Archive for September, 2021

IFC.PR.C / IFC.PR.D : Forced Conversion To FixedReset

Thursday, September 30th, 2021

Intact Financial Corporation has announced:

that 58,082 of its 8,405,004 Non-cumulative Rate Reset Class A Shares Series 3 (the “Series 3 Preferred Shares”) were tendered for conversion on September 30, 2021, on a one-for-one basis, into Non-cumulative Floating Rate Class A Shares Series 4 of IFC (the “Series 4 Preferred Shares”) after having taken into account all elections received before the September 15, 2021, 5:00 p.m. (ET) conversion deadline. Further, 886,758 of its 1,594,996 Series 4 Preferred Shares were tendered for conversion on September 30, 2021, on a one-for-one basis, into Series 3 Preferred Shares after having taken into account all elections received before the September 15, 2021, 5:00 p.m. (ET) conversion deadline. As a result of these conversions, less than 1,000,000 Series 4 Preferred Shares would remain outstanding on September 30, 2021. Therefore, no Series 3 Preferred Shares will be converted into Series 4 Preferred Shares, and all of the remaining outstanding Series 4 Preferred Shares will automatically be converted into Series 3 Preferred Shares on the basis of one Series 3 Preferred Share for each Series 4 Preferred Share, on September 30, 2021. IFC will have 10,000,000 Series 3 Preferred Shares issued and outstanding. The Series 3 Preferred Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbol IFC.PR.C and the additional shares will begin trading on the TSX on September 30, 2021, subject to IFC fulfilling all the listing requirements of the TSX. The Series 4 Preferred Shares will cease trading on the TSX at market open on September 30, 2021 and will be delisted following market close on the same day.

Subject to certain conditions described in IFC’s prospectus supplement dated August 11, 2011, IFC may redeem the Series 3 Preferred Shares, in whole or in part, on September 30, 2026 and on September 30 every five years thereafter, in accordance with the terms described in IFC’s prospectus supplement dated August 11, 2011.

For more information on the terms of, and risks associated with an investment in, the Series 3 Preferred Shares and the Series 4 Preferred Shares, please see IFC’s prospectus supplement dated August 11, 2011 which is available on www.sedar.com.

IFC.PR.C was issued as a FixedReset, 4.20%+266, that commenced trading 2011-8-18 after being announced 2011-8-9. It reset to 3.332% in 2016 and there was a 16% conversion to the FloatingReset IFC.PR.D. IFC.PR.C reset to 3.457% in 2021.

IFC.PR.D is a FloatingReset, Bills+266, that arose via a partial conversion from IFC.PR.C in 2016.

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

September 30, 2021

Thursday, September 30th, 2021
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 1.4455 % 2,653.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.4455 % 4,868.2
Floater 3.27 % 3.26 % 49,970 19.08 3 1.4455 % 2,805.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2159 % 3,704.3
SplitShare 4.63 % 3.73 % 35,281 3.70 6 0.2159 % 4,423.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2159 % 3,451.5
Perpetual-Premium 4.99 % -15.32 % 51,750 0.09 34 0.1410 % 3,327.8
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.1410 % 4,004.8
FixedReset Disc 3.94 % 3.58 % 110,248 17.63 40 0.2213 % 2,869.6
Insurance Straight 4.86 % -13.85 % 79,944 0.09 19 0.1705 % 3,753.3
FloatingReset 3.00 % 3.00 % 32,276 19.72 1 -1.0429 % 2,657.1
FixedReset Prem 4.66 % 2.99 % 132,150 2.43 33 0.0682 % 2,766.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2213 % 2,933.3
FixedReset Ins Non 4.06 % 3.49 % 93,108 17.85 20 0.1005 % 2,964.5
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 3.57 %
BAM.PF.H FixedReset Prem -1.70 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.20
Bid-YTW : 2.81 %
BAM.PR.R FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.15 %
CU.PR.C FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 22.02
Evaluated at bid price : 22.61
Bid-YTW : 3.82 %
TRP.PR.F FloatingReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 3.00 %
MFC.PR.N FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 23.00
Evaluated at bid price : 24.20
Bid-YTW : 3.46 %
PWF.PR.Z Perpetual-Premium 1.06 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 26.00
Evaluated at bid price : 26.75
Bid-YTW : 2.45 %
TRP.PR.G FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 22.70
Evaluated at bid price : 23.70
Bid-YTW : 4.06 %
FTS.PR.H FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 15.88
Evaluated at bid price : 15.88
Bid-YTW : 3.80 %
FTS.PR.M FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 22.45
Evaluated at bid price : 23.05
Bid-YTW : 3.90 %
GWO.PR.N FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 3.46 %
BAM.PR.K Floater 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 13.15
Evaluated at bid price : 13.15
Bid-YTW : 3.26 %
BAM.PR.B Floater 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 3.25 %
IFC.PR.A FixedReset Ins Non 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 3.39 %
BAM.PR.T FixedReset Disc 3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 20.69
Evaluated at bid price : 20.69
Bid-YTW : 4.11 %
Volume Highlights
Issue Index Shares
Traded
Notes
W.PR.M FixedReset Prem 170,451 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.15 %
TD.PF.H FixedReset Prem 27,386 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 1.65 %
CU.PR.C FixedReset Disc 27,022 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 22.02
Evaluated at bid price : 22.61
Bid-YTW : 3.82 %
RS.PR.A SplitShare 26,000 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.36
Bid-YTW : 4.34 %
CM.PR.Q FixedReset Disc 24,264 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 3.43 %
RY.PR.Z FixedReset Disc 22,527 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 23.14
Evaluated at bid price : 24.23
Bid-YTW : 3.38 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 17.26 – 18.50
Spot Rate : 1.2400
Average : 0.8202

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 3.57 %

BAM.PF.H FixedReset Prem Quote: 27.20 – 27.88
Spot Rate : 0.6800
Average : 0.4104

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.20
Bid-YTW : 2.81 %

BAM.PF.E FixedReset Disc Quote: 21.70 – 22.26
Spot Rate : 0.5600
Average : 0.4143

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 4.16 %

FTS.PR.M FixedReset Disc Quote: 23.05 – 23.55
Spot Rate : 0.5000
Average : 0.3638

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 22.45
Evaluated at bid price : 23.05
Bid-YTW : 3.90 %

RY.PR.M FixedReset Disc Quote: 24.40 – 24.99
Spot Rate : 0.5900
Average : 0.4571

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 23.01
Evaluated at bid price : 24.40
Bid-YTW : 3.57 %

BAM.PR.R FixedReset Disc Quote: 20.20 – 20.72
Spot Rate : 0.5200
Average : 0.3938

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-30
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.15 %

September 29, 2021

Thursday, September 30th, 2021
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 0.5189 % 2,615.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5189 % 4,798.8
Floater 3.32 % 3.31 % 50,548 18.95 3 0.5189 % 2,765.6
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1288 % 3,696.3
SplitShare 4.64 % 3.93 % 34,952 3.81 6 -0.1288 % 4,414.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1288 % 3,444.1
Perpetual-Premium 5.00 % -15.53 % 52,590 0.09 34 0.1766 % 3,323.1
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.1766 % 3,999.1
FixedReset Disc 3.93 % 3.58 % 109,884 17.57 40 0.4647 % 2,863.3
Insurance Straight 4.86 % -10.19 % 81,014 0.09 21 0.1318 % 3,746.9
FloatingReset 2.97 % 2.96 % 33,575 19.80 1 2.1302 % 2,685.1
FixedReset Prem 4.66 % 3.09 % 133,730 2.43 33 0.1578 % 2,764.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4647 % 2,926.8
FixedReset Ins Non 4.02 % 3.51 % 93,449 17.82 20 0.2100 % 2,961.5
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 22.58
Evaluated at bid price : 23.45
Bid-YTW : 4.11 %
BAM.PR.T FixedReset Disc -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.25 %
W.PR.M FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.06 %
IFC.PR.A FixedReset Ins Non -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 3.47 %
BAM.PR.X FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 4.10 %
TD.PF.C FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 23.18
Evaluated at bid price : 24.59
Bid-YTW : 3.40 %
IFC.PR.I Perpetual-Premium 1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.30
Bid-YTW : 3.68 %
TRP.PR.A FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 18.91
Evaluated at bid price : 18.91
Bid-YTW : 4.09 %
CU.PR.C FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 22.17
Evaluated at bid price : 22.86
Bid-YTW : 3.77 %
BAM.PF.E FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 4.15 %
BIP.PR.F FixedReset Prem 1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : 3.54 %
TRP.PR.E FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 4.13 %
BAM.PR.R FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 4.11 %
FTS.PR.H FixedReset Disc 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 15.71
Evaluated at bid price : 15.71
Bid-YTW : 3.84 %
FTS.PR.G FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 21.59
Evaluated at bid price : 21.99
Bid-YTW : 3.77 %
TRP.PR.F FloatingReset 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 2.96 %
FTS.PR.K FixedReset Disc 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 21.36
Evaluated at bid price : 21.36
Bid-YTW : 3.80 %
SLF.PR.G FixedReset Ins Non 3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 3.42 %
Volume Highlights
Issue Index Shares
Traded
Notes
RS.PR.A SplitShare 74,060 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.35
Bid-YTW : 4.37 %
CM.PR.O FixedReset Disc 62,636 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 23.08
Evaluated at bid price : 24.17
Bid-YTW : 3.47 %
IFC.PR.E Insurance Straight 49,869 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.56
Bid-YTW : 2.12 %
TD.PF.C FixedReset Disc 38,757 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 23.18
Evaluated at bid price : 24.59
Bid-YTW : 3.40 %
BAM.PF.E FixedReset Disc 33,970 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 4.15 %
SLF.PR.C Insurance Straight 31,456 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-29
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -9.97 %
There were 31 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.T FixedReset Disc Quote: 20.00 – 20.79
Spot Rate : 0.7900
Average : 0.4859

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 4.25 %

PVS.PR.G SplitShare Quote: 26.07 – 26.96
Spot Rate : 0.8900
Average : 0.5967

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 26.07
Bid-YTW : 3.93 %

TRP.PR.G FixedReset Disc Quote: 23.45 – 24.25
Spot Rate : 0.8000
Average : 0.5257

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 22.58
Evaluated at bid price : 23.45
Bid-YTW : 4.11 %

PWF.PR.R Perpetual-Premium Quote: 25.85 – 26.38
Spot Rate : 0.5300
Average : 0.3279

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-29
Maturity Price : 25.00
Evaluated at bid price : 25.85
Bid-YTW : -22.90 %

RY.PR.N Perpetual-Premium Quote: 26.35 – 26.87
Spot Rate : 0.5200
Average : 0.3515

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 26.35
Bid-YTW : -7.12 %

IFC.PR.A FixedReset Ins Non Quote: 20.51 – 21.00
Spot Rate : 0.4900
Average : 0.3276

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-29
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 3.47 %

September 28, 2021

Tuesday, September 28th, 2021
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 0.3907 % 2,601.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3907 % 4,774.1
Floater 3.34 % 3.33 % 49,650 18.90 3 0.3907 % 2,751.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0193 % 3,701.0
SplitShare 4.64 % 3.78 % 33,421 3.70 6 -0.0193 % 4,419.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0193 % 3,448.5
Perpetual-Premium 5.01 % -13.41 % 53,274 0.09 34 -0.0034 % 3,317.2
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.0034 % 3,992.1
FixedReset Disc 3.95 % 3.59 % 106,146 17.42 40 0.1734 % 2,850.0
Insurance Straight 4.86 % -10.11 % 80,290 0.09 21 -0.1223 % 3,742.0
FloatingReset 3.03 % 3.03 % 31,249 19.64 1 0.0000 % 2,629.1
FixedReset Prem 4.67 % 3.02 % 132,781 2.43 33 0.0141 % 2,760.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1734 % 2,913.3
FixedReset Ins Non 4.03 % 3.53 % 92,214 17.82 20 0.1008 % 2,955.3
Performance Highlights
Issue Index Change Notes
IFC.PR.I Perpetual-Premium -1.17 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.01
Bid-YTW : 4.02 %
TRP.PR.G FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 22.79
Evaluated at bid price : 23.90
Bid-YTW : 4.02 %
PWF.PR.P FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 3.59 %
W.PR.M FixedReset Prem 1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -5.87 %
CU.PR.C FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 22.01
Evaluated at bid price : 22.60
Bid-YTW : 3.82 %
TRP.PR.A FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 4.14 %
TRP.PR.D FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 4.14 %
IFC.PR.A FixedReset Ins Non 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 3.43 %
Volume Highlights
Issue Index Shares
Traded
Notes
W.PR.M FixedReset Prem 133,835 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : -5.87 %
CM.PR.R FixedReset Prem 103,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 2.29 %
CM.PR.S FixedReset Prem 89,742 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 23.82
Evaluated at bid price : 25.10
Bid-YTW : 3.48 %
IFC.PR.G FixedReset Ins Non 62,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 23.76
Evaluated at bid price : 25.30
Bid-YTW : 3.58 %
GWO.PR.L Insurance Straight 50,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-28
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : -30.50 %
MFC.PR.B Insurance Straight 47,324 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-28
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 1.17 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.J FixedReset Prem Quote: 25.55 – 26.55
Spot Rate : 1.0000
Average : 0.6189

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-28
Maturity Price : 23.89
Evaluated at bid price : 25.55
Bid-YTW : 3.70 %

BIP.PR.B FixedReset Prem Quote: 27.00 – 27.60
Spot Rate : 0.6000
Average : 0.4083

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.00
Bid-YTW : 3.48 %

CM.PR.Y FixedReset Prem Quote: 26.35 – 26.99
Spot Rate : 0.6400
Average : 0.4678

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 3.02 %

RY.PR.O Perpetual-Premium Quote: 26.55 – 27.00
Spot Rate : 0.4500
Average : 0.2900

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-28
Maturity Price : 26.00
Evaluated at bid price : 26.55
Bid-YTW : -14.75 %

CU.PR.F Perpetual-Premium Quote: 25.40 – 25.80
Spot Rate : 0.4000
Average : 0.2627

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-28
Maturity Price : 25.25
Evaluated at bid price : 25.40
Bid-YTW : 1.23 %

MFC.PR.C Insurance Straight Quote: 25.27 – 25.98
Spot Rate : 0.7100
Average : 0.5946

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-28
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : -7.11 %

September 27, 2021

Monday, September 27th, 2021
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 0.6027 % 2,591.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6027 % 4,755.5
Floater 3.35 % 3.34 % 49,121 18.88 3 0.6027 % 2,740.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0419 % 3,701.8
SplitShare 4.63 % 3.88 % 33,565 3.71 6 0.0419 % 4,420.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0419 % 3,449.2
Perpetual-Premium 5.01 % -11.77 % 52,388 0.09 34 0.1049 % 3,317.3
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.1049 % 3,992.2
FixedReset Disc 3.96 % 3.63 % 103,852 17.35 40 0.3425 % 2,845.1
Insurance Straight 4.86 % -11.12 % 80,393 0.09 21 0.0760 % 3,746.6
FloatingReset 3.03 % 3.03 % 31,158 19.65 1 1.8072 % 2,629.1
FixedReset Prem 4.67 % 3.09 % 134,820 2.43 33 0.0283 % 2,759.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3425 % 2,908.2
FixedReset Ins Non 4.04 % 3.51 % 92,733 17.80 20 0.1891 % 2,952.3
Performance Highlights
Issue Index Change Notes
FTS.PR.H FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 15.48
Evaluated at bid price : 15.48
Bid-YTW : 3.90 %
BAM.PR.X FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 4.16 %
TRP.PR.A FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 4.19 %
IFC.PR.I Perpetual-Premium 1.22 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.33
Bid-YTW : 3.64 %
TRP.PR.B FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 13.33
Evaluated at bid price : 13.33
Bid-YTW : 4.19 %
SLF.PR.G FixedReset Ins Non 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 3.50 %
TRP.PR.F FloatingReset 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 3.03 %
BAM.PR.T FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 4.17 %
MFC.PR.F FixedReset Ins Non 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 17.76
Evaluated at bid price : 17.76
Bid-YTW : 3.47 %
PWF.PR.P FixedReset Disc 5.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 3.63 %
Volume Highlights
Issue Index Shares
Traded
Notes
CU.PR.F Perpetual-Premium 398,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 2.92 %
TD.PF.H FixedReset Prem 172,987 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.27
Bid-YTW : 1.51 %
TRP.PR.E FixedReset Disc 103,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 4.22 %
W.PR.M FixedReset Prem 77,095 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.78 %
TRP.PR.A FixedReset Disc 32,928 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 4.19 %
CM.PR.S FixedReset Prem 31,035 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 23.82
Evaluated at bid price : 25.10
Bid-YTW : 3.47 %
There were 4 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.A FixedReset Disc Quote: 24.15 – 24.90
Spot Rate : 0.7500
Average : 0.5074

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 22.95
Evaluated at bid price : 24.15
Bid-YTW : 4.60 %

MFC.PR.C Insurance Straight Quote: 25.33 – 25.98
Spot Rate : 0.6500
Average : 0.4681

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-27
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : -10.02 %

GWO.PR.F Insurance Straight Quote: 26.85 – 27.85
Spot Rate : 1.0000
Average : 0.8520

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-27
Maturity Price : 25.00
Evaluated at bid price : 26.85
Bid-YTW : -67.02 %

BIP.PR.B FixedReset Prem Quote: 27.05 – 27.33
Spot Rate : 0.2800
Average : 0.1982

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.05
Bid-YTW : 3.43 %

PWF.PR.K Perpetual-Premium Quote: 25.50 – 25.85
Spot Rate : 0.3500
Average : 0.2732

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-27
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : -9.45 %

FTS.PR.K FixedReset Disc Quote: 20.66 – 21.00
Spot Rate : 0.3400
Average : 0.2654

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-27
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 3.93 %

EMA.PR.L Leaps To Premium On Good Volume

Saturday, September 25th, 2021

Emera Incorporated has announced:

that it has completed its bought deal offering of 9,000,000 Cumulative Redeemable First Preferred Shares, Series L (the “Series L Preferred Shares”) at a price of $25.00 per share for aggregate gross proceeds of $225,000,000. The syndicate of underwriters was led by TD Securities Inc. and CIBC Capital Markets as joint bookrunners, and also included RBC Capital Markets, Scotiabank, BMO Capital Markets and National Bank Financial Inc. The Series L Preferred Shares will be listed on the Toronto Stock Exchange under the symbol EMA.PR.L. The net proceeds of the offering will be used for general corporate purposes.

EMA.PR.L is a 4.60% Straight Perpetual, announced 2021-9-15. It has been assigned to the Scraps PerpetualPremium subindex.

It traded 889,860 shares today in a range of 25.11-68 before closing at 25.61-69.

September 24, 2021

Saturday, September 25th, 2021
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 0.4475 % 2,576.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4475 % 4,727.0
Floater 3.37 % 3.36 % 50,819 18.85 3 0.4475 % 2,724.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0708 % 3,700.2
SplitShare 4.64 % 3.97 % 32,626 3.71 6 -0.0708 % 4,418.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0708 % 3,447.8
Perpetual-Premium 5.01 % -11.32 % 52,113 0.09 34 -0.1230 % 3,313.9
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.1230 % 3,988.0
FixedReset Disc 3.97 % 3.59 % 105,930 18.23 40 -0.1726 % 2,835.4
Insurance Straight 4.86 % -11.35 % 80,646 0.09 21 -0.0945 % 3,743.7
FloatingReset 3.07 % 3.07 % 30,822 19.55 1 1.8405 % 2,582.4
FixedReset Prem 4.67 % 3.21 % 135,149 2.42 33 -0.0648 % 2,758.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1726 % 2,898.3
FixedReset Ins Non 4.04 % 3.30 % 93,997 18.23 20 -0.0623 % 2,946.7
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -5.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.59 %
IFC.PR.I Perpetual-Premium -1.82 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.00
Bid-YTW : 4.01 %
BAM.PR.T FixedReset Disc -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 3.99 %
IFC.PR.E Insurance Straight -1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.35
Bid-YTW : 3.14 %
PWF.PR.Z Perpetual-Premium -1.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 26.35
Bid-YTW : 4.11 %
BMO.PR.Y FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 3.41 %
TRP.PR.D FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 4.01 %
TRP.PR.C FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 3.85 %
TRP.PR.F FloatingReset 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 3.07 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.E FixedReset Disc 153,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 4.02 %
SLF.PR.B Insurance Straight 140,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-24
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.37 %
MFC.PR.C Insurance Straight 133,443 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-24
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : -11.35 %
TD.PF.J FixedReset Prem 79,224 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 23.84
Evaluated at bid price : 25.40
Bid-YTW : 3.52 %
NA.PR.G FixedReset Prem 76,069 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 23.75
Evaluated at bid price : 25.59
Bid-YTW : 3.59 %
BMO.PR.E FixedReset Prem 56,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 23.72
Evaluated at bid price : 25.52
Bid-YTW : 3.50 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.I Perpetual-Premium Quote: 27.00 – 28.48
Spot Rate : 1.4800
Average : 0.9479

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.00
Bid-YTW : 4.01 %

PWF.PR.P FixedReset Disc Quote: 16.65 – 17.74
Spot Rate : 1.0900
Average : 0.7682

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.59 %

GWO.PR.F Insurance Straight Quote: 26.70 – 27.70
Spot Rate : 1.0000
Average : 0.6898

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-24
Maturity Price : 25.00
Evaluated at bid price : 26.70
Bid-YTW : -62.81 %

CM.PR.Y FixedReset Prem Quote: 26.41 – 27.00
Spot Rate : 0.5900
Average : 0.3875

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 26.41
Bid-YTW : 3.38 %

TRP.PR.G FixedReset Disc Quote: 23.55 – 24.06
Spot Rate : 0.5100
Average : 0.3751

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-24
Maturity Price : 22.62
Evaluated at bid price : 23.55
Bid-YTW : 3.91 %

IFC.PR.F Insurance Straight Quote: 26.35 – 26.90
Spot Rate : 0.5500
Average : 0.4216

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-30
Maturity Price : 26.00
Evaluated at bid price : 26.35
Bid-YTW : 3.69 %

September 23, 2021

Thursday, September 23rd, 2021
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 3.2337 % 2,564.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 3.2337 % 4,705.9
Floater 3.39 % 3.38 % 48,151 18.79 3 3.2337 % 2,712.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.2775 % 3,702.8
SplitShare 4.63 % 3.98 % 33,076 3.71 6 0.2775 % 4,422.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2775 % 3,450.2
Perpetual-Premium 5.01 % -11.93 % 51,922 0.09 34 -0.0501 % 3,317.9
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.0501 % 3,992.9
FixedReset Disc 3.97 % 3.51 % 110,306 17.91 40 0.3351 % 2,840.3
Insurance Straight 4.86 % -14.19 % 78,229 0.09 21 0.2899 % 3,747.3
FloatingReset 3.13 % 3.12 % 30,113 19.41 1 -1.2121 % 2,535.8
FixedReset Prem 4.67 % 3.21 % 135,993 2.42 33 0.0730 % 2,760.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3351 % 2,903.3
FixedReset Ins Non 4.04 % 3.29 % 94,906 18.26 20 0.2519 % 2,948.6
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 3.12 %
TRP.PR.D FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 4.05 %
IFC.PR.E Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.66
Bid-YTW : 1.57 %
RY.PR.M FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 23.07
Evaluated at bid price : 24.55
Bid-YTW : 3.36 %
TRP.PR.B FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 13.07
Evaluated at bid price : 13.07
Bid-YTW : 3.95 %
BAM.PR.T FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 3.93 %
TRP.PR.C FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 3.90 %
GWO.PR.N FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 15.85
Evaluated at bid price : 15.85
Bid-YTW : 3.28 %
BAM.PR.B Floater 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 3.37 %
BAM.PF.E FixedReset Disc 2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 21.26
Evaluated at bid price : 21.54
Bid-YTW : 3.99 %
BAM.PR.C Floater 8.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 12.66
Evaluated at bid price : 12.66
Bid-YTW : 3.38 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.I Insurance Straight 811,516 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : -14.38 %
CU.PR.G Perpetual-Premium 387,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.25
Evaluated at bid price : 25.35
Bid-YTW : 2.91 %
CIU.PR.A Perpetual-Premium 310,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 25.36
Bid-YTW : -9.24 %
MFC.PR.C Insurance Straight 236,176 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -14.19 %
SLF.PR.E Insurance Straight 215,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : -16.59 %
SLF.PR.B Insurance Straight 99,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.20 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
POW.PR.D Perpetual-Premium Quote: 25.50 – 25.95
Spot Rate : 0.4500
Average : 0.3227

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : -21.53 %

TRP.PR.F FloatingReset Quote: 16.30 – 17.14
Spot Rate : 0.8400
Average : 0.7229

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-09-23
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 3.12 %

MFC.PR.C Insurance Straight Quote: 25.41 – 25.98
Spot Rate : 0.5700
Average : 0.4536

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -14.19 %

CM.PR.T FixedReset Prem Quote: 26.26 – 26.60
Spot Rate : 0.3400
Average : 0.2360

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.26
Bid-YTW : 3.50 %

PVS.PR.H SplitShare Quote: 25.75 – 26.50
Spot Rate : 0.7500
Average : 0.6590

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.15 %

BAM.PF.C Perpetual-Premium Quote: 25.45 – 26.04
Spot Rate : 0.5900
Average : 0.5081

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-23
Maturity Price : 25.25
Evaluated at bid price : 25.45
Bid-YTW : -5.84 %

DGS.PR.A Gets Bigger

Wednesday, September 22nd, 2021

Brompton Group has announced:

Dividend Growth Split Corp. (the “Company”) is pleased to announce a successful overnight treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively). Gross proceeds of the offering are expected to be approximately $60.2 million. The offering is expected to close on or about September 28, 2021 and is subject to certain closing conditions. The Company has granted the Agents (as defined below) an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase up to an additional 15% of the number of Class A Shares and Preferred Shares issued at the closing of the offering.

The Class A Shares were offered at a price of $6.70 per Class A Share for a distribution rate of 17.9% on the issue price, and the Preferred Shares were offered at a price of $10.00 per Preferred Share for a yield to maturity of 5.7%.(1) The closing price on the Toronto Stock Exchange (the “TSX”) for each of the Class A Shares and Preferred Shares on September 21, 2021 was $6.70 and $10.12, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (“Unit”) (calculated as at September 20, 2021), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and includes BMO Capital Markets, Canaccord Genuity Corp., Hampton Securities Limited, TD Securities Inc., Raymond James Ltd., iA Private Wealth Inc., Echelon Wealth Partners Inc., Richardson Wealth Limited, Manulife Securities Incorporated and Research Capital Corporation.

The Company invests in a portfolio (the “Portfolio”) consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the Portfolio in global dividend growth companies for diversification and improved return potential, at the discretion of Brompton Funds Limited (the “Manager”). In order to qualify for inclusion in the Portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing, each dividend growth company included in the Portfolio must have (i) a market capitalization of at least CDN$2.0 billion; and (ii) a history of dividend growth or, in the Manager’s view, have high potential for future dividend growth.

W.PR.M To Be Redeemed

Wednesday, September 22nd, 2021

Enbridge Inc. has announced (on September 15):

Westcoast Energy Inc. (“Westcoast”) announced today that it intends to exercise its right to redeem all of its outstanding Cumulative 5-Year Minimum Rate Reset Redeemable First Preferred Shares, Series 12 (“Series 12 Shares”) on October 15, 2021 at a price of $25.00 per Series 12 Share, together with all accrued and unpaid dividends, if any.

Beneficial holders who are not directly the registered holders of the Series 12 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries from registered shareholders should be directed to Westcoast’s Registrar and Transfer Agent, Computershare Investor Services Inc., at 1-800-564-6253 (Canada and United States) or 1-514-982-7555 (Outside North America).

Westcoast Energy Inc. is an indirect subsidiary of Enbridge Inc.

W.PR.M is a FixedReset 5.20%+452M520 that commenced trading 2016-8-30 after being announced 2016-8-22. It has been tracked by HIMIPref™; it was been assigned to the FixedResets (Premium) subindex.