June « 2018 « PrefBlog

Archive for June, 2018

ENS.PR.A Strong on Good Volume

Friday, June 29th, 2018

Middlefield Group, on behalf of E Split Corp. (the “Company”), is pleased to announce the Company has completed its initial public offering of 3,200,000 class A shares and 3,200,000 preferred shares for total gross proceeds of $80 million. The Class A and Preferred shares are listed on the Toronto Stock Exchange under the symbols ENS and ENS.PR.A, respectively.

The Company will invest in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing and natural gas distribution company.

The Company’s investment objectives for the:
Class A shares are to provide holders with:
(i) non-cumulative monthly cash distributions; and
(ii) the opportunity for capital appreciation through exposure to the portfolio
Preferred shares are to:
(i) provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii) return the original issue price of $10.00 to holders upon maturity.

The initial target distribution yield for the class A shares is 8% per annum based on the original subscription price (or $0.10 per month or $1.20 per annum).

The initial target distribution yield for the preferred shares is 5.25% per annum based on the original subscription price (or $0.13125 per quarter or $0.525 per annum).

Middlefield Capital Corporation, the advisor, will provide investment management advice to the Company.

The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and included BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Industrial Alliance Securities, Manulife Securities Incorporated, Desjardins Securities Inc., Mackie Research Capital Corporation, and Middlefield Capital Corporation.

ENS.PR.A is a Split-Share, 5.25%, 5-Year, that commenced marketing 2018-5-18. It will be tracked by HIMIPref™ but has been relegated to the Scraps subindex on credit concerns.

DBRS has assigned a rating of Pfd-3(high):

DBRS Limited (DBRS) finalized the provisional rating of Pfd-3 (high) assigned to the Preferred Shares issued by E Split Corp. (the Company). The Company issued an equal number (3,200,000) of the Preferred Shares and the Class A Shares at an issue price of $10.00 per Preferred Share and $15.00 per Class A Share. The Preferred Shares and the Class A Shares are issued on the basis that an equal number of Preferred Shares and Class A Shares are outstanding at all material times. Thus, one Preferred Share and one Class A Share will comprise one unit (the Unit). The Maturity Date will be on June 30, 2023. The term of the Company may be extended beyond the maturity date for additional terms of five years each as determined by the Company’s board of directors.
…
No distributions will be paid on the Class A Shares if (1) the distributions payable on the Preferred Shares are in arrears or (2) in respect of a cash distribution by the Company, the net asset value (NAV) per Unit is less than $15.00.

Net proceeds from the offering will be used to invest in a portfolio which will comprise primarily common shares of Enbridge Inc. (the Portfolio) in accordance with the Company’s investment objectives, strategy and restrictions. Up to 10% of the Portfolio may be invested in securities of any other issuer as determined by the manager.

Holders of the Preferred Shares are expected to benefit from a strong asset coverage of approximately 2.4 times (x) and sufficient dividend coverage of 2.4x. Based on the asset coverage, the net asset value of the Company after the issuance would have to fall by approximately 58% for the holders of the Preferred Shares to be in a loss position.

The issue traded 348,717 shares today in a range of 10.03-14 before closing at 10.14-15. Vital statistics are:

ENS.PR.A

SplitShare

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2023-06-30
Maturity Price : 10.00
Evaluated at bid price : 10.14
Bid-YTW : 4.96 %

Posted in Issue Comments | No Comments »

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.80%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 335bp, a slight (and perhaps spurious) narrowing from the 340bp reported June 20.

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	0.2794 %	2,989.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2794 %	5,485.9
Floater	3.36 %	3.57 %	73,393	18.35	4	0.2794 %	3,161.6
OpRet	0.00 %	0.00 %	0	0.00	0	0.1274 %	3,177.2
SplitShare	4.62 %	4.61 %	65,965	4.97	5	0.1274 %	3,794.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1274 %	2,960.4
Perpetual-Premium	5.61 %	-10.87 %	62,055	0.09	9	0.1089 %	2,894.3
Perpetual-Discount	5.36 %	5.51 %	62,194	14.62	26	0.2081 %	2,977.2
FixedReset	4.32 %	4.61 %	143,333	5.67	106	0.0639 %	2,535.0
Deemed-Retractible	5.15 %	5.77 %	71,316	5.53	27	0.3400 %	2,966.3
FloatingReset	3.05 %	3.72 %	34,192	3.42	9	0.0050 %	2,797.2

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.N	FixedReset	-1.57 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.80 Bid-YTW : 7.64 %
TRP.PR.C	FixedReset	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 17.69 Evaluated at bid price : 17.69 Bid-YTW : 4.75 %

Volume Highlights
Issue	Index	Shares Traded	Notes
EMA.PR.H	FixedReset	110,128	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 23.19 Evaluated at bid price : 25.10 Bid-YTW : 4.82 %
RY.PR.W	Perpetual-Discount	104,670	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 24.50 Evaluated at bid price : 24.75 Bid-YTW : 4.99 %
MFC.PR.N	FixedReset	74,441	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.25 Bid-YTW : 5.45 %
POW.PR.G	Perpetual-Premium	52,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-15 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.36 %
NA.PR.S	FixedReset	51,964	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 22.74 Evaluated at bid price : 23.32 Bid-YTW : 4.67 %
TRP.PR.K	FixedReset	44,336	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.47 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.Z	FixedReset	Quote: 24.60 – 24.85 Spot Rate : 0.2500 Average : 0.1841 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 23.06 Evaluated at bid price : 24.60 Bid-YTW : 4.86 %
PWF.PR.A	Floater	Quote: 21.25 – 21.54 Spot Rate : 0.2900 Average : 0.2248 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 2.86 %
PWF.PR.P	FixedReset	Quote: 19.28 – 19.49 Spot Rate : 0.2100 Average : 0.1556 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 4.42 %
TD.PF.F	Perpetual-Discount	Quote: 24.80 – 24.96 Spot Rate : 0.1600 Average : 0.1081 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 24.34 Evaluated at bid price : 24.80 Bid-YTW : 4.99 %
BAM.PF.C	Perpetual-Discount	Quote: 21.60 – 21.82 Spot Rate : 0.2200 Average : 0.1729 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-27 Maturity Price : 21.60 Evaluated at bid price : 21.60 Bid-YTW : 5.65 %
RY.PR.A	Deemed-Retractible	Quote: 25.18 – 25.33 Spot Rate : 0.1500 Average : 0.1039 YTW SCENARIO Maturity Type : Call Maturity Date : 2018-07-27 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 0.72 %

Posted in Market Action | No Comments »

June 26, 2018

Tuesday, June 26th, 2018

I’ve never really understood the stock market excitement about marijuana. Sure, there will be some good money to be made in branding and retailing, but at its core the business is about farming. Now it’s even more about farming:

However, new regulations the federal government is expected to unveil this week will open the door to commercial outdoor cultivation. While it is too late in the production cycle in most of the country to start outdoor cultivation this year, the new rules will be in place for next year’s production season.

“Our decision to allow outdoor grow under strict rules is the result of extensive consultations and will contribute to creating a diverse and competitive legal cannabis industry with the ultimate goal of displacing the illegal market,” said Thierry Bélair, a spokesman for Health Minister Ginette Petitpas Taylor.

Nothing wrong with farming and a lot of people earn their daily bread by farming … but it’s not a business that gushes money. Now, if we can only convince the politicians that it cannot be infinitely taxed, we might even be able to squeeze organized crime out of the picture.

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	0.0979 %	2,981.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0979 %	5,470.6
Floater	3.37 %	3.58 %	75,337	18.33	4	0.0979 %	3,152.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.1755 %	3,173.1
SplitShare	4.63 %	4.61 %	66,035	4.97	5	0.1755 %	3,789.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1755 %	2,956.6
Perpetual-Premium	5.62 %	-8.11 %	61,856	0.09	9	0.0785 %	2,891.1
Perpetual-Discount	5.37 %	5.54 %	61,933	14.59	26	-0.0328 %	2,971.0
FixedReset	4.32 %	4.64 %	144,725	5.69	106	-0.0470 %	2,533.4
Deemed-Retractible	5.17 %	5.84 %	74,046	5.53	27	-0.0486 %	2,956.3
FloatingReset	3.05 %	3.72 %	33,201	3.42	9	0.0250 %	2,797.0

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.X	FixedReset	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.92 %
IFC.PR.E	Deemed-Retractible	-1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.17 Bid-YTW : 5.84 %
TRP.PR.C	FixedReset	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 4.80 %
CU.PR.F	Perpetual-Discount	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.37 %
MFC.PR.O	FixedReset	1.27 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.23 Bid-YTW : 3.90 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.Q	FixedReset	80,511	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 3.72 %
BMO.PR.W	FixedReset	78,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 22.54 Evaluated at bid price : 22.96 Bid-YTW : 4.53 %
BNS.PR.Z	FixedReset	76,089	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 4.57 %
RY.PR.W	Perpetual-Discount	75,330	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 24.44 Evaluated at bid price : 24.68 Bid-YTW : 5.01 %
BMO.PR.R	FloatingReset	74,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2018-08-25 Maturity Price : 25.00 Evaluated at bid price : 24.93 Bid-YTW : 1.71 %
BAM.PF.J	FixedReset	65,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 4.16 %
There were 31 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.B	FixedReset	Quote: 23.11 – 23.63 Spot Rate : 0.5200 Average : 0.3456 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 22.52 Evaluated at bid price : 23.11 Bid-YTW : 4.92 %
BAM.PR.X	FixedReset	Quote: 18.00 – 18.79 Spot Rate : 0.7900 Average : 0.6316 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.92 %
HSE.PR.G	FixedReset	Quote: 24.96 – 25.39 Spot Rate : 0.4300 Average : 0.2865 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-06-30 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 4.69 %
CU.PR.H	Perpetual-Discount	Quote: 24.30 – 24.70 Spot Rate : 0.4000 Average : 0.2816 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 23.88 Evaluated at bid price : 24.30 Bid-YTW : 5.44 %
MFC.PR.M	FixedReset	Quote: 23.21 – 23.51 Spot Rate : 0.3000 Average : 0.2126 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.21 Bid-YTW : 5.57 %
CU.PR.E	Perpetual-Discount	Quote: 22.83 – 23.14 Spot Rate : 0.3100 Average : 0.2304 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-26 Maturity Price : 22.50 Evaluated at bid price : 22.83 Bid-YTW : 5.41 %

Posted in Market Action | No Comments »

June 25, 2018

Monday, June 25th, 2018

I indulged myself on February 26, complaining about sales competition from Mortgage Investment Corporations:

I have a great personal interest in this matter, as every now and then a prospective client sneers at the pathetic yield offered by preferred shares and condescendingly informs me that he can get 8%, no problem, from a mortgage investment corporation. I don’t think these guys know about risk … but then, they don’t have to! Every one I’ve ever talked to is smart enough that he’ll get out before problems become apparent to the hoi polloi.

So I’m following the Fortress receivership with great interest:

Syndicated mortgage loans for real estate projects developed by Fortress Real Developments Inc. are “under considerable stress,” and lenders could face “significant losses,” according to a new report from a court-appointed receiver.

In its first update since it was appointed in April, FAAN Mortgage Administrators Inc. said some of the largest loans provided for Fortress projects are at risk because senior mortgage lenders are moving to foreclose on the properties.
…
FAAN said it needs more time and money to do more appraisals of the projects to find the best potential outcomes for the syndicated lenders, whose loans often rank in third place or lower to those of other lenders.
…
FAAN’s update also said about 35 per cent of the money raised from syndicated lenders was used to pay “development consultant fees,” about half going to the brokers who raised the funds from individual investors, and the other half paid to BDMC in its capacity as the borrowers’ broker and to Fortress.

It’s hard to make money when 35% of your investment pays up-front brokerage fees!

FAAN is communicating well, with links to relevant material prominently displayed on the index page of their website. There are a few juicy bits in the Report of the Receiver:

Moreover, many Investors agreed to terms that permit repayment “waterfalls” that, at least in some instances, appear to permit owners of the real estate (including the borrowers and owners of the borrowers) to recover some of the amounts they invested in the developments in priority to the amounts loaned by the Investors.
…
The Trustee has been advised that many of the projects need further funding to permit developments to continue and that such funding is only available if the security interests granted to BDMC are further postponed and subordinated to new financing.

Professional fees appear to be $150,000 monthly, according to Paragraph 53 of the report. Oh, it’s a great business!

Manulife is exiting the fixed annuities business:

Toronto-based Manulife Financial Corp.‘s decision to discontinue external sales of individual fixed annuities will mean there are fewer options in an already limited annuities marketplace for clients who are seeking a guaranteed income stream during retirement.
…
Manulife became one of the largest providers of annuities in Canada following its acquisition of Montreal-based Standard Life Assurance Co. of Canada in 2015, the latter of which offered a “full spectrum of products,” according to Lawrence Geller, president of L.I. Geller Insurance Agencies Ltd. in Campbellville, Ont.

Manulife’s exit from the annuities business leaves a big gap. In fact, Geller says, there are “fewer and fewer” insurers offering annuities.
…
In 2011, Manulife’s U.S. subsidiary, Boston-based John Hancock Financial, discontinued several annuities lines because of low interest rates and volatile equities markets. That year, Manulife’s income statement took a hit of $900 million triggered by John Hancock’s annuities-related losses.

Then, in 2013, Toronto-based Sun Life Financial Inc. sold its U.S. annuities business following earlier losses for reasons similar to those suffered by John Hancock, which forced Sun Life to beef up its reserves.
…
Although Manulife is exiting this space, other big insurers, such as Toronto-based Canada Life Assurance Co., Winnipeg-based Great-West Life Assurance Co. and Sun Life, continue to offer fixed annuities in Canada.

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	-0.2650 %	2,978.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2650 %	5,465.3
Floater	3.38 %	3.59 %	71,832	18.31	4	-0.2650 %	3,149.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1911 %	3,167.6
SplitShare	4.64 %	4.65 %	66,363	4.97	5	-0.1911 %	3,782.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1911 %	2,951.5
Perpetual-Premium	5.63 %	-7.38 %	62,235	0.09	9	0.0000 %	2,888.8
Perpetual-Discount	5.37 %	5.54 %	62,408	14.59	26	0.0393 %	2,971.9
FixedReset	4.32 %	4.58 %	149,951	5.69	106	-0.1667 %	2,534.5
Deemed-Retractible	5.16 %	5.67 %	69,669	5.53	27	0.2717 %	2,957.7
FloatingReset	3.06 %	3.72 %	33,388	3.42	9	-0.0698 %	2,796.3

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.O	FixedReset	-1.37 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 4.37 %
TD.PF.D	FixedReset	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 23.29 Evaluated at bid price : 24.34 Bid-YTW : 4.72 %
BAM.PR.R	FixedReset	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.01 %
EIT.PR.B	SplitShare	-1.12 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.68 Bid-YTW : 5.08 %
MFC.PR.F	FixedReset	-1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.67 Bid-YTW : 7.79 %
MFC.PR.K	FixedReset	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.30 Bid-YTW : 6.23 %
SLF.PR.D	Deemed-Retractible	1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.21 Bid-YTW : 7.42 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset	111,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 22.75 Evaluated at bid price : 23.20 Bid-YTW : 4.52 %
BAM.PF.F	FixedReset	90,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 23.84 Evaluated at bid price : 24.27 Bid-YTW : 4.93 %
RY.PR.H	FixedReset	54,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 23.04 Evaluated at bid price : 23.55 Bid-YTW : 4.46 %
TD.PF.I	FixedReset	42,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 4.74 %
SLF.PR.I	FixedReset	41,300	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.10 Bid-YTW : 4.83 %
NA.PR.E	FixedReset	38,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 22.71 Evaluated at bid price : 23.83 Bid-YTW : 4.76 %
There were 14 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.B	Floater	Quote: 16.75 – 17.50 Spot Rate : 0.7500 Average : 0.4816 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 3.60 %
PVS.PR.D	SplitShare	Quote: 25.22 – 25.70 Spot Rate : 0.4800 Average : 0.2865 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 4.30 %
BAM.PF.E	FixedReset	Quote: 23.00 – 23.69 Spot Rate : 0.6900 Average : 0.5333 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 22.64 Evaluated at bid price : 23.00 Bid-YTW : 4.88 %
EIT.PR.B	SplitShare	Quote: 24.68 – 25.01 Spot Rate : 0.3300 Average : 0.2004 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.68 Bid-YTW : 5.08 %
MFC.PR.O	FixedReset	Quote: 25.90 – 26.22 Spot Rate : 0.3200 Average : 0.1937 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 4.37 %
TRP.PR.D	FixedReset	Quote: 22.54 – 23.06 Spot Rate : 0.5200 Average : 0.4010 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-25 Maturity Price : 21.97 Evaluated at bid price : 22.54 Bid-YTW : 4.82 %

Posted in Market Action | No Comments »

June 22, 2018

Friday, June 22nd, 2018

The Canada Five-Year yield dropped below 2% today (1.97%, to be precise), the first time it’s been there in a while. But the preferred share market had a good day anyway. So go figure …

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	-0.7750 %	2,986.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.7750 %	5,479.8
Floater	3.37 %	3.58 %	74,444	18.33	4	-0.7750 %	3,158.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0398 %	3,173.6
SplitShare	4.63 %	4.64 %	69,107	4.98	5	0.0398 %	3,790.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0398 %	2,957.1
Perpetual-Premium	5.63 %	-11.52 %	63,242	0.09	9	0.2141 %	2,888.8
Perpetual-Discount	5.37 %	5.53 %	63,185	14.58	26	0.2415 %	2,970.8
FixedReset	4.32 %	4.65 %	151,479	5.67	106	0.0812 %	2,538.8
Deemed-Retractible	5.18 %	5.74 %	70,347	5.54	27	0.1904 %	2,949.7
FloatingReset	3.05 %	3.72 %	32,617	3.43	9	0.0200 %	2,798.3

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.C	Floater	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 3.59 %
BAM.PR.K	Floater	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 3.59 %
BAM.PR.B	Floater	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 16.83 Evaluated at bid price : 16.83 Bid-YTW : 3.58 %
BAM.PF.F	FixedReset	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 24.08 Evaluated at bid price : 24.48 Bid-YTW : 5.00 %
IFC.PR.F	Deemed-Retractible	1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 5.46 %
GWO.PR.N	FixedReset	1.59 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.20 Bid-YTW : 7.33 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.O	FixedReset	85,280	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.26 Bid-YTW : 3.85 %
RY.PR.W	Perpetual-Discount	80,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 24.31 Evaluated at bid price : 24.62 Bid-YTW : 5.01 %
BAM.PF.A	FixedReset	75,853	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 23.48 Evaluated at bid price : 24.40 Bid-YTW : 5.05 %
NA.PR.G	FixedReset	73,110	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 23.13 Evaluated at bid price : 24.99 Bid-YTW : 4.79 %
BAM.PF.D	Perpetual-Discount	68,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 21.54 Evaluated at bid price : 21.82 Bid-YTW : 5.63 %
BAM.PF.B	FixedReset	56,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 22.78 Evaluated at bid price : 23.40 Bid-YTW : 4.97 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.G	FixedReset	Quote: 23.95 – 24.57 Spot Rate : 0.6200 Average : 0.4058 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 23.63 Evaluated at bid price : 23.95 Bid-YTW : 5.07 %
SLF.PR.D	Deemed-Retractible	Quote: 20.92 – 21.40 Spot Rate : 0.4800 Average : 0.2958 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.92 Bid-YTW : 7.66 %
BAM.PF.E	FixedReset	Quote: 23.05 – 23.53 Spot Rate : 0.4800 Average : 0.3614 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 22.68 Evaluated at bid price : 23.05 Bid-YTW : 4.97 %
CU.PR.G	Perpetual-Discount	Quote: 21.15 – 21.51 Spot Rate : 0.3600 Average : 0.2432 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.37 %
IFC.PR.F	Deemed-Retractible	Quote: 24.80 – 25.24 Spot Rate : 0.4400 Average : 0.3260 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 5.46 %
BAM.PR.X	FixedReset	Quote: 18.36 – 18.88 Spot Rate : 0.5200 Average : 0.4117 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-22 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 4.94 %

Posted in Market Action | No Comments »

June 21, 2018

Thursday, June 21st, 2018

In a rare outbreak of common sense, the Canadian Securities Administrators have decided not to ban trailer fees, but spoiled it by adding a lot more paperwork:

The Canadian Securities Administrators (CSA) has decided not to ban embedded commissions after all. Instead, the group of provincial and territorial regulators have proposed new rules for dealers and financial advisors to address any potential conflicts of interest in clients’ best interest or avoid them altogether, as well as to eliminate all forms of deferred sales charges (DSCs).

In addition, the CSA has decided to prohibit dealers that don’t make a suitability determination when selling mutual funds, such as discount brokerages, from receiving trailing commissions.

The long-awaited decisions were delivered on Thursday in a staff notice outlining these measures and in a 120-day comment period proposing amendments to registrant conduct provisions. (The CSA stated in the staff notice that it anticipates publishing a notice and request for comment in September.)

Although the CSA’s staff notice points out that “regulatory action is required to mitigate the inherent conflicts of interest associated with embedded compensation and to ensure the investor’s interest is paramount,” the regulators are instead proposing enhanced conflict of interest mitigation rules and guidance for dealers and advisors on all securities because these conflicts “are not unique to mutual funds.”

Thus, as part of the proposed amendments to the registrant conduct provisions, dealers and advisors will be required to: address conflicts of interest in clients’ best interest, including those resulting from compensation arrangements and incentive practices; put clients’ interests first when making a suitability determination; and do more to clarify for clients what they should expect from registrants.

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	-0.5779 %	3,009.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.5779 %	5,522.6
Floater	3.34 %	3.54 %	68,900	18.42	4	-0.5779 %	3,182.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0398 %	3,172.4
SplitShare	4.63 %	4.67 %	71,862	4.98	5	-0.0398 %	3,788.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0398 %	2,955.9
Perpetual-Premium	5.64 %	-5.83 %	60,179	0.08	9	0.0969 %	2,882.7
Perpetual-Discount	5.38 %	5.55 %	62,268	14.53	26	-0.0005 %	2,963.6
FixedReset	4.32 %	4.67 %	153,247	5.67	106	-0.1768 %	2,536.7
Deemed-Retractible	5.19 %	5.80 %	69,563	5.54	27	-0.1775 %	2,944.1
FloatingReset	3.05 %	3.72 %	32,686	3.43	9	-0.0897 %	2,797.7

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.A	FixedReset	-1.22 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.51 Bid-YTW : 7.83 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.H	FixedReset	104,445	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 3.65 %
BNS.PR.E	FixedReset	54,166	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 3.59 %
PWF.PR.Q	FloatingReset	46,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-21 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 3.33 %
TRP.PR.K	FixedReset	43,781	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.42 Bid-YTW : 4.53 %
SLF.PR.I	FixedReset	42,460	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 4.90 %
NA.PR.G	FixedReset	38,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-21 Maturity Price : 23.13 Evaluated at bid price : 24.99 Bid-YTW : 4.79 %
There were 14 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
NA.PR.W	FixedReset	Quote: 23.09 – 23.44 Spot Rate : 0.3500 Average : 0.2034 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-21 Maturity Price : 22.70 Evaluated at bid price : 23.09 Bid-YTW : 4.66 %
NA.PR.S	FixedReset	Quote: 23.33 – 23.67 Spot Rate : 0.3400 Average : 0.2233 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-21 Maturity Price : 22.75 Evaluated at bid price : 23.33 Bid-YTW : 4.78 %
W.PR.K	FixedReset	Quote: 25.80 – 26.18 Spot Rate : 0.3800 Average : 0.2860 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.34 %
SLF.PR.E	Deemed-Retractible	Quote: 21.25 – 21.49 Spot Rate : 0.2400 Average : 0.1573 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 7.43 %
TRP.PR.E	FixedReset	Quote: 22.52 – 22.80 Spot Rate : 0.2800 Average : 0.2018 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-21 Maturity Price : 21.95 Evaluated at bid price : 22.52 Bid-YTW : 4.92 %
TRP.PR.D	FixedReset	Quote: 22.85 – 23.11 Spot Rate : 0.2600 Average : 0.1833 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-21 Maturity Price : 22.16 Evaluated at bid price : 22.85 Bid-YTW : 4.86 %

Posted in Market Action | No Comments »

June 20, 2018

Wednesday, June 20th, 2018

Trade politics are complicating projections of Canadian interest rates:

The gap between September 2018 and December 2018 bankers’ acceptance futures narrowed to 14.5 basis points Tuesday amid record two-day volumes in the spread. Market participants are now pricing in just 41 basis points of additional policy tightening by year-end, down from more than 60 basis points as recently as last month. The Canadian dollar has declined in tandem, sliding 2.6 per cent against the greenback since the start of June.

Expectations for future BOC rate hikes are waning as the outlook for North American Free Trade Agreement negotiations grows increasingly fraught.
…
The odds of a rate increase at the BOC’s July 11 meeting have dwindled to about 67 percent, according to overnight index swap pricing, from roughly 80 percent in the aftermath of the bank’s May 30 meeting.

The Canadian dollar has tumbled more than 5 per cent versus the greenback in 2018, making the loonie the second-worst performing Group-of-10 currency in the span.

PerpetualDiscounts now yield 5.55%, equivalent to 7.22% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.80%, so the pre-tax interest-equivalent spread is now about 340bp, a significant widening from the 330bp reported June 13.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0413 %	3,027.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0413 %	5,554.7
Floater	3.32 %	3.51 %	71,365	18.50	4	0.0413 %	3,201.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.2235 %	3,173.6
SplitShare	4.63 %	4.63 %	74,319	4.98	5	0.2235 %	3,790.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2235 %	2,957.1
Perpetual-Premium	5.62 %	-5.09 %	57,914	0.08	9	0.0174 %	2,879.9
Perpetual-Discount	5.38 %	5.55 %	63,357	14.50	26	-0.0016 %	2,963.6
FixedReset	4.31 %	4.63 %	154,998	5.65	106	0.1092 %	2,541.2
Deemed-Retractible	5.18 %	5.80 %	68,377	5.55	27	0.2156 %	2,949.3
FloatingReset	3.05 %	3.71 %	33,930	3.44	9	0.2850 %	2,800.2

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.X	FixedReset	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-20 Maturity Price : 18.31 Evaluated at bid price : 18.31 Bid-YTW : 4.95 %
BAM.PF.B	FixedReset	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-20 Maturity Price : 22.89 Evaluated at bid price : 23.52 Bid-YTW : 4.94 %
TD.PF.D	FixedReset	1.15 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.63 Bid-YTW : 4.61 %
SLF.PR.J	FloatingReset	2.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.69 Bid-YTW : 6.63 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.B	Deemed-Retractible	162,100	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.71 Bid-YTW : 7.23 %
BIP.PR.D	FixedReset	74,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.99 %
TD.PF.I	FixedReset	69,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.52 %
NA.PR.G	FixedReset	63,645	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-20 Maturity Price : 23.15 Evaluated at bid price : 25.03 Bid-YTW : 4.78 %
MFC.PR.O	FixedReset	53,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 26.26 Bid-YTW : 3.84 %
IFC.PR.G	FixedReset	30,925	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.82 Bid-YTW : 5.06 %
There were 7 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Deemed-Retractible	Quote: 24.20 – 24.50 Spot Rate : 0.3000 Average : 0.1965 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 5.80 %
PWF.PR.A	Floater	Quote: 21.25 – 21.63 Spot Rate : 0.3800 Average : 0.3069 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-20 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 2.86 %
IAG.PR.G	FixedReset	Quote: 23.51 – 23.85 Spot Rate : 0.3400 Average : 0.2678 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.51 Bid-YTW : 5.29 %
BMO.PR.Q	FixedReset	Quote: 22.71 – 22.90 Spot Rate : 0.1900 Average : 0.1183 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.71 Bid-YTW : 4.83 %
TD.PF.F	Perpetual-Discount	Quote: 24.73 – 24.96 Spot Rate : 0.2300 Average : 0.1593 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-20 Maturity Price : 24.30 Evaluated at bid price : 24.73 Bid-YTW : 5.00 %
POW.PR.D	Perpetual-Discount	Quote: 23.15 – 23.35 Spot Rate : 0.2000 Average : 0.1306 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-20 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 5.49 %

Posted in Market Action | No Comments »

June 19, 2018

Tuesday, June 19th, 2018

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	-0.1923 %	3,025.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1923 %	5,552.4
Floater	3.32 %	3.53 %	71,685	18.47	4	-0.1923 %	3,199.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.0399 %	3,166.6
SplitShare	4.64 %	4.80 %	76,775	4.99	5	0.0399 %	3,781.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0399 %	2,950.5
Perpetual-Premium	5.62 %	-5.27 %	58,447	0.08	9	0.0523 %	2,879.4
Perpetual-Discount	5.38 %	5.55 %	63,816	14.50	26	0.1726 %	2,963.7
FixedReset	4.32 %	4.66 %	160,192	5.69	106	-0.1931 %	2,538.4
Deemed-Retractible	5.19 %	5.80 %	70,757	5.55	27	-0.0330 %	2,943.0
FloatingReset	3.06 %	3.72 %	35,328	3.44	9	-0.2344 %	2,792.3

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.J	FloatingReset	-2.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 6.97 %
TRP.PR.B	FixedReset	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 4.78 %
BAM.PR.R	FixedReset	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.11 %
HSE.PR.A	FixedReset	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 5.20 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.E	FixedReset	102,130	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 22.72 Evaluated at bid price : 23.86 Bid-YTW : 4.84 %
BNS.PR.E	FixedReset	64,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.46 Bid-YTW : 3.64 %
MFC.PR.N	FixedReset	63,067	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.25 Bid-YTW : 5.51 %
NA.PR.W	FixedReset	54,452	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 22.83 Evaluated at bid price : 23.22 Bid-YTW : 4.63 %
MFC.PR.Q	FixedReset	53,975	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.52 Bid-YTW : 5.05 %
BMO.PR.S	FixedReset	53,552	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 22.89 Evaluated at bid price : 23.46 Bid-YTW : 4.67 %
There were 14 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.J	FloatingReset	Quote: 19.30 – 19.72 Spot Rate : 0.4200 Average : 0.2595 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 6.97 %
BAM.PF.A	FixedReset	Quote: 24.60 – 24.87 Spot Rate : 0.2700 Average : 0.1722 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 23.74 Evaluated at bid price : 24.60 Bid-YTW : 5.01 %
EMA.PR.H	FixedReset	Quote: 25.15 – 25.40 Spot Rate : 0.2500 Average : 0.1585 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 23.20 Evaluated at bid price : 25.15 Bid-YTW : 4.80 %
HSE.PR.G	FixedReset	Quote: 24.80 – 25.10 Spot Rate : 0.3000 Average : 0.2099 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-06-30 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.98 %
CM.PR.S	FixedReset	Quote: 23.95 – 24.19 Spot Rate : 0.2400 Average : 0.1613 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 22.78 Evaluated at bid price : 23.95 Bid-YTW : 4.70 %
PWF.PR.F	Perpetual-Discount	Quote: 23.90 – 24.18 Spot Rate : 0.2800 Average : 0.2020 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-06-19 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.57 %

Posted in Market Action | No Comments »

PrefBlog

Archive for June, 2018

June 29, 2018

ENS.PR.A Strong on Good Volume

June 28, 2018

June 27, 2018

June 26, 2018

June 25, 2018

June 22, 2018

June 21, 2018

June 20, 2018

June 19, 2018

Publisher

Recent Posts

Recent Comments

Archives

Categories

Of Interest

Canadian Financial Discussion

Credit Ratings

Calculators

Markets

Recommended External Commentary

Recommended Official Sites

Yield Calculation Conventions

Meta

Registration Problems?