Archive for May, 2022

May 20, 2022

Friday, May 20th, 2022
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 3.91 % 4.57 % 19,696 18.21 1 1.4085 % 2,564.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.9814 % 4,993.3
Floater 4.13 % 4.19 % 42,529 16.98 3 1.9814 % 2,877.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0051 % 3,496.2
SplitShare 4.86 % 5.59 % 36,415 3.26 8 -0.0051 % 4,175.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0051 % 3,257.7
Perpetual-Premium 5.90 % 5.95 % 58,359 13.94 1 0.0000 % 2,958.2
Perpetual-Discount 5.78 % 5.86 % 64,877 14.02 35 -0.0078 % 3,214.6
FixedReset Disc 4.56 % 5.92 % 124,426 14.26 59 0.1766 % 2,543.2
Insurance Straight 5.70 % 5.86 % 89,285 14.02 20 0.5750 % 3,147.5
FloatingReset 4.59 % 4.88 % 58,089 15.65 2 -0.1524 % 2,658.2
FixedReset Prem 5.10 % 5.37 % 125,668 2.06 9 -0.0178 % 2,583.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1766 % 2,599.7
FixedReset Ins Non 4.44 % 5.86 % 72,694 14.17 15 1.0105 % 2,702.7
Performance Highlights
Issue Index Change Notes
TRP.PR.E FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 6.47 %
FTS.PR.G FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.14 %
BIP.PR.A FixedReset Disc -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.82
Evaluated at bid price : 22.10
Bid-YTW : 6.75 %
FTS.PR.M FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.45 %
TRP.PR.D FixedReset Disc -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.49 %
MIC.PR.A Perpetual-Discount -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.27
Evaluated at bid price : 21.56
Bid-YTW : 6.36 %
GWO.PR.P Insurance Straight -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 22.82
Evaluated at bid price : 23.10
Bid-YTW : 5.93 %
POW.PR.B Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.99 %
FTS.PR.K FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.38 %
CM.PR.Q FixedReset Disc -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.46
Evaluated at bid price : 21.81
Bid-YTW : 5.88 %
FTS.PR.H FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 6.43 %
GWO.PR.M Insurance Straight 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 24.60
Evaluated at bid price : 24.85
Bid-YTW : 5.92 %
PWF.PR.P FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 6.53 %
GWO.PR.Q Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 22.04
Evaluated at bid price : 22.27
Bid-YTW : 5.87 %
TD.PF.A FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.87 %
MFC.PR.B Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.92
Evaluated at bid price : 20.92
Bid-YTW : 5.66 %
BAM.PR.E Ratchet 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 4.57 %
BMO.PR.Y FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.51
Evaluated at bid price : 21.51
Bid-YTW : 5.89 %
GWO.PR.Y Insurance Straight 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.76 %
IFC.PR.A FixedReset Ins Non 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.94 %
PWF.PR.Z Perpetual-Discount 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.94
Evaluated at bid price : 22.20
Bid-YTW : 5.85 %
MFC.PR.L FixedReset Ins Non 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.13 %
BAM.PR.R FixedReset Disc 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 6.64 %
BMO.PR.W FixedReset Disc 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.92 %
MFC.PR.F FixedReset Ins Non 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 6.06 %
CCS.PR.C Insurance Straight 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.94
Evaluated at bid price : 22.17
Bid-YTW : 5.72 %
MFC.PR.N FixedReset Ins Non 3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.12 %
NA.PR.S FixedReset Disc 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 5.90 %
MFC.PR.M FixedReset Ins Non 5.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 6.14 %
BAM.PF.E FixedReset Disc 5.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 19.11
Evaluated at bid price : 19.11
Bid-YTW : 6.68 %
BAM.PR.K Floater 5.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 4.19 %
Volume Highlights
Issue Index Shares
Traded
Notes
MIC.PR.A Perpetual-Discount 150,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.27
Evaluated at bid price : 21.56
Bid-YTW : 6.36 %
TD.PF.K FixedReset Disc 40,680 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 22.91
Evaluated at bid price : 23.35
Bid-YTW : 5.75 %
CU.PR.J Perpetual-Discount 38,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.85 %
CU.PR.I FixedReset Prem 38,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.23 %
BMO.PR.D FixedReset Disc 26,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 24.11
Evaluated at bid price : 24.87
Bid-YTW : 6.01 %
BAM.PF.A FixedReset Disc 24,974 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 22.54
Evaluated at bid price : 22.97
Bid-YTW : 6.24 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.J Perpetual-Discount Quote: 20.40 – 23.52
Spot Rate : 3.1200
Average : 2.4190

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.85 %

ELF.PR.F Perpetual-Discount Quote: 22.41 – 24.00
Spot Rate : 1.5900
Average : 1.0018

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 22.13
Evaluated at bid price : 22.41
Bid-YTW : 5.98 %

MFC.PR.C Insurance Straight Quote: 20.30 – 21.70
Spot Rate : 1.4000
Average : 0.9660

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.65 %

BAM.PR.T FixedReset Disc Quote: 18.54 – 20.49
Spot Rate : 1.9500
Average : 1.5350

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 18.54
Evaluated at bid price : 18.54
Bid-YTW : 6.47 %

TD.PF.E FixedReset Disc Quote: 21.90 – 23.23
Spot Rate : 1.3300
Average : 0.9232

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 21.64
Evaluated at bid price : 21.90
Bid-YTW : 5.91 %

CU.PR.F Perpetual-Discount Quote: 20.18 – 22.75
Spot Rate : 2.5700
Average : 2.1645

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-20
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.60 %

May 19, 2022

Thursday, May 19th, 2022
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 3.96 % 4.64 % 20,454 18.14 1 0.0000 % 2,528.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3776 % 4,896.3
Floater 4.21 % 4.18 % 44,302 17.01 3 0.3776 % 2,821.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1379 % 3,496.4
SplitShare 4.86 % 5.60 % 37,635 3.26 8 -0.1379 % 4,175.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1379 % 3,257.9
Perpetual-Premium 5.90 % 5.95 % 60,782 13.94 1 0.0000 % 2,958.2
Perpetual-Discount 5.78 % 5.88 % 63,728 14.03 35 0.2776 % 3,214.9
FixedReset Disc 4.57 % 5.95 % 127,469 14.07 59 0.0784 % 2,538.8
Insurance Straight 5.73 % 5.88 % 91,065 13.99 20 0.0325 % 3,129.5
FloatingReset 4.58 % 4.88 % 58,779 15.65 2 -0.1826 % 2,662.2
FixedReset Prem 5.10 % 5.30 % 130,193 2.06 9 0.1609 % 2,583.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0784 % 2,595.1
FixedReset Ins Non 4.49 % 5.86 % 75,546 14.18 15 -0.8665 % 2,675.7
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -5.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.45 %
MFC.PR.N FixedReset Ins Non -4.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.32 %
BAM.PF.E FixedReset Disc -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.04 %
MFC.PR.L FixedReset Ins Non -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.28 %
CCS.PR.C Insurance Straight -2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.88 %
BAM.PR.R FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.81 %
BMO.PR.Y FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.97 %
MFC.PR.F FixedReset Ins Non -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 6.22 %
TD.PF.A FixedReset Disc -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.94 %
BMO.PR.S FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.45
Evaluated at bid price : 21.45
Bid-YTW : 5.85 %
BAM.PR.N Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.89 %
BAM.PR.M Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.88 %
MFC.PR.B Insurance Straight -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.66
Evaluated at bid price : 20.66
Bid-YTW : 5.73 %
CU.PR.G Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.59 %
FTS.PR.G FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.03 %
BAM.PR.B Floater 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 13.56
Evaluated at bid price : 13.56
Bid-YTW : 4.17 %
CM.PR.Q FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.77
Evaluated at bid price : 22.05
Bid-YTW : 5.82 %
PWF.PR.L Perpetual-Discount 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.94 %
MFC.PR.C Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.64 %
GWO.PR.P Insurance Straight 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.85 %
MFC.PR.K FixedReset Ins Non 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.59
Evaluated at bid price : 21.98
Bid-YTW : 5.74 %
FTS.PR.M FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.36 %
POW.PR.B Perpetual-Discount 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 5.91 %
TRP.PR.D FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 19.89
Evaluated at bid price : 19.89
Bid-YTW : 6.40 %
TRP.PR.C FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 13.75
Evaluated at bid price : 13.75
Bid-YTW : 6.93 %
CU.PR.H Perpetual-Discount 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 22.72
Evaluated at bid price : 22.97
Bid-YTW : 5.73 %
TRP.PR.E FixedReset Disc 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.33 %
FTS.PR.K FixedReset Disc 4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 18.96
Evaluated at bid price : 18.96
Bid-YTW : 6.31 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.I FixedReset Ins Non 75,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 23.74
Evaluated at bid price : 24.55
Bid-YTW : 5.81 %
BAM.PR.X FixedReset Disc 27,555 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.61 %
CM.PR.R FixedReset Disc 26,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 24.14
Evaluated at bid price : 24.95
Bid-YTW : 6.20 %
TRP.PR.K FixedReset Prem 25,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.95 %
BAM.PF.J FixedReset Disc 21,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 23.54
Evaluated at bid price : 24.22
Bid-YTW : 6.13 %
BAM.PF.A FixedReset Disc 18,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 22.64
Evaluated at bid price : 23.08
Bid-YTW : 6.21 %
There were 4 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.J Perpetual-Discount Quote: 20.50 – 23.52
Spot Rate : 3.0200
Average : 1.6505

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.82 %

BAM.PR.X FixedReset Disc Quote: 17.75 – 19.75
Spot Rate : 2.0000
Average : 1.1450

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.61 %

CU.PR.F Perpetual-Discount Quote: 20.18 – 22.75
Spot Rate : 2.5700
Average : 1.7200

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 5.60 %

RY.PR.J FixedReset Disc Quote: 21.81 – 23.75
Spot Rate : 1.9400
Average : 1.2184

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 21.46
Evaluated at bid price : 21.81
Bid-YTW : 5.89 %

MFC.PR.M FixedReset Ins Non Quote: 19.50 – 21.15
Spot Rate : 1.6500
Average : 1.0863

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.45 %

BAM.PF.E FixedReset Disc Quote: 18.10 – 20.00
Spot Rate : 1.9000
Average : 1.4236

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-19
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.04 %

May 18, 2022

Wednesday, May 18th, 2022

Canadian inflation hit a new 31-year high:

The Consumer Price Index rose 6.8 per cent in April from a year earlier, Statistics Canada said Wednesday, edging up from 6.7 per cent the previous month. It was the latest in a string of troublesome reports: Also on Wednesday, Britain said its inflation rate hit a 40-year high of 9 per cent, while in the United States it hit 8.3 per cent last week.

On a monthly basis, consumer prices rose 0.6 per cent. The average of the Bank of Canada’s core measures of inflation – which strip out volatile items, such as gasoline, and give a better sense of underlying price pressures – jumped to 4.2 per cent from 3.9 per cent.

The inflationary surge is a financial stress for many households. In April, the average hourly wage rose 3.3 per cent on an annual basis, or much lower than inflation – meaning, the average worker is seeing their purchasing power decline, a trend in place for several months.

Households paid nearly 10 per cent more for groceries, the steepest annual gain since 1981. Statscan noted that gains are “broad-based, with consumers paying more for nearly everything at the grocery store.” Over the past year, the price of pasta has risen nearly 20 per cent, fresh fruit by 10 per cent and coffee by around 14 per cent.

Housing was another source of pain. Shelter costs rose 7.4 per cent on an annual basis, the highest in nearly four decades. In part, that was due to sharply higher prices for energy to heat homes. Rents rose 4.5 per cent, with larger gains in Ontario and British Columbia.

Gasoline prices fell slightly in April, although were up 36 per cent from a year earlier. With the average price of gas soaring above $2 a litre this week in Canada, energy should continue to put upward pressure on inflation, which could hit 7 per cent shortly, Mr. Mendes said.

In Britain, energy was the culprit:

UK inflation, the rate at which prices rise, jumped to 9% in the 12 months to April, up from 7% in March.

The surge came as millions of people saw an unprecedented £700-a-year increase in energy costs last month.

Higher fuel and food prices, driven by the Ukraine war, are also pushing the cost of living up, with inflation expected to continue to rise this year.

Citizens Advice said “the warning lights could not be flashing brighter” for the government to offer more support for households, and debt charities urged anyone finding it difficult to pay bills to seek help earlier rather than later in the year.

Around three quarters of the rise in inflation in April came from higher electricity and gas bills, according to the Office for National Statistics (ONS).

PerpetualDiscounts now yield 5.89%, equivalent to 7.66% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.97%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 270bp from the 280bp reported May 11.

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 3.94 % 4.63 % 20,520 18.17 1 0.1128 % 2,528.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.4079 % 4,877.8
Floater 4.23 % 4.22 % 44,905 16.92 3 -2.4079 % 2,811.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1253 % 3,501.2
SplitShare 4.86 % 5.53 % 38,907 3.26 8 0.1253 % 4,181.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1253 % 3,262.3
Perpetual-Premium 5.90 % 5.95 % 63,306 13.94 1 -0.5964 % 2,958.2
Perpetual-Discount 5.79 % 5.89 % 66,211 14.01 35 -0.2485 % 3,206.0
FixedReset Disc 4.57 % 5.90 % 128,948 14.05 59 0.0440 % 2,536.8
Insurance Straight 5.73 % 5.88 % 93,441 13.98 20 -0.6543 % 3,128.5
FloatingReset 4.57 % 4.86 % 59,341 15.69 2 -0.4544 % 2,667.1
FixedReset Prem 5.11 % 5.28 % 134,677 2.07 9 0.0402 % 2,579.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0440 % 2,593.1
FixedReset Ins Non 4.45 % 5.86 % 78,152 14.18 15 0.3361 % 2,699.1
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 12.75
Evaluated at bid price : 12.75
Bid-YTW : 4.44 %
BMO.PR.W FixedReset Disc -4.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.08 %
FTS.PR.K FixedReset Disc -3.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.57 %
NA.PR.S FixedReset Disc -3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.15 %
CCS.PR.C Insurance Straight -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.84
Evaluated at bid price : 22.08
Bid-YTW : 5.74 %
GWO.PR.H Insurance Straight -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 5.98 %
MFC.PR.C Insurance Straight -1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.71 %
POW.PR.D Perpetual-Discount -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.85 %
IAF.PR.B Insurance Straight -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.39 %
BAM.PF.E FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 6.83 %
PWF.PR.K Perpetual-Discount -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 6.00 %
POW.PR.B Perpetual-Discount -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 22.24
Evaluated at bid price : 22.51
Bid-YTW : 6.01 %
BIP.PR.A FixedReset Disc -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 22.10
Evaluated at bid price : 22.50
Bid-YTW : 6.62 %
BAM.PR.B Floater -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 13.41
Evaluated at bid price : 13.41
Bid-YTW : 4.22 %
SLF.PR.J FloatingReset -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 4.37 %
SLF.PR.D Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.59 %
GWO.PR.R Insurance Straight -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.95 %
IFC.PR.C FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.97 %
SLF.PR.E Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.28
Evaluated at bid price : 20.28
Bid-YTW : 5.64 %
POW.PR.A Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 23.48
Evaluated at bid price : 23.75
Bid-YTW : 5.96 %
CM.PR.Q FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 5.88 %
GWO.PR.Q Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.94 %
BMO.PR.Y FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.83 %
TRP.PR.E FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 6.51 %
RY.PR.M FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.88 %
TRP.PR.A FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 16.96
Evaluated at bid price : 16.96
Bid-YTW : 6.77 %
TRP.PR.C FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 7.05 %
BAM.PR.M Perpetual-Discount 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.82 %
PVS.PR.G SplitShare 2.08 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.81 %
CU.PR.G Perpetual-Discount 3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.65 %
SLF.PR.H FixedReset Ins Non 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.90 %
TRP.PR.D FixedReset Disc 5.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.51 %
Volume Highlights
Issue Index Shares
Traded
Notes
IAF.PR.G FixedReset Ins Non 113,314 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 2.81 %
BAM.PR.X FixedReset Disc 63,402 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.61 %
TRP.PR.C FixedReset Disc 53,895 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 7.05 %
PWF.PR.R Perpetual-Discount 45,505 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 22.71
Evaluated at bid price : 22.95
Bid-YTW : 6.04 %
TD.PF.K FixedReset Disc 33,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 22.82
Evaluated at bid price : 23.25
Bid-YTW : 5.77 %
PWF.PR.F Perpetual-Discount 20,550 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.98 %
There were 9 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAF.PR.B Insurance Straight Quote: 21.61 – 25.57
Spot Rate : 3.9600
Average : 2.3882

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.39 %

FTS.PR.F Perpetual-Discount Quote: 21.70 – 23.74
Spot Rate : 2.0400
Average : 1.1486

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.44
Evaluated at bid price : 21.70
Bid-YTW : 5.65 %

MFC.PR.L FixedReset Ins Non Quote: 20.11 – 23.50
Spot Rate : 3.3900
Average : 2.7763

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.09 %

BMO.PR.W FixedReset Disc Quote: 20.05 – 21.34
Spot Rate : 1.2900
Average : 0.7696

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.08 %

TD.PF.E FixedReset Disc Quote: 21.95 – 23.23
Spot Rate : 1.2800
Average : 0.8139

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.68
Evaluated at bid price : 21.95
Bid-YTW : 5.90 %

CU.PR.E Perpetual-Discount Quote: 21.00 – 25.12
Spot Rate : 4.1200
Average : 3.7185

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-18
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.86 %

IAF.PR.G To Be Redeemed

Tuesday, May 17th, 2022

Industrial Alliance Insurance and Financial Services Inc. has announced:

that it has sent today to all shareholders of its Non-Cumulative 5-Year Rate Reset Class A Preferred Shares Series G (the “Series G Preferred Shares”) a formal notice and instructions for the redemption of the Series G Preferred Shares outstanding as of today. Upon the Series G Redemption scheduled for June 30, 2022, iA Insurance will pay to the holders of the Series G Preferred Shares the redemption price of $25 less any taxes required to be withheld or deducted. There are 10,000,000 Series G Preferred Shares outstanding as of today.

Separately from the redemption price, the final quarterly dividend of $0.2360625 per Series G Preferred Share will be paid in the usual manner on June 30, 2022 to shareholders of record on May 27, 2022. After the Series G Preferred Shares are redeemed, holders of Series G Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price and the final quarterly dividend described above.

IAF.PR.G arose via ticker change from IAG.PR.G in January 2019. IAG.PR.G was issued as a FixedReset, 4.30%+285, that commenced trading 2012-6-1 after being announced 2012-5-24. Unusually, the issue was re-opened shortly afterwards. IAG.PR.G reset at 3.777% in 2017; I recommended against conversion; and there was no conversion, although getting official confirmation of this was like pulling teeth.

The issue has been tracked by HIMIPref™ and assigned to the FixedReset (Discount) subindex.

The redemption notice came as a surprise to the markets; the issue traded up $1.03 to 25.18, which isn’t a bad day’s work; its sister issue, IAF.PR.I, was up a similar amount; this follows similar jumps on the ENB.PR.U redemption announcement. The Straight Perpetual, IAF.PR.B, was up only about 1.10% today, though, so the market’s largesse was not indiscriminate!

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

May 17, 2022

Tuesday, May 17th, 2022

TXPR closed at 628.86, up 0.83% on the day. Volume today was 2.26-million, above the median of the past 21 trading days.

CPD closed at 12.59, up 1.21% on the day. Volume was 53,630, lowest of the past 21 trading days.

ZPR closed at 10.46 up 0.67% on the day. Volume of 86,110 was the lowest of the past 21 trading days.

Five-year Canada yields were up to 2.89% today.

S&P commented on the BAM Spinout Plan:

Brookfield Asset Management (BAM) announced definitive plans to spin off its asset management business in the form of a tax-free special distribution to shareholders, creating a new listed entity. This separation is expected to close by year-end 2022.

The asset management business (“spinco”) will be publicly traded on the New York and Toronto stock exchanges. BAM will maintain 75% ownership of spinco.

We affirmed our ratings on Brookfield Asset Management Inc. because we continue to view BAM’s business position as strong and its leverage and cash flow as unchanged, since we believe growth in other BAM businesses will offset BAM’s lower proportion of spinco’s earnings.

At the same time, we affirmed our ‘A-‘ issue rating on the firm’s senior notes, ‘BBB’ issue rating on the firm’s junior subordinated notes, and ‘BBB’ and ‘P-2’ (Canadian scale) issue ratings on the firm’s preferred stock. We also affirmed our short-term issuer rating and commercial paper rating at ‘A-1’, and our Canadian scale commercial paper rating at ‘A-1 (mid)’.

The stable outlook reflects our expectation for BAM’s fee-bearing capital and earnings to continue to grow as the company maintains leverage of 2x-3x post-spin.

We view this transaction as strategically consistent with BAM’s previous launches of its renewables, infrastructure, real estate, and private equity platforms into separately managed businesses over the past 15 years. That said, this pending spin-off modestly weakens our view of BAM as an asset manager due to the resulting dilution in earnings contribution from the asset management business. Furthermore, we may view it negatively if BAM were to spin off a larger portion (more than 25%) of its investment in the asset manager, thereby further reducing spinco’s earnings contribution to BAM.

We consider BAM’s post-spin financial risk as largely unchanged from our current assessment because we expect growth in BAM’s other businesses to offset the lower earnings contribution from asset management. We expect BAM’s weighted leverage to remain 2x-3x over the next two years, and we weight our pro forma debt-to-EBITDA metric 50% for 2023 and 50% for 2024 to fully reflect the post spin-off view.

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 3.94 % 4.62 % 20,837 18.19 1 -1.5000 % 2,525.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.4157 % 4,998.2
Floater 4.13 % 4.16 % 45,188 17.05 3 2.4157 % 2,880.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4150 % 3,496.8
SplitShare 4.86 % 5.43 % 39,165 3.27 8 -0.4150 % 4,176.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4150 % 3,258.3
Perpetual-Premium 5.86 % 1.93 % 62,107 0.08 1 0.6805 % 2,976.0
Perpetual-Discount 5.78 % 5.87 % 66,143 14.06 35 0.4341 % 3,213.9
FixedReset Disc 4.58 % 5.91 % 131,794 14.21 59 0.6175 % 2,535.7
Insurance Straight 5.70 % 5.86 % 94,848 14.04 20 0.4885 % 3,149.1
FloatingReset 4.55 % 4.88 % 59,005 15.66 2 2.2298 % 2,679.3
FixedReset Prem 5.11 % 5.34 % 136,730 2.07 9 0.0224 % 2,578.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6175 % 2,591.9
FixedReset Ins Non 4.46 % 5.91 % 81,172 14.17 15 1.4060 % 2,690.1
Performance Highlights
Issue Index Change Notes
PVS.PR.G SplitShare -2.64 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 6.43 %
BIP.PR.F FixedReset Prem -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.86
Evaluated at bid price : 23.26
Bid-YTW : 6.17 %
TRP.PR.C FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 13.28
Evaluated at bid price : 13.28
Bid-YTW : 7.15 %
GWO.PR.Q Insurance Straight -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 6.00 %
BAM.PR.E Ratchet -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 25.00
Evaluated at bid price : 17.73
Bid-YTW : 4.62 %
BMO.PR.T FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.95 %
MFC.PR.K FixedReset Ins Non -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.37
Evaluated at bid price : 21.68
Bid-YTW : 5.83 %
TRP.PR.A FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 16.69
Evaluated at bid price : 16.69
Bid-YTW : 6.87 %
NA.PR.E FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.90
Evaluated at bid price : 23.45
Bid-YTW : 5.71 %
SLF.PR.H FixedReset Ins Non 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.09 %
POW.PR.D Perpetual-Discount 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.74 %
GWO.PR.R Insurance Straight 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.88 %
PVS.PR.F SplitShare 1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 5.43 %
GWO.PR.H Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.85 %
BAM.PF.F FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.55 %
MFC.PR.B Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 5.69 %
GWO.PR.M Insurance Straight 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 24.55
Evaluated at bid price : 24.80
Bid-YTW : 5.93 %
BMO.PR.W FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 5.82 %
BAM.PR.Z FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.64
Evaluated at bid price : 23.30
Bid-YTW : 6.22 %
SLF.PR.G FixedReset Ins Non 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 15.40
Evaluated at bid price : 15.40
Bid-YTW : 6.18 %
MFC.PR.L FixedReset Ins Non 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.09 %
BAM.PR.N Perpetual-Discount 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.58
Evaluated at bid price : 20.58
Bid-YTW : 5.86 %
IAF.PR.B Insurance Straight 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.29 %
CU.PR.D Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.78 %
SLF.PR.D Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 5.52 %
FTS.PR.J Perpetual-Discount 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 5.63 %
FTS.PR.K FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.34 %
SLF.PR.J FloatingReset 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 16.11
Evaluated at bid price : 16.11
Bid-YTW : 4.31 %
BAM.PR.C Floater 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 4.16 %
BAM.PR.M Perpetual-Discount 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 5.94 %
FTS.PR.G FixedReset Disc 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 6.09 %
BAM.PR.B Floater 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 4.16 %
IFC.PR.A FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 6.05 %
IFC.PR.C FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.90 %
IFC.PR.F Insurance Straight 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.41
Evaluated at bid price : 22.75
Bid-YTW : 5.90 %
FTS.PR.H FixedReset Disc 2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 6.33 %
MFC.PR.M FixedReset Ins Non 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.07 %
CU.PR.I FixedReset Prem 2.46 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.46 %
IFC.PR.G FixedReset Ins Non 2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.34
Evaluated at bid price : 22.80
Bid-YTW : 5.91 %
BAM.PF.A FixedReset Disc 2.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.66
Evaluated at bid price : 23.10
Bid-YTW : 6.20 %
TRP.PR.F FloatingReset 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 4.88 %
CU.PR.C FixedReset Disc 2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.65
Evaluated at bid price : 22.02
Bid-YTW : 5.91 %
TRP.PR.G FixedReset Disc 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.81
Evaluated at bid price : 20.81
Bid-YTW : 6.29 %
TRP.PR.E FixedReset Disc 3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.59 %
IAF.PR.I FixedReset Ins Non 3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 23.99
Evaluated at bid price : 24.50
Bid-YTW : 5.70 %
BAM.PF.C Perpetual-Discount 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.77 %
BIP.PR.A FixedReset Disc 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 22.33
Evaluated at bid price : 22.85
Bid-YTW : 6.52 %
BAM.PR.K Floater 3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 4.19 %
IAF.PR.G FixedReset Ins Non 4.27 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 2.74 %
BAM.PF.E FixedReset Disc 4.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.72 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.K FixedReset Prem 427,450 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 4.72 %
TRP.PR.C FixedReset Disc 255,648 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 13.28
Evaluated at bid price : 13.28
Bid-YTW : 7.15 %
CM.PR.T FixedReset Prem 192,445 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.38 %
IAF.PR.G FixedReset Ins Non 157,870 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 2.74 %
PWF.PF.A Perpetual-Discount 78,675 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 19.92
Evaluated at bid price : 19.92
Bid-YTW : 5.71 %
CM.PR.Y FixedReset Prem 75,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.38
Bid-YTW : 4.57 %
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.L FixedReset Ins Non Quote: 20.10 – 23.50
Spot Rate : 3.4000
Average : 2.1033

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.09 %

TRP.PR.E FixedReset Disc Quote: 18.95 – 21.20
Spot Rate : 2.2500
Average : 1.4265

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.59 %

CU.PR.E Perpetual-Discount Quote: 21.05 – 25.12
Spot Rate : 4.0700
Average : 3.2783

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.84 %

SLF.PR.H FixedReset Ins Non Quote: 18.50 – 20.25
Spot Rate : 1.7500
Average : 1.1162

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.09 %

TRP.PR.C FixedReset Disc Quote: 13.28 – 14.49
Spot Rate : 1.2100
Average : 0.7600

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 13.28
Evaluated at bid price : 13.28
Bid-YTW : 7.15 %

TD.PF.D FixedReset Disc Quote: 21.88 – 23.40
Spot Rate : 1.5200
Average : 1.1379

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-17
Maturity Price : 21.51
Evaluated at bid price : 21.88
Bid-YTW : 5.87 %

May 16, 2022

Monday, May 16th, 2022

DBRS has commented on the proposed BAM restructuring:

According to DBRS Morningstar’s analysis, with a reduction of 25% in the FFO from the AMB, the Restructuring is expected to have a modestly negative impact on BAM’s credit metrics such as the FFO-to-debt and cash flow-to-debt ratios. However, DBRS Morningstar views the impact as manageable because BAM’s credit metrics are currently strong for the ratings. Moreover, the metrics will remain supported by growing fee-bearing capital and the incremental FFO from Real Estate as a result of last year’s acquisition of the 38% interest in Brookfield Property Partners LP that BAM did not already own. From a business risk profile perspective, the Restructuring is expected to only have a modestly negative impact on BAM’s risk profile as the relative importance of the asset management business, which is viewed as being of higher credit quality relative to BAM’s other business pillars, will decline somewhat. However, DBRS Morningstar notes that the other major business pillars (such as Real Estate, Renewable, Infrastructure, and Private Equity) continue to benefit from sound fundamentals, providing superior business diversification to BAM. Furthermore, the reduction in the AMB FFO only partially offset the significant increases in AUM and fee-bearing capital in recent years.

DBRS Morningstar believes if the Restructuring is implemented as currently planned, there will be no rating impact on BAM and its guaranteed subsidiaries. However, DBRS Morningstar could take a negative rating action if (1) the Company’s credit metrics weaken materially from the level as required by DBRS Morningstar on a sustained basis; or (2) its business risk profile post Restructuring deteriorates significantly. DBRS Morningstar currently considers these scenarios unlikely.

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 3.87 % 4.53 % 20,912 18.31 1 0.0000 % 2,564.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2270 % 4,880.3
Floater 4.23 % 4.24 % 44,960 16.90 3 0.2270 % 2,812.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.5401 % 3,511.4
SplitShare 4.84 % 5.26 % 40,825 3.27 8 0.5401 % 4,193.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5401 % 3,271.8
Perpetual-Premium 5.90 % 5.95 % 63,051 13.94 1 0.0000 % 2,955.9
Perpetual-Discount 5.80 % 5.90 % 65,377 14.01 35 0.3849 % 3,200.1
FixedReset Disc 4.60 % 5.94 % 131,304 14.08 59 0.5562 % 2,520.1
Insurance Straight 5.72 % 5.88 % 94,554 13.98 20 0.2460 % 3,133.8
FloatingReset 4.65 % 5.02 % 59,053 15.42 2 -0.4931 % 2,620.8
FixedReset Prem 5.11 % 5.21 % 135,665 2.07 9 0.0716 % 2,577.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5562 % 2,576.0
FixedReset Ins Non 4.52 % 6.06 % 77,374 14.01 15 1.1940 % 2,652.8
Performance Highlights
Issue Index Change Notes
IFC.PR.F Insurance Straight -3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.96
Evaluated at bid price : 22.25
Bid-YTW : 6.04 %
BAM.PF.E FixedReset Disc -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 7.04 %
BAM.PR.K Floater -2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 4.35 %
PWF.PF.A Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 5.71 %
IFC.PR.I Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.63
Evaluated at bid price : 22.91
Bid-YTW : 5.97 %
CM.PR.S FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.85
Evaluated at bid price : 23.50
Bid-YTW : 5.58 %
CU.PR.E Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.84 %
BAM.PR.X FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.62 %
MFC.PR.C Insurance Straight 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.66 %
IFC.PR.E Insurance Straight 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.02
Evaluated at bid price : 22.30
Bid-YTW : 5.91 %
BAM.PF.I FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.54 %
CIU.PR.A Perpetual-Discount 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.88 %
GWO.PR.P Insurance Straight 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.86
Evaluated at bid price : 23.13
Bid-YTW : 5.92 %
BAM.PF.B FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.50 %
SLF.PR.C Insurance Straight 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.58 %
FTS.PR.G FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.20 %
POW.PR.D Perpetual-Discount 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.81 %
IFC.PR.C FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.84
Evaluated at bid price : 20.84
Bid-YTW : 6.01 %
RY.PR.H FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.81 %
FTS.PR.K FixedReset Disc 1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.44 %
TRP.PR.B FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 12.87
Evaluated at bid price : 12.87
Bid-YTW : 7.07 %
MFC.PR.K FixedReset Ins Non 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.55
Evaluated at bid price : 21.93
Bid-YTW : 5.76 %
CU.PR.F Perpetual-Discount 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.65 %
TRP.PR.C FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 7.05 %
POW.PR.B Perpetual-Discount 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.55
Evaluated at bid price : 22.81
Bid-YTW : 5.93 %
BAM.PR.N Perpetual-Discount 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.94 %
BAM.PR.R FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.69 %
PVS.PR.I SplitShare 2.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 5.07 %
FTS.PR.H FixedReset Disc 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 6.47 %
BAM.PR.Z FixedReset Disc 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.25
Evaluated at bid price : 23.00
Bid-YTW : 6.30 %
BAM.PR.B Floater 2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 13.36
Evaluated at bid price : 13.36
Bid-YTW : 4.24 %
PWF.PR.T FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.09 %
CM.PR.O FixedReset Disc 2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.95 %
MFC.PR.F FixedReset Ins Non 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 6.09 %
SLF.PR.G FixedReset Ins Non 3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 6.25 %
CM.PR.P FixedReset Disc 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.94 %
BAM.PF.D Perpetual-Discount 3.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.86 %
MFC.PR.N FixedReset Ins Non 4.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.38
Evaluated at bid price : 20.38
Bid-YTW : 6.06 %
NA.PR.G FixedReset Disc 4.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 23.54
Evaluated at bid price : 23.95
Bid-YTW : 5.79 %
MFC.PR.L FixedReset Ins Non 7.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.83
Evaluated at bid price : 19.83
Bid-YTW : 6.18 %
Volume Highlights
Issue Index Shares
Traded
Notes
IFC.PR.I Perpetual-Discount 55,225 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.63
Evaluated at bid price : 22.91
Bid-YTW : 5.97 %
BIP.PR.E FixedReset Disc 27,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 22.47
Evaluated at bid price : 23.01
Bid-YTW : 6.34 %
NA.PR.C FixedReset Disc 25,501 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 24.84
Bid-YTW : 5.80 %
TRP.PR.C FixedReset Disc 19,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 7.05 %
GWO.PR.T Insurance Straight 17,738 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.95
Evaluated at bid price : 22.21
Bid-YTW : 5.88 %
CU.PR.G Perpetual-Discount 15,877 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.84 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.E Perpetual-Discount Quote: 21.05 – 25.12
Spot Rate : 4.0700
Average : 2.4102

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.84 %

CIU.PR.A Perpetual-Discount Quote: 19.65 – 22.00
Spot Rate : 2.3500
Average : 1.5051

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.88 %

BAM.PR.M Perpetual-Discount Quote: 20.00 – 22.25
Spot Rate : 2.2500
Average : 1.4082

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.04 %

PWF.PF.A Perpetual-Discount Quote: 19.91 – 22.00
Spot Rate : 2.0900
Average : 1.3230

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 5.71 %

BAM.PR.T FixedReset Disc Quote: 18.35 – 20.50
Spot Rate : 2.1500
Average : 1.4517

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.53 %

CU.PR.C FixedReset Disc Quote: 21.38 – 22.99
Spot Rate : 1.6100
Average : 0.9992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-16
Maturity Price : 21.38
Evaluated at bid price : 21.38
Bid-YTW : 6.11 %

May PrefLetter Released!

Sunday, May 15th, 2022

The May, 2022, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the May, 2022, issue, while the “next” edition will be the June, 2022, issue scheduled to be prepared as of the close June 10, and emailed to subscribers prior to the market-opening on June 13. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

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

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

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

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

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

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

Note: Assiduous Reader DG informs me:

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

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

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

But Adrian2 now advises:

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

May 13, 2022

Friday, May 13th, 2022

TXPR closed at 622.93, up 0.90% on the day. Volume today was 1.26-million, third-lowest of the past 21 trading days.

CPD closed at 12.40, up 0.90% on the day. Volume was 92,050, ahead of only May 12 in the past 21 trading days.

ZPR closed at 10.36 up 1.07% on the day. Volume of 165,670 was below the median of the past 21 trading days.

Five-year Canada yields were up to 2.80% today.

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 3.85 % 4.51 % 21,683 18.35 1 1.3514 % 2,564.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.5365 % 4,869.3
Floater 4.24 % 4.25 % 46,776 16.87 3 1.5365 % 2,806.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1278 % 3,492.6
SplitShare 4.87 % 5.70 % 39,982 3.28 8 -0.1278 % 4,170.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1278 % 3,254.3
Perpetual-Premium 5.90 % 5.95 % 63,895 13.96 1 0.5231 % 2,955.9
Perpetual-Discount 5.83 % 5.92 % 67,938 13.98 35 0.2393 % 3,187.8
FixedReset Disc 4.63 % 5.97 % 132,629 14.04 59 1.0538 % 2,506.1
Insurance Straight 5.74 % 5.89 % 97,306 13.99 20 0.2863 % 3,126.1
FloatingReset 4.63 % 4.97 % 61,198 15.52 2 0.9331 % 2,633.8
FixedReset Prem 5.12 % 5.33 % 136,936 2.08 9 0.3368 % 2,576.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.0538 % 2,561.8
FixedReset Ins Non 4.58 % 6.07 % 79,308 13.95 15 0.3027 % 2,621.5
Performance Highlights
Issue Index Change Notes
NA.PR.G FixedReset Disc -4.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 22.50
Evaluated at bid price : 22.90
Bid-YTW : 6.05 %
MFC.PR.N FixedReset Ins Non -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.32 %
CM.PR.P FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.13 %
IFC.PR.E Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.98 %
PVS.PR.I SplitShare -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.20
Bid-YTW : 6.10 %
BIP.PR.A FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.93
Evaluated at bid price : 22.25
Bid-YTW : 6.69 %
POW.PR.B Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.03 %
BAM.PF.H FixedReset Disc 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.02 %
SLF.PR.G FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 6.43 %
FTS.PR.H FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 6.60 %
IFC.PR.I Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 22.84
Evaluated at bid price : 23.15
Bid-YTW : 5.91 %
MFC.PR.K FixedReset Ins Non 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.86 %
BAM.PF.D Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 6.08 %
RY.PR.M FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.88 %
TRP.PR.F FloatingReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 4.97 %
TRP.PR.C FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 13.26
Evaluated at bid price : 13.26
Bid-YTW : 7.16 %
NA.PR.W FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.93 %
SLF.PR.E Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.64 %
TD.PF.J FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 23.45
Evaluated at bid price : 24.00
Bid-YTW : 5.72 %
TD.PF.E FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.49
Evaluated at bid price : 21.85
Bid-YTW : 5.91 %
TD.PF.D FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.42
Evaluated at bid price : 21.75
Bid-YTW : 5.90 %
MFC.PR.B Insurance Straight 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.57
Evaluated at bid price : 20.57
Bid-YTW : 5.75 %
BAM.PR.E Ratchet 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 4.51 %
BAM.PF.F FixedReset Disc 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.63 %
GWO.PR.Q Insurance Straight 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.87
Evaluated at bid price : 22.11
Bid-YTW : 5.90 %
FTS.PR.G FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 19.81
Evaluated at bid price : 19.81
Bid-YTW : 6.31 %
FTS.PR.K FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 18.49
Evaluated at bid price : 18.49
Bid-YTW : 6.56 %
RY.PR.J FixedReset Disc 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.93 %
MFC.PR.I FixedReset Ins Non 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 23.39
Evaluated at bid price : 24.25
Bid-YTW : 5.88 %
BMO.PR.Y FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.91 %
BAM.PR.X FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.70 %
BAM.PR.C Floater 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 4.25 %
CU.PR.C FixedReset Disc 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 6.11 %
TRP.PR.A FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 6.97 %
BAM.PF.A FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.99
Evaluated at bid price : 22.60
Bid-YTW : 6.32 %
PWF.PF.A Perpetual-Discount 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.64 %
BAM.PR.K Floater 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 4.25 %
BAM.PF.B FixedReset Disc 2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.59 %
TRP.PR.G FixedReset Disc 63.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 6.51 %
Volume Highlights
Issue Index Shares
Traded
Notes
MIC.PR.A Perpetual-Discount 100,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 21.75
Evaluated at bid price : 22.03
Bid-YTW : 6.21 %
TD.PF.B FixedReset Disc 84,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.90 %
CU.PR.H Perpetual-Discount 46,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.86 %
CM.PR.O FixedReset Disc 39,279 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 6.09 %
RY.PR.H FixedReset Disc 37,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 5.90 %
CU.PR.G Perpetual-Discount 34,134 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.83 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 19.65 – 22.75
Spot Rate : 3.1000
Average : 1.7540

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.74 %

PWF.PR.S Perpetual-Discount Quote: 20.43 – 23.00
Spot Rate : 2.5700
Average : 1.4967

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 5.93 %

CM.PR.P FixedReset Disc Quote: 19.95 – 21.80
Spot Rate : 1.8500
Average : 1.0157

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.13 %

TRP.PR.B FixedReset Disc Quote: 12.65 – 13.75
Spot Rate : 1.1000
Average : 0.6886

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 7.18 %

NA.PR.G FixedReset Disc Quote: 22.90 – 24.25
Spot Rate : 1.3500
Average : 0.9720

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-13
Maturity Price : 22.50
Evaluated at bid price : 22.90
Bid-YTW : 6.05 %

EIT.PR.A SplitShare Quote: 24.82 – 25.82
Spot Rate : 1.0000
Average : 0.6533

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.82
Bid-YTW : 5.70 %

May 12, 2022

Thursday, May 12th, 2022

TXPR closed at 617.40, down 0.67% on the day. Volume today was 1.28-million, third-lowest of the past 21 trading days.

CPD closed at 12.29, up 0.08% on the day. Volume was 87,210, lowest of the past 21 trading days.

ZPR closed at 10.245 down 0.53% on the day. Volume of 440,140 was third-highest of the past 21 trading days.

Five-year Canada yields were down a bit to 2.75% today.

Brookfield Asset Management has announced:

In our year-end letter, we mentioned that we were considering publicly listing a partial interest in our asset management organization. We have been very encouraged by the feedback we received from shareholders and concluded that publicly listing a 25% interest in our asset management business will be overwhelmingly positive. We expect that these shares can be distributed to shareholders before year end. The distribution will be tax-free for Canadian and U.S. shareholders and we are working through the taxation in other jurisdictions.

This move will be credit-negative for BAM issues to some extent, since there will be structural subordination of the preferreds, which I assume will stay at the holding company level. I have not yet seen any credit agency commentary regarding this announcement.

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 3.89 % 4.57 % 21,768 18.28 1 -0.5042 % 2,530.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.6614 % 4,795.6
Floater 4.30 % 4.35 % 47,410 16.68 3 -0.6614 % 2,763.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4023 % 3,497.0
SplitShare 4.86 % 5.61 % 40,182 3.28 8 -0.4023 % 4,176.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4023 % 3,258.4
Perpetual-Premium 5.94 % 5.98 % 62,402 13.91 1 0.0000 % 2,940.5
Perpetual-Discount 5.84 % 5.93 % 67,304 13.98 35 -0.2036 % 3,180.2
FixedReset Disc 4.68 % 6.05 % 138,606 13.99 59 -0.7616 % 2,480.0
Insurance Straight 5.75 % 5.86 % 96,411 14.02 20 -0.1603 % 3,117.2
FloatingReset 4.77 % 5.12 % 62,129 15.25 2 2.2258 % 2,609.5
FixedReset Prem 5.14 % 5.54 % 134,953 2.08 9 -0.1211 % 2,567.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.7616 % 2,535.1
FixedReset Ins Non 4.59 % 6.15 % 80,197 13.88 15 -0.6084 % 2,613.5
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -38.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 10.34 %
MFC.PR.L FixedReset Ins Non -6.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.67 %
PWF.PR.T FixedReset Disc -3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 6.30 %
PVS.PR.F SplitShare -2.79 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2024-09-30
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 6.32 %
BAM.PR.X FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 17.16
Evaluated at bid price : 17.16
Bid-YTW : 6.90 %
GWO.PR.P Insurance Straight -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.49
Evaluated at bid price : 22.75
Bid-YTW : 6.01 %
BAM.PF.B FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.81 %
IFC.PR.G FixedReset Ins Non -1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.68
Evaluated at bid price : 22.11
Bid-YTW : 6.15 %
CU.PR.C FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 6.29 %
BIP.PR.E FixedReset Disc -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.50
Evaluated at bid price : 23.05
Bid-YTW : 6.38 %
MFC.PR.I FixedReset Ins Non -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.94
Evaluated at bid price : 23.80
Bid-YTW : 6.04 %
BAM.PR.R FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 6.85 %
IFC.PR.K Perpetual-Discount -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.37
Evaluated at bid price : 22.67
Bid-YTW : 5.88 %
CCS.PR.C Insurance Straight -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 5.58 %
BMO.PR.F FixedReset Prem -1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-05-25
Maturity Price : 25.00
Evaluated at bid price : 24.81
Bid-YTW : 5.43 %
CU.PR.G Perpetual-Discount -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 5.82 %
CU.PR.I FixedReset Prem -1.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-01
Maturity Price : 25.00
Evaluated at bid price : 24.01
Bid-YTW : 5.70 %
BMO.PR.Y FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.06 %
MFC.PR.K FixedReset Ins Non -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.00 %
MFC.PR.B Insurance Straight -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.83 %
BIP.PR.B FixedReset Prem 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 5.73 %
GWO.PR.G Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.92 %
TRP.PR.F FloatingReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 5.12 %
POW.PR.B Perpetual-Discount 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.39
Evaluated at bid price : 22.65
Bid-YTW : 5.97 %
IFC.PR.E Insurance Straight 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.02
Evaluated at bid price : 22.30
Bid-YTW : 5.90 %
CM.PR.Y FixedReset Prem 1.61 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 4.70 %
RS.PR.A SplitShare 1.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.06
Bid-YTW : 5.22 %
RY.PR.S FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 23.18
Evaluated at bid price : 23.55
Bid-YTW : 5.52 %
TD.PF.D FixedReset Disc 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.47
Evaluated at bid price : 21.47
Bid-YTW : 6.03 %
SLF.PR.J FloatingReset 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 15.75
Evaluated at bid price : 15.75
Bid-YTW : 4.51 %
MFC.PR.F FixedReset Ins Non 4.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 15.27
Evaluated at bid price : 15.27
Bid-YTW : 6.28 %
Volume Highlights
Issue Index Shares
Traded
Notes
RS.PR.A SplitShare 59,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.06
Bid-YTW : 5.22 %
BMO.PR.D FixedReset Disc 57,968 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 6.02 %
TD.PF.B FixedReset Disc 34,169 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 6.00 %
BNS.PR.I FixedReset Disc 32,268 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 23.09
Evaluated at bid price : 23.48
Bid-YTW : 5.62 %
CM.PR.T FixedReset Prem 27,979 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 24.97
Bid-YTW : 5.40 %
IFC.PR.G FixedReset Ins Non 26,968 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.68
Evaluated at bid price : 22.11
Bid-YTW : 6.15 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.G FixedReset Disc Quote: 12.29 – 21.90
Spot Rate : 9.6100
Average : 5.6900

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 10.34 %

IFC.PR.G FixedReset Ins Non Quote: 22.11 – 24.05
Spot Rate : 1.9400
Average : 1.1281

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.68
Evaluated at bid price : 22.11
Bid-YTW : 6.15 %

BAM.PR.Z FixedReset Disc Quote: 22.45 – 24.99
Spot Rate : 2.5400
Average : 1.7533

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 21.92
Evaluated at bid price : 22.45
Bid-YTW : 6.51 %

MFC.PR.Q FixedReset Ins Non Quote: 23.10 – 24.70
Spot Rate : 1.6000
Average : 0.9222

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 22.60
Evaluated at bid price : 23.10
Bid-YTW : 5.88 %

MFC.PR.L FixedReset Ins Non Quote: 18.50 – 20.00
Spot Rate : 1.5000
Average : 0.9603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.67 %

CM.PR.O FixedReset Disc Quote: 20.50 – 22.00
Spot Rate : 1.5000
Average : 0.9620

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-12
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.11 %

May 11, 2022

Wednesday, May 11th, 2022

The US Inflation Number came out today:

Energy prices fell 2.7 percent in April, driven by a decrease in the cost of gasoline, which fell 6.1 percent from March. But overall energy prices were still 30.3 percent higher than a year earlier, more than three times the rate of both overall inflation and so-called core inflation.

Prices of dairy, eggs and cereals soared in April, pushing up overall inflation as an outbreak of bird flu, the rising cost of fuel and fertilizer, labor shortages and other factors added to prices at restaurants and grocery stores.

The price of food rose 0.9 percent in April from the previous month, the 17th consecutive monthly increase, according to the Consumer Price Index compiled by the Bureau of Labor Statistics and released on Wednesday.

The increase was driven by a 2.5 percent increase in the price of dairy, a 2.0 percent increase in nonalcoholic beverages and a 10.3 percent increase in the cost of eggs, as avian flu decimated poultry flocks.

But prices of fruits and vegetables declined from the previous month, and the overall pace of rising prices for groceries cooled slightly in April, rising 1.0 percent after an increase of 1.5 percent the previous month.

The Consumer Price Index rose 8.3 percent in the year through April, a slight deceleration from March, when prices rose 8.5 percent, but still a bigger jump than economists had expected. The government’s report also showed core inflation — which strips out volatile food and gas prices — rose 0.6 percent in April from the previous month, faster than its 0.3 percent increase in March.

PerpetualDiscounts now yield 5.91%, equivalent to 7.68% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.86%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 280bp from the 275bp reported May 4.

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 3.86 % 4.53 % 22,704 18.35 1 -1.1080 % 2,542.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4857 % 4,827.5
Floater 4.27 % 4.31 % 48,120 16.75 3 0.4857 % 2,782.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1990 % 3,511.2
SplitShare 4.84 % 5.50 % 40,629 3.28 8 0.1990 % 4,193.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1990 % 3,271.6
Perpetual-Premium 5.94 % 5.98 % 60,718 13.92 1 0.0000 % 2,940.5
Perpetual-Discount 5.83 % 5.91 % 67,185 14.01 35 -0.1772 % 3,186.7
FixedReset Disc 4.64 % 6.03 % 134,827 13.99 59 0.1757 % 2,499.0
Insurance Straight 5.75 % 5.85 % 98,028 14.03 20 -0.1740 % 3,122.2
FloatingReset 4.87 % 5.18 % 63,208 15.16 2 -0.6319 % 2,552.7
FixedReset Prem 5.13 % 5.44 % 135,850 2.08 9 -0.4643 % 2,570.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1757 % 2,554.5
FixedReset Ins Non 4.56 % 6.02 % 83,315 13.90 15 0.1357 % 2,629.5
Performance Highlights
Issue Index Change Notes
IFC.PR.E Insurance Straight -3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.98 %
TRP.PR.C FixedReset Disc -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 7.30 %
BIP.PR.B FixedReset Prem -1.98 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 6.04 %
POW.PR.B Perpetual-Discount -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.03 %
PWF.PR.R Perpetual-Discount -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.90
Evaluated at bid price : 23.17
Bid-YTW : 5.98 %
BIP.PR.E FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.91
Evaluated at bid price : 23.50
Bid-YTW : 6.25 %
BIP.PR.F FixedReset Prem -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 23.41
Evaluated at bid price : 23.80
Bid-YTW : 6.07 %
BAM.PR.T FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.67 %
IFC.PR.F Insurance Straight -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.54
Evaluated at bid price : 22.90
Bid-YTW : 5.85 %
CM.PR.Y FixedReset Prem -1.39 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 5.47 %
TRP.PR.B FixedReset Disc -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 7.33 %
PWF.PR.E Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.88
Evaluated at bid price : 23.15
Bid-YTW : 5.98 %
MIC.PR.A Perpetual-Discount -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.80
Evaluated at bid price : 22.10
Bid-YTW : 6.19 %
BAM.PR.E Ratchet -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 25.00
Evaluated at bid price : 17.85
Bid-YTW : 4.53 %
BIP.PR.A FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.10
Evaluated at bid price : 22.50
Bid-YTW : 6.66 %
RY.PR.S FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.73
Evaluated at bid price : 23.10
Bid-YTW : 5.63 %
FTS.PR.M FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 19.56
Evaluated at bid price : 19.56
Bid-YTW : 6.65 %
CM.PR.S FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.56
Evaluated at bid price : 23.17
Bid-YTW : 5.71 %
NA.PR.G FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 23.57
Evaluated at bid price : 23.98
Bid-YTW : 5.82 %
TD.PF.E FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 5.99 %
BMO.PR.Y FixedReset Disc 1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.99 %
PWF.PR.T FixedReset Disc 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.10 %
CU.PR.G Perpetual-Discount 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 5.74 %
CM.PR.Q FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.03 %
MFC.PR.M FixedReset Ins Non 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 6.24 %
NA.PR.S FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.02 %
BAM.PF.G FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 6.73 %
NA.PR.W FixedReset Disc 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
FTS.PR.F Perpetual-Discount 107,189 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.73 %
FTS.PR.J Perpetual-Discount 82,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 20.98
Evaluated at bid price : 20.98
Bid-YTW : 5.78 %
TD.PF.A FixedReset Disc 68,305 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.94 %
BMO.PR.W FixedReset Disc 62,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 20.73
Evaluated at bid price : 20.73
Bid-YTW : 5.93 %
TRP.PR.E FixedReset Disc 49,838 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 6.90 %
TRP.PR.K FixedReset Prem 30,900 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 25.00
Evaluated at bid price : 25.25
Bid-YTW : 4.91 %
There were 17 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Insurance Straight Quote: 22.00 – 23.50
Spot Rate : 1.5000
Average : 1.1754

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.98 %

POW.PR.B Perpetual-Discount Quote: 22.40 – 23.20
Spot Rate : 0.8000
Average : 0.4871

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.03 %

TD.PF.E FixedReset Disc Quote: 21.70 – 23.23
Spot Rate : 1.5300
Average : 1.2211

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 5.99 %

TD.PF.J FixedReset Disc Quote: 23.65 – 24.75
Spot Rate : 1.1000
Average : 0.8038

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 23.08
Evaluated at bid price : 23.65
Bid-YTW : 5.86 %

MIC.PR.A Perpetual-Discount Quote: 22.10 – 23.30
Spot Rate : 1.2000
Average : 0.9259

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 21.80
Evaluated at bid price : 22.10
Bid-YTW : 6.19 %

RY.PR.S FixedReset Disc Quote: 23.10 – 23.95
Spot Rate : 0.8500
Average : 0.6185

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-11
Maturity Price : 22.73
Evaluated at bid price : 23.10
Bid-YTW : 5.63 %