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MAPF Performance: March, 2022

April 3rd, 2022

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close March 31, 2022, was $10.5040 after a dividend distribution of 0.102129.

Returns to March 31, 2022
Period	MAPF	TXPR* Total Return	CPD – according to Blackrock
One Month	+0.67%	-0.27%	N/A
Three Months	-1.28%	-2.53%	N/A
One Year	+13.32%	+6.88%	+6.30%
Two Years (annualized)	+44.14%	+26.47%	N/A
Three Years (annualized)	+13.34%	+8.12%	+7.49%
Four Years (annualized)	+5.86%	+4.19%	N/A
Five Years (annualized)	+7.31%	+4.45%	+3.86%
Six Years (annualized)	+11.17%	+7.17%	N/A
Seven Years (annualized)	+5.88%	+3.57%	N/A
Eight Years (annualized)	+5.42%	+2.98%	N/A
Nine Years (annualized)	+4.66%	+2.38%	N/A
Ten Years (annualized)	+5.20%	+2.80%	+2.30%
Eleven Years (annualized)	+4.91%	+2.96%
Twelve Years (annualized)	+6.31%	+3.64%
Thirteen Years (annualized)	+8.92%	+4.96%
Fourteen Years (annualized)	+8.83%	+3.49%
Fifteen Years (annualized)	+8.10%
Sixteen Years (annualized)	+7.94%
Seventeen Years (annualized)	+7.93%
Eighteen Years (annualized)	+7.82%
Nineteen Years (annualized)	+9.32%
Twenty Years (annualized)	+8.64%
Twenty-One Years (annualized)	+8.98%
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are -0.27%, -2.62% and +8.49%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +9.70%; five year is +5.65%; ten year is +3.85% Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are -0.29%, -2.69% & +8.88%, respectively. Three year performance is +9.63%, five-year is +4.82%, ten year is +3.67%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are -0.32%, -2.66% and +9.05% for one-, three- and twelve months, respectively. Three year performance is +9.81%; five-year is +4.99%. Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical. The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +8.27% for the past twelve months. Two year performance is +30.54%, three year is +9.13%, five year is +4.58%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are -0.19%, -2.57% and +4.16% for the past one-, three- and twelve-months, respectively. Two year performance is +25.74%; three year is +6.09%; five-year is +1.67%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +5.75% for the past twelve months. The three-year figure is +7.86%; five years is +3.88%; ten-year is +2.62%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR). Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +0.1%, -2.4% and +9.8% for the past one, three and twelve months, respectively. Three year performance is +8.0%, five-year is +3.9%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are -0.27%, -2.77% and +6.61% for the past one, three and twelve months, respectively. Two year performance is +25.28%, three-year is +6.92%, five-year is +2.95%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are -0.05%, -2.57% and +8.11% for the past one, three and twelve months, respectively. Three-year performance is +8.88%; five-year is +4.30%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are 0.0%, -2.3% and +10.2% for the past one, three and twelve months, respectively. Three-year performance is +10.7%; five-year is +5.6%

It was a wild month, with the five-year Canada yield (“GOC-5”) shooting up from 1.67% at February month-end to 2.44% at March month-end. I commented on March 25 regarding just how unusual it was to see such a fast ascent.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) has been narrowing significantly lately, and now stands at about 230bp:

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly from its 2021-11-10 low of 344bp to its current level of 432bp …

…while at the same time the spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to 1bp from its 2021-7-28 level of 170bp.

There is no significant correlation between the Issue Reset Spread and 1-month performance for discounted FixedResets:

Recent fine performance from issues resetting in the near future (e.g., CU.PR.C, +5.11%; BAM.PR.X, +3.25%) led me to take a look at performance vs. term-to-reset:

…but there is no significant correlation.

So, although the overall spreads between FixedReset (Discounts) and other security classes appear to be reasonably general, there is not much meaningful detail available that would help to explain the phenomenon.

Calculation of MAPF Sustainable Income Per Unit
Month	NAVPU	Portfolio Average YTW	Leverage Divisor	Securities Average YTW	Capital Gains Multiplier	Sustainable Income per current Unit
June, 2007	9.3114	5.16%	1.03	5.01%	1.3240	0.3524
September	9.1489	5.35%	0.98	5.46%	1.3240	0.3773
December, 2007	9.0070	5.53%	0.942	5.87%	1.3240	0.3993
March, 2008	8.8512	6.17%	1.047	5.89%	1.3240	0.3938
June	8.3419	6.034%	0.952	6.338%	1.3240	$0.3993
September	8.1886	7.108%	0.969	7.335%	1.3240	$0.4537
December, 2008	8.0464	9.24%	1.008	9.166%	1.3240	$0.5571
March 2009	$8.8317	8.60%	0.995	8.802%	1.3240	$0.5872
June	10.9846	7.05%	0.999	7.057%	1.3240	$0.5855
September	12.3462	6.03%	0.998	6.042%	1.3240	$0.5634
December 2009	10.5662	5.74%	0.981	5.851%	1.1141	$0.5549
March 2010	10.2497	6.03%	0.992	6.079%	1.1141	$0.5593
June	10.5770	5.96%	0.996	5.984%	1.1141	$0.5681
September	11.3901	5.43%	0.980	5.540%	1.1141	$0.5664
December 2010	10.7659	5.37%	0.993	5.408%	1.0298	$0.5654
March, 2011	11.0560	6.00%	0.994	5.964%	1.0298	$0.6403
June	11.1194	5.87%	1.018	5.976%	1.0298	$0.6453
September	10.2709	6.10% Note	1.001	6.106%	1.0298	$0.6090
December, 2011	10.0793	5.63% Note	1.031	5.805%	1.0000	$0.5851
March, 2012	10.3944	5.13% Note	0.996	5.109%	1.0000	$0.5310
June	10.2151	5.32% Note	1.012	5.384%	1.0000	$0.5500
September	10.6703	4.61% Note	0.997	4.624%	1.0000	$0.4934
December, 2012	10.8307	4.24%	0.989	4.287%	1.0000	$0.4643
March, 2013	10.9033	3.87%	0.996	3.886%	1.0000	$0.4237
June	10.3261	4.81%	0.998	4.80%	1.0000	$0.4957
September	10.0296	5.62%	0.996	5.643%	1.0000	$0.5660
December, 2013	9.8717	6.02%	1.008	5.972%	1.0000	$0.5895
March, 2014	10.2233	5.55%	0.998	5.561%	1.0000	$0.5685
June	10.5877	5.09%	0.998	5.100%	1.0000	$0.5395
September	10.4601	5.28%	0.997	5.296%	1.0000	$0.5540
December, 2014	10.5701	4.83%	1.009	4.787%	1.0000	$0.5060
March, 2015	9.9573	4.99%	1.001	4.985%	1.0000	$0.4964
June, 2015	9.4181	5.55%	1.002	5.539%	1.0000	$0.5217
September	7.8140	6.98%	0.999	6.987%	1.0000	$0.5460
December, 2015	8.1379	6.85%	0.997	6.871%	1.0000	$0.5592
March, 2016	7.4416	7.79%	0.998	7.805%	1.0000	$0.5808
June	7.6704	7.67%	1.011	7.587%	1.0000	$0.5819
September	8.0590	7.35%	0.993	7.402%	1.0000	$0.5965
December, 2016	8.5844	7.24%	0.990	7.313%	1.0000	$0.6278
March, 2017	9.3984	6.26%	0.994	6.298%	1.0000	$0.5919
June	9.5313	6.41%	0.998	6.423%	1.0000	$0.6122
September	9.7129	6.56%	0.998	6.573%	1.0000	$0.6384
December, 2017	10.0566	6.06%	1.004	6.036%	1.0000	$0.6070
March, 2018	10.2701	6.22%	1.007	6.177%	1.0000	$0.6344
June	10.2518	6.22%	0.995	6.251%	1.0000	$0.6408
September	10.2965	6.62%	1.018	6.503%	1.0000	$0.6696
December, 2018	8.6875	7.16%	0.997	7.182%	1.0000	$0.6240
March, 2019	8.4778	7.09%	1.007	7.041%	1.0000	$0.5969
June	8.0896	7.33%	0.996	7.359%	1.0000	$0.5953
September	7.7948	7.96%	0.998	7.976%	1.0000	$0.6217
December, 2019	8.0900	6.03%	0.995	6.060%	1.0000	$0.4903
March	5.5596	7.04%	1.006	6.998%	1.0000	$0.3891
June	6.3568	6.10%	0.9900	6.162%	1.0000	$0.3917
September	7.2852	5.32%	1.00	5.320%	1.0000	$0.3876
December, 2020	8.3947	4.46%	0.999	4.464%	1.0000	$0.3747
March, 2021	9.6473	4.48%	0.996	4.498%	1.0000	$0.4339
June	10.3712	3.92%	0.985	3.980%	1.0000	$0.4127
September	10.7572	4.08%	1.017	4.012%	1.0000	$0.4316
December, 2021	10.7432	4.31%	0.999	4.314%	1.0000	$0.4635
March, 2022	10.5040	5.53%	1.004	5.508%	1.0000	$0.5786
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains. Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00% The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99 Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings. The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested. Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis. The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks. In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

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

Canada Yields Assumed in Calculations
Month-end	GOC-5	3-Month Bill
September, 2015	0.78%	0.40%
December, 2015	0.71%	0.46%
March, 2016	0.70%	0.44%
June	0.57%	0.47%
September	0.58%	0.53%
December, 2016	1.16%	0.47%
March, 2017	1.08%	0.55%
June	1.35%	0.69%
September	1.79%	0.97%
December, 2017	1.83%	1.00%
March, 2018	2.06%	1.08%
June	1.95%	1.22%
September	2.33%	1.55%
December, 2018	1.88%	1.65%
March, 2019	1.46%	1.66%
June	1.34%	1.66%
September	1.41%	1.66%
December, 2019	1.68%	1.68%
March, 2020	0.57%	0.21%
June	0.37%	0.21%
September	0.35%	0.14%
December, 2020	0.42%	0.08%
March, 2021	0.94%	0.09%
June	0.93%	0.13%
September	1.07%	0.13%
December, 2021	1.31%	0.16%
March, 2022	2.44%	0.53%

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MAPF Portfolio Composition: March, 2022

April 3rd, 2022

Turnover declined to 5% in March. Market volumes have been very low for quite some time, having never really recovered from the usual summer decline.

Sectoral distribution of the MAPF portfolio on March 31, 2022 was as follows:

MAPF Sectoral Analysis 2022-3-31
HIMI Indices Sector	Weighting	YTW	ModDur
Ratchet	0%	N/A	N/A
FixFloat	0%	N/A	N/A
Floater	0%	N/A	N/A
OpRet	0%	N/A	N/A
SplitShare	0%	N/A	N/A
Interest Rearing	0%	N/A	N/A
PerpetualPremium	0%	N/A	N/A
PerpetualDiscount	0%	N/A	N/A
Fixed-Reset Discount	48.0%	5.54%	15.04
Insurance – Straight	0%	N/A	N/A
FloatingReset	0%	N/A	N/A
FixedReset Premium	0%	N/A	N/A
FixedReset Bank non-NVCC	0%	N/A	N/A
FixedReset Insurance non-NVCC	30.2%	5.09%	15.93
Scraps – Ratchet	0%	N/A	N/A
Scraps – FixedFloater	0%	N/A	N/A
Scraps – Floater	0%	N/A	N/A
Scraps – OpRet	0%	N/A	N/A
Scraps – SplitShare	1.1%	5.98%	2.47
Scraps – PerpPrem	7.3%	5.41%	14.79
Scraps – PerpDisc	0%	N/A	N/A
Scraps – FR Discount	13.7%	6.36%	13.87
Scraps – Insurance Straight	0%	N/A	N/A
Scraps – FloatingReset	0%	N/A	N/A
Scraps – FR Premium	0%	N/A	N/A
Scraps – Bank non-NVCC	0%	N/A	N/A
Scraps – Ins non-NVCC	0%	N/A	N/A
Cash	-0.4%	0.00%	0.00
Total	100%	5.53%	15.04
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers. Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others. The name of this subindex has been changed to “Insurance Straight” as of November, 2020
Calculations of resettable instruments are performed assuming a constant GOC-5 rate of 2.44%, a constant 3-Month Bill rate of 0.53% and a constant Canada Prime Rate of 2.70%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2022-3-31
DBRS Rating	MAPF Weighting
Pfd-1	0
Pfd-1(low)	0
Pfd-2(high)	46.9%
Pfd-2	9.0%
Pfd-2(low)	29.6%
Pfd-3(high)	3.2%
Pfd-3	6.0%
Pfd-3(low)	2.1%
Pfd-4(high)	3.5%
Pfd-4	0%
Pfd-4(low)	0%
Pfd-5(high)	0%
Pfd-5	0%
Cash	-0.4%
Totals will not add precisely due to rounding.
A position held in INE.PR.A is not rated by DBRS nor by S&P, but has been included as “Pfd-4(high)” in the above table on the basis of its last S&P rating of P-4(high) and its BB rating from Fitch. A “BB” rating would normally map to Pfd-3, but the company’s disdain for the two major preferred share agencies makes me nervous.

Liquidity Distribution is:

MAPF Liquidity Analysis 2022-3-31
Average Daily Trading	MAPF Weighting
<$50,000	34.4%
$50,000 – $100,000	44.9%
$100,000 – $200,000	7.7%
$200,000 – $300,000	11.0%
>$300,000	2.3%
Cash	-0.4%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range	MAPF Weight
<100bp	0%
100-149bp	21.5%
150-199bp	29.9%
200-249bp	28.7%
250-299bp	3.6%
300-349bp	2.1%
350-399bp	4.8%
400-449bp	1.3%
450-499bp	0%
500-549bp	0%
550-599bp	0%
>= 600bp	0%
Undefined	8.1%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range	MAPF Weight
Currently Floating	0%
0-1 Year	20.4%
1-2 Years	5.0%
2-3 Years	13.6%
3-4 Years	32.7%
4-5 Years	21.2%
5-6 Years	0%
>6 Years	0%
Not Floating Rate	7.0%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus. This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

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TRP.PR.K To Be Redeemed

April 1st, 2022

TC Energy Corporation has announced that it:

will redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 15 (Series 15 Shares) (TSX:TRP.PR.K) on May 31, 2022 (Redemption Date) at a price equal to $25.00 per share (Redemption Price) and provided notice today to the sole registered holder of the Series 15 Shares in accordance with their terms.

Subject to approval by our Board of Directors, the Company expects to declare a final quarterly dividend of $0.30625 per Series 15 Share, for the period up to but excluding May 31, 2022, payable on May 31, 2022 to shareholders of record on May 17, 2022. This would be the final dividend on the Series 15 Shares and, as the Redemption Date is also a dividend payment date, the Redemption Price will not include any accrued and unpaid dividends. Subsequent to the Redemption Date, the Series 15 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.

Non-registered holders of Series 15 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 15 Shares in which they hold a beneficial interest.

TRP.PR.K is a FixedReset, 4.90%+385M490, that commenced trading 2016-11-21 after being announced 2016-11-14. TC Energy announced in early March, 2022, that it was considering the redemption, which caused a certain amount of confusion. It has been tracked by HIMIPref™ and assigned to the FixedReset (Premium) subindex.

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

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April 1, 2022

April 1st, 2022

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	3.21 %	3.72 %	25,803	19.68	1	0.5089 %	2,813.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2585 %	5,257.2
Floater	3.34 %	3.34 %	60,640	18.88	3	-0.2585 %	3,029.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.4408 %	3,628.5
SplitShare	4.69 %	4.14 %	34,165	3.41	8	0.4408 %	4,333.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4408 %	3,380.9
Perpetual-Premium	5.36 %	-4.39 %	65,351	0.09	17	-0.1726 %	3,179.2
Perpetual-Discount	5.14 %	5.18 %	71,317	15.21	16	-0.0054 %	3,594.9
FixedReset Disc	4.12 %	5.18 %	122,328	15.14	45	-0.0643 %	2,747.4
Insurance Straight	5.21 %	5.14 %	92,057	15.13	18	-0.4007 %	3,441.3
FloatingReset	3.14 %	3.49 %	46,776	18.52	2	-0.7670 %	2,835.1
FixedReset Prem	4.79 %	3.90 %	148,751	2.03	23	-0.0256 %	2,696.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0643 %	2,808.4
FixedReset Ins Non	4.18 %	5.12 %	82,066	15.38	15	-0.4226 %	2,868.4

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-5.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.71 %
PWF.PR.T	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.69 Evaluated at bid price : 23.05 Bid-YTW : 5.20 %
BAM.PR.T	FixedReset Disc	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.59 %
IFC.PR.A	FixedReset Ins Non	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.12 %
MFC.PR.N	FixedReset Ins Non	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 21.54 Evaluated at bid price : 21.93 Bid-YTW : 5.22 %
MFC.PR.B	Insurance Straight	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.19 %
CU.PR.C	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.43 Evaluated at bid price : 23.30 Bid-YTW : 5.20 %
MFC.PR.C	Insurance Straight	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.07 %
BAM.PR.X	FixedReset Disc	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.80 %
SLF.PR.D	Insurance Straight	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.07 %
CM.PR.P	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 21.95 Evaluated at bid price : 22.25 Bid-YTW : 5.10 %
MFC.PR.J	FixedReset Ins Non	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 24.02 Evaluated at bid price : 24.50 Bid-YTW : 5.15 %
MFC.PR.F	FixedReset Ins Non	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 17.08 Evaluated at bid price : 17.08 Bid-YTW : 5.16 %
TRP.PR.F	FloatingReset	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 3.49 %
GWO.PR.Y	Insurance Straight	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.31 Evaluated at bid price : 22.60 Bid-YTW : 4.99 %
FTS.PR.K	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.74 Evaluated at bid price : 20.74 Bid-YTW : 5.40 %
TRP.PR.G	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 5.50 %
PVS.PR.I	SplitShare	1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.14 %
TRP.PR.C	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 5.92 %
FTS.PR.M	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.18 Evaluated at bid price : 22.55 Bid-YTW : 5.32 %
PVS.PR.J	SplitShare	2.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 4.84 %
CU.PR.E	Perpetual-Discount	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 5.14 %
TRP.PR.D	FixedReset Disc	2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.71 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Disc	130,415	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.19 Evaluated at bid price : 22.55 Bid-YTW : 5.06 %
CM.PR.Y	FixedReset Prem	77,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 3.56 %
TRP.PR.K	FixedReset Prem	63,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 2.34 %
TD.PF.E	FixedReset Disc	56,625	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 4.91 %
CM.PR.Q	FixedReset Disc	43,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 4.79 %
IFC.PR.K	Perpetual-Premium	23,670	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.09 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.P	FixedReset Disc	Quote: 15.75 – 17.00 Spot Rate : 1.2500 Average : 0.9289 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.71 %
PVS.PR.I	SplitShare	Quote: 25.60 – 26.60 Spot Rate : 1.0000 Average : 0.6946 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.14 %
PWF.PR.T	FixedReset Disc	Quote: 23.05 – 23.99 Spot Rate : 0.9400 Average : 0.6835 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.69 Evaluated at bid price : 23.05 Bid-YTW : 5.20 %
IFC.PR.A	FixedReset Ins Non	Quote: 20.30 – 21.24 Spot Rate : 0.9400 Average : 0.6972 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.12 %
BAM.PR.T	FixedReset Disc	Quote: 20.18 – 21.00 Spot Rate : 0.8200 Average : 0.5815 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.59 %
ELF.PR.G	Perpetual-Discount	Quote: 23.20 – 23.80 Spot Rate : 0.6000 Average : 0.3757 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.12 %

Posted in Market Action | No Comments »

March 31, 2022

March 31st, 2022

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	3.22 %	3.74 %	25,763	19.67	1	0.0000 %	2,799.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4485 %	5,270.8
Floater	3.33 %	3.33 %	62,855	18.91	3	0.4485 %	3,037.6
OpRet	0.00 %	0.00 %	0	0.00	0	-0.5909 %	3,612.6
SplitShare	4.71 %	4.55 %	32,074	3.41	8	-0.5909 %	4,314.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.5909 %	3,366.1
Perpetual-Premium	5.35 %	-6.54 %	62,947	0.09	17	0.2689 %	3,184.7
Perpetual-Discount	5.14 %	5.15 %	70,621	15.17	16	-0.0349 %	3,595.1
FixedReset Disc	4.17 %	5.12 %	121,629	15.15	46	0.3196 %	2,749.2
Insurance Straight	5.19 %	5.06 %	93,353	15.14	18	-0.0936 %	3,455.1
FloatingReset	3.12 %	3.46 %	46,623	18.61	2	0.1993 %	2,857.0
FixedReset Prem	4.79 %	3.85 %	149,544	2.03	23	0.0990 %	2,697.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3196 %	2,810.2
FixedReset Ins Non	4.17 %	5.11 %	82,651	15.40	15	0.8063 %	2,880.5

Performance Highlights
Issue	Index	Change	Notes
PVS.PR.J	SplitShare	-4.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.28 %
TRP.PR.C	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.99 %
SLF.PR.C	Insurance Straight	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.06 %
SLF.PR.E	Insurance Straight	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.05 Evaluated at bid price : 22.28 Bid-YTW : 5.07 %
BAM.PR.R	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.65 %
TRP.PR.B	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.13 %
TD.PF.B	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.40 Evaluated at bid price : 22.81 Bid-YTW : 5.06 %
GWO.PR.T	Insurance Straight	1.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.91 %
PWF.PR.Z	Perpetual-Premium	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 24.71 Evaluated at bid price : 25.00 Bid-YTW : 5.22 %
IAF.PR.I	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.01 %
CU.PR.C	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.61 Evaluated at bid price : 23.65 Bid-YTW : 5.11 %
MFC.PR.K	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.89 Evaluated at bid price : 23.32 Bid-YTW : 4.99 %
RY.PR.Z	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.69 Evaluated at bid price : 23.00 Bid-YTW : 4.97 %
SLF.PR.H	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 4.94 %
CU.PR.J	Perpetual-Premium	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.91 Evaluated at bid price : 23.30 Bid-YTW : 5.13 %
TRP.PR.E	FixedReset Disc	2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.71 %
PWF.PR.T	FixedReset Disc	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 23.29 Evaluated at bid price : 23.65 Bid-YTW : 5.08 %
IFC.PR.A	FixedReset Ins Non	3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.02 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.Y	Insurance Straight	225,918	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.04 Evaluated at bid price : 22.35 Bid-YTW : 5.04 %
NA.PR.C	FixedReset Prem	144,897	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 3.42 %
TRP.PR.B	FixedReset Disc	122,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.13 %
TRP.PR.A	FixedReset Disc	117,396	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.93 %
CM.PR.R	FixedReset Prem	100,166	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 3.05 %
TD.PF.C	FixedReset Disc	85,548	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.24 Evaluated at bid price : 22.66 Bid-YTW : 5.08 %
There were 48 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.K	Floater	Quote: 14.18 – 15.50 Spot Rate : 1.3200 Average : 0.8219 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 14.18 Evaluated at bid price : 14.18 Bid-YTW : 3.33 %
PVS.PR.G	SplitShare	Quote: 25.30 – 26.30 Spot Rate : 1.0000 Average : 0.6042 YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.68 %
PVS.PR.J	SplitShare	Quote: 24.00 – 25.00 Spot Rate : 1.0000 Average : 0.6155 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.28 %
CU.PR.J	Perpetual-Premium	Quote: 23.30 – 24.50 Spot Rate : 1.2000 Average : 0.8309 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.91 Evaluated at bid price : 23.30 Bid-YTW : 5.13 %
PVS.PR.F	SplitShare	Quote: 25.90 – 26.97 Spot Rate : 1.0700 Average : 0.7507 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 25.50 Evaluated at bid price : 25.90 Bid-YTW : 2.14 %
BAM.PF.G	FixedReset Disc	Quote: 22.41 – 23.50 Spot Rate : 1.0900 Average : 0.7968 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.03 Evaluated at bid price : 22.41 Bid-YTW : 5.47 %

Posted in Market Action | 4 Comments »

March 30, 2022

March 30th, 2022

PerpetualDiscounts now yield 5.19%, equivalent to 6.75% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.45%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 230bp from the 250bp reported March 23.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	3.22 %	3.73 %	26,699	19.68	1	1.2887 %	2,799.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2841 %	5,247.3
Floater	3.35 %	3.35 %	61,934	18.87	3	0.2841 %	3,024.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2701 %	3,634.0
SplitShare	4.68 %	4.45 %	29,711	3.42	8	-0.2701 %	4,339.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2701 %	3,386.1
Perpetual-Premium	5.36 %	-1.08 %	61,677	0.09	17	-0.1191 %	3,176.2
Perpetual-Discount	5.14 %	5.19 %	69,305	15.12	16	-0.0940 %	3,596.3
FixedReset Disc	4.14 %	5.18 %	116,947	15.11	46	0.5169 %	2,740.4
Insurance Straight	5.19 %	5.08 %	89,221	15.17	18	-0.0164 %	3,458.4
FloatingReset	3.12 %	3.45 %	44,834	18.62	2	0.1140 %	2,851.3
FixedReset Prem	4.77 %	3.77 %	145,640	1.98	23	0.3031 %	2,694.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.5169 %	2,801.3
FixedReset Ins Non	4.20 %	5.16 %	77,887	15.32	15	0.3695 %	2,857.5

Performance Highlights
Issue	Index	Change	Notes
EMA.PR.L	Perpetual-Discount	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.07 Evaluated at bid price : 22.38 Bid-YTW : 5.19 %
PWF.PR.T	FixedReset Disc	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.60 Evaluated at bid price : 22.95 Bid-YTW : 5.23 %
CU.PR.E	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.23 %
PWF.PR.Z	Perpetual-Premium	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 24.41 Evaluated at bid price : 24.70 Bid-YTW : 5.29 %
RY.PR.H	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.32 Evaluated at bid price : 22.71 Bid-YTW : 5.05 %
TRP.PR.A	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.92 %
SLF.PR.H	FixedReset Ins Non	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.01 %
BAM.PF.H	FixedReset Prem	1.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.14 Bid-YTW : 3.70 %
TRP.PR.D	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.84 %
TRP.PR.E	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 5.83 %
RS.PR.A	SplitShare	1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 10.45 Bid-YTW : 3.91 %
TRP.PR.G	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.01 Evaluated at bid price : 22.43 Bid-YTW : 5.54 %
BAM.PR.T	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 5.81 %
BAM.PF.B	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.40 Evaluated at bid price : 22.71 Bid-YTW : 5.52 %
FTS.PR.H	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.38 %
TD.PF.J	FixedReset Prem	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 24.56 Evaluated at bid price : 24.90 Bid-YTW : 5.20 %
PWF.PR.P	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.47 %
BAM.PR.E	Ratchet	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 3.73 %
IFC.PR.C	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.31 Evaluated at bid price : 23.00 Bid-YTW : 5.08 %
BAM.PF.G	FixedReset Disc	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.06 Evaluated at bid price : 22.45 Bid-YTW : 5.46 %
MFC.PR.F	FixedReset Ins Non	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 5.11 %
BAM.PR.Z	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.94 Evaluated at bid price : 24.50 Bid-YTW : 5.49 %
SLF.PR.G	FixedReset Ins Non	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 5.16 %
BAM.PF.F	FixedReset Disc	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.44 Evaluated at bid price : 22.90 Bid-YTW : 5.59 %
TRP.PR.C	FixedReset Disc	2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.88 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.B	FixedReset Disc	147,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.21 Evaluated at bid price : 22.54 Bid-YTW : 5.13 %
CM.PR.S	FixedReset Disc	108,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.66 Evaluated at bid price : 24.23 Bid-YTW : 5.00 %
PVS.PR.I	SplitShare	50,347	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.85 %
BMO.PR.C	FixedReset Prem	48,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 3.50 %
GWO.PR.Y	Insurance Straight	39,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.15 Evaluated at bid price : 22.50 Bid-YTW : 5.01 %
TD.PF.A	FixedReset Disc	39,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.17 Evaluated at bid price : 22.52 Bid-YTW : 5.08 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.T	FixedReset Disc	Quote: 22.95 – 23.95 Spot Rate : 1.0000 Average : 0.7444 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.60 Evaluated at bid price : 22.95 Bid-YTW : 5.23 %
RY.PR.J	FixedReset Disc	Quote: 23.55 – 24.15 Spot Rate : 0.6000 Average : 0.3819 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.73 Evaluated at bid price : 23.55 Bid-YTW : 5.13 %
CU.PR.E	Perpetual-Discount	Quote: 23.63 – 24.50 Spot Rate : 0.8700 Average : 0.6965 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.23 %
TD.PF.C	FixedReset Disc	Quote: 22.65 – 23.25 Spot Rate : 0.6000 Average : 0.4438 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.23 Evaluated at bid price : 22.65 Bid-YTW : 5.08 %
MFC.PR.K	FixedReset Ins Non	Quote: 23.01 – 23.68 Spot Rate : 0.6700 Average : 0.5262 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.59 Evaluated at bid price : 23.01 Bid-YTW : 5.06 %
BMO.PR.W	FixedReset Disc	Quote: 22.55 – 22.99 Spot Rate : 0.4400 Average : 0.3064 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.18 Evaluated at bid price : 22.55 Bid-YTW : 5.07 %

Posted in Market Action | 1 Comment »

March 29, 2022

March 29th, 2022

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	3.26 %	3.81 %	27,022	19.55	1	-1.8219 %	2,763.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0237 %	5,232.4
Floater	3.36 %	3.35 %	62,499	18.86	3	-0.0237 %	3,015.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.4836 %	3,643.9
SplitShare	4.67 %	4.44 %	29,807	3.37	8	0.4836 %	4,351.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4836 %	3,395.3
Perpetual-Premium	5.36 %	-3.63 %	61,873	0.09	17	0.2083 %	3,179.9
Perpetual-Discount	5.13 %	5.17 %	69,478	15.17	16	0.2503 %	3,599.7
FixedReset Disc	4.16 %	5.17 %	118,163	15.12	46	0.8037 %	2,726.3
Insurance Straight	5.18 %	5.05 %	90,577	15.19	18	-0.2545 %	3,458.9
FloatingReset	3.13 %	3.43 %	42,609	18.67	2	-0.5667 %	2,848.1
FixedReset Prem	4.78 %	4.05 %	148,367	1.99	23	0.2421 %	2,686.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.8037 %	2,786.9
FixedReset Ins Non	4.22 %	5.18 %	77,318	15.34	15	0.0733 %	2,847.0

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.E	Insurance Straight	-2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.25 Evaluated at bid price : 22.52 Bid-YTW : 5.01 %
SLF.PR.C	Insurance Straight	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 4.98 %
BAM.PR.E	Ratchet	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 25.00 Evaluated at bid price : 19.40 Bid-YTW : 3.81 %
SLF.PR.G	FixedReset Ins Non	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.26 %
SLF.PR.J	FloatingReset	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 2.81 %
SLF.PR.D	Insurance Straight	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 4.98 %
EMA.PR.L	Perpetual-Discount	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.50 Evaluated at bid price : 22.83 Bid-YTW : 5.09 %
PWF.PF.A	Perpetual-Discount	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.21 Evaluated at bid price : 22.52 Bid-YTW : 5.06 %
TRP.PR.D	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.92 %
BAM.PR.R	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 5.72 %
TRP.PR.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.99 %
BMO.PR.T	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.07 Evaluated at bid price : 22.35 Bid-YTW : 5.12 %
CM.PR.Q	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 23.65 Bid-YTW : 4.85 %
BMO.PR.W	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.16 Evaluated at bid price : 22.51 Bid-YTW : 5.08 %
NA.PR.S	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 23.23 Evaluated at bid price : 23.55 Bid-YTW : 5.08 %
BIP.PR.A	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.72 Evaluated at bid price : 23.55 Bid-YTW : 5.94 %
BMO.PR.Y	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 23.60 Bid-YTW : 4.97 %
RY.PR.M	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.29 Evaluated at bid price : 22.86 Bid-YTW : 5.09 %
CU.PR.E	Perpetual-Discount	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.17 %
BAM.PF.E	FixedReset Disc	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.70 %
TD.PF.E	FixedReset Disc	2.03 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.62 Bid-YTW : 5.12 %
FTS.PR.K	FixedReset Disc	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.42 %
TD.PF.D	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 5.10 %
PVS.PR.F	SplitShare	2.36 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 25.50 Evaluated at bid price : 26.00 Bid-YTW : 1.34 %
CU.PR.J	Perpetual-Premium	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.70 Evaluated at bid price : 23.05 Bid-YTW : 5.19 %
TRP.PR.G	FixedReset Disc	3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 21.81 Evaluated at bid price : 22.15 Bid-YTW : 5.61 %
PWF.PR.P	FixedReset Disc	3.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 5.55 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PR.Z	FixedReset Disc	384,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 23.37 Evaluated at bid price : 24.00 Bid-YTW : 5.60 %
TD.PF.C	FixedReset Disc	202,180	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.20 Evaluated at bid price : 22.60 Bid-YTW : 5.10 %
TRP.PR.B	FixedReset Disc	109,830	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 13.43 Evaluated at bid price : 13.43 Bid-YTW : 6.21 %
TRP.PR.A	FixedReset Disc	94,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.99 %
IFC.PR.K	Perpetual-Premium	86,315	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.20 %
PVS.PR.K	SplitShare	84,700	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.50 %
There were 32 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.H	FixedReset Ins Non	Quote: 20.85 – 23.50 Spot Rate : 2.6500 Average : 1.8497 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.06 %
BAM.PF.G	FixedReset Disc	Quote: 22.05 – 23.20 Spot Rate : 1.1500 Average : 0.7771 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 21.77 Evaluated at bid price : 22.05 Bid-YTW : 5.57 %
TRP.PR.A	FixedReset Disc	Quote: 17.70 – 18.50 Spot Rate : 0.8000 Average : 0.5014 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.99 %
PVS.PR.F	SplitShare	Quote: 26.00 – 27.00 Spot Rate : 1.0000 Average : 0.7302 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 25.50 Evaluated at bid price : 26.00 Bid-YTW : 1.34 %
BAM.PF.F	FixedReset Disc	Quote: 22.42 – 23.14 Spot Rate : 0.7200 Average : 0.5208 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.11 Evaluated at bid price : 22.42 Bid-YTW : 5.72 %
IFC.PR.C	FixedReset Disc	Quote: 22.63 – 23.30 Spot Rate : 0.6700 Average : 0.4752 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.08 Evaluated at bid price : 22.63 Bid-YTW : 5.17 %

Posted in Market Action | No Comments »

March 28, 2022

March 28th, 2022

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	3.19 %	3.71 %	27,022	19.67	1	0.0000 %	2,814.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4756 %	5,233.6
Floater	3.36 %	3.35 %	63,209	18.88	3	0.4756 %	3,016.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0592 %	3,626.3
SplitShare	4.69 %	4.46 %	29,953	3.37	8	-0.0592 %	4,330.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0592 %	3,378.9
Perpetual-Premium	5.37 %	-3.81 %	59,489	0.09	17	-0.5401 %	3,173.3
Perpetual-Discount	5.15 %	5.22 %	68,693	15.11	16	-0.8538 %	3,590.7
FixedReset Disc	4.19 %	5.22 %	116,934	15.19	46	0.3482 %	2,704.6
Insurance Straight	5.17 %	5.05 %	90,139	15.19	18	-0.5734 %	3,467.8
FloatingReset	3.11 %	3.45 %	42,961	18.63	2	-0.3670 %	2,864.3
FixedReset Prem	4.79 %	4.23 %	145,445	2.04	23	-0.2671 %	2,680.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3482 %	2,764.7
FixedReset Ins Non	4.22 %	5.18 %	77,555	15.28	15	-0.6377 %	2,844.9

Performance Highlights
Issue	Index	Change	Notes
CU.PR.J	Perpetual-Premium	-4.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.15 Evaluated at bid price : 22.50 Bid-YTW : 5.32 %
CU.PR.E	Perpetual-Discount	-3.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.25 %
MFC.PR.C	Insurance Straight	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 4.96 %
TD.PF.E	FixedReset Disc	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.46 Evaluated at bid price : 23.15 Bid-YTW : 5.31 %
BAM.PF.F	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 21.98 Evaluated at bid price : 22.25 Bid-YTW : 5.76 %
TD.PF.D	FixedReset Disc	-1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.49 Evaluated at bid price : 23.16 Bid-YTW : 5.26 %
SLF.PR.C	Insurance Straight	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.56 Evaluated at bid price : 22.82 Bid-YTW : 4.88 %
FTS.PR.M	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.50 %
BMO.PR.Y	FixedReset Disc	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.54 Evaluated at bid price : 23.26 Bid-YTW : 5.11 %
MFC.PR.N	FixedReset Ins Non	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 5.22 %
SLF.PR.G	FixedReset Ins Non	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 5.17 %
EMA.PR.L	Perpetual-Discount	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.73 Evaluated at bid price : 23.10 Bid-YTW : 5.02 %
MFC.PR.K	FixedReset Ins Non	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.31 Evaluated at bid price : 22.70 Bid-YTW : 5.13 %
MFC.PR.B	Insurance Straight	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.84 Evaluated at bid price : 23.12 Bid-YTW : 5.05 %
MFC.PR.M	FixedReset Ins Non	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.03 Evaluated at bid price : 22.35 Bid-YTW : 5.22 %
FTS.PR.K	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.54 %
MFC.PR.L	FixedReset Ins Non	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 5.20 %
TRP.PR.A	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 6.05 %
BAM.PF.C	Perpetual-Discount	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.31 %
FTS.PR.H	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 5.47 %
IFC.PR.G	FixedReset Ins Non	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 23.53 Evaluated at bid price : 24.00 Bid-YTW : 5.19 %
MFC.PR.Q	FixedReset Ins Non	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 24.21 Evaluated at bid price : 24.60 Bid-YTW : 5.07 %
IFC.PR.C	FixedReset Disc	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.02 Evaluated at bid price : 22.53 Bid-YTW : 5.20 %
SLF.PR.E	Insurance Straight	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 4.90 %
BAM.PR.R	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 5.78 %
CU.PR.F	Perpetual-Discount	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.02 Evaluated at bid price : 22.25 Bid-YTW : 5.10 %
MFC.PR.J	FixedReset Ins Non	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 24.02 Evaluated at bid price : 24.50 Bid-YTW : 5.15 %
POW.PR.C	Perpetual-Premium	1.18 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-27 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : -26.94 %
IFC.PR.A	FixedReset Ins Non	2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.19 %
TRP.PR.G	FixedReset Disc	74.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.79 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PVS.PR.K	SplitShare	104,680	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 4.53 %
TRP.PR.K	FixedReset Prem	60,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 3.34 %
FTS.PR.M	FixedReset Disc	54,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.50 %
IFC.PR.E	Insurance Straight	38,504	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 24.61 Evaluated at bid price : 24.90 Bid-YTW : 5.23 %
BAM.PR.X	FixedReset Disc	37,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 18.49 Evaluated at bid price : 18.49 Bid-YTW : 5.76 %
GWO.PR.Y	Insurance Straight	20,640	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.04 Evaluated at bid price : 22.35 Bid-YTW : 5.04 %
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.J	Perpetual-Premium	Quote: 22.50 – 24.00 Spot Rate : 1.5000 Average : 0.9152 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.15 Evaluated at bid price : 22.50 Bid-YTW : 5.32 %
TRP.PR.D	FixedReset Disc	Quote: 20.00 – 21.50 Spot Rate : 1.5000 Average : 1.1126 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.98 %
BAM.PR.T	FixedReset Disc	Quote: 20.30 – 21.35 Spot Rate : 1.0500 Average : 0.6918 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.88 %
TD.PF.D	FixedReset Disc	Quote: 23.16 – 24.24 Spot Rate : 1.0800 Average : 0.7403 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.49 Evaluated at bid price : 23.16 Bid-YTW : 5.26 %
MFC.PR.K	FixedReset Ins Non	Quote: 22.70 – 23.70 Spot Rate : 1.0000 Average : 0.6629 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 22.31 Evaluated at bid price : 22.70 Bid-YTW : 5.13 %
POW.PR.D	Perpetual-Discount	Quote: 23.92 – 24.60 Spot Rate : 0.6800 Average : 0.4461 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-28 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 5.23 %

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