December « 2018 « PrefBlog

Archive for December, 2018

December 28, 2018

Saturday, December 29th, 2018

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TXPR closed at 619.90, up a stunning 3.15% on the day on the first day following tax-loss selling season. Volume of 1.46-million was the lowest of the past thirty days.

CPD closed at 12.34, up 2.15% on the day. Volume of 159,992 was fourth-lowest of the past thirty days.

ZPR closed at 10.04, up 3.19% on the day. Volume of 236,190 was the fourth-lowest of the past thirty days.

A very nice day, but without much volume. Those inclined to read too much into a single day’s returns should note that today’s win still leaves the TXPR total return index below the level of December 17 and is still down 3.02% on the month.

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	3.1617 %	2,415.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	3.1617 %	4,432.8
Floater	4.84 %	5.15 %	44,502	15.24	4	3.1617 %	2,554.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0294 %	3,143.5
SplitShare	4.68 %	5.38 %	93,228	4.56	7	-0.0294 %	3,754.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0294 %	2,929.1
Perpetual-Premium	5.65 %	6.12 %	154,203	13.63	2	1.5698 %	2,832.6
Perpetual-Discount	5.82 %	5.98 %	73,953	13.92	33	2.5381 %	2,850.6
FixedReset Disc	5.21 %	5.77 %	217,913	14.32	66	4.0413 %	2,158.0
Deemed-Retractible	5.56 %	6.80 %	93,957	8.16	27	2.5729 %	2,847.8
FloatingReset	4.21 %	4.89 %	41,557	2.93	7	2.3066 %	2,416.7
FixedReset Prem	5.16 %	4.40 %	285,457	2.25	14	0.7636 %	2,515.5
FixedReset Bank Non	2.98 %	3.74 %	143,474	0.16	6	0.4981 %	2,567.3
FixedReset Ins Non	5.16 %	7.27 %	150,369	8.32	22	3.5816 %	2,155.1

Performance Highlights
Issue	Index	Change	Notes
BNS.PR.E	FixedReset Prem	1.17 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.12 %
BNS.PR.G	FixedReset Prem	1.17 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.92 Bid-YTW : 4.39 %
BAM.PF.I	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.54 %
RY.PR.O	Perpetual-Discount	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.76 Evaluated at bid price : 23.10 Bid-YTW : 5.35 %
CM.PR.R	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.77 Evaluated at bid price : 22.08 Bid-YTW : 5.79 %
PWF.PR.E	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 6.27 %
BNS.PR.Z	FixedReset Bank Non	1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.32 Bid-YTW : 4.95 %
PWF.PR.L	Perpetual-Discount	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.15 %
NA.PR.X	FixedReset Prem	1.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.40 %
BAM.PR.K	Floater	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 5.25 %
BAM.PR.B	Floater	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 5.25 %
IFC.PR.G	FixedReset Ins Non	1.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.60 Bid-YTW : 7.66 %
NA.PR.C	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.22 %
CU.PR.I	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 2.65 %
BIP.PR.C	FixedReset Disc	1.81 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 5.77 %
IAG.PR.I	FixedReset Ins Non	1.84 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 6.87 %
GWO.PR.F	Deemed-Retractible	1.86 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 6.11 %
W.PR.J	Perpetual-Discount	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 5.90 %
POW.PR.D	Perpetual-Discount	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.06 %
TRP.PR.J	FixedReset Prem	2.03 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 4.55 %
BMO.PR.Z	Perpetual-Discount	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 24.36 Evaluated at bid price : 24.85 Bid-YTW : 5.06 %
POW.PR.C	Perpetual-Discount	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 24.04 Evaluated at bid price : 24.29 Bid-YTW : 5.98 %
CU.PR.F	Perpetual-Discount	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.84 %
EML.PR.A	FixedReset Ins Non	2.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 26.17 Bid-YTW : 3.50 %
PWF.PR.F	Perpetual-Discount	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 6.11 %
SLF.PR.G	FixedReset Ins Non	2.25 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.57 Bid-YTW : 9.32 %
GWO.PR.I	Deemed-Retractible	2.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.19 Bid-YTW : 7.69 %
MFC.PR.R	FixedReset Ins Non	2.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.62 Bid-YTW : 6.21 %
TRP.PR.H	FloatingReset	2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 12.82 Evaluated at bid price : 12.82 Bid-YTW : 5.77 %
BIP.PR.E	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.67 Evaluated at bid price : 22.00 Bid-YTW : 5.70 %
PWF.PR.T	FixedReset Disc	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 5.93 %
GWO.PR.R	Deemed-Retractible	2.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.66 Bid-YTW : 7.13 %
PWF.PR.Z	Perpetual-Discount	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.10 %
PWF.PR.I	Perpetual-Premium	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 24.67 Evaluated at bid price : 24.93 Bid-YTW : 6.12 %
BAM.PF.F	FixedReset Disc	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.67 Evaluated at bid price : 19.67 Bid-YTW : 6.14 %
BAM.PF.A	FixedReset Disc	2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.04 Evaluated at bid price : 21.04 Bid-YTW : 5.87 %
GWO.PR.N	FixedReset Ins Non	2.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.05 Bid-YTW : 9.50 %
BMO.PR.D	FixedReset Disc	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.33 Evaluated at bid price : 21.63 Bid-YTW : 5.79 %
TD.PF.F	Perpetual-Discount	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 23.57 Evaluated at bid price : 24.01 Bid-YTW : 5.16 %
SLF.PR.E	Deemed-Retractible	2.61 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.29 Bid-YTW : 7.63 %
CU.PR.D	Perpetual-Discount	2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 5.76 %
EMA.PR.F	FixedReset Disc	2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 6.29 %
TD.PF.I	FixedReset Disc	2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.59 Evaluated at bid price : 21.86 Bid-YTW : 5.63 %
BNS.PR.I	FixedReset Disc	2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 5.40 %
PWF.PR.G	Perpetual-Discount	2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 24.09 Evaluated at bid price : 24.35 Bid-YTW : 6.16 %
SLF.PR.A	Deemed-Retractible	2.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.60 Bid-YTW : 7.11 %
TD.PF.D	FixedReset Disc	2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.73 %
POW.PR.B	Perpetual-Discount	2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.70 Evaluated at bid price : 21.95 Bid-YTW : 6.11 %
PWF.PR.O	Perpetual-Discount	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 23.91 Evaluated at bid price : 24.15 Bid-YTW : 6.11 %
BAM.PF.J	FixedReset Disc	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.74 Evaluated at bid price : 23.75 Bid-YTW : 5.22 %
TD.PF.E	FixedReset Disc	2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.60 %
BAM.PR.X	FixedReset Disc	2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 14.93 Evaluated at bid price : 14.93 Bid-YTW : 5.96 %
CU.PR.E	Perpetual-Discount	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.88 %
MFC.PR.M	FixedReset Ins Non	3.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.46 Bid-YTW : 7.91 %
PWF.PR.H	Perpetual-Discount	3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 23.72 Evaluated at bid price : 24.03 Bid-YTW : 6.08 %
BAM.PF.E	FixedReset Disc	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.08 %
BIP.PR.A	FixedReset Disc	3.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.82 %
GWO.PR.H	Deemed-Retractible	3.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.54 Bid-YTW : 7.26 %
GWO.PR.L	Deemed-Retractible	3.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.93 Bid-YTW : 6.23 %
POW.PR.A	Perpetual-Discount	3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.93 Evaluated at bid price : 23.21 Bid-YTW : 6.04 %
SLF.PR.D	Deemed-Retractible	3.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.50 Bid-YTW : 7.43 %
BAM.PF.G	FixedReset Disc	3.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.15 %
BMO.PR.C	FixedReset Disc	3.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.04 Evaluated at bid price : 22.45 Bid-YTW : 5.75 %
MFC.PR.N	FixedReset Ins Non	3.25 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.40 Bid-YTW : 7.85 %
PWF.PR.K	Perpetual-Discount	3.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 6.13 %
POW.PR.G	Perpetual-Discount	3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 23.08 Evaluated at bid price : 23.55 Bid-YTW : 5.94 %
CM.PR.Q	FixedReset Disc	3.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.84 %
SLF.PR.I	FixedReset Ins Non	3.42 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 7.27 %
NA.PR.G	FixedReset Disc	3.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.77 %
BAM.PR.M	Perpetual-Discount	3.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 6.15 %
MFC.PR.B	Deemed-Retractible	3.50 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.83 Bid-YTW : 7.49 %
BIP.PR.F	FixedReset Disc	3.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.64 Evaluated at bid price : 22.00 Bid-YTW : 5.81 %
IFC.PR.F	Deemed-Retractible	3.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.30 Bid-YTW : 6.74 %
PWF.PR.A	Floater	3.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 4.05 %
PWF.PR.S	Perpetual-Discount	3.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.56 Evaluated at bid price : 20.56 Bid-YTW : 5.95 %
ELF.PR.H	Perpetual-Discount	3.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 23.12 Evaluated at bid price : 23.59 Bid-YTW : 5.82 %
SLF.PR.H	FixedReset Ins Non	3.91 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.56 Bid-YTW : 7.82 %
MFC.PR.J	FixedReset Ins Non	3.91 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.21 Bid-YTW : 7.24 %
MFC.PR.L	FixedReset Ins Non	3.91 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.06 Bid-YTW : 7.97 %
GWO.PR.G	Deemed-Retractible	4.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.87 Bid-YTW : 6.87 %
BAM.PF.B	FixedReset Disc	4.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 5.92 %
EMA.PR.H	FixedReset Disc	4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.89 Evaluated at bid price : 24.20 Bid-YTW : 5.05 %
PWF.PR.P	FixedReset Disc	4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.94 %
CU.PR.C	FixedReset Disc	4.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 5.87 %
SLF.PR.C	Deemed-Retractible	4.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 7.34 %
SLF.PR.J	FloatingReset	4.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : ~~2025-01-31~~ Maturity Price : 25.00 Evaluated at bid price : 14.69 Bid-YTW : ~~13.14 %~~ See comments for correction!
RY.PR.Z	FixedReset Disc	4.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.54 %
BAM.PF.D	Perpetual-Discount	4.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.43 Evaluated at bid price : 20.43 Bid-YTW : 6.04 %
SLF.PR.B	Deemed-Retractible	4.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.90 Bid-YTW : 6.99 %
MFC.PR.Q	FixedReset Ins Non	4.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.13 Bid-YTW : 7.24 %
RY.PR.M	FixedReset Disc	4.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.43 %
GWO.PR.Q	Deemed-Retractible	4.32 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 6.88 %
GWO.PR.T	Deemed-Retractible	4.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 6.94 %
MFC.PR.I	FixedReset Ins Non	4.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.40 Bid-YTW : 7.10 %
MFC.PR.C	Deemed-Retractible	4.37 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.36 Bid-YTW : 7.61 %
GWO.PR.M	Deemed-Retractible	4.37 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.84 Bid-YTW : 5.92 %
BMO.PR.S	FixedReset Disc	4.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.69 %
MFC.PR.F	FixedReset Ins Non	4.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.23 Bid-YTW : 9.39 %
BAM.PR.N	Perpetual-Discount	4.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 6.08 %
IFC.PR.A	FixedReset Ins Non	4.49 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.83 Bid-YTW : 8.84 %
GWO.PR.P	Deemed-Retractible	4.49 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.81 Bid-YTW : 6.56 %
BMO.PR.T	FixedReset Disc	4.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 5.67 %
IFC.PR.E	Deemed-Retractible	4.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 6.80 %
PWF.PR.Q	FloatingReset	4.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 14.99 Evaluated at bid price : 14.99 Bid-YTW : 5.54 %
BMO.PR.W	FixedReset Disc	4.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.59 %
IFC.PR.C	FixedReset Ins Non	4.67 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.70 Bid-YTW : 8.33 %
CCS.PR.C	Deemed-Retractible	4.77 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.40 Bid-YTW : 6.36 %
BAM.PR.Z	FixedReset Disc	4.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.86 %
PWF.PR.R	Perpetual-Discount	4.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.94 Evaluated at bid price : 23.21 Bid-YTW : 6.02 %
BAM.PF.C	Perpetual-Discount	4.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.07 %
RY.PR.H	FixedReset Disc	5.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 5.55 %
MFC.PR.G	FixedReset Ins Non	5.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.51 Bid-YTW : 7.54 %
NA.PR.S	FixedReset Disc	5.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 5.88 %
TRP.PR.E	FixedReset Disc	5.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 5.76 %
IGM.PR.B	Perpetual-Discount	5.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 24.46 Evaluated at bid price : 24.75 Bid-YTW : 5.95 %
TD.PF.J	FixedReset Disc	5.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.52 %
BAM.PR.R	FixedReset Disc	5.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 6.06 %
HSE.PR.E	FixedReset Disc	5.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.34 Evaluated at bid price : 19.34 Bid-YTW : 7.07 %
CM.PR.S	FixedReset Disc	5.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.44 %
RY.PR.J	FixedReset Disc	5.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.52 %
HSE.PR.A	FixedReset Disc	5.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 6.69 %
HSE.PR.C	FixedReset Disc	5.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 7.02 %
BMO.PR.Y	FixedReset Disc	5.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 5.65 %
BAM.PR.T	FixedReset Disc	5.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 6.03 %
RY.PR.S	FixedReset Disc	5.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.51 Evaluated at bid price : 21.83 Bid-YTW : 5.18 %
MFC.PR.H	FixedReset Ins Non	5.83 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 6.81 %
TD.PF.C	FixedReset Disc	5.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.64 %
BAM.PR.C	Floater	5.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.45 Evaluated at bid price : 13.45 Bid-YTW : 5.15 %
TRP.PR.D	FixedReset Disc	5.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 17.97 Evaluated at bid price : 17.97 Bid-YTW : 6.03 %
TRP.PR.G	FixedReset Disc	5.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.13 %
CM.PR.P	FixedReset Disc	6.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.69 %
IAG.PR.G	FixedReset Ins Non	6.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.69 Bid-YTW : 7.26 %
TD.PF.B	FixedReset Disc	6.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 5.61 %
TD.PF.A	FixedReset Disc	6.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 5.59 %
NA.PR.E	FixedReset Disc	6.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.80 %
TRP.PR.C	FixedReset Disc	6.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.51 Evaluated at bid price : 13.51 Bid-YTW : 6.19 %
MFC.PR.K	FixedReset Ins Non	6.69 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.82 Bid-YTW : 7.71 %
NA.PR.W	FixedReset Disc	6.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.86 %
CM.PR.O	FixedReset Disc	6.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.68 %
TRP.PR.B	FixedReset Disc	7.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 6.06 %
TRP.PR.F	FloatingReset	7.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 15.88 Evaluated at bid price : 15.88 Bid-YTW : 5.67 %
BMO.PR.E	FixedReset Disc	7.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.57 Evaluated at bid price : 21.90 Bid-YTW : 5.48 %
TD.PF.K	FixedReset Disc	8.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 5.43 %
HSE.PR.G	FixedReset Disc	8.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 19.64 Evaluated at bid price : 19.64 Bid-YTW : 6.91 %
TRP.PR.A	FixedReset Disc	8.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 15.84 Evaluated at bid price : 15.84 Bid-YTW : 6.10 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.S	FixedReset Disc	48,537	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.51 Evaluated at bid price : 21.83 Bid-YTW : 5.18 %
CM.PR.S	FixedReset Disc	41,069	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.44 %
IFC.PR.C	FixedReset Ins Non	32,500	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.70 Bid-YTW : 8.33 %
BNS.PR.I	FixedReset Disc	32,383	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 5.40 %
RY.PR.E	Deemed-Retractible	30,100	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.67 %
CM.PR.P	FixedReset Disc	29,319	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.69 %
There were 28 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
HSE.PR.C	FixedReset Disc	Quote: 18.08 – 19.39 Spot Rate : 1.3100 Average : 0.8578 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 7.02 %
BAM.PR.K	Floater	Quote: 13.20 – 14.30 Spot Rate : 1.1000 Average : 0.7406 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 5.25 %
PWF.PR.E	Perpetual-Discount	Quote: 22.30 – 23.35 Spot Rate : 1.0500 Average : 0.7116 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 6.27 %
PWF.PR.L	Perpetual-Discount	Quote: 21.12 – 21.90 Spot Rate : 0.7800 Average : 0.4902 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-28 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.15 %
GWO.PR.L	Deemed-Retractible	Quote: 23.93 – 24.75 Spot Rate : 0.8200 Average : 0.5492 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.93 Bid-YTW : 6.23 %
IFC.PR.G	FixedReset Ins Non	Quote: 19.60 – 20.26 Spot Rate : 0.6600 Average : 0.4074 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.60 Bid-YTW : 7.66 %

Posted in Market Action | 4 Comments »

BPO.PR.T : No Conversion to FloatingReset

Friday, December 28th, 2018

Brookfield Office Properties Inc. has announced:

that after having taken into account all election notices following the December 17, 2018 conversion deadline for the Class AAA Preference Shares, Series T (the “Series T Shares”) (TSX: BPO.PR.T) tendered for conversion into Class AAA Preference Shares, Series U (the “Series U Shares”), the holders of Series T Shares are not entitled to convert their Series T Shares into Series U Shares. There were 65,139 Series T Shares tendered for conversion, which is less than the 1,000,000 shares required to give effect to conversions into Series U Shares.

The Series T Shares will pay on a quarterly basis, for the five-year period beginning on January 1, 2019, as and when declared by the board of directors of Brookfield, a fixed dividend based on an annual dividend rate of 5.383% per annum (C$0.336438 per share per quarter).

It will be recalled that BPO.PR.T will reset at 5.383% effective January 1, 2019.

BPO.PR.T is a FixedReset, 4.60%+316, that commenced trading 2012-9-13 after being announced 2012-9-5. It is tracked by HIMIPref™, but relegated to the Scraps – FixedReset Discount index on credit concerns.

I recommended against conversion.

Posted in Issue Comments | 1 Comment »

December 27, 2018

Friday, December 28th, 2018

Click for Big

TXPR touched a new 52-week low of 596.56 undercutting the prior 52-week low of 599.70 reached on December 24 before closing at 600.96, up 0.15% on the day. It gained 73bp in the last half hour! Volume was average in the context of the past thirty days at 2.39-million shares.

CPD closed at 12.08, down 0.17% from December 24’s close. Volume of 394,950 was third-highest of the past thirty days, beaten only by December 12 and December 6.

ZPR closed at 9.73, up 0.21% on the day. Volume of 606,299 was the fourth-highest of the past thirty days.

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	-0.1263 %	2,341.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1263 %	4,297.0
Floater	5.00 %	5.33 %	44,530	14.94	4	-0.1263 %	2,476.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0235 %	3,144.5
SplitShare	4.68 %	5.38 %	94,708	4.56	7	-0.0235 %	3,755.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0235 %	2,929.9
Perpetual-Premium	5.73 %	5.35 %	107,497	14.82	2	0.3683 %	2,788.8
Perpetual-Discount	5.96 %	6.18 %	74,990	13.60	33	-0.5197 %	2,780.0
FixedReset Disc	5.42 %	5.97 %	225,990	13.91	66	0.1780 %	2,074.1
Deemed-Retractible	5.70 %	7.18 %	97,444	8.08	27	-0.4836 %	2,776.4
FloatingReset	4.31 %	5.01 %	42,147	2.93	7	0.4226 %	2,362.2
FixedReset Prem	5.19 %	4.72 %	286,585	2.25	14	-0.0953 %	2,496.4
FixedReset Bank Non	2.99 %	4.32 %	148,380	2.89	6	0.2288 %	2,554.6
FixedReset Ins Non	5.35 %	7.85 %	150,798	8.24	22	-0.9066 %	2,080.6

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.K	FixedReset Ins Non	-4.44 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.64 Bid-YTW : 8.51 %
IAG.PR.G	FixedReset Ins Non	-3.53 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.57 Bid-YTW : 7.97 %
GWO.PR.N	FixedReset Ins Non	-3.52 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.70 Bid-YTW : 9.79 %
MFC.PR.Q	FixedReset Ins Non	-2.77 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 7.76 %
CU.PR.E	Perpetual-Discount	-2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.05 %
MFC.PR.R	FixedReset Ins Non	-2.41 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.09 Bid-YTW : 6.49 %
IFC.PR.A	FixedReset Ins Non	-2.32 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.15 Bid-YTW : 9.37 %
IFC.PR.F	Deemed-Retractible	-2.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.53 Bid-YTW : 7.18 %
IFC.PR.E	Deemed-Retractible	-2.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.04 Bid-YTW : 7.35 %
GWO.PR.F	Deemed-Retractible	-1.94 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 6.34 %
PWF.PR.Q	FloatingReset	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 14.33 Evaluated at bid price : 14.33 Bid-YTW : 5.80 %
SLF.PR.I	FixedReset Ins Non	-1.81 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 7.67 %
MFC.PR.F	FixedReset Ins Non	-1.80 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.63 Bid-YTW : 9.89 %
CCS.PR.C	Deemed-Retractible	-1.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.38 Bid-YTW : 6.93 %
PWF.PR.R	Perpetual-Discount	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 22.15 Evaluated at bid price : 22.15 Bid-YTW : 6.33 %
EIT.PR.B	SplitShare	-1.75 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 23.62 Bid-YTW : 5.94 %
BIP.PR.E	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.85 %
POW.PR.B	Perpetual-Discount	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 6.29 %
TD.PF.B	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 5.96 %
POW.PR.G	Perpetual-Discount	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 22.40 Evaluated at bid price : 22.80 Bid-YTW : 6.14 %
GWO.PR.H	Deemed-Retractible	-1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.92 Bid-YTW : 7.64 %
TD.PF.D	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.88 %
BAM.PR.C	Floater	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.46 %
PWF.PR.H	Perpetual-Discount	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 23.06 Evaluated at bid price : 23.32 Bid-YTW : 6.27 %
SLF.PR.H	FixedReset Ins Non	-1.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.90 Bid-YTW : 8.27 %
GWO.PR.Q	Deemed-Retractible	-1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.85 Bid-YTW : 7.41 %
BAM.PF.G	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.35 %
BAM.PF.J	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 22.40 Evaluated at bid price : 23.11 Bid-YTW : 5.38 %
BMO.PR.C	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 5.94 %
TD.PF.A	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 5.94 %
BMO.PR.E	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.93 %
W.PR.J	Perpetual-Discount	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 23.37 Evaluated at bid price : 23.66 Bid-YTW : 6.03 %
PWF.PR.T	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.07 %
GWO.PR.T	Deemed-Retractible	-1.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.75 Bid-YTW : 7.47 %
CU.PR.D	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.91 %
NA.PR.E	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 6.18 %
EMA.PR.F	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 6.46 %
GWO.PR.P	Deemed-Retractible	-1.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.83 Bid-YTW : 7.11 %
TD.PF.C	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.76 Evaluated at bid price : 17.76 Bid-YTW : 5.98 %
CM.PR.S	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.74 %
GWO.PR.G	Deemed-Retractible	-1.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.02 Bid-YTW : 7.37 %
GWO.PR.R	Deemed-Retractible	-1.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.18 Bid-YTW : 7.42 %
POW.PR.A	Perpetual-Discount	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 6.23 %
IAG.PR.I	FixedReset Ins Non	-1.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.62 Bid-YTW : 7.09 %
BAM.PR.B	Floater	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.33 %
MFC.PR.H	FixedReset Ins Non	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.08 Bid-YTW : 7.51 %
BNS.PR.F	FloatingReset	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.71 Bid-YTW : 5.01 %
TRP.PR.G	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.50 %
CM.PR.R	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.86 %
BAM.PR.T	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 16.18 Evaluated at bid price : 16.18 Bid-YTW : 6.38 %
BAM.PF.A	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.02 %
CGI.PR.D	SplitShare	1.24 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 4.30 %
BAM.PF.I	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 4.94 %
BAM.PR.Z	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.14 %
NA.PR.G	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.97 %
IGM.PR.B	Perpetual-Discount	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 23.59 Evaluated at bid price : 23.86 Bid-YTW : 6.29 %
TRP.PR.A	FixedReset Disc	2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 6.64 %
TRP.PR.D	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.41 %
HSE.PR.G	FixedReset Disc	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.52 %
PWF.PR.P	FixedReset Disc	3.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 13.93 Evaluated at bid price : 13.93 Bid-YTW : 6.18 %
TRP.PR.H	FloatingReset	3.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 12.53 Evaluated at bid price : 12.53 Bid-YTW : 5.91 %
HSE.PR.C	FixedReset Disc	3.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 7.41 %
HSE.PR.A	FixedReset Disc	3.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 12.46 Evaluated at bid price : 12.46 Bid-YTW : 7.06 %
HSE.PR.E	FixedReset Disc	4.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 7.45 %
TRP.PR.E	FixedReset Disc	4.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.03 Evaluated at bid price : 18.03 Bid-YTW : 6.07 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.K	FixedReset Disc	138,550	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 5.90 %
BNS.PR.I	FixedReset Disc	81,378	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 5.55 %
RY.PR.S	FixedReset Disc	58,710	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.63 Evaluated at bid price : 20.63 Bid-YTW : 5.51 %
BMO.PR.E	FixedReset Disc	57,374	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.93 %
IFC.PR.G	FixedReset Ins Non	44,700	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 7.85 %
BIP.PR.F	FixedReset Disc	39,930	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.04 %
There were 61 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.D	FixedReset Disc	Quote: 17.20 – 18.41 Spot Rate : 1.2100 Average : 0.7763 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.41 %
MFC.PR.Q	FixedReset Ins Non	Quote: 19.30 – 20.24 Spot Rate : 0.9400 Average : 0.5642 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 7.76 %
IFC.PR.F	Deemed-Retractible	Quote: 21.53 – 22.43 Spot Rate : 0.9000 Average : 0.5598 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.53 Bid-YTW : 7.18 %
TD.PF.F	Perpetual-Discount	Quote: 23.41 – 24.21 Spot Rate : 0.8000 Average : 0.4790 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 23.05 Evaluated at bid price : 23.41 Bid-YTW : 5.30 %
TRP.PR.G	FixedReset Disc	Quote: 18.61 – 19.43 Spot Rate : 0.8200 Average : 0.5573 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.50 %
TD.PF.D	FixedReset Disc	Quote: 20.00 – 20.87 Spot Rate : 0.8700 Average : 0.6078 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-27 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.88 %

Posted in Market Action | No Comments »

INE : Outlook Negative, says S&P

Thursday, December 27th, 2018

Standard & Poor’s has announced:

•On Dec. 27, 2019, S&P Global Ratings revised its outlook on Innergex Renewable Energy Inc. to negative from stable, and affirmed its ratings, including its ‘BBB-‘ long-term issuer credit rating, on Innergex.
•We expect Innergex to have weak financial metrics in 2018 due to the timing and financing of acquisitions, although it expects these to improve in 2019.
•Innergex is issuing nonrecourse debt at the asset level and intends to sell its HS Orka geothermal assets in Iceland, using proceeds to reduce parent-level debt; however, this introduces incremental execution risk.
•If the debt reduction strategy is delayed or the amount is lower than expected, financial metrics might not recover to the 24%-26% range, which could result in a downgrade.

…
. Innergex has completed a number of acquisitions in 2018 that have increased leverage both through acquired debt and development financing at the corporate level. Although the company expects to de-lever in 2019 through asset level financing and asset sales, we believe that there is execution risk with this strategy. Our financial forecasts project Innergex moving back into the stable range of 24%-26% funds from operations (FFO)-to-debt in 2019. However, they are predicated on completing asset sales, which raises significant execution risk and reflects our outlook revision to negative from stable.

The negative outlook reflects significantly lower FFO-to-debt ratios of about 18% in 2018, compared with expectations of 23% at the ‘BBB-‘ level. S&P Global Ratings’ expects Innergex to face execution risk with its strategy of improving forecast financial metrics through asset level financing and asset sales, and the outlook reflects the deteriorating financial performance. S&P Global Ratings expects FFO-to-debt to recover to the 24%-26% range in 2019 and 2020.

A downgrade could happen if the FFO-to-debt ratio does not recover and remains above 23% over our two-year outlook period. This could result from Innergex’s inability to execute on its asset sale plan that it would use to reduce nonrecourse debt. In addition, given the limited cushion in financial metrics above the 23% FFO-to-debt downgrade trigger, lower-than-expected distributions from its subsidiary assets or an increase in nonrecourse debt used to finance development or acquisition opportunities could lead to a downgrade.

An outlook revision to stable could occur if Innergex deleverages, by paying down bridge and revolving credit facility with asset sales, such that FFO-to-debt metrics return to, and stay in, the 24%-26% range.

Affected issues are INE.PR.A and INE.PR.C.

Posted in Issue Comments | No Comments »

‘Deemed Maturity’ Date for Insurance Issues Changed

Wednesday, December 26th, 2018

Well, I’ve been threatening to do it for a long, long time and now it’s finally happened: the DeemedMaturity date for insurance issues has been changed from 2025-1-31 to 2030-1-31.

For a review of why I believe that insurance issues will be redeemed at par on or prior to the DeemedMaturity date, please see the DeemedRetractible Review: September, 2016 and don’t forget to read the updates.

The new date has been chosen with the idea that a decision will be made by the IAIS (International Association of Insurance Supervisors) in 2019, and (if favourable) will be implemented with an 11-year grace period, similarly to the banks. We shall see just how accurate these suppositions might be!

This change has, of course, led to an increase in the calculated Modified Duration and a decrease in the calculated Yield-to-Worst for these issues. Old and new figures for these metrics may be found at:

Deemed Retractibles, 2018-12-24, maturity 2025

Deemed Retractibles, 2018-12-24, maturity 2030

FixedResets, 2018-12-24, maturity 2025

FixedResets, 2018-12-24, maturity 2030

Affected issues are:

FixedResets EML.PR.A, GWO.PR.N, IAG.PR.G, IAG.PR.I, IFC.PR.A, IFC.PR.C, IFC.PR.G, MFC.PR.F, MFC.PR.G, MFC.PR.H, MFC.PR.I, MFC.PR.J, MFC.PR.K, MFC.PR.L, MFC.PR.M, MFC.PR.N, MFC.PR.O, MFC.PR.Q, MFC.PR.R, SLF.PR.G, SLF.PR.H, SLF.PR.I

FloatingReset GWO.PR.O, IFC.PR.D, MFC.PR.P, SLF.PR.J and SLF.PR.K

DeemedRetractibles CCS.PR.C, GWO.PR.F, GWO.PR.G, GWO.PR.H, GWO.PR.I, GWO.PR.L, GWO.PR.M, GWO.PR.P, GWO.PR.Q, GWO.PR.R, GWO.PR.S, GWO.PR.T, IAG.PR.A, IFC.PR.E, IFC.PR.F, MFC.PR.B, MFC.PR.C, SLF.PR.A, SLF.PR.B, SLF.PR.C, SLF.PR.D, SLF.PR.E

Posted in Data Changes, Issue Comments | 2 Comments »

Toronto Rock Lacrosse Ticket Giveaway – Update #2

Wednesday, December 26th, 2018

I have ~~ten~~ ~~nine~~ eight pairs of Toronto Rock Lacrosse tickets to give away! Congratulations to Assiduous Reader BLANK, who won the tickets to the Jan. 4 game against the Philadelphia Wings! I confess that I forgot to ask him whether I could use his name – but he picked up his tickets in time for Christmas!

Early in January I will declare the lucky winner of the Jan 18 tickets to see Rock play Georgia. Get your requests in early!

The games take place at the ~~Air Canada Centre~~ Scotiabank Arena and the seats are very good. Just tell me which ones you would like and feel free to enter multiple times. A decision regarding who gets tickets will be made two weeks before each game and I will mail them to the lucky winner; while preference will be given to customers and those who tell me they’ve got a kid who plays lacrosse, anybody can win. If you win and don’t want your name publicized, that’s fine.

The games are:

Toronto Rock Lacrosse Ticket Giveaway
Date	Opponent
~~Friday~~ ~~2018-12-28~~ ~~7:30pm~~	~~Georgia Swarm~~
~~Friday~~ ~~2019-1-4~~ ~~7:30pm~~	~~Philadelphia Wings~~
Friday 2019-1-18 7:30pm	Georgia Swarm
Friday 2019-2-1 7:30pm	Saskatchewan Rush
Friday 2019-2-15 7:30pm	San Diego Seals
Saturday 2019-3-16 7:00pm	Rochester Knighthawks
Saturday 2019-3-30 7:00pm	Philadelphia Wings
Friday 2019-4-5 7:30pm	Buffalo Bandits
Friday 2019-4-12 7:30pm	New England Black Wolves
??? ??? ???	Home Playoff Game #1 If there is one!

The games are a lot of fun. One thing that has impressed me is that these guys’ technical skills are so good they can concentrate on strategy … there are a lot fewer loose balls than I remember from my days of box lacrosse at age 10!

The play-off game? There’s no guarantee that there will be one, but you could always try your luck and ask for them.

To try your luck at receiving a pair of tickets, just eMail me or comment on this post.

*** Contest rules are subject to change without notice ***
*** I may be entirely capricious in selecting winners! ***

Posted in Administration, PrefLetter | No Comments »

December 24, 2018

Monday, December 24th, 2018

Click for Big

Equities got hammered again:

The S&P 500 tumbled to the brink of a bear market on Monday as U.S. stocks extended their steep sell-off in a pre-holiday shortened session, with investors rattled by the U.S. Treasury secretary’s convening of a crisis group and by other political developments.

All three major indexes ended down more than 2 percent the day before the Christmas holiday. The S&P 500 finished about 19.8 percent below its Sept. 20 closing high, just shy of the 20 percent threshold commonly used to define a bear market.

Treasury Secretary Steven Mnuchin called top U.S. bankers on Sunday amid the pullback in stocks and said he was calling a meeting of financial regulators to discuss ways to ensure “normal market operations.”

Investors also were grappling with the federal government shutdown and reports that President Donald Trump privately discussed the possibility of firing the Federal Reserve chairman.

And the ever-helpful President of the United States weighed in:

Click for Big

Criticizing the Fed is bad enough, but I can’t imagine anything worse for the US – and global – economy than firing Powell, an idea that has been allegedly discussed. In the first place, who’s going to take the job? None of the top-rank people want to be remembered as Trump’s Lackey. So it will be somebody with a less than sterling central banking reputation. And secondly, will the Chairman be able to force the votes on the FOMC? FOMC members are pretty weighty guys in their own right – it will be pretty funny to see a lot of 11-1 votes with the Chairman dissenting!

TXPR closed at 600.04, down 0.82% from December 21‘s close, after touching a new 52-week low of 599.70, undercutting the previous 52-week low of 604.53 set on December 21. Volume was low at 1.75-million shares in a day that closed early so practitioners of the highest paid profession on earth could go out and complain about lousy service in bars nowadays.

CPD closed at 12.10, down 0.74% from yesterday’s close after touching a new 52-week low of 11.96, undercutting the prior 52-week low of 12.11 touched on December 6. Volume of 239,285 was higher than might be expected given the early close.

ZPR closed at 9.71, down 1.52% on the day; the close marked a new 52-week low, undercutting the prior 52-week low of 9.80 reached on December 6. Volume of 256,406 was surprisingly high for Christmas Eve.

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	-0.6454 %	2,344.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.6454 %	4,302.4
Floater	4.99 %	5.32 %	44,976	14.96	4	-0.6454 %	2,479.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.4837 %	3,145.2
SplitShare	4.68 %	5.38 %	95,566	4.57	7	0.4837 %	3,756.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4837 %	2,930.6
Perpetual-Premium	5.76 %	5.41 %	107,218	14.75	2	-1.5908 %	2,778.6
Perpetual-Discount	5.92 %	6.16 %	73,662	13.70	33	-0.9067 %	2,794.6
FixedReset Disc	5.43 %	5.99 %	229,735	13.91	66	-0.4483 %	2,070.5
Deemed-Retractible	5.67 %	8.18 %	98,641	5.08	27	-0.5831 %	2,789.9
FloatingReset	4.33 %	5.38 %	39,023	2.94	7	-0.3276 %	2,352.3
FixedReset Prem	5.18 %	4.65 %	280,478	2.26	14	-0.2348 %	2,498.8
FixedReset Bank Non	3.00 %	4.37 %	145,188	2.90	6	0.0069 %	2,548.8
FixedReset Ins Non	5.32 %	9.69 %	151,923	5.14	22	-1.8043 %	2,099.6

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-7.90 %	A nonsensical quote provided at high cost from Nonsense Central, as the issue traded 800 shares today in four trades in a range of 14.35-79 before being quoted at 13.52-48. I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 6.36 %
IGM.PR.B	Perpetual-Discount	-5.07 %	This quote has some justification, as the issue traded 4,510 shares today in a range of 23.39-24.65 before being quoted at 23.40-24.14 Kind of a wide range, though! YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.41 %
BAM.PR.X	FixedReset Disc	-4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 14.53 Evaluated at bid price : 14.53 Bid-YTW : 6.11 %
MFC.PR.K	FixedReset Ins Non	-3.90 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.46 Bid-YTW : 10.07 %
IAG.PR.I	FixedReset Ins Non	-3.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.83 Bid-YTW : 8.34 %
BMO.PR.E	FixedReset Disc	-3.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.85 %
BAM.PF.J	FixedReset Disc	-3.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 22.56 Evaluated at bid price : 23.40 Bid-YTW : 5.30 %
SLF.PR.I	FixedReset Ins Non	-3.25 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.35 Bid-YTW : 9.16 %
BMO.PR.C	FixedReset Disc	-3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.74 Evaluated at bid price : 22.02 Bid-YTW : 5.87 %
MFC.PR.H	FixedReset Ins Non	-3.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.86 Bid-YTW : 9.69 %
PWF.PR.K	Perpetual-Discount	-3.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.32 %
PWF.PR.E	Perpetual-Discount	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 6.30 %
BAM.PF.A	FixedReset Disc	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 6.09 %
CM.PR.O	FixedReset Disc	-2.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 6.14 %
MFC.PR.G	FixedReset Ins Non	-2.67 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.60 Bid-YTW : 10.13 %
PWF.PR.G	Perpetual-Discount	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.44 Evaluated at bid price : 23.73 Bid-YTW : 6.32 %
SLF.PR.J	FloatingReset	-2.57 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.00 Bid-YTW : 14.07 %
BMO.PR.Y	FixedReset Disc	-2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 6.00 %
SLF.PR.D	Deemed-Retractible	-2.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.75 Bid-YTW : 10.07 %
PWF.PR.I	Perpetual-Premium	-2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 24.16 Evaluated at bid price : 24.41 Bid-YTW : 6.25 %
PWF.PR.H	Perpetual-Discount	-2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 6.18 %
GWO.PR.M	Deemed-Retractible	-2.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.74 Bid-YTW : 6.85 %
RY.PR.Z	FixedReset Disc	-2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 5.77 %
SLF.PR.H	FixedReset Ins Non	-2.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.12 Bid-YTW : 10.67 %
PWF.PR.Z	Perpetual-Discount	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.84 Evaluated at bid price : 20.84 Bid-YTW : 6.29 %
BAM.PR.R	FixedReset Disc	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 6.40 %
BAM.PR.C	Floater	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 12.87 Evaluated at bid price : 12.87 Bid-YTW : 5.38 %
MFC.PR.I	FixedReset Ins Non	-2.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.53 Bid-YTW : 9.36 %
GWO.PR.N	FixedReset Ins Non	-2.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.20 Bid-YTW : 13.48 %
PWF.PR.Q	FloatingReset	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 14.61 Evaluated at bid price : 14.61 Bid-YTW : 5.68 %
TRP.PR.A	FixedReset Disc	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 6.77 %
MFC.PR.F	FixedReset Ins Non	-1.91 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.88 Bid-YTW : 13.90 %
PWF.PR.O	Perpetual-Discount	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 6.23 %
RY.PR.H	FixedReset Disc	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.84 %
IFC.PR.G	FixedReset Ins Non	-1.87 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.41 Bid-YTW : 9.80 %
TRP.PR.C	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 6.65 %
BIP.PR.F	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.01 %
BAM.PF.B	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.14 %
MFC.PR.C	Deemed-Retractible	-1.82 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.39 Bid-YTW : 10.56 %
SLF.PR.G	FixedReset Ins Non	-1.80 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.16 Bid-YTW : 13.84 %
EMA.PR.F	FixedReset Disc	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.38 %
IAG.PR.G	FixedReset Ins Non	-1.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.25 Bid-YTW : 9.21 %
TD.PF.C	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 5.91 %
NA.PR.W	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.24 %
POW.PR.A	Perpetual-Discount	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 22.47 Evaluated at bid price : 22.73 Bid-YTW : 6.17 %
CM.PR.Q	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 6.05 %
BMO.PR.D	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 5.96 %
BAM.PR.T	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 15.99 Evaluated at bid price : 15.99 Bid-YTW : 6.45 %
PWF.PR.F	Perpetual-Discount	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.25 %
MFC.PR.M	FixedReset Ins Non	-1.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.83 Bid-YTW : 10.86 %
GWO.PR.L	Deemed-Retractible	-1.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.06 Bid-YTW : 7.27 %
PWF.PR.T	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.34 Evaluated at bid price : 18.34 Bid-YTW : 5.99 %
PWF.PR.A	Floater	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 4.19 %
MFC.PR.J	FixedReset Ins Non	-1.41 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.62 Bid-YTW : 9.32 %
BAM.PF.I	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.56 Bid-YTW : 5.39 %
BNS.PR.I	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 5.52 %
POW.PR.G	Perpetual-Discount	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 22.87 Evaluated at bid price : 23.14 Bid-YTW : 6.06 %
SLF.PR.E	Deemed-Retractible	-1.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.87 Bid-YTW : 10.00 %
PWF.PR.S	Perpetual-Discount	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.19 %
TD.PF.F	Perpetual-Discount	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.17 Evaluated at bid price : 23.55 Bid-YTW : 5.26 %
MFC.PR.B	Deemed-Retractible	-1.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.12 Bid-YTW : 9.96 %
GWO.PR.T	Deemed-Retractible	-1.22 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 8.61 %
BIP.PR.C	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 6.48 %
BIP.PR.E	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.58 Evaluated at bid price : 21.88 Bid-YTW : 5.73 %
MFC.PR.O	FixedReset Ins Non	-1.21 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 5.08 %
PWF.PR.L	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 6.19 %
MFC.PR.L	FixedReset Ins Non	-1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.25 Bid-YTW : 11.34 %
CU.PR.C	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.07 %
IFC.PR.C	FixedReset Ins Non	-1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.75 Bid-YTW : 11.72 %
MFC.PR.N	FixedReset Ins Non	-1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.71 Bid-YTW : 10.88 %
BMO.PR.T	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.88 %
PWF.PR.R	Perpetual-Discount	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 22.22 Evaluated at bid price : 22.55 Bid-YTW : 6.19 %
NA.PR.C	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 6.28 %
BMO.PR.W	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.84 %
GWO.PR.I	Deemed-Retractible	-1.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.76 Bid-YTW : 10.12 %
W.PR.J	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.68 Evaluated at bid price : 23.95 Bid-YTW : 5.95 %
BNS.PR.D	FloatingReset	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.76 Bid-YTW : 4.55 %
EIT.PR.A	SplitShare	1.29 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.42 Bid-YTW : 5.38 %
BAM.PR.N	Perpetual-Discount	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 6.34 %
TD.PF.I	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.77 %
NA.PR.E	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 18.91 Evaluated at bid price : 18.91 Bid-YTW : 6.11 %
BIP.PR.D	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 22.44 Evaluated at bid price : 23.05 Bid-YTW : 6.06 %
BAM.PF.G	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 6.26 %
BAM.PR.K	Floater	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 5.32 %
EIT.PR.B	SplitShare	1.78 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.04 Bid-YTW : 5.60 %
HSE.PR.G	FixedReset Disc	57.32 %	Just a reversal of yesterday‘s nonsense. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 7.70 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PVS.PR.B	SplitShare	100,404	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.44 %
TRP.PR.J	FixedReset Prem	59,150	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 5.30 %
RY.PR.L	FixedReset Bank Non	40,500	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.07 Bid-YTW : 4.66 %
RY.PR.S	FixedReset Disc	37,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.35 %
MFC.PR.B	Deemed-Retractible	24,678	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.12 Bid-YTW : 9.96 %
TD.PF.K	FixedReset Disc	24,189	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 5.87 %
There were 28 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: 13.52 – 14.48 Spot Rate : 0.9600 Average : 0.5799 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 6.36 %
IGM.PR.B	Perpetual-Discount	Quote: 23.40 – 24.14 Spot Rate : 0.7400 Average : 0.4661 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 6.41 %
GWO.PR.M	Deemed-Retractible	Quote: 23.74 – 24.22 Spot Rate : 0.4800 Average : 0.3499 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.74 Bid-YTW : 6.85 %
HSE.PR.C	FixedReset Disc	Quote: 16.51 – 16.98 Spot Rate : 0.4700 Average : 0.3423 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 7.68 %
GWO.PR.P	Deemed-Retractible	Quote: 22.08 – 22.43 Spot Rate : 0.3500 Average : 0.2401 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.08 Bid-YTW : 7.88 %
TD.PF.E	FixedReset Disc	Quote: 20.61 – 21.05 Spot Rate : 0.4400 Average : 0.3430 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-24 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.79 %

Posted in Market Action | 9 Comments »

AQN.PR.A : No Conversion to FloatingReset

Saturday, December 22nd, 2018

Algonquin Power & Utilities Corp. has announced:

that none of its outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A Preferred Shares”) will be converted on December 31, 2018 into Cumulative Floating Rate Preferred Shares, Series B (the “Series B Preferred Shares”) of the Company. During the conversion notice period which ran from December 3, 2018 to December 17, 2018, less than 1,000,000 Series A Preferred Shares were tendered for conversion into Series B Preferred Shares. As per the terms and conditions of the Series A Preferred Shares described in the short form prospectus dated November 2, 2012 relating to the issuance of Series A Preferred Shares, since there would remain outstanding on December 31, 2018, after having taken into account all Series A Preferred Shares tendered for conversion into Series B Preferred Shares, less than 1,000,000 Series B Preferred Shares, holders of Series A Preferred Shares who tendered their Series A Preferred Shares for conversion will not be entitled to convert their Series A Preferred Shares into Series B Preferred Shares. As a result, Series B Preferred Shares will not be issued at this time.

All dollar amounts referenced herein are in U.S. dollars unless otherwise noted.

It will be recalled that AQN.PR.A will reset at 5.162% effective December 31, 2018.

AQN.PR.A is a FixedReset, 4.50%+294, that commenced trading 2012-11-9 after being announced 2012-10-25. The 2018-11-28 notice of extension was reported on PrefBlog. The issue is tracked by HIMIPref™, but relegated to the Scraps – FixedReset Discount index on credit concerns.

I recommended against conversion.

Posted in Issue Comments | 2 Comments »

December 21, 2018

Friday, December 21st, 2018

Click for Big

TXPR closed at 605.00, down 0.58% from yesterday‘s close, after touching a new 52-week low of 604.53, undercutting the previous 52-week low of 607.63 set on December 20. Volume was elevated at 3.38-million shares, but nothing special by recent standards. There was a huge number of issues trading more than 10,000 shares, suggesting that there is a lot of retail action.

CPD closed at 12.19, up 0.49% from yesterday’s very poor close and a little above the 52-week low of 12.11 touched on December 6. Volume of 207,008 was high, but nothing special in the context of the past thirty days.

ZPR closed at 9.86, down 0.30% on the day, and within shouting distance of the 52-week low of 9.80 reached on December 6. Volume of 513,624 was fifth-highest of the past thirty days.

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	0.5951 %	2,359.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5951 %	4,330.4
Floater	4.96 %	5.27 %	45,371	15.06	4	0.5951 %	2,495.6
OpRet	0.00 %	0.00 %	0	0.00	0	0.0354 %	3,130.1
SplitShare	4.70 %	5.60 %	96,642	4.57	7	0.0354 %	3,738.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0354 %	2,916.5
Perpetual-Premium	5.66 %	6.09 %	151,554	13.68	2	-0.3811 %	2,823.5
Perpetual-Discount	5.87 %	6.06 %	74,808	13.77	33	-0.2264 %	2,820.1
FixedReset Disc	5.40 %	5.99 %	237,601	13.88	66	-1.5084 %	2,079.8
Deemed-Retractible	5.64 %	8.18 %	99,708	5.10	27	-0.5848 %	2,806.2
FloatingReset	4.27 %	5.38 %	40,632	2.95	7	-0.2645 %	2,360.0
FixedReset Prem	5.17 %	4.48 %	284,785	2.27	14	-0.0531 %	2,504.7
FixedReset Bank Non	3.00 %	4.43 %	145,805	2.91	6	0.1458 %	2,548.6
FixedReset Ins Non	5.24 %	9.13 %	154,379	5.17	22	-0.5102 %	2,138.2

Performance Highlights
Issue	Index	Change	Notes
HSE.PR.G	FixedReset Disc	-37.78 %	A nonsensical quote provided at high cost from Nonsense Central, as the issue traded 4,965 shares today in a range of 18.00-30 before being quoted at 11.20-18.00. I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. Come on, guys! I haven’t been chasing after stupid quotes for the past little while because there’s been a lot going on and there are bigger fish to fry, but this is ridiculous. Get your acts together! YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 12.25 %
CM.PR.R	FixedReset Disc	-3.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.61 Evaluated at bid price : 21.87 Bid-YTW : 6.00 %
IFC.PR.A	FixedReset Ins Non	-3.69 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.65 Bid-YTW : 12.45 %
VNR.PR.A	FixedReset Disc	-3.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.03 %
TD.PF.K	FixedReset Disc	-3.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 5.89 %
NA.PR.G	FixedReset Disc	-3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.11 %
TD.PF.A	FixedReset Disc	-3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.99 %
HSE.PR.A	FixedReset Disc	-3.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 7.41 %
TD.PF.I	FixedReset Disc	-2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.93 %
BIP.PR.E	FixedReset Disc	-2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.78 Evaluated at bid price : 22.15 Bid-YTW : 5.69 %
TRP.PR.K	FixedReset Disc	-2.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.93 Evaluated at bid price : 24.03 Bid-YTW : 5.92 %
HSE.PR.E	FixedReset Disc	-2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 7.88 %
MFC.PR.H	FixedReset Ins Non	-2.43 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 9.13 %
GWO.PR.M	Deemed-Retractible	-2.41 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 6.37 %
CM.PR.P	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 6.11 %
CU.PR.F	Perpetual-Discount	-2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 5.89 %
BMO.PR.S	FixedReset Disc	-2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 6.02 %
RY.PR.Z	FixedReset Disc	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 5.76 %
BMO.PR.W	FixedReset Disc	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.19 Evaluated at bid price : 18.19 Bid-YTW : 5.89 %
NA.PR.C	FixedReset Disc	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.30 %
IAG.PR.G	FixedReset Ins Non	-1.95 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.60 Bid-YTW : 8.89 %
HSE.PR.C	FixedReset Disc	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 16.36 Evaluated at bid price : 16.36 Bid-YTW : 7.88 %
BMO.PR.E	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.71 %
IAG.PR.A	Deemed-Retractible	-1.75 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.24 Bid-YTW : 8.70 %
RY.PR.S	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.51 %
BIP.PR.C	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.60 Bid-YTW : 5.97 %
GWO.PR.P	Deemed-Retractible	-1.59 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.30 Bid-YTW : 7.67 %
GWO.PR.R	Deemed-Retractible	-1.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.52 Bid-YTW : 8.66 %
GWO.PR.I	Deemed-Retractible	-1.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.95 Bid-YTW : 9.90 %
IFC.PR.E	Deemed-Retractible	-1.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 8.18 %
RY.PR.H	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 5.85 %
BMO.PR.T	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.93 %
IFC.PR.C	FixedReset Ins Non	-1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.94 Bid-YTW : 11.54 %
RY.PR.O	Perpetual-Discount	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.72 Evaluated at bid price : 23.05 Bid-YTW : 5.36 %
BMO.PR.C	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.24 Evaluated at bid price : 22.75 Bid-YTW : 5.74 %
BMO.PR.D	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.94 %
SLF.PR.I	FixedReset Ins Non	-1.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 8.55 %
EIT.PR.A	SplitShare	-1.23 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.11 Bid-YTW : 5.65 %
BIP.PR.F	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.46 Evaluated at bid price : 21.75 Bid-YTW : 5.88 %
PWF.PR.T	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.03 %
BAM.PR.T	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.45 %
BAM.PR.Z	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 19.56 Evaluated at bid price : 19.56 Bid-YTW : 6.33 %
TD.PF.C	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 5.92 %
POW.PR.B	Perpetual-Discount	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 6.12 %
BIP.PR.D	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.21 Evaluated at bid price : 22.69 Bid-YTW : 6.24 %
SLF.PR.H	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.50 Bid-YTW : 10.29 %
RY.PR.N	Perpetual-Discount	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.67 Evaluated at bid price : 22.99 Bid-YTW : 5.37 %
BNS.PR.I	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.52 %
NA.PR.E	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.28 %
CM.PR.O	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.09 %
TD.PF.B	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.93 %
PWF.PR.S	Perpetual-Discount	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.10 %
SLF.PR.A	Deemed-Retractible	-1.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.12 Bid-YTW : 8.99 %
CU.PR.D	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.83 %
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 : 19.21 Bid-YTW : 9.57 %
BAM.PR.C	Floater	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 5.27 %
PWF.PR.H	Perpetual-Discount	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 6.03 %
IFC.PR.F	Deemed-Retractible	1.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.04 Bid-YTW : 7.79 %
BAM.PF.B	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.15 %
EML.PR.A	FixedReset Ins Non	1.39 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.67 %
BAM.PR.X	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 5.98 %
PWF.PR.A	Floater	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 4.13 %
CM.PR.S	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 5.77 %
CGI.PR.D	SplitShare	1.57 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 4.79 %
PWF.PR.R	Perpetual-Discount	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.39 Evaluated at bid price : 22.80 Bid-YTW : 6.12 %
MFC.PR.F	FixedReset Ins Non	1.73 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.15 Bid-YTW : 13.57 %
BAM.PF.A	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 6.00 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.I	FixedReset Disc	72,350	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.52 %
BAM.PR.R	FixedReset Disc	64,189	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 6.37 %
TD.PF.K	FixedReset Disc	60,338	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 5.89 %
PWF.PR.P	FixedReset Disc	53,160	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 14.68 Evaluated at bid price : 14.68 Bid-YTW : 5.99 %
NA.PR.W	FixedReset Disc	50,351	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.25 %
TD.PF.D	FixedReset Disc	50,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.86 %
There were 85 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
HSE.PR.G	FixedReset Disc	Quote: 11.20 – 18.00 Spot Rate : 6.8000 Average : 3.6564 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 12.25 %
HSE.PR.A	FixedReset Disc	Quote: 12.10 – 12.99 Spot Rate : 0.8900 Average : 0.5822 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 7.41 %
EMA.PR.H	FixedReset Disc	Quote: 23.15 – 24.00 Spot Rate : 0.8500 Average : 0.5885 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 22.38 Evaluated at bid price : 23.15 Bid-YTW : 5.31 %
HSE.PR.E	FixedReset Disc	Quote: 17.56 – 18.19 Spot Rate : 0.6300 Average : 0.4293 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 7.88 %
BMO.PR.Q	FixedReset Bank Non	Quote: 22.40 – 22.98 Spot Rate : 0.5800 Average : 0.3878 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.40 Bid-YTW : 5.77 %
BIP.PR.E	FixedReset Disc	Quote: 22.15 – 22.73 Spot Rate : 0.5800 Average : 0.3895 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-21 Maturity Price : 21.78 Evaluated at bid price : 22.15 Bid-YTW : 5.69 %

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PrefBlog

Archive for December, 2018

December 31, 2018

December 28, 2018

BPO.PR.T : No Conversion to FloatingReset

December 27, 2018

INE : Outlook Negative, says S&P

‘Deemed Maturity’ Date for Insurance Issues Changed

Toronto Rock Lacrosse Ticket Giveaway – Update #2

December 24, 2018

AQN.PR.A : No Conversion to FloatingReset

December 21, 2018

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