual-Premium 5.83 % 5.97 % 74,009 13.94 16 0.1719 % 2,929.7
Perpetual-Discount 5.85 % 5.93 % 67,110 13.96 17 0.2600 % 3,170.8
FixedReset Disc 4.66 % 5.98 % 132,886 14.19 49 -2.4485 % 2,465.8
Insurance Straight 5.75 % 5.93 % 99,068 14.01 20 0.3032 % 3,119.8
FloatingReset 4.62 % 4.98 % 67,133 15.53 2 -1.2154 % 2,638.7
FixedReset Prem 4.92 % 5.20 % 144,708 2.13 19 -0.3477 % 2,621.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -2.4485 % 2,520.5
FixedReset Ins Non 4.65 % 5.94 % 84,534 14.04 15 -1.3589 % 2,581.2
Performance Highlights
Issue Index Change Notes
TD.PF.A FixedReset Disc -6.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.17 %
MFC.PR.N FixedReset Ins Non -5.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.31 %
SLF.PR.H FixedReset Ins Non -5.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.19 %
FTS.PR.M FixedReset Disc -5.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.72 %
BAM.PR.T FixedReset Disc -4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.56 %
MFC.PR.F FixedReset Ins Non -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 6.18 %
BMO.PR.W FixedReset Disc -4.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.92 %
BAM.PR.R FixedReset Disc -3.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 17.11
Evaluated at bid price : 17.11
Bid-YTW : 6.68 %
BAM.PF.G FixedReset Disc -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.32
Evaluated at bid price : 19.32
Bid-YTW : 6.62 %
CM.PR.P FixedReset Disc -3.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 5.95 %
CU.PR.C FixedReset Disc -3.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.17 %
TD.PF.D FixedReset Disc -3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.94 %
BAM.PR.Z FixedReset Disc -3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.84
Evaluated at bid price : 22.33
Bid-YTW : 6.33 %
BAM.PF.A FixedReset Disc -3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 6.32 %
BAM.PF.E FixedReset Disc -3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.68 %
TD.PF.B FixedReset Disc -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.01
Evaluated at bid price : 20.01
Bid-YTW : 5.98 %
TD.PF.E FixedReset Disc -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.93 %
RY.PR.M FixedReset Disc -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.92 %
BAM.PR.X FixedReset Disc -3.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 6.58 %
PWF.PR.T FixedReset Disc -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.08 %
FTS.PR.G FixedReset Disc -3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.40 %
CM.PR.S FixedReset Disc -3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.82
Evaluated at bid price : 22.30
Bid-YTW : 5.72 %
MFC.PR.L FixedReset Ins Non -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.13 %
FTS.PR.H FixedReset Disc -2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 6.47 %
RY.PR.H FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.88 %
MFC.PR.M FixedReset Ins Non -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 6.16 %
TD.PF.C FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.95 %
FTS.PR.K FixedReset Disc -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 6.59 %
RY.PR.J FixedReset Disc -2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.93 %
BAM.PF.F FixedReset Disc -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.65 %
TRP.PR.A FixedReset Disc -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 6.86 %
NA.PR.E FixedReset Disc -2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.88
Evaluated at bid price : 22.40
Bid-YTW : 5.82 %
BAM.PF.B FixedReset Disc -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.59 %
MFC.PR.K FixedReset Ins Non -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.77
Evaluated at bid price : 20.77
Bid-YTW : 5.93 %
TD.PF.K FixedReset Disc -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.85
Evaluated at bid price : 22.38
Bid-YTW : 5.83 %
TRP.PR.G FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 6.37 %
BMO.PR.T FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.02 %
IFC.PR.C FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.97 %
RY.PR.Z FixedReset Disc -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 5.85 %
BMO.PR.S FixedReset Disc -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.78 %
NA.PR.G FixedReset Prem -2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.75
Evaluated at bid price : 23.16
Bid-YTW : 5.83 %
MFC.PR.I FixedReset Ins Non -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.50
Evaluated at bid price : 23.45
Bid-YTW : 5.92 %
BAM.PR.E Ratchet -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 4.36 %
BNS.PR.I FixedReset Disc -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.40
Evaluated at bid price : 22.75
Bid-YTW : 5.60 %
BMO.PR.Y FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.84 %
PVS.PR.J SplitShare -2.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.15
Bid-YTW : 5.23 %
PWF.PR.R Perpetual-Premium -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.76
Evaluated at bid price : 23.04
Bid-YTW : 5.99 %
BAM.PF.J FixedReset Prem -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 23.50
Evaluated at bid price : 24.15
Bid-YTW : 5.99 %
BMO.PR.E FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.89
Evaluated at bid price : 23.30
Bid-YTW : 5.78 %
IFC.PR.A FixedReset Ins Non -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.00 %
BIP.PR.B FixedReset Prem -1.69 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.56
Bid-YTW : 4.97 %
TRP.PR.B FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 6.84 %
TRP.PR.E FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 17.88
Evaluated at bid price : 17.88
Bid-YTW : 6.79 %
IFC.PR.F Insurance Straight -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.86
Evaluated at bid price : 23.26
Bid-YTW : 5.74 %
BAM.PR.B Floater -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 13.03
Evaluated at bid price : 13.03
Bid-YTW : 4.33 %
FTS.PR.F Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.70 %
GWO.PR.I Insurance Straight -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.93 %
SLF.PR.G FixedReset Ins Non -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 6.20 %
RY.PR.S FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.65
Evaluated at bid price : 23.00
Bid-YTW : 5.46 %
CM.PR.O FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 6.02 %
SLF.PR.J FloatingReset -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 4.33 %
TRP.PR.F FloatingReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 16.51
Evaluated at bid price : 16.51
Bid-YTW : 4.98 %
FTS.PR.J Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.74 %
IFC.PR.E Insurance Straight -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.41
Evaluated at bid price : 22.75
Bid-YTW : 5.76 %
BAM.PR.K Floater -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 4.31 %
BAM.PR.C Floater -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 13.14
Evaluated at bid price : 13.14
Bid-YTW : 4.30 %
PVS.PR.K SplitShare -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.15
Bid-YTW : 5.11 %
CU.PR.J Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 5.95 %
CU.PR.G Perpetual-Discount -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.92 %
BIP.PR.E FixedReset Prem 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 23.52
Evaluated at bid price : 24.08
Bid-YTW : 5.90 %
GWO.PR.T Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 5.93 %
PWF.PR.L Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.35
Evaluated at bid price : 21.62
Bid-YTW : 5.92 %
IAF.PR.G FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.48
Evaluated at bid price : 23.40
Bid-YTW : 5.93 %
GWO.PR.L Insurance Straight 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 23.70
Evaluated at bid price : 24.01
Bid-YTW : 5.94 %
CCS.PR.C Insurance Straight 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 23.33
Evaluated at bid price : 23.61
Bid-YTW : 5.34 %
SLF.PR.C Insurance Straight 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.57 %
MFC.PR.J FixedReset Ins Non 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.03
Evaluated at bid price : 22.64
Bid-YTW : 5.86 %
GWO.PR.M Insurance Straight 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 6.00 %
MFC.PR.B Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.72 %
PWF.PR.G Perpetual-Premium 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-26
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.17 %
MFC.PR.C Insurance Straight 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.65 %
CU.PR.H Perpetual-Premium 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.36
Evaluated at bid price : 22.75
Bid-YTW : 5.85 %
BAM.PF.D Perpetual-Discount 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.05 %
BAM.PF.C Perpetual-Discount 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.99 %
RY.PR.N Perpetual-Premium 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 22.26
Evaluated at bid price : 22.65
Bid-YTW : 5.39 %
PWF.PR.P FixedReset Disc 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 6.47 %
NA.PR.W FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 5.78 %
PWF.PF.A Perpetual-Discount 3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.77 %
GWO.PR.N FixedReset Ins Non 5.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 14.17
Evaluated at bid price : 14.17
Bid-YTW : 6.20 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.Y Insurance Straight 301,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.82 %
MFC.PR.M FixedReset Ins Non 35,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 6.16 %
IFC.PR.K Perpetual-Premium 34,706 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 23.30
Evaluated at bid price : 23.60
Bid-YTW : 5.63 %
NA.PR.S FixedReset Disc 31,854 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.85 %
TRP.PR.D FixedReset Disc 29,354 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.83 %
IFC.PR.C FixedReset Disc 27,338 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.97 %
There were 34 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.A FixedReset Disc Quote: 22.10 – 24.00
Spot Rate : 1.9000
Average : 1.1891

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.67
Evaluated at bid price : 22.10
Bid-YTW : 6.32 %
GWO.PR.T Insurance Straight Quote: 21.90 – 24.00
Spot Rate : 2.1000
Average : 1.4065

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 5.93 %
FTS.PR.F Perpetual-Discount Quote: 21.80 – 23.74
Spot Rate : 1.9400
Average : 1.3342

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.54
Evaluated at bid price : 21.80
Bid-YTW : 5.70 %
PWF.PR.T FixedReset Disc Quote: 20.50 – 22.00
Spot Rate : 1.5000
Average : 0.9074

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.08 %
BAM.PR.Z FixedReset Disc Quote: 22.33 – 23.80
Spot Rate : 1.4700
Average : 0.9124

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.84
Evaluated at bid price : 22.33
Bid-YTW : 6.33 %
TD.PF.E FixedReset Disc Quote: 21.35 – 23.23
Spot Rate : 1.8800
Average : 1.3878

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-26
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.93 %
Issue Comments

BMO.PR.C To Be Redeemed

Bank of Montreal has announced:

its intention to redeem all of its 20,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 40 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 40”) for an aggregate total of $500 million on May 25, 2022. The redemption has been approved by the Office of the Superintendent of Financial Institutions.

The Preferred Shares Series 40 are redeemable at the Bank’s option on May 25, 2022 (the “Redemption Date”) at a redemption price of $25.00 per share. Payment of the redemption price will be made by the Bank on the Redemption Date.

Separately from the payment of the redemption price, the final quarterly dividend of $0.28125 per share for the Preferred Shares Series 40 announced by the Bank on March 1, 2022 will be paid in the usual manner on May 25, 2022, to shareholders of record on May 2, 2022.

Notice will be delivered to holders of the Preferred Shares Series 40 in accordance with the terms thereof.

BMO.PR.C is a FixedReset, 4.50%+333, that commenced trading 2017-5-25 after being announced 2017-2-28. It has been tracked by HIMIPref™ and has been assigned to the FixedResets (Premium) subindex.

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

Market Action

April 25, 2022

TXPR closed at 623.27, hitting a new 52-week low on the day, down 1.65% on the day. Volume today was 2.72-million, well above the median of the past 21 trading days.

CPD closed at 12.39, hitting a new 52-week low on the day, down 1.67% on the day. Volume was 114,240, third-highest of the past 21 trading days, behind April 7 and April 8.

ZPR closed at 10.47, hitting a new 52-week low on the day, down 1.23% on the day. Volume of 261,550 was above the median of the past 21 trading days.

Five-year Canada yields were down 10bp to 2.72% 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 3.58 % 4.22 % 24,355 18.88 1 -1.8667 % 2,621.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.9777 % 4,868.8
Floater 4.18 % 4.25 % 34,276 16.91 4 -1.9777 % 2,805.9
OpRet 0.00 % 0.00 % 0 0.00 0 -1.2495 % 3,564.7
SplitShare 4.71 % 4.82 % 50,076 3.46 6 -1.2495 % 4,257.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.2495 % 3,321.5
Perpetual-Premium 5.84 % 5.94 % 77,769 14.00 16 -0.9812 % 2,924.7
Perpetual-Discount 5.86 % 5.96 % 68,256 13.99 17 -2.2238 % 3,162.6
FixedReset Disc 4.54 % 5.84 % 129,368 14.34 49 -1.5598 % 2,527.7
Insurance Straight 5.77 % 5.84 % 99,073 14.14 20 -1.1073 % 3,110.4
FloatingReset 4.57 % 4.92 % 63,093 15.64 2 -0.2123 % 2,671.2
FixedReset Prem 4.90 % 4.77 % 143,825 2.13 19 -0.1662 % 2,630.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.5598 % 2,583.8
FixedReset Ins Non 4.59 % 5.94 % 83,146 14.20 15 -1.9705 % 2,616.8
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -10.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.65 %
GWO.PR.N FixedReset Ins Non -9.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 6.53 %
RY.PR.N Perpetual-Premium -5.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.54 %
TRP.PR.D FixedReset Disc -5.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.86 %
PVS.PR.H SplitShare -4.78 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 5.94 %
MFC.PR.J FixedReset Ins Non -4.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.83
Evaluated at bid price : 22.32
Bid-YTW : 5.95 %
CM.PR.O FixedReset Disc -4.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.94 %
IAF.PR.G FixedReset Ins Non -4.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.32
Evaluated at bid price : 23.10
Bid-YTW : 6.02 %
FTS.PR.K FixedReset Disc -4.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 6.40 %
CU.PR.F Perpetual-Discount -3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.84 %
RY.PR.O Perpetual-Premium -3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.59
Evaluated at bid price : 22.82
Bid-YTW : 5.36 %
MFC.PR.Q FixedReset Ins Non -3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.58
Evaluated at bid price : 21.96
Bid-YTW : 5.98 %
BMO.PR.T FixedReset Disc -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.87 %
BAM.PF.D Perpetual-Discount -3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.17 %
TRP.PR.E FixedReset Disc -3.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 6.68 %
FTS.PR.G FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.20 %
FTS.PR.J Perpetual-Discount -3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.67 %
NA.PR.S FixedReset Disc -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.81 %
PWF.PF.A Perpetual-Discount -3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.96 %
RY.PR.H FixedReset Disc -3.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 5.71 %
FTS.PR.M FixedReset Disc -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.38 %
FTS.PR.F Perpetual-Discount -2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.89
Evaluated at bid price : 22.13
Bid-YTW : 5.62 %
MFC.PR.C Insurance Straight -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.73 %
NA.PR.W FixedReset Disc -2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.95 %
BAM.PR.M Perpetual-Discount -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 6.07 %
PWF.PR.F Perpetual-Premium -2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.63
Evaluated at bid price : 21.88
Bid-YTW : 6.02 %
BAM.PF.F FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.47 %
IAF.PR.B Insurance Straight -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.61 %
RY.PR.S FixedReset Disc -2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.96
Evaluated at bid price : 23.33
Bid-YTW : 5.38 %
POW.PR.B Perpetual-Premium -2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.18
Evaluated at bid price : 22.46
Bid-YTW : 6.00 %
BAM.PR.B Floater -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 13.24
Evaluated at bid price : 13.24
Bid-YTW : 4.26 %
BAM.PR.N Perpetual-Discount -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 6.11 %
CU.PR.H Perpetual-Premium -2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.11
Evaluated at bid price : 22.40
Bid-YTW : 5.95 %
GWO.PR.P Insurance Straight -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.97 %
CU.PR.J Perpetual-Discount -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.89 %
BAM.PR.R FixedReset Disc -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 6.42 %
IAF.PR.I FixedReset Ins Non -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.06
Evaluated at bid price : 23.64
Bid-YTW : 5.74 %
BNS.PR.I FixedReset Disc -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.87
Evaluated at bid price : 23.25
Bid-YTW : 5.48 %
FTS.PR.H FixedReset Disc -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 6.29 %
BAM.PF.C Perpetual-Discount -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.12 %
GWO.PR.M Insurance Straight -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 6.09 %
TD.PF.B FixedReset Disc -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 5.79 %
MFC.PR.B Insurance Straight -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.81 %
PWF.PR.S Perpetual-Discount -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.96 %
BAM.PF.E FixedReset Disc -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.47 %
IFC.PR.E Insurance Straight -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.62
Evaluated at bid price : 23.00
Bid-YTW : 5.70 %
BAM.PR.K Floater -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 13.23
Evaluated at bid price : 13.23
Bid-YTW : 4.27 %
POW.PR.G Perpetual-Premium -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.21
Evaluated at bid price : 23.51
Bid-YTW : 6.00 %
PWF.PR.Z Perpetual-Premium -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.60
Evaluated at bid price : 21.60
Bid-YTW : 6.00 %
RY.PR.Z FixedReset Disc -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 5.71 %
MFC.PR.M FixedReset Ins Non -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 5.98 %
TD.PF.C FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.63
Evaluated at bid price : 20.63
Bid-YTW : 5.78 %
BAM.PR.E Ratchet -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 25.00
Evaluated at bid price : 18.40
Bid-YTW : 4.22 %
GWO.PR.R Insurance Straight -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 5.94 %
CU.PR.G Perpetual-Discount -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.86 %
TRP.PR.A FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 16.69
Evaluated at bid price : 16.69
Bid-YTW : 6.68 %
GWO.PR.L Insurance Straight -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 6.02 %
BAM.PR.C Floater -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 13.28
Evaluated at bid price : 13.28
Bid-YTW : 4.25 %
PWF.PR.K Perpetual-Discount -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 6.00 %
TD.PF.I FixedReset Prem -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.82
Evaluated at bid price : 24.50
Bid-YTW : 5.76 %
SLF.PR.H FixedReset Ins Non -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.89 %
PWF.PR.A Floater -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 13.78
Evaluated at bid price : 13.78
Bid-YTW : 4.06 %
IFC.PR.G FixedReset Ins Non -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.87
Evaluated at bid price : 22.40
Bid-YTW : 5.85 %
BAM.PR.Z FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.30
Evaluated at bid price : 23.09
Bid-YTW : 6.10 %
ELF.PR.F Perpetual-Discount -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.93 %
BAM.PF.A FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.44
Evaluated at bid price : 22.85
Bid-YTW : 6.11 %
POW.PR.D Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.98 %
PWF.PR.G Perpetual-Premium -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 24.32
Evaluated at bid price : 24.63
Bid-YTW : 6.01 %
TD.PF.J FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.90
Evaluated at bid price : 23.45
Bid-YTW : 5.70 %
MFC.PR.F FixedReset Ins Non -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.93 %
PVS.PR.G SplitShare -1.39 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 5.41 %
BAM.PF.G FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.07
Evaluated at bid price : 20.07
Bid-YTW : 6.38 %
RY.PR.M FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.75 %
MFC.PR.I FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.14
Evaluated at bid price : 23.98
Bid-YTW : 5.79 %
BAM.PF.B FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.42 %
TRP.PR.G FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 6.22 %
PWF.PR.O Perpetual-Premium -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 24.02
Evaluated at bid price : 24.27
Bid-YTW : 6.00 %
CU.PR.E Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.88 %
SLF.PR.D Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.63 %
MFC.PR.L FixedReset Ins Non -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.94 %
GWO.PR.T Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.65
Evaluated at bid price : 21.65
Bid-YTW : 6.02 %
BAM.PR.X FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.37 %
PWF.PR.E Perpetual-Premium -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.94 %
POW.PR.C Perpetual-Premium -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.96 %
ELF.PR.H Perpetual-Premium -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.86 %
PVS.PR.K SplitShare -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 4.93 %
TRP.PR.F FloatingReset -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 16.71
Evaluated at bid price : 16.71
Bid-YTW : 4.92 %
PWF.PR.R Perpetual-Premium 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.21
Evaluated at bid price : 23.51
Bid-YTW : 5.87 %
NA.PR.G FixedReset Prem 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.28
Evaluated at bid price : 23.70
Bid-YTW : 5.70 %
GWO.PR.H Insurance Straight 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.99 %
IFC.PR.F Insurance Straight 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.20
Evaluated at bid price : 23.65
Bid-YTW : 5.64 %
CM.PR.Q FixedReset Disc 7.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.84 %
SLF.PR.G FixedReset Ins Non 7.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 15.07
Evaluated at bid price : 15.07
Bid-YTW : 6.11 %
POW.PR.A Perpetual-Premium 13.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.C FixedReset Prem 240,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 2.14 %
TRP.PR.K FixedReset Prem 60,092 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 3.50 %
GWO.PR.G Insurance Straight 59,111 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.59
Evaluated at bid price : 21.85
Bid-YTW : 6.01 %
BMO.PR.T FixedReset Disc 54,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.87 %
CU.PR.I FixedReset Prem 53,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 4.19 %
CU.PR.G Perpetual-Discount 50,825 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 5.86 %
There were 54 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 14.00 – 17.11
Spot Rate : 3.1100
Average : 2.0364

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.65 %
RY.PR.M FixedReset Disc Quote: 21.01 – 23.60
Spot Rate : 2.5900
Average : 1.6687

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.75 %
CU.PR.F Perpetual-Discount Quote: 19.60 – 22.25
Spot Rate : 2.6500
Average : 1.7898

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.84 %
FTS.PR.M FixedReset Disc Quote: 19.75 – 21.80
Spot Rate : 2.0500
Average : 1.2184

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.38 %
MFC.PR.C Insurance Straight Quote: 19.90 – 21.80
Spot Rate : 1.9000
Average : 1.1339

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.73 %
TRP.PR.C FixedReset Disc Quote: 13.80 – 15.49
Spot Rate : 1.6900
Average : 0.9633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-25
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 6.70 %
Market Action

April 22, 2022

TXPR closed at 633.74, hitting a new 52-week low on the day, down 1.12% on the day. Volume today was 1.87-million, around the median of the past 21 trading days.

CPD closed at 12.60, hitting a new 52-week low on the day, down 1.10% on the day. Volume was 103,470, at the high end of the past 21 trading days.

ZPR closed at 10.60, hitting a new 52-week low on the day, down 0.28% on the day. Volume of 396,070 was third-highest of the past 21 trading days, behind April 7 (another horrible day) and March 31.

Five-year Canada yields were down 2bp to 2.82% today.

But it was a horrible day everywhere:

Wall Street tumbled more than 2.5% on Friday, ensuring the three main benchmarks ended in negative territory for the week, as surprise earnings news and increased certainty around aggressive near-term interest rate rises took its toll on investors. The TSX, fully swept up in the action, was down more than 2% – its worst day of 2022.

It was the third straight week of losses for both the S&P 500 and the Nasdaq, while the Dow Jones posted its fourth weekly decline in a row.

For the Dow, its 2.82% drop on Friday was its biggest one-day fall since October 2020.

The S&P/TSX Composite Index ended down 464.03 points, or 2.1%, at 21,186.38, its biggest decline since last November and its lowest closing level since March 1. For the week, the index was down 3.1%.
…
Canadian economic data showed the largest monthly gain in producer prices since the series began in January 1956.

Still, I consider it only a matter of time before the world wakes up and looks at the yields available. I mean, Holy Smokes, 6.97% on TRP.PR.C, based on a bid of 13.75 and GOC-5 at a constant 2.88%. Five TRP issues lead the rankings of non-insurance FixedReset (Discount) yields, with issues from BAM, FTS, PWF, GWO, IFC, MFC and CU all yielding comfortably over 6% at their bid price with the same assumption regarding five-year yields. 6% as a dividend! Add SLF to the list with an asterisk, the quote on SLF.PR.G is lousy, but at the closing price it yields well over 6%. It’s ridiculous!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.50 % 4.11 % 25,234 19.05 1 10.2941 % 2,671.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.6390 % 4,967.0
Floater 4.10 % 4.15 % 34,112 17.12 4 -1.6390 % 2,862.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4038 % 3,609.8
SplitShare 4.65 % 4.76 % 41,706 3.47 6 -0.4038 % 4,310.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4038 % 3,363.5
Perpetual-Premium 5.78 % 5.85 % 74,187 14.11 16 -2.9171 % 2,953.6
Perpetual-Discount 5.73 % 5.83 % 64,210 14.14 17 -2.5111 % 3,234.5
FixedReset Disc 4.47 % 5.92 % 123,550 14.23 49 -1.1026 % 2,567.7
Insurance Straight 5.70 % 5.81 % 91,898 14.15 20 -2.9398 % 3,145.2
FloatingReset 4.39 % 4.71 % 60,765 16.04 2 -1.5816 % 2,676.8
FixedReset Prem 4.90 % 4.75 % 144,092 2.14 19 -0.4732 % 2,634.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.1026 % 2,624.7
FixedReset Ins Non 4.50 % 5.97 % 83,353 14.05 15 -1.0155 % 2,669.4
Performance Highlights
Issue Index Change Notes
POW.PR.A Perpetual-Premium -15.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.73 %
CM.PR.Q FixedReset Disc -10.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.43 %
SLF.PR.G FixedReset Ins Non -10.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.82 %
GWO.PR.H Insurance Straight -6.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.07 %
GWO.PR.Q Insurance Straight -5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.57
Evaluated at bid price : 21.83
Bid-YTW : 5.95 %
CU.PR.D Perpetual-Discount -4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.86 %
BAM.PR.N Perpetual-Discount -4.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.95 %
GWO.PR.S Insurance Straight -4.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.83
Evaluated at bid price : 22.20
Bid-YTW : 5.96 %
IFC.PR.F Insurance Straight -4.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.83
Evaluated at bid price : 23.26
Bid-YTW : 5.74 %
SLF.PR.C Insurance Straight -4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.61 %
BAM.PR.M Perpetual-Discount -4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.89 %
PWF.PR.R Perpetual-Premium -3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.96
Evaluated at bid price : 23.23
Bid-YTW : 5.94 %
GWO.PR.Y Insurance Straight -3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.83 %
GWO.PR.R Insurance Straight -3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.83 %
SLF.PR.E Insurance Straight -3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.62 %
BAM.PF.C Perpetual-Discount -3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 5.98 %
PWF.PR.A Floater -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 3.99 %
SLF.PR.D Insurance Straight -3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.55 %
PWF.PR.L Perpetual-Discount -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.96 %
GWO.PR.T Insurance Straight -3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 5.93 %
BAM.PF.D Perpetual-Discount -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.96 %
CU.PR.G Perpetual-Discount -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.75 %
PWF.PR.F Perpetual-Premium -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.25
Evaluated at bid price : 22.52
Bid-YTW : 5.85 %
CU.PR.E Perpetual-Discount -2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.47
Evaluated at bid price : 21.47
Bid-YTW : 5.80 %
MFC.PR.B Insurance Straight -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 5.67 %
GWO.PR.P Insurance Straight -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.81 %
PWF.PR.E Perpetual-Premium -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.87 %
GWO.PR.L Insurance Straight -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.92 %
TD.PF.A FixedReset Disc -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.92 %
GWO.PR.I Insurance Straight -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.79 %
TRP.PR.C FixedReset Disc -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 6.97 %
POW.PR.D Perpetual-Discount -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 5.89 %
GWO.PR.M Insurance Straight -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.95 %
PWF.PR.K Perpetual-Discount -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.90 %
FTS.PR.G FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.23 %
BIP.PR.E FixedReset Prem -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.19
Evaluated at bid price : 23.77
Bid-YTW : 6.18 %
FTS.PR.M FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.39 %
MFC.PR.C Insurance Straight -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.56 %
ELF.PR.F Perpetual-Discount -2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.60
Evaluated at bid price : 22.85
Bid-YTW : 5.83 %
IFC.PR.K Perpetual-Premium -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.44
Evaluated at bid price : 23.75
Bid-YTW : 5.59 %
IFC.PR.E Insurance Straight -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.05
Evaluated at bid price : 23.50
Bid-YTW : 5.57 %
MFC.PR.K FixedReset Ins Non -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.94 %
PWF.PF.A Perpetual-Discount -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.77 %
PWF.PR.O Perpetual-Premium -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 24.28
Evaluated at bid price : 24.58
Bid-YTW : 5.92 %
RY.PR.N Perpetual-Premium -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.11
Evaluated at bid price : 23.50
Bid-YTW : 5.19 %
CU.PR.J Perpetual-Discount -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.75 %
PWF.PR.H Perpetual-Premium -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 24.22
Evaluated at bid price : 24.48
Bid-YTW : 5.89 %
GWO.PR.G Insurance Straight -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.95 %
TRP.PR.G FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 6.31 %
POW.PR.C Perpetual-Premium -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 24.51
Evaluated at bid price : 24.76
Bid-YTW : 5.89 %
TD.PF.E FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.87
Evaluated at bid price : 22.22
Bid-YTW : 5.85 %
PWF.PR.T FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.09 %
POW.PR.G Perpetual-Premium -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.87 %
BAM.PF.B FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.79
Evaluated at bid price : 20.79
Bid-YTW : 6.55 %
BAM.PR.K Floater -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 4.18 %
CU.PR.H Perpetual-Premium -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.75
Evaluated at bid price : 23.00
Bid-YTW : 5.79 %
POW.PR.B Perpetual-Premium -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.82 %
BAM.PF.G FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.49 %
PWF.PR.S Perpetual-Discount -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.83 %
BAM.PR.X FixedReset Disc -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.58 %
IAF.PR.G FixedReset Ins Non -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.05
Evaluated at bid price : 24.10
Bid-YTW : 5.96 %
BAM.PF.F FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.49 %
SLF.PR.J FloatingReset -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 4.13 %
TRP.PR.F FloatingReset -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 16.88
Evaluated at bid price : 16.88
Bid-YTW : 4.71 %
BAM.PF.I FixedReset Prem -1.57 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.36 %
BAM.PF.H FixedReset Prem -1.56 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.87 %
SLF.PR.H FixedReset Ins Non -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.98 %
TD.PF.K FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.63
Evaluated at bid price : 23.04
Bid-YTW : 5.87 %
TRP.PR.B FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 7.03 %
ELF.PR.H Perpetual-Premium -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.80 %
TD.PF.D FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.76
Evaluated at bid price : 22.04
Bid-YTW : 5.86 %
BAM.PR.R FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.47 %
CM.PR.P FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.90 %
FTS.PR.H FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 6.40 %
NA.PR.G FixedReset Prem -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.98
Evaluated at bid price : 23.40
Bid-YTW : 5.97 %
PVS.PR.G SplitShare -1.22 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.99 %
RY.PR.Z FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 5.80 %
MFC.PR.F FixedReset Ins Non -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 15.83
Evaluated at bid price : 15.83
Bid-YTW : 6.07 %
PVS.PR.H SplitShare -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.77 %
FTS.PR.J Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
BAM.PR.C Floater -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 4.18 %
MFC.PR.I FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 23.50
Evaluated at bid price : 24.30
Bid-YTW : 5.92 %
FTS.PR.F Perpetual-Discount -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.45 %
FTS.PR.K FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.37 %
BAM.PR.E Ratchet 10.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 4.11 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.D FixedReset Prem 38,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.93 %
FTS.PR.J Perpetual-Discount 32,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.47 %
TD.PF.D FixedReset Disc 30,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.76
Evaluated at bid price : 22.04
Bid-YTW : 5.86 %
RY.PR.H FixedReset Disc 30,375 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.28
Evaluated at bid price : 21.57
Bid-YTW : 5.72 %
BAM.PF.I FixedReset Prem 30,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.36 %
CM.PR.R FixedReset Prem 27,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 3.87 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
POW.PR.A Perpetual-Premium Quote: 21.00 – 24.65
Spot Rate : 3.6500
Average : 2.0333

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.73 %
CM.PR.Q FixedReset Disc Quote: 20.00 – 22.32
Spot Rate : 2.3200
Average : 1.4822

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.43 %
SLF.PR.G FixedReset Ins Non Quote: 14.00 – 16.00
Spot Rate : 2.0000
Average : 1.2553

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.82 %
GWO.PR.T Insurance Straight Quote: 21.90 – 23.60
Spot Rate : 1.7000
Average : 1.0805

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.60
Evaluated at bid price : 21.90
Bid-YTW : 5.93 %
RY.PR.J FixedReset Disc Quote: 21.87 – 23.90
Spot Rate : 2.0300
Average : 1.4992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 21.50
Evaluated at bid price : 21.87
Bid-YTW : 5.91 %
CU.PR.G Perpetual-Discount Quote: 19.90 – 21.30
Spot Rate : 1.4000
Average : 0.9677

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-22
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.75 %
Market Action

April 21, 2022

The five year Canada yield shot up to 2.84% today, up about 9bp. The three-month bill is at 1.212%, which looks an awful lot to me as if the market is bracing for another 50bp hike in the policy rate at the June 1 setting.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.84 % 4.62 % 25,298 18.45 1 -8.1081 % 2,421.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.1220 % 5,049.8
Floater 4.03 % 4.10 % 34,650 17.22 4 -1.1220 % 2,910.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.0928 % 3,624.4
SplitShare 4.63 % 4.49 % 42,352 3.48 6 0.0928 % 4,328.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0928 % 3,377.1
Perpetual-Premium 5.61 % 5.68 % 70,380 14.31 16 -0.8168 % 3,042.4
Perpetual-Discount 5.59 % 5.65 % 63,611 14.39 17 -0.5498 % 3,317.8
FixedReset Disc 4.42 % 5.88 % 122,681 14.37 49 0.5514 % 2,596.4
Insurance Straight 5.54 % 5.60 % 87,427 14.47 20 -0.9206 % 3,240.5
FloatingReset 4.32 % 4.63 % 58,240 16.18 2 1.3918 % 2,719.9
FixedReset Prem 4.87 % 4.40 % 145,240 2.15 19 0.0503 % 2,647.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5514 % 2,654.0
FixedReset Ins Non 4.45 % 5.93 % 84,215 14.05 15 1.5751 % 2,696.7
Performance Highlights
Issue Index Change Notes
BAM.PR.E Ratchet -8.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 25.00
Evaluated at bid price : 17.00
Bid-YTW : 4.62 %
IAF.PR.B Insurance Straight -4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.49 %
BAM.PR.T FixedReset Disc -2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.49 %
CU.PR.F Perpetual-Discount -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.62 %
GWO.PR.G Insurance Straight -2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.83 %
CCS.PR.C Insurance Straight -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.03
Evaluated at bid price : 23.30
Bid-YTW : 5.40 %
CU.PR.H Perpetual-Premium -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.00
Evaluated at bid price : 23.40
Bid-YTW : 5.68 %
PWF.PR.S Perpetual-Discount -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.73 %
PWF.PR.A Floater -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 3.85 %
POW.PR.B Perpetual-Premium -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.72 %
IFC.PR.C FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.05 %
MFC.PR.J FixedReset Ins Non -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.64
Evaluated at bid price : 23.20
Bid-YTW : 5.92 %
ELF.PR.H Perpetual-Premium -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.71 %
GWO.PR.L Insurance Straight -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 5.76 %
BAM.PF.B FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.16
Evaluated at bid price : 21.16
Bid-YTW : 6.43 %
NA.PR.W FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.01 %
PWF.PR.R Perpetual-Premium -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.91
Evaluated at bid price : 24.15
Bid-YTW : 5.71 %
BAM.PR.Z FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.93
Evaluated at bid price : 23.59
Bid-YTW : 6.18 %
GWO.PR.N FixedReset Ins Non -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 6.19 %
IFC.PR.K Perpetual-Premium -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.91
Evaluated at bid price : 24.26
Bid-YTW : 5.46 %
PWF.PR.Z Perpetual-Premium -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.97
Evaluated at bid price : 22.25
Bid-YTW : 5.80 %
GWO.PR.T Insurance Straight -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.23
Evaluated at bid price : 22.60
Bid-YTW : 5.74 %
CU.PR.D Perpetual-Discount -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.58 %
NA.PR.G FixedReset Prem -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 23.29
Evaluated at bid price : 23.70
Bid-YTW : 5.89 %
GWO.PR.I Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.16
Evaluated at bid price : 20.16
Bid-YTW : 5.64 %
GWO.PR.Y Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.62 %
BAM.PF.A FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.82
Evaluated at bid price : 23.26
Bid-YTW : 6.19 %
POW.PR.G Perpetual-Premium -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 24.18
Evaluated at bid price : 24.44
Bid-YTW : 5.76 %
SLF.PR.J FloatingReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 4.06 %
GWO.PR.H Insurance Straight -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.70 %
FTS.PR.F Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.38 %
PWF.PR.H Perpetual-Premium -1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-21
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 5.05 %
BAM.PR.C Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 4.13 %
TRP.PR.C FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 6.81 %
IFC.PR.G FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.32
Evaluated at bid price : 22.76
Bid-YTW : 5.97 %
BAM.PF.J FixedReset Prem 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 24.04
Evaluated at bid price : 24.60
Bid-YTW : 6.07 %
CM.PR.P FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.82 %
CU.PR.C FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.63
Evaluated at bid price : 22.00
Bid-YTW : 6.08 %
CU.PR.G Perpetual-Discount 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.58 %
TRP.PR.F FloatingReset 3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.63 %
MFC.PR.Q FixedReset Ins Non 30.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.43
Evaluated at bid price : 22.89
Bid-YTW : 5.93 %
TRP.PR.A FixedReset Disc 71.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.76 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.O FixedReset Disc 332,515 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.91 %
TRP.PR.K FixedReset Prem 174,203 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 3.15 %
TRP.PR.D FixedReset Disc 66,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.73 %
SLF.PR.E Insurance Straight 58,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.41 %
BAM.PF.A FixedReset Disc 53,820 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.82
Evaluated at bid price : 23.26
Bid-YTW : 6.19 %
BAM.PF.I FixedReset Prem 31,510 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 4.99 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.E Ratchet Quote: 17.00 – 19.00
Spot Rate : 2.0000
Average : 1.3507

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 25.00
Evaluated at bid price : 17.00
Bid-YTW : 4.62 %
GWO.PR.Q Insurance Straight Quote: 22.98 – 24.76
Spot Rate : 1.7800
Average : 1.1382

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 22.69
Evaluated at bid price : 22.98
Bid-YTW : 5.65 %
RY.PR.J FixedReset Disc Quote: 22.21 – 23.70
Spot Rate : 1.4900
Average : 0.9171

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.90
Evaluated at bid price : 22.21
Bid-YTW : 5.88 %
BAM.PR.M Perpetual-Discount Quote: 21.25 – 22.25
Spot Rate : 1.0000
Average : 0.6279

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.65 %
CU.PR.F Perpetual-Discount Quote: 20.35 – 21.40
Spot Rate : 1.0500
Average : 0.6783

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.62 %
BAM.PR.T FixedReset Disc Quote: 18.55 – 20.05
Spot Rate : 1.5000
Average : 1.1779

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-21
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.49 %
Market Action

April 20, 2022

4/20 today, but inflation wasn’t mellow!

Canada’s inflation rate hit a new three-decade high in March and blew past expectations on Bay Street, an unwelcome sign for central bankers trying to douse the acceleration.

The Consumer Price Index rose 6.7 per cent in March from a year earlier, a full percentage point higher than February’s 5.7-per-cent pace, Statistics Canada said Wednesday. Financial analysts were expecting an annual inflation rate of 6.1 per cent. It marked the highest inflation since January of 1991, when the federal goods and services tax took effect.
…
Consumers were hit by steeper prices on multiple fronts. Gasoline prices rose 11.8 per cent in a single month. Groceries rose 8.7 per cent on an annual basis, the largest increase since 2009. Pasta products jumped nearly 18 per cent, butter by 16 per cent and fresh milk by 7.7 per cent.

Higher inflation has also spread to pandemic-hit sectors. The cost of restaurant food rose 5.4 per cent over the past year, up from 4.7 per cent in February. Traveller accommodation soared 24.4 per cent on a 12-month basis, while air transportation jumped 8.3 per cent in March alone.

PerpetualDiscounts now yield 5.66%, equivalent to 7.36% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.63%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 275bp from the 290bp reported April 13.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.51 % 4.15 % 25,763 19.04 1 0.0000 % 2,635.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1778 % 5,107.1
Floater 3.99 % 4.09 % 35,132 17.25 4 -0.1778 % 2,943.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0794 % 3,621.0
SplitShare 4.64 % 4.51 % 42,544 3.48 6 -0.0794 % 4,324.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0794 % 3,374.0
Perpetual-Premium 5.57 % 5.57 % 70,982 14.38 16 -0.3165 % 3,067.4
Perpetual-Discount 5.56 % 5.66 % 64,628 14.42 17 -0.1487 % 3,336.2
FixedReset Disc 4.45 % 5.68 % 122,113 14.68 49 -0.9158 % 2,582.1
Insurance Straight 5.48 % 5.47 % 86,176 14.57 20 -0.3603 % 3,270.6
FloatingReset 4.08 % 3.71 % 42,666 18.06 2 -2.4498 % 2,682.5
FixedReset Prem 4.88 % 4.40 % 145,323 2.15 19 -0.1109 % 2,645.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.9158 % 2,639.5
FixedReset Ins Non 4.52 % 5.75 % 81,288 14.48 15 -1.6078 % 2,654.9
Performance Highlights
Issue Index Change Notes
TRP.PR.A FixedReset Disc -42.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 10.97 %
MFC.PR.Q FixedReset Ins Non -21.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.49 %
CU.PR.G Perpetual-Discount -5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.72 %
TRP.PR.F FloatingReset -4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 4.51 %
BAM.PR.T FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 6.10 %
FTS.PR.K FixedReset Disc -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.06 %
CM.PR.P FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.68 %
CU.PR.C FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.62
Evaluated at bid price : 21.62
Bid-YTW : 5.94 %
IFC.PR.F Insurance Straight -2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 24.12
Evaluated at bid price : 24.40
Bid-YTW : 5.47 %
IFC.PR.E Insurance Straight -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 23.72
Evaluated at bid price : 24.00
Bid-YTW : 5.46 %
PWF.PR.F Perpetual-Premium -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 22.84
Evaluated at bid price : 23.12
Bid-YTW : 5.69 %
IFC.PR.A FixedReset Ins Non -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 5.87 %
PWF.PR.T FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 5.68 %
TRP.PR.E FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.43 %
NA.PR.E FixedReset Disc -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 22.53
Evaluated at bid price : 23.03
Bid-YTW : 5.62 %
IFC.PR.G FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.94
Evaluated at bid price : 22.50
Bid-YTW : 5.79 %
GWO.PR.P Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 23.88
Evaluated at bid price : 24.13
Bid-YTW : 5.64 %
PWF.PR.E Perpetual-Premium -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 24.02
Evaluated at bid price : 24.27
Bid-YTW : 5.68 %
BNS.PR.I FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 23.45
Evaluated at bid price : 23.82
Bid-YTW : 5.31 %
SLF.PR.G FixedReset Ins Non -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.88 %
CM.PR.O FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 5.68 %
BMO.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 5.62 %
GWO.PR.H Insurance Straight 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.62 %
BAM.PF.E FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 6.22 %
PWF.PR.R Perpetual-Premium 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.63 %
CU.PR.D Perpetual-Discount 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 22.27
Evaluated at bid price : 22.54
Bid-YTW : 5.51 %
BAM.PR.Z FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 23.26
Evaluated at bid price : 23.93
Bid-YTW : 5.86 %
MFC.PR.N FixedReset Ins Non 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.85 %
MFC.PR.K FixedReset Ins Non 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.50
Evaluated at bid price : 21.86
Bid-YTW : 5.58 %
PWF.PR.L Perpetual-Discount 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.71 %
PWF.PR.S Perpetual-Discount 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.62 %
BAM.PR.X FixedReset Disc 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.15 %
CM.PR.Q FixedReset Disc 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.88
Evaluated at bid price : 22.20
Bid-YTW : 5.60 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 512,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.59
Evaluated at bid price : 21.99
Bid-YTW : 5.57 %
TRP.PR.K FixedReset Prem 363,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 3.07 %
BMO.PR.W FixedReset Disc 353,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.62 %
TD.PF.C FixedReset Disc 222,892 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 5.60 %
NA.PR.C FixedReset Prem 26,958 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 3.56 %
CU.PR.J Perpetual-Discount 23,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.52
Evaluated at bid price : 21.52
Bid-YTW : 5.61 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.A FixedReset Disc Quote: 10.00 – 17.54
Spot Rate : 7.5400
Average : 4.0803

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 10.97 %
MFC.PR.Q FixedReset Ins Non Quote: 17.50 – 23.59
Spot Rate : 6.0900
Average : 3.4739

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.49 %
GWO.PR.R Insurance Straight Quote: 21.63 – 25.50
Spot Rate : 3.8700
Average : 2.2362

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.36
Evaluated at bid price : 21.63
Bid-YTW : 5.59 %
CU.PR.C FixedReset Disc Quote: 21.62 – 22.55
Spot Rate : 0.9300
Average : 0.5559

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 21.62
Evaluated at bid price : 21.62
Bid-YTW : 5.94 %
CU.PR.G Perpetual-Discount Quote: 19.99 – 20.99
Spot Rate : 1.0000
Average : 0.6511

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 5.72 %
TD.PF.K FixedReset Disc Quote: 23.40 – 24.40
Spot Rate : 1.0000
Average : 0.6540

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-20
Maturity Price : 22.98
Evaluated at bid price : 23.40
Bid-YTW : 5.55 %
Market Action

April 19, 2022

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.50 % 4.13 % 25,320 19.08 1 -1.3333 % 2,635.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0534 % 5,116.2
Floater 3.98 % 4.09 % 36,607 17.25 4 0.0534 % 2,948.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.1326 % 3,623.9
SplitShare 4.63 % 4.52 % 43,103 3.49 6 0.1326 % 4,327.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1326 % 3,376.7
Perpetual-Premium 5.55 % 5.54 % 70,992 14.39 16 -0.4497 % 3,077.2
Perpetual-Discount 5.55 % 5.65 % 64,659 14.44 17 -0.1836 % 3,341.2
FixedReset Disc 4.41 % 5.68 % 120,658 14.66 49 1.2152 % 2,606.0
Insurance Straight 5.47 % 5.38 % 85,459 14.59 20 -0.5102 % 3,282.4
FloatingReset 3.98 % 4.29 % 56,814 16.84 2 0.0000 % 2,749.9
FixedReset Prem 4.87 % 4.25 % 150,525 2.15 19 0.1362 % 2,648.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.2152 % 2,663.9
FixedReset Ins Non 4.45 % 5.71 % 82,103 14.46 15 0.0355 % 2,698.3
Performance Highlights
Issue Index Change Notes
MFC.PR.Q FixedReset Ins Non -5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.77
Evaluated at bid price : 22.24
Bid-YTW : 5.86 %
PWF.PR.S Perpetual-Discount -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.74 %
MFC.PR.N FixedReset Ins Non -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 20.12
Evaluated at bid price : 20.12
Bid-YTW : 5.94 %
PWF.PR.L Perpetual-Discount -3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.81 %
TRP.PR.C FixedReset Disc -2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 14.02
Evaluated at bid price : 14.02
Bid-YTW : 6.56 %
CM.PR.Q FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.80 %
BAM.PR.X FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 6.30 %
PWF.PR.Z Perpetual-Premium -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.34
Evaluated at bid price : 22.67
Bid-YTW : 5.69 %
TRP.PR.D FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 6.41 %
GWO.PR.S Insurance Straight -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.70
Evaluated at bid price : 23.02
Bid-YTW : 5.74 %
GWO.PR.H Insurance Straight -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.70 %
PWF.PR.R Perpetual-Premium -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.70 %
BAM.PR.K Floater -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 13.78
Evaluated at bid price : 13.78
Bid-YTW : 4.09 %
IAF.PR.B Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.20 %
IFC.PR.G FixedReset Ins Non -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.35
Evaluated at bid price : 22.80
Bid-YTW : 5.71 %
PWF.PF.A Perpetual-Discount -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.57 %
GWO.PR.Q Insurance Straight -1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.69
Evaluated at bid price : 22.98
Bid-YTW : 5.64 %
BAM.PR.E Ratchet -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 25.00
Evaluated at bid price : 18.50
Bid-YTW : 4.13 %
SLF.PR.D Insurance Straight -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 20.93
Evaluated at bid price : 20.93
Bid-YTW : 5.37 %
TRP.PR.E FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 6.34 %
PWF.PR.K Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.69
Evaluated at bid price : 21.94
Bid-YTW : 5.65 %
POW.PR.D Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.65 %
BAM.PR.Z FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.93
Evaluated at bid price : 23.59
Bid-YTW : 5.94 %
BAM.PR.B Floater -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 13.78
Evaluated at bid price : 13.78
Bid-YTW : 4.09 %
POW.PR.A Perpetual-Premium -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 5.69 %
PVS.PR.J SplitShare 1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 4.72 %
CCS.PR.C Insurance Straight 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.29 %
CM.PR.S FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.75
Evaluated at bid price : 23.36
Bid-YTW : 5.42 %
TD.PF.M FixedReset Prem 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.13 %
TD.PF.B FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.57 %
CM.PR.P FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.55 %
BAM.PF.A FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 23.10
Evaluated at bid price : 23.54
Bid-YTW : 5.89 %
MFC.PR.K FixedReset Ins Non 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.69 %
TRP.PR.A FixedReset Disc 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 17.44
Evaluated at bid price : 17.44
Bid-YTW : 6.36 %
PWF.PR.A Floater 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 3.80 %
MFC.PR.F FixedReset Ins Non 3.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 5.77 %
NA.PR.W FixedReset Disc 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.69 %
CM.PR.O FixedReset Disc 4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.62 %
CU.PR.D Perpetual-Discount 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.98
Evaluated at bid price : 22.22
Bid-YTW : 5.59 %
BAM.PR.T FixedReset Disc 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.96 %
CU.PR.E Perpetual-Discount 6.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.57 %
GWO.PR.N FixedReset Ins Non 12.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 15.01
Evaluated at bid price : 15.01
Bid-YTW : 5.83 %
TRP.PR.G FixedReset Disc 76.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.40
Evaluated at bid price : 21.73
Bid-YTW : 5.92 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BAM.PF.I FixedReset Prem 128,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 5.03 %
MFC.PR.I FixedReset Ins Non 44,025 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 23.77
Evaluated at bid price : 24.52
Bid-YTW : 5.63 %
PWF.PR.R Perpetual-Premium 24,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.70 %
GWO.PR.Y Insurance Straight 22,704 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.54 %
GWO.PR.I Insurance Straight 20,210 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.56 %
CU.PR.J Perpetual-Discount 18,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 5.57 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.D FixedReset Disc Quote: 19.18 – 22.00
Spot Rate : 2.8200
Average : 2.2890

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 19.18
Evaluated at bid price : 19.18
Bid-YTW : 6.41 %
MFC.PR.K FixedReset Ins Non Quote: 21.50 – 23.59
Spot Rate : 2.0900
Average : 1.6137

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.69 %
BAM.PF.E FixedReset Disc Quote: 19.70 – 21.40
Spot Rate : 1.7000
Average : 1.2632

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 6.29 %
MFC.PR.Q FixedReset Ins Non Quote: 22.24 – 23.24
Spot Rate : 1.0000
Average : 0.6055

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.77
Evaluated at bid price : 22.24
Bid-YTW : 5.86 %
PWF.PR.F Perpetual-Premium Quote: 23.52 – 24.40
Spot Rate : 0.8800
Average : 0.5986

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 23.22
Evaluated at bid price : 23.52
Bid-YTW : 5.59 %
PWF.PR.L Perpetual-Discount Quote: 22.00 – 22.70
Spot Rate : 0.7000
Average : 0.4455

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-19
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.81 %
Market Action

April 18, 2022

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.44 % 4.05 % 25,484 19.21 1 -1.0032 % 2,671.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.4203 % 5,113.5
Floater 3.98 % 4.03 % 37,853 17.38 4 -1.4203 % 2,946.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1594 % 3,619.1
SplitShare 4.64 % 4.51 % 42,118 3.49 6 0.1594 % 4,322.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1594 % 3,372.2
Perpetual-Premium 5.53 % 5.51 % 70,170 14.53 16 -0.1851 % 3,091.1
Perpetual-Discount 5.54 % 5.59 % 61,454 14.53 17 -0.9413 % 3,347.3
FixedReset Disc 4.46 % 5.70 % 124,764 14.61 49 -1.4592 % 2,574.7
Insurance Straight 5.44 % 5.37 % 86,109 14.65 20 -0.0242 % 3,299.2
FloatingReset 3.98 % 4.29 % 57,391 16.85 2 -0.3529 % 2,749.9
FixedReset Prem 4.88 % 4.55 % 144,502 2.15 19 -0.1736 % 2,645.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.4592 % 2,631.9
FixedReset Ins Non 4.45 % 5.68 % 82,986 14.49 15 -1.5392 % 2,697.4
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -43.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 10.18 %
GWO.PR.N FixedReset Ins Non -12.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 6.48 %
CU.PR.D Perpetual-Discount -8.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.92 %
NA.PR.W FixedReset Disc -7.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.92 %
MFC.PR.K FixedReset Ins Non -7.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.83 %
CU.PR.E Perpetual-Discount -6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.93 %
MFC.PR.F FixedReset Ins Non -6.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 15.38
Evaluated at bid price : 15.38
Bid-YTW : 5.97 %
BAM.PR.T FixedReset Disc -5.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 18.53
Evaluated at bid price : 18.53
Bid-YTW : 6.29 %
TRP.PR.A FixedReset Disc -4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.52 %
PWF.PR.A Floater -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 3.91 %
RY.PR.H FixedReset Disc -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.47
Evaluated at bid price : 21.47
Bid-YTW : 5.60 %
BAM.PR.X FixedReset Disc -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.16 %
BAM.PF.J FixedReset Prem -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 23.62
Evaluated at bid price : 24.25
Bid-YTW : 5.92 %
BAM.PF.A FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 22.64
Evaluated at bid price : 23.06
Bid-YTW : 6.01 %
BMO.PR.Y FixedReset Disc -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.73
Evaluated at bid price : 22.01
Bid-YTW : 5.63 %
CM.PR.S FixedReset Disc -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 22.52
Evaluated at bid price : 23.10
Bid-YTW : 5.48 %
TD.PF.C FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 5.60 %
RY.PR.J FixedReset Disc -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.84
Evaluated at bid price : 22.13
Bid-YTW : 5.70 %
RY.PR.Z FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.31
Evaluated at bid price : 21.61
Bid-YTW : 5.52 %
TD.PF.E FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 22.21
Evaluated at bid price : 22.72
Bid-YTW : 5.52 %
NA.PR.G FixedReset Prem -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 23.63
Evaluated at bid price : 24.02
Bid-YTW : 5.59 %
IFC.PR.C FixedReset Disc -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.80 %
BAM.PR.C Floater -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 13.79
Evaluated at bid price : 13.79
Bid-YTW : 4.09 %
RY.PR.M FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.39
Evaluated at bid price : 21.71
Bid-YTW : 5.57 %
TD.PF.B FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.64 %
IFC.PR.K Perpetual-Premium -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 24.22
Evaluated at bid price : 24.60
Bid-YTW : 5.38 %
FTS.PR.K FixedReset Disc -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.95 %
SLF.PR.G FixedReset Ins Non -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 15.85
Evaluated at bid price : 15.85
Bid-YTW : 5.79 %
CU.PR.F Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.44 %
TD.PF.A FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.59 %
FTS.PR.M FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.02 %
BAM.PF.F FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.39
Evaluated at bid price : 21.71
Bid-YTW : 6.13 %
CU.PR.J Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.51
Evaluated at bid price : 21.81
Bid-YTW : 5.51 %
TD.PF.J FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 23.36
Evaluated at bid price : 23.90
Bid-YTW : 5.56 %
GWO.PR.Y Insurance Straight -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.52 %
BAM.PF.G FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.11 %
GWO.PR.G Insurance Straight -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 22.73
Evaluated at bid price : 23.02
Bid-YTW : 5.69 %
SLF.PR.H FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 5.68 %
TD.PF.K FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 22.94
Evaluated at bid price : 23.36
Bid-YTW : 5.56 %
BAM.PR.E Ratchet -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 4.05 %
TRP.PR.C FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 14.44
Evaluated at bid price : 14.44
Bid-YTW : 6.38 %
MFC.PR.N FixedReset Ins Non 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 5.74 %
CM.PR.Q FixedReset Disc 10.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.73
Evaluated at bid price : 22.00
Bid-YTW : 5.65 %
CM.PR.O FixedReset Disc 13.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.86 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BAM.PR.X FixedReset Disc 25,325 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.16 %
MFC.PR.Q FixedReset Ins Non 17,125 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 22.90
Evaluated at bid price : 23.41
Bid-YTW : 5.56 %
BAM.PF.J FixedReset Prem 14,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 23.62
Evaluated at bid price : 24.25
Bid-YTW : 5.92 %
BAM.PF.H FixedReset Prem 12,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.46
Bid-YTW : 4.55 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.G FixedReset Disc Quote: 12.29 – 22.09
Spot Rate : 9.8000
Average : 5.8150

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 10.18 %
PVS.PR.I SplitShare Quote: 25.45 – 30.00
Spot Rate : 4.5500
Average : 3.2446

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.38 %
CU.PR.D Perpetual-Discount Quote: 21.05 – 23.03
Spot Rate : 1.9800
Average : 1.2261

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.92 %
TRP.PR.D FixedReset Disc Quote: 19.55 – 22.00
Spot Rate : 2.4500
Average : 1.7068

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.29 %
GWO.PR.N FixedReset Ins Non Quote: 13.40 – 15.44
Spot Rate : 2.0400
Average : 1.3153

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 6.48 %
BAM.PR.E Ratchet Quote: 18.75 – 20.45
Spot Rate : 1.7000
Average : 1.1103

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-18
Maturity Price : 25.00
Evaluated at bid price : 18.75
Bid-YTW : 4.05 %
Issue Comments

BEP.PR.R Falls In Line with Market

BEP.PR.R closed today with no announcement from the company.

BEP.PR.R is a Straight Perpetual, 5.50%, announced April 5.

The issue traded 311,625 shares today in a range of 23.51-24.80 before closing at 23.60-80. As the HIMI PerpetualDiscount index has fallen about 5% since the April 5 announcement date, we may conclude that the issue fell more-or-less in-line with the market.

Vital statistics are:

BEP.PR.R Perpetual-Discount YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 23.30
Evaluated at bid price : 23.60
Bid-YTW : 5.85 %
Market Action

April 14, 2022

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 3.38 % 3.98 % 25,037 19.32 1 -0.7858 % 2,698.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.7063 % 5,187.1
Floater 3.93 % 4.02 % 39,151 17.40 4 0.7063 % 2,989.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1988 % 3,613.4
SplitShare 4.65 % 4.51 % 43,826 3.50 6 -0.1988 % 4,315.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1988 % 3,366.8
Perpetual-Premium 5.52 % 5.31 % 69,188 14.58 16 0.0990 % 3,096.8
Perpetual-Discount 5.49 % 5.52 % 62,241 14.58 17 -0.2268 % 3,379.1
FixedReset Disc 4.40 % 5.62 % 129,814 14.74 49 -1.0439 % 2,612.8
Insurance Straight 5.44 % 5.37 % 89,477 14.67 20 -0.0769 % 3,300.0
FloatingReset 3.60 % 3.89 % 57,302 17.67 2 -0.2055 % 2,759.6
FixedReset Prem 4.87 % 4.55 % 149,732 2.16 19 -0.0836 % 2,649.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.0439 % 2,670.8
FixedReset Ins Non 4.38 % 5.58 % 83,569 14.67 15 0.1207 % 2,739.5
Performance Highlights
Issue Index Change Notes
CM.PR.O FixedReset Disc -16.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.61 %
CM.PR.Q FixedReset Disc -12.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.17 %
MFC.PR.N FixedReset Ins Non -3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.88 %
BMO.PR.T FixedReset Disc -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.65 %
NA.PR.E FixedReset Disc -3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.51
Evaluated at bid price : 23.00
Bid-YTW : 5.58 %
CM.PR.P FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.60 %
BMO.PR.S FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.52
Evaluated at bid price : 21.89
Bid-YTW : 5.55 %
PWF.PR.P FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 5.92 %
IFC.PR.C FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 5.67 %
CU.PR.E Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.51 %
BAM.PF.B FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 6.05 %
NA.PR.W FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.30
Evaluated at bid price : 21.60
Bid-YTW : 5.42 %
TRP.PR.C FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 14.16
Evaluated at bid price : 14.16
Bid-YTW : 6.44 %
RY.PR.J FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.15
Evaluated at bid price : 22.57
Bid-YTW : 5.54 %
BIP.PR.A FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 23.60
Bid-YTW : 5.99 %
BMO.PR.W FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 5.53 %
BNS.PR.I FixedReset Disc -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 23.81
Evaluated at bid price : 24.15
Bid-YTW : 5.20 %
PWF.PR.K Perpetual-Discount -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.89
Evaluated at bid price : 22.13
Bid-YTW : 5.60 %
RY.PR.S FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 23.82
Evaluated at bid price : 24.15
Bid-YTW : 5.21 %
CM.PR.Y FixedReset Prem -1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.53 %
PVS.PR.I SplitShare -1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.37 %
PWF.PR.S Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.52 %
TRP.PR.B FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 6.51 %
BAM.PR.X FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 5.95 %
SLF.PR.H FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.58 %
CU.PR.F Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.26
Evaluated at bid price : 21.26
Bid-YTW : 5.37 %
CU.PR.H Perpetual-Premium 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 23.96
Evaluated at bid price : 24.30
Bid-YTW : 5.46 %
MFC.PR.C Insurance Straight 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.35 %
SLF.PR.G FixedReset Ins Non 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 5.66 %
TD.PF.E FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.47
Evaluated at bid price : 23.15
Bid-YTW : 5.38 %
FTS.PR.H FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 5.92 %
PWF.PR.A Floater 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 3.77 %
MFC.PR.K FixedReset Ins Non 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.21
Evaluated at bid price : 22.59
Bid-YTW : 5.34 %
TRP.PR.A FixedReset Disc 3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 6.18 %
BAM.PR.T FixedReset Disc 3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 19.69
Evaluated at bid price : 19.69
Bid-YTW : 5.89 %
Volume Highlights
Issue Index Shares
Traded		 Notes
IFC.PR.K Perpetual-Premium 178,644 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 24.54
Evaluated at bid price : 24.93
Bid-YTW : 5.31 %
TRP.PR.A FixedReset Disc 23,845 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 6.18 %
TRP.PR.K FixedReset Prem 20,835 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 2.67 %
TRP.PR.E FixedReset Disc 18,665 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.21 %
TRP.PR.D FixedReset Disc 17,465 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 19.42
Evaluated at bid price : 19.42
Bid-YTW : 6.28 %
CM.PR.R FixedReset Prem 17,096 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.55 %
There were 11 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: 18.00 – 21.66
Spot Rate : 3.6600
Average : 2.5019

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.61 %
IAF.PR.B Insurance Straight Quote: 22.50 – 25.00
Spot Rate : 2.5000
Average : 1.4118

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.14 %
CM.PR.Q FixedReset Disc Quote: 20.00 – 23.13
Spot Rate : 3.1300
Average : 2.0434

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.17 %
BAM.PR.M Perpetual-Discount Quote: 21.20 – 22.25
Spot Rate : 1.0500
Average : 0.6076

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.65 %
NA.PR.E FixedReset Disc Quote: 23.00 – 23.86
Spot Rate : 0.8600
Average : 0.5428

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 22.51
Evaluated at bid price : 23.00
Bid-YTW : 5.58 %
CM.PR.P FixedReset Disc Quote: 21.00 – 21.88
Spot Rate : 0.8800
Average : 0.6658

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-14
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.60 %