Market Action

February 23, 2022

PerpetualDiscounts now yield 4.97%, equivalent to 6.46% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.89%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at 260bp, the same as reported February 16.

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 3.02 % 3.50 % 36,972 20.05 1 -0.0987 % 2,884.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0674 % 5,507.4
Floater 2.89 % 2.91 % 63,585 19.91 3 -0.0674 % 3,173.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0066 % 3,637.9
SplitShare 4.66 % 4.24 % 32,321 3.64 6 -0.0066 % 4,344.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0066 % 3,389.7
Perpetual-Premium 5.26 % -0.83 % 58,441 0.09 22 -0.3061 % 3,202.5
Perpetual-Discount 4.92 % 4.97 % 59,505 15.51 11 -0.3762 % 3,747.9
FixedReset Disc 4.07 % 4.48 % 114,220 16.37 44 -1.0937 % 2,755.7
Insurance Straight 5.02 % 4.82 % 84,754 15.41 18 -0.2800 % 3,575.4
FloatingReset 2.76 % 2.42 % 63,645 21.22 2 0.0000 % 2,949.6
FixedReset Prem 4.79 % 3.94 % 107,825 2.06 26 0.5282 % 2,698.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.0937 % 2,816.9
FixedReset Ins Non 4.18 % 4.45 % 80,243 16.36 17 -0.1969 % 2,908.6
Performance Highlights
Issue Index Change Notes
RY.PR.M FixedReset Disc -42.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 13.88
Evaluated at bid price : 13.88
Bid-YTW : 7.33 %
TD.PF.E FixedReset Disc -4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 22.53
Evaluated at bid price : 23.29
Bid-YTW : 4.67 %
BAM.PF.D Perpetual-Premium -4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 23.03
Evaluated at bid price : 23.29
Bid-YTW : 5.33 %
BAM.PR.M Perpetual-Discount -3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.21 %
RY.PR.Z FixedReset Disc -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 22.41
Evaluated at bid price : 22.80
Bid-YTW : 4.31 %
SLF.PR.G FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 4.34 %
SLF.PR.H FixedReset Ins Non -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 21.33
Evaluated at bid price : 21.62
Bid-YTW : 4.31 %
SLF.PR.D Insurance Straight -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 23.16
Evaluated at bid price : 23.42
Bid-YTW : 4.81 %
FTS.PR.K FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 4.65 %
CU.PR.F Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 23.02
Evaluated at bid price : 23.30
Bid-YTW : 4.83 %
BAM.PR.R FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.83 %
TRP.PR.B FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 13.46
Evaluated at bid price : 13.46
Bid-YTW : 5.24 %
BAM.PR.T FixedReset Disc 4.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 4.86 %
TD.PF.K FixedReset Prem 17.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 23.51
Evaluated at bid price : 24.60
Bid-YTW : 4.43 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Y FixedReset Prem 66,515 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.92
Bid-YTW : 3.74 %
PWF.PR.R Perpetual-Premium 57,371 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-25
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -7.29 %
BMO.PR.F FixedReset Prem 43,232 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.92
Bid-YTW : 3.40 %
PWF.PR.L Perpetual-Premium 32,702 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 24.83
Evaluated at bid price : 25.05
Bid-YTW : 5.13 %
PWF.PR.F Perpetual-Premium 32,584 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-25
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -5.38 %
BAM.PF.J FixedReset Prem 28,165 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : 4.12 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 13.88 – 24.08
Spot Rate : 10.2000
Average : 6.5966

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 13.88
Evaluated at bid price : 13.88
Bid-YTW : 7.33 %
BAM.PF.D Perpetual-Premium Quote: 23.29 – 24.29
Spot Rate : 1.0000
Average : 0.6498

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 23.03
Evaluated at bid price : 23.29
Bid-YTW : 5.33 %
BAM.PR.M Perpetual-Discount Quote: 23.10 – 24.00
Spot Rate : 0.9000
Average : 0.5719

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.21 %
TD.PF.E FixedReset Disc Quote: 23.29 – 24.29
Spot Rate : 1.0000
Average : 0.6851

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 22.53
Evaluated at bid price : 23.29
Bid-YTW : 4.67 %
RY.PR.Z FixedReset Disc Quote: 22.80 – 23.33
Spot Rate : 0.5300
Average : 0.3019

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 22.41
Evaluated at bid price : 22.80
Bid-YTW : 4.31 %
SLF.PR.D Insurance Straight Quote: 23.42 – 23.78
Spot Rate : 0.3600
Average : 0.2588

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-23
Maturity Price : 23.16
Evaluated at bid price : 23.42
Bid-YTW : 4.81 %
Market Action

February 22, 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 3.02 % 3.49 % 37,488 20.05 1 0.0000 % 2,887.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.9793 % 5,511.1
Floater 2.89 % 2.91 % 65,764 19.91 3 -0.9793 % 3,176.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2033 % 3,638.2
SplitShare 4.66 % 4.24 % 33,650 3.64 6 -0.2033 % 4,344.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2033 % 3,389.9
Perpetual-Premium 5.24 % -5.27 % 54,130 0.09 22 -0.0576 % 3,212.3
Perpetual-Discount 4.90 % 4.96 % 60,224 15.51 11 0.0799 % 3,762.0
FixedReset Disc 4.03 % 4.42 % 114,902 16.37 44 1.1457 % 2,786.2
Insurance Straight 5.00 % 4.76 % 84,548 15.42 18 -0.1083 % 3,585.4
FloatingReset 2.76 % 2.42 % 61,432 21.22 2 -0.0275 % 2,949.6
FixedReset Prem 4.81 % 3.75 % 109,257 2.05 26 -0.5284 % 2,684.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.1457 % 2,848.1
FixedReset Ins Non 4.17 % 4.45 % 76,391 16.36 17 -0.3588 % 2,914.4
Performance Highlights
Issue Index Change Notes
TD.PF.K FixedReset Prem -14.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.28 %
BAM.PR.K Floater -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 14.59
Evaluated at bid price : 14.59
Bid-YTW : 2.96 %
MFC.PR.L FixedReset Ins Non -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 4.48 %
MFC.PR.B Insurance Straight -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 23.34
Evaluated at bid price : 23.63
Bid-YTW : 4.99 %
FTS.PR.J Perpetual-Premium -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 23.15
Evaluated at bid price : 23.41
Bid-YTW : 5.08 %
MFC.PR.F FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 4.27 %
MFC.PR.C Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 23.21
Evaluated at bid price : 23.51
Bid-YTW : 4.85 %
MFC.PR.Q FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 24.31
Evaluated at bid price : 24.66
Bid-YTW : 4.45 %
MFC.PR.R FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 24.10
Evaluated at bid price : 24.98
Bid-YTW : 5.66 %
MFC.PR.H FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 24.08
Evaluated at bid price : 24.97
Bid-YTW : 4.93 %
PWF.PF.A Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 23.60
Evaluated at bid price : 23.95
Bid-YTW : 4.72 %
BAM.PF.F FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 22.65
Evaluated at bid price : 23.27
Bid-YTW : 4.90 %
SLF.PR.H FixedReset Ins Non 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 21.69
Evaluated at bid price : 22.05
Bid-YTW : 4.22 %
BAM.PF.B FixedReset Disc 4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 22.71
Evaluated at bid price : 23.03
Bid-YTW : 4.82 %
RY.PR.M FixedReset Disc 73.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.12
Bid-YTW : 4.03 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.R FixedReset Ins Non 123,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 24.10
Evaluated at bid price : 24.98
Bid-YTW : 5.66 %
MFC.PR.Q FixedReset Ins Non 29,645 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 24.31
Evaluated at bid price : 24.66
Bid-YTW : 4.45 %
PWF.PR.L Perpetual-Premium 28,518 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 24.83
Evaluated at bid price : 25.05
Bid-YTW : 5.13 %
NA.PR.W FixedReset Disc 25,865 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 22.53
Evaluated at bid price : 23.15
Bid-YTW : 4.29 %
POW.PR.G Perpetual-Premium 24,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-24
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : -17.78 %
CM.PR.P FixedReset Disc 16,545 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 22.38
Evaluated at bid price : 22.90
Bid-YTW : 4.36 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.K FixedReset Prem Quote: 21.01 – 24.63
Spot Rate : 3.6200
Average : 1.9583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.28 %
PWF.PR.P FixedReset Disc Quote: 15.35 – 17.70
Spot Rate : 2.3500
Average : 1.7591

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.04 %
CM.PR.O FixedReset Disc Quote: 23.30 – 24.13
Spot Rate : 0.8300
Average : 0.4780

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 22.69
Evaluated at bid price : 23.30
Bid-YTW : 4.32 %
MFC.PR.K FixedReset Ins Non Quote: 23.52 – 24.40
Spot Rate : 0.8800
Average : 0.6528

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 23.10
Evaluated at bid price : 23.52
Bid-YTW : 4.31 %
GWO.PR.N FixedReset Ins Non Quote: 17.00 – 17.88
Spot Rate : 0.8800
Average : 0.6760

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.16 %
CU.PR.C FixedReset Disc Quote: 22.70 – 23.30
Spot Rate : 0.6000
Average : 0.4012

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-22
Maturity Price : 22.09
Evaluated at bid price : 22.70
Bid-YTW : 4.56 %
Market Action

February 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 3.02 % 3.49 % 39,018 20.06 1 0.3465 % 2,887.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0889 % 5,565.6
Floater 2.86 % 2.89 % 68,067 19.98 3 -0.0889 % 3,207.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4570 % 3,645.6
SplitShare 4.65 % 4.49 % 31,143 3.34 6 -0.4570 % 4,353.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4570 % 3,396.8
Perpetual-Premium 5.24 % 1.67 % 54,933 0.09 22 0.2254 % 3,214.2
Perpetual-Discount 4.90 % 4.96 % 59,245 15.52 11 -0.0950 % 3,759.0
FixedReset Disc 4.08 % 4.47 % 115,446 16.26 44 0.1176 % 2,754.6
Insurance Straight 5.00 % 4.74 % 84,152 15.43 18 0.3986 % 3,589.3
FloatingReset 2.72 % 2.38 % 61,093 21.36 2 0.0551 % 2,950.4
FixedReset Prem 4.79 % 3.75 % 108,495 2.07 26 0.1349 % 2,699.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1176 % 2,815.8
FixedReset Ins Non 4.15 % 4.45 % 76,610 16.31 17 -0.1958 % 2,924.9
Performance Highlights
Issue Index Change Notes
RY.PR.M FixedReset Disc -42.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 13.88
Evaluated at bid price : 13.88
Bid-YTW : 7.40 %
PWF.PR.P FixedReset Disc -11.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.11 %
CIU.PR.A Perpetual-Discount -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.00 %
SLF.PR.H FixedReset Ins Non -4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 4.45 %
BAM.PR.T FixedReset Disc -3.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.16 %
BAM.PF.B FixedReset Disc -3.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 21.63
Evaluated at bid price : 22.05
Bid-YTW : 5.09 %
TRP.PR.B FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 5.40 %
TRP.PR.C FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 4.97 %
SLF.PR.G FixedReset Ins Non -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.31 %
BMO.PR.T FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.24
Evaluated at bid price : 22.60
Bid-YTW : 4.42 %
PVS.PR.J SplitShare -1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 4.46 %
BAM.PR.R FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 20.04
Evaluated at bid price : 20.04
Bid-YTW : 4.94 %
FTS.PR.H FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.55 %
CU.PR.C FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.18
Evaluated at bid price : 22.85
Bid-YTW : 4.58 %
GWO.PR.N FixedReset Ins Non 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.23 %
BAM.PR.X FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.03 %
PWF.PR.K Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 24.50
Evaluated at bid price : 24.73
Bid-YTW : 5.04 %
RY.PR.J FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.35
Bid-YTW : 4.06 %
FTS.PR.J Perpetual-Premium 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 4.99 %
BAM.PR.Z FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 24.24
Evaluated at bid price : 24.70
Bid-YTW : 4.88 %
TD.PF.E FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 3.89 %
MFC.PR.M FixedReset Ins Non 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.58
Evaluated at bid price : 23.20
Bid-YTW : 4.47 %
PWF.PR.L Perpetual-Premium 2.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 3.13 %
SLF.PR.E Insurance Straight 2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 23.43
Evaluated at bid price : 23.72
Bid-YTW : 4.79 %
EMA.PR.L Perpetual-Discount 3.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 23.52
Evaluated at bid price : 23.85
Bid-YTW : 4.83 %
NA.PR.W FixedReset Disc 4.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.62
Evaluated at bid price : 23.30
Bid-YTW : 4.31 %
BAM.PF.G FixedReset Disc 6.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 21.72
Evaluated at bid price : 22.00
Bid-YTW : 5.04 %
BAM.PF.F FixedReset Disc 6.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.49
Evaluated at bid price : 23.00
Bid-YTW : 5.02 %
TRP.PR.G FixedReset Disc 92.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.69
Evaluated at bid price : 23.60
Bid-YTW : 4.70 %
Volume Highlights
Issue Index Shares
Traded		 Notes
NA.PR.C FixedReset Prem 119,077 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 3.39 %
CM.PR.R FixedReset Prem 36,990 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 3.49 %
CM.PR.T FixedReset Prem 35,099 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 3.75 %
POW.PR.G Perpetual-Premium 19,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-20
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : -16.29 %
SLF.PR.E Insurance Straight 17,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 23.43
Evaluated at bid price : 23.72
Bid-YTW : 4.79 %
PVS.PR.J SplitShare 13,659 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 4.46 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
RY.PR.M FixedReset Disc Quote: 13.88 – 24.18
Spot Rate : 10.3000
Average : 5.4696

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 13.88
Evaluated at bid price : 13.88
Bid-YTW : 7.40 %
PWF.PR.P FixedReset Disc Quote: 15.35 – 17.28
Spot Rate : 1.9300
Average : 1.1111

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.11 %
BAM.PR.T FixedReset Disc Quote: 20.32 – 22.34
Spot Rate : 2.0200
Average : 1.3839

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.16 %
SLF.PR.H FixedReset Ins Non Quote: 21.30 – 22.25
Spot Rate : 0.9500
Average : 0.5708

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 4.45 %
IAF.PR.B Insurance Straight Quote: 24.04 – 25.00
Spot Rate : 0.9600
Average : 0.6155

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 23.73
Evaluated at bid price : 24.04
Bid-YTW : 4.83 %
MFC.PR.N FixedReset Ins Non Quote: 22.75 – 23.75
Spot Rate : 1.0000
Average : 0.6643

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-18
Maturity Price : 22.27
Evaluated at bid price : 22.75
Bid-YTW : 4.48 %
Issue Comments

ALA.PR.K Redemption Now Official

AltaGas Ltd. has announced (on February 16):

its intention to redeem – in accordance with the terms of the Cumulative Redeemable 5-Year Minimum Rate Reset Preferred Shares, Series K (the “Series K Shares”) as set out in the Company’s articles – all of its 12,000,000 issued and outstanding Series K Shares on March 31, 2022 (the “Redemption Date”) for a redemption price equal to $25.00 per Series K Share, together with all accrued and unpaid dividends to, but excluding, the Redemption Date (the “Redemption Price”), less any tax required to be deducted or withheld by the Company.

As outlined in a January 11, 2022 press release, AltaGas will use the proceeds from the $300 million Financing of 5.25% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 11, 2082 (the “Series 1 Notes”) to redeem the Series K Shares. AltaGas expects to save approximately $66 million in the initial ten-year term of the Series 1 Notes due to lower taxes and financing charges. The Financing and Redemption will also continue to stagger, extend and de-risk AltaGas’ capital structure.

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

This confirms the earlier, non-binding company statement. Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention.

Market Action

February 17, 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 3.03 % 3.51 % 39,512 20.04 1 -0.4926 % 2,877.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0222 % 5,570.6
Floater 2.86 % 2.88 % 66,548 19.98 3 -0.0222 % 3,210.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.0327 % 3,662.3
SplitShare 4.63 % 4.35 % 31,354 3.61 6 0.0327 % 4,373.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0327 % 3,412.4
Perpetual-Premium 5.25 % 2.95 % 57,211 0.09 22 -0.0649 % 3,207.0
Perpetual-Discount 4.90 % 4.95 % 59,302 15.54 11 -0.0570 % 3,762.6
FixedReset Disc 4.08 % 4.48 % 116,126 16.37 44 -0.6967 % 2,751.4
Insurance Straight 5.02 % 4.80 % 84,411 15.44 18 0.0476 % 3,575.0
FloatingReset 2.72 % 3.09 % 48,740 19.46 2 -0.0275 % 2,948.7
FixedReset Prem 4.79 % 3.83 % 109,661 2.07 26 -0.0712 % 2,695.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.6967 % 2,812.5
FixedReset Ins Non 4.15 % 4.39 % 77,523 16.30 17 -0.1158 % 2,930.6
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -47.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 8.92 %
BAM.PF.F FixedReset Disc -7.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 5.38 %
NA.PR.W FixedReset Disc -4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 21.97
Evaluated at bid price : 22.30
Bid-YTW : 4.53 %
EMA.PR.L Perpetual-Discount -4.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.74
Evaluated at bid price : 23.11
Bid-YTW : 4.99 %
SLF.PR.E Insurance Straight -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 4.93 %
PWF.PR.L Perpetual-Premium -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.22 %
PWF.PF.A Perpetual-Discount -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.28
Evaluated at bid price : 23.60
Bid-YTW : 4.79 %
RY.PR.J FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.95
Evaluated at bid price : 24.03
Bid-YTW : 4.45 %
BIP.PR.A FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.72
Evaluated at bid price : 23.57
Bid-YTW : 5.44 %
BAM.PR.M Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.49
Evaluated at bid price : 23.76
Bid-YTW : 5.06 %
IFC.PR.C FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.83
Evaluated at bid price : 24.05
Bid-YTW : 4.37 %
SLF.PR.G FixedReset Ins Non 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 17.77
Evaluated at bid price : 17.77
Bid-YTW : 4.24 %
TRP.PR.C FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 15.74
Evaluated at bid price : 15.74
Bid-YTW : 4.89 %
POW.PR.D Perpetual-Premium 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 24.55
Evaluated at bid price : 24.80
Bid-YTW : 5.09 %
TRP.PR.B FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 5.30 %
GWO.PR.Y Insurance Straight 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.48
Evaluated at bid price : 23.80
Bid-YTW : 4.77 %
BAM.PR.Z FixedReset Disc 2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.71
Evaluated at bid price : 24.27
Bid-YTW : 4.96 %
CIU.PR.A Perpetual-Discount 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 4.77 %
TD.PF.A FixedReset Disc 2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.47
Evaluated at bid price : 23.00
Bid-YTW : 4.35 %
BAM.PF.B FixedReset Disc 3.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.57
Evaluated at bid price : 22.88
Bid-YTW : 4.91 %
BAM.PR.T FixedReset Disc 4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 4.95 %
BMO.PR.S FixedReset Disc 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.80
Evaluated at bid price : 23.10
Bid-YTW : 4.45 %
CM.PR.Q FixedReset Disc 21.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.89
Evaluated at bid price : 23.95
Bid-YTW : 4.48 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.S FixedReset Disc 146,850 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 24.08
Evaluated at bid price : 24.55
Bid-YTW : 4.37 %
RY.PR.S FixedReset Prem 52,013 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.49
Evaluated at bid price : 24.75
Bid-YTW : 4.24 %
MFC.PR.L FixedReset Ins Non 51,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.11
Evaluated at bid price : 22.40
Bid-YTW : 4.46 %
CM.PR.R FixedReset Prem 48,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.17
Bid-YTW : 3.47 %
BAM.PF.A FixedReset Prem 48,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 23.55
Evaluated at bid price : 24.65
Bid-YTW : 4.82 %
SLF.PR.E Insurance Straight 46,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 4.93 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.G FixedReset Disc Quote: 12.29 – 23.80
Spot Rate : 11.5100
Average : 6.1288

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 8.92 %
BAM.PF.F FixedReset Disc Quote: 21.55 – 23.75
Spot Rate : 2.2000
Average : 1.2528

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 5.38 %
EMA.PR.L Perpetual-Discount Quote: 23.11 – 24.50
Spot Rate : 1.3900
Average : 0.8765

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.74
Evaluated at bid price : 23.11
Bid-YTW : 4.99 %
NA.PR.W FixedReset Disc Quote: 22.30 – 23.30
Spot Rate : 1.0000
Average : 0.6391

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 21.97
Evaluated at bid price : 22.30
Bid-YTW : 4.53 %
CM.PR.P FixedReset Disc Quote: 23.00 – 23.68
Spot Rate : 0.6800
Average : 0.4124

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.44
Evaluated at bid price : 23.00
Bid-YTW : 4.38 %
BIP.PR.A FixedReset Disc Quote: 23.57 – 24.30
Spot Rate : 0.7300
Average : 0.5187

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-17
Maturity Price : 22.72
Evaluated at bid price : 23.57
Bid-YTW : 5.44 %
PrefLetter

February PrefLetter Released!

The February, 2022, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The February edition is somewhat foreshortened, but contains the most critical elements.

I apologize for the delay in sending this edition. As noted, there was a massive upgrade to the website software that broke the PrefLetter distribution programming … and PHP is such an idiotic language with such a complete deficiency of useful programming tools that reacting to this upgrade took longer that expected.

So the edition has been distributed but the subscription software has not yet been checked. Please do not subscribe until further notice, which I hope to provide this evening.

Update, 2022-2-19: The site has now been upgraded and subscriptions are again operational.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the previous edition will refer to the February, 2022, issue, while the “next” edition will be the March, 2022, issue scheduled to be prepared as of the close March 11, and emailed to subscribers prior to the market-opening on March 14. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

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

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

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

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

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

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

Note: Assiduous Reader DG informs me:

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

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

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

But Adrian2 now advises:

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

Market Action

February 16, 2022

PerpetualDiscounts now yield 4.95%, equivalent to 6.44% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.82%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 260bp from the 250bp reported February 9.

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 3.02 % 3.48 % 39,612 20.08 1 0.4453 % 2,891.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5747 % 5,571.8
Floater 2.86 % 2.88 % 66,398 19.99 3 -0.5747 % 3,211.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0392 % 3,661.1
SplitShare 4.63 % 4.35 % 32,652 3.61 6 0.0392 % 4,372.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0392 % 3,411.3
Perpetual-Premium 5.24 % -5.83 % 55,708 0.09 22 -0.1817 % 3,209.0
Perpetual-Discount 4.89 % 4.95 % 58,970 15.58 11 2.8592 % 3,764.7
FixedReset Disc 4.05 % 4.49 % 116,272 16.27 44 -1.4063 % 2,770.7
Insurance Straight 5.02 % 4.81 % 85,126 15.46 18 0.5078 % 3,573.3
FloatingReset 2.72 % 3.09 % 50,723 19.47 2 0.0551 % 2,949.6
FixedReset Prem 4.79 % 3.87 % 112,492 2.07 26 -0.0954 % 2,697.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.4063 % 2,832.2
FixedReset Ins Non 4.14 % 4.38 % 78,055 16.32 17 -0.2592 % 2,934.0
Performance Highlights
Issue Index Change Notes
CM.PR.Q FixedReset Disc -17.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.51 %
BAM.PR.T FixedReset Disc -6.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.17 %
BMO.PR.S FixedReset Disc -5.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 21.59
Evaluated at bid price : 22.00
Bid-YTW : 4.67 %
TRP.PR.B FixedReset Disc -5.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 5.40 %
BAM.PF.B FixedReset Disc -4.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 5.10 %
TD.PF.A FixedReset Disc -4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 22.04
Evaluated at bid price : 22.35
Bid-YTW : 4.49 %
BAM.PR.Z FixedReset Disc -3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.12
Evaluated at bid price : 23.72
Bid-YTW : 5.07 %
GWO.PR.Y Insurance Straight -3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 22.92
Evaluated at bid price : 23.31
Bid-YTW : 4.87 %
GWO.PR.N FixedReset Ins Non -2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 4.29 %
CIU.PR.A Perpetual-Discount -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 4.89 %
TRP.PR.C FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 4.97 %
FTS.PR.G FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 21.46
Evaluated at bid price : 21.80
Bid-YTW : 4.56 %
BAM.PR.M Perpetual-Discount -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.11 %
IFC.PR.C FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 22.66
Evaluated at bid price : 23.70
Bid-YTW : 4.45 %
SLF.PR.C Insurance Straight -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.12
Evaluated at bid price : 23.38
Bid-YTW : 4.81 %
SLF.PR.D Insurance Straight -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 4.79 %
POW.PR.D Perpetual-Premium -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 5.17 %
SLF.PR.E Insurance Straight -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.30
Evaluated at bid price : 23.58
Bid-YTW : 4.82 %
SLF.PR.G FixedReset Ins Non -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.31 %
MFC.PR.F FixedReset Ins Non -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 4.25 %
GWO.PR.R Insurance Straight -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 4.97 %
PWF.PR.P FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 4.55 %
TRP.PR.A FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 4.99 %
BMO.PR.T FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 22.44
Evaluated at bid price : 22.90
Bid-YTW : 4.36 %
FTS.PR.H FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 16.83
Evaluated at bid price : 16.83
Bid-YTW : 4.50 %
TD.PF.E FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.05
Bid-YTW : 4.43 %
GWO.PR.I Insurance Straight 26.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 4.79 %
PWF.PF.A Perpetual-Discount 60.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 23.64
Evaluated at bid price : 24.00
Bid-YTW : 4.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.C FixedReset Prem 1,236,480 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 3.20 %
CM.PR.Y FixedReset Prem 201,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 3.75 %
CM.PR.R FixedReset Prem 156,463 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.16
Bid-YTW : 3.54 %
BMO.PR.B FixedReset Disc 47,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-27
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.14 %
RY.PR.M FixedReset Disc 46,018 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.15
Bid-YTW : 3.98 %
TD.PF.I FixedReset Prem 43,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 3.37 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CM.PR.Q FixedReset Disc Quote: 19.70 – 24.05
Spot Rate : 4.3500
Average : 2.4223

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.51 %
BMO.PR.S FixedReset Disc Quote: 22.00 – 23.35
Spot Rate : 1.3500
Average : 0.7933

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 21.59
Evaluated at bid price : 22.00
Bid-YTW : 4.67 %
BAM.PR.T FixedReset Disc Quote: 20.25 – 21.66
Spot Rate : 1.4100
Average : 0.9130

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.17 %
TD.PF.A FixedReset Disc Quote: 22.35 – 23.35
Spot Rate : 1.0000
Average : 0.5790

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 22.04
Evaluated at bid price : 22.35
Bid-YTW : 4.49 %
BAM.PF.G FixedReset Disc Quote: 20.75 – 23.00
Spot Rate : 2.2500
Average : 1.8300

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.36 %
BAM.PR.C Floater Quote: 14.99 – 15.99
Spot Rate : 1.0000
Average : 0.5963

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-16
Maturity Price : 14.99
Evaluated at bid price : 14.99
Bid-YTW : 2.88 %
Market Action

February 15, 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 3.03 % 3.51 % 41,224 20.05 1 0.0495 % 2,879.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0221 % 5,604.0
Floater 2.84 % 2.86 % 62,985 20.04 3 -0.0221 % 3,229.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0327 % 3,659.7
SplitShare 4.63 % 4.39 % 33,899 3.61 6 0.0327 % 4,370.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0327 % 3,410.0
Perpetual-Premium 5.23 % -11.32 % 56,317 0.09 22 0.1099 % 3,214.9
Perpetual-Discount 5.03 % 4.95 % 57,366 15.55 11 -0.8712 % 3,660.1
FixedReset Disc 4.00 % 4.46 % 115,923 16.43 44 -0.4100 % 2,810.2
Insurance Straight 5.04 % 4.75 % 86,196 15.12 18 -1.0434 % 3,555.3
FloatingReset 2.72 % 3.09 % 49,916 19.47 2 0.1103 % 2,947.9
FixedReset Prem 4.79 % 3.74 % 116,529 2.08 26 0.0621 % 2,699.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4100 % 2,872.6
FixedReset Ins Non 4.13 % 4.38 % 78,076 16.32 17 -0.2687 % 2,941.6
Performance Highlights
Issue Index Change Notes
PWF.PF.A Perpetual-Discount -38.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 7.60 %
GWO.PR.I Insurance Straight -21.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.10 %
BAM.PF.G FixedReset Disc -5.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.36 %
TD.PF.E FixedReset Disc -3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 22.73
Evaluated at bid price : 23.67
Bid-YTW : 4.63 %
BAM.PR.X FixedReset Disc -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.08 %
MFC.PR.M FixedReset Ins Non -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 22.39
Evaluated at bid price : 22.90
Bid-YTW : 4.53 %
IFC.PR.E Insurance Straight -1.56 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 5.09 %
TRP.PR.B FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 5.12 %
MFC.PR.N FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 22.37
Evaluated at bid price : 22.90
Bid-YTW : 4.44 %
CM.PR.O FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 22.77
Evaluated at bid price : 23.43
Bid-YTW : 4.34 %
IFC.PR.A FixedReset Ins Non -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 4.24 %
CU.PR.J Perpetual-Premium 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 24.37
Evaluated at bid price : 24.75
Bid-YTW : 4.79 %
MFC.PR.C Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.41
Evaluated at bid price : 23.70
Bid-YTW : 4.81 %
SLF.PR.C Insurance Straight 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.55
Evaluated at bid price : 23.82
Bid-YTW : 4.72 %
PWF.PR.L Perpetual-Premium 1.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-17
Maturity Price : 25.00
Evaluated at bid price : 25.12
Bid-YTW : 1.63 %
SLF.PR.D Insurance Straight 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 4.71 %
BAM.PR.N Perpetual-Discount 3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 5.01 %
PWF.PR.K Perpetual-Discount 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 24.50
Evaluated at bid price : 24.75
Bid-YTW : 5.03 %
BAM.PF.B FixedReset Disc 5.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 22.81
Evaluated at bid price : 23.13
Bid-YTW : 4.86 %
BAM.PR.M Perpetual-Discount 28.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 5.01 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.Z FixedReset Disc 190,537 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.05
Evaluated at bid price : 23.35
Bid-YTW : 4.27 %
MFC.PR.R FixedReset Ins Non 130,475 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.26
Bid-YTW : 1.76 %
TRP.PR.K FixedReset Prem 98,550 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 3.57 %
MFC.PR.Q FixedReset Ins Non 55,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 23.76
Evaluated at bid price : 24.94
Bid-YTW : 4.40 %
CM.PR.R FixedReset Prem 51,910 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 3.61 %
TD.PF.L FixedReset Prem 50,250 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.95
Bid-YTW : 3.51 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PF.A Perpetual-Discount Quote: 15.00 – 24.40
Spot Rate : 9.4000
Average : 5.0257

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 7.60 %
GWO.PR.I Insurance Straight Quote: 18.75 – 24.20
Spot Rate : 5.4500
Average : 2.9707

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.10 %
BAM.PF.G FixedReset Disc Quote: 20.75 – 22.75
Spot Rate : 2.0000
Average : 1.3694

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.36 %
TD.PF.E FixedReset Disc Quote: 23.67 – 24.67
Spot Rate : 1.0000
Average : 0.6087

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 22.73
Evaluated at bid price : 23.67
Bid-YTW : 4.63 %
BAM.PR.X FixedReset Disc Quote: 18.00 – 19.24
Spot Rate : 1.2400
Average : 0.9160

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-15
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.08 %
CU.PR.I FixedReset Prem Quote: 25.60 – 26.50
Spot Rate : 0.9000
Average : 0.6149

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 3.78 %
Market Action

February 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 3.03 % 3.51 % 41,805 20.05 1 -0.0495 % 2,877.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5713 % 5,605.3
Floater 2.84 % 2.87 % 62,315 20.02 3 -0.5713 % 3,230.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0327 % 3,658.5
SplitShare 4.63 % 4.43 % 32,933 3.62 6 -0.0327 % 4,369.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0327 % 3,408.9
Perpetual-Premium 5.24 % -11.15 % 56,764 0.09 22 -0.2372 % 3,211.4
Perpetual-Discount 4.99 % 4.92 % 59,338 15.63 11 -3.2334 % 3,692.3
FixedReset Disc 3.98 % 4.39 % 117,764 16.36 44 -0.6373 % 2,821.8
Insurance Straight 4.99 % 4.76 % 88,115 15.49 18 0.9716 % 3,592.8
FloatingReset 2.72 % 3.09 % 51,945 19.45 2 -0.7659 % 2,944.7
FixedReset Prem 4.79 % 3.82 % 107,929 2.08 26 -0.1452 % 2,698.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.6373 % 2,884.4
FixedReset Ins Non 4.12 % 4.40 % 72,308 16.31 17 -0.1508 % 2,949.5
Performance Highlights
Issue Index Change Notes
BAM.PR.M Perpetual-Discount -23.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 6.51 %
BAM.PF.B FixedReset Disc -4.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 5.10 %
PWF.PR.K Perpetual-Discount -4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.22 %
BAM.PF.G FixedReset Disc -3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 21.72
Evaluated at bid price : 22.00
Bid-YTW : 5.04 %
BAM.PF.C Perpetual-Discount -2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.62
Evaluated at bid price : 23.90
Bid-YTW : 5.13 %
CU.PR.G Perpetual-Discount -2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.34
Evaluated at bid price : 23.60
Bid-YTW : 4.77 %
GWO.PR.Y Insurance Straight -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.66
Evaluated at bid price : 24.00
Bid-YTW : 4.73 %
TD.PF.C FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 22.45
Evaluated at bid price : 23.01
Bid-YTW : 4.38 %
TD.PF.J FixedReset Prem -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 24.46
Evaluated at bid price : 24.80
Bid-YTW : 4.58 %
BAM.PR.X FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 4.95 %
TRP.PR.E FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 4.97 %
BMO.PR.S FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 22.82
Evaluated at bid price : 23.47
Bid-YTW : 4.35 %
CM.PR.T FixedReset Prem -1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.10 %
BAM.PR.N Perpetual-Discount -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.20 %
TRP.PR.D FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.02 %
BAM.PF.E FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 21.40
Evaluated at bid price : 21.73
Bid-YTW : 4.91 %
PWF.PR.P FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.50 %
SLF.PR.C Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.22
Evaluated at bid price : 23.52
Bid-YTW : 4.78 %
PWF.PR.L Perpetual-Premium -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 24.55
Evaluated at bid price : 24.80
Bid-YTW : 5.17 %
GWO.PR.I Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 4.74 %
BAM.PR.T FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.87 %
MFC.PR.L FixedReset Ins Non -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 22.13
Evaluated at bid price : 22.43
Bid-YTW : 4.45 %
FTS.PR.H FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.42 %
BMO.PR.W FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 22.64
Evaluated at bid price : 23.30
Bid-YTW : 4.28 %
PWF.PR.T FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.36
Evaluated at bid price : 23.70
Bid-YTW : 4.43 %
BMO.PR.Y FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.01
Bid-YTW : 4.27 %
RY.PR.M FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.15
Bid-YTW : 3.97 %
CU.PR.E Perpetual-Premium 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 4.92 %
RY.PR.J FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.41
Bid-YTW : 3.96 %
BAM.PF.A FixedReset Prem 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.53
Evaluated at bid price : 24.60
Bid-YTW : 4.83 %
SLF.PR.D Insurance Straight 5.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 4.78 %
MFC.PR.B Insurance Straight 22.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.49
Evaluated at bid price : 23.76
Bid-YTW : 4.96 %
Volume Highlights
Issue Index Shares
Traded		 Notes
MFC.PR.R FixedReset Ins Non 174,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 25.26
Bid-YTW : 1.70 %
CM.PR.R FixedReset Prem 156,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : 3.32 %
TRP.PR.K FixedReset Prem 95,195 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 3.54 %
TD.PF.M FixedReset Prem 41,564 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 26.20
Bid-YTW : 3.16 %
TD.PF.I FixedReset Prem 33,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.21
Bid-YTW : 3.57 %
SLF.PR.J FloatingReset 32,477 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 2.39 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.M Perpetual-Discount Quote: 18.57 – 24.40
Spot Rate : 5.8300
Average : 3.1218

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 18.57
Evaluated at bid price : 18.57
Bid-YTW : 6.51 %
BAM.PF.B FixedReset Disc Quote: 22.01 – 23.64
Spot Rate : 1.6300
Average : 1.0473

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 21.60
Evaluated at bid price : 22.01
Bid-YTW : 5.10 %
PWF.PR.K Perpetual-Discount Quote: 23.85 – 24.85
Spot Rate : 1.0000
Average : 0.5880

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 5.22 %
BAM.PF.C Perpetual-Discount Quote: 23.90 – 24.85
Spot Rate : 0.9500
Average : 0.6083

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 23.62
Evaluated at bid price : 23.90
Bid-YTW : 5.13 %
BAM.PF.G FixedReset Disc Quote: 22.00 – 23.00
Spot Rate : 1.0000
Average : 0.6781

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 21.72
Evaluated at bid price : 22.00
Bid-YTW : 5.04 %
BAM.PR.N Perpetual-Discount Quote: 23.10 – 24.32
Spot Rate : 1.2200
Average : 0.9132

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-02-14
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.20 %