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Archive for June, 2023

June 14, 2023

Wednesday, June 14th, 2023

The FOMC Statement was ‘steady as she goes’:

Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent. Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Christopher J. Waller.

PerpetualDiscounts now yield 6.68%, equivalent to 8.68% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.16% on 2023-6-9 and since then the closing price has changed from 14.94 to 14.87, a decrease of 47bp in price, with a Duration of 12.28 (BMO doesn’t specify whether this is Macaulay or Modified Duration; I will assume Modified) which implies an increase in yield of about 4bp since 6/9 to 5.20%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to about 350bp from the 325bp reported June 7.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,124.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,075.5
Floater	11.06 %	11.14 %	45,866	8.76	1	0.0000 %	2,348.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2900 %	3,286.6
SplitShare	5.11 %	7.92 %	42,599	2.21	6	-0.2900 %	3,924.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2900 %	3,062.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.3957 %	2,632.6
Perpetual-Discount	6.48 %	6.68 %	40,884	12.90	31	-0.3957 %	2,870.8
FixedReset Disc	5.85 %	8.36 %	85,385	11.26	63	-0.1736 %	2,133.5
Insurance Straight	6.42 %	6.42 %	56,665	13.37	19	-0.4821 %	2,803.0
FloatingReset	11.45 %	11.06 %	26,975	8.82	2	0.2763 %	2,356.2
FixedReset Prem	6.97 %	7.02 %	299,369	3.75	1	-0.0397 %	2,318.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1736 %	2,180.8
FixedReset Ins Non	6.07 %	7.68 %	89,011	11.77	9	-0.2589 %	2,339.2

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.G	FixedReset Disc	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 9.45 %
SLF.PR.E	Insurance Straight	-1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.21 %
GWO.PR.Y	Insurance Straight	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.37 %
GWO.PR.P	Insurance Straight	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.75 %
CU.PR.C	FixedReset Disc	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 8.29 %
PVS.PR.K	SplitShare	-1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 20.95 Bid-YTW : 7.98 %
PWF.PF.A	Perpetual-Discount	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 17.06 Evaluated at bid price : 17.06 Bid-YTW : 6.71 %
BN.PF.A	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 9.01 %
FTS.PR.K	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 8.78 %
PWF.PR.P	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 9.43 %
BN.PR.Z	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 8.54 %
BN.PF.I	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 9.08 %
TD.PF.M	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 23.52 Evaluated at bid price : 24.02 Bid-YTW : 7.49 %
TD.PF.I	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 6.65 %
PWF.PR.L	Perpetual-Discount	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 6.71 %
IFC.PR.F	Insurance Straight	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 6.42 %
IFC.PR.C	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 8.25 %
BN.PR.B	Floater	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 11.14 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	77,198	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 8.39 %
BN.PF.A	FixedReset Disc	60,908	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 9.01 %
TD.PF.A	FixedReset Disc	55,557	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 8.27 %
MFC.PR.M	FixedReset Ins Non	40,144	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 8.84 %
TD.PF.K	FixedReset Disc	32,462	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 21.81 Evaluated at bid price : 22.27 Bid-YTW : 7.14 %
PWF.PR.L	Perpetual-Discount	31,515	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 6.71 %
There were 10 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.L	FixedReset Disc	Quote: 23.29 – 24.10 Spot Rate : 0.8100 Average : 0.5061 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 22.71 Evaluated at bid price : 23.29 Bid-YTW : 7.52 %
PVS.PR.I	SplitShare	Quote: 23.03 – 23.95 Spot Rate : 0.9200 Average : 0.6616 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.03 Bid-YTW : 8.56 %
BN.PF.G	FixedReset Disc	Quote: 14.24 – 15.25 Spot Rate : 1.0100 Average : 0.7685 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 14.24 Evaluated at bid price : 14.24 Bid-YTW : 10.60 %
BN.PF.J	FixedReset Disc	Quote: 21.05 – 21.93 Spot Rate : 0.8800 Average : 0.6523 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 7.92 %
BN.PR.X	FixedReset Disc	Quote: 14.00 – 14.55 Spot Rate : 0.5500 Average : 0.3625 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 9.43 %
RY.PR.O	Perpetual-Discount	Quote: 21.48 – 22.19 Spot Rate : 0.7100 Average : 0.5323 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-14 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 5.77 %

Posted in Market Action | 1 Comment »

June 13, 2023

Tuesday, June 13th, 2023

US inflation numbers came out today:

The Consumer Price Index climbed 4 percent in the year through May, slightly less than the 4.1 percent economists had expected and the slowest pace in more than two years. In April, it had climbed 4.9 percent.
…
After stripping out food and fuel prices, the closely watched measure of “core” prices picked up 5.3 percent in May compared with a year earlier. That was slightly higher than the 5.2 percent economists had expected, but lower than 5.5 percent the previous month.

Still, there were lingering signs that inflation has staying power. Fed officials also monitor month-to-month changes in prices, particularly for the core index, to get a sense of the recent trends in inflation. That figure continued to pick up at an unusually quick pace in May.
…
Rents were up 8.7 percent in May from a year earlier, the Labor Department said Tuesday, down slightly from the 8.8 percent increase in April. That might not sound like much, but it’s the first time the year-over-year rate of rent increases has fallen in roughly two years. Over the past three months, rents have risen at their slowest rate since early 2022.

… and I still have no time!

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-3.5088 %	2,124.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-3.5088 %	4,075.5
Floater	11.06 %	11.47 %	44,858	8.34	1	-3.5088 %	2,348.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.3612 %	3,296.1
SplitShare	5.09 %	7.72 %	41,570	2.21	6	-0.3612 %	3,936.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.3612 %	3,071.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.4758 %	2,643.1
Perpetual-Discount	6.45 %	6.65 %	41,125	12.95	31	0.4758 %	2,882.2
FixedReset Disc	5.84 %	8.37 %	85,472	11.27	63	0.3274 %	2,137.2
Insurance Straight	6.39 %	6.48 %	56,039	13.29	19	0.2063 %	2,816.5
FloatingReset	11.48 %	11.09 %	26,096	8.80	2	0.8008 %	2,349.7
FixedReset Prem	6.97 %	7.01 %	309,610	3.76	1	-0.0397 %	2,319.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3274 %	2,184.6
FixedReset Ins Non	6.05 %	7.66 %	88,691	11.73	9	0.2656 %	2,345.2

Performance Highlights
Issue	Index	Change	Notes
BN.PR.B	Floater	-3.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 11.47 %
IFC.PR.F	Insurance Straight	-3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 6.56 %
BN.PF.G	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 10.57 %
PVS.PR.I	SplitShare	-1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.06 Bid-YTW : 8.49 %
PVS.PR.J	SplitShare	-1.14 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 7.92 %
BIP.PR.B	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 21.27 Evaluated at bid price : 21.56 Bid-YTW : 8.94 %
PWF.PR.H	Perpetual-Discount	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 21.62 Evaluated at bid price : 21.87 Bid-YTW : 6.68 %
BMO.PR.F	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 23.44 Evaluated at bid price : 24.00 Bid-YTW : 7.48 %
BN.PF.I	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 9.22 %
CM.PR.T	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 22.68 Evaluated at bid price : 23.25 Bid-YTW : 7.54 %
FTS.PR.G	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 8.20 %
TD.PF.L	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 22.60 Evaluated at bid price : 23.16 Bid-YTW : 7.56 %
MFC.PR.K	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 7.83 %
FTS.PR.H	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 9.72 %
CM.PR.Y	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 23.22 Evaluated at bid price : 23.74 Bid-YTW : 7.64 %
TD.PF.B	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 8.29 %
BMO.PR.S	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 8.38 %
TD.PF.A	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 8.24 %
BN.PF.J	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 7.98 %
TD.PF.C	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.28 %
SLF.PR.J	FloatingReset	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 11.09 %
RY.PR.Z	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 8.33 %
POW.PR.C	Perpetual-Discount	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 6.49 %
MFC.PR.M	FixedReset Ins Non	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.81 %
PWF.PR.K	Perpetual-Discount	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 6.65 %
CCS.PR.C	Insurance Straight	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.39 %
BIP.PR.A	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 9.98 %
MIC.PR.A	Perpetual-Discount	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.75 %
SLF.PR.E	Insurance Straight	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 6.09 %
BN.PF.B	FixedReset Disc	3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.23 Evaluated at bid price : 16.23 Bid-YTW : 9.82 %
PWF.PR.L	Perpetual-Discount	5.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.83 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.Y	FixedReset Disc	42,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 8.38 %
FTS.PR.M	FixedReset Disc	38,270	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 9.06 %
TD.PF.C	FixedReset Disc	36,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.28 %
BN.PF.B	FixedReset Disc	35,335	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 16.23 Evaluated at bid price : 16.23 Bid-YTW : 9.82 %
CM.PR.S	FixedReset Disc	32,057	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 7.43 %
TRP.PR.D	FixedReset Disc	31,180	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 15.52 Evaluated at bid price : 15.52 Bid-YTW : 9.81 %
There were 15 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.C	FixedReset Disc	Quote: 18.16 – 22.72 Spot Rate : 4.5600 Average : 3.6784 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 18.16 Evaluated at bid price : 18.16 Bid-YTW : 8.18 %
IFC.PR.C	FixedReset Disc	Quote: 17.25 – 18.49 Spot Rate : 1.2400 Average : 0.7615 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.40 %
BN.PF.A	FixedReset Disc	Quote: 19.03 – 20.00 Spot Rate : 0.9700 Average : 0.6242 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 8.92 %
BN.PR.M	Perpetual-Discount	Quote: 17.50 – 18.35 Spot Rate : 0.8500 Average : 0.5670 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.95 %
CCS.PR.C	Insurance Straight	Quote: 19.65 – 21.00 Spot Rate : 1.3500 Average : 1.0694 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.39 %
IFC.PR.F	Insurance Straight	Quote: 20.68 – 21.68 Spot Rate : 1.0000 Average : 0.8085 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-13 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 6.56 %

Posted in Market Action | No Comments »

June 12, 2023

Monday, June 12th, 2023

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.3333 %	2,202.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.3333 %	4,223.7
Floater	10.67 %	11.05 %	45,367	8.62	1	1.3333 %	2,434.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.4199 %	3,308.1
SplitShare	4.87 %	7.64 %	41,994	2.22	7	-0.4199 %	3,950.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.4199 %	3,082.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.3863 %	2,630.6
Perpetual-Discount	6.49 %	6.67 %	40,513	12.93	31	-0.3863 %	2,868.5
FixedReset Disc	5.86 %	8.39 %	79,830	11.26	63	0.0254 %	2,130.2
Insurance Straight	6.40 %	6.50 %	56,193	13.26	19	-0.4969 %	2,810.7
FloatingReset	11.57 %	12.07 %	56,477	8.19	2	-0.4506 %	2,331.1
FixedReset Prem	6.97 %	6.99 %	310,059	3.76	1	0.0794 %	2,320.1
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0254 %	2,177.5
FixedReset Ins Non	6.07 %	7.68 %	87,346	11.73	9	0.0242 %	2,339.0

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.L	Perpetual-Discount	-6.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.22 %
BN.PF.B	FixedReset Disc	-5.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 15.72 Evaluated at bid price : 15.72 Bid-YTW : 10.14 %
SLF.PR.E	Insurance Straight	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.28 %
PWF.PR.K	Perpetual-Discount	-2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 6.76 %
ELF.PR.F	Perpetual-Discount	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 6.99 %
PVS.PR.K	SplitShare	-2.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.20 Bid-YTW : 7.73 %
MFC.PR.M	FixedReset Ins Non	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 8.94 %
ELF.PR.H	Perpetual-Discount	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 6.89 %
BIP.PR.E	FixedReset Disc	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 8.16 %
GWO.PR.S	Insurance Straight	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.64 %
TD.PF.L	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 22.18 Evaluated at bid price : 22.90 Bid-YTW : 7.64 %
CCS.PR.C	Insurance Straight	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.50 %
GWO.PR.P	Insurance Straight	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 6.69 %
GWO.PR.Q	Insurance Straight	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.47 Evaluated at bid price : 19.47 Bid-YTW : 6.64 %
TRP.PR.C	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 10.65 Evaluated at bid price : 10.65 Bid-YTW : 10.77 %
BIK.PR.A	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 22.24 Evaluated at bid price : 23.00 Bid-YTW : 8.25 %
BMO.PR.S	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 8.49 %
BN.PR.Z	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 8.60 %
CM.PR.O	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.56 %
GWO.PR.N	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 9.13 %
BN.PR.B	Floater	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 11.40 Evaluated at bid price : 11.40 Bid-YTW : 11.05 %
BN.PF.D	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 7.03 %
BN.PF.J	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 8.08 %
IFC.PR.F	Insurance Straight	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.33 %
FTS.PR.K	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 8.88 %
TRP.PR.G	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 16.33 Evaluated at bid price : 16.33 Bid-YTW : 9.27 %
CM.PR.P	FixedReset Disc	2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 8.56 %
RY.PR.S	FixedReset Disc	3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.64 %
NA.PR.W	FixedReset Disc	4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 8.58 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Q	FixedReset Disc	19,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 8.37 %
TRP.PR.E	FixedReset Disc	16,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 9.81 %
TRP.PR.F	FloatingReset	15,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 14.41 Evaluated at bid price : 14.41 Bid-YTW : 12.07 %
TRP.PR.D	FixedReset Disc	13,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 9.82 %
RY.PR.H	FixedReset Disc	11,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 8.39 %
BIP.PR.F	FixedReset Disc	10,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 8.66 %
There were 0 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.C	FixedReset Disc	Quote: 18.00 – 22.72 Spot Rate : 4.7200 Average : 2.7117 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 8.25 %
PWF.PR.L	Perpetual-Discount	Quote: 18.00 – 19.79 Spot Rate : 1.7900 Average : 1.3908 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.22 %
BN.PF.B	FixedReset Disc	Quote: 15.72 – 16.70 Spot Rate : 0.9800 Average : 0.5852 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 15.72 Evaluated at bid price : 15.72 Bid-YTW : 10.14 %
CM.PR.T	FixedReset Disc	Quote: 23.00 – 23.84 Spot Rate : 0.8400 Average : 0.4890 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 22.46 Evaluated at bid price : 23.00 Bid-YTW : 7.62 %
BN.PF.E	FixedReset Disc	Quote: 14.40 – 15.00 Spot Rate : 0.6000 Average : 0.4303 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 10.34 %
GWO.PR.S	Insurance Straight	Quote: 19.85 – 20.39 Spot Rate : 0.5400 Average : 0.4006 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-12 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.64 %

Posted in Market Action | No Comments »

June PrefLetter Released

Sunday, June 11th, 2023

The June, 2023, 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 June, 2023, issue, while the “next” edition will be the July, 2023, issue scheduled to be prepared as of the close July 14, and emailed to subscribers prior to the market-opening on July 17. 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?).

Posted in PrefLetter | 2 Comments »

LBS.PR.A To Extend Term

Saturday, June 10th, 2023

Brompton Group has announced (on 2023-4-4):

Life & Banc Split Corp. (the “Company”) is pleased to announce that the board of directors has approved an extension of the maturity date of the Class A and Preferred shares of the Company for an additional 5-year term to October 30, 2028. The Preferred share dividend rate for the extended term will be announced at least 60 days prior to the original October 30, 2023 maturity date and will be based on market yields for preferred shares with similar terms at that time. The 5-year term extension allows Class A shareholders to continue to invest in the Canadian financials sector with an attractive distribution rate of 13.7% based on the April 3, 2023 closing price and the opportunity for capital appreciation. As well, the extension of the term of the Company is not a taxable event and enables shareholders to defer potential capital gains tax liability that would have otherwise been realized on the redemption of the Class A shares or Preferred shares at the end of the term, until such time as such shares are disposed of by shareholders.

Since inception on October 17, 2006 to February 28, 2022, the Class A shares have delivered a 10.5% per annum total return, outperforming the S&P/TSX Capped Financials Index by 2.3% per annum and the S&P/TSX Composite Index by 4.2% per annum.(1) Since inception to February 28, 2023, Class A shareholders have received cash distributions of $17.85 per share. Class A shareholders also have the option to reinvest their cash distributions in a dividend reinvestment plan which is commission free to participants.

The term extension offers Preferred shareholders the opportunity to enjoy preferential cash dividends until October 30, 2028. Since inception, the Preferred shares have delivered a 5.2% per annum total return, outperforming the S&P/TSX Preferred Share Index by 3.3% per annum with lower volatility.(1) The Company invests, on an approximately equal weighted basisin a portfolio consisting of common shares of the six largest Canadian banks (currently, Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank) and the four major publicly traded Canadian life insurance companies (currently, iA Financial Corporation Inc., Sun Life Financial Inc., Manulife Financial Corp. and Great-West Lifeco Inc.).

Posted in Issue Comments | 7 Comments »

June 9, 2023

Friday, June 9th, 2023

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.4464 %	2,173.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4464 %	4,168.1
Floater	10.42 %	10.78 %	46,012	8.82	1	0.4464 %	2,402.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.0914 %	3,322.0
SplitShare	4.85 %	7.56 %	42,129	2.23	7	0.0914 %	3,967.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0914 %	3,095.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0796 %	2,640.8
Perpetual-Discount	6.46 %	6.61 %	41,106	12.98	31	0.0796 %	2,879.6
FixedReset Disc	5.86 %	8.40 %	80,851	11.28	63	0.0710 %	2,129.7
Insurance Straight	6.37 %	6.42 %	57,520	13.35	19	0.3442 %	2,824.8
FloatingReset	11.52 %	11.94 %	53,007	8.27	2	0.6629 %	2,341.6
FixedReset Prem	6.97 %	7.00 %	313,636	3.77	1	-0.1980 %	2,318.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0710 %	2,176.9
FixedReset Ins Non	6.07 %	7.69 %	87,505	11.75	9	0.0121 %	2,338.5

Performance Highlights
Issue	Index	Change	Notes
NA.PR.W	FixedReset Disc	-4.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 8.94 %
BN.PF.J	FixedReset Disc	-3.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 8.19 %
TRP.PR.A	FixedReset Disc	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 10.16 %
CM.PR.P	FixedReset Disc	-2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 8.75 %
BN.PF.I	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 19.04 Evaluated at bid price : 19.04 Bid-YTW : 9.29 %
RY.PR.M	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.42 %
IFC.PR.F	Insurance Straight	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 21.09 Evaluated at bid price : 21.09 Bid-YTW : 6.42 %
BN.PF.D	Perpetual-Discount	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 7.13 %
GWO.PR.H	Insurance Straight	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.54 %
CCS.PR.C	Insurance Straight	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.42 %
MFC.PR.I	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 7.56 %
TD.PF.B	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.38 %
CU.PR.C	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.07 Evaluated at bid price : 18.07 Bid-YTW : 8.21 %
IFC.PR.C	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 8.42 %
BMO.PR.T	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.59 %
TD.PF.D	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 8.35 %
TD.PF.K	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 21.84 Evaluated at bid price : 22.31 Bid-YTW : 7.11 %
TD.PF.C	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.23 Evaluated at bid price : 17.23 Bid-YTW : 8.40 %
GWO.PR.P	Insurance Straight	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.61 %
TRP.PR.B	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 10.36 Evaluated at bid price : 10.36 Bid-YTW : 10.75 %
TD.PF.E	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 8.25 %
BIP.PR.E	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 8.01 %
CM.PR.T	FixedReset Disc	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 22.46 Evaluated at bid price : 23.00 Bid-YTW : 7.61 %
MFC.PR.M	FixedReset Ins Non	2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.78 %
PWF.PR.L	Perpetual-Discount	6.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 19.18 Evaluated at bid price : 19.18 Bid-YTW : 6.76 %
SLF.PR.E	Insurance Straight	8.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.10 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.K	FixedReset Disc	70,330	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 21.84 Evaluated at bid price : 22.31 Bid-YTW : 7.11 %
FTS.PR.M	FixedReset Disc	62,665	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 9.07 %
TD.PF.A	FixedReset Disc	43,680	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 8.36 %
TD.PF.C	FixedReset Disc	31,912	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.23 Evaluated at bid price : 17.23 Bid-YTW : 8.40 %
FTS.PR.G	FixedReset Disc	31,786	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 8.28 %
MFC.PR.M	FixedReset Ins Non	31,783	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.78 %
There were 10 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CCS.PR.C	Insurance Straight	Quote: 19.55 – 21.00 Spot Rate : 1.4500 Average : 0.9937 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.42 %
GWO.PR.R	Insurance Straight	Quote: 18.70 – 19.65 Spot Rate : 0.9500 Average : 0.5933 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.44 %
TD.PF.J	FixedReset Disc	Quote: 21.23 – 21.74 Spot Rate : 0.5100 Average : 0.3099 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 21.23 Evaluated at bid price : 21.23 Bid-YTW : 7.44 %
CM.PR.P	FixedReset Disc	Quote: 16.52 – 17.25 Spot Rate : 0.7300 Average : 0.5382 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 8.75 %
CM.PR.Y	FixedReset Disc	Quote: 23.45 – 23.95 Spot Rate : 0.5000 Average : 0.3221 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 22.94 Evaluated at bid price : 23.45 Bid-YTW : 7.73 %
CU.PR.G	Perpetual-Discount	Quote: 18.00 – 19.00 Spot Rate : 1.0000 Average : 0.8462 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-09 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.31 %

Posted in Market Action | No Comments »

PrefBlog

Archive for June, 2023

June 20, 2023

June 19, 2023

June 16, 2023

June 15, 2023

June 14, 2023

June 13, 2023

June 12, 2023

June PrefLetter Released

LBS.PR.A To Extend Term

June 9, 2023

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