PrefBlog

FFH.PR.K To Reset At 5.045%

March 3rd, 2022

Fairfax Financial Holdings Limited has announced:

that it has determined the fixed dividend rate on its Cumulative 5-Year Rate Reset Preferred Shares, Series K (“Series K Shares”) (TSX: FFH.PR.K) for the five years commencing April 1, 2022 and ending March 31, 2027. The fixed quarterly dividends on the Series K Shares during that period, if and when declared, will be paid at an annual rate of 5.045% (C$0.315313 per share per quarter).

Holders of Series K Shares have the right, at their option, exercisable not later than 5:00 pm (Toronto time) on March 16, 2022, to convert all or part of their Series K Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series L (“Series L Shares”), effective March 31, 2022. The quarterly floating rate dividends on the Series L Shares will be paid at an annual rate, calculated for each quarter, of 3.51% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2022 to June 29, 2022 dividend period for the Series L Shares will be 1.01712% (4.12500% on an annualized basis) and the dividend for such dividend period, if and when declared, will be C$0.25428 per share, payable on June 29, 2022.

Holders of Series K Shares are not required to elect to convert all or any part of their Series K Shares into Series L Shares. Holders of the Series K Shares who do not elect to convert their shares by the conversion deadline will retain their Series K Shares and will receive the fixed-rate dividend as described above (subject to the automatic conversion features described below).

As provided in the share conditions of the Series K Shares, (i) if Fairfax determines that there would be fewer than 1,000,000 Series K Shares outstanding after March 31, 2022, all remaining Series K Shares will be automatically converted into Series L Shares on a one-for-one basis effective March 31, 2022; and (ii) if Fairfax determines that there would be fewer than 1,000,000 Series L Shares outstanding after March 31, 2022, no Series K Shares will be permitted to be converted into Series L Shares. There are currently 9,500,000 Series K Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series L Shares effective upon conversion. Listing of the Series L Shares is subject to Fairfax fulfilling all the listing requirements of the TSX and, upon approval, the Series L Shares will be listed on the TSX under the trading symbol “FFH.PR.L”.

FFH.PR.K was issued as a FixedReset, 5.00%+351, that commenced trading 2012-3-21 after being announced 2012-3-12. In 2017 the issue reset to 4.671%; I recommended against conversion; and there was no conversion.

Posted in Issue Comments | No Comments »

BPO.PR.E To Reset At 5.496%

March 3rd, 2022

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P. has announced:

the reset dividend rate on its …Class AAA Preference Shares, Series EE (“Series EE Shares”) (TSX: BPO.PR.E).
…
Series EE Shares

If declared, the fixed quarterly dividends on the Series EE Shares for the five years commencing April 1, 2022 and ending March 31, 2027 will be paid at an annual rate of 5.496% ($0.3435 per share per quarter).

Holders of Series EE Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 15, 2022, to convert all or part of their Series EE Shares, on a one-for-one basis, into Class AAA Preference Shares, Series FF (the “Series FF Shares”), effective March 31, 2022.

The quarterly floating rate dividends on the Series FF Shares have an annual rate, calculated for each quarter, of 3.96% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the April 1, 2022 to June 30, 2022 dividend period for the Series FF Shares will be 1.14186% (4.58% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.285465 per share, payable on June 30, 2022.

Holders of Series EE Shares are not required to elect to convert all or any part of their Series EE Shares into Series FF Shares.

As provided in the share conditions of the Series EE Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series EE Shares outstanding after March 31, 2022, all remaining Series EE Shares will be automatically converted into Series FF Shares on a one-for-one basis effective March 31, 2022; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series FF Shares outstanding after March 31, 2022, no Series EE Shares will be permitted to be converted into Series FF Shares. There are currently 11,000,000 Series EE Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series FF Shares effective upon conversion. Listing of the Series FF Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series FF Shares will be listed on the TSX under the trading symbol “BPO.PR.F”.

BPO.PR.E was issued as a FixedReset, 5.10%+396M510, that commenced trading 2017-2-17 after being announced 2017-2-9. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

Posted in Issue Comments | No Comments »

BPO.PR.P To Reset At 4.536%

March 3rd, 2022

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:

the reset dividend rate on its Class AAA Preference Shares, Series P (“Series P Shares”) (TSX: BPO.PR.P
…
Series P Shares

If declared, the fixed quarterly dividends on the Series P Shares for the five years commencing April 1, 2022 and ending March 31, 2027 will be paid at an annual rate of 4.536% ($0.2835 per share per quarter).

Holders of Series P Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 15, 2022, to convert all or part of their Series P Shares, on a one-for-one basis, into Class AAA Preference Shares, Series Q (the “Series Q Shares”), effective March 31, 2022.

The quarterly floating rate dividends on the Series Q Shares have an annual rate, calculated for each quarter, of 3.0% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the April 1, 2022 to June 30, 2022 dividend period for the Series Q Shares will be 0.90252% (3.62% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.22563 per share, payable on June 30, 2022.

Holders of Series P Shares are not required to elect to convert all or any part of their Series P Shares into Series Q Shares.

As provided in the share conditions of the Series P Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series P Shares outstanding after March 31, 2022, all remaining Series P Shares will be automatically converted into Series Q Shares on a one-for-one basis effective March 31, 2022; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series Q Shares outstanding after March 31, 2022, no Series P Shares will be permitted to be converted into Series Q Shares. There are currently 12,000,000 Series P Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series Q Shares effective upon conversion. Listing of the Series Q Shares is subject to Brookfield fulfilling all the listing requirements of the TSX and, upon approval, the Series Q Shares will be listed on the TSX under the trading symbol “BPO.PR.Q”.

BPO.PR.P was issued as a FixedReset, 5.15%+300, that commenced trading 2010-10-21 after being announced 2010-10-13. The issue reset to 4.161% in 2016; I recommended against conversion; and there was no conversion.

Posted in Issue Comments | No Comments »

BAM.PF.I To Reset To 5.386%

March 3rd, 2022

Brookfield Asset Management Inc has announced it has:

determined the fixed dividend on its Cumulative Class A Preference Shares, Series 46 (“Series 46 Shares”) (TSX: BAM.PF.I) for the five years commencing April 1, 2022 and ending March 31, 2027.
…
Series 46 Shares and Series 47 Shares

If declared, the fixed quarterly dividends on the Series 46 Shares during the five years commencing April 1, 2022 will be paid at an annual rate of 5.386% ($0.336625 per share per quarter).

Holders of Series 46 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 16, 2022, to convert all or part of their Series 46 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 47 (the “Series 47 Shares”), effective March 31, 2022. The quarterly floating rate dividends on the Series 47 Shares will be paid at an annual rate, calculated for each quarter, of 3.85% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2022 to June 30, 2022 dividend period for the Series 47 Shares will be 1.11319% (4.465% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.2782975 per share, payable on June 30, 2022.

Holders of Series 46 Shares are not required to elect to convert all or any part of their Series 46 Shares into Series 47 Shares.

As provided in the share conditions of the Series 46 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 46 Shares outstanding after March 31, 2022, all remaining Series 46 Shares will be automatically converted into Series 47 Shares on a one-for-one basis effective March 31, 2022; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 47 Shares outstanding after March 31, 2022, no Series 46 Shares will be permitted to be converted into Series 47 Shares. There are currently 11,740,797 Series 46 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 47 Shares effective upon conversion. Listing of the Series 47 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

BAM.PF.I was issued as a FixedReset, 4.80%+385M480 that commenced trading 2016-11-18 after being announced 2016-11-10. It is tracked by HIMIPref™ and is been assigned to the FixedReset (premium) subindex.

Posted in Issue Comments | 5 Comments »

BAM.PR.T To Reset At 3.846%

March 3rd, 2022

Brookfield Asset Management Inc has announced:

that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 26 (“Series 26 Shares”) (TSX: BAM.PR.T) for the five years commencing April 1, 2022 and ending March 31, 2027,
…
Series 26 Shares and Series 27 Shares

If declared, the fixed quarterly dividends on the Series 26 Shares during the five years commencing April 1, 2022 will be paid at an annual rate of 3.846% ($0.240375 per share per quarter).

Holders of Series 26 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on March 16, 2022, to convert all or part of their Series 26 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 27 (the “Series 27 Shares”), effective March 31, 2022. The quarterly floating rate dividends on the Series 27 Shares will be paid at an annual rate, calculated for each quarter, of 2.31% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the April 1, 2022 to June 30, 2022 dividend period for the Series 27 Shares will be 0.72925% (2.925% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.1823125 per share, payable on June 30, 2022.

Holders of Series 26 Shares are not required to elect to convert all or any part of their Series 26 Shares into Series 27 Shares.

As provided in the share conditions of the Series 26 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 26 Shares outstanding after March 31, 2022, all remaining Series 26 Shares will be automatically converted into Series 27 Shares on a one-for-one basis effective March 31, 2022; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 27 Shares outstanding after March 31, 2022, no Series 26 Shares will be permitted to be converted into Series 27 Shares. There are currently 9,770,928 Series 26 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 27 Shares effective upon conversion. Listing of the Series 27 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

BAM.PR.T was issued as a FixedReset, 4.50%+231, that commenced trading 2010-10-29 after being announced 2010-10-21. In 2017 it reset to 3.471%; I recommended against conversion; and there was no conversion.

Posted in Issue Comments | No Comments »

Redemption of TRP.PR.K Considered

March 2nd, 2022

TC Energy has announced:

that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL), is considering an offering of subordinated trust notes (Trust Notes), guaranteed on a subordinated basis by TCPL, under the Trust’s short form base shelf prospectus dated Feb. 26, 2021.

If a successful offering is completed, the Company intends to use the proceeds to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 15 (TSX:TRP.PR.K) pursuant to their terms, and pending such redemption, to reduce short-term indebtedness as well as for general corporate purposes. There is no certainty that the Trust will ultimately complete the offering being considered or as to the timing or terms on which such an offering might be completed.

TRP.PR.K is a FixedReset, 4.90%+385M490, that commenced trading 2016-11-21 after being announced 2016-11-14. It has been tracked by HIMIPref™ and assigned to the FixedReset (Premium) subindex.

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

Update, 2022-3-11: The Trust Note offering was successful.

TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that TransCanada Trust (the Trust), a wholly-owned financing trust subsidiary of TransCanada PipeLines Limited (TCPL), has closed an offering of U.S. $800 million of 5.600% subordinated Trust Notes, Series 2022-A due March 7, 2082 (Trust Notes), guaranteed on a subordinated basis by TCPL. The Trust Notes were offered through a syndicate of underwriters, co-led by Deutsche Bank Securities Inc. and MUFG Securities Americas Inc., under the Trust’s short form base shelf prospectus dated Feb. 26, 2021, as supplemented by a prospectus supplement dated March 2, 2022.

The Company intends to use the proceeds to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset First Preferred Shares, Series 15 (TSX:TRP.PR.K) pursuant to their terms, and pending such redemption, to reduce short-term indebtedness as well as for general corporate purposes.

Posted in Issue Comments | 3 Comments »

BoC Hikes Overnight to 0.50%; Prime Follows

March 2nd, 2022

The Bank of Canada has announced it has:

increased its target for the overnight rate to ½ %, with the Bank Rate at ¾ % and the deposit rate at ½ %. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds on its balance sheet roughly constant until such time as it becomes appropriate to allow the size of its balance sheet to decline.

The unprovoked invasion of Ukraine by Russia is a major new source of uncertainty. Prices for oil and other commodities have risen sharply. This will add to inflation around the world, and negative impacts on confidence and new supply disruptions could weigh on global growth. Financial market volatility has increased. The situation remains fluid and we are following events closely.

Global economic data has come in broadly in line with projections in the Bank’s January Monetary Policy Report (MPR). Economies are emerging from the impact of the Omicron variant of COVID-19 more quickly than expected, although the virus continues to circulate and the possibility of new variants remains a concern. Demand is robust, particularly in the United States. Global supply bottlenecks remain challenging, although there are indications that some constraints have eased.

Economic growth in Canada was very strong in the fourth quarter of last year at 6.7%. This is stronger than the Bank’s projection and confirms its view that economic slack has been absorbed. Both exports and imports have picked up, consistent with solid global demand. In January, the recovery in Canada’s labour market suffered a setback due to the Omicron variant, with temporary layoffs in service sectors and elevated employee absenteeism. However, the rebound from Omicron now appears to be well in train: household spending is proving resilient and should strengthen further with the lifting of public health restrictions. Housing market activity is more elevated, adding further pressure to house prices. Overall, first-quarter growth is now looking more solid than previously projected.

CPI inflation is currently at 5.1%, as expected in January, and remains well above the Bank’s target range. Price increases have become more pervasive, and measures of core inflation have all risen. Poor harvests and higher transportation costs have pushed up food prices. The invasion of Ukraine is putting further upward pressure on prices for both energy and food-related commodities. All told, inflation is now expected to be higher in the near term than projected in January. Persistently elevated inflation is increasing the risk that longer-run inflation expectations could drift upwards. The Bank will use its monetary policy tools to return inflation to the 2% target and keep inflation expectations well-anchored.

The policy rate is the Bank’s primary monetary policy instrument. As the economy continues to expand and inflation pressures remain elevated, the Governing Council expects interest rates will need to rise further. The Governing Council will also be considering when to end the reinvestment phase and allow its holdings of Government of Canada bonds to begin to shrink. The resulting quantitative tightening (QT) would complement increases in the policy interest rate. The timing and pace of further increases in the policy rate, and the start of QT, will be guided by the Bank’s ongoing assessment of the economy and its commitment to achieving the 2% inflation target.

Prime followed:

Posted in Canada Prime | No Comments »

March 2, 2022

March 2nd, 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	3.17 %	3.73 %	39,701	19.82	1	0.0518 %	2,750.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2846 %	5,238.6
Floater	3.04 %	3.07 %	58,059	19.49	3	0.2846 %	3,019.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0919 %	3,639.1
SplitShare	4.66 %	4.26 %	32,537	3.62	6	-0.0919 %	4,345.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0919 %	3,390.8
Perpetual-Premium	5.25 %	3.19 %	62,618	0.49	21	0.2555 %	3,214.0
Perpetual-Discount	4.91 %	5.00 %	62,754	15.45	11	0.7719 %	3,751.3
FixedReset Disc	4.19 %	4.43 %	119,669	16.59	43	-2.0349 %	2,669.3
Insurance Straight	5.04 %	4.74 %	90,071	15.61	18	-0.0250 %	3,560.0
FloatingReset	2.92 %	2.52 %	66,556	21.03	2	9.4427 %	2,869.2
FixedReset Prem	4.79 %	4.09 %	137,127	2.26	26	-0.1255 %	2,698.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-2.0349 %	2,728.5
FixedReset Ins Non	4.26 %	4.31 %	83,703	16.60	17	-0.1136 %	2,854.4

Performance Highlights
Issue	Index	Change	Notes
RY.PR.M	FixedReset Disc	-36.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 6.68 %
CM.PR.Q	FixedReset Disc	-17.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.37 %
BAM.PR.T	FixedReset Disc	-14.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.63 %
BAM.PF.H	FixedReset Prem	-3.88 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.12 %
PWF.PR.P	FixedReset Disc	-3.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 4.78 %
BAM.PF.E	FixedReset Disc	-2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.09 %
BAM.PF.B	FixedReset Disc	-2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 4.96 %
BMO.PR.T	FixedReset Disc	-2.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 4.40 %
IFC.PR.G	FixedReset Ins Non	-2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.55 Evaluated at bid price : 24.00 Bid-YTW : 4.49 %
TD.PF.D	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.80 Evaluated at bid price : 23.75 Bid-YTW : 4.43 %
BAM.PR.X	FixedReset Disc	-1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.99 %
IFC.PR.A	FixedReset Ins Non	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 4.26 %
BAM.PF.F	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.16 Evaluated at bid price : 22.50 Bid-YTW : 5.01 %
MFC.PR.J	FixedReset Ins Non	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.84 Evaluated at bid price : 24.33 Bid-YTW : 4.40 %
RY.PR.J	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.94 Evaluated at bid price : 24.00 Bid-YTW : 4.34 %
PWF.PR.K	Perpetual-Discount	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 24.50 Evaluated at bid price : 24.75 Bid-YTW : 5.04 %
GWO.PR.G	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : -4.80 %
CU.PR.E	Perpetual-Premium	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 24.56 Evaluated at bid price : 24.81 Bid-YTW : 4.95 %
GWO.PR.M	Insurance Straight	1.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-01 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -22.71 %
NA.PR.W	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.29 Evaluated at bid price : 22.75 Bid-YTW : 4.29 %
MFC.PR.B	Insurance Straight	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.58 Evaluated at bid price : 23.85 Bid-YTW : 4.87 %
BAM.PR.R	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.88 %
GWO.PR.S	Insurance Straight	1.31 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.63 %
GWO.PR.T	Insurance Straight	1.32 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 4.84 %
BAM.PR.M	Perpetual-Discount	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.26 Evaluated at bid price : 23.56 Bid-YTW : 5.11 %
IAF.PR.B	Insurance Straight	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 4.84 %
BAM.PR.B	Floater	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 3.07 %
CM.PR.O	FixedReset Disc	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.48 Evaluated at bid price : 22.95 Bid-YTW : 4.32 %
PWF.PF.A	Perpetual-Discount	2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.41 Evaluated at bid price : 23.75 Bid-YTW : 4.77 %
CIU.PR.A	Perpetual-Discount	2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 4.93 %
MFC.PR.M	FixedReset Ins Non	4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.10 Evaluated at bid price : 22.45 Bid-YTW : 4.44 %
SLF.PR.J	FloatingReset	20.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 2.52 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.K	FixedReset Prem	373,350	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 2.69 %
BAM.PF.A	FixedReset Prem	91,625	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 24.19 Evaluated at bid price : 24.52 Bid-YTW : 4.76 %
BMO.PR.C	FixedReset Prem	42,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 3.91 %
RY.PR.S	FixedReset Prem	33,120	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 23.61 Evaluated at bid price : 25.05 Bid-YTW : 4.04 %
BAM.PF.I	FixedReset Prem	31,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 3.73 %
BMO.PR.D	FixedReset Prem	31,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 4.27 %
There were 17 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
RY.PR.M	FixedReset Disc	Quote: 15.06 – 23.95 Spot Rate : 8.8900 Average : 5.9999 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 6.68 %
CM.PR.Q	FixedReset Disc	Quote: 19.70 – 24.46 Spot Rate : 4.7600 Average : 2.6496 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.37 %
BAM.PR.T	FixedReset Disc	Quote: 18.00 – 21.50 Spot Rate : 3.5000 Average : 2.0553 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.63 %
MFC.PR.K	FixedReset Ins Non	Quote: 23.40 – 24.99 Spot Rate : 1.5900 Average : 0.9775 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 22.98 Evaluated at bid price : 23.40 Bid-YTW : 4.18 %
BAM.PF.H	FixedReset Prem	Quote: 26.00 – 27.05 Spot Rate : 1.0500 Average : 0.6188 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.12 %
TRP.PR.G	FixedReset Disc	Quote: 12.29 – 23.80 Spot Rate : 11.5100 Average : 11.1264 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-02 Maturity Price : 12.29 Evaluated at bid price : 12.29 Bid-YTW : 8.75 %

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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 %	3.76 %	37,993	19.77	1	0.6283 %	2,738.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.0863 %	5,057.7
Floater	3.47 %	3.46 %	56,352	18.54	3	-2.0863 %	2,914.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.1909 %	3,640.3
SplitShare	4.66 %	4.16 %	30,932	3.35	6	0.1909 %	4,347.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1909 %	3,391.9
Perpetual-Premium	5.24 %	1.72 %	61,885	0.09	21	-0.0998 %	3,218.6
Perpetual-Discount	4.93 %	5.01 %	61,980	15.47	11	-0.0689 %	3,733.4
FixedReset Disc	4.17 %	4.46 %	115,859	16.45	43	-0.8479 %	2,682.9
Insurance Straight	5.00 %	4.67 %	91,457	15.66	18	0.3605 %	3,583.5
FloatingReset	2.95 %	2.57 %	64,215	20.89	2	-0.1427 %	2,840.8
FixedReset Prem	4.78 %	3.93 %	135,053	2.26	26	-0.1163 %	2,703.2
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.8479 %	2,742.4
FixedReset Ins Non	4.36 %	4.42 %	84,993	16.37	17	-1.9788 %	2,785.9

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.N	FixedReset Ins Non	-19.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 5.53 %
FTS.PR.K	FixedReset Disc	-6.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 4.93 %
BAM.PR.K	Floater	-5.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 3.66 %
MFC.PR.L	FixedReset Ins Non	-4.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 4.67 %
BAM.PR.X	FixedReset Disc	-4.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.24 %
MFC.PR.K	FixedReset Ins Non	-4.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 4.44 %
BAM.PR.T	FixedReset Disc	-4.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.10 %
CM.PR.P	FixedReset Disc	-3.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 21.80 Evaluated at bid price : 22.06 Bid-YTW : 4.46 %
FTS.PR.M	FixedReset Disc	-2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 4.84 %
RY.PR.M	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.36 Evaluated at bid price : 23.00 Bid-YTW : 4.38 %
BIP.PR.A	FixedReset Disc	-2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.03 Evaluated at bid price : 22.42 Bid-YTW : 5.55 %
BAM.PR.M	Perpetual-Discount	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.26 Evaluated at bid price : 23.56 Bid-YTW : 5.11 %
CM.PR.O	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.09 Evaluated at bid price : 22.38 Bid-YTW : 4.44 %
FTS.PR.G	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 4.60 %
CU.PR.I	FixedReset Prem	-1.59 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 3.37 %
NA.PR.W	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.05 Evaluated at bid price : 22.40 Bid-YTW : 4.37 %
CU.PR.F	Perpetual-Discount	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.97 Evaluated at bid price : 23.25 Bid-YTW : 4.85 %
BMO.PR.Y	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.64 Evaluated at bid price : 23.45 Bid-YTW : 4.39 %
MFC.PR.M	FixedReset Ins Non	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 4.53 %
IAF.PR.I	FixedReset Ins Non	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.88 Evaluated at bid price : 24.35 Bid-YTW : 4.53 %
MFC.PR.Q	FixedReset Ins Non	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.54 Evaluated at bid price : 24.00 Bid-YTW : 4.41 %
FTS.PR.H	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 4.56 %
GWO.PR.N	FixedReset Ins Non	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 4.27 %
BAM.PF.G	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.09 %
BAM.PF.D	Perpetual-Premium	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.98 Evaluated at bid price : 24.25 Bid-YTW : 5.13 %
BAM.PR.R	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 4.94 %
SLF.PR.C	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 4.62 %
CIU.PR.A	Perpetual-Discount	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.01 %
IAF.PR.G	FixedReset Ins Non	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.47 Evaluated at bid price : 24.35 Bid-YTW : 4.59 %
SLF.PR.E	Insurance Straight	2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 4.67 %
SLF.PR.D	Insurance Straight	2.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 24.06 Evaluated at bid price : 24.32 Bid-YTW : 4.56 %
TRP.PR.E	FixedReset Disc	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.09 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.Y	FixedReset Prem	154,668	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.43 Bid-YTW : 2.91 %
BMO.PR.F	FixedReset Prem	77,566	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 2.92 %
NA.PR.C	FixedReset Prem	52,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 3.93 %
MFC.PR.R	FixedReset Ins Non	29,267	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-18 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 3.91 %
BMO.PR.C	FixedReset Prem	21,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 2.92 %
TD.PF.K	FixedReset Prem	15,548	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-04 Maturity Price : 23.66 Evaluated at bid price : 24.95 Bid-YTW : 4.27 %
There were 5 other index-included issues trading in excess of 10,000 shares.

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 %	3.79 %	39,347	19.75	1	-1.0875 %	2,720.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.3951 %	5,165.5
Floater	3.40 %	3.43 %	58,826	18.61	3	-1.3951 %	2,976.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1577 %	3,633.4
SplitShare	4.66 %	4.26 %	31,250	3.35	6	-0.1577 %	4,339.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1577 %	3,385.5
Perpetual-Premium	5.23 %	1.06 %	62,736	0.09	21	0.2416 %	3,221.8
Perpetual-Discount	4.93 %	5.00 %	62,828	15.40	11	-0.4078 %	3,736.0
FixedReset Disc	4.13 %	4.40 %	115,561	16.52	43	1.3697 %	2,705.8
Insurance Straight	5.02 %	4.69 %	91,991	15.60	18	0.2979 %	3,570.6
FloatingReset	2.95 %	2.57 %	66,846	20.89	2	-0.8487 %	2,844.9
FixedReset Prem	4.78 %	3.78 %	135,526	2.03	26	0.3014 %	2,706.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	1.3697 %	2,765.9
FixedReset Ins Non	4.28 %	4.39 %	84,368	16.56	17	-0.4284 %	2,842.1

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.N	Perpetual-Discount	-6.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.47 %
TRP.PR.E	FixedReset Disc	-3.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.23 %
IFC.PR.A	FixedReset Ins Non	-3.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.42 %
CIU.PR.A	Perpetual-Discount	-2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.48 Evaluated at bid price : 22.74 Bid-YTW : 5.07 %
BAM.PR.R	FixedReset Disc	-2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 4.99 %
BAM.PR.K	Floater	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 3.46 %
SLF.PR.J	FloatingReset	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 2.57 %
IFC.PR.C	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.43 Evaluated at bid price : 23.24 Bid-YTW : 4.44 %
MFC.PR.K	FixedReset Ins Non	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.60 Evaluated at bid price : 23.00 Bid-YTW : 4.25 %
BIP.PR.A	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.40 Evaluated at bid price : 23.00 Bid-YTW : 5.40 %
BAM.PR.C	Floater	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 13.90 Evaluated at bid price : 13.90 Bid-YTW : 3.43 %
NA.PR.E	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.88 Evaluated at bid price : 24.32 Bid-YTW : 4.40 %
IAF.PR.G	FixedReset Ins Non	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.15 Evaluated at bid price : 24.05 Bid-YTW : 4.64 %
PVS.PR.J	SplitShare	-1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.89 Bid-YTW : 4.50 %
BAM.PF.A	FixedReset Prem	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.88 Evaluated at bid price : 24.25 Bid-YTW : 4.82 %
BAM.PR.E	Ratchet	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 25.00 Evaluated at bid price : 19.10 Bid-YTW : 3.79 %
TRP.PR.C	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 14.83 Evaluated at bid price : 14.83 Bid-YTW : 5.00 %
MFC.PR.Q	FixedReset Ins Non	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.88 Evaluated at bid price : 24.30 Bid-YTW : 4.36 %
TD.PF.C	FixedReset Disc	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.29 Evaluated at bid price : 22.75 Bid-YTW : 4.31 %
CU.PR.J	Perpetual-Premium	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 24.37 Evaluated at bid price : 24.75 Bid-YTW : 4.80 %
FTS.PR.J	Perpetual-Premium	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.91 Evaluated at bid price : 24.15 Bid-YTW : 4.93 %
MFC.PR.B	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 4.82 %
SLF.PR.C	Insurance Straight	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.48 Evaluated at bid price : 23.75 Bid-YTW : 4.67 %
SLF.PR.D	Insurance Straight	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.36 Evaluated at bid price : 23.65 Bid-YTW : 4.69 %
PWF.PR.Z	Perpetual-Premium	1.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.67 Bid-YTW : 4.62 %
IAF.PR.I	FixedReset Ins Non	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 24.25 Evaluated at bid price : 24.66 Bid-YTW : 4.48 %
CU.PR.I	FixedReset Prem	1.61 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.43 Bid-YTW : 2.90 %
TD.PF.D	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 4.33 %
BAM.PR.M	Perpetual-Discount	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 5.00 %
PWF.PR.S	Perpetual-Discount	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 24.51 Evaluated at bid price : 24.74 Bid-YTW : 4.89 %
BMO.PR.T	FixedReset Disc	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.17 Evaluated at bid price : 22.50 Bid-YTW : 4.31 %
IFC.PR.G	FixedReset Ins Non	2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 24.18 Evaluated at bid price : 24.55 Bid-YTW : 4.39 %
BAM.PF.I	FixedReset Prem	3.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : -15.59 %
BAM.PF.H	FixedReset Prem	3.65 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.95 Bid-YTW : 3.08 %
BAM.PR.T	FixedReset Disc	15.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 4.89 %
CM.PR.Q	FixedReset Disc	16.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.39 Evaluated at bid price : 23.00 Bid-YTW : 4.57 %
RY.PR.M	FixedReset Disc	56.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-03 Maturity Price : 22.69 Evaluated at bid price : 23.60 Bid-YTW : 4.25 %

PrefBlog

March 4, 2022

FFH.PR.K To Reset At 5.045%

BPO.PR.E To Reset At 5.496%

BPO.PR.P To Reset At 4.536%

March 3, 2022

BAM.PF.I To Reset To 5.386%

BAM.PR.T To Reset At 3.846%

Redemption of TRP.PR.K Considered

BoC Hikes Overnight to 0.50%; Prime Follows

March 2, 2022

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