Market Action

April 6, 2022

PerpetualDiscounts now yield 5.36%, equivalent to 6.97% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.24%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened dramatically to 275bp from the 230bp reported March 30.

I’m not quite sure what to make of today’s collapse – volume was still fairly low and there were quite a few ‘disappearing bids’ in the not-very-good data supplied at great expense by the Toronto Exchange. While the yields of PerpetualDiscounts have unquestionably increased from the 5.19% recorded March 30, spreads on issues included in the PerpetualDiscount index that might be the ‘median’ issue used for measurement are in the 20bp range, mostly, so this week’s data point is not exactly of the most reliable quality.

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 3.32 % 3.88 % 26,574 19.47 1 -0.8781 % 2,733.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4000 % 5,209.0
Floater 3.30 % 3.37 % 41,132 18.85 4 -0.4000 % 3,002.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0199 % 3,624.2
SplitShare 4.63 % 4.46 % 52,022 3.52 6 0.0199 % 4,328.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0199 % 3,376.9
Perpetual-Premium 5.41 % 1.75 % 56,258 0.08 16 -0.4485 % 3,155.6
Perpetual-Discount 5.31 % 5.36 % 72,159 14.78 18 -1.7413 % 3,493.0
FixedReset Disc 4.27 % 5.30 % 127,409 15.16 49 -1.1190 % 2,690.7
Insurance Straight 5.37 % 5.30 % 87,836 14.91 20 -1.5752 % 3,341.2
FloatingReset 3.30 % 3.62 % 48,399 18.28 2 -0.5722 % 2,820.5
FixedReset Prem 4.82 % 4.12 % 138,296 1.96 19 -0.0434 % 2,678.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.1190 % 2,750.5
FixedReset Ins Non 4.30 % 5.35 % 84,255 15.06 15 -0.7231 % 2,793.1
Performance Highlights
Issue Index Change Notes
GWO.PR.Q Insurance Straight -14.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 6.15 %
CU.PR.D Perpetual-Discount -8.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.63 %
CU.PR.F Perpetual-Discount -5.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.43 %
TRP.PR.E FixedReset Disc -4.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 19.41
Evaluated at bid price : 19.41
Bid-YTW : 6.02 %
TD.PF.E FixedReset Disc -4.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.06
Evaluated at bid price : 22.50
Bid-YTW : 5.47 %
GWO.PR.T Insurance Straight -4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.28
Evaluated at bid price : 23.75
Bid-YTW : 5.44 %
IAF.PR.B Insurance Straight -3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.25 %
FTS.PR.M FixedReset Disc -3.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.66 %
SLF.PR.G FixedReset Ins Non -3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 5.44 %
BAM.PR.M Perpetual-Discount -3.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.45 %
BAM.PR.N Perpetual-Discount -3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.29
Evaluated at bid price : 21.56
Bid-YTW : 5.53 %
RY.PR.H FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.40
Evaluated at bid price : 21.73
Bid-YTW : 5.32 %
TRP.PR.D FixedReset Disc -3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 19.88
Evaluated at bid price : 19.88
Bid-YTW : 5.97 %
NA.PR.W FixedReset Disc -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.32 %
BAM.PF.C Perpetual-Discount -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.86
Evaluated at bid price : 22.10
Bid-YTW : 5.51 %
BAM.PF.D Perpetual-Discount -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.94
Evaluated at bid price : 22.20
Bid-YTW : 5.55 %
BMO.PR.W FixedReset Disc -2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 5.28 %
MFC.PR.K FixedReset Ins Non -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.51
Evaluated at bid price : 21.87
Bid-YTW : 5.37 %
NA.PR.S FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.50
Evaluated at bid price : 22.80
Bid-YTW : 5.21 %
BMO.PR.Y FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.40
Evaluated at bid price : 23.00
Bid-YTW : 5.21 %
MFC.PR.C Insurance Straight -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.28 %
RY.PR.M FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.92
Evaluated at bid price : 22.30
Bid-YTW : 5.26 %
CU.PR.C FixedReset Disc -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.12
Evaluated at bid price : 22.75
Bid-YTW : 5.38 %
CU.PR.J Perpetual-Discount -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.19
Evaluated at bid price : 22.55
Bid-YTW : 5.31 %
PWF.PR.T FixedReset Disc -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.64
Evaluated at bid price : 23.00
Bid-YTW : 5.25 %
TRP.PR.G FixedReset Disc -2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.94
Evaluated at bid price : 22.33
Bid-YTW : 5.60 %
TRP.PR.B FixedReset Disc -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 13.46
Evaluated at bid price : 13.46
Bid-YTW : 6.25 %
IFC.PR.A FixedReset Ins Non -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.41 %
SLF.PR.D Insurance Straight -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 5.25 %
SLF.PR.E Insurance Straight -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.30 %
FTS.PR.K FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.53 %
FTS.PR.H FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.58 %
FTS.PR.G FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.43 %
CM.PR.O FixedReset Disc -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.59
Evaluated at bid price : 22.00
Bid-YTW : 5.26 %
GWO.PR.H Insurance Straight -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 5.35 %
TD.PF.A FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.63
Evaluated at bid price : 22.06
Bid-YTW : 5.20 %
POW.PR.D Perpetual-Discount -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.43
Evaluated at bid price : 23.72
Bid-YTW : 5.28 %
SLF.PR.C Insurance Straight -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.27 %
GWO.PR.I Insurance Straight -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.27 %
GWO.PR.Y Insurance Straight -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 5.20 %
POW.PR.B Perpetual-Premium -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.47 %
CM.PR.Q FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.40
Evaluated at bid price : 23.00
Bid-YTW : 5.24 %
SLF.PR.J FloatingReset -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 3.00 %
GWO.PR.G Insurance Straight -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.70
Evaluated at bid price : 24.01
Bid-YTW : 5.44 %
IFC.PR.G FixedReset Ins Non -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.84
Evaluated at bid price : 23.33
Bid-YTW : 5.38 %
BIP.PR.F FixedReset Prem -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.56
Evaluated at bid price : 24.76
Bid-YTW : 5.39 %
BMO.PR.F FixedReset Prem -1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 4.12 %
BAM.PR.C Floater -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 3.39 %
PWF.PR.K Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.15
Evaluated at bid price : 23.45
Bid-YTW : 5.36 %
IFC.PR.C FixedReset Disc -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.66
Evaluated at bid price : 22.00
Bid-YTW : 5.37 %
GWO.PR.R Insurance Straight -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.29 %
FTS.PR.F Perpetual-Discount -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.15 %
POW.PR.A Perpetual-Premium -1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-06
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 3.95 %
MFC.PR.N FixedReset Ins Non -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.46 %
TRP.PR.C FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 14.58
Evaluated at bid price : 14.58
Bid-YTW : 6.08 %
IFC.PR.E Insurance Straight -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.98
Evaluated at bid price : 24.27
Bid-YTW : 5.38 %
RY.PR.J FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.42
Evaluated at bid price : 23.00
Bid-YTW : 5.30 %
BAM.PF.B FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.70
Evaluated at bid price : 22.15
Bid-YTW : 5.69 %
BMO.PR.T FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.67
Evaluated at bid price : 22.11
Bid-YTW : 5.20 %
TD.PF.B FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.70
Evaluated at bid price : 22.16
Bid-YTW : 5.23 %
BIP.PR.A FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.38 %
EMA.PR.L Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.38 %
RY.PR.S FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.48
Evaluated at bid price : 24.65
Bid-YTW : 4.91 %
TRP.PR.A FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.02 %
CU.PR.I FixedReset Prem 1.60 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.17 %
BAM.PR.R FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.77 %
BAM.PF.I FixedReset Prem 2.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.59
Bid-YTW : 4.02 %
PWF.PR.S Perpetual-Discount 5.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.25 %
TD.PF.D FixedReset Disc 7.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.52
Evaluated at bid price : 23.20
Bid-YTW : 5.25 %
MFC.PR.B Insurance Straight 12.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.47
Evaluated at bid price : 21.73
Bid-YTW : 5.39 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.K FixedReset Prem 272,854 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 2.28 %
FTS.PR.F Perpetual-Discount 55,070 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.15 %
TD.PF.K FixedReset Disc 30,714 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 24.03
Evaluated at bid price : 24.38
Bid-YTW : 5.23 %
RY.PR.S FixedReset Disc 30,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 23.48
Evaluated at bid price : 24.65
Bid-YTW : 4.91 %
PWF.PR.E Perpetual-Premium 30,323 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-06
Maturity Price : 25.00
Evaluated at bid price : 25.34
Bid-YTW : 1.27 %
BAM.PF.F FixedReset Disc 26,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.17
Evaluated at bid price : 22.50
Bid-YTW : 5.74 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.Q Insurance Straight Quote: 21.12 – 24.76
Spot Rate : 3.6400
Average : 1.9798

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.12
Evaluated at bid price : 21.12
Bid-YTW : 6.15 %
TD.PF.E FixedReset Disc Quote: 22.50 – 24.25
Spot Rate : 1.7500
Average : 1.1427

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 22.06
Evaluated at bid price : 22.50
Bid-YTW : 5.47 %
CU.PR.D Perpetual-Discount Quote: 22.00 – 23.99
Spot Rate : 1.9900
Average : 1.3849

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.63 %
CU.PR.F Perpetual-Discount Quote: 21.00 – 22.25
Spot Rate : 1.2500
Average : 0.7088

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.43 %
RY.PR.M FixedReset Disc Quote: 22.30 – 23.60
Spot Rate : 1.3000
Average : 0.8041

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.92
Evaluated at bid price : 22.30
Bid-YTW : 5.26 %
MFC.PR.C Insurance Straight Quote: 21.50 – 22.49
Spot Rate : 0.9900
Average : 0.6276

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-06
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.28 %
Issue Comments

BEP.PR.K : “Potential Redemption”

In connection with its announcement of a new issue of 5.50% Straight Perpetuals, Brookfield Renewable Partners L.P. has announced (emphasis added):

Brookfield Renewable intends to use the net proceeds from this offering to finance and/or refinance investments made in renewable power generation assets or businesses and to support the development of clean energy technologies that constitute Eligible Investments, including the potential redemption of all or a portion of the Partnership’s Class A Preferred Limited Partnership Units, Series 11 on April 30, 2022.

BEP.PR.K is a FixedReset, 5.00%+382M500, that commenced trading 2017-2-14 after being announced 2017-2-7. Note that distributions on this security have been a mix of ordinary income and return of capital. It has been tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns.

Note that this is a ‘Potential Redemption’ only. Redemptions only become offical when a formal notice of redemption is issued.

Update, 2022-4-5-11:50pm: The company has announced (at 8:14pm, according to SEDAR):

that it intends to redeem all of its outstanding Class A Preferred Limited Partnership Units, Series 11 (the “Series 11 Preferred Units”) (TSX: BEP.PR.K) for cash on April 30, 2022. The redemption price for each Series 11 Preferred Unit will be C$25.00. Holders of Series 11 Preferred Units of record as of April 14, 2022 will receive the previously declared final quarterly distribution of C$0.3125 per Series 11 Preferred Unit.

I will leave it to the lawyers to argue about the meaning of “intends” as opposed to “potential”.

New Issues

New Issue: BEP Straight Perpetual, 5.50%

Brookfield Renewable Partners L.P. has announced:

that it has agreed to issue 5,000,000 5.50% Cumulative Perpetual Class A Preferred Limited Partnership Units, Series 18 (the “Series 18 Preferred Units”) on a bought deal basis to a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets, National Bank Financial Inc., RBC Capital Markets, Scotiabank and TD Securities Inc. for distribution to the public. The Series 18 Preferred Units will be issued at a price of C$25.00 per unit, for gross proceeds of C$125,000,000.

Holders of the Series 18 Preferred Units will be entitled to receive a fixed cumulative quarterly distribution yielding 5.50% annually. The Series 18 Preferred Units will be redeemable by Brookfield Renewable on and after April 30, 2027.

Brookfield Renewable has granted the underwriters an option, exercisable until 48 hours prior to closing, to purchase up to an additional 1,000,000 Series 18 Preferred Units which, if exercised, would increase the gross offering size to C$150,000,000.

The Series 18 Preferred Units will be offered in all provinces and territories of Canada by way of a prospectus supplement to Brookfield Renewable’s existing Canadian short form base shelf prospectus dated August 20, 2021. Once filed, the prospectus supplement will be available on Brookfield Renewable’s profile on SEDAR at www.sedar.com. The Series 18 Preferred Units may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.

Brookfield Renewable intends to use the net proceeds from this offering to finance and/or refinance investments made in renewable power generation assets or businesses and to support the development of clean energy technologies that constitute Eligible Investments, including the potential redemption of all or a portion of the Partnership’s Class A Preferred Limited Partnership Units, Series 11 on April 30, 2022.

The offering of Series 18 Preferred Units is expected to close on or about April 14, 2022.

I haven’t seen the prospectus supplement yet, but prospective purchasers should bear in mind that the distributions from these Preferred Units will almost certainly be relatively complex. See the BEP tax information page and especially the link to the 2021 Canadian Taxable Income Calculation (Preferred) MS-Excel spreadsheet at the bottom of this page.

Market Action

April 5, 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 3.28 % 3.83 % 25,710 19.53 1 -1.9747 % 2,757.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5018 % 5,229.9
Floater 3.29 % 3.34 % 41,496 18.92 4 -0.5018 % 3,014.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,623.4
SplitShare 4.63 % 4.49 % 53,859 3.52 6 0.0000 % 4,327.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0000 % 3,376.2
Perpetual-Premium 5.39 % -4.16 % 53,950 0.09 16 -0.1806 % 3,169.8
Perpetual-Discount 5.22 % 5.26 % 70,487 15.00 18 -0.4579 % 3,554.9
FixedReset Disc 4.22 % 5.21 % 126,562 15.29 49 -0.7420 % 2,721.2
Insurance Straight 5.28 % 5.21 % 82,752 15.10 20 -1.0343 % 3,394.6
FloatingReset 3.28 % 3.63 % 45,998 18.26 2 -0.3137 % 2,836.7
FixedReset Prem 4.81 % 4.10 % 140,098 1.94 19 -0.2332 % 2,679.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7420 % 2,781.6
FixedReset Ins Non 4.27 % 5.25 % 81,010 15.10 15 -1.3715 % 2,813.4
Performance Highlights
Issue Index Change Notes
MFC.PR.B Insurance Straight -14.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.07 %
TD.PF.D FixedReset Disc -9.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.27
Evaluated at bid price : 21.56
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount -6.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.55 %
MFC.PR.M FixedReset Ins Non -4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 5.55 %
MFC.PR.L FixedReset Ins Non -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 5.43 %
CU.PR.G Perpetual-Discount -3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.30 %
BAM.PF.F FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.20
Evaluated at bid price : 22.54
Bid-YTW : 5.73 %
CU.PR.I FixedReset Prem -2.42 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.65 %
MFC.PR.K FixedReset Ins Non -2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.90
Evaluated at bid price : 22.45
Bid-YTW : 5.21 %
MFC.PR.N FixedReset Ins Non -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.39 %
EMA.PR.L Perpetual-Discount -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.56
Evaluated at bid price : 21.87
Bid-YTW : 5.32 %
NA.PR.W FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.88
Evaluated at bid price : 22.15
Bid-YTW : 5.15 %
TRP.PR.A FixedReset Disc -2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 17.53
Evaluated at bid price : 17.53
Bid-YTW : 6.09 %
SLF.PR.C Insurance Straight -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.17 %
BAM.PR.E Ratchet -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 25.00
Evaluated at bid price : 19.36
Bid-YTW : 3.83 %
BAM.PF.E FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.85 %
ELF.PR.F Perpetual-Discount -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.84
Evaluated at bid price : 24.09
Bid-YTW : 5.51 %
GWO.PR.G Insurance Straight -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 24.09
Evaluated at bid price : 24.35
Bid-YTW : 5.36 %
SLF.PR.E Insurance Straight -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.57
Evaluated at bid price : 21.83
Bid-YTW : 5.17 %
IFC.PR.A FixedReset Ins Non -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.30 %
TRP.PR.C FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 6.02 %
PVS.PR.F SplitShare -1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 4.26 %
RY.PR.S FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.37
Evaluated at bid price : 24.40
Bid-YTW : 4.97 %
BAM.PF.G FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.79
Evaluated at bid price : 22.08
Bid-YTW : 5.60 %
BAM.PF.B FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.11
Evaluated at bid price : 22.40
Bid-YTW : 5.63 %
BAM.PR.R FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 5.86 %
MFC.PR.C Insurance Straight -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.13 %
IFC.PR.G FixedReset Ins Non -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.17
Evaluated at bid price : 23.66
Bid-YTW : 5.31 %
IFC.PR.E Insurance Straight -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 24.26
Evaluated at bid price : 24.55
Bid-YTW : 5.32 %
RY.PR.J FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.58
Evaluated at bid price : 23.26
Bid-YTW : 5.24 %
MFC.PR.Q FixedReset Ins Non -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.68
Evaluated at bid price : 24.15
Bid-YTW : 5.20 %
MFC.PR.J FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.64
Evaluated at bid price : 24.18
Bid-YTW : 5.25 %
CM.PR.Q FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.60
Evaluated at bid price : 23.35
Bid-YTW : 5.15 %
BMO.PR.W FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.07
Evaluated at bid price : 22.38
Bid-YTW : 5.14 %
CU.PR.H Perpetual-Premium -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 5.30 %
TD.PF.C FixedReset Disc -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.00
Evaluated at bid price : 22.31
Bid-YTW : 5.19 %
FTS.PR.M FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.97
Evaluated at bid price : 22.25
Bid-YTW : 5.43 %
TD.PF.E FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.68
Evaluated at bid price : 23.55
Bid-YTW : 5.21 %
SLF.PR.D Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.51
Evaluated at bid price : 21.77
Bid-YTW : 5.13 %
RY.PR.Z FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 22.26
Evaluated at bid price : 22.57
Bid-YTW : 5.10 %
BMO.PR.E FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.55
Evaluated at bid price : 24.65
Bid-YTW : 5.20 %
BIP.PR.A FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 5.03 %
PWF.PR.T FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.18
Evaluated at bid price : 23.55
Bid-YTW : 5.12 %
PWF.PR.P FixedReset Disc 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 5.63 %
TRP.PR.E FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.73 %
GWO.PR.Y Insurance Straight 4.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.75
Evaluated at bid price : 22.05
Bid-YTW : 5.12 %
CU.PR.D Perpetual-Discount 9.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 5.14 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.C FixedReset Prem 264,379 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.14
Bid-YTW : 3.92 %
MFC.PR.J FixedReset Ins Non 112,205 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 23.64
Evaluated at bid price : 24.18
Bid-YTW : 5.25 %
MFC.PR.B Insurance Straight 56,241 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.07 %
IAF.PR.G FixedReset Ins Non 46,140 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 24.04
Evaluated at bid price : 24.85
Bid-YTW : 5.35 %
TRP.PR.K FixedReset Prem 32,192 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 2.24 %
CU.PR.I FixedReset Prem 30,260 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.65 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.B Insurance Straight Quote: 19.35 – 22.45
Spot Rate : 3.1000
Average : 1.7023

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.07 %
TD.PF.D FixedReset Disc Quote: 21.56 – 24.00
Spot Rate : 2.4400
Average : 1.3668

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.27
Evaluated at bid price : 21.56
Bid-YTW : 5.67 %
PWF.PR.S Perpetual-Discount Quote: 22.00 – 23.89
Spot Rate : 1.8900
Average : 1.1454

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.55 %
BIP.PR.A FixedReset Disc Quote: 24.25 – 25.80
Spot Rate : 1.5500
Average : 1.0214

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 5.03 %
MFC.PR.L FixedReset Ins Non Quote: 21.03 – 22.20
Spot Rate : 1.1700
Average : 0.7233

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 5.43 %
CU.PR.G Perpetual-Discount Quote: 21.50 – 22.50
Spot Rate : 1.0000
Average : 0.6112

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-05
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.30 %
Market Action

April 4, 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 3.21 % 3.72 % 25,763 19.67 1 0.0000 % 2,813.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.0173 % 5,256.3
Floater 3.27 % 3.34 % 43,209 18.92 4 -0.0173 % 3,029.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1389 % 3,623.4
SplitShare 4.63 % 4.57 % 55,981 3.53 6 -0.1389 % 4,327.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1389 % 3,376.2
Perpetual-Premium 5.38 % -7.58 % 54,019 0.08 16 -0.1161 % 3,175.5
Perpetual-Discount 5.20 % 5.25 % 70,952 15.07 18 -0.6573 % 3,571.2
FixedReset Disc 4.19 % 5.19 % 127,209 15.10 49 -0.2148 % 2,741.5
Insurance Straight 5.23 % 5.18 % 82,831 15.10 20 -0.3247 % 3,430.1
FloatingReset 3.27 % 3.63 % 45,276 18.27 2 0.3722 % 2,845.7
FixedReset Prem 4.80 % 3.97 % 142,116 1.66 19 -0.4008 % 2,686.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.2148 % 2,802.4
FixedReset Ins Non 4.21 % 5.20 % 80,805 15.28 15 -0.5516 % 2,852.5
Performance Highlights
Issue Index Change Notes
GWO.PR.Y Insurance Straight -7.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.39 %
CU.PR.D Perpetual-Discount -5.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.63 %
IFC.PR.C FixedReset Disc -3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 21.80
Evaluated at bid price : 22.20
Bid-YTW : 5.31 %
TRP.PR.E FixedReset Disc -2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 19.86
Evaluated at bid price : 19.86
Bid-YTW : 5.88 %
CU.PR.E Perpetual-Discount -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 23.20
Evaluated at bid price : 23.50
Bid-YTW : 5.26 %
SLF.PR.H FixedReset Ins Non -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.08 %
BAM.PR.R FixedReset Disc -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.77 %
PWF.PR.L Perpetual-Discount -2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.38 %
MFC.PR.M FixedReset Ins Non -1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 22.00
Evaluated at bid price : 22.30
Bid-YTW : 5.27 %
SLF.PR.G FixedReset Ins Non -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 5.25 %
BIP.PR.F FixedReset Prem -1.54 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 5.13 %
IFC.PR.G FixedReset Ins Non -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 23.55
Evaluated at bid price : 24.02
Bid-YTW : 5.23 %
PWF.PR.Z Perpetual-Premium -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 24.22
Evaluated at bid price : 24.51
Bid-YTW : 5.33 %
BAM.PF.B FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 22.44
Evaluated at bid price : 22.76
Bid-YTW : 5.54 %
BAM.PF.I FixedReset Prem -1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 26.23
Bid-YTW : 4.32 %
FTS.PR.K FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.38 %
NA.PR.S FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 23.14
Evaluated at bid price : 23.46
Bid-YTW : 5.06 %
MFC.PR.B Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 22.48
Evaluated at bid price : 22.74
Bid-YTW : 5.14 %
BAM.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.56 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 251,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 22.19
Evaluated at bid price : 22.55
Bid-YTW : 5.09 %
FTS.PR.K FixedReset Disc 81,502 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.38 %
TD.PF.M FixedReset Prem 48,516 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.86
Bid-YTW : 3.97 %
MFC.PR.Q FixedReset Ins Non 45,965 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 24.09
Evaluated at bid price : 24.50
Bid-YTW : 5.12 %
TD.PF.E FixedReset Disc 26,290 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 4.92 %
BMO.PR.Y FixedReset Disc 25,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 23.81
Bid-YTW : 4.71 %
There were 8 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.D Perpetual-Discount Quote: 22.00 – 24.28
Spot Rate : 2.2800
Average : 1.5016

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.63 %
GWO.PR.Y Insurance Straight Quote: 21.01 – 23.00
Spot Rate : 1.9900
Average : 1.2453

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.39 %
IFC.PR.C FixedReset Disc Quote: 22.20 – 23.20
Spot Rate : 1.0000
Average : 0.5875

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 21.80
Evaluated at bid price : 22.20
Bid-YTW : 5.31 %
PWF.PR.L Perpetual-Discount Quote: 24.10 – 24.89
Spot Rate : 0.7900
Average : 0.4681

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 23.85
Evaluated at bid price : 24.10
Bid-YTW : 5.38 %
MFC.PR.M FixedReset Ins Non Quote: 22.30 – 23.13
Spot Rate : 0.8300
Average : 0.5525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 22.00
Evaluated at bid price : 22.30
Bid-YTW : 5.27 %
BAM.PR.R FixedReset Disc Quote: 19.15 – 19.79
Spot Rate : 0.6400
Average : 0.4358

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-04
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.77 %
MAPF

MAPF Performance: March, 2022

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close March 31, 2022, was $10.5040 after a dividend distribution of 0.102129.

Returns to March 31, 2022
Period MAPF TXPR*
Total Return		 CPD – according to Blackrock
One Month +0.67% -0.27% N/A
Three Months -1.28% -2.53% N/A
One Year +13.32% +6.88% +6.30%
Two Years (annualized) +44.14% +26.47% N/A
Three Years (annualized) +13.34% +8.12% +7.49%
Four Years (annualized) +5.86% +4.19% N/A
Five Years (annualized) +7.31% +4.45% +3.86%
Six Years (annualized) +11.17% +7.17% N/A
Seven Years (annualized) +5.88% +3.57% N/A
Eight Years (annualized) +5.42% +2.98% N/A
Nine Years (annualized) +4.66% +2.38% N/A
Ten Years (annualized) +5.20% +2.80% +2.30%
Eleven Years (annualized) +4.91% +2.96%  
Twelve Years (annualized) +6.31% +3.64%  
Thirteen Years (annualized) +8.92% +4.96%  
Fourteen Years (annualized) +8.83% +3.49%  
Fifteen Years (annualized) +8.10%    
Sixteen Years (annualized) +7.94%    
Seventeen Years (annualized) +7.93%    
Eighteen Years (annualized) +7.82%    
Nineteen Years (annualized) +9.32%    
Twenty Years (annualized) +8.64%    
Twenty-One Years (annualized) +8.98%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are -0.27%, -2.62% and +8.49%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +9.70%; five year is +5.65%; ten year is +3.85%

Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are -0.29%, -2.69% & +8.88%, respectively. Three year performance is +9.63%, five-year is +4.82%, ten year is +3.67%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are -0.32%, -2.66% and +9.05% for one-, three- and twelve months, respectively. Three year performance is +9.81%; five-year is +4.99%.

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +8.27% for the past twelve months. Two year performance is +30.54%, three year is +9.13%, five year is +4.58%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are -0.19%, -2.57% and +4.16% for the past one-, three- and twelve-months, respectively. Two year performance is +25.74%; three year is +6.09%; five-year is +1.67%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +5.75% for the past twelve months. The three-year figure is +7.86%; five years is +3.88%; ten-year is +2.62%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +0.1%, -2.4% and +9.8% for the past one, three and twelve months, respectively. Three year performance is +8.0%, five-year is +3.9%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are -0.27%, -2.77% and +6.61% for the past one, three and twelve months, respectively. Two year performance is +25.28%, three-year is +6.92%, five-year is +2.95%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are -0.05%, -2.57% and +8.11% for the past one, three and twelve months, respectively. Three-year performance is +8.88%; five-year is +4.30%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are 0.0%, -2.3% and +10.2% for the past one, three and twelve months, respectively. Three-year performance is +10.7%; five-year is +5.6%

It was a wild month, with the five-year Canada yield (“GOC-5”) shooting up from 1.67% at February month-end to 2.44% at March month-end. I commented on March 25 regarding just how unusual it was to see such a fast ascent.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) has been narrowing significantly lately, and now stands at about 230bp:

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly from its 2021-11-10 low of 344bp to its current level of 432bp …

…while at the same time the spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to 1bp from its 2021-7-28 level of 170bp.

There is no significant correlation between the Issue Reset Spread and 1-month performance for discounted FixedResets:

Recent fine performance from issues resetting in the near future (e.g., CU.PR.C, +5.11%; BAM.PR.X, +3.25%) led me to take a look at performance vs. term-to-reset:

…but there is no significant correlation.

So, although the overall spreads between FixedReset (Discounts) and other security classes appear to be reasonably general, there is not much meaningful detail available that would help to explain the phenomenon.

Calculation of MAPF Sustainable Income Per Unit
Month NAVPU Portfolio
Average
YTW		 Leverage
Divisor		 Securities
Average
YTW		 Capital
Gains
Multiplier		 Sustainable
Income
per
current
Unit
June, 2007 9.3114 5.16% 1.03 5.01% 1.3240 0.3524
September 9.1489 5.35% 0.98 5.46% 1.3240 0.3773
December, 2007 9.0070 5.53% 0.942 5.87% 1.3240 0.3993
March, 2008 8.8512 6.17% 1.047 5.89% 1.3240 0.3938
June 8.3419 6.034% 0.952 6.338% 1.3240 $0.3993
September 8.1886 7.108% 0.969 7.335% 1.3240 $0.4537
December, 2008 8.0464 9.24% 1.008 9.166% 1.3240 $0.5571
March 2009 $8.8317 8.60% 0.995 8.802% 1.3240 $0.5872
June 10.9846 7.05% 0.999 7.057% 1.3240 $0.5855
September 12.3462 6.03% 0.998 6.042% 1.3240 $0.5634
December 2009 10.5662 5.74% 0.981 5.851% 1.1141 $0.5549
March 2010 10.2497 6.03% 0.992 6.079% 1.1141 $0.5593
June 10.5770 5.96% 0.996 5.984% 1.1141 $0.5681
September 11.3901 5.43% 0.980 5.540% 1.1141 $0.5664
December 2010 10.7659 5.37% 0.993 5.408% 1.0298 $0.5654
March, 2011 11.0560 6.00% 0.994 5.964% 1.0298 $0.6403
June 11.1194 5.87% 1.018 5.976% 1.0298 $0.6453
September 10.2709 6.10%
Note		 1.001 6.106% 1.0298 $0.6090
December, 2011 10.0793 5.63%
Note		 1.031 5.805% 1.0000 $0.5851
March, 2012 10.3944 5.13%
Note		 0.996 5.109% 1.0000 $0.5310
June 10.2151 5.32%
Note		 1.012 5.384% 1.0000 $0.5500
September 10.6703 4.61%
Note		 0.997 4.624% 1.0000 $0.4934
December, 2012 10.8307 4.24% 0.989 4.287% 1.0000 $0.4643
March, 2013 10.9033 3.87% 0.996 3.886% 1.0000 $0.4237
June 10.3261 4.81% 0.998 4.80% 1.0000 $0.4957
September 10.0296 5.62% 0.996 5.643% 1.0000 $0.5660
December, 2013 9.8717 6.02% 1.008 5.972% 1.0000 $0.5895
March, 2014 10.2233 5.55% 0.998 5.561% 1.0000 $0.5685
June 10.5877 5.09% 0.998 5.100% 1.0000 $0.5395
September 10.4601 5.28% 0.997 5.296% 1.0000 $0.5540
December, 2014 10.5701 4.83% 1.009 4.787% 1.0000 $0.5060
March, 2015 9.9573 4.99% 1.001 4.985% 1.0000 $0.4964
June, 2015 9.4181 5.55% 1.002 5.539% 1.0000 $0.5217
September 7.8140 6.98% 0.999 6.987% 1.0000 $0.5460
December, 2015 8.1379 6.85% 0.997 6.871% 1.0000 $0.5592
March, 2016 7.4416 7.79% 0.998 7.805% 1.0000 $0.5808
June 7.6704 7.67% 1.011 7.587% 1.0000 $0.5819
September 8.0590 7.35% 0.993 7.402% 1.0000 $0.5965
December, 2016 8.5844 7.24% 0.990 7.313% 1.0000 $0.6278
March, 2017 9.3984 6.26% 0.994 6.298% 1.0000 $0.5919
June 9.5313 6.41% 0.998 6.423% 1.0000 $0.6122
September 9.7129 6.56% 0.998 6.573% 1.0000 $0.6384
December, 2017 10.0566 6.06% 1.004 6.036% 1.0000 $0.6070
March, 2018 10.2701 6.22% 1.007 6.177% 1.0000 $0.6344
June 10.2518 6.22% 0.995 6.251% 1.0000 $0.6408
September 10.2965 6.62% 1.018 6.503% 1.0000 $0.6696
December, 2018 8.6875 7.16% 0.997 7.182% 1.0000 $0.6240
March, 2019 8.4778 7.09% 1.007 7.041% 1.0000 $0.5969
June 8.0896 7.33% 0.996 7.359% 1.0000 $0.5953
September 7.7948 7.96% 0.998 7.976% 1.0000 $0.6217
December, 2019 8.0900 6.03% 0.995 6.060% 1.0000 $0.4903
March 5.5596 7.04% 1.006 6.998% 1.0000 $0.3891
June 6.3568 6.10% 0.9900 6.162% 1.0000 $0.3917
September 7.2852 5.32% 1.00 5.320% 1.0000 $0.3876
December, 2020 8.3947 4.46% 0.999 4.464% 1.0000 $0.3747
March, 2021 9.6473 4.48% 0.996 4.498% 1.0000 $0.4339
June 10.3712 3.92% 0.985 3.980% 1.0000 $0.4127
September 10.7572 4.08% 1.017 4.012% 1.0000 $0.4316
December, 2021 10.7432 4.31% 0.999 4.314% 1.0000 $0.4635
March, 2022 10.5040 5.53% 1.004 5.508% 1.0000 $0.5786
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains.
Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00%
The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99
Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings.
The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested.
Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis.

The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks.

In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end GOC-5 3-Month Bill
September, 2015 0.78% 0.40%
December, 2015 0.71% 0.46%
March, 2016 0.70% 0.44%
June 0.57% 0.47%
September 0.58% 0.53%
December, 2016 1.16% 0.47%
March, 2017 1.08% 0.55%
June 1.35% 0.69%
September 1.79% 0.97%
December, 2017 1.83% 1.00%
March, 2018 2.06% 1.08%
June 1.95% 1.22%
September 2.33% 1.55%
December, 2018 1.88% 1.65%
March, 2019 1.46% 1.66%
June 1.34% 1.66%
September 1.41% 1.66%
December, 2019 1.68% 1.68%
March, 2020 0.57% 0.21%
June 0.37% 0.21%
September 0.35% 0.14%
December, 2020 0.42% 0.08%
March, 2021 0.94% 0.09%
June 0.93% 0.13%
September 1.07% 0.13%
December, 2021 1.31% 0.16%
March, 2022 2.44% 0.53%
MAPF

MAPF Portfolio Composition: March, 2022

Turnover declined to 5% in March. Market volumes have been very low for quite some time, having never really recovered from the usual summer decline.

Sectoral distribution of the MAPF portfolio on March 31, 2022 was as follows:

MAPF Sectoral Analysis 2022-3-31
HIMI Indices Sector Weighting YTW ModDur
Ratchet 0% N/A N/A
FixFloat 0% N/A N/A
Floater 0% N/A N/A
OpRet 0% N/A N/A
SplitShare 0% N/A N/A
Interest Rearing 0% N/A N/A
PerpetualPremium 0% N/A N/A
PerpetualDiscount 0% N/A N/A
Fixed-Reset Discount 48.0% 5.54% 15.04
Insurance – Straight 0% N/A N/A
FloatingReset 0% N/A N/A
FixedReset Premium 0% N/A N/A
FixedReset Bank non-NVCC 0% N/A N/A
FixedReset Insurance non-NVCC 30.2% 5.09% 15.93
Scraps – Ratchet 0% N/A N/A
Scraps – FixedFloater 0% N/A N/A
Scraps – Floater 0% N/A N/A
Scraps – OpRet 0% N/A N/A
Scraps – SplitShare 1.1% 5.98% 2.47
Scraps – PerpPrem 7.3% 5.41% 14.79
Scraps – PerpDisc 0% N/A N/A
Scraps – FR Discount 13.7% 6.36% 13.87
Scraps – Insurance Straight 0% N/A N/A
Scraps – FloatingReset 0% N/A N/A
Scraps – FR Premium 0% N/A N/A
Scraps – Bank non-NVCC 0% N/A N/A
Scraps – Ins non-NVCC 0% N/A N/A
Cash -0.4% 0.00% 0.00
Total 100% 5.53% 15.04
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers.

Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others.


The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of resettable instruments are performed assuming a constant GOC-5 rate of 2.44%, a constant 3-Month Bill rate of 0.53% and a constant Canada Prime Rate of 2.70%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2022-3-31
DBRS Rating MAPF Weighting
Pfd-1 0
Pfd-1(low) 0
Pfd-2(high) 46.9%
Pfd-2 9.0%
Pfd-2(low) 29.6%
Pfd-3(high) 3.2%
Pfd-3 6.0%
Pfd-3(low) 2.1%
Pfd-4(high) 3.5%
Pfd-4 0%
Pfd-4(low) 0%
Pfd-5(high) 0%
Pfd-5 0%
Cash -0.4%
Totals will not add precisely due to rounding.
A position held in INE.PR.A is not rated by DBRS nor by S&P, but has been included as “Pfd-4(high)” in the above table on the basis of its last S&P rating of P-4(high) and its BB rating from Fitch. A “BB” rating would normally map to Pfd-3, but the company’s disdain for the two major preferred share agencies makes me nervous.

Liquidity Distribution is:

MAPF Liquidity Analysis 2022-3-31
Average Daily Trading MAPF Weighting
<$50,000 34.4%
$50,000 – $100,000 44.9%
$100,000 – $200,000 7.7%
$200,000 – $300,000 11.0%
>$300,000 2.3%
Cash -0.4%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range MAPF Weight
<100bp 0%
100-149bp 21.5%
150-199bp 29.9%
200-249bp 28.7%
250-299bp 3.6%
300-349bp 2.1%
350-399bp 4.8%
400-449bp 1.3%
450-499bp 0%
500-549bp 0%
550-599bp 0%
>= 600bp 0%
Undefined 8.1%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range MAPF Weight
Currently Floating 0%
0-1 Year 20.4%
1-2 Years 5.0%
2-3 Years 13.6%
3-4 Years 32.7%
4-5 Years 21.2%
5-6 Years 0%
>6 Years 0%
Not Floating Rate 7.0%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus. This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

Issue Comments

TRP.PR.K To Be Redeemed

TC Energy Corporation has announced that it:

will redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 15 (Series 15 Shares) (TSX:TRP.PR.K) on May 31, 2022 (Redemption Date) at a price equal to $25.00 per share (Redemption Price) and provided notice today to the sole registered holder of the Series 15 Shares in accordance with their terms.

Subject to approval by our Board of Directors, the Company expects to declare a final quarterly dividend of $0.30625 per Series 15 Share, for the period up to but excluding May 31, 2022, payable on May 31, 2022 to shareholders of record on May 17, 2022. This would be the final dividend on the Series 15 Shares and, as the Redemption Date is also a dividend payment date, the Redemption Price will not include any accrued and unpaid dividends. Subsequent to the Redemption Date, the Series 15 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.

Non-registered holders of Series 15 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 15 Shares in which they hold a beneficial interest.

TRP.PR.K is a FixedReset, 4.90%+385M490, that commenced trading 2016-11-21 after being announced 2016-11-14. TC Energy announced in early March, 2022, that it was considering the redemption, which caused a certain amount of confusion. It has been tracked by HIMIPref™ and assigned to the FixedReset (Premium) subindex.

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

Market Action

April 1, 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 3.21 % 3.72 % 25,803 19.68 1 0.5089 % 2,813.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2585 % 5,257.2
Floater 3.34 % 3.34 % 60,640 18.88 3 -0.2585 % 3,029.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.4408 % 3,628.5
SplitShare 4.69 % 4.14 % 34,165 3.41 8 0.4408 % 4,333.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.4408 % 3,380.9
Perpetual-Premium 5.36 % -4.39 % 65,351 0.09 17 -0.1726 % 3,179.2
Perpetual-Discount 5.14 % 5.18 % 71,317 15.21 16 -0.0054 % 3,594.9
FixedReset Disc 4.12 % 5.18 % 122,328 15.14 45 -0.0643 % 2,747.4
Insurance Straight 5.21 % 5.14 % 92,057 15.13 18 -0.4007 % 3,441.3
FloatingReset 3.14 % 3.49 % 46,776 18.52 2 -0.7670 % 2,835.1
FixedReset Prem 4.79 % 3.90 % 148,751 2.03 23 -0.0256 % 2,696.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0643 % 2,808.4
FixedReset Ins Non 4.18 % 5.12 % 82,066 15.38 15 -0.4226 % 2,868.4
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -5.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 5.71 %
PWF.PR.T FixedReset Disc -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.69
Evaluated at bid price : 23.05
Bid-YTW : 5.20 %
BAM.PR.T FixedReset Disc -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.59 %
IFC.PR.A FixedReset Ins Non -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.12 %
MFC.PR.N FixedReset Ins Non -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 21.54
Evaluated at bid price : 21.93
Bid-YTW : 5.22 %
MFC.PR.B Insurance Straight -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.22
Evaluated at bid price : 22.50
Bid-YTW : 5.19 %
CU.PR.C FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.43
Evaluated at bid price : 23.30
Bid-YTW : 5.20 %
MFC.PR.C Insurance Straight -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 5.07 %
BAM.PR.X FixedReset Disc -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 5.80 %
SLF.PR.D Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.07 %
CM.PR.P FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 21.95
Evaluated at bid price : 22.25
Bid-YTW : 5.10 %
MFC.PR.J FixedReset Ins Non -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 24.02
Evaluated at bid price : 24.50
Bid-YTW : 5.15 %
MFC.PR.F FixedReset Ins Non -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 5.16 %
TRP.PR.F FloatingReset -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 3.49 %
GWO.PR.Y Insurance Straight 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.31
Evaluated at bid price : 22.60
Bid-YTW : 4.99 %
FTS.PR.K FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 5.40 %
TRP.PR.G FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.12
Evaluated at bid price : 22.60
Bid-YTW : 5.50 %
PVS.PR.I SplitShare 1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.14 %
TRP.PR.C FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 5.92 %
FTS.PR.M FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.18
Evaluated at bid price : 22.55
Bid-YTW : 5.32 %
PVS.PR.J SplitShare 2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 4.84 %
CU.PR.E Perpetual-Discount 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 5.14 %
TRP.PR.D FixedReset Disc 2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.71 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.A FixedReset Disc 130,415 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.19
Evaluated at bid price : 22.55
Bid-YTW : 5.06 %
CM.PR.Y FixedReset Prem 77,100 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 3.56 %
TRP.PR.K FixedReset Prem 63,700 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.22
Bid-YTW : 2.34 %
TD.PF.E FixedReset Disc 56,625 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 4.91 %
CM.PR.Q FixedReset Disc 43,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 4.79 %
IFC.PR.K Perpetual-Premium 23,670 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2031-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.09 %
There were 12 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: 15.75 – 17.00
Spot Rate : 1.2500
Average : 0.9289

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 5.71 %
PVS.PR.I SplitShare Quote: 25.60 – 26.60
Spot Rate : 1.0000
Average : 0.6946

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.14 %
PWF.PR.T FixedReset Disc Quote: 23.05 – 23.99
Spot Rate : 0.9400
Average : 0.6835

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.69
Evaluated at bid price : 23.05
Bid-YTW : 5.20 %
IFC.PR.A FixedReset Ins Non Quote: 20.30 – 21.24
Spot Rate : 0.9400
Average : 0.6972

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.12 %
BAM.PR.T FixedReset Disc Quote: 20.18 – 21.00
Spot Rate : 0.8200
Average : 0.5815

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.59 %
ELF.PR.G Perpetual-Discount Quote: 23.20 – 23.80
Spot Rate : 0.6000
Average : 0.3757

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-01
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.12 %
Market Action

March 31, 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 3.22 % 3.74 % 25,763 19.67 1 0.0000 % 2,799.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4485 % 5,270.8
Floater 3.33 % 3.33 % 62,855 18.91 3 0.4485 % 3,037.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.5909 % 3,612.6
SplitShare 4.71 % 4.55 % 32,074 3.41 8 -0.5909 % 4,314.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.5909 % 3,366.1
Perpetual-Premium 5.35 % -6.54 % 62,947 0.09 17 0.2689 % 3,184.7
Perpetual-Discount 5.14 % 5.15 % 70,621 15.17 16 -0.0349 % 3,595.1
FixedReset Disc 4.17 % 5.12 % 121,629 15.15 46 0.3196 % 2,749.2
Insurance Straight 5.19 % 5.06 % 93,353 15.14 18 -0.0936 % 3,455.1
FloatingReset 3.12 % 3.46 % 46,623 18.61 2 0.1993 % 2,857.0
FixedReset Prem 4.79 % 3.85 % 149,544 2.03 23 0.0990 % 2,697.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3196 % 2,810.2
FixedReset Ins Non 4.17 % 5.11 % 82,651 15.40 15 0.8063 % 2,880.5
Performance Highlights
Issue Index Change Notes
PVS.PR.J SplitShare -4.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.28 %
TRP.PR.C FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 5.99 %
SLF.PR.C Insurance Straight -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 21.81
Evaluated at bid price : 22.05
Bid-YTW : 5.06 %
SLF.PR.E Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.05
Evaluated at bid price : 22.28
Bid-YTW : 5.07 %
BAM.PR.R FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 5.65 %
TRP.PR.B FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.13 %
TD.PF.B FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.40
Evaluated at bid price : 22.81
Bid-YTW : 5.06 %
GWO.PR.T Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.91 %
PWF.PR.Z Perpetual-Premium 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 24.71
Evaluated at bid price : 25.00
Bid-YTW : 5.22 %
IAF.PR.I FixedReset Ins Non 1.22 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 5.01 %
CU.PR.C FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.61
Evaluated at bid price : 23.65
Bid-YTW : 5.11 %
MFC.PR.K FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.89
Evaluated at bid price : 23.32
Bid-YTW : 4.99 %
RY.PR.Z FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.69
Evaluated at bid price : 23.00
Bid-YTW : 4.97 %
SLF.PR.H FixedReset Ins Non 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 21.41
Evaluated at bid price : 21.41
Bid-YTW : 4.94 %
CU.PR.J Perpetual-Premium 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.91
Evaluated at bid price : 23.30
Bid-YTW : 5.13 %
TRP.PR.E FixedReset Disc 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 5.71 %
PWF.PR.T FixedReset Disc 3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 23.29
Evaluated at bid price : 23.65
Bid-YTW : 5.08 %
IFC.PR.A FixedReset Ins Non 3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.02 %
Volume Highlights
Issue Index Shares
Traded		 Notes
GWO.PR.Y Insurance Straight 225,918 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.04
Evaluated at bid price : 22.35
Bid-YTW : 5.04 %
NA.PR.C FixedReset Prem 144,897 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.42 %
TRP.PR.B FixedReset Disc 122,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 6.13 %
TRP.PR.A FixedReset Disc 117,396 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 5.93 %
CM.PR.R FixedReset Prem 100,166 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 3.05 %
TD.PF.C FixedReset Disc 85,548 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.24
Evaluated at bid price : 22.66
Bid-YTW : 5.08 %
There were 48 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.K Floater Quote: 14.18 – 15.50
Spot Rate : 1.3200
Average : 0.8219

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 14.18
Evaluated at bid price : 14.18
Bid-YTW : 3.33 %
PVS.PR.G SplitShare Quote: 25.30 – 26.30
Spot Rate : 1.0000
Average : 0.6042

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.68 %
PVS.PR.J SplitShare Quote: 24.00 – 25.00
Spot Rate : 1.0000
Average : 0.6155

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 5.28 %
CU.PR.J Perpetual-Premium Quote: 23.30 – 24.50
Spot Rate : 1.2000
Average : 0.8309

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.91
Evaluated at bid price : 23.30
Bid-YTW : 5.13 %
PVS.PR.F SplitShare Quote: 25.90 – 26.97
Spot Rate : 1.0700
Average : 0.7507

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-30
Maturity Price : 25.50
Evaluated at bid price : 25.90
Bid-YTW : 2.14 %
BAM.PF.G FixedReset Disc Quote: 22.41 – 23.50
Spot Rate : 1.0900
Average : 0.7968

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-03-31
Maturity Price : 22.03
Evaluated at bid price : 22.41
Bid-YTW : 5.47 %