Archive for March, 2020

OSP.PR.A : 70% of Capital Units to Disappear?

Wednesday, March 25th, 2020

Brompton Group has announced:

Brompton Oil Split Corp. (the “Fund”) previously announced a pro-rata redemption of class A shares (the “Class A Shares”) in order to maintain an equal number of preferred shares (the “Preferred Shares”) and Class A Shares outstanding as a result of more Preferred Shares being tendered to the special non-concurrent retraction in connection with the extension of the Fund’s term for an additional three years. As a result of withdrawals from the Preferred Share retraction, the Fund will now be required to redeem 2,259,102 Class A Shares on a pro-rata basis pursuant to the Fund’s constating documents which is a reduction of approximately 70.377% of each Class A shareholders’ holdings. Each Class A shareholder of record on March 31, 2020 will receive a redemption price equal to the greater of: (i) the net asset value per unit (each unit consisting of 1 Class A Share and 1 Preferred Share) minus the sum of $10.00 plus any accrued and unpaid distributions on a Preferred Share, and (ii) nil. The redemption payment, if any, will be made on or before April 15, 2020.

The Fund invests in a portfolio of equity securities of large capitalization North American oil and gas issuers, primarily focused on those with significant exposure to oil.

Given that the NAVPU of the preferred shares as of March 23 is only 3.67 (and the Capital Unit NAV is zero, of course), it currently appears that the redemption price calculated on March 31 will be nil.

DBRS Mass Review of SplitShares

Wednesday, March 25th, 2020

DBRS has announced:

DBRS Limited (DBRS Morningstar) placed certain preferred shares issued by various split share companies Under Review with Negative Implications. Each of these split share companies invests in a portfolio of securities funded by issuing two classes of shares: dividend-yielding preferred shares or securities (the Preferred Shares) and capital shares or units (the Capital Shares). In such structure, the Preferred Shares normally benefit from the downside protection provided by the net asset value (NAV) of the Capital Shares. Following the stock market sell-off in response to the worldwide spread of Coronavirus Disease (COVID-19) and various geopolitical news, the Preferred Shares experienced substantial declines in their downside protection. As a result, DBRS Morningstar placed the Preferred Shares listed below Under Review with Negative Implications. DBRS Morningstar will take final rating action on these Preferred Shares once a longer-term trend has been established for the NAVs of the affected split share companies.

Affected issues, with my estimates of the current (as of the close, March 24) Net Asset Value of the Whole Units, are:

Ticker Current
Rating
Estimated
NAV
DGS.PR.A Pfd-3 11.28
LBS.PR.A Pfd-3 11.77
PDV.PR.A Pfd-3(high) Not
Tracked
SBN.PR.A Pfd-3 11.54

Update, 2020-6-25: LCS.PR.A should have been in the table.

BBD Preferreds Downgraded to CC by S&P

Tuesday, March 24th, 2020

Standard & Poor’s has announced:

  • In the weaker macroeconomic environment we anticipate, in large part because of the COVID-19 outbreak, Bombardier Inc.’s capital structure appears to be unsustainable in the long term.
  • As a result, S&P Global Ratings lowered its ratings on Bombardier by one notch, including its issuer credit rating on the company to ‘CCC+’ from ‘B-‘.
  • At present, we don’t believe Bombardier will face a near-term liquidity crisis given the ample cash on its balance sheet at the beginning of the year.
  • The negative outlook reflects the possibility of another downgrade if macroeconomic conditions further deteriorate from our expectations leading to our view that Bombardier is likely to consider a distressed exchange offer or sub-par redemption in the near term.


In our Feb. 19, 2020, research update on Bombardier, we were expecting S&P Global Ratings’ adjusted debt-to-EBITDA of 6x-7x in 2021. However, we now believe leverage is likely to be higher given our view that earnings and free cash flow prospects for the company’s business jet division have deteriorated, at least over the next couple of years. While we recognize that large cabin business jets, which will make up the majority of Bombardier’s sales in future will see less downward pressure than small cabin jets, we expect demand will be lower than previously expected. Given Bombardier’s high debt load and our expectation for lower earnings and free cash flow generation, we Bombardier’s financial commitments appear unsustainable in the long term. We acknowledge that our forecast is highly uncertain at this time and the company has yet to provide updated guidance.

The negative outlook reflects our view that Bombardier could pursue a distressed exchange or other debt restructuring in the next 12 months to reduce its debt obligations, which we consider unsustainable in the long-term. In our view, key risks include weaker-than-expected demand from a global recession, and operating disruptions that could lead to a meaningful free cash flow deficit.

We could lower our rating on Bombardier if the company announces a distressed exchange or we consider such an event to be highly likely. This could occur if macroeconomic conditions further deteriorate from our expectations, contributing to a weaker outlook for business jet demand, and a large free cash flow deficit. It could also occur if we believe the acquisition of the company’s Bombardier Transportation (BT) segment by Alstom S.A. is unlikely to close as proposed.

We could revise the outlook to stable if we see a lower likelihood that Bombardier could pursue a distressed exchange or debt restructuring in the next twelve months. This could be the case if we expect a strong recovery in the second half of this year, leading us to believe that Bombardier’s capital structure is sustainable in the long-term.

The rating on these preferreds is now so low that S&P doesn’t offer a ‘Canadian National Scale’ equivalent with a “P” prefix … all the preferreds get is a straight transcription to CC.

Affected issues are BBD.PR.B, BBD.PR.C and BBD.PR.D.

EMA Downgraded to P-3(high) by S&P

Tuesday, March 24th, 2020

Standard & Poor’s has announced:

  • Halifax, Nova Scotia-based utility holding company Emera Inc. has closed on the sale of its Emera Maine subsidiary to ENMAX Corp.
  • Although we expect the sale to improve Emera Inc.’s consolidated financial measures in the near term, the transaction does not fully mitigate other factors that weigh on the company’s credit quality, including our expectation that the company’s funds from operation (FFO) to debt will be consistently above 12%.
  • As a result, we no longer expect Emera to maintain its financial measures at the upper end of its financial risk category, removing support for our use of a positive comparable ratings analysis modifier.
  • Therefore, we are lowering our issuer credit rating on Emera to ‘BBB’ from ‘BBB+’. The outlook is stable.
  • At the same time, we are lowering the senior unsecured debt rating to ‘BBB-‘ from ‘BBB’, subordinated notes rating to ‘BB+’ from ‘BBB-‘, and preferred shares rating to ‘BB+’ from ‘BBB-‘ on the global scale and to ‘P-3 (High)’ from ‘P-2 (Low)’ on the Canada National Scale ratings.
  • We are also downgrading intermediate holding company TECO Energy Inc. (TECO) and financing company TECO Finance Inc. to ‘BBB’ from ‘BBB+’.
  • We also reviewed our ratings on operating subsidiaries Nova Scotia Power Inc. (NSPI) and Tampa Electric Co. (TEC) and conclude that the cumulative value of the structural protections in place between these two operating companies and parent Emera are sufficient to insulate our issuer credit rating on both entities for up to one notch from the group credit profile of parent Emera.
  • As such, we are affirming our ratings on NSPI and TEC, including the ‘BBB+’ issuer credit ratings.
  • For NSPI, we are affirming the A-1 (Low) Canadian National Scale Commercial Paper Ratings.
  • For TEC, are affirming the ‘A-2’ short-term ratings.
  • The stable outlook on all these entities largely reflects our expectation that Emera will maintain its financial measures, including FFO to debt at about 11% over the next two years.


We could downgrade Emera over the next 12-24 months if the company’s financial measures deteriorates with FFO to debt of below 10% with no prospect for improvement. This could happen if there are material adverse regulatory outcomes, a material delay in the completion of capital projects, or if the COVID-19 pandemic persists and has a material long-term impact on the company’s financial measures.

We could raise ratings on Emera if its financial measures improve with FFO to debt approaching 13% on a sustained basis, indicative of the higher end of the financial risk profile category.

Affected issues are EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H.

March 24, 2020

Tuesday, March 24th, 2020
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Today the markets celebrated hopes of a great big bail-out:

Stocks soared on Tuesday on expectations that Congress was close to producing a stimulus bill to stabilize America’s faltering economy and offer lifelines to industries on the brink of collapse because of the coronavirus.

A plan to bail out companies and send checks of up to $1,200 to Americans had been stalled since Sunday over objections by Democrats. But on Tuesday, top Democrats and Trump administration officials said they were optimistic about finalizing an agreement on a roughly $2 trillion plan.

The S&P 500 had its biggest daily gain since 2008, rising more than 9 percent. Stocks in Europe climbed, led by Germany, where stocks rose more than 10 percent.

and in Canada …:

Canada’s main stock market rallied on Tuesday, rebounding from an eight-year low the day before, as hopes rose that global stimulus measures will ease the economic impact of the coronavirus pandemic.

The Toronto Stock Exchange’s S&P/TSX composite index surged 11.96%, or 1,342.59 points, to 12,571.08, after hitting its lowest intraday level since October 2011 at 11,172.73 on Monday. Since peaking in February, the index has tumbled about 30%. Tuesday’s percentage gain for the Canadian index was its biggest since July 1979, based on Refinitiv Eikon data.

Suncor Energy Inc. cut its 2020 production outlook and suspended share repurchases for the year following the decline in crude oil prices and due to the economic impact of the virus outbreak. Still, its shares rallied 13%.

The Canadian dollar was little changed at about 1.45 to the U.S. dollar, or 68.97 U.S. cents. The currency, which last Thursday hit a four-year low at 1.4669, traded in a range of 1.4375 to 1.4532.

Canadian government bond yields rose across the curve in sympathy with U.S. Treasuries. The 10-year was up 3.7 basis points at 0.855%.

As mentioned yesterday, the Fed has announced the Primary Market Corporate Credit Facility and the Secondary Market Corporate Support Facility. There are calls for the BoC to do the same:

The mad scramble for cash amid the coronavirus panic is putting enormous strain on the Canadian corporate bond market, which the country’s largest companies rely on for a steady source of financing.

While high-quality credit typically serves as a safe haven in the midst of an economic shock, corporate bonds have plummeted alongside stocks over the past few bewildering weeks.

The iShares Canadian Corporate Bond Index ETF (XCB) – the largest of its kind – fell by a staggering 23 per cent in just 11 trading days, before a market-wide bounce on Tuesday clawed back a portion of the fund’s losses.

To help restore order, the Bank of Canada may follow the U.S. Federal Reserve’s lead and intervene in the corporate credit market for the first time in its history.

“To draw a line and support investment-grade debt, that’s the kind of bold move that can inspire confidence. That will create some semblance of rationality,” Mr. Mamdani said.

Last week, the Bank of Canada opened that door, giving itself the authority to buy and sell corporate and municipal debt, “for purposes of addressing a situation of financial system stress that could have material macroeconomic consequences,” according to a regulatory notice from March 18.

But in the real world:

A source familiar with the data confirmed that the government received an estimated 929,000 Employment Insurance claims in the week of March 16-22 – a week in which a dramatic escalation of social-isolation requirements across the country forced many businesses to either sharply curtail their operations or shut down entirely.

Those EI filings represent roughly 5 per cent of all employees in the country – and imply that the national unemployment rate may have nearly doubled in just seven days.

The numbers of layoffs could surge again in the coming days, as the country’s two most populous provinces, Ontario and Quebec, will institute new rules requiring businesses deemed non-essential to close their doors as of midnight Tuesday night.

TXPR closed at 408.38, up 3.996% on the day. Volume today was 4.63-million – and this enormous figure is merely about average of the past two weeks.

CPD closed at 8.10, up 3.18% on the day. Volume of 325,281, above average but nothing special in the context of the past 30 trading days.

ZPR closed at 6.30, up 3.11% on the day. Volume of 500,507 was the lowest since March 6.

Five-year Canada yields were up 5bp to 0.76% today.

I’m not reviewing suspect quotes today, as has been the case for the past while. I’m saving my sarcasm for less turbulent times.

Update, 1:47am: A deal has been reached on the US stimulus package:

The legislation, which is expected to be enacted within days, is the biggest economic stimulus package in modern American history, aimed at delivering critical financial support to businesses forced to shut their doors and relief to American families and hospitals reeling from the rapid spread of the disease and the resulting economic disruption.

Struck shortly before 1 a.m., it was the product of a marathon set of negotiations among Senate Republicans, Democrats and President Trump’s team that nearly fell apart as Democrats insisted upon stronger worker protections and oversight over a new $500 billion fund to bail out distressed businesses.

The deal was struck after a furious final round of haggling between Senator Mitch McConnell, Republican of Kentucky, Steven Mnuchin, the Treasury secretary, and Senator Chuck Schumer, Democrat of New York, after Democrats twice blocked action on the measure as they insisted on concessions.

S&P overnight Futures are down 1.12% as of 1:34am; we’ll see what the next few updates look like!

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 -0.2187 % 1,227.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2187 % 2,251.9
Floater 8.82 % 8.92 % 57,682 10.49 4 -0.2187 % 1,297.8
OpRet 0.00 % 0.00 % 0 0.00 0 7.4768 % 2,854.4
SplitShare 5.81 % 9.75 % 78,706 3.93 7 7.4768 % 3,408.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 7.4768 % 2,659.7
Perpetual-Premium 7.63 % 8.08 % 105,909 11.22 12 2.6740 % 2,233.6
Perpetual-Discount 7.10 % 7.15 % 88,006 12.35 24 1.9898 % 2,466.4
FixedReset Disc 8.89 % 7.54 % 209,786 11.48 64 3.4021 % 1,355.4
Deemed-Retractible 7.06 % 7.96 % 98,671 11.45 27 3.4948 % 2,393.8
FloatingReset 7.17 % 7.35 % 64,026 12.13 3 5.6312 % 1,410.2
FixedReset Prem 7.20 % 7.15 % 194,211 12.28 22 4.7575 % 1,883.0
FixedReset Bank Non 2.05 % 8.14 % 124,571 1.78 3 1.8638 % 2,592.2
FixedReset Ins Non 8.92 % 7.92 % 118,838 11.16 22 5.6474 % 1,321.9
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -6.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.22
Evaluated at bid price : 7.22
Bid-YTW : 7.91 %
TD.PF.I FixedReset Disc -2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.82
Evaluated at bid price : 12.82
Bid-YTW : 7.58 %
EMA.PR.E Perpetual-Discount -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 6.67 %
BNS.PR.I FixedReset Disc -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 6.92 %
BAM.PR.B Floater -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 6.75
Evaluated at bid price : 6.75
Bid-YTW : 9.01 %
RY.PR.J FixedReset Disc -2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.72
Evaluated at bid price : 12.72
Bid-YTW : 6.72 %
RY.PR.S FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 6.29 %
POW.PR.B Perpetual-Discount 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.23
Evaluated at bid price : 17.23
Bid-YTW : 7.97 %
PWF.PR.F Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 8.10 %
BAM.PF.E FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.06
Evaluated at bid price : 10.06
Bid-YTW : 7.97 %
POW.PR.D Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.72
Evaluated at bid price : 16.72
Bid-YTW : 7.67 %
MFC.PR.J FixedReset Ins Non 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.05
Evaluated at bid price : 11.05
Bid-YTW : 8.15 %
BIP.PR.D FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.03
Evaluated at bid price : 16.03
Bid-YTW : 7.86 %
PWF.PR.R Perpetual-Premium 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.41
Evaluated at bid price : 17.41
Bid-YTW : 8.08 %
PWF.PR.Z Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.48
Evaluated at bid price : 16.48
Bid-YTW : 7.99 %
CIU.PR.A Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 7.15 %
POW.PR.G Perpetual-Premium 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.27 %
HSE.PR.C FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 6.80
Evaluated at bid price : 6.80
Bid-YTW : 15.78 %
CM.PR.Q FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.77
Evaluated at bid price : 10.77
Bid-YTW : 8.14 %
PWF.PR.T FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.72
Evaluated at bid price : 10.72
Bid-YTW : 7.97 %
RY.PR.C Deemed-Retractible 1.64 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.31
Bid-YTW : 11.49 %
ELF.PR.H Perpetual-Premium 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 7.28 %
CU.PR.F Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 7.00 %
GWO.PR.G Deemed-Retractible 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.08
Evaluated at bid price : 16.08
Bid-YTW : 8.15 %
MFC.PR.B Deemed-Retractible 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 7.63 %
BNS.PR.G FixedReset Prem 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 7.02 %
EMA.PR.C FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 7.54 %
MFC.PR.C Deemed-Retractible 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.28
Evaluated at bid price : 14.28
Bid-YTW : 7.96 %
TD.PF.C FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.63
Evaluated at bid price : 11.63
Bid-YTW : 7.05 %
RY.PR.P Perpetual-Premium 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 6.49 %
PWF.PR.S Perpetual-Discount 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.39
Evaluated at bid price : 15.39
Bid-YTW : 7.97 %
ELF.PR.G Perpetual-Discount 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.26 %
BNS.PR.H FixedReset Prem 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.16
Evaluated at bid price : 17.16
Bid-YTW : 7.18 %
MFC.PR.O FixedReset Ins Non 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 8.11 %
PWF.PR.A Floater 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.10
Evaluated at bid price : 7.10
Bid-YTW : 8.67 %
RY.PR.F Deemed-Retractible 2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.22
Bid-YTW : 11.56 %
GWO.PR.F Deemed-Retractible 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 7.93 %
NA.PR.G FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.27
Evaluated at bid price : 12.27
Bid-YTW : 7.91 %
RY.PR.A Deemed-Retractible 2.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.29
Bid-YTW : 11.37 %
PWF.PR.E Perpetual-Premium 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.08 %
CM.PR.S FixedReset Disc 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 7.54 %
TD.PF.H FixedReset Prem 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.15 %
BAM.PF.C Perpetual-Discount 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.44
Evaluated at bid price : 16.44
Bid-YTW : 7.43 %
CU.PR.E Perpetual-Discount 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 7.04 %
MFC.PR.R FixedReset Ins Non 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 8.27 %
CU.PR.G Perpetual-Discount 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.42
Evaluated at bid price : 16.42
Bid-YTW : 6.94 %
BMO.PR.S FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.78
Evaluated at bid price : 10.78
Bid-YTW : 7.58 %
GWO.PR.H Deemed-Retractible 2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 7.60 %
POW.PR.A Perpetual-Premium 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 8.10 %
TD.PF.G FixedReset Prem 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 7.18 %
PVS.PR.D SplitShare 2.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 22.61
Bid-YTW : 11.66 %
BAM.PF.A FixedReset Disc 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 8.24 %
RY.PR.Q FixedReset Prem 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.06 %
PWF.PR.H Perpetual-Premium 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 8.27 %
TD.PF.K FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 7.21 %
CCS.PR.C Deemed-Retractible 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.99 %
CM.PR.P FixedReset Disc 2.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 7.77 %
SLF.PR.B Deemed-Retractible 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 7.46 %
GWO.PR.S Deemed-Retractible 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.37
Evaluated at bid price : 16.37
Bid-YTW : 8.08 %
RY.PR.E Deemed-Retractible 3.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 11.40 %
MFC.PR.H FixedReset Ins Non 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.51
Evaluated at bid price : 11.51
Bid-YTW : 8.44 %
GWO.PR.I Deemed-Retractible 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 7.95 %
BMO.PR.T FixedReset Disc 3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.54
Evaluated at bid price : 10.54
Bid-YTW : 7.46 %
SLF.PR.I FixedReset Ins Non 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 8.05 %
GWO.PR.L Deemed-Retractible 3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.34
Evaluated at bid price : 17.34
Bid-YTW : 8.21 %
RY.PR.G Deemed-Retractible 3.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 11.40 %
PWF.PR.K Perpetual-Discount 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.16
Evaluated at bid price : 16.16
Bid-YTW : 7.83 %
MFC.PR.F FixedReset Ins Non 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.26
Evaluated at bid price : 7.26
Bid-YTW : 7.13 %
TD.PF.B FixedReset Disc 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.31
Evaluated at bid price : 11.31
Bid-YTW : 7.06 %
IAF.PR.B Deemed-Retractible 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 7.47 %
BAM.PR.R FixedReset Disc 3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.68
Evaluated at bid price : 8.68
Bid-YTW : 8.53 %
SLF.PR.C Deemed-Retractible 3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.73
Evaluated at bid price : 14.73
Bid-YTW : 7.61 %
NA.PR.A FixedReset Prem 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 7.92 %
IFC.PR.G FixedReset Ins Non 3.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.75
Evaluated at bid price : 11.75
Bid-YTW : 7.66 %
NA.PR.S FixedReset Disc 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.71
Evaluated at bid price : 10.71
Bid-YTW : 7.91 %
PVS.PR.F SplitShare 3.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 20.71
Bid-YTW : 9.69 %
PWF.PR.O Perpetual-Premium 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.24 %
RY.PR.H FixedReset Disc 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 6.86 %
BAM.PF.D Perpetual-Discount 3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.39 %
PWF.PR.L Perpetual-Discount 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 7.95 %
TD.PF.E FixedReset Disc 3.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.16 %
TD.PF.M FixedReset Disc 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.08
Evaluated at bid price : 16.08
Bid-YTW : 7.07 %
NA.PR.E FixedReset Disc 3.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.62
Evaluated at bid price : 11.62
Bid-YTW : 7.73 %
BMO.PR.W FixedReset Disc 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 7.30 %
BNS.PR.E FixedReset Prem 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 7.17 %
BAM.PR.N Perpetual-Discount 3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 7.38 %
BAM.PR.M Perpetual-Discount 3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 7.32 %
RY.PR.N Perpetual-Discount 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.80
Evaluated at bid price : 18.80
Bid-YTW : 6.61 %
POW.PR.C Perpetual-Premium 3.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 8.31 %
MFC.PR.M FixedReset Ins Non 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 7.71 %
TD.PF.J FixedReset Disc 3.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 7.06 %
GWO.PR.P Deemed-Retractible 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 8.10 %
BIP.PR.C FixedReset Prem 4.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 8.25 %
IFC.PR.I Perpetual-Premium 4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 7.32 %
SLF.PR.E Deemed-Retractible 4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.96
Evaluated at bid price : 14.96
Bid-YTW : 7.58 %
W.PR.K FixedReset Prem 4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 7.78 %
MFC.PR.I FixedReset Ins Non 4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 8.30 %
NA.PR.X FixedReset Prem 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.83 %
PWF.PR.Q FloatingReset 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.04
Evaluated at bid price : 7.04
Bid-YTW : 7.65 %
CM.PR.Y FixedReset Disc 4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.35 %
SLF.PR.A Deemed-Retractible 4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 7.44 %
BAM.PF.B FixedReset Disc 4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.25 %
BIP.PR.F FixedReset Disc 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.03 %
IAF.PR.G FixedReset Ins Non 4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.22
Evaluated at bid price : 11.22
Bid-YTW : 7.92 %
BIP.PR.E FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 7.75 %
SLF.PR.J FloatingReset 4.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.16
Evaluated at bid price : 7.16
Bid-YTW : 6.73 %
CM.PR.O FixedReset Disc 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.58
Evaluated at bid price : 10.58
Bid-YTW : 7.72 %
HSE.PR.E FixedReset Disc 4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.44
Evaluated at bid price : 7.44
Bid-YTW : 14.32 %
BAM.PR.Z FixedReset Disc 4.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 8.14 %
BAM.PR.T FixedReset Disc 4.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 9.06
Evaluated at bid price : 9.06
Bid-YTW : 8.40 %
CU.PR.C FixedReset Disc 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 6.19 %
GWO.PR.M Deemed-Retractible 5.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.99
Evaluated at bid price : 17.99
Bid-YTW : 8.13 %
SLF.PR.D Deemed-Retractible 5.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.81
Evaluated at bid price : 14.81
Bid-YTW : 7.57 %
CU.PR.I FixedReset Prem 5.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.94
Evaluated at bid price : 17.94
Bid-YTW : 6.35 %
PWF.PR.G Perpetual-Premium 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 8.11 %
PVS.PR.E SplitShare 5.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 22.16
Bid-YTW : 10.80 %
W.PR.M FixedReset Prem 5.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.51 %
CM.PR.R FixedReset Disc 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 7.98 %
GWO.PR.Q Deemed-Retractible 5.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 8.06 %
BIP.PR.B FixedReset Prem 5.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 8.20 %
IFC.PR.F Deemed-Retractible 5.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.42 %
BAM.PF.I FixedReset Prem 5.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 6.74 %
EIT.PR.A SplitShare 5.74 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 20.25
Bid-YTW : 10.92 %
BAM.PF.H FixedReset Prem 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.60 %
BMO.PR.Q FixedReset Bank Non 5.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 9.07 %
BAM.PR.X FixedReset Disc 5.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.62
Evaluated at bid price : 7.62
Bid-YTW : 8.20 %
RY.PR.Z FixedReset Disc 6.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.56
Evaluated at bid price : 11.56
Bid-YTW : 6.74 %
TRP.PR.B FixedReset Disc 6.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.51
Evaluated at bid price : 7.51
Bid-YTW : 6.40 %
NA.PR.W FixedReset Disc 6.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.61
Evaluated at bid price : 10.61
Bid-YTW : 7.69 %
TRP.PR.C FixedReset Disc 6.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.45
Evaluated at bid price : 7.45
Bid-YTW : 7.46 %
EML.PR.A FixedReset Ins Non 6.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 8.29 %
EIT.PR.B SplitShare 6.84 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 20.30
Bid-YTW : 9.75 %
MFC.PR.K FixedReset Ins Non 6.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 7.62 %
RY.PR.R FixedReset Prem 6.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.90 %
CU.PR.H Perpetual-Discount 7.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.93 %
EMA.PR.H FixedReset Prem 7.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.61
Evaluated at bid price : 20.61
Bid-YTW : 6.03 %
TD.PF.L FixedReset Disc 7.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 7.31 %
GWO.PR.R Deemed-Retractible 7.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.81
Evaluated at bid price : 15.81
Bid-YTW : 7.65 %
BAM.PF.J FixedReset Prem 7.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 6.75 %
TRP.PR.E FixedReset Disc 7.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.64
Evaluated at bid price : 10.64
Bid-YTW : 7.77 %
BIK.PR.A FixedReset Prem 7.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 8.77 %
MFC.PR.G FixedReset Ins Non 7.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.91
Evaluated at bid price : 10.91
Bid-YTW : 8.29 %
TRP.PR.F FloatingReset 7.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.31
Evaluated at bid price : 8.31
Bid-YTW : 7.35 %
IFC.PR.C FixedReset Ins Non 7.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.68
Evaluated at bid price : 10.68
Bid-YTW : 7.77 %
NA.PR.C FixedReset Disc 7.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 7.80 %
TRP.PR.J FixedReset Prem 7.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.84 %
TRP.PR.K FixedReset Prem 8.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.74
Evaluated at bid price : 17.74
Bid-YTW : 7.00 %
TD.PF.A FixedReset Disc 8.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 6.90 %
SLF.PR.H FixedReset Ins Non 8.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 9.23
Evaluated at bid price : 9.23
Bid-YTW : 7.65 %
MFC.PR.N FixedReset Ins Non 8.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 7.40 %
HSE.PR.A FixedReset Disc 8.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 4.77
Evaluated at bid price : 4.77
Bid-YTW : 12.55 %
CM.PR.T FixedReset Disc 8.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 15.18
Evaluated at bid price : 15.18
Bid-YTW : 7.22 %
TRP.PR.G FixedReset Disc 9.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.26
Evaluated at bid price : 12.26
Bid-YTW : 7.46 %
IFC.PR.E Deemed-Retractible 9.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.48 %
MFC.PR.Q FixedReset Ins Non 10.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.13 %
TRP.PR.D FixedReset Disc 10.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.38
Evaluated at bid price : 11.38
Bid-YTW : 7.32 %
IFC.PR.A FixedReset Ins Non 11.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.93
Evaluated at bid price : 8.93
Bid-YTW : 7.17 %
MFC.PR.L FixedReset Ins Non 11.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.16
Evaluated at bid price : 10.16
Bid-YTW : 7.66 %
SLF.PR.G FixedReset Ins Non 13.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 7.24
Evaluated at bid price : 7.24
Bid-YTW : 7.10 %
GWO.PR.N FixedReset Ins Non 13.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 8.61
Evaluated at bid price : 8.61
Bid-YTW : 5.66 %
BIP.PR.A FixedReset Disc 14.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 8.81 %
TRP.PR.A FixedReset Disc 15.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 9.64
Evaluated at bid price : 9.64
Bid-YTW : 7.43 %
PVS.PR.G SplitShare 35.41 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 20.65
Bid-YTW : 8.83 %
Volume Highlights
Issue Index Shares
Traded
Notes
SLF.PR.B Deemed-Retractible 527,750 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 7.46 %
TD.PF.A FixedReset Disc 431,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 6.90 %
TD.PF.H FixedReset Prem 169,358 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 7.15 %
TD.PF.K FixedReset Disc 54,905 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 7.21 %
MFC.PR.O FixedReset Ins Non 45,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 8.11 %
TRP.PR.J FixedReset Prem 36,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.84 %
There were 93 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.I FixedReset Ins Non Quote: 11.11 – 19.90
Spot Rate : 8.7900
Average : 5.0421

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 8.30 %

PWF.PR.T FixedReset Disc Quote: 10.72 – 17.75
Spot Rate : 7.0300
Average : 4.0528

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.72
Evaluated at bid price : 10.72
Bid-YTW : 7.97 %

NA.PR.A FixedReset Prem Quote: 17.06 – 23.90
Spot Rate : 6.8400
Average : 3.9887

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 7.92 %

MFC.PR.G FixedReset Ins Non Quote: 10.91 – 18.18
Spot Rate : 7.2700
Average : 4.5998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.91
Evaluated at bid price : 10.91
Bid-YTW : 8.29 %

MFC.PR.N FixedReset Ins Non Quote: 10.00 – 15.88
Spot Rate : 5.8800
Average : 3.3816

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 7.40 %

CM.PR.Q FixedReset Disc Quote: 10.77 – 15.00
Spot Rate : 4.2300
Average : 2.5856

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-24
Maturity Price : 10.77
Evaluated at bid price : 10.77
Bid-YTW : 8.14 %

March 23, 2020

Monday, March 23rd, 2020
mushroomcloud_200323_1 coronavirus_200323_1
quarantine_200323 mushroomcloud_200323_2
(Original Caption) An awesome mushroom cloud rises as an atomic bomb is exploded off Bikini Atoll in the Marshall Islands in 1946. coronavirus_200323_2
mushroomcloud_200323_4

American banks are issuing dire warnings:

  • Goldman Sachs economists on Friday forecast an unprecedented 24% hit to U.S. second-quarter GDP, following a 6% decline in the first-quarter, due to coronavirus; the bank also expects unemployment to surge to 9% and full-year GDP for 2020 to fall 3.8% on an annual average basis.
  • Bank of America warned late on Thursday that a recession due to the coronavirus pandemic is already here: “Jobs will be lost, wealth will be destroyed and confidence depressed,” the bank’s U.S. economist, Michelle Meyer, wrote in a note, as the Bank of America also forecast the economy to “collapse” in the second quarter, shrinking by 12%, with GDP for 2020 taking a 0.8% hit.
  • Morgan Stanley warned investors of the same thing: “Global recession in 2020 is now our base case,” the firm’s chief economist, Chetan Ahya, wrote in a recent note, predicting global economic growth to slow to 0.9% this year—the lowest level seen since the 2008 crisis.
    Deutsche Bank predicts that the U.S. economy will contract by 12.9% in the second quarter, with the coronavirus-driven declines set to “substantially exceed anything previously recorded going back to at least World War II,” according to a note Wednesday.

  • UBS similarly sees a “massive contraction” of almost 10% in second-quarter GDP, while also predicting a deep recession in the first half of 2020 due to the coronavirus pandemic.
  • But: Most of the economists at the big banks listed above still predict the economy will rebound later in 2020, or by 2021 at the latest.

And pension plans are looking sick again:

Canadian pension plans have seen their funding crater in recent weeks amid falling interest rates and a meltdown in stock markets, leaving some with shortfalls just weeks after being fully funded.

Consulting firm Mercer Canada Ltd. said its pension health index closed 2019 at 112 per cent — a reading that suggests the plans were over-funded, with more assets than obligations — up 10 percentage points over the course of the year. It was 103 per cent on Feb. 29, but had fallen to 89 per cent on Monday, March 16.

Aon PLC said its measure of pension solvency in Canada, which approached record highs in the fourth quarter of 2019, declined from 102.5 per cent on Jan. 2 to 95.8 per cent on Feb. 28, then to 90.6 by Friday, March 13.

So the Fed is ramping up its efforts:

The Fed pledged to buy as much government-backed debt as needed to restore normal functioning in the markets for housing and Treasury bonds. It announced that it would buy longer-dated corporate debt, including the riskiest investment-grade bonds, for the first time in its history. And it promised to unveil more — including supports for small businesses — in the days and weeks to come.

The central bank, which restarted its massive bond-buying program eight days ago, said it would expand well beyond the “at least” $700 billion in Treasury and $200 billion in mortgage-backed securities it initially committed to buying. Instead, officials will buy bonds “in the amounts needed to support smooth market functioning” — including buying government-backed debt tied to commercial real estate.

One of them, the Primary Market Corporate Credit Facility, is open to investment-grade companies and will provide bridge financing of four years, according to the Fed’s release. The Fed will create a special purpose vehicle that will both purchase bonds from eligible issuers and extend loans.

The other program, the Secondary Market Corporate Support Facility, will purchase already-issued debt, which has become hard to trade, including by buying exchange-traded funds that bundle bonds together. The Fed said that together the programs were intended “to support credit to large employers.”

The markets were unimpressed:

The Toronto Stock Exchange’s S&P/TSX Composite index was unofficially down 623.32 points, or 5.26%, at 11,228.49.

The Canadian death toll from the virus outbreak jumped by more than 50% on Sunday, and impatient officials threatened to punish people refusing to take precautions to fight the spread of the highly contagious illness.

Nine of the index’s 11 major sectors fell.

The energy sector dropped 3.8% as crude prices fell.

The financials sector slipped 7.9%. The industrials sector fell 3.7%.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 5.4% as gold prices rose.

Based on the latest available data, the Dow Jones Industrial Average fell 575.58 points, or 3%, to 18,598.4, the S&P 500 lost 65.55 points, or 2.84%, to 2,239.37 and the Nasdaq Composite dropped 16.37 points, or 0.24%, to 6,863.14.

The Dow at one point traded below its closing level on Nov. 8, 2016, effectively erasing all the gains since the election of Donald Trump as U.S. president.

The pan-European STOXX 600 index lost 4.30% and MSCI’s gauge of stocks across the globe shed 3.81%.

Emerging market stocks lost 5.61%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 5.75% lower, while Japan’s Nikkei rose 2.02%.

Which might well have been considered good news in some quarters:

Brookfield Asset Management Inc. chief executive officer Bruce Flatt says his company is moving away from private assets and buying publicly traded debt and stocks – including its own – in the recent market carnage.

“We have switched our focus for investments to the listed stock markets. … There are some stocks and debt starting to trade at a large discount to intrinsic value and we are focused on these,” Mr. Flatt said in a shareholder letter released Monday.

But there is bad news in other quarters:

Consensus continues to grow among government leaders and health officials that the best way to defeat the virus is to order nonessential businesses to close and residents to confine themselves at home. Britain, after initially resisting such measures, essentially locked down its economy on Monday, as did the governors of Virginia, Michigan and Oregon. More than 100 million Americans will soon be subject to stay-at-home orders.

Relaxing those restrictions could significantly increase the death toll from the virus, public health officials warn. Many economists say there is no positive trade-off — resuming normal activity prematurely would only strain hospitals and result in even more deaths, while exacerbating a recession that has most likely already arrived.

Officials have said the federal government’s initial 15-day period for social distancing is vital to slowing the spread of the virus, which has already infected more than 40,000 people in the United States. But Mr. Trump and a chorus of conservative voices have begun to suggest that the shock to the economy could hurt the country more than deaths from the virus.

On Monday, Mr. Trump said his administration would reassess whether to keep the economy shuttered after the initial 15-day period ends next Monday, saying it could extend another week and that certain parts of the country could reopen sooner than others, depending on the extent of infections.

“Our country wasn’t built to be shut down,” Mr. Trump said during a briefing at the White House. “America will, again, and soon, be open for business. Very soon. A lot sooner than three or four months that somebody was suggesting. Lot sooner. We cannot let the cure be worse than the problem itself.”

TXPR closed at 392.69, down 7.77% on the day. Volume today was 4.57-million – and this enormous figure was the lowest of the past five trading days.

CPD closed at 7.85, down 8.40% on the day. Volume of 546,111 was third-highest of the past 30 trading days, trailing March 13 and March 16.

ZPR closed at 6.11, down 6.72% on the day. Volume of 1,706,900 was third-highest of the past 30 trading days, behind March 20 and March 9.

Five-year Canada yields were down 4bp to 0.71% today.

I’m not reviewing suspect quotes today, as has been the case for the past while. I’m saving my sarcasm for less turbulent times.

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 -2.6269 % 1,229.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.6269 % 2,256.9
Floater 8.80 % 8.86 % 58,744 10.50 4 -2.6269 % 1,300.7
OpRet 0.00 % 0.00 % 0 0.00 0 -11.3876 % 2,655.8
SplitShare 6.25 % 12.56 % 73,614 3.91 7 -11.3876 % 3,171.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -11.3876 % 2,474.6
Perpetual-Premium 7.83 % 8.28 % 107,194 11.03 12 -7.3190 % 2,175.4
Perpetual-Discount 7.24 % 7.41 % 90,425 12.03 24 -6.8548 % 2,418.3
FixedReset Disc 9.20 % 7.80 % 213,431 11.16 64 -7.2601 % 1,310.8
Deemed-Retractible 7.31 % 8.20 % 96,493 11.23 27 -8.5829 % 2,313.0
FloatingReset 7.58 % 7.93 % 64,194 11.49 3 -12.1237 % 1,335.1
FixedReset Prem 7.54 % 7.38 % 194,954 12.06 22 -9.3620 % 1,797.5
FixedReset Bank Non 2.09 % 8.12 % 125,348 1.78 3 -3.1552 % 2,544.8
FixedReset Ins Non 9.42 % 8.28 % 120,655 10.82 22 -9.9126 % 1,251.2
Performance Highlights
Issue Index Change Notes
PVS.PR.G SplitShare -27.38 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 15.25
Bid-YTW : 15.27 %
GWO.PR.N FixedReset Ins Non -21.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.61
Evaluated at bid price : 7.61
Bid-YTW : 6.41 %
SLF.PR.G FixedReset Ins Non -17.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.40
Evaluated at bid price : 6.40
Bid-YTW : 8.03 %
RY.PR.R FixedReset Prem -15.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.38 %
IFC.PR.A FixedReset Ins Non -15.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 8.03
Evaluated at bid price : 8.03
Bid-YTW : 8.03 %
EIT.PR.A SplitShare -15.08 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 19.15
Bid-YTW : 12.56 %
CU.PR.I FixedReset Prem -15.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.03
Evaluated at bid price : 17.03
Bid-YTW : 6.69 %
IFC.PR.E Deemed-Retractible -14.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.92
Evaluated at bid price : 15.92
Bid-YTW : 8.23 %
MFC.PR.Q FixedReset Ins Non -14.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 9.01 %
BAM.PR.X FixedReset Disc -14.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.20
Evaluated at bid price : 7.20
Bid-YTW : 8.69 %
PWF.PR.Q FloatingReset -14.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.75
Evaluated at bid price : 6.75
Bid-YTW : 7.98 %
BNS.PR.E FixedReset Prem -14.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 7.45 %
EIT.PR.B SplitShare -13.64 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 19.00
Bid-YTW : 11.34 %
TRP.PR.A FixedReset Disc -13.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 8.38
Evaluated at bid price : 8.38
Bid-YTW : 8.64 %
PWF.PR.G Perpetual-Premium -13.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.64
Evaluated at bid price : 17.64
Bid-YTW : 8.56 %
BIK.PR.A FixedReset Prem -13.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 9.43 %
MFC.PR.N FixedReset Ins Non -12.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.23
Evaluated at bid price : 9.23
Bid-YTW : 8.02 %
POW.PR.C Perpetual-Premium -12.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 8.64 %
IFC.PR.G FixedReset Ins Non -12.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.36
Evaluated at bid price : 11.36
Bid-YTW : 7.94 %
TD.PF.L FixedReset Disc -12.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.91
Evaluated at bid price : 13.91
Bid-YTW : 7.87 %
BAM.PF.A FixedReset Disc -12.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.68
Evaluated at bid price : 11.68
Bid-YTW : 8.48 %
MFC.PR.L FixedReset Ins Non -12.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.10
Evaluated at bid price : 9.10
Bid-YTW : 8.61 %
GWO.PR.Q Deemed-Retractible -12.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.25
Evaluated at bid price : 15.25
Bid-YTW : 8.51 %
SLF.PR.H FixedReset Ins Non -12.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 8.52
Evaluated at bid price : 8.52
Bid-YTW : 8.30 %
GWO.PR.R Deemed-Retractible -12.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 8.20 %
BAM.PF.B FixedReset Disc -11.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.54
Evaluated at bid price : 10.54
Bid-YTW : 8.63 %
GWO.PR.S Deemed-Retractible -11.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 8.32 %
SLF.PR.J FloatingReset -11.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.85
Evaluated at bid price : 6.85
Bid-YTW : 7.04 %
TD.PF.E FixedReset Disc -11.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 7.43 %
GWO.PR.M Deemed-Retractible -11.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.09
Evaluated at bid price : 17.09
Bid-YTW : 8.56 %
MFC.PR.C Deemed-Retractible -11.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 8.12 %
MFC.PR.B Deemed-Retractible -11.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 7.78 %
CU.PR.G Perpetual-Discount -11.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.13 %
CM.PR.T FixedReset Disc -11.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 7.87 %
BAM.PF.G FixedReset Disc -11.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.29
Evaluated at bid price : 10.29
Bid-YTW : 8.50 %
CU.PR.F Perpetual-Discount -10.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 7.13 %
PWF.PR.P FixedReset Disc -10.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.70
Evaluated at bid price : 7.70
Bid-YTW : 7.41 %
IFC.PR.C FixedReset Ins Non -10.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.90
Evaluated at bid price : 9.90
Bid-YTW : 8.39 %
SLF.PR.D Deemed-Retractible -10.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 7.97 %
BAM.PR.Z FixedReset Disc -10.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 8.55 %
NA.PR.A FixedReset Prem -10.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 8.19 %
RY.PR.Q FixedReset Prem -10.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 7.26 %
TRP.PR.F FloatingReset -10.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.71
Evaluated at bid price : 7.71
Bid-YTW : 7.93 %
GWO.PR.P Deemed-Retractible -10.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.15
Evaluated at bid price : 16.15
Bid-YTW : 8.43 %
CU.PR.D Perpetual-Discount -10.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.09 %
TD.PF.K FixedReset Disc -10.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 7.43 %
NA.PR.X FixedReset Prem -10.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 8.17 %
BAM.PR.T FixedReset Disc -10.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 8.63
Evaluated at bid price : 8.63
Bid-YTW : 8.83 %
MFC.PR.K FixedReset Ins Non -9.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.01
Evaluated at bid price : 10.01
Bid-YTW : 8.19 %
MFC.PR.G FixedReset Ins Non -9.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.15
Evaluated at bid price : 10.15
Bid-YTW : 8.92 %
IFC.PR.F Deemed-Retractible -9.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.03
Evaluated at bid price : 17.03
Bid-YTW : 7.84 %
PWF.PR.H Perpetual-Premium -9.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.51 %
RY.PR.N Perpetual-Discount -9.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.87 %
BAM.PF.J FixedReset Prem -9.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.51
Evaluated at bid price : 16.51
Bid-YTW : 7.24 %
HSE.PR.G FixedReset Disc -9.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.79
Evaluated at bid price : 6.79
Bid-YTW : 15.52 %
TRP.PR.G FixedReset Disc -9.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 8.17 %
CM.PR.R FixedReset Disc -9.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.40
Evaluated at bid price : 12.40
Bid-YTW : 8.44 %
EMA.PR.H FixedReset Prem -9.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.46 %
EML.PR.A FixedReset Ins Non -9.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.84 %
TRP.PR.C FixedReset Disc -9.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.00
Evaluated at bid price : 7.00
Bid-YTW : 7.94 %
BMO.PR.D FixedReset Disc -9.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.84
Evaluated at bid price : 12.84
Bid-YTW : 7.73 %
PWF.PR.O Perpetual-Premium -9.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.39
Evaluated at bid price : 17.39
Bid-YTW : 8.54 %
TD.PF.I FixedReset Disc -9.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.17
Evaluated at bid price : 13.17
Bid-YTW : 7.37 %
CU.PR.H Perpetual-Discount -9.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.94
Evaluated at bid price : 17.94
Bid-YTW : 7.42 %
TD.PF.G FixedReset Prem -9.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 7.38 %
TD.PF.J FixedReset Disc -9.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 7.36 %
GWO.PR.I Deemed-Retractible -9.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.83
Evaluated at bid price : 13.83
Bid-YTW : 8.20 %
IAF.PR.G FixedReset Ins Non -8.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 8.27 %
BAM.PF.I FixedReset Prem -8.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 7.13 %
MFC.PR.I FixedReset Ins Non -8.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.66
Evaluated at bid price : 10.66
Bid-YTW : 8.66 %
MFC.PR.J FixedReset Ins Non -8.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.90
Evaluated at bid price : 10.90
Bid-YTW : 8.27 %
PVS.PR.E SplitShare -8.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 13.14 %
BNS.PR.G FixedReset Prem -8.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 7.16 %
TRP.PR.K FixedReset Prem -8.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.42
Evaluated at bid price : 16.42
Bid-YTW : 7.57 %
CM.PR.P FixedReset Disc -8.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.35
Evaluated at bid price : 10.35
Bid-YTW : 8.01 %
HSE.PR.E FixedReset Disc -8.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.10
Evaluated at bid price : 7.10
Bid-YTW : 15.01 %
IAF.PR.B Deemed-Retractible -8.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.01
Evaluated at bid price : 15.01
Bid-YTW : 7.72 %
BAM.PF.F FixedReset Disc -8.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 8.40 %
CM.PR.S FixedReset Disc -8.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.24
Evaluated at bid price : 11.24
Bid-YTW : 7.74 %
BNS.PR.H FixedReset Prem -8.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 7.33 %
GWO.PR.F Deemed-Retractible -8.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.36
Evaluated at bid price : 18.36
Bid-YTW : 8.10 %
CM.PR.O FixedReset Disc -8.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.10
Evaluated at bid price : 10.10
Bid-YTW : 8.11 %
SLF.PR.C Deemed-Retractible -8.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 7.87 %
SLF.PR.E Deemed-Retractible -7.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.36
Evaluated at bid price : 14.36
Bid-YTW : 7.89 %
SLF.PR.I FixedReset Ins Non -7.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.37
Evaluated at bid price : 10.37
Bid-YTW : 8.30 %
PWF.PR.T FixedReset Disc -7.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.55
Evaluated at bid price : 10.55
Bid-YTW : 8.11 %
RY.PR.O Perpetual-Discount -7.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 6.74 %
TD.PF.F Perpetual-Discount -7.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.75 %
CM.PR.Y FixedReset Disc -7.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 7.69 %
MFC.PR.H FixedReset Ins Non -7.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.17
Evaluated at bid price : 11.17
Bid-YTW : 8.70 %
CU.PR.E Perpetual-Discount -7.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 7.22 %
PWF.PR.S Perpetual-Discount -7.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.08
Evaluated at bid price : 15.08
Bid-YTW : 8.14 %
GWO.PR.G Deemed-Retractible -7.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.78
Evaluated at bid price : 15.78
Bid-YTW : 8.31 %
SLF.PR.B Deemed-Retractible -7.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.68 %
GWO.PR.T Deemed-Retractible -7.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.11 %
BAM.PF.E FixedReset Disc -7.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.95
Evaluated at bid price : 9.95
Bid-YTW : 8.06 %
GWO.PR.L Deemed-Retractible -7.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 8.48 %
BAM.PR.R FixedReset Disc -7.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 8.40
Evaluated at bid price : 8.40
Bid-YTW : 8.82 %
TRP.PR.J FixedReset Prem -7.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.89
Evaluated at bid price : 18.89
Bid-YTW : 7.39 %
NA.PR.W FixedReset Disc -7.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.97
Evaluated at bid price : 9.97
Bid-YTW : 8.22 %
NA.PR.E FixedReset Disc -7.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 8.04 %
BMO.PR.S FixedReset Disc -7.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 7.80 %
TRP.PR.B FixedReset Disc -6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.06
Evaluated at bid price : 7.06
Bid-YTW : 6.81 %
BAM.PF.H FixedReset Prem -6.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.99 %
TD.PF.B FixedReset Disc -6.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.95
Evaluated at bid price : 10.95
Bid-YTW : 7.30 %
RY.PR.E Deemed-Retractible -6.88 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.65
Bid-YTW : 13.15 %
PWF.PR.E Perpetual-Premium -6.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 8.28 %
SLF.PR.A Deemed-Retractible -6.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 7.77 %
PWF.PR.L Perpetual-Discount -6.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.81
Evaluated at bid price : 15.81
Bid-YTW : 8.25 %
TD.PF.A FixedReset Disc -6.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.62
Evaluated at bid price : 10.62
Bid-YTW : 7.50 %
BMO.PR.T FixedReset Disc -6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.22
Evaluated at bid price : 10.22
Bid-YTW : 7.71 %
EMA.PR.E Perpetual-Discount -6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.52 %
RY.PR.G Deemed-Retractible -6.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.60
Bid-YTW : 13.29 %
BMO.PR.Q FixedReset Bank Non -6.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.79
Bid-YTW : 12.32 %
BMO.PR.Y FixedReset Disc -6.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.55
Evaluated at bid price : 11.55
Bid-YTW : 7.36 %
TD.PF.M FixedReset Disc -6.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 7.35 %
PWF.PR.K Perpetual-Discount -6.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 8.09 %
PWF.PR.F Perpetual-Discount -6.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 8.19 %
BMO.PR.B FixedReset Prem -6.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 7.23 %
PWF.PR.R Perpetual-Premium -6.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 8.19 %
BIP.PR.F FixedReset Disc -6.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.33
Evaluated at bid price : 15.33
Bid-YTW : 8.39 %
RY.PR.A Deemed-Retractible -6.52 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.78
Bid-YTW : 12.73 %
RY.PR.P Perpetual-Premium -6.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.62 %
TD.PF.H FixedReset Prem -6.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.32 %
BIP.PR.B FixedReset Prem -6.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.67 %
RY.PR.C Deemed-Retractible -6.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.95
Bid-YTW : 12.44 %
MFC.PR.M FixedReset Ins Non -6.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.25
Evaluated at bid price : 10.25
Bid-YTW : 8.03 %
PVS.PR.D SplitShare -6.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 22.01
Bid-YTW : 13.55 %
PWF.PR.Z Perpetual-Discount -6.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 8.10 %
RY.PR.F Deemed-Retractible -6.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.75
Bid-YTW : 12.81 %
BIP.PR.D FixedReset Disc -6.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.81
Evaluated at bid price : 15.81
Bid-YTW : 7.97 %
RY.PR.M FixedReset Disc -6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 6.89 %
W.PR.K FixedReset Prem -6.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.61
Evaluated at bid price : 16.61
Bid-YTW : 8.11 %
BIP.PR.C FixedReset Prem -5.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.70
Evaluated at bid price : 15.70
Bid-YTW : 8.59 %
NA.PR.C FixedReset Disc -5.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.51
Evaluated at bid price : 12.51
Bid-YTW : 8.44 %
BMO.PR.C FixedReset Disc -5.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 14.18
Evaluated at bid price : 14.18
Bid-YTW : 7.23 %
BAM.PF.C Perpetual-Discount -5.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 7.61 %
BAM.PF.D Perpetual-Discount -5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 7.66 %
BAM.PR.K Floater -5.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.76
Evaluated at bid price : 6.76
Bid-YTW : 9.00 %
TRP.PR.E FixedReset Disc -5.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.90
Evaluated at bid price : 9.90
Bid-YTW : 8.39 %
BAM.PR.M Perpetual-Discount -5.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.60 %
MFC.PR.R FixedReset Ins Non -5.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 8.49 %
BNS.PR.I FixedReset Disc -5.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 6.75 %
RY.PR.Z FixedReset Disc -5.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.87
Evaluated at bid price : 10.87
Bid-YTW : 7.20 %
EMA.PR.F FixedReset Disc -5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 7.71 %
RY.PR.J FixedReset Disc -5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.98
Evaluated at bid price : 12.98
Bid-YTW : 6.58 %
POW.PR.B Perpetual-Discount -5.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 8.05 %
MFC.PR.O FixedReset Ins Non -5.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 8.28 %
NA.PR.G FixedReset Disc -5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 8.10 %
W.PR.M FixedReset Prem -5.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 7.93 %
BMO.PR.E FixedReset Disc -5.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 7.21 %
BMO.PR.W FixedReset Disc -5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.60
Evaluated at bid price : 10.60
Bid-YTW : 7.60 %
POW.PR.G Perpetual-Premium -5.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 8.39 %
IFC.PR.I Perpetual-Premium -5.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.63 %
MFC.PR.F FixedReset Ins Non -5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 7.03
Evaluated at bid price : 7.03
Bid-YTW : 7.37 %
BMO.PR.Z Perpetual-Discount -5.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 6.65 %
EMA.PR.C FixedReset Disc -5.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 7.70 %
BIP.PR.E FixedReset Disc -4.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 8.10 %
TD.PF.D FixedReset Disc -4.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 6.98 %
POW.PR.A Perpetual-Premium -4.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 8.32 %
GWO.PR.H Deemed-Retractible -4.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 7.81 %
PVS.PR.H SplitShare -4.62 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 19.60
Bid-YTW : 9.05 %
NA.PR.S FixedReset Disc -4.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.35
Evaluated at bid price : 10.35
Bid-YTW : 8.20 %
ELF.PR.G Perpetual-Discount -4.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.41
Evaluated at bid price : 16.41
Bid-YTW : 7.41 %
HSE.PR.A FixedReset Disc -4.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 4.40
Evaluated at bid price : 4.40
Bid-YTW : 13.61 %
HSE.PR.C FixedReset Disc -4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.70
Evaluated at bid price : 6.70
Bid-YTW : 16.03 %
TD.PF.C FixedReset Disc -4.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 7.20 %
PVS.PR.F SplitShare -4.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 20.01
Bid-YTW : 10.59 %
RY.PR.W Perpetual-Discount -4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 20.08
Evaluated at bid price : 20.08
Bid-YTW : 6.18 %
TRP.PR.D FixedReset Disc -4.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.30
Evaluated at bid price : 10.30
Bid-YTW : 8.14 %
BAM.PR.N Perpetual-Discount -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.61
Evaluated at bid price : 15.61
Bid-YTW : 7.66 %
CM.PR.Q FixedReset Disc -4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.60
Evaluated at bid price : 10.60
Bid-YTW : 8.27 %
CCS.PR.C Deemed-Retractible -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 7.19 %
POW.PR.D Perpetual-Discount -4.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 7.77 %
ELF.PR.H Perpetual-Premium -3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 7.41 %
BMO.PR.F FixedReset Disc -3.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.10 %
RY.PR.S FixedReset Disc -3.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 13.76
Evaluated at bid price : 13.76
Bid-YTW : 6.36 %
CIU.PR.A Perpetual-Discount -3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 7.25 %
PWF.PR.I Perpetual-Premium -3.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 7.47 %
RY.PR.H FixedReset Disc -3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 7.11 %
BAM.PR.B Floater -3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.90
Evaluated at bid price : 6.90
Bid-YTW : 8.81 %
BAM.PR.C Floater -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.82
Evaluated at bid price : 6.82
Bid-YTW : 8.92 %
BNS.PR.Z FixedReset Bank Non -2.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.50
Bid-YTW : 8.12 %
BIP.PR.A FixedReset Disc -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.51
Evaluated at bid price : 10.51
Bid-YTW : 10.07 %
IAF.PR.I FixedReset Ins Non -1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 7.83 %
PWF.PR.A Floater 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 6.95
Evaluated at bid price : 6.95
Bid-YTW : 8.86 %
CU.PR.C FixedReset Disc 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 6.50 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.M FixedReset Ins Non 59,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.25
Evaluated at bid price : 10.25
Bid-YTW : 8.03 %
TRP.PR.D FixedReset Disc 59,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.30
Evaluated at bid price : 10.30
Bid-YTW : 8.14 %
BMO.PR.W FixedReset Disc 57,438 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.60
Evaluated at bid price : 10.60
Bid-YTW : 7.60 %
RY.PR.Z FixedReset Disc 57,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 10.87
Evaluated at bid price : 10.87
Bid-YTW : 7.20 %
TD.PF.C FixedReset Disc 55,473 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 7.20 %
RY.PR.R FixedReset Prem 54,089 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 7.38 %
There were 116 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.T FixedReset Disc Quote: 8.63 – 16.22
Spot Rate : 7.5900
Average : 4.2507

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 8.63
Evaluated at bid price : 8.63
Bid-YTW : 8.83 %

NA.PR.E FixedReset Disc Quote: 11.20 – 17.50
Spot Rate : 6.3000
Average : 3.5410

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 8.04 %

GWO.PR.T Deemed-Retractible Quote: 16.00 – 22.00
Spot Rate : 6.0000
Average : 3.4312

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 8.11 %

PVS.PR.G SplitShare Quote: 15.25 – 21.50
Spot Rate : 6.2500
Average : 4.0907

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 15.25
Bid-YTW : 15.27 %

NA.PR.W FixedReset Disc Quote: 9.97 – 13.94
Spot Rate : 3.9700
Average : 2.2633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 9.97
Evaluated at bid price : 9.97
Bid-YTW : 8.22 %

BNS.PR.E FixedReset Prem Quote: 17.73 – 20.90
Spot Rate : 3.1700
Average : 1.9291

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-23
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 7.45 %

PrefLetter March Supplement Released!

Monday, March 23rd, 2020

The Supplement to the March, 2020, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”; the copy you get will include the original March edition. Those who subscribe for a full year receive the “Previous edition” as a bonus.

Markets were chaotic on Friday 13 due largely to the Bank of Canada unscheduled rate cut of 50bp; this helped to degrade the quality of the closing quotes supplied by the Toronto Stock Exchange and made it difficult to select issues for recommendation at meaningful prices. Markets were also chaotic on Monday 16 due to the Fed’s Sunday rate cut of a full point, making it difficult for clients to take advantage of recommendations. Therefore, I have published a supplementary edition of PrefLetter, prepared as of the close March 20, which has been delivered free of charge to everybody who received the regular March edition.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the March, 2020, issue (together with its supplement), while the “Next Edition” will be the April, 2020, issue, scheduled to be prepared as of the close April 10, 2020, and eMailed to subscribers prior to market-opening on April 13.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

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

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

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

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

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

Note: Assiduous Reader DG informs me:

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

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

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

But Adrian2 now advises:

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

LBS.PR.A : Semi-Annual Report, 19H1

Sunday, March 22nd, 2020

Brompton Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2019.

Figures of interest are:

MER: “The MER per unit, excluding Preferred share distributions (which were covered by the portfolio’s dividend income and issue costs), was 0.92% for the first six months of 2019, compared to 0.91% for 2018.”

Average Net Assets: We need this to calculate portfolio yield. There was issuance of units on April 4, 2019, so our first estimate is calculated as [412.0-million (NAV at beginning of period) + 470.4-million (NAV at end of period)] / 2 = 441.2-million. The second estimate is based on total preferred share dividends of 7.246-million divided by 0.2725/share, implies 26.590-million units outstanding, with an initial NAVPU of 15.91 and a final NAVPU of 17.23, average 16.57, implies average assets of 440.6-million, which is surprisingly good agreement! Call it average Net Assets of $440.9-million.

Underlying Portfolio Yield: (9.886-million dividends + negligible securities income) times two because it’s only half a year divided by average net assets of 440.9-million is 4.48%

Income Coverage: Net Investment Income (excluding capital gains and issuance costs; and after expenses) of 7.766-million divided by Preferred Share Distributions of 7.246-million is 107%.

SBC.PR.A : Semi-Annual Report, 19H1

Sunday, March 22nd, 2020

Brompton Split Banc Corp. has released its Semi-Annual Report to June 30, 2019.

Figures of interest are:

MER: “The MER per unit, excluding Preferred share distributions, agents’ fees and issuance costs, was 1.02% for the first six months of 2019, compared to 0.98% in 2018.”

Average Net Assets: We need this to calculate portfolio yield. There was issuance of units in early 2019, so our first estimate is calculated as [162.0-million (NAV at beginning of period) + 192.1-million (NAV at end of period)] / 2 = 177.0-million. The second estimate is based on total preferred share dividends of 2.177-million divided by 0.25/share, implies 8.708-million units outstanding, with an initial NAVPU of 20.66 and a final NAVPU of 22.06, average 21.36, implies average assets of 186.0-million, which is surprisingly good agreement! Call it average Net Assets of $182-million.

Underlying Portfolio Yield: (3.689-million dividends + negligible securities income) times two because it’s only half a year divided by average net assets of 182-million is 4.05%

Income Coverage: Net Investment Income (excluding capital gains and issuance costs; and after expenses) of 2.798-million divided by Preferred Share Distributions of 2.177-million is 129%.

March 20, 2020

Friday, March 20th, 2020
unicorn_200320_1
deadcatbounce_200320
Unicorn in the rainbow sky

Equities had another lousy day:

A brief semblance of stability in stock markets melted away on Friday, ending a disastrous week for North American equities, as the signs of economic carnage wrought by the fight against the coronavirus pandemic started to come into view.

The S&P/TSX Composite Index ended the trading day down 2.6 per cent, while the S&P 500 index dropped by 4.3 per cent, capping off the worst week for Canadian and U.S. stocks since 2008, each having lost 14 to 15 per cent.

Canadian energy stocks initially led a market rally on Friday morning after reports that the federal government is preparing a $15-billion support package for the sector, which has been decimated by the twin spectres of the COVID-19 crisis and plunging crude oil prices.

But the global oil market resumed its descent on Friday afternoon, as West Texas Intermediate dropped by 11 per cent on the day to settle at US$22.53 per barrel.

Crude futures have now declined by 64 per cent since their January peak.

The collapse of crude prices has devastated the energy component of the Toronto Stock Exchange, which has declined by 70 per cent just since the start of the year. Going back to the sector’s last major peak in 2014, the S&P/TSX Capped Energy Index has lost more than 85 per cent of its market value.

Friday was the one-month mark since the Canadian stock market last registered a record high on Feb. 20. In the chaotic month that followed, the domestic benchmark index dropped by 34 per cent, wiping out more than $1-trillion in market capitalization.

The containment measures required to flatten the curve on coronavirus infections ensure that a severe economic slowdown is taking hold. U.S. GDP growth is expected to fall by 8 per cent in the second quarter, while in Canada the decline will be closer to 11 per cent, Mr. [Jean-François] Perrault [chief economist at Scotiabank] said.

You might as well get sick if there are no jobs:

Prime Minister Justin Trudeau says the federal government has received 500,000 applications for employment insurance, compared to just 27,000 for the same week last year.

In fact, maybe you should get sick now and beat the rush:

A new study by some of Ontario’s leading medical researchers paints an alarming picture of the strain on the health-care system as the number of COVID-19 cases continues to rise, suggesting the province will run out of intensive-care beds and ventilators in just 37 days, even if it manages to cut current infection rates in half.

The study authors acknowledge their modelling is based on a number of key assumptions:

They begin with a starting point of 250 cases, which Ontario hit Thursday.
They assume that 19 per cent of cases will require hospitalization.
They assume that 26 per cent of hospitalized patients will require an ICU bed.
They assume an average ICU stay will be eight days long.
With those assumptions in mind, they predict the following outcomes:

If Ontario can free up 25 per cent of ICU beds for COVID-19 patients, resources will be depleted in 37 days.
If 75 per cent of ICU beds can be allocated to COVID-19 patients, resources can last 52 days.
If, on top of 75 percent of ICU beds, Ontario can make available some 2,000 more beds and 600 additional ventilators, resources can last 60 days.

S&P downgraded Air Canada:

  • The effect COVID-19 is having on air travel is much worse than we expected earlier this year, with many countries around the world, including Canada, temporarily restricting non-essential cross-border travel.
  • We believe the steep drop in air traffic at Air Canada stemming from the COVID-19 outbreak will contribute to credit metrics that are meaningfully weaker than we previously expected, including a decline in adjusted EBITDA of about two-thirds and adjusted funds from operations (FFO)-to-debt of about 10% in 2020.
  • As a result, S&P Global Ratings lowered most of its ratings on Air Canada by one notch, including its issuer credit rating on the company to ‘BB’ from ‘BB+’ and placed all the ratings on CreditWatch with negative implications.
  • As of now, we expect traffic to begin to recover in late 2020, but also recognize there is a high degree of uncertainty in the timing of a recovery that, if pushed out later than we expect, is likely to result in another downgrade.
  • We expect to resolve the CreditWatch when the effects of the outbreak on Air Canada’s financial position and timing of a recovery become more apparent.

TXPR closed at 425.75, up 3.78% on the day. Volume today was 6.05-million, second-highest of the past 30 trading days, behind only March 18.

Today’s rally means the total return version of this index is down only 10.05% from last Friday, so that’s a pretty good week, eh?

CPD closed at 8.57, up 4.26% on the day. Volume of 244,986 was above the average of the past 30 trading days.

ZPR closed at 6.55, up 2.66% on the day. Volume of 1,763,758 was second-highest of the past 30 trading days, behind only March 9.

Five-year Canada yields were down 10bp to 0.75% today.

I’m not reviewing suspect quotes today, as has been the case for the past while. I’m saving my sarcasm for less turbulent times.

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 2.2876 % 1,263.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.2876 % 2,317.8
Floater 8.57 % 8.51 % 75,662 10.90 4 2.2876 % 1,335.7
OpRet 0.00 % 0.00 % 0 0.00 0 6.3535 % 2,997.1
SplitShare 5.54 % 8.47 % 75,201 3.95 7 6.3535 % 3,579.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 6.3535 % 2,792.7
Perpetual-Premium 7.26 % 7.52 % 103,316 11.82 12 2.8993 % 2,347.2
Perpetual-Discount 6.75 % 6.97 % 89,195 12.58 24 2.9667 % 2,596.3
FixedReset Disc 8.53 % 7.46 % 212,401 11.72 64 5.6076 % 1,413.4
Deemed-Retractible 6.68 % 7.44 % 96,466 12.07 27 1.3675 % 2,530.1
FloatingReset 6.38 % 6.51 % 64,653 13.11 3 4.7969 % 1,519.3
FixedReset Prem 6.84 % 6.87 % 189,830 12.64 22 4.6239 % 1,983.2
FixedReset Bank Non 2.02 % 6.83 % 123,625 1.80 3 13.2464 % 2,627.7
FixedReset Ins Non 8.50 % 7.79 % 119,766 11.29 22 6.2333 % 1,388.9
Performance Highlights
Issue Index Change Notes
MFC.PR.B Deemed-Retractible -5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 6.90 %
SLF.PR.C Deemed-Retractible -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.49
Evaluated at bid price : 15.49
Bid-YTW : 7.23 %
EMA.PR.H FixedReset Prem -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.85 %
RY.PR.O Perpetual-Discount -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.20 %
MFC.PR.C Deemed-Retractible -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.78
Evaluated at bid price : 15.78
Bid-YTW : 7.19 %
GWO.PR.G Deemed-Retractible -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 7.68 %
SLF.PR.E Deemed-Retractible -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.60
Evaluated at bid price : 15.60
Bid-YTW : 7.26 %
EIT.PR.B SplitShare -1.12 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 7.81 %
EIT.PR.A SplitShare 1.08 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 22.55
Bid-YTW : 7.77 %
CU.PR.H Perpetual-Discount 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.73 %
POW.PR.G Perpetual-Premium 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 7.92 %
PWF.PR.I Perpetual-Premium 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 7.18 %
BAM.PR.C Floater 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.02
Evaluated at bid price : 7.02
Bid-YTW : 8.65 %
POW.PR.A Perpetual-Premium 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 7.91 %
RY.PR.H FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 7.10 %
PWF.PR.G Perpetual-Premium 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 7.41 %
RY.PR.E Deemed-Retractible 1.75 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 8.89 %
RY.PR.A Deemed-Retractible 1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.30
Bid-YTW : 8.70 %
RY.PR.G Deemed-Retractible 1.85 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.14
Bid-YTW : 9.16 %
BAM.PR.X FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 8.42
Evaluated at bid price : 8.42
Bid-YTW : 7.78 %
TD.PF.H FixedReset Prem 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.03 %
TRP.PR.F FloatingReset 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 8.60
Evaluated at bid price : 8.60
Bid-YTW : 6.83 %
SLF.PR.H FixedReset Ins Non 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 9.73
Evaluated at bid price : 9.73
Bid-YTW : 7.60 %
BNS.PR.G FixedReset Prem 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 6.70 %
RY.PR.C Deemed-Retractible 2.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.45
Bid-YTW : 8.50 %
RY.PR.F Deemed-Retractible 2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.22
Bid-YTW : 8.90 %
RY.PR.W Perpetual-Discount 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 5.91 %
GWO.PR.P Deemed-Retractible 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 7.55 %
PWF.PR.E Perpetual-Premium 2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 7.69 %
ELF.PR.H Perpetual-Premium 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.12 %
EML.PR.A FixedReset Ins Non 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 8.20 %
RY.PR.P Perpetual-Premium 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.18 %
CU.PR.C FixedReset Disc 2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 6.95 %
IAF.PR.B Deemed-Retractible 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.38
Evaluated at bid price : 16.38
Bid-YTW : 7.06 %
CU.PR.I FixedReset Prem 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.67 %
BAM.PR.N Perpetual-Discount 2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.29
Evaluated at bid price : 16.29
Bid-YTW : 7.34 %
BMO.PR.E FixedReset Disc 2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 7.01 %
BIP.PR.A FixedReset Disc 2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.76
Evaluated at bid price : 10.76
Bid-YTW : 10.18 %
BAM.PR.B Floater 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.14
Evaluated at bid price : 7.14
Bid-YTW : 8.51 %
TRP.PR.C FixedReset Disc 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.72
Evaluated at bid price : 7.72
Bid-YTW : 7.66 %
BMO.PR.Z Perpetual-Discount 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.08
Evaluated at bid price : 20.08
Bid-YTW : 6.31 %
SLF.PR.G FixedReset Ins Non 3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.78
Evaluated at bid price : 7.78
Bid-YTW : 7.08 %
MFC.PR.O FixedReset Ins Non 3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 8.00 %
BMO.PR.C FixedReset Disc 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.07
Evaluated at bid price : 15.07
Bid-YTW : 7.01 %
BNS.PR.H FixedReset Prem 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 6.90 %
IFC.PR.C FixedReset Ins Non 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.09
Evaluated at bid price : 11.09
Bid-YTW : 7.78 %
IAF.PR.I FixedReset Ins Non 3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.09
Evaluated at bid price : 12.09
Bid-YTW : 7.92 %
PWF.PR.S Perpetual-Discount 3.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.31
Evaluated at bid price : 16.31
Bid-YTW : 7.51 %
ELF.PR.G Perpetual-Discount 3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.16
Evaluated at bid price : 17.16
Bid-YTW : 7.08 %
CU.PR.F Perpetual-Discount 3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.97
Evaluated at bid price : 17.97
Bid-YTW : 6.33 %
POW.PR.C Perpetual-Premium 3.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 7.52 %
BMO.PR.B FixedReset Prem 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 6.93 %
TD.PF.G FixedReset Prem 3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 6.87 %
NA.PR.C FixedReset Disc 3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 8.15 %
PWF.PR.F Perpetual-Discount 3.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 7.63 %
HSE.PR.C FixedReset Disc 3.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.00
Evaluated at bid price : 7.00
Bid-YTW : 15.56 %
PWF.PR.H Perpetual-Premium 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.66 %
BMO.PR.T FixedReset Disc 3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.95
Evaluated at bid price : 10.95
Bid-YTW : 7.42 %
BAM.PF.D Perpetual-Discount 3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 7.21 %
NA.PR.G FixedReset Disc 3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 7.85 %
BMO.PR.W FixedReset Disc 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.21
Evaluated at bid price : 11.21
Bid-YTW : 7.40 %
GWO.PR.F Deemed-Retractible 3.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.99
Evaluated at bid price : 19.99
Bid-YTW : 7.43 %
RY.PR.Q FixedReset Prem 3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 6.66 %
BMO.PR.F FixedReset Disc 3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.37
Evaluated at bid price : 16.37
Bid-YTW : 6.99 %
TD.PF.M FixedReset Disc 3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 7.00 %
PVS.PR.G SplitShare 3.96 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 8.47 %
CU.PR.D Perpetual-Discount 4.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.36 %
MFC.PR.R FixedReset Ins Non 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 8.23 %
PWF.PR.K Perpetual-Discount 4.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.54 %
PWF.PR.L Perpetual-Discount 4.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 7.68 %
GWO.PR.Q Deemed-Retractible 4.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 7.44 %
BNS.PR.I FixedReset Disc 4.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 14.10
Evaluated at bid price : 14.10
Bid-YTW : 6.55 %
PWF.PR.R Perpetual-Premium 4.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.37
Evaluated at bid price : 18.37
Bid-YTW : 7.64 %
CM.PR.Y FixedReset Disc 4.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 7.23 %
TD.PF.D FixedReset Disc 4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.13
Evaluated at bid price : 13.13
Bid-YTW : 6.93 %
BAM.PR.K Floater 4.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.17
Evaluated at bid price : 7.17
Bid-YTW : 8.47 %
BAM.PR.T FixedReset Disc 4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 9.59
Evaluated at bid price : 9.59
Bid-YTW : 8.26 %
POW.PR.D Perpetual-Discount 4.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 7.44 %
CM.PR.R FixedReset Disc 4.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.69
Evaluated at bid price : 13.69
Bid-YTW : 7.85 %
BMO.PR.S FixedReset Disc 4.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.29
Evaluated at bid price : 11.29
Bid-YTW : 7.47 %
RY.PR.S FixedReset Disc 4.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 6.31 %
CU.PR.G Perpetual-Discount 4.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.32 %
IFC.PR.I Perpetual-Premium 4.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.01
Evaluated at bid price : 19.01
Bid-YTW : 7.21 %
NA.PR.E FixedReset Disc 4.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 7.69 %
TRP.PR.A FixedReset Disc 4.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 9.68
Evaluated at bid price : 9.68
Bid-YTW : 7.67 %
IAF.PR.G FixedReset Ins Non 4.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 7.79 %
BIP.PR.B FixedReset Prem 4.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 8.10 %
NA.PR.W FixedReset Disc 4.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.73
Evaluated at bid price : 10.73
Bid-YTW : 7.84 %
RY.PR.Z FixedReset Disc 5.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.52
Evaluated at bid price : 11.52
Bid-YTW : 7.01 %
EMA.PR.C FixedReset Disc 5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 7.52 %
PWF.PR.Q FloatingReset 5.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.89
Evaluated at bid price : 7.89
Bid-YTW : 6.51 %
BAM.PR.M Perpetual-Discount 5.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 7.16 %
NA.PR.S FixedReset Disc 5.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.85
Evaluated at bid price : 10.85
Bid-YTW : 8.06 %
BIP.PR.C FixedReset Prem 5.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 8.16 %
BAM.PF.C Perpetual-Discount 5.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 7.16 %
EMA.PR.F FixedReset Disc 5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.46 %
POW.PR.B Perpetual-Discount 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 7.59 %
PWF.PR.Z Perpetual-Discount 5.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 7.57 %
W.PR.K FixedReset Prem 5.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 7.60 %
MFC.PR.G FixedReset Ins Non 5.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 8.32 %
IFC.PR.A FixedReset Ins Non 5.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 9.50
Evaluated at bid price : 9.50
Bid-YTW : 7.06 %
PWF.PR.O Perpetual-Premium 5.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.73 %
EMA.PR.E Perpetual-Discount 5.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.08 %
TD.PF.E FixedReset Disc 5.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 6.82 %
BIK.PR.A FixedReset Prem 5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.18 %
BAM.PR.Z FixedReset Disc 5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 7.84 %
IFC.PR.E Deemed-Retractible 5.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.01 %
BIP.PR.D FixedReset Disc 6.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.87
Evaluated at bid price : 16.87
Bid-YTW : 7.46 %
TD.PF.A FixedReset Disc 6.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.38
Evaluated at bid price : 11.38
Bid-YTW : 7.21 %
GWO.PR.M Deemed-Retractible 6.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.28
Evaluated at bid price : 19.28
Bid-YTW : 7.57 %
IFC.PR.F Deemed-Retractible 6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 7.07 %
W.PR.M FixedReset Prem 6.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 7.61 %
TD.PF.J FixedReset Disc 6.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 6.88 %
RY.PR.R FixedReset Prem 6.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 21.77
Evaluated at bid price : 22.25
Bid-YTW : 6.32 %
IFC.PR.G FixedReset Ins Non 6.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 7.10 %
TRP.PR.E FixedReset Disc 6.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 8.13 %
CM.PR.P FixedReset Disc 6.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 7.52 %
CM.PR.S FixedReset Disc 6.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.26
Evaluated at bid price : 12.26
Bid-YTW : 7.30 %
NA.PR.X FixedReset Prem 6.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 7.52 %
CM.PR.O FixedReset Disc 6.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.99
Evaluated at bid price : 10.99
Bid-YTW : 7.66 %
HSE.PR.A FixedReset Disc 6.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 4.60
Evaluated at bid price : 4.60
Bid-YTW : 13.76 %
BNS.PR.E FixedReset Prem 6.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 6.53 %
PVS.PR.D SplitShare 6.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2021-10-08
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 8.88 %
CM.PR.T FixedReset Disc 6.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 7.12 %
TD.PF.C FixedReset Disc 6.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.91
Evaluated at bid price : 11.91
Bid-YTW : 7.10 %
RY.PR.J FixedReset Disc 6.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 6.49 %
BIP.PR.E FixedReset Disc 6.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 7.70 %
RY.PR.M FixedReset Disc 6.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.81
Evaluated at bid price : 12.81
Bid-YTW : 6.74 %
BAM.PF.B FixedReset Disc 6.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.96
Evaluated at bid price : 11.96
Bid-YTW : 7.78 %
TD.PF.L FixedReset Disc 7.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 7.00 %
NA.PR.A FixedReset Prem 7.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.46
Evaluated at bid price : 18.46
Bid-YTW : 7.49 %
MFC.PR.H FixedReset Ins Non 7.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.09
Evaluated at bid price : 12.09
Bid-YTW : 8.29 %
TRP.PR.B FixedReset Disc 7.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.59
Evaluated at bid price : 7.59
Bid-YTW : 6.83 %
TD.PF.B FixedReset Disc 7.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.76
Evaluated at bid price : 11.76
Bid-YTW : 7.01 %
TRP.PR.D FixedReset Disc 7.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 8.04 %
SLF.PR.J FloatingReset 7.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.76
Evaluated at bid price : 7.76
Bid-YTW : 5.91 %
MFC.PR.I FixedReset Ins Non 7.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.69
Evaluated at bid price : 11.69
Bid-YTW : 8.14 %
PWF.PR.P FixedReset Disc 7.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 8.64
Evaluated at bid price : 8.64
Bid-YTW : 7.01 %
CCS.PR.C Deemed-Retractible 7.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.89 %
PVS.PR.E SplitShare 8.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 9.15 %
BAM.PF.G FixedReset Disc 8.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.57
Evaluated at bid price : 11.57
Bid-YTW : 7.88 %
TRP.PR.G FixedReset Disc 8.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.37
Evaluated at bid price : 12.37
Bid-YTW : 7.68 %
MFC.PR.N FixedReset Ins Non 8.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.57
Evaluated at bid price : 10.57
Bid-YTW : 7.35 %
BIP.PR.F FixedReset Disc 8.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 7.83 %
MFC.PR.L FixedReset Ins Non 8.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.40
Evaluated at bid price : 10.40
Bid-YTW : 7.73 %
TD.PF.I FixedReset Disc 8.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 6.88 %
BAM.PF.F FixedReset Disc 8.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 12.00
Evaluated at bid price : 12.00
Bid-YTW : 7.89 %
PWF.PR.T FixedReset Disc 9.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 7.68 %
MFC.PR.K FixedReset Ins Non 9.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 7.60 %
BAM.PF.J FixedReset Prem 9.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.26
Evaluated at bid price : 18.26
Bid-YTW : 6.54 %
TD.PF.K FixedReset Disc 9.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 6.84 %
BAM.PF.E FixedReset Disc 10.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.73
Evaluated at bid price : 10.73
Bid-YTW : 7.82 %
BNS.PR.Y FixedReset Bank Non 10.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 1.81 %
BAM.PF.A FixedReset Disc 10.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 7.57 %
MFC.PR.J FixedReset Ins Non 10.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.95
Evaluated at bid price : 11.95
Bid-YTW : 7.76 %
BAM.PF.I FixedReset Prem 11.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.49 %
BAM.PF.H FixedReset Prem 11.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.50 %
GWO.PR.N FixedReset Ins Non 11.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 9.75
Evaluated at bid price : 9.75
Bid-YTW : 5.37 %
MFC.PR.Q FixedReset Ins Non 12.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 7.86 %
PVS.PR.F SplitShare 14.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 9.43 %
PVS.PR.H SplitShare 14.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 20.55
Bid-YTW : 8.19 %
BMO.PR.Q FixedReset Bank Non 14.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.27
Bid-YTW : 8.36 %
BNS.PR.Z FixedReset Bank Non 14.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.04
Bid-YTW : 6.83 %
HSE.PR.G FixedReset Disc 15.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.50
Evaluated at bid price : 7.50
Bid-YTW : 14.52 %
HSE.PR.E FixedReset Disc 15.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 7.75
Evaluated at bid price : 7.75
Bid-YTW : 14.21 %
MFC.PR.M FixedReset Ins Non 22.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.95
Evaluated at bid price : 10.95
Bid-YTW : 7.73 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.Y FixedReset Bank Non 517,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 1.81 %
CM.PR.R FixedReset Disc 417,535 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.69
Evaluated at bid price : 13.69
Bid-YTW : 7.85 %
TRP.PR.E FixedReset Disc 222,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 8.13 %
PWF.PR.K Perpetual-Discount 218,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 7.54 %
TD.PF.K FixedReset Disc 128,304 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 6.84 %
TD.PF.G FixedReset Prem 77,021 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 6.87 %
There were 89 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.E FixedReset Disc Quote: 10.50 – 15.44
Spot Rate : 4.9400
Average : 3.0952

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 8.13 %

BAM.PF.I FixedReset Prem Quote: 18.60 – 24.65
Spot Rate : 6.0500
Average : 4.5532

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.49 %

TRP.PR.A FixedReset Disc Quote: 9.68 – 15.85
Spot Rate : 6.1700
Average : 4.9417

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 9.68
Evaluated at bid price : 9.68
Bid-YTW : 7.67 %

BIP.PR.F FixedReset Disc Quote: 16.40 – 18.50
Spot Rate : 2.1000
Average : 1.3057

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 7.83 %

BMO.PR.C FixedReset Disc Quote: 15.07 – 17.00
Spot Rate : 1.9300
Average : 1.1633

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 15.07
Evaluated at bid price : 15.07
Bid-YTW : 7.01 %

RY.PR.H FixedReset Disc Quote: 11.50 – 12.98
Spot Rate : 1.4800
Average : 0.8920

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-03-20
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 7.10 %