Archive for October, 2021

MAPF Performance : October, 2021

Saturday, October 30th, 2021

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close October 29, 2021, was $11.0893.

Returns to October 29, 2021
Period MAPF TXPR*
Total Return
CPD – according to Blackrock
One Month +3.09% +1.81% N/A
Three Months +7.51% +3.78% N/A
One Year +57.97% +28.81% +28.02%
Two Years (annualized) +26.48% +14.73% N/A
Three Years (annualized) +9.80% +6.72% +6.07%
Four Years (annualized) +7.86% +5.06% N/A
Five Years (annualized) +11.58% +7.18% +6.61%
Six Years (annualized) +10.78% +6.81% N/A
Seven Years (annualized) +5.93% +3.31% N/A
Eight Years (annualized) +6.37% +3.65% N/A
Nine Years (annualized) +5.50% +3.09% N/A
Ten Years (annualized) +6.05% +3.37% +2.87%
Eleven Years (annualized) +5.71% +3.47%  
Twelve Years (annualized) +6.93% +4.16%  
Thirteen Years (annualized) +10.69% +5.03%  
Fourteen Years (annualized) +9.44% +3.64%  
Fifteen Years (annualized) +8.56%    
Sixteen Years (annualized) +8.41%    
Seventeen Years (annualized) +8.30%    
Eighteen Years (annualized) +8.68%    
Nineteen Years (annualized) +9.55%    
Twenty Years (annualized) +8.99%    
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.45%, +4.57% and +36.72%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +9.40%; five year is +8.30%; ten year is +4.50%

Figures from Morningstar are no longer conveniently available.

Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +2.53%, +4.63% & +37.74%, respectively. Three year performance is +7.30%, five-year is +7.87%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are +2.71%, +4.74% and +38.41% for one-, three- and twelve months, respectively. Three year performance is +7.59%; five-year is +8.17%.

Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical.

The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.

The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +36.67% for the past twelve months. Two year performance is +17.28%, three year is +6.87%, five year is +7.91%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are +1.25%, +2.68% and +25.62% for the past one-, three- and twelve-months, respectively. Two year performance is +13.14%; three year is +3.73%; five-year is +4.10%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +31.17% for the past twelve months. The three-year figure is +6.27%; five years is +7.48%; ten-year is +3.18%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR).

Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.

Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +2.26%, +4.63% and +43.59% for the past one, three and twelve months, respectively. Three year performance is +6.00%, five-year is +6.24%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are +1.92%, +3.84% and +29.20% for the past one, three and twelve months, respectively. Two year performance is +14.13%, three-year is +5.13%, five-year is +5.77%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are +2.39%, +4.28% and +36.87% for the past one, three and twelve months, respectively. Three-year performance is +6.42%; five-year is +7.88%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +2.7%, +5.1% and +42.9% for the past one, three and twelve months, respectively. Three-year performance is +8.9%
Calculation of MAPF Sustainable Income Per Unit
Month NAVPU Portfolio
Average
YTW
Leverage
Divisor
Securities
Average
YTW
Capital
Gains
Multiplier
Sustainable
Income
per
current
Unit
June, 2007 9.3114 5.16% 1.03 5.01% 1.3240 0.3524
September 9.1489 5.35% 0.98 5.46% 1.3240 0.3773
December, 2007 9.0070 5.53% 0.942 5.87% 1.3240 0.3993
March, 2008 8.8512 6.17% 1.047 5.89% 1.3240 0.3938
June 8.3419 6.034% 0.952 6.338% 1.3240 $0.3993
September 8.1886 7.108% 0.969 7.335% 1.3240 $0.4537
December, 2008 8.0464 9.24% 1.008 9.166% 1.3240 $0.5571
March 2009 $8.8317 8.60% 0.995 8.802% 1.3240 $0.5872
June 10.9846 7.05% 0.999 7.057% 1.3240 $0.5855
September 12.3462 6.03% 0.998 6.042% 1.3240 $0.5634
December 2009 10.5662 5.74% 0.981 5.851% 1.1141 $0.5549
March 2010 10.2497 6.03% 0.992 6.079% 1.1141 $0.5593
June 10.5770 5.96% 0.996 5.984% 1.1141 $0.5681
September 11.3901 5.43% 0.980 5.540% 1.1141 $0.5664
December 2010 10.7659 5.37% 0.993 5.408% 1.0298 $0.5654
March, 2011 11.0560 6.00% 0.994 5.964% 1.0298 $0.6403
June 11.1194 5.87% 1.018 5.976% 1.0298 $0.6453
September 10.2709 6.10%
Note
1.001 6.106% 1.0298 $0.6090
December, 2011 10.0793 5.63%
Note
1.031 5.805% 1.0000 $0.5851
March, 2012 10.3944 5.13%
Note
0.996 5.109% 1.0000 $0.5310
June 10.2151 5.32%
Note
1.012 5.384% 1.0000 $0.5500
September 10.6703 4.61%
Note
0.997 4.624% 1.0000 $0.4934
December, 2012 10.8307 4.24% 0.989 4.287% 1.0000 $0.4643
March, 2013 10.9033 3.87% 0.996 3.886% 1.0000 $0.4237
June 10.3261 4.81% 0.998 4.80% 1.0000 $0.4957
September 10.0296 5.62% 0.996 5.643% 1.0000 $0.5660
December, 2013 9.8717 6.02% 1.008 5.972% 1.0000 $0.5895
March, 2014 10.2233 5.55% 0.998 5.561% 1.0000 $0.5685
June 10.5877 5.09% 0.998 5.100% 1.0000 $0.5395
September 10.4601 5.28% 0.997 5.296% 1.0000 $0.5540
December, 2014 10.5701 4.83% 1.009 4.787% 1.0000 $0.5060
March, 2015 9.9573 4.99% 1.001 4.985% 1.0000 $0.4964
June, 2015 9.4181 5.55% 1.002 5.539% 1.0000 $0.5217
September 7.8140 6.98% 0.999 6.987% 1.0000 $0.5460
December, 2015 8.1379 6.85% 0.997 6.871% 1.0000 $0.5592
March, 2016 7.4416 7.79% 0.998 7.805% 1.0000 $0.5808
June 7.6704 7.67% 1.011 7.587% 1.0000 $0.5819
September 8.0590 7.35% 0.993 7.402% 1.0000 $0.5965
December, 2016 8.5844 7.24% 0.990 7.313% 1.0000 $0.6278
March, 2017 9.3984 6.26% 0.994 6.298% 1.0000 $0.5919
June 9.5313 6.41% 0.998 6.423% 1.0000 $0.6122
September 9.7129 6.56% 0.998 6.573% 1.0000 $0.6384
December, 2017 10.0566 6.06% 1.004 6.036% 1.0000 $0.6070
March, 2018 10.2701 6.22% 1.007 6.177% 1.0000 $0.6344
June 10.2518 6.22% 0.995 6.251% 1.0000 $0.6408
September 10.2965 6.62% 1.018 6.503% 1.0000 $0.6696
December, 2018 8.6875 7.16% 0.997 7.182% 1.0000 $0.6240
March, 2019 8.4778 7.09% 1.007 7.041% 1.0000 $0.5969
June 8.0896 7.33% 0.996 7.359% 1.0000 $0.5953
September 7.7948 7.96% 0.998 7.976% 1.0000 $0.6217
December, 2019 8.0900 6.03% 0.995 6.060% 1.0000 $0.4903
March 5.5596 7.04% 1.006 6.998% 1.0000 $0.3891
June 6.3568 6.10% 0.9900 6.162% 1.0000 $0.3917
September 7.2852 5.32% 1.00 5.320% 1.0000 $0.3876
December, 2020 8.3947 4.46% 0.999 4.464% 1.0000 $0.3747
March, 2021 9.6473 4.48% 0.996 4.498% 1.0000 $0.4339
June 10.3712 3.92% 0.985 3.980% 1.0000 $0.4127
September, 2021 10.7572 4.08% 1.017 4.012% 1.0000 $0.4316
October, 2021 11.0893 4.16% 0.995 4.181% 1.0000 $0.4636
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains.
Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00%
The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99
Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings.
The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested.
Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis.

The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks.

In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues

The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end GOC-5 3-Month Bill
September, 2015 0.78% 0.40%
December, 2015 0.71% 0.46%
March, 2016 0.70% 0.44%
June 0.57% 0.47%
September 0.58% 0.53%
December, 2016 1.16% 0.47%
March, 2017 1.08% 0.55%
June 1.35% 0.69%
September 1.79% 0.97%
December, 2017 1.83% 1.00%
March, 2018 2.06% 1.08%
June 1.95% 1.22%
September 2.33% 1.55%
December, 2018 1.88% 1.65%
March, 2019 1.46% 1.66%
June 1.34% 1.66%
September 1.41% 1.66%
December, 2019 1.68% 1.68%
March, 2020 0.57% 0.21%
June 0.37% 0.21%
September 0.35% 0.14%
December, 2020 0.42% 0.08%
March, 2021 0.94% 0.09%
June 0.93% 0.13%
September 1.07% 0.13%
October, 2021 1.34% 0.12%

October 29, 2021

Friday, October 29th, 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 0.2384 % 2,838.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2384 % 5,208.9
Floater 3.06 % 3.08 % 68,173 19.51 3 0.2384 % 3,001.9
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3598 % 3,717.9
SplitShare 4.61 % 4.19 % 54,000 3.87 5 -0.3598 % 4,439.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3598 % 3,464.2
Perpetual-Premium 5.08 % -5.44 % 56,549 0.09 32 0.0945 % 3,274.5
Perpetual-Discount 4.74 % 4.62 % 2,466,149 16.15 2 0.0000 % 3,845.7
FixedReset Disc 3.80 % 3.76 % 113,894 17.16 40 0.0534 % 2,924.2
Insurance Straight 4.94 % 4.12 % 83,962 1.59 20 -0.1009 % 3,673.5
FloatingReset 2.53 % 2.77 % 26,544 20.30 2 0.5698 % 2,865.1
FixedReset Prem 4.70 % 2.82 % 129,772 1.94 31 -0.0825 % 2,759.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0534 % 2,989.1
FixedReset Ins Non 4.03 % 3.68 % 98,538 17.29 19 0.4713 % 2,994.6
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset Disc -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 4.32 %
PVS.PR.J SplitShare -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 4.53 %
SLF.PR.D Insurance Straight -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 4.57 %
BIP.PR.A FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 3.79 %
TRP.PR.C FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 16.27
Evaluated at bid price : 16.27
Bid-YTW : 4.13 %
RY.PR.P Perpetual-Premium 1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-28
Maturity Price : 26.00
Evaluated at bid price : 26.40
Bid-YTW : -17.14 %
MFC.PR.L FixedReset Ins Non 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 22.94
Evaluated at bid price : 23.82
Bid-YTW : 3.68 %
TD.PF.B FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 23.25
Evaluated at bid price : 24.54
Bid-YTW : 3.60 %
TRP.PR.B FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 14.81
Evaluated at bid price : 14.81
Bid-YTW : 4.17 %
TRP.PR.F FloatingReset 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 2.77 %
PWF.PR.H Perpetual-Premium 1.52 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-28
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : -38.20 %
SLF.PR.G FixedReset Ins Non 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 3.62 %
MFC.PR.F FixedReset Ins Non 7.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 3.63 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 65,178 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 23.25
Evaluated at bid price : 24.56
Bid-YTW : 3.57 %
RY.PR.J FixedReset Disc 61,812 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 3.38 %
PWF.PF.A Perpetual-Discount 34,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 24.04
Evaluated at bid price : 24.42
Bid-YTW : 4.62 %
GWO.PR.Y Insurance Straight 32,950 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 24.43
Evaluated at bid price : 24.81
Bid-YTW : 4.55 %
CM.PR.R FixedReset Prem 32,235 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 2.29 %
TRP.PR.K FixedReset Prem 28,199 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.55
Bid-YTW : 2.57 %
There were 57 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.H Perpetual-Premium Quote: 26.00 – 27.00
Spot Rate : 1.0000
Average : 0.5782

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-28
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : -38.20 %

BAM.PR.X FixedReset Disc Quote: 18.27 – 18.99
Spot Rate : 0.7200
Average : 0.4732

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-29
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 4.32 %

MFC.PR.I FixedReset Ins Non Quote: 25.20 – 25.72
Spot Rate : 0.5200
Average : 0.3503

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-19
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.01 %

GWO.PR.T Insurance Straight Quote: 26.25 – 26.75
Spot Rate : 0.5000
Average : 0.3454

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.75
Evaluated at bid price : 26.25
Bid-YTW : 4.07 %

BIP.PR.F FixedReset Prem Quote: 26.00 – 26.45
Spot Rate : 0.4500
Average : 0.2955

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.39 %

BAM.PF.J FixedReset Prem Quote: 25.75 – 26.14
Spot Rate : 0.3900
Average : 0.2407

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 2.49 %

October 28, 2021

Friday, October 29th, 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 -0.2615 % 2,831.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2615 % 5,196.5
Floater 3.07 % 3.08 % 65,251 19.51 3 -0.2615 % 2,994.8
OpRet 0.00 % 0.00 % 0 0.00 0 0.0766 % 3,731.3
SplitShare 4.59 % 4.17 % 52,753 3.87 5 0.0766 % 4,456.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0766 % 3,476.7
Perpetual-Premium 5.08 % -4.86 % 54,274 0.09 32 -0.0245 % 3,271.4
Perpetual-Discount 4.74 % 4.61 % 2,500,241 16.16 2 0.2056 % 3,845.7
FixedReset Disc 3.80 % 3.75 % 110,151 17.16 40 0.1102 % 2,922.6
Insurance Straight 4.94 % 4.49 % 80,131 3.53 20 -0.3451 % 3,677.2
FloatingReset 2.54 % 2.81 % 24,661 20.20 2 -0.5947 % 2,848.9
FixedReset Prem 4.69 % 2.91 % 126,274 1.49 31 -0.1074 % 2,762.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1102 % 2,987.5
FixedReset Ins Non 4.04 % 3.70 % 98,154 17.24 19 -0.3756 % 2,980.6
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -7.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.90 %
TRP.PR.E FixedReset Disc -3.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.34 %
BAM.PR.B Floater -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 3.08 %
SLF.PR.E Insurance Straight -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.16
Evaluated at bid price : 24.42
Bid-YTW : 4.64 %
SLF.PR.C Insurance Straight -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.23
Evaluated at bid price : 24.53
Bid-YTW : 4.56 %
GWO.PR.S Insurance Straight -1.47 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 4.49 %
TRP.PR.F FloatingReset -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 2.81 %
RY.PR.M FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.26
Bid-YTW : 3.75 %
BNS.PR.I FixedReset Prem -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 23.64
Evaluated at bid price : 25.33
Bid-YTW : 3.73 %
BAM.PR.X FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 4.25 %
PWF.PR.P FixedReset Disc 8.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 3.80 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 175,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 23.22
Evaluated at bid price : 24.51
Bid-YTW : 3.58 %
MFC.PR.B Insurance Straight 101,903 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.70
Evaluated at bid price : 24.98
Bid-YTW : 4.69 %
GWO.PR.Y Insurance Straight 85,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.44
Evaluated at bid price : 24.83
Bid-YTW : 4.55 %
GWO.PR.S Insurance Straight 84,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 4.49 %
PWF.PR.R Perpetual-Premium 65,810 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-27
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -14.33 %
SLF.PR.C Insurance Straight 51,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.23
Evaluated at bid price : 24.53
Bid-YTW : 4.56 %
There were 25 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: 17.20 – 18.82
Spot Rate : 1.6200
Average : 1.1117

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.90 %

BIP.PR.E FixedReset Prem Quote: 25.40 – 26.21
Spot Rate : 0.8100
Average : 0.4822

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.15 %

CU.PR.E Perpetual-Premium Quote: 25.12 – 25.90
Spot Rate : 0.7800
Average : 0.4586

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.89
Evaluated at bid price : 25.12
Bid-YTW : 4.94 %

SLF.PR.E Insurance Straight Quote: 24.42 – 25.20
Spot Rate : 0.7800
Average : 0.4871

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 24.16
Evaluated at bid price : 24.42
Bid-YTW : 4.64 %

BAM.PR.R FixedReset Disc Quote: 20.94 – 21.94
Spot Rate : 1.0000
Average : 0.7665

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 4.27 %

TRP.PR.E FixedReset Disc Quote: 21.43 – 22.34
Spot Rate : 0.9100
Average : 0.7124

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-28
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.34 %

October 27, 2021

Wednesday, October 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 1.2518 % 2,839.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.2518 % 5,210.1
Floater 3.06 % 3.10 % 61,562 19.46 3 1.2518 % 3,002.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.0843 % 3,728.4
SplitShare 4.60 % 4.22 % 54,931 3.88 5 0.0843 % 4,452.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0843 % 3,474.1
Perpetual-Premium 5.08 % -2.88 % 54,390 0.09 32 -0.1347 % 3,272.2
Perpetual-Discount 4.75 % 4.61 % 2,540,201 16.17 2 -0.8357 % 3,837.8
FixedReset Disc 3.80 % 3.77 % 110,840 17.16 40 0.2888 % 2,919.4
Insurance Straight 4.92 % 4.26 % 76,922 3.53 20 -0.1850 % 3,689.9
FloatingReset 2.53 % 2.77 % 25,629 20.31 2 1.1748 % 2,866.0
FixedReset Prem 4.69 % 2.94 % 127,371 1.49 31 0.0662 % 2,765.0
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2888 % 2,984.2
FixedReset Ins Non 4.03 % 3.67 % 91,464 17.19 19 -0.0536 % 2,991.8
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -7.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.12 %
ELF.PR.G Perpetual-Discount -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 23.93
Evaluated at bid price : 24.17
Bid-YTW : 4.94 %
GWO.PR.N FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 16.73
Evaluated at bid price : 16.73
Bid-YTW : 3.69 %
RY.PR.P Perpetual-Premium -1.45 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-24
Maturity Price : 25.75
Evaluated at bid price : 25.90
Bid-YTW : 2.13 %
BAM.PR.X FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 4.31 %
BIP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 4.03 %
TRP.PR.A FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 4.21 %
MFC.PR.F FixedReset Ins Non 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 18.64
Evaluated at bid price : 18.64
Bid-YTW : 3.60 %
FTS.PR.H FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 3.99 %
RY.PR.M FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-24
Maturity Price : 25.00
Evaluated at bid price : 24.60
Bid-YTW : 3.38 %
SLF.PR.J FloatingReset 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 2.29 %
FTS.PR.K FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 21.70
Evaluated at bid price : 22.16
Bid-YTW : 3.92 %
TRP.PR.B FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 14.49
Evaluated at bid price : 14.49
Bid-YTW : 4.25 %
TRP.PR.E FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 21.98
Evaluated at bid price : 22.31
Bid-YTW : 4.14 %
BAM.PR.R FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 4.31 %
BAM.PR.B Floater 3.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 3.02 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y Insurance Straight 145,425 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 24.38
Evaluated at bid price : 24.76
Bid-YTW : 4.56 %
RY.PR.J FixedReset Disc 88,806 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 3.20 %
PWF.PF.A Perpetual-Discount 77,023 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 24.10
Evaluated at bid price : 24.48
Bid-YTW : 4.61 %
RY.PR.H FixedReset Disc 64,942 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 23.19
Evaluated at bid price : 24.43
Bid-YTW : 3.60 %
RY.PR.P Perpetual-Premium 50,702 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-24
Maturity Price : 25.75
Evaluated at bid price : 25.90
Bid-YTW : 2.13 %
TD.PF.I FixedReset Prem 46,992 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 2.01 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 16.65 – 18.10
Spot Rate : 1.4500
Average : 0.9926

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.12 %

BAM.PR.K Floater Quote: 13.90 – 14.57
Spot Rate : 0.6700
Average : 0.4168

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 3.10 %

BAM.PR.C Floater Quote: 13.90 – 14.39
Spot Rate : 0.4900
Average : 0.3050

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 13.90
Evaluated at bid price : 13.90
Bid-YTW : 3.10 %

ELF.PR.G Perpetual-Discount Quote: 24.17 – 24.65
Spot Rate : 0.4800
Average : 0.3113

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 23.93
Evaluated at bid price : 24.17
Bid-YTW : 4.94 %

PWF.PR.T FixedReset Disc Quote: 24.51 – 24.80
Spot Rate : 0.2900
Average : 0.1815

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 23.33
Evaluated at bid price : 24.51
Bid-YTW : 3.77 %

SLF.PR.H FixedReset Ins Non Quote: 22.90 – 23.35
Spot Rate : 0.4500
Average : 0.3450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-27
Maturity Price : 22.22
Evaluated at bid price : 22.90
Bid-YTW : 3.67 %

October 26, 2021

Tuesday, October 26th, 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 0.4595 % 2,804.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4595 % 5,145.7
Floater 3.10 % 3.12 % 57,349 19.43 3 0.4595 % 2,965.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.3540 % 3,725.3
SplitShare 4.60 % 4.18 % 55,549 3.88 5 0.3540 % 4,448.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3540 % 3,471.1
Perpetual-Premium 5.08 % -10.05 % 54,043 0.09 32 0.0122 % 3,276.6
Perpetual-Discount 4.71 % 4.84 % 36,718 15.76 2 0.0204 % 3,870.2
FixedReset Disc 3.81 % 3.74 % 106,661 17.15 40 0.1677 % 2,911.0
Insurance Straight 4.91 % 3.79 % 74,148 0.66 20 -0.0728 % 3,696.8
FloatingReset 2.56 % 2.79 % 24,353 20.27 2 -0.2287 % 2,832.7
FixedReset Prem 4.69 % 2.78 % 128,601 1.50 31 0.0288 % 2,763.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1677 % 2,975.6
FixedReset Ins Non 4.03 % 3.68 % 94,818 17.25 19 0.5957 % 2,993.4
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 2.33 %
CU.PR.G Perpetual-Premium -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 24.58
Evaluated at bid price : 24.85
Bid-YTW : 4.58 %
FTS.PR.K FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 4.00 %
TRP.PR.G FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-11-30
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 4.05 %
BAM.PR.X FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 4.27 %
BAM.PF.G FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 22.76
Evaluated at bid price : 23.73
Bid-YTW : 4.19 %
BAM.PR.T FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 4.35 %
BAM.PF.F FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 23.18
Evaluated at bid price : 24.44
Bid-YTW : 4.22 %
TRP.PR.F FloatingReset 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 2.79 %
RS.PR.A SplitShare 1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.94
Bid-YTW : 2.96 %
BAM.PR.K Floater 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 3.09 %
SLF.PR.G FixedReset Ins Non 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 3.64 %
MFC.PR.F FixedReset Ins Non 7.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 3.64 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.S FixedReset Prem 85,614 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.28
Bid-YTW : 3.58 %
BMO.PR.T FixedReset Disc 67,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 23.20
Evaluated at bid price : 24.45
Bid-YTW : 3.62 %
TD.PF.C FixedReset Disc 36,086 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 23.17
Evaluated at bid price : 24.55
Bid-YTW : 3.61 %
PWF.PF.A Perpetual-Discount 34,604 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 24.08
Evaluated at bid price : 24.46
Bid-YTW : 4.61 %
GWO.PR.Y Insurance Straight 31,368 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 24.37
Evaluated at bid price : 24.75
Bid-YTW : 4.56 %
CM.PR.Q FixedReset Disc 30,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 3.44 %
There were 15 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: 24.80 – 26.00
Spot Rate : 1.2000
Average : 0.7137

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 4.32 %

SLF.PR.J FloatingReset Quote: 16.50 – 17.95
Spot Rate : 1.4500
Average : 1.0998

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 2.33 %

BAM.PR.N Perpetual-Premium Quote: 24.54 – 25.27
Spot Rate : 0.7300
Average : 0.5266

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 24.25
Evaluated at bid price : 24.54
Bid-YTW : 4.87 %

CU.PR.G Perpetual-Premium Quote: 24.85 – 25.32
Spot Rate : 0.4700
Average : 0.3439

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-26
Maturity Price : 24.58
Evaluated at bid price : 24.85
Bid-YTW : 4.58 %

PVS.PR.I SplitShare Quote: 26.00 – 26.40
Spot Rate : 0.4000
Average : 0.2749

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.00
Bid-YTW : 3.86 %

PVS.PR.J SplitShare Quote: 25.41 – 25.79
Spot Rate : 0.3800
Average : 0.2636

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 4.23 %

DF.PR.A To Get Bigger

Monday, October 25th, 2021

Quadravest has announced:

Dividend 15 Split Corp. II (the “Company”) is pleased to announce it will undertake an offering of Preferred Shares and Class A Shares of the Company. The offering will be led by National Bank Financial Inc.

The Preferred Shares will be offered at a price of $10.10 per Preferred Share to yield 5.7% on the issue price and the Class A Shares will be offered at a price of $6.45 per Class A Share to yield 18.6% on the issue price.

The closing price on the TSX of each of the Preferred Shares and the Class A Shares on October 22, 2021 was $10.15 and $6.49, respectively.

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $7.95 per share and the aggregate dividends declared on the Class A Shares have been $14.00 per share, for a combined total of $21.95 per unit. All distributions to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

The net proceeds of the offering will be used by the Company to invest in an actively managed portfolio of dividend yielding common shares which includes each of the 15 Canadian companies listed below:

Bank of Montreal Enbridge Inc. TC Energy
The Bank of Nova Scotia Manulife Financial Corp. TELUS Corporation
BCE Inc. National Bank of Canada Thomson Reuters Corp.
Canadian Imperial Bank of Commerce Royal Bank of Canada The Toronto-Dominion Bank
CI Financial Corp. Sun Life Financial Inc. TransAlta Corporation

The Company’s investment objectives are:

Preferred Shares:
i. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of 5.75% annually; and
ii. on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter and it has been extended in the past), to pay the holders of the Preferred Shares $10.00 per Preferred Share.

Class A Shares:
i. to provide holders of the Class A Shares with regular monthly cash dividends currently targeted to be $0.10 per Class A; and
ii. on or about December 1, 2024, to pay the holders of Class A Shares at least the original issue price of those shares.

The sales period of this overnight offering will end at 9:00 a.m. (EST) on October 26, 2021.

So Whole Units are offered at 16.55 and the NAVPU on 2021-10-22 was 15.79. A 4.8% premium isn’t bad business!

Update, 2021-10-26: They have further announced:

it has completed the overnight marketing of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering are expected to be approximately $51.8 million.

October 25, 2021

Monday, October 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 0.3641 % 2,791.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3641 % 5,122.2
Floater 3.11 % 3.14 % 55,973 19.38 3 0.3641 % 2,951.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.2352 % 3,712.2
SplitShare 4.62 % 4.22 % 51,437 3.88 5 0.2352 % 4,433.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2352 % 3,458.9
Perpetual-Premium 5.08 % -9.20 % 53,115 0.09 32 -0.2712 % 3,276.2
Perpetual-Discount 4.71 % 4.59 % 2,590,036 16.20 2 -0.3049 % 3,869.4
FixedReset Disc 3.82 % 3.75 % 107,467 17.11 40 0.2339 % 2,906.1
Insurance Straight 4.91 % 2.92 % 76,686 0.09 20 -0.1669 % 3,699.5
FloatingReset 2.55 % 2.82 % 24,492 20.18 2 -0.7660 % 2,839.2
FixedReset Prem 4.69 % 2.83 % 126,369 1.95 31 -0.0637 % 2,762.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2339 % 2,970.6
FixedReset Ins Non 4.05 % 3.71 % 95,952 17.23 19 -0.1818 % 2,975.7
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 3.71 %
TRP.PR.A FixedReset Disc -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.27 %
MFC.PR.Q FixedReset Ins Non -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.75
Evaluated at bid price : 25.18
Bid-YTW : 3.87 %
SLF.PR.J FloatingReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 2.29 %
TRP.PR.E FixedReset Disc 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 21.46
Evaluated at bid price : 21.81
Bid-YTW : 4.23 %
FTS.PR.K FixedReset Disc 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 21.59
Evaluated at bid price : 22.00
Bid-YTW : 3.95 %
BAM.PR.T FixedReset Disc 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 4.41 %
TRP.PR.D FixedReset Disc 4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 21.66
Evaluated at bid price : 22.10
Bid-YTW : 4.22 %
PWF.PR.P FixedReset Disc 8.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 3.82 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.Z FixedReset Disc 77,010 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.19
Evaluated at bid price : 24.33
Bid-YTW : 3.58 %
TD.PF.H FixedReset Prem 54,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-30
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.49 %
TD.PF.L FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.54
Bid-YTW : 2.63 %
BAM.PR.C Floater 39,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 3.14 %
RS.PR.A SplitShare 31,597 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.80
Bid-YTW : 3.30 %
BMO.PR.T FixedReset Disc 28,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.19
Evaluated at bid price : 24.43
Bid-YTW : 3.63 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.J FloatingReset Quote: 16.80 – 17.95
Spot Rate : 1.1500
Average : 0.7159

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 2.29 %

MFC.PR.Q FixedReset Ins Non Quote: 25.18 – 25.72
Spot Rate : 0.5400
Average : 0.3868

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.75
Evaluated at bid price : 25.18
Bid-YTW : 3.87 %

RY.PR.N Perpetual-Premium Quote: 25.96 – 26.69
Spot Rate : 0.7300
Average : 0.5983

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 25.96
Bid-YTW : -9.65 %

GWO.PR.T Insurance Straight Quote: 26.30 – 26.75
Spot Rate : 0.4500
Average : 0.3449

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.30
Bid-YTW : 3.78 %

MFC.PR.M FixedReset Ins Non Quote: 24.23 – 24.54
Spot Rate : 0.3100
Average : 0.2145

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 23.06
Evaluated at bid price : 24.23
Bid-YTW : 3.79 %

SLF.PR.D Insurance Straight Quote: 25.03 – 25.43
Spot Rate : 0.4000
Average : 0.3046

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-25
Maturity Price : 24.81
Evaluated at bid price : 25.03
Bid-YTW : 4.47 %

October 22, 2021

Sunday, October 24th, 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 0.3654 % 2,781.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3654 % 5,103.6
Floater 3.12 % 3.14 % 56,485 19.39 3 0.3654 % 2,941.2
OpRet 0.00 % 0.00 % 0 0.00 0 -1.0683 % 3,703.4
SplitShare 4.63 % 4.22 % 53,302 3.89 5 -1.0683 % 4,422.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.0683 % 3,450.8
Perpetual-Premium 5.06 % -11.16 % 54,959 0.09 32 0.0990 % 3,285.1
Perpetual-Discount 4.70 % 4.83 % 37,456 15.79 2 0.0407 % 3,881.2
FixedReset Disc 3.83 % 3.70 % 108,718 17.22 40 -0.0702 % 2,899.3
Insurance Straight 4.90 % 0.61 % 77,069 0.09 20 -0.0432 % 3,705.7
FloatingReset 2.53 % 2.81 % 25,354 20.22 2 0.0000 % 2,861.1
FixedReset Prem 4.69 % 2.76 % 126,889 1.96 31 0.1051 % 2,764.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0702 % 2,963.7
FixedReset Ins Non 4.04 % 3.69 % 99,586 17.35 19 0.0876 % 2,981.1
Performance Highlights
Issue Index Change Notes
TRP.PR.D FixedReset Disc -3.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 4.38 %
RS.PR.A SplitShare -3.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.42 %
FTS.PR.K FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.01 %
TRP.PR.E FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.27 %
MFC.PR.L FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 22.66
Evaluated at bid price : 23.30
Bid-YTW : 3.73 %
BIP.PR.A FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.13 %
BAM.PR.M Perpetual-Premium 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.43
Evaluated at bid price : 24.67
Bid-YTW : 4.85 %
SLF.PR.G FixedReset Ins Non 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 3.58 %
BIP.PR.B FixedReset Prem 1.78 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.90
Bid-YTW : 3.64 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PF.D Perpetual-Premium 59,184 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.66
Evaluated at bid price : 24.95
Bid-YTW : 4.94 %
CM.PR.O FixedReset Disc 51,418 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 23.16
Evaluated at bid price : 24.34
Bid-YTW : 3.64 %
TD.PF.A FixedReset Disc 46,082 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 23.13
Evaluated at bid price : 24.35
Bid-YTW : 3.55 %
PWF.PF.A Perpetual-Discount 35,113 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.17
Evaluated at bid price : 24.55
Bid-YTW : 4.59 %
BAM.PF.A FixedReset Prem 32,348 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 23.62
Evaluated at bid price : 25.05
Bid-YTW : 4.20 %
GWO.PR.Y Insurance Straight 31,693 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 24.27
Evaluated at bid price : 24.65
Bid-YTW : 4.58 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.D FixedReset Disc Quote: 21.17 – 22.50
Spot Rate : 1.3300
Average : 0.8345

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 4.38 %

FTS.PR.K FixedReset Disc Quote: 21.50 – 22.07
Spot Rate : 0.5700
Average : 0.3457

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 4.01 %

TRP.PR.E FixedReset Disc Quote: 21.43 – 22.38
Spot Rate : 0.9500
Average : 0.7273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 4.27 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.94
Spot Rate : 1.7400
Average : 1.5674

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-22
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

RY.PR.P Perpetual-Premium Quote: 26.76 – 27.24
Spot Rate : 0.4800
Average : 0.3078

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-21
Maturity Price : 26.00
Evaluated at bid price : 26.76
Bid-YTW : -19.21 %

RS.PR.A SplitShare Quote: 10.75 – 11.15
Spot Rate : 0.4000
Average : 0.2498

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.42 %

October 21, 2021

Friday, October 22nd, 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 0.6621 % 2,771.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6621 % 5,085.0
Floater 3.13 % 3.15 % 56,842 19.36 3 0.6621 % 2,930.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.2716 % 3,743.4
SplitShare 4.58 % 4.14 % 52,924 3.89 5 0.2716 % 4,470.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2716 % 3,488.0
Perpetual-Premium 5.07 % -13.18 % 55,684 0.09 32 0.0257 % 3,281.8
Perpetual-Discount 4.70 % 4.82 % 37,721 15.82 2 0.0203 % 3,879.6
FixedReset Disc 3.83 % 3.70 % 109,059 17.12 40 0.0527 % 2,901.4
Insurance Straight 4.90 % -0.61 % 80,160 0.09 20 -0.0765 % 3,707.3
FloatingReset 2.53 % 2.81 % 25,479 20.22 2 0.7143 % 2,861.1
FixedReset Prem 4.69 % 2.94 % 128,195 1.97 31 0.0188 % 2,761.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0527 % 2,965.8
FixedReset Ins Non 4.05 % 3.67 % 102,690 17.35 19 -0.0673 % 2,978.5
Performance Highlights
Issue Index Change Notes
BAM.PR.T FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.45 %
BAM.PR.M Perpetual-Premium -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 4.90 %
BAM.PR.Z FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.52
Evaluated at bid price : 24.85
Bid-YTW : 4.31 %
BAM.PF.B FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 22.98
Evaluated at bid price : 23.82
Bid-YTW : 4.16 %
RS.PR.A SplitShare 1.36 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 11.15
Bid-YTW : 2.44 %
TRP.PR.F FloatingReset 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 2.81 %
BAM.PR.B Floater 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 3.14 %
BNS.PR.I FixedReset Prem 1.50 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-01-27
Maturity Price : 25.00
Evaluated at bid price : 25.68
Bid-YTW : 3.58 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.T FixedReset Disc 231,727 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.18
Evaluated at bid price : 24.40
Bid-YTW : 3.57 %
BMO.PR.C FixedReset Prem 90,730 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 2.94 %
RY.PR.J FixedReset Disc 62,575 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 3.30 %
TD.PF.A FixedReset Disc 57,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.09
Evaluated at bid price : 24.26
Bid-YTW : 3.57 %
RY.PR.Z FixedReset Disc 48,408 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.22
Evaluated at bid price : 24.41
Bid-YTW : 3.56 %
PWF.PF.A Perpetual-Discount 44,970 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.09
Evaluated at bid price : 24.47
Bid-YTW : 4.60 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 16.65 – 18.83
Spot Rate : 2.1800
Average : 1.8751

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 4.05 %

RY.PR.N Perpetual-Premium Quote: 26.27 – 26.89
Spot Rate : 0.6200
Average : 0.4032

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 26.27
Bid-YTW : -8.50 %

BAM.PF.F FixedReset Disc Quote: 24.12 – 24.65
Spot Rate : 0.5300
Average : 0.3383

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 23.04
Evaluated at bid price : 24.12
Bid-YTW : 4.24 %

BAM.PR.T FixedReset Disc Quote: 20.35 – 21.20
Spot Rate : 0.8500
Average : 0.6881

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 4.45 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.70
Spot Rate : 1.5000
Average : 1.3782

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

BAM.PR.M Perpetual-Premium Quote: 24.40 – 24.91
Spot Rate : 0.5100
Average : 0.3920

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-21
Maturity Price : 24.15
Evaluated at bid price : 24.40
Bid-YTW : 4.90 %

October 20, 2021

Wednesday, October 20th, 2021

Long corporates are now at 3.56%.

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 0.0491 % 2,753.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0491 % 5,051.5
Floater 3.15 % 3.18 % 54,547 19.28 3 0.0491 % 2,911.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1375 % 3,733.3
SplitShare 4.59 % 4.06 % 55,100 3.90 5 -0.1375 % 4,458.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1375 % 3,478.6
Perpetual-Premium 5.07 % -9.25 % 55,954 0.09 32 -0.0171 % 3,281.0
Perpetual-Discount 4.70 % 4.83 % 36,977 15.81 2 -0.0203 % 3,878.8
FixedReset Disc 3.83 % 3.72 % 103,425 17.08 40 0.1606 % 2,899.8
Insurance Straight 4.89 % -2.12 % 80,396 0.09 20 0.6973 % 3,710.1
FloatingReset 2.55 % 2.85 % 25,391 20.12 2 3.0928 % 2,840.8
FixedReset Prem 4.70 % 2.87 % 127,293 1.97 31 0.0250 % 2,760.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1606 % 2,964.2
FixedReset Ins Non 4.04 % 3.65 % 106,712 17.36 19 -0.0090 % 2,980.5
Performance Highlights
Issue Index Change Notes
RS.PR.A SplitShare -1.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 11.00
Bid-YTW : 2.80 %
BNS.PR.I FixedReset Prem -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.62
Evaluated at bid price : 25.30
Bid-YTW : 3.68 %
BAM.PF.B FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 22.83
Evaluated at bid price : 23.55
Bid-YTW : 4.21 %
MIC.PR.A Perpetual-Premium 1.59 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2026-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.43
Bid-YTW : 3.93 %
TRP.PR.F FloatingReset 5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 2.85 %
MFC.PR.B Insurance Straight 14.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-19
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 2.15 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.C FixedReset Prem 324,897 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-05-25
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : 2.72 %
PWF.PF.A Perpetual-Discount 95,564 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 24.12
Evaluated at bid price : 24.50
Bid-YTW : 4.60 %
TD.PF.J FixedReset Prem 56,352 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.80
Evaluated at bid price : 25.21
Bid-YTW : 3.91 %
CM.PR.O FixedReset Disc 52,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.15
Evaluated at bid price : 24.31
Bid-YTW : 3.64 %
CM.PR.R FixedReset Prem 46,827 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : 2.16 %
NA.PR.G FixedReset Prem 40,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.52
Bid-YTW : 3.75 %
There were 13 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: 17.20 – 18.70
Spot Rate : 1.5000
Average : 1.2446

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.83 %

BNS.PR.I FixedReset Prem Quote: 25.30 – 25.75
Spot Rate : 0.4500
Average : 0.2632

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 23.62
Evaluated at bid price : 25.30
Bid-YTW : 3.68 %

BIP.PR.B FixedReset Prem Quote: 26.36 – 26.80
Spot Rate : 0.4400
Average : 0.2741

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.36
Bid-YTW : 4.18 %

TRP.PR.E FixedReset Disc Quote: 21.80 – 22.38
Spot Rate : 0.5800
Average : 0.4318

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 4.17 %

BAM.PF.B FixedReset Disc Quote: 23.55 – 24.00
Spot Rate : 0.4500
Average : 0.3038

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 22.83
Evaluated at bid price : 23.55
Bid-YTW : 4.21 %

CIU.PR.A Perpetual-Premium Quote: 24.90 – 25.35
Spot Rate : 0.4500
Average : 0.3100

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-20
Maturity Price : 24.64
Evaluated at bid price : 24.90
Bid-YTW : 4.67 %