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Archive for November, 2016

LBS.PR.A Upgraded to Pfd-3 By DBRS

Friday, November 25th, 2016

has today upgraded the rating on the Preferred Shares issued by Life & Banc Split Corp. (the Company) to Pfd-3. In October 2006, the Company raised gross proceeds of $300 million by issuing 12 million Preferred Shares at $10 each and an equal number of Class A Shares at $15 each. Since then, the Company has completed several additional treasury offerings. The redemption date for both classes of shares issued is November 29, 2018. The board of directors may extend the Company’s term and the shares by successive terms of up to five years, provided that shareholders are given an optional retraction right at the end of each successive term.
…
Although the performance of the Portfolio has experienced some volatility over the past year, the downside protection has shown a steady recovery in the last four months. It stands at 47.7% as of November 17, 2016. The dividend coverage ratio is about 1.1 times (x).

Update, 2016-11-28: Brompton press release.

Posted in Issue Comments | No Comments »

ENB.PF.I Firm On Excellent Volume

Thursday, November 24th, 2016

Enbridge Inc. has announced:

that it has closed its previously announced public offering of Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17 (the “Series 17 Preferred Shares”) by a syndicate of underwriters led by TD Securities Inc., CIBC Capital Markets, Scotiabank, and RBC Capital Markets. Enbridge issued 30 million Series 17 Preferred Shares for gross proceeds of $750 million. The Series 17 Preferred Shares will begin trading on the TSX today under the symbol ENB.PF.I. Proceeds are expected to be used to partially fund capital projects, to reduce existing indebtedness and for other general corporate purposes of the Company and its affiliates.

ENB.PF.I is a FixedReset 5.15%+414M515, announced November 15. It will be tracked by HIMIPref™ and has been added to the Scraps index due to credit concerns.

The issue traded 1,825,658 shares today in a range of 24.85-00 before closing at 24.95-96, 20×16. Vital statistics are:

ENB.PF.I

FixedReset

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-23
Maturity Price : 23.13
Evaluated at bid price : 24.95
Bid-YTW : 5.09 %

Posted in Issue Comments | No Comments »

New Issue: ECN FixedReset, 6.50%+544M650

Thursday, November 24th, 2016

ECN Capital Corp. has announced:

that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, CIBC World Markets, National Bank Financial, RBC Capital Markets and TD Securities. The underwriters have agreed to buy 4,000,000 Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $100,000,000. The proceeds are expected to be used to originate and finance, directly and indirectly, finance assets and for general corporate purposes.

ECN Capital has granted the underwriters an option to purchase at the offering price up to an additional 2,000,000 Series A Preferred Shares exercisable, in whole or in part, at any time up to 48 hours prior to closing of the offering. Should the option be fully exercised, the total gross proceeds of the Series A Preferred Share offering will be $150,000,000.
The Series A Preferred Shares will be issued to the public at a price of $25.00 per share and holders will be entitled to receive fixed cumulative preferential cash dividends, payable by quarterly installments for an initial period of five years, as and when declared by the Board of Directors of the Corporation, at a rate of $1.625 per share per annum, to yield 6.50% annually. Thereafter, the dividend rate will reset every five years to the sum of the then current 5-Year Government of Canada Bond yield and 5.44%, provided that, in any event, such sum shall not be less than 6.50%. On December 31, 2021, and on December 31 of every fifth year thereafter, the Corporation may redeem the Series A Preferred Shares in whole or in part at par.

Holders will have the right to elect to convert all or any of their Series A Preferred Shares into an equal number of Cumulative Floating Rate Preferred Shares, Series B (the “Series B Preferred Shares”) on December 31, 2021, and on December 31 of every fifth year thereafter. Holders of the Series B Preferred Shares will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of the Corporation, equal to the sum of the then current 3-month Government of Canada Treasury Bill yield and 5.44%. On December 31, 2026 and on December 31, of every fifth year thereafter (a “Series B Redemption Date”), the Corporation may redeem the Series B Preferred Shares in whole or in part at par. On any other date that is not a Series B Redemption Date after December 31, 2021, the Corporation may redeem the Series B Preferred Shares in whole or in part by the payment of $25.50 for each share to be redeemed.

The offering is being made only in the provinces of Canada by means of a prospectus supplement to the Corporation’s base shelf prospectus. The closing date of the offering is expected to be on or about December 2, 2016.

“We see growth opportunities in the North American specialty finance market that we believe can offer very attractive returns for a non-bank participant with sector expertise and an investment-grade balance sheet,” said Steven Hudson, ECN Capital’s CEO. “The proceeds from this Offering bring these growth opportunities closer to hand by adding to the capacity, quality and depth of our current capital structure,” added Mr. Hudson.

ECN Capital was formed when Element Financial Corporation was partitioned into EFN (Element Fleet Management Corp.) and ECN. EFN was quickly upgraded to Pfd-3(high) by DBRS.

This new issue from ECN has been rated Pfd-3(low) by DBRS:

DBRS, Inc. (DBRS) has today assigned a rating of Pfd-3 (low) to the C$100 million Cumulative Five-Year Minimum Reset Preferred Shares, Series A (the Preferred Shares) issued by ECN Capital Corporation (ECN or the Company). The trend on the Preferred Shares is Stable. The proceeds from the Preferred Shares will be included in the general funds of ECN and available for general corporate purposes.
…
While near-term upward ratings migration is unlikely, over the medium-term, ratings could be positively impacted by a successful execution on the “asset-lite” strategy while maintaining asset quality within expectations and balance sheet leverage at current levels. Sustained earnings expansion that is supported by a more balanced mix of revenues would also be viewed positively by DBRS. A more balanced funding profile and lower asset encumbrance resulting in improved financial flexibility would be viewed favorably. Conversely, a noteworthy increase in leverage, sustained deterioration in operating performance, or indications of miss-steps in the execution of the “asset-lite” strategy evidenced by loss of key customers or operational-related charges could result in negative ratings pressure. Ratings could also be pressured by a material acquisition that DBRS views as outside of ECN’s core verticals and capabilities.

Posted in New Issues | 2 Comments »

MFC.PR.R Soft On Decent Volume

Wednesday, November 23rd, 2016

Manulife Financial Corporation has announced:

that it has completed its offering of 19 million Non-cumulative Rate Reset Class 1 Shares Series 23 (the “Series 23 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $475 million.

The offering was underwritten by a syndicate of investment dealers co-led by RBC Capital Markets, BMO Capital Markets and Scotiabank. The Series 23 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.R.

The Series 23 Preferred Shares were issued under a prospectus supplement dated November 15, 2016 to Manulife’s short form base shelf prospectus dated December 17, 2015.

MFC.PR.R is a FixedReset, 4.85%+383, announced November 14. The issue will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex.

As this issue is from an insurer and there is no provision for conversion into common shares at the option of the issuer, I consider this to be subject to my Deemed Retraction policy; accordingly I have placed a maturity entry dated 2025-1-31 at par in the call schedule of this instrument for analytical purposes. Note that this approach is due to analysis and there is no contractual provision in the terms of issue for any such maturity.

The issue traded 989,738 shares today in a range of 24.68-90 before closing at 24.84-89, 5×74. Vital statistics are:

MFC.PR.R

FixedReset

Not Calc!

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.84
Bid-YTW : 4.96 %

Implied Volatility analysis suggests the issue is rich relative to its peers – the theoretical price is 23.95.

Click for Big

Posted in Issue Comments | No Comments »

November 22, 2016

Wednesday, November 23rd, 2016

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0910 %	1,744.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0910 %	3,186.7
Floater	4.30 %	4.47 %	48,723	16.42	4	0.0910 %	1,836.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.1197 %	2,910.3
SplitShare	4.85 %	4.27 %	49,154	2.03	6	0.1197 %	3,475.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1197 %	2,711.8
Perpetual-Premium	5.44 %	5.05 %	79,810	14.37	23	0.0750 %	2,661.2
Perpetual-Discount	5.39 %	5.39 %	92,001	14.82	15	-0.3115 %	2,777.8
FixedReset	4.90 %	4.63 %	209,073	6.84	96	0.2857 %	2,079.5
Deemed-Retractible	5.13 %	5.53 %	138,702	6.48	32	-0.1763 %	2,756.4
FloatingReset	2.87 %	3.59 %	40,554	4.87	12	0.0467 %	2,307.1

Performance Highlights
Issue	Index	Change	Notes
FTS.PR.H	FixedReset	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 4.49 %
MFC.PR.M	FixedReset	-1.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.43 Bid-YTW : 8.00 %
MFC.PR.N	FixedReset	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.52 Bid-YTW : 7.86 %
PWF.PR.S	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 22.15 Evaluated at bid price : 22.43 Bid-YTW : 5.39 %
BAM.PF.A	FixedReset	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 5.15 %
BAM.PF.E	FixedReset	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 4.87 %
BAM.PF.F	FixedReset	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 4.87 %
BMO.PR.S	FixedReset	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 4.40 %
HSE.PR.C	FixedReset	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 20.19 Evaluated at bid price : 20.19 Bid-YTW : 5.26 %
BAM.PR.T	FixedReset	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 16.29 Evaluated at bid price : 16.29 Bid-YTW : 5.19 %
BAM.PF.B	FixedReset	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 18.18 Evaluated at bid price : 18.18 Bid-YTW : 5.17 %
SLF.PR.H	FixedReset	1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.73 Bid-YTW : 8.80 %
BAM.PF.G	FixedReset	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 4.81 %
HSE.PR.E	FixedReset	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.27 %
PVS.PR.E	SplitShare	1.71 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 5.07 %
SLF.PR.G	FixedReset	2.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.50 Bid-YTW : 10.07 %
HSE.PR.A	FixedReset	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 12.48 Evaluated at bid price : 12.48 Bid-YTW : 5.36 %
HSE.PR.G	FixedReset	2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 21.85 Evaluated at bid price : 22.20 Bid-YTW : 5.15 %
GWO.PR.N	FixedReset	2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.76 Bid-YTW : 10.67 %
BAM.PR.X	FixedReset	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 14.58 Evaluated at bid price : 14.58 Bid-YTW : 4.95 %
BAM.PR.R	FixedReset	3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 16.63 Evaluated at bid price : 16.63 Bid-YTW : 4.90 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.R	FixedReset	989,738	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.84 Bid-YTW : 4.96 %
TRP.PR.K	FixedReset	762,444	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 23.07 Evaluated at bid price : 24.81 Bid-YTW : 4.86 %
BAM.PF.I	FixedReset	479,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 23.12 Evaluated at bid price : 24.94 Bid-YTW : 4.75 %
TRP.PR.D	FixedReset	223,212	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 4.87 %
TD.PF.H	FixedReset	143,073	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.56 %
BMO.PR.B	FixedReset	140,258	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.43 Bid-YTW : 4.60 %
TRP.PR.H	FloatingReset	136,441	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-22 Maturity Price : 11.01 Evaluated at bid price : 11.01 Bid-YTW : 4.11 %
BAM.PF.H	FixedReset	128,988	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.79 Bid-YTW : 4.37 %
There were 62 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.D	FloatingReset	Quote: 19.30 – 22.50 Spot Rate : 3.2000 Average : 3.0654 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 6.95 %
IFC.PR.A	FixedReset	Quote: 15.81 – 16.32 Spot Rate : 0.5100 Average : 0.3818 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.81 Bid-YTW : 9.75 %
IFC.PR.C	FixedReset	Quote: 19.30 – 19.60 Spot Rate : 0.3000 Average : 0.1902 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 7.30 %
IGM.PR.B	Perpetual-Premium	Quote: 25.31 – 25.65 Spot Rate : 0.3400 Average : 0.2439 YTW SCENARIO Maturity Type : Call Maturity Date : 2018-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.48 %
NA.PR.X	FixedReset	Quote: 26.27 – 26.50 Spot Rate : 0.2300 Average : 0.1456 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.27 Bid-YTW : 4.39 %
PVS.PR.D	SplitShare	Quote: 24.53 – 24.86 Spot Rate : 0.3300 Average : 0.2458 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 24.53 Bid-YTW : 4.92 %

Posted in Market Action | No Comments »

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.J	FloatingReset	-1.67 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.57 Bid-YTW : 10.32 %
BAM.PF.E	FixedReset	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 19.78 Evaluated at bid price : 19.78 Bid-YTW : 4.75 %
MFC.PR.M	FixedReset	1.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.70 Bid-YTW : 7.80 %
SLF.PR.G	FixedReset	1.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.50 Bid-YTW : 9.95 %
TRP.PR.B	FixedReset	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 12.31 Evaluated at bid price : 12.31 Bid-YTW : 4.53 %
FTS.PR.K	FixedReset	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 4.52 %
BAM.PF.B	FixedReset	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 5.04 %
MFC.PR.F	FixedReset	1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.50 Bid-YTW : 10.91 %
BAM.PR.X	FixedReset	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 14.99 Evaluated at bid price : 14.99 Bid-YTW : 4.80 %
GWO.PR.N	FixedReset	1.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.72 Bid-YTW : 10.74 %
FTS.PR.G	FixedReset	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 4.49 %
BAM.PR.T	FixedReset	3.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-29 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 4.97 %

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0452 %	1,754.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0452 %	3,205.5
Floater	4.27 %	4.43 %	47,422	16.49	4	0.0452 %	1,847.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.1090 %	2,917.6
SplitShare	4.84 %	4.40 %	51,006	2.01	6	0.1090 %	3,484.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1090 %	2,718.5
Perpetual-Premium	5.45 %	5.33 %	80,831	14.46	23	0.0332 %	2,653.1
Perpetual-Discount	5.40 %	5.37 %	95,655	14.80	15	0.2090 %	2,775.0
FixedReset	4.89 %	4.60 %	207,533	6.84	96	0.1017 %	2,087.1
Deemed-Retractible	5.14 %	5.52 %	137,603	6.42	32	0.2280 %	2,756.2
FloatingReset	2.88 %	3.84 %	42,302	4.85	12	0.0680 %	2,305.3

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.M	Deemed-Retractible	-1.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.74 %
GWO.PR.N	FixedReset	-1.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.51 Bid-YTW : 10.97 %
SLF.PR.E	Deemed-Retractible	1.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 6.73 %
SLF.PR.D	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.33 Bid-YTW : 6.79 %
SLF.PR.B	Deemed-Retractible	1.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.92 Bid-YTW : 6.08 %
MFC.PR.B	Deemed-Retractible	1.14 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.26 Bid-YTW : 6.39 %
FTS.PR.M	FixedReset	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-28 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 4.60 %
MFC.PR.C	Deemed-Retractible	1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.41 Bid-YTW : 6.82 %
RY.PR.M	FixedReset	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-28 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 4.46 %
RY.PR.J	FixedReset	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-28 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 4.52 %
SLF.PR.C	Deemed-Retractible	1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.37 Bid-YTW : 6.76 %
SLF.PR.K	FloatingReset	2.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.70 Bid-YTW : 8.33 %

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CCS.PR.C	Deemed-Retractible	Quote: 23.21 – 23.90 Spot Rate : 0.6900 Average : 0.4562 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.21 Bid-YTW : 6.30 %
MFC.PR.F	FixedReset	Quote: 13.33 – 13.69 Spot Rate : 0.3600 Average : 0.2571 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.33 Bid-YTW : 11.09 %
RY.PR.P	Perpetual-Premium	Quote: 25.31 – 25.60 Spot Rate : 0.2900 Average : 0.1896 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 5.11 %
GWO.PR.I	Deemed-Retractible	Quote: 21.73 – 21.98 Spot Rate : 0.2500 Average : 0.1593 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.73 Bid-YTW : 6.76 %
CU.PR.H	Perpetual-Premium	Quote: 24.69 – 25.04 Spot Rate : 0.3500 Average : 0.2624 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-11-28 Maturity Price : 24.29 Evaluated at bid price : 24.69 Bid-YTW : 5.33 %
MFC.PR.B	Deemed-Retractible	Quote: 22.26 – 22.52 Spot Rate : 0.2600 Average : 0.1782 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.26 Bid-YTW : 6.39 %

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.2267 %	1,753.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2267 %	3,204.1
Floater	4.27 %	4.43 %	47,986	16.49	4	0.2267 %	1,846.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0996 %	2,914.4
SplitShare	4.84 %	4.31 %	52,796	2.02	6	0.0996 %	3,480.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0996 %	2,715.5
Perpetual-Premium	5.45 %	5.11 %	83,871	14.49	23	-0.0594 %	2,652.2
Perpetual-Discount	5.41 %	5.38 %	91,371	14.80	15	-0.1014 %	2,769.2
FixedReset	4.89 %	4.62 %	207,550	6.80	96	0.0876 %	2,084.9
Deemed-Retractible	5.14 %	5.27 %	136,277	4.60	32	0.0651 %	2,749.9
FloatingReset	2.88 %	3.83 %	43,998	4.86	12	-0.2541 %	2,303.7

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Archive for November, 2016

November 29, 2016

November 28, 2016

November 25, 2016

LBS.PR.A Upgraded to Pfd-3 By DBRS

November 24, 2016

November 23, 2016

ENB.PF.I Firm On Excellent Volume

New Issue: ECN FixedReset, 6.50%+544M650

MFC.PR.R Soft On Decent Volume

November 22, 2016

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