Delivery of the current edition of PrefLetter will be delayed; it seems I have server problems.
I regret the inconvenience.
Month: January 2024
January 12, 2024
| 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 | 0.4900 % | 2,179.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4900 % | 4,181.0 |
| Floater | 11.17 % | 11.35 % | 51,639 | 8.57 | 2 | 0.4900 % | 2,409.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1569 % | 3,396.8 |
| SplitShare | 4.96 % | 7.49 % | 47,536 | 1.99 | 7 | -0.1569 % | 4,056.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1569 % | 3,165.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5964 % | 2,673.5 |
| Perpetual-Discount | 6.42 % | 6.52 % | 54,338 | 13.20 | 34 | 0.5964 % | 2,915.3 |
| FixedReset Disc | 5.71 % | 7.47 % | 110,952 | 12.26 | 59 | 0.1725 % | 2,297.3 |
| Insurance Straight | 6.33 % | 6.46 % | 71,180 | 13.26 | 20 | 0.8450 % | 2,862.2 |
| FloatingReset | 10.50 % | 10.85 % | 35,301 | 8.91 | 5 | 1.1365 % | 2,583.1 |
| FixedReset Prem | 5.90 % | 6.47 % | 150,482 | 3.37 | 2 | 0.4995 % | 2,524.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1725 % | 2,348.3 |
| FixedReset Ins Non | 5.51 % | 7.02 % | 90,566 | 12.65 | 14 | 0.3418 % | 2,578.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.H | FixedReset Disc | -1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 8.52 % |
| FFH.PR.K | FixedReset Disc | -1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 8.35 % |
| TD.PF.D | FixedReset Disc | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 7.48 % |
| BN.PF.I | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.53 % |
| PVS.PR.K | SplitShare | -1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 7.08 % |
| IFC.PR.G | FixedReset Ins Non | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 21.35 Evaluated at bid price : 21.65 Bid-YTW : 6.88 % |
| RY.PR.M | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.73 Evaluated at bid price : 18.73 Bid-YTW : 7.53 % |
| SLF.PR.D | Insurance Straight | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.98 % |
| BMO.PR.Y | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.53 % |
| BIP.PR.B | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 22.43 Evaluated at bid price : 22.75 Bid-YTW : 8.34 % |
| BIK.PR.A | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 21.97 Evaluated at bid price : 22.50 Bid-YTW : 8.16 % |
| GWO.PR.I | Insurance Straight | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.31 % |
| PWF.PR.Z | Perpetual-Discount | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.55 % |
| PWF.PF.A | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 6.41 % |
| TD.PF.C | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 7.27 % |
| PWF.PR.G | Perpetual-Discount | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 6.48 % |
| BN.PR.Z | FixedReset Disc | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 8.33 % |
| BMO.PR.T | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 7.28 % |
| MIC.PR.A | Perpetual-Discount | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 7.32 % |
| CU.PR.C | FixedReset Disc | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 7.32 % |
| FTS.PR.I | FloatingReset | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 10.90 % |
| PWF.PR.T | FixedReset Disc | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.08 % |
| CIU.PR.A | Perpetual-Discount | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.59 % |
| MFC.PR.F | FixedReset Ins Non | 1.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 14.56 Evaluated at bid price : 14.56 Bid-YTW : 7.51 % |
| MFC.PR.C | Insurance Straight | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 6.10 % |
| POW.PR.C | Perpetual-Discount | 2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.34 % |
| SLF.PR.J | FloatingReset | 2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 10.59 % |
| TD.PF.E | FixedReset Disc | 2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 7.44 % |
| SLF.PR.E | Insurance Straight | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.01 % |
| FFH.PR.F | FloatingReset | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 10.85 % |
| CCS.PR.C | Insurance Straight | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.58 % |
| IFC.PR.I | Insurance Straight | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.33 % |
| RY.PR.N | Perpetual-Discount | 2.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 22.58 Evaluated at bid price : 22.87 Bid-YTW : 5.42 % |
| SLF.PR.C | Insurance Straight | 2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.98 % |
| GWO.PR.N | FixedReset Ins Non | 3.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 7.52 % |
| NA.PR.W | FixedReset Disc | 5.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 7.43 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.B | FixedReset Disc | 273,047 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.88 % |
| BMO.PR.T | FixedReset Disc | 102,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 7.28 % |
| GWO.PR.G | Insurance Straight | 50,025 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 6.56 % |
| RY.PR.H | FixedReset Disc | 43,872 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 7.35 % |
| GWO.PR.H | Insurance Straight | 36,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 6.49 % |
| MFC.PR.F | FixedReset Ins Non | 32,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-12 Maturity Price : 14.56 Evaluated at bid price : 14.56 Bid-YTW : 7.51 % |
| There were 13 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 14.56 – 19.38 Spot Rate : 4.8200 Average : 3.8585 YTW SCENARIO |
| CU.PR.D | Perpetual-Discount | Quote: 19.67 – 20.95 Spot Rate : 1.2800 Average : 0.7969 YTW SCENARIO |
| CU.PR.I | FixedReset Disc | Quote: 21.75 – 23.75 Spot Rate : 2.0000 Average : 1.5606 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 18.96 – 19.96 Spot Rate : 1.0000 Average : 0.6056 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 18.96 – 20.75 Spot Rate : 1.7900 Average : 1.5481 YTW SCENARIO |
| BIK.PR.A | FixedReset Disc | Quote: 22.50 – 23.15 Spot Rate : 0.6500 Average : 0.4756 YTW SCENARIO |
January 11, 2024
| 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 | 0.4025 % | 2,169.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4025 % | 4,160.6 |
| Floater | 11.22 % | 11.38 % | 53,463 | 8.56 | 2 | 0.4025 % | 2,397.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2541 % | 3,402.2 |
| SplitShare | 4.95 % | 7.65 % | 49,389 | 1.99 | 7 | 0.2541 % | 4,062.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2541 % | 3,170.0 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1025 % | 2,657.6 |
| Perpetual-Discount | 6.46 % | 6.56 % | 56,218 | 13.15 | 34 | -0.1025 % | 2,898.0 |
| FixedReset Disc | 5.72 % | 7.49 % | 113,214 | 12.21 | 59 | -0.0333 % | 2,293.3 |
| Insurance Straight | 6.38 % | 6.50 % | 74,022 | 13.22 | 20 | -0.8606 % | 2,838.2 |
| FloatingReset | 10.52 % | 10.89 % | 35,699 | 8.89 | 5 | -1.0557 % | 2,554.0 |
| FixedReset Prem | 5.93 % | 6.73 % | 150,491 | 12.73 | 2 | -0.3584 % | 2,511.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0333 % | 2,344.2 |
| FixedReset Ins Non | 5.53 % | 7.06 % | 88,684 | 12.68 | 14 | 0.0902 % | 2,569.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.F | Insurance Straight | -6.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 7.07 % |
| CU.PR.I | FixedReset Disc | -4.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 7.80 % |
| SLF.PR.J | FloatingReset | -4.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 10.69 % |
| SLF.PR.C | Insurance Straight | -3.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 6.15 % |
| PWF.PR.G | Perpetual-Discount | -2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 22.21 Evaluated at bid price : 22.48 Bid-YTW : 6.57 % |
| BN.PR.R | FixedReset Disc | -2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 9.12 % |
| BN.PR.Z | FixedReset Disc | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 8.48 % |
| POW.PR.C | Perpetual-Discount | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 6.46 % |
| MFC.PR.F | FixedReset Ins Non | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 7.67 % |
| MFC.PR.C | Insurance Straight | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.22 % |
| GWO.PR.N | FixedReset Ins Non | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 7.81 % |
| BN.PR.M | Perpetual-Discount | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 6.83 % |
| BN.PF.E | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 15.68 Evaluated at bid price : 15.68 Bid-YTW : 9.16 % |
| SLF.PR.E | Insurance Straight | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 6.14 % |
| SLF.PR.H | FixedReset Ins Non | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.93 % |
| CU.PR.J | Perpetual-Discount | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.53 % |
| TD.PF.C | FixedReset Disc | -1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 7.39 % |
| BMO.PR.T | FixedReset Disc | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 7.42 % |
| FFH.PR.F | FloatingReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 11.00 % |
| FTS.PR.J | Perpetual-Discount | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.34 % |
| FTS.PR.I | FloatingReset | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 15.33 Evaluated at bid price : 15.33 Bid-YTW : 10.97 % |
| SLF.PR.D | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.04 % |
| FFH.PR.K | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 8.23 % |
| RY.PR.N | Perpetual-Discount | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 21.94 Evaluated at bid price : 22.25 Bid-YTW : 5.57 % |
| IFC.PR.E | Insurance Straight | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 6.42 % |
| FFH.PR.I | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 8.57 % |
| PVS.PR.J | SplitShare | 1.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 7.29 % |
| BN.PF.I | FixedReset Disc | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 8.42 % |
| MFC.PR.J | FixedReset Ins Non | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 22.24 Evaluated at bid price : 22.85 Bid-YTW : 6.62 % |
| RY.PR.O | Perpetual-Discount | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 21.94 Evaluated at bid price : 22.25 Bid-YTW : 5.57 % |
| TD.PF.E | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.61 % |
| BN.PF.H | FixedReset Disc | 1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 8.37 % |
| IFC.PR.G | FixedReset Ins Non | 2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 21.61 Evaluated at bid price : 21.93 Bid-YTW : 6.80 % |
| BMO.PR.W | FixedReset Disc | 2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.55 % |
| BN.PR.X | FixedReset Disc | 3.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 8.30 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.F | FixedReset Ins Non | 57,902 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 7.67 % |
| BMO.PR.S | FixedReset Disc | 51,762 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.13 % |
| SLF.PR.H | FixedReset Ins Non | 29,118 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.93 % |
| IFC.PR.C | FixedReset Ins Non | 25,902 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 7.44 % |
| TD.PF.E | FixedReset Disc | 25,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-11 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.61 % |
| BNS.PR.I | FixedReset Prem | 18,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 24.94 Bid-YTW : 5.13 % |
| There were 7 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 14.30 – 19.38 Spot Rate : 5.0800 Average : 2.8043 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 15.68 – 19.49 Spot Rate : 3.8100 Average : 2.6170 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 18.96 – 20.86 Spot Rate : 1.9000 Average : 1.2829 YTW SCENARIO |
| SLF.PR.J | FloatingReset | Quote: 15.50 – 16.60 Spot Rate : 1.1000 Average : 0.6594 YTW SCENARIO |
| GWO.PR.S | Insurance Straight | Quote: 20.45 – 21.48 Spot Rate : 1.0300 Average : 0.5987 YTW SCENARIO |
| BN.PR.X | FixedReset Disc | Quote: 15.25 – 16.30 Spot Rate : 1.0500 Average : 0.7067 YTW SCENARIO |
January 10, 2024
PerpetualDiscounts now yield 6.56%, equivalent to 8.53% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.99% on 2024-1-5 and since then the closing price has changed from 15.23 to 15.18, a decline of 33bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.38 implying an increase of 3bp in yield to 5.02%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply (for the second successive week) to 350bp from the 374bp reported January 3.
| 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 | 0.7207 % | 2,160.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7207 % | 4,144.0 |
| Floater | 11.27 % | 11.44 % | 51,923 | 8.52 | 2 | 0.7207 % | 2,388.2 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0846 % | 3,393.5 |
| SplitShare | 4.96 % | 7.65 % | 49,893 | 1.99 | 7 | -0.0846 % | 4,052.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0846 % | 3,162.0 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3669 % | 2,660.4 |
| Perpetual-Discount | 6.46 % | 6.56 % | 53,697 | 13.19 | 34 | 0.3669 % | 2,901.0 |
| FixedReset Disc | 5.72 % | 7.54 % | 115,591 | 12.21 | 59 | 0.1205 % | 2,294.1 |
| Insurance Straight | 6.33 % | 6.48 % | 74,808 | 13.24 | 20 | -0.0102 % | 2,862.8 |
| FloatingReset | 10.41 % | 10.84 % | 36,957 | 8.91 | 5 | 0.9148 % | 2,581.3 |
| FixedReset Prem | 5.91 % | 6.53 % | 151,163 | 3.38 | 2 | 0.1595 % | 2,520.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1205 % | 2,345.0 |
| FixedReset Ins Non | 5.54 % | 7.10 % | 91,467 | 12.63 | 14 | -0.0188 % | 2,567.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TD.PF.E | FixedReset Disc | -3.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 7.72 % |
| BN.PR.X | FixedReset Disc | -3.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 14.72 Evaluated at bid price : 14.72 Bid-YTW : 8.59 % |
| NA.PR.W | FixedReset Disc | -3.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.87 % |
| PWF.PR.P | FixedReset Disc | -2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 8.20 % |
| CCS.PR.C | Insurance Straight | -2.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.75 % |
| BN.PF.F | FixedReset Disc | -2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 8.90 % |
| CIU.PR.A | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 6.72 % |
| MFC.PR.L | FixedReset Ins Non | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 7.33 % |
| IFC.PR.G | FixedReset Ins Non | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.96 % |
| SLF.PR.G | FixedReset Ins Non | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 7.75 % |
| FFH.PR.D | FloatingReset | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 10.21 % |
| CU.PR.J | Perpetual-Discount | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 6.44 % |
| TD.PF.D | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 7.34 % |
| CM.PR.O | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 7.35 % |
| GWO.PR.N | FixedReset Ins Non | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 7.67 % |
| BN.PR.M | Perpetual-Discount | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.72 % |
| BN.PF.J | FixedReset Disc | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 7.95 % |
| BN.PF.I | FixedReset Disc | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 8.54 % |
| BN.PF.E | FixedReset Disc | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 15.91 Evaluated at bid price : 15.91 Bid-YTW : 9.03 % |
| BN.PF.B | FixedReset Disc | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 8.40 % |
| SLF.PR.J | FloatingReset | 4.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 10.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.L | FixedReset Disc | 106,491 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 23.77 Evaluated at bid price : 24.60 Bid-YTW : 6.69 % |
| GWO.PR.G | Insurance Straight | 88,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.50 % |
| BMO.PR.S | FixedReset Disc | 55,558 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 7.13 % |
| BN.PR.Z | FixedReset Disc | 54,572 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 8.30 % |
| IFC.PR.C | FixedReset Ins Non | 49,246 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.46 % |
| RY.PR.Z | FixedReset Disc | 35,335 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-10 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 7.02 % |
| There were 12 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.G | FixedReset Ins Non | Quote: 21.50 – 23.50 Spot Rate : 2.0000 Average : 1.2876 YTW SCENARIO |
| TD.PF.J | FixedReset Disc | Quote: 22.10 – 23.72 Spot Rate : 1.6200 Average : 0.9568 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 18.64 – 20.00 Spot Rate : 1.3600 Average : 0.8966 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 18.70 – 19.70 Spot Rate : 1.0000 Average : 0.6253 YTW SCENARIO |
| TD.PF.B | FixedReset Disc | Quote: 20.20 – 21.10 Spot Rate : 0.9000 Average : 0.6222 YTW SCENARIO |
| BN.PF.I | FixedReset Disc | Quote: 20.02 – 20.90 Spot Rate : 0.8800 Average : 0.6250 YTW SCENARIO |
January 9, 2024
| 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 | 0.4525 % | 2,145.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4525 % | 4,114.3 |
| Floater | 11.35 % | 11.55 % | 45,203 | 8.45 | 2 | 0.4525 % | 2,371.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,396.4 |
| SplitShare | 4.96 % | 7.65 % | 51,743 | 1.99 | 7 | 0.0000 % | 4,056.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,164.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0507 % | 2,650.6 |
| Perpetual-Discount | 6.48 % | 6.58 % | 54,408 | 13.14 | 34 | 0.0507 % | 2,890.4 |
| FixedReset Disc | 5.73 % | 7.50 % | 116,234 | 12.19 | 59 | 0.0539 % | 2,291.3 |
| Insurance Straight | 6.33 % | 6.49 % | 75,731 | 13.22 | 20 | 0.4565 % | 2,863.1 |
| FloatingReset | 10.50 % | 10.75 % | 36,084 | 8.94 | 5 | 0.2089 % | 2,557.9 |
| FixedReset Prem | 5.92 % | 6.62 % | 150,556 | 3.38 | 2 | -0.1791 % | 2,516.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0539 % | 2,342.2 |
| FixedReset Ins Non | 5.53 % | 7.09 % | 92,714 | 12.62 | 14 | 0.2941 % | 2,567.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.J | FixedReset Ins Non | -2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 22.03 Evaluated at bid price : 22.51 Bid-YTW : 6.73 % |
| FTS.PR.G | FixedReset Disc | -2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 6.96 % |
| PVS.PR.H | SplitShare | -1.91 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 7.67 % |
| TD.PF.E | FixedReset Disc | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 7.48 % |
| BN.PF.I | FixedReset Disc | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 8.69 % |
| FFH.PR.F | FloatingReset | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 10.86 % |
| CM.PR.O | FixedReset Disc | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 7.44 % |
| PWF.PF.A | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 6.50 % |
| TD.PF.B | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 6.94 % |
| MFC.PR.M | FixedReset Ins Non | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 7.50 % |
| FTS.PR.M | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 8.12 % |
| BN.PR.N | Perpetual-Discount | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 17.54 Evaluated at bid price : 17.54 Bid-YTW : 6.84 % |
| SLF.PR.D | Insurance Straight | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 5.98 % |
| MIC.PR.A | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.47 Evaluated at bid price : 18.47 Bid-YTW : 7.39 % |
| GWO.PR.N | FixedReset Ins Non | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 7.77 % |
| MFC.PR.F | FixedReset Ins Non | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 7.54 % |
| CU.PR.H | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.41 % |
| PWF.PR.Z | Perpetual-Discount | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 6.61 % |
| PWF.PR.P | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 14.21 Evaluated at bid price : 14.21 Bid-YTW : 7.97 % |
| TD.PF.A | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.05 % |
| BN.PR.X | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 8.32 % |
| ELF.PR.H | Perpetual-Discount | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.58 % |
| MFC.PR.N | FixedReset Ins Non | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 7.55 % |
| CU.PR.E | Perpetual-Discount | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.38 % |
| IFC.PR.A | FixedReset Ins Non | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 7.09 % |
| BIP.PR.E | FixedReset Disc | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 7.89 % |
| BN.PR.M | Perpetual-Discount | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.82 % |
| GWO.PR.P | Insurance Straight | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.55 % |
| RY.PR.M | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.91 Evaluated at bid price : 18.91 Bid-YTW : 7.48 % |
| FFH.PR.H | FloatingReset | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 10.82 % |
| PVS.PR.K | SplitShare | 1.80 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.65 Bid-YTW : 6.68 % |
| CU.PR.D | Perpetual-Discount | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 6.43 % |
| SLF.PR.H | FixedReset Ins Non | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.85 % |
| CU.PR.C | FixedReset Disc | 2.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 7.50 % |
| SLF.PR.C | Insurance Straight | 2.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.99 % |
| SLF.PR.G | FixedReset Ins Non | 3.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 7.83 % |
| CU.PR.I | FixedReset Disc | 4.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 22.42 Evaluated at bid price : 22.75 Bid-YTW : 7.46 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.P | FixedReset Disc | 165,742 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 14.21 Evaluated at bid price : 14.21 Bid-YTW : 7.97 % |
| EIT.PR.A | SplitShare | 111,351 | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 7.65 % |
| BMO.PR.F | FixedReset Disc | 36,450 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 23.91 Evaluated at bid price : 24.65 Bid-YTW : 7.00 % |
| GWO.PR.N | FixedReset Ins Non | 35,440 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 7.77 % |
| MFC.PR.M | FixedReset Ins Non | 26,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 7.50 % |
| RY.PR.Z | FixedReset Disc | 23,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-09 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 7.01 % |
| There were 12 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BN.PF.F | FixedReset Disc | Quote: 17.80 – 24.00 Spot Rate : 6.2000 Average : 3.4459 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 15.61 – 19.49 Spot Rate : 3.8800 Average : 2.3167 YTW SCENARIO |
| BN.PF.H | FixedReset Disc | Quote: 21.15 – 22.60 Spot Rate : 1.4500 Average : 0.8488 YTW SCENARIO |
| CU.PR.E | Perpetual-Discount | Quote: 19.50 – 20.85 Spot Rate : 1.3500 Average : 0.7994 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 19.09 – 20.50 Spot Rate : 1.4100 Average : 0.9930 YTW SCENARIO |
| MFC.PR.J | FixedReset Ins Non | Quote: 22.51 – 23.55 Spot Rate : 1.0400 Average : 0.7170 YTW SCENARIO |
DC.PR.D SIB Successful, but Undersubscribed
Dundee Corporation has announced (on 2023-12-28):
the results of its substantial issuer bid (the “Offer”) to purchase for cancellation from the holders thereof who chose to participate up to 975,610 of its issued and outstanding Cumulative Floating Rate First Preference Shares, Series 3 in the capital of the Corporation (the “Series 3 Shares”) at a purchase price of C$20.50 per Series 3 Share, for a maximum aggregate purchase price of C$20,000,005. The Offer expired at 11:59 p.m. (Toronto time) on December 27, 2023.
Based on the report of Computershare Investor Services Inc., as depositary for the Offer (the “Depositary”), 914,040 Series 3 Shares were tendered to the Offer. In accordance with the terms and conditions of the Offer and based on the Depositary’s report, the Corporation has taken up and will pay for 914,040 Series 3 Shares at a purchase price of C$20.50 per Series 3 Share for an aggregate purchase price of C$18,737,820. All Series 3 Shares purchased by the Corporation under the Offer will be cancelled in due course. The Series 3 Shares purchased under the Offer represent approximately 55.8% of the Series 3 Shares issued and outstanding before giving effect to the Offer. After giving effect to the cancellation of the Series 3 Shares purchased by the Corporation under the Offer, 724,982 Series 3 Shares will be issued and outstanding.
The Corporation has made payment for the Series 3 Shares tendered and accepted for purchase by tendering to the Depositary the aggregate purchase price payable on the Series 3 Shares validly tendered, taken up and paid for under the Offer, all in accordance with the Offer and applicable laws. Payment to shareholders for the Series 3 Shares will be made in cash, without interest, and will be completed by the Depositary as soon as practicable. Any Series 3 Shares invalidly tendered will be returned to the tendering shareholder promptly by the Depositary.
“This Offer represents a critical step towards optimizing our capital structure to support the successful execution of our strategic business plan with a focus on capital allocation in the junior mining space. By reducing the demands on our capital from the payment of preferred share dividends, we can deploy more resources to fund our core strategy,” said Jonathan Goodman, President and Chief Executive Officer.
“We believe this is an effective way of simplifying our balance sheet, reducing our cost of capital, and lowering our recurring cash needs to unlock value for all of our shareholders. By partially funding the purchase of the Series 3 Shares tendered with cash from treasury, we minimize debt obligations and run-rate cash outflows,” said Lila Murphy, Executive Vice President and Chief Financial Officer.
The full details of the Offer are described in the Corporation’s offer to purchase and issuer bid circular dated November 22, 2023, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available under Dundee’s profile on SEDAR+ at www.sedarplus.ca and are posted on Dundee’s website at www.dundeecorporation.com.
Dundee retained Cassels Brock & Blackwell LLP to act as its external legal advisor and appointed Computershare Investor Services Inc. to act as depositary for the Offer.
The Board of Directors of the Corporation will continue to review various options for the allocation of capital. Beginning in early 2018, the Corporation has focused on the implementation of its strategy of rationalizing its portfolio of investments and monetizing non-core assets as it exits business lines which are no longer deemed to be aligned with its longer-term mining-focused strategy. As part of this process, the Corporation has taken significant steps to streamline its capital structure and strengthen its balance sheet.
This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell any Series 3 Shares.
Update Regarding the Loan
As previously announced by the Corporation on November 20, 2023, in connection with the Offer, the Corporation entered into a loan agreement dated November 17, 2023 (the “Loan Agreement”) among the Corporation, as borrower, Dundee Resources Limited, as guarantor, and Earlston Investments Corp. (the “Lender”), as lender, pursuant to which the Lender agreed to make a loan in a principal amount of up to C$20,000,000 upon satisfaction of certain customary conditions precedent. Pursuant to the Loan Agreement and in connection with the completion of the Offer, the Lender has advanced to the Corporation a loan in the principal amount of C$14,000,000 for purposes of funding the purchase of the Series 3 Shares tendered, taken up and paid for under the Offer. For further details relating to the Loan and the Loan Agreement, including certain material terms and conditions thereof, please see the Corporation’s news release dated November 20, 2023.
The SIB was previously discussed on PrefBlog.
Thanks to Assiduous Reader paullo for bringing this to my attention!
January 8, 2024
| 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 % | 2,135.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,095.8 |
| Floater | 11.40 % | 11.60 % | 45,464 | 8.43 | 2 | 0.0000 % | 2,360.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,396.4 |
| SplitShare | 4.96 % | 7.64 % | 51,800 | 2.00 | 7 | 0.0000 % | 4,056.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 3,164.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1390 % | 2,649.3 |
| Perpetual-Discount | 6.48 % | 6.64 % | 55,172 | 13.03 | 34 | 0.1390 % | 2,888.9 |
| FixedReset Disc | 5.73 % | 7.60 % | 117,428 | 12.15 | 59 | 0.6525 % | 2,290.1 |
| Insurance Straight | 6.36 % | 6.49 % | 75,890 | 13.22 | 20 | 0.6752 % | 2,850.1 |
| FloatingReset | 10.52 % | 10.73 % | 35,899 | 9.01 | 5 | -0.2777 % | 2,552.6 |
| FixedReset Prem | 5.91 % | 6.50 % | 152,783 | 3.38 | 2 | 0.4197 % | 2,521.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6525 % | 2,340.9 |
| FixedReset Ins Non | 5.55 % | 7.18 % | 85,664 | 12.59 | 14 | 0.5116 % | 2,560.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| FFH.PR.H | FloatingReset | -3.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 11.01 % |
| BN.PF.B | FixedReset Disc | -2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 8.60 % |
| BN.PF.A | FixedReset Disc | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 7.93 % |
| SLF.PR.C | Insurance Straight | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 6.14 % |
| BMO.PR.W | FixedReset Disc | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 7.67 % |
| PWF.PR.S | Perpetual-Discount | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 6.65 % |
| SLF.PR.G | FixedReset Ins Non | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 8.10 % |
| CU.PR.C | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 7.66 % |
| RY.PR.M | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 7.60 % |
| GWO.PR.N | FixedReset Ins Non | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 7.86 % |
| FFH.PR.F | FloatingReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 10.73 % |
| MFC.PR.K | FixedReset Ins Non | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 22.22 Evaluated at bid price : 22.88 Bid-YTW : 6.36 % |
| BN.PF.I | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 8.58 % |
| FFH.PR.D | FloatingReset | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 10.34 % |
| SLF.PR.D | Insurance Straight | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.05 % |
| IFC.PR.E | Insurance Straight | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.51 % |
| SLF.PR.E | Insurance Straight | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 6.09 % |
| RY.PR.H | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.35 % |
| BIP.PR.B | FixedReset Disc | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 21.73 Evaluated at bid price : 22.20 Bid-YTW : 8.55 % |
| TD.PF.C | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 7.40 % |
| MFC.PR.C | Insurance Straight | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.12 % |
| BN.PR.R | FixedReset Disc | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 9.03 % |
| BN.PR.X | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 8.43 % |
| BMO.PR.Y | FixedReset Disc | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 7.57 % |
| PWF.PR.G | Perpetual-Discount | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 22.96 Evaluated at bid price : 23.23 Bid-YTW : 6.48 % |
| SLF.PR.H | FixedReset Ins Non | 2.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.98 % |
| FFH.PR.G | FixedReset Disc | 2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 16.36 Evaluated at bid price : 16.36 Bid-YTW : 8.53 % |
| TD.PF.E | FixedReset Disc | 3.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 20.16 Evaluated at bid price : 20.16 Bid-YTW : 7.37 % |
| IFC.PR.F | Insurance Straight | 3.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.61 % |
| PWF.PR.P | FixedReset Disc | 5.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 8.07 % |
| NA.PR.W | FixedReset Disc | 5.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.61 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.P | FixedReset Disc | 164,896 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 17.92 Evaluated at bid price : 17.92 Bid-YTW : 7.62 % |
| BMO.PR.Y | FixedReset Disc | 70,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 7.57 % |
| TD.PF.C | FixedReset Disc | 30,846 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 7.40 % |
| TD.PF.B | FixedReset Disc | 27,425 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.03 % |
| BNS.PR.I | FixedReset Prem | 26,052 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 24.92 Bid-YTW : 5.42 % |
| PWF.PR.H | Perpetual-Discount | 25,053 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-08 Maturity Price : 21.63 Evaluated at bid price : 21.88 Bid-YTW : 6.71 % |
| There were 11 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BMO.PR.W | FixedReset Disc | Quote: 18.10 – 24.50 Spot Rate : 6.4000 Average : 3.5360 YTW SCENARIO |
| TD.PF.C | FixedReset Disc | Quote: 18.84 – 23.33 Spot Rate : 4.4900 Average : 2.4674 YTW SCENARIO |
| CIU.PR.A | Perpetual-Discount | Quote: 17.50 – 20.00 Spot Rate : 2.5000 Average : 1.3442 YTW SCENARIO |
| TD.PF.B | FixedReset Disc | Quote: 20.11 – 21.10 Spot Rate : 0.9900 Average : 0.6110 YTW SCENARIO |
| FFH.PR.H | FloatingReset | Quote: 17.70 – 18.45 Spot Rate : 0.7500 Average : 0.4990 YTW SCENARIO |
| TD.PF.E | FixedReset Disc | Quote: 20.16 – 21.45 Spot Rate : 1.2900 Average : 1.0410 YTW SCENARIO |
January 5, 2023
This rally seems to have legs – the TXPR price index was up another 0.48% today to 549.53, making a gain of 3.07% from the 533.17 close on 2023-12-27, the last day of tax-loss selling. Geez, if we annualize that …
| 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 % | 2,135.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,095.8 |
| Floater | 11.40 % | 11.58 % | 45,470 | 8.44 | 2 | 0.0000 % | 2,360.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7061 % | 3,396.4 |
| SplitShare | 4.96 % | 7.40 % | 52,055 | 2.01 | 7 | 0.7061 % | 4,056.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7061 % | 3,164.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6481 % | 2,645.6 |
| Perpetual-Discount | 6.49 % | 6.61 % | 56,594 | 13.02 | 34 | 0.6481 % | 2,884.9 |
| FixedReset Disc | 5.76 % | 7.59 % | 120,658 | 12.13 | 59 | 0.4557 % | 2,275.2 |
| Insurance Straight | 6.40 % | 6.53 % | 76,117 | 13.18 | 20 | 0.5966 % | 2,831.0 |
| FloatingReset | 10.50 % | 10.64 % | 36,080 | 9.08 | 5 | 1.1825 % | 2,559.7 |
| FixedReset Prem | 5.94 % | 6.68 % | 154,730 | 12.79 | 2 | -0.9111 % | 2,510.6 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4557 % | 2,325.7 |
| FixedReset Ins Non | 5.58 % | 7.15 % | 86,317 | 12.63 | 14 | 0.2660 % | 2,547.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.E | Insurance Straight | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.87 Evaluated at bid price : 19.87 Bid-YTW : 6.60 % |
| MIC.PR.A | Perpetual-Discount | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 7.47 % |
| BMO.PR.E | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 22.89 Evaluated at bid price : 24.25 Bid-YTW : 6.46 % |
| SLF.PR.D | Insurance Straight | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.31 Evaluated at bid price : 18.31 Bid-YTW : 6.13 % |
| CU.PR.E | Perpetual-Discount | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.22 Evaluated at bid price : 19.22 Bid-YTW : 6.47 % |
| BMO.PR.S | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.97 Evaluated at bid price : 19.97 Bid-YTW : 7.10 % |
| CM.PR.P | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 7.59 % |
| BMO.PR.W | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.51 % |
| BMO.PR.T | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 7.36 % |
| CU.PR.G | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.53 % |
| BN.PF.G | FixedReset Disc | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 8.91 % |
| GWO.PR.G | Insurance Straight | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.54 % |
| FFH.PR.I | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 8.63 % |
| SLF.PR.G | FixedReset Ins Non | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 7.94 % |
| SLF.PR.C | Insurance Straight | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.06 % |
| NA.PR.W | FixedReset Disc | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.98 % |
| GWO.PR.I | Insurance Straight | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.38 % |
| RY.PR.Z | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.99 % |
| TD.PF.A | FixedReset Disc | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 7.12 % |
| CU.PR.J | Perpetual-Discount | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.50 % |
| GWO.PR.S | Insurance Straight | 1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.52 % |
| PVS.PR.H | SplitShare | 1.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 7.03 % |
| GWO.PR.H | Insurance Straight | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 6.52 % |
| POW.PR.C | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.33 % |
| GWO.PR.M | Insurance Straight | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 6.43 % |
| FTS.PR.K | FixedReset Disc | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 7.59 % |
| FTS.PR.I | FloatingReset | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 15.55 Evaluated at bid price : 15.55 Bid-YTW : 10.80 % |
| PWF.PR.K | Perpetual-Discount | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.60 % |
| PWF.PR.S | Perpetual-Discount | 1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 6.57 % |
| MFC.PR.F | FixedReset Ins Non | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 14.43 Evaluated at bid price : 14.43 Bid-YTW : 7.53 % |
| NA.PR.S | FixedReset Disc | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 7.24 % |
| PVS.PR.K | SplitShare | 2.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 7.05 % |
| FTS.PR.G | FixedReset Disc | 2.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.72 % |
| BN.PR.Z | FixedReset Disc | 2.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 8.34 % |
| GWO.PR.T | Insurance Straight | 2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.53 % |
| FFH.PR.H | FloatingReset | 2.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 10.63 % |
| BN.PF.B | FixedReset Disc | 2.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 8.30 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.I | FixedReset Disc | 140,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 23.10 Evaluated at bid price : 24.55 Bid-YTW : 6.48 % |
| BNS.PR.I | FixedReset Prem | 97,300 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 24.92 Bid-YTW : 5.11 % |
| CM.PR.O | FixedReset Disc | 96,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 7.34 % |
| IFC.PR.C | FixedReset Ins Non | 93,840 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 7.52 % |
| TD.PF.B | FixedReset Disc | 88,032 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 7.03 % |
| BN.PF.F | FixedReset Disc | 82,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-05 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 8.64 % |
| There were 13 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.I | FixedReset Disc | Quote: 21.75 – 24.50 Spot Rate : 2.7500 Average : 1.5559 YTW SCENARIO |
| BN.PR.N | Perpetual-Discount | Quote: 17.25 – 18.29 Spot Rate : 1.0400 Average : 0.6168 YTW SCENARIO |
| POW.PR.B | Perpetual-Discount | Quote: 20.28 – 21.50 Spot Rate : 1.2200 Average : 0.8209 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 18.52 – 19.52 Spot Rate : 1.0000 Average : 0.6460 YTW SCENARIO |
| PWF.PR.K | Perpetual-Discount | Quote: 19.15 – 19.97 Spot Rate : 0.8200 Average : 0.5380 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 19.87 – 20.70 Spot Rate : 0.8300 Average : 0.5757 YTW SCENARIO |
January 4, 2024
| 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 | -0.2708 % | 2,135.4 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2708 % | 4,095.8 |
| Floater | 11.40 % | 11.58 % | 45,785 | 8.45 | 2 | -0.2708 % | 2,360.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1580 % | 3,372.6 |
| SplitShare | 4.99 % | 7.71 % | 51,420 | 2.01 | 7 | -0.1580 % | 4,027.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1580 % | 3,142.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7408 % | 2,628.6 |
| Perpetual-Discount | 6.53 % | 6.66 % | 56,737 | 12.97 | 34 | 0.7408 % | 2,866.3 |
| FixedReset Disc | 5.79 % | 7.65 % | 120,998 | 12.04 | 59 | 0.4194 % | 2,264.9 |
| Insurance Straight | 6.44 % | 6.58 % | 77,107 | 13.11 | 20 | 0.4071 % | 2,814.2 |
| FloatingReset | 10.62 % | 10.91 % | 35,733 | 8.89 | 5 | 0.2936 % | 2,529.8 |
| FixedReset Prem | 5.88 % | 6.67 % | 153,656 | 12.60 | 2 | 0.3378 % | 2,533.7 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4194 % | 2,315.2 |
| FixedReset Ins Non | 5.59 % | 7.15 % | 86,955 | 12.54 | 14 | 0.5963 % | 2,540.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| NA.PR.W | FixedReset Disc | -2.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.10 % |
| IFC.PR.F | Insurance Straight | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 6.87 % |
| SLF.PR.D | Insurance Straight | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.19 % |
| PVS.PR.H | SplitShare | -1.49 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 7.63 % |
| SLF.PR.E | Insurance Straight | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.29 Evaluated at bid price : 18.29 Bid-YTW : 6.20 % |
| SLF.PR.C | Insurance Straight | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.15 % |
| CU.PR.G | Perpetual-Discount | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 6.61 % |
| PVS.PR.K | SplitShare | -1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.78 Bid-YTW : 7.51 % |
| IFC.PR.K | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.62 % |
| FFH.PR.C | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 8.05 % |
| CM.PR.P | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 7.67 % |
| PVS.PR.G | SplitShare | 1.06 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.90 Bid-YTW : 7.38 % |
| PWF.PR.E | Perpetual-Discount | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 6.72 % |
| GWO.PR.P | Insurance Straight | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.58 % |
| GWO.PR.N | FixedReset Ins Non | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 7.91 % |
| BN.PR.T | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 8.97 % |
| BIP.PR.B | FixedReset Disc | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 21.40 Evaluated at bid price : 21.72 Bid-YTW : 8.68 % |
| FTS.PR.K | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 7.74 % |
| BIP.PR.E | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 7.95 % |
| TD.PF.A | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.24 % |
| IFC.PR.C | FixedReset Ins Non | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 7.57 % |
| BN.PR.N | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 6.93 % |
| CU.PR.C | FixedReset Disc | 1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 7.71 % |
| CU.PR.E | Perpetual-Discount | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 6.54 % |
| TD.PF.D | FixedReset Disc | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 7.48 % |
| RY.PR.Z | FixedReset Disc | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.10 % |
| MFC.PR.L | FixedReset Ins Non | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.16 % |
| POW.PR.A | Perpetual-Discount | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.63 % |
| RY.PR.N | Perpetual-Discount | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 21.47 Evaluated at bid price : 21.77 Bid-YTW : 5.69 % |
| FTS.PR.I | FloatingReset | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 15.26 Evaluated at bid price : 15.26 Bid-YTW : 11.00 % |
| CU.PR.D | Perpetual-Discount | 1.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 6.55 % |
| BIK.PR.A | FixedReset Disc | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 21.67 Evaluated at bid price : 22.05 Bid-YTW : 8.29 % |
| POW.PR.D | Perpetual-Discount | 2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 6.56 % |
| MIC.PR.A | Perpetual-Discount | 2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.39 % |
| MFC.PR.J | FixedReset Ins Non | 2.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 22.44 Evaluated at bid price : 23.20 Bid-YTW : 6.46 % |
| CCS.PR.C | Insurance Straight | 2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 6.64 % |
| BIP.PR.A | FixedReset Disc | 2.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 9.52 % |
| BMO.PR.W | FixedReset Disc | 3.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 7.59 % |
| IFC.PR.E | Insurance Straight | 3.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.49 % |
| IFC.PR.I | Insurance Straight | 3.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.49 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.A | FixedReset Disc | 109,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.24 % |
| BNS.PR.I | FixedReset Prem | 84,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 5.29 % |
| MFC.PR.I | FixedReset Ins Non | 59,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 22.11 Evaluated at bid price : 22.59 Bid-YTW : 6.81 % |
| TD.PF.B | FixedReset Disc | 52,425 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 7.03 % |
| CU.PR.C | FixedReset Disc | 51,150 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 7.71 % |
| CU.PR.I | FixedReset Disc | 50,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-04 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 7.77 % |
| There were 10 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.F | FixedReset Ins Non | Quote: 14.14 – 19.38 Spot Rate : 5.2400 Average : 3.6831 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 17.27 – 20.00 Spot Rate : 2.7300 Average : 2.2483 YTW SCENARIO |
| TD.PF.D | FixedReset Disc | Quote: 19.60 – 20.90 Spot Rate : 1.3000 Average : 0.8350 YTW SCENARIO |
| NA.PR.W | FixedReset Disc | Quote: 17.00 – 18.11 Spot Rate : 1.1100 Average : 0.7019 YTW SCENARIO |
| TD.PF.E | FixedReset Disc | Quote: 19.52 – 20.50 Spot Rate : 0.9800 Average : 0.6998 YTW SCENARIO |
| PVS.PR.H | SplitShare | Quote: 23.10 – 24.00 Spot Rate : 0.9000 Average : 0.6345 YTW SCENARIO |
January 3, 2024
TXPR closed at 544.96, up 0.64% on the day. Volume today was 1.26-million, third-lowest of the past 21 trading days.
CPD closed at 10.84, up 0.84% on the day. Volume was 119,330, slightly below the median of the past 21 trading days.
ZPR closed at 9.17, up 0.66% on the day. Volume was 54,700, lowest of the past 21 trading days.
Five-year Canada yields were up to 3.28%.
The pundits have a pat answer for today’s action in major markets:
U.S. and Canadian stock indexes ended the second session of the year down again in extended profit-taking on Wednesday after a strong finish to 2023, with minutes from the Federal Reserve’s December meeting failing to shake off the funk hanging over markets.
It was the first time the benchmark S&P 500 index has started the year with two straight declines since it kicked off 2015 with a three-session skid. It is also its worst two-day performance, on a percentage basis, since late-October.
The decline contrasts with the blistering run for all three major Wall Street benchmarks in the final two months of the year. The S&P 500 came within striking distance of its all-time closing high last week as signs of cooling inflation spurred investors to bet on an aggressive rate-cutting schedule.
…
As of Wednesday, implied probabilities in interest rate swaps markets suggest the Bank of Canada will start cutting interest rates in April, with 125 basis points of cuts priced in by the end of this year.
Definitely, “profit taking” is my favourite rationale for market movement!
PerpetualDiscounts now yield 6.72%, equivalent to 8.74% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.72% on 2023-12-15 and since then the closing price has changed from 15.88 to 15.33, a decline of 346bp in price, with a Duration (BMO doesn’t specify Modified or Macaulay – I will assume the former) of 12.60 implying an increase of 27bp in yield to 4.99%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 374bp from the 430bp reported December 27.
| 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 | 0.4989 % | 2,141.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4989 % | 4,106.9 |
| Floater | 11.37 % | 11.51 % | 53,146 | 8.49 | 2 | 0.4989 % | 2,366.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1153 % | 3,377.9 |
| SplitShare | 4.98 % | 7.80 % | 51,172 | 2.01 | 7 | -0.1153 % | 4,034.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1153 % | 3,147.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.8972 % | 2,609.3 |
| Perpetual-Discount | 6.58 % | 6.72 % | 57,673 | 12.90 | 34 | 0.8972 % | 2,845.3 |
| FixedReset Disc | 5.82 % | 7.73 % | 115,882 | 12.00 | 59 | 0.3818 % | 2,255.4 |
| Insurance Straight | 6.46 % | 6.63 % | 76,163 | 13.05 | 20 | 0.6630 % | 2,802.8 |
| FloatingReset | 10.65 % | 10.87 % | 37,177 | 8.92 | 5 | 0.3299 % | 2,522.4 |
| FixedReset Prem | 5.90 % | 6.72 % | 158,677 | 12.55 | 2 | -0.6711 % | 2,525.2 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3818 % | 2,305.5 |
| FixedReset Ins Non | 5.63 % | 7.17 % | 80,448 | 12.54 | 14 | 0.5612 % | 2,525.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.C | FixedReset Disc | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 7.82 % |
| IFC.PR.I | Insurance Straight | -2.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.73 % |
| PVS.PR.J | SplitShare | -1.99 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 22.15 Bid-YTW : 7.80 % |
| BN.PF.G | FixedReset Disc | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 16.37 Evaluated at bid price : 16.37 Bid-YTW : 8.96 % |
| RY.PR.N | Perpetual-Discount | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.81 % |
| BN.PF.B | FixedReset Disc | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.33 Evaluated at bid price : 17.33 Bid-YTW : 8.62 % |
| CM.PR.P | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.44 Evaluated at bid price : 17.44 Bid-YTW : 7.75 % |
| NA.PR.C | FixedReset Prem | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 23.40 Evaluated at bid price : 25.41 Bid-YTW : 6.72 % |
| BN.PR.Z | FixedReset Disc | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.28 Evaluated at bid price : 18.28 Bid-YTW : 8.57 % |
| BN.PR.B | Floater | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 11.11 Evaluated at bid price : 11.11 Bid-YTW : 11.51 % |
| BN.PR.N | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.07 Evaluated at bid price : 17.07 Bid-YTW : 7.02 % |
| SLF.PR.E | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.54 Evaluated at bid price : 18.54 Bid-YTW : 6.12 % |
| GWO.PR.H | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 6.63 % |
| FFH.PR.M | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 21.56 Evaluated at bid price : 21.93 Bid-YTW : 8.13 % |
| BN.PR.R | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 9.13 % |
| POW.PR.G | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 6.76 % |
| FFH.PR.G | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 15.77 Evaluated at bid price : 15.77 Bid-YTW : 8.76 % |
| PWF.PR.S | Perpetual-Discount | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.74 % |
| FFH.PR.F | FloatingReset | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 10.91 % |
| CM.PR.O | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 7.46 % |
| CU.PR.G | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.53 % |
| PWF.PR.E | Perpetual-Discount | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.79 % |
| GWO.PR.L | Insurance Straight | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.63 % |
| SLF.PR.D | Insurance Straight | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.10 % |
| POW.PR.A | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.74 % |
| FTS.PR.I | FloatingReset | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 11.19 % |
| SLF.PR.H | FixedReset Ins Non | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 6.98 % |
| PVS.PR.K | SplitShare | 1.29 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.01 Bid-YTW : 7.28 % |
| POW.PR.D | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 6.70 % |
| PWF.PR.F | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 6.77 % |
| MFC.PR.L | FixedReset Ins Non | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.79 Evaluated at bid price : 18.79 Bid-YTW : 7.28 % |
| BN.PR.X | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 8.53 % |
| PWF.PR.L | Perpetual-Discount | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.75 % |
| BN.PF.F | FixedReset Disc | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 8.69 % |
| PWF.PF.A | Perpetual-Discount | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.68 % |
| BN.PF.C | Perpetual-Discount | 1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 7.07 % |
| POW.PR.C | Perpetual-Discount | 1.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 6.44 % |
| IFC.PR.F | Insurance Straight | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.74 % |
| BN.PF.D | Perpetual-Discount | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.11 % |
| MFC.PR.F | FixedReset Ins Non | 2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 7.61 % |
| FFH.PR.K | FixedReset Disc | 2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 8.44 % |
| CU.PR.I | FixedReset Disc | 2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 21.47 Evaluated at bid price : 21.47 Bid-YTW : 7.85 % |
| BN.PR.M | Perpetual-Discount | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 6.95 % |
| PWF.PR.Z | Perpetual-Discount | 2.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.73 % |
| PWF.PR.P | FixedReset Disc | 2.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 13.39 Evaluated at bid price : 13.39 Bid-YTW : 8.43 % |
| BN.PF.I | FixedReset Disc | 2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 8.69 % |
| CU.PR.H | Perpetual-Discount | 2.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.60 % |
| GWO.PR.M | Insurance Straight | 3.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 22.17 Evaluated at bid price : 22.45 Bid-YTW : 6.50 % |
| CCS.PR.C | Insurance Straight | 3.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 6.81 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.I | FixedReset Prem | 56,809 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-02-26 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 5.19 % |
| RY.PR.Z | FixedReset Disc | 41,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.21 % |
| BN.PF.G | FixedReset Disc | 34,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 16.37 Evaluated at bid price : 16.37 Bid-YTW : 8.96 % |
| MFC.PR.K | FixedReset Ins Non | 25,635 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 21.92 Evaluated at bid price : 22.40 Bid-YTW : 6.46 % |
| GWO.PR.N | FixedReset Ins Non | 21,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 13.21 Evaluated at bid price : 13.21 Bid-YTW : 7.99 % |
| SLF.PR.H | FixedReset Ins Non | 20,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-01-03 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 6.98 % |
| There were 9 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.F | Perpetual-Discount | Quote: 17.27 – 20.00 Spot Rate : 2.7300 Average : 1.7201 YTW SCENARIO |
| BN.PR.Z | FixedReset Disc | Quote: 18.28 – 19.55 Spot Rate : 1.2700 Average : 0.7859 YTW SCENARIO |
| POW.PR.B | Perpetual-Discount | Quote: 20.02 – 21.02 Spot Rate : 1.0000 Average : 0.5841 YTW SCENARIO |
| BIK.PR.A | FixedReset Disc | Quote: 21.62 – 22.50 Spot Rate : 0.8800 Average : 0.5334 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 17.45 – 18.25 Spot Rate : 0.8000 Average : 0.4810 YTW SCENARIO |
| BN.PF.F | FixedReset Disc | Quote: 17.60 – 19.00 Spot Rate : 1.4000 Average : 1.1232 YTW SCENARIO |