April « 2024 « PrefBlog

Archive for April, 2024

PerpetualDiscounts now yield 6.75%, equivalent to 8.78% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.18% on 2024-4-5 and since then the closing price of ZLC has changed from 14.79 to 14.62, a decrease of 115bp in price, implying an increase of yields of 9bp (BMO reports a duration of 12.33, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 5.27%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 350bp from the 345bp reported April 10.

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 %	2,370.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,545.6
Floater	10.15 %	10.33 %	45,677	9.28	1	0.0000 %	2,619.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0419 %	3,432.3
SplitShare	4.90 %	7.09 %	31,755	1.75	7	0.0419 %	4,098.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0419 %	3,198.2
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0286 %	2,593.1
Perpetual-Discount	6.63 %	6.75 %	45,341	12.91	29	0.0286 %	2,827.7
FixedReset Disc	5.26 %	7.31 %	109,312	12.09	57	0.2587 %	2,527.4
Insurance Straight	6.55 %	6.71 %	53,643	12.92	21	0.3232 %	2,769.1
FloatingReset	9.53 %	9.48 %	29,155	9.96	2	0.1312 %	2,682.8
FixedReset Prem	6.40 %	6.56 %	205,858	3.16	3	0.2129 %	2,513.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2587 %	2,583.5
FixedReset Ins Non	5.37 %	7.40 %	70,853	12.30	14	-0.0036 %	2,645.6

Performance Highlights
Issue	Index	Change	Notes
BN.PR.M	Perpetual-Discount	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 16.97 Evaluated at bid price : 16.97 Bid-YTW : 7.08 %
MFC.PR.I	FixedReset Ins Non	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 21.90 Evaluated at bid price : 22.25 Bid-YTW : 7.33 %
NA.PR.S	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.23 Evaluated at bid price : 22.93 Bid-YTW : 6.65 %
BN.PF.B	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 18.86 Evaluated at bid price : 18.86 Bid-YTW : 8.44 %
MFC.PR.C	Insurance Straight	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 6.31 %
CCS.PR.C	Insurance Straight	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.70 %
FTS.PR.H	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 15.43 Evaluated at bid price : 15.43 Bid-YTW : 8.09 %
SLF.PR.D	Insurance Straight	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.25 %
BN.PR.Z	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 8.53 %
CU.PR.C	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 7.55 %
MFC.PR.B	Insurance Straight	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.35 %
RY.PR.M	FixedReset Disc	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.61 Evaluated at bid price : 23.00 Bid-YTW : 6.60 %
CM.PR.P	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.22 Evaluated at bid price : 22.96 Bid-YTW : 6.36 %
RY.PR.S	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.65 Evaluated at bid price : 23.70 Bid-YTW : 6.44 %
RY.PR.N	Perpetual-Discount	2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.42 Evaluated at bid price : 22.70 Bid-YTW : 5.47 %
IFC.PR.F	Insurance Straight	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.77 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.Z	FixedReset Disc	1,250,934	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.08 %
CM.PR.T	FixedReset Disc	223,296	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-30 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.64 %
RY.PR.J	FixedReset Disc	128,122	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 23.15 Evaluated at bid price : 23.68 Bid-YTW : 6.67 %
RY.PR.H	FixedReset Disc	125,463	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 23.33 Evaluated at bid price : 24.20 Bid-YTW : 6.20 %
BMO.PR.T	FixedReset Disc	82,510	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 23.47 Evaluated at bid price : 24.32 Bid-YTW : 6.15 %
TD.PF.L	FixedReset Prem	69,950	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-30 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.39 %
There were 17 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.E	FixedReset Disc	Quote: 23.11 – 23.95 Spot Rate : 0.8400 Average : 0.6208 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.70 Evaluated at bid price : 23.11 Bid-YTW : 6.74 %
BN.PR.M	Perpetual-Discount	Quote: 16.97 – 17.60 Spot Rate : 0.6300 Average : 0.4665 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 16.97 Evaluated at bid price : 16.97 Bid-YTW : 7.08 %
CCS.PR.C	Insurance Straight	Quote: 18.88 – 20.00 Spot Rate : 1.1200 Average : 0.9832 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.70 %
BN.PF.A	FixedReset Disc	Quote: 21.05 – 22.67 Spot Rate : 1.6200 Average : 1.5004 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 8.02 %
NA.PR.G	FixedReset Prem	Quote: 25.12 – 25.47 Spot Rate : 0.3500 Average : 0.2470 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 23.23 Evaluated at bid price : 25.12 Bid-YTW : 6.56 %
TD.PF.J	FixedReset Disc	Quote: 23.20 – 23.59 Spot Rate : 0.3900 Average : 0.2904 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-17 Maturity Price : 22.45 Evaluated at bid price : 23.20 Bid-YTW : 6.74 %

Posted in Market Action | 1 Comment »

RY.PR.Z To Be Redeemed

Tuesday, April 16th, 2024

Royal Bank of Canada has announced:

its intention to redeem all of its issued and outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AZ (Series AZ shares) (TSX: RY.PR.Z) on May 24, 2024, for cash at a redemption price of $25.00 per share to be paid on May 24, 2024.

There are 20,000,000 Series AZ shares outstanding, representing $500 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

The final quarterly dividend of $0.23125 for each of the Series AZ shares will be paid separately from the redemption price for each of the Series AZ Shares and in the usual manner on May 24, 2024 to shareholders of record at the close of business on April 25, 2024. After such dividend payments, the holders of Series AZ shares will cease to be entitled to dividends.

RY.PR.Z is a NVCC-compliant FixedReset, 4.00%+221, that commenced trading 2014-1-30 after being announced 2014-1-21. The extension was announced 2019-4-12. The issue reset At 3.700% effective May 24, 2019. I recommended against conversion and there was no conversion. This issue is tracked by HIMIPref™ and is assigned to the FixedReset-Discount subindex.

Thanks to Assiduous Readers Peculiar_Investor and bluehawk for bringing this to my attention!

Posted in Issue Comments | 9 Comments »

NA.PR.S To Reset At 6.191%

Tuesday, April 16th, 2024

National Bank of Canada has announced:

that it does not intend to exercise its right to redeem all or part of the currently outstanding 14,000,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 30, Non-Viability Contingent Capital (NVCC) (the “Series 30 Shares”) on May 15, 2024. As a result, subject to certain conditions, the holders of the Series 30 Shares will have the right to convert all or part of their Series 30 Shares on a one-for-one basis into Non-Cumulative Floating Rate First Preferred Shares, Series 31 (NVCC) (the “Series 31 Shares”) on May 15, 2024, in accordance with the terms of the Series 30 Shares described in the prospectus supplement dated January 31, 2014.

Holders who do not exercise their right to convert their Series 30 Shares into Series 31 Shares on May 15, 2024, will retain their Series 30 Shares.

The foregoing conversions are subject to the conditions that:

i. if the Bank determines that there would remain outstanding on May 15, 2024, less than 1,000,000 Series 31 Shares, after having taken into account all Series 30 Shares tendered for conversion into Series 31 Shares, then holders of Series 30 Shares will not be entitled to convert their shares into Series 31 Shares, or

ii. if the Bank determines that there would remain outstanding on May 15, 2024, less than 1,000,000 Series 30 Shares, after having taken into account all Series 30 Shares tendered for conversion into Series 31 Shares, then all remaining Series 30 Shares will automatically be converted into Series 31 Shares without the consent of the holders on May 15, 2024.

In either case, the Bank shall give a notice to that effect to all registered holders of Series 30 Shares no later than May 8, 2024.

Holders of Series 30 Shares, should any remain outstanding after May 15, 2024, will be entitled to receive fixed-rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of the Bank Act (Canada). The dividend rate for the five-year period commencing on May 16, 2024, and ending on May 15, 2029, will be 6.191%, being equal to the sum of the five-year Government of Canada Bond yield (3.791%) plus 2.40%, as determined in accordance with the terms of the Series 30 Shares.

Holders of Series 31 Shares, should any be issued on May 15, 2024, will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of the Bank and subject to the provisions of the Bank Act (Canada). The dividend rate for the three-month period commencing on May 16, 2024, and ending on August 15, 2024, will be 7.380%, being equal to the sum of the 90-day Government of Canada Treasury Bill yield (4.98%) plus 2.40%, calculated on the basis of actual number of days elapsed in such quarterly floating rate period divided by 365, as determined in accordance with the terms of the Series 31 Shares.

Beneficial owners of Series 30 Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which will run from April 15, 2024, until April 30, 2024, at 5:00 p.m. (EDT).

NA.PR.S is a NVCC-compliant FixedReset, 4.10%+240, that commenced trading 2014-2-7 after being announced 2014-1-29. It reset At 4.025% effective May 16, 2019. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and assigned to the FixedResets-Discount subindex.

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

Posted in Issue Comments | 4 Comments »

April 16, 2024

Tuesday, April 16th, 2024

TXPR closed at 581.04, up 0.86% on the day. Volume today was 5.57-million, highest by far of the past 21 trading days.

CPD closed at 11.57, up 1.05% on the day. Volume was 163,230, second-highest of the past 21 trading days.

ZPR closed at 10.00, up 1.42% on the day. Volume was 611,560, highest by far of the past 21 trading days.

Five-year Canada yields were unchanged at 3.80%.

The day was enlivened by the unexpected call for redemption of RY.PR.Z, which ignited a furious repricing of bank issues.

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	-0.3213 %	2,370.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3213 %	4,545.6
Floater	10.15 %	10.33 %	45,981	9.29	1	-0.3213 %	2,619.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0239 %	3,430.9
SplitShare	4.91 %	7.11 %	31,421	1.76	7	-0.0239 %	4,097.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0239 %	3,196.8
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.3014 %	2,592.4
Perpetual-Discount	6.63 %	6.74 %	44,079	12.92	29	0.3014 %	2,826.9
FixedReset Disc	5.28 %	7.30 %	108,148	12.01	57	1.2696 %	2,520.9
Insurance Straight	6.57 %	6.71 %	53,346	12.92	21	-0.1276 %	2,760.1
FloatingReset	9.54 %	9.48 %	30,321	9.97	2	0.1577 %	2,679.3
FixedReset Prem	6.41 %	6.57 %	207,756	3.16	3	0.4276 %	2,508.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	1.2696 %	2,576.9
FixedReset Ins Non	5.37 %	7.39 %	72,048	12.37	14	1.1290 %	2,645.7

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.E	Insurance Straight	-2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 6.74 %
IFC.PR.F	Insurance Straight	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.95 %
BN.PF.B	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 8.53 %
IFC.PR.K	Insurance Straight	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.76 %
BN.PF.F	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 8.53 %
BN.PR.Z	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 8.63 %
CU.PR.C	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 7.65 %
IFC.PR.I	Insurance Straight	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.83 %
SLF.PR.C	Insurance Straight	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.28 %
CM.PR.S	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.53 Evaluated at bid price : 22.53 Bid-YTW : 6.80 %
MFC.PR.N	FixedReset Ins Non	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 20.16 Evaluated at bid price : 20.16 Bid-YTW : 7.40 %
RY.PR.N	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 21.93 Evaluated at bid price : 22.20 Bid-YTW : 5.60 %
GWO.PR.N	FixedReset Ins Non	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 14.46 Evaluated at bid price : 14.46 Bid-YTW : 8.09 %
MFC.PR.M	FixedReset Ins Non	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 7.44 %
BMO.PR.S	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.26 Evaluated at bid price : 24.47 Bid-YTW : 6.23 %
FTS.PR.M	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 8.11 %
BMO.PR.T	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.37 Evaluated at bid price : 24.23 Bid-YTW : 6.17 %
TD.PF.E	FixedReset Disc	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.63 Evaluated at bid price : 23.04 Bid-YTW : 6.76 %
TD.PF.A	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.36 Evaluated at bid price : 24.10 Bid-YTW : 6.08 %
BN.PF.I	FixedReset Disc	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 21.30 Evaluated at bid price : 21.60 Bid-YTW : 8.31 %
TD.PF.D	FixedReset Disc	2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.80 Evaluated at bid price : 23.27 Bid-YTW : 6.67 %
TD.PF.J	FixedReset Disc	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.34 Evaluated at bid price : 23.00 Bid-YTW : 6.80 %
BIP.PR.A	FixedReset Disc	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.86 %
FTS.PR.K	FixedReset Disc	2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 7.77 %
MFC.PR.I	FixedReset Ins Non	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.13 Evaluated at bid price : 22.58 Bid-YTW : 7.22 %
IFC.PR.A	FixedReset Ins Non	2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 7.41 %
RY.PR.M	FixedReset Disc	2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.29 Evaluated at bid price : 22.65 Bid-YTW : 6.70 %
MFC.PR.Q	FixedReset Ins Non	2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 21.35 Evaluated at bid price : 21.65 Bid-YTW : 7.23 %
CM.PR.P	FixedReset Disc	2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.00 Evaluated at bid price : 22.59 Bid-YTW : 6.47 %
CM.PR.O	FixedReset Disc	3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.62 Evaluated at bid price : 23.70 Bid-YTW : 6.30 %
RY.PR.J	FixedReset Disc	4.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.97 Evaluated at bid price : 23.50 Bid-YTW : 6.72 %
CM.PR.Q	FixedReset Disc	5.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.78 Evaluated at bid price : 23.25 Bid-YTW : 6.68 %
TD.PF.C	FixedReset Disc	5.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.56 Evaluated at bid price : 23.15 Bid-YTW : 6.32 %
RY.PR.H	FixedReset Disc	6.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.40 Evaluated at bid price : 24.26 Bid-YTW : 6.19 %
NA.PR.W	FixedReset Disc	7.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.84 %
PWF.PR.S	Perpetual-Discount	7.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 6.74 %
RY.PR.Z	FixedReset Disc	9.80 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 5.34 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.Z	FixedReset Disc	898,925	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 5.34 %
RY.PR.J	FixedReset Disc	672,897	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.97 Evaluated at bid price : 23.50 Bid-YTW : 6.72 %
RY.PR.M	FixedReset Disc	547,662	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.29 Evaluated at bid price : 22.65 Bid-YTW : 6.70 %
GWO.PR.N	FixedReset Ins Non	474,212	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 14.46 Evaluated at bid price : 14.46 Bid-YTW : 8.09 %
TD.PF.D	FixedReset Disc	363,063	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.80 Evaluated at bid price : 23.27 Bid-YTW : 6.67 %
RY.PR.H	FixedReset Disc	250,230	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.40 Evaluated at bid price : 24.26 Bid-YTW : 6.19 %
NA.PR.S	FixedReset Disc	214,862	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.10 Evaluated at bid price : 22.70 Bid-YTW : 6.72 %
IFC.PR.A	FixedReset Ins Non	166,830	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 7.41 %
SLF.PR.G	FixedReset Ins Non	146,870	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 15.33 Evaluated at bid price : 15.33 Bid-YTW : 8.02 %
BMO.PR.T	FixedReset Disc	143,032	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.37 Evaluated at bid price : 24.23 Bid-YTW : 6.17 %
MFC.PR.M	FixedReset Ins Non	121,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 7.44 %
BMO.PR.S	FixedReset Disc	108,033	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 23.26 Evaluated at bid price : 24.47 Bid-YTW : 6.23 %
MFC.PR.F	FixedReset Ins Non	104,541	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 7.74 %
There were 26 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.D	FixedReset Disc	Quote: 23.27 – 25.20 Spot Rate : 1.9300 Average : 1.1283 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 22.80 Evaluated at bid price : 23.27 Bid-YTW : 6.67 %
CCS.PR.C	Insurance Straight	Quote: 18.66 – 20.00 Spot Rate : 1.3400 Average : 0.8333 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 6.78 %
SLF.PR.C	Insurance Straight	Quote: 17.90 – 19.10 Spot Rate : 1.2000 Average : 0.7824 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.28 %
NA.PR.E	FixedReset Disc	Quote: 22.03 – 23.05 Spot Rate : 1.0200 Average : 0.6717 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 21.70 Evaluated at bid price : 22.03 Bid-YTW : 7.01 %
BN.PF.A	FixedReset Disc	Quote: 21.00 – 22.70 Spot Rate : 1.7000 Average : 1.3693 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 8.04 %
IFC.PR.F	Insurance Straight	Quote: 19.30 – 20.30 Spot Rate : 1.0000 Average : 0.6867 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-16 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.95 %

Posted in Market Action | No Comments »

April 15, 2024

Monday, April 15th, 2024

TXPR closed at 576.10, down 0.87% on the day. Volume today was 2.22-million, above the median of the past 21 trading days.

CPD closed at 11.45, down 0.87% on the day. Volume was 67,520, second-highest of the past 21 trading days.

ZPR closed at 9.86, down 0.90% on the day. Volume was 135,870, fourth-highest of the past 21 trading days.

Five-year Canada yields were up to 3.80%.

The Globe managed to get some Canadian content into their commentary:

Canada’s main stock index fell to a five-week low on Monday as long-term borrowing costs climbed and investors worried that this week’s federal budget would propose raising taxes.
…
U.S. stocks also fell as an early lift from a strong retail sales report gave way to a jump in Treasury yields and concerns about rising tensions in the Middle East.

I’m going to go with US retail sales, although that means the abject surrender of Canadian sovereignity and the demise of Canadian exceptionalism:

Treasuries showed a substantial move to the downside during trading on Monday, as strong U.S. retail sales data added to concerns about the outlook for interest rates.

Bond prices regained some ground after falling sharply in early trading but remained firmly negative. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, surged 12.9 basis points to 4.628 percent.

With the significant increase on the day, the ten-year yield ended the session at its highest closing level in five months.

The sell-off by treasuries came after the Commerce Department released a report showing much stronger than expected U.S. retail sales growth in the month of March.

The Commerce Department said retail sales climbed by 0.7 percent in March after advancing by an upwardly revised 0.9 percent in February.

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	0.3223 %	2,377.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3223 %	4,560.3
Floater	10.12 %	10.29 %	47,684	9.32	1	0.3223 %	2,628.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1076 %	3,431.7
SplitShare	4.91 %	7.09 %	31,862	1.76	7	-0.1076 %	4,098.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1076 %	3,197.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-1.1386 %	2,584.6
Perpetual-Discount	6.65 %	6.74 %	44,257	12.91	29	-1.1386 %	2,818.4
FixedReset Disc	5.34 %	7.33 %	105,532	12.04	57	-0.9168 %	2,489.3
Insurance Straight	6.56 %	6.71 %	52,787	12.93	21	-0.9296 %	2,763.7
FloatingReset	9.56 %	9.48 %	31,446	9.97	2	-0.3667 %	2,675.1
FixedReset Prem	6.44 %	6.62 %	205,917	3.16	3	-0.3727 %	2,497.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.9168 %	2,544.6
FixedReset Ins Non	5.43 %	7.45 %	70,965	12.16	14	-0.7362 %	2,616.2

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.S	Perpetual-Discount	-8.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.27 %
NA.PR.W	FixedReset Disc	-5.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.33 %
MFC.PR.Q	FixedReset Ins Non	-4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 7.45 %
CM.PR.Q	FixedReset Disc	-3.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 7.05 %
FTS.PR.K	FixedReset Disc	-2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.97 %
SLF.PR.C	Insurance Straight	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.35 %
BN.PF.B	FixedReset Disc	-2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 8.37 %
FTS.PR.G	FixedReset Disc	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.35 %
PWF.PF.A	Perpetual-Discount	-2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 16.89 Evaluated at bid price : 16.89 Bid-YTW : 6.70 %
BN.PF.I	FixedReset Disc	-2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 8.51 %
TD.PF.C	FixedReset Disc	-2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.54 Evaluated at bid price : 21.90 Bid-YTW : 6.69 %
SLF.PR.E	Insurance Straight	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 6.37 %
CM.PR.O	FixedReset Disc	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 22.26 Evaluated at bid price : 23.00 Bid-YTW : 6.51 %
FTS.PR.H	FixedReset Disc	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 8.23 %
FTS.PR.J	Perpetual-Discount	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.62 %
MFC.PR.B	Insurance Straight	-1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 6.49 %
BN.PF.J	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 8.13 %
MFC.PR.C	Insurance Straight	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 6.40 %
PWF.PR.G	Perpetual-Discount	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.45 Evaluated at bid price : 21.71 Bid-YTW : 6.82 %
BN.PR.N	Perpetual-Discount	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.07 %
GWO.PR.S	Insurance Straight	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.77 %
FTS.PR.F	Perpetual-Discount	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.54 %
BN.PF.G	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 9.12 %
BIP.PR.F	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 8.21 %
BN.PR.X	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 15.24 Evaluated at bid price : 15.24 Bid-YTW : 8.81 %
BN.PR.R	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 9.20 %
CM.PR.S	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 22.30 Evaluated at bid price : 22.30 Bid-YTW : 6.87 %
GWO.PR.I	Insurance Straight	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.07 Evaluated at bid price : 17.07 Bid-YTW : 6.66 %
TD.PF.J	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 22.00 Evaluated at bid price : 22.45 Bid-YTW : 6.97 %
SLF.PR.D	Insurance Straight	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.83 Evaluated at bid price : 17.83 Bid-YTW : 6.31 %
PWF.PR.H	Perpetual-Discount	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 6.74 %
BIK.PR.A	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 23.04 Evaluated at bid price : 24.65 Bid-YTW : 7.76 %
FTS.PR.M	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 8.24 %
BN.PF.A	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 7.99 %
GWO.PR.Y	Insurance Straight	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 6.71 %
BN.PR.Z	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.44 Evaluated at bid price : 19.44 Bid-YTW : 8.50 %
BN.PF.F	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 8.39 %
BN.PF.E	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 16.79 Evaluated at bid price : 16.79 Bid-YTW : 9.19 %
BN.PF.C	Perpetual-Discount	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 7.09 %
FFH.PR.C	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 8.08 %
IFC.PR.G	FixedReset Ins Non	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.78 Evaluated at bid price : 22.15 Bid-YTW : 7.06 %
IFC.PR.F	Insurance Straight	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 6.80 %
PWF.PR.O	Perpetual-Discount	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.80 %
BN.PR.M	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.92 %
GWO.PR.Q	Insurance Straight	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.79 %
POW.PR.A	Perpetual-Discount	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 6.73 %
NA.PR.S	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 22.19 Evaluated at bid price : 22.85 Bid-YTW : 6.67 %
FFH.PR.G	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 8.57 %
GWO.PR.N	FixedReset Ins Non	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 8.19 %
CU.PR.J	Perpetual-Discount	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 6.80 %
IFC.PR.I	Insurance Straight	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 6.74 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Disc	131,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 22.90 Evaluated at bid price : 23.64 Bid-YTW : 6.20 %
TD.PF.B	FixedReset Disc	70,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 23.04 Evaluated at bid price : 23.97 Bid-YTW : 6.18 %
MFC.PR.F	FixedReset Ins Non	55,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 7.76 %
TD.PF.M	FixedReset Disc	47,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 7.24 %
BN.PF.I	FixedReset Disc	36,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 8.51 %
NA.PR.W	FixedReset Disc	35,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.33 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.S	Perpetual-Discount	Quote: 16.60 – 18.05 Spot Rate : 1.4500 Average : 0.8124 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.27 %
BN.PF.A	FixedReset Disc	Quote: 21.10 – 22.70 Spot Rate : 1.6000 Average : 1.0068 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 7.99 %
NA.PR.W	FixedReset Disc	Quote: 20.11 – 21.35 Spot Rate : 1.2400 Average : 0.7849 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.33 %
MFC.PR.Q	FixedReset Ins Non	Quote: 21.05 – 22.50 Spot Rate : 1.4500 Average : 1.0301 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 7.45 %
FTS.PR.K	FixedReset Disc	Quote: 18.15 – 19.00 Spot Rate : 0.8500 Average : 0.4786 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.97 %
CM.PR.Q	FixedReset Disc	Quote: 22.00 – 23.04 Spot Rate : 1.0400 Average : 0.6747 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-15 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 7.05 %

Posted in Market Action | 5 Comments »

April PrefLetter Released!

Sunday, April 14th, 2024

The April, 2024, 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.

This edition of PrefLetter contains a short appendix discussing the performance effect of yield curve shape changes, as seen through the lens of zero-coupon bonds and synthetic par bonds. A spreadsheet is available.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the April, 2024, issue, while the “next” edition will be the May, 2024, issue scheduled to be prepared as of the close May 10, and emailed to subscribers prior to the market-opening on May 13. Prefletter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

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

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

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

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

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

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

Note: Assiduous Reader DG informs me:

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

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

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

Posted in PrefLetter | No Comments »

April 12, 2024

Friday, April 12th, 2024

TXPR closed at 581.18, down 0.60% on the day. Volume today was 1.67-million, below the median of the past 21 trading days.

CPD closed at 11.55, down 0.69% on the day. Volume was 97,270, second-highest of the past 21 trading days.

ZPR closed at 9.95, down 0.80% on the day. Volume was 189,380, second-highest of the past 21 trading days.

Five-year Canada yields were down to 3.73%.

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 %	2,370.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,545.6
Floater	10.15 %	10.31 %	44,105	9.31	1	0.0000 %	2,619.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.1077 %	3,435.4
SplitShare	4.90 %	7.06 %	32,263	1.77	7	0.1077 %	4,102.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1077 %	3,201.0
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.3605 %	2,614.4
Perpetual-Discount	6.58 %	6.69 %	45,817	12.99	29	-0.3605 %	2,850.8
FixedReset Disc	5.30 %	7.00 %	106,125	12.03	57	-0.4130 %	2,512.3
Insurance Straight	6.50 %	6.64 %	53,040	13.01	21	-0.2621 %	2,789.6
FloatingReset	9.52 %	9.47 %	31,835	9.99	2	0.4208 %	2,684.9
FixedReset Prem	6.42 %	6.57 %	204,142	3.18	3	-0.2125 %	2,506.9
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.4130 %	2,568.1
FixedReset Ins Non	5.39 %	7.41 %	71,409	12.36	14	-0.5029 %	2,635.6

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.I	FixedReset Ins Non	-3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.72 Evaluated at bid price : 22.00 Bid-YTW : 7.41 %
BN.PF.G	FixedReset Disc	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 8.97 %
POW.PR.C	Perpetual-Discount	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.80 Evaluated at bid price : 22.04 Bid-YTW : 6.62 %
BN.PR.Z	FixedReset Disc	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 8.38 %
BN.PF.E	FixedReset Disc	-2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 9.07 %
BN.PF.A	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 7.88 %
TD.PF.I	FixedReset Disc	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 22.91 Evaluated at bid price : 24.01 Bid-YTW : 6.88 %
BN.PF.F	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 8.28 %
BN.PF.B	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 8.25 %
PWF.PR.O	Perpetual-Discount	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 6.70 %
PWF.PR.P	FixedReset Disc	-1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 14.62 Evaluated at bid price : 14.62 Bid-YTW : 8.31 %
BN.PF.D	Perpetual-Discount	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 7.07 %
CU.PR.C	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 7.51 %
BN.PR.T	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 8.98 %
FTS.PR.G	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 7.17 %
BIP.PR.E	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 7.94 %
CM.PR.O	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 22.53 Evaluated at bid price : 23.50 Bid-YTW : 6.36 %
FTS.PR.K	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 7.73 %
NA.PR.W	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 6.91 %
PWF.PF.A	Perpetual-Discount	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.53 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.F	FixedReset Disc	324,620	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 8.28 %
SLF.PR.G	FixedReset Ins Non	60,498	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 15.36 Evaluated at bid price : 15.36 Bid-YTW : 8.00 %
BMO.PR.S	FixedReset Disc	54,594	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 22.85 Evaluated at bid price : 24.18 Bid-YTW : 6.30 %
BMO.PR.W	FixedReset Disc	50,697	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 23.00 Evaluated at bid price : 23.70 Bid-YTW : 6.26 %
BMO.PR.T	FixedReset Disc	45,626	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 22.95 Evaluated at bid price : 23.80 Bid-YTW : 6.28 %
BMO.PR.F	FixedReset Disc	44,417	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 7.00 %
There were 19 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BN.PF.G	FixedReset Disc	Quote: 17.70 – 18.99 Spot Rate : 1.2900 Average : 0.7406 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 8.97 %
MFC.PR.I	FixedReset Ins Non	Quote: 22.00 – 22.85 Spot Rate : 0.8500 Average : 0.5160 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 21.72 Evaluated at bid price : 22.00 Bid-YTW : 7.41 %
CU.PR.C	FixedReset Disc	Quote: 20.06 – 21.84 Spot Rate : 1.7800 Average : 1.5416 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 7.51 %
BN.PR.Z	FixedReset Disc	Quote: 19.70 – 20.30 Spot Rate : 0.6000 Average : 0.4174 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 8.38 %
SLF.PR.H	FixedReset Ins Non	Quote: 18.45 – 18.95 Spot Rate : 0.5000 Average : 0.3293 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.39 %
FTS.PR.J	Perpetual-Discount	Quote: 18.62 – 19.15 Spot Rate : 0.5300 Average : 0.3660 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-12 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 6.48 %

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April 11, 2024

Thursday, April 11th, 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 %	2,370.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,545.6
Floater	10.15 %	10.31 %	45,777	9.31	1	0.0000 %	2,619.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2506 %	3,431.7
SplitShare	4.91 %	7.10 %	31,891	1.77	7	-0.2506 %	4,098.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2506 %	3,197.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.2028 %	2,623.8
Perpetual-Discount	6.55 %	6.66 %	46,302	13.03	29	-0.2028 %	2,861.2
FixedReset Disc	5.28 %	7.04 %	101,301	12.07	57	0.1555 %	2,522.7
Insurance Straight	6.49 %	6.63 %	52,238	13.04	21	-0.1900 %	2,796.9
FloatingReset	9.65 %	9.64 %	33,103	9.84	2	0.1845 %	2,673.7
FixedReset Prem	6.40 %	6.44 %	206,878	3.18	3	0.0266 %	2,512.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.1555 %	2,578.7
FixedReset Ins Non	5.36 %	7.31 %	71,243	12.52	14	0.2008 %	2,648.9

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.A	FixedReset Ins Non	-4.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 17.59 Evaluated at bid price : 17.59 Bid-YTW : 7.56 %
IFC.PR.I	Insurance Straight	-2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.82 %
BN.PR.N	Perpetual-Discount	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 6.95 %
GWO.PR.M	Insurance Straight	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 21.78 Evaluated at bid price : 22.02 Bid-YTW : 6.64 %
BN.PR.M	Perpetual-Discount	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.82 %
PWF.PR.G	Perpetual-Discount	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 6.66 %
SLF.PR.J	FloatingReset	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 10.00 %
MFC.PR.M	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 7.39 %
BN.PF.G	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 8.70 %
MFC.PR.J	FixedReset Ins Non	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 22.09 Evaluated at bid price : 22.58 Bid-YTW : 7.00 %
BN.PR.T	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 15.83 Evaluated at bid price : 15.83 Bid-YTW : 8.80 %
NA.PR.S	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 22.37 Evaluated at bid price : 23.17 Bid-YTW : 6.52 %
BN.PF.E	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 8.81 %
BIP.PR.E	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 21.31 Evaluated at bid price : 21.60 Bid-YTW : 7.80 %
CU.PR.C	FixedReset Disc	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 7.36 %
POW.PR.C	Perpetual-Discount	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 6.45 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.H	FixedReset Ins Non	245,350	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 7.31 %
RY.PR.Z	FixedReset Disc	124,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 22.13 Evaluated at bid price : 22.75 Bid-YTW : 6.56 %
TD.PF.A	FixedReset Disc	110,093	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 22.83 Evaluated at bid price : 23.55 Bid-YTW : 6.18 %
CM.PR.Y	FixedReset Disc	74,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 7.12 %
RY.PR.M	FixedReset Disc	62,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 21.77 Evaluated at bid price : 22.25 Bid-YTW : 6.77 %
TD.PF.E	FixedReset Disc	58,743	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 22.38 Evaluated at bid price : 22.76 Bid-YTW : 6.80 %
There were 17 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BN.PF.A	FixedReset Disc	Quote: 21.85 – 22.70 Spot Rate : 0.8500 Average : 0.5277 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 21.55 Evaluated at bid price : 21.85 Bid-YTW : 7.66 %
MFC.PR.M	FixedReset Ins Non	Quote: 20.42 – 21.42 Spot Rate : 1.0000 Average : 0.7012 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 7.39 %
RY.PR.O	Perpetual-Discount	Quote: 22.05 – 22.90 Spot Rate : 0.8500 Average : 0.5577 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 21.78 Evaluated at bid price : 22.05 Bid-YTW : 5.63 %
GWO.PR.S	Insurance Straight	Quote: 19.95 – 20.80 Spot Rate : 0.8500 Average : 0.5722 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.65 %
IFC.PR.I	Insurance Straight	Quote: 20.00 – 20.67 Spot Rate : 0.6700 Average : 0.4177 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.82 %
IFC.PR.A	FixedReset Ins Non	Quote: 17.59 – 18.38 Spot Rate : 0.7900 Average : 0.5429 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-04-11 Maturity Price : 17.59 Evaluated at bid price : 17.59 Bid-YTW : 7.56 %

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PrefBlog

Archive for April, 2024

April 19, 2024

April 18, 2024

April 17, 2024

RY.PR.Z To Be Redeemed

NA.PR.S To Reset At 6.191%

April 16, 2024

April 15, 2024

April PrefLetter Released!

April 12, 2024

April 11, 2024

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