Market Action

October 12, 2021

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,707.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,967.3
Floater 3.21 % 3.20 % 47,951 19.24 3 0.0000 % 2,862.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.5479 % 3,716.3
SplitShare 4.62 % 3.77 % 48,781 3.79 6 0.5479 % 4,438.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5479 % 3,462.7
Perpetual-Premium 5.05 % -4.55 % 57,265 0.09 34 -0.2782 % 3,291.8
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.2782 % 3,961.4
FixedReset Disc 3.84 % 3.66 % 97,597 17.40 39 0.4312 % 2,904.9
Insurance Straight 4.88 % -1.96 % 85,326 0.09 20 -0.0235 % 3,718.5
FloatingReset 2.82 % 2.83 % 28,526 20.17 1 1.6949 % 2,800.2
FixedReset Prem 4.66 % 2.90 % 132,351 1.99 33 0.0812 % 2,763.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4312 % 2,969.4
FixedReset Ins Non 4.03 % 3.49 % 94,423 17.56 19 0.5483 % 2,993.1
Performance Highlights
Issue Index Change Notes
BAM.PR.M Perpetual-Premium -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 4.77 %
RY.PR.P Perpetual-Premium -1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-11
Maturity Price : 26.00
Evaluated at bid price : 26.87
Bid-YTW : -25.13 %
CU.PR.H Perpetual-Premium -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-09-01
Maturity Price : 25.25
Evaluated at bid price : 25.81
Bid-YTW : 4.32 %
BAM.PF.B FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 22.99
Evaluated at bid price : 23.85
Bid-YTW : 4.07 %
IFC.PR.I Perpetual-Premium 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.10
Bid-YTW : 3.96 %
BAM.PR.T FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 4.18 %
CU.PR.C FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 22.13
Evaluated at bid price : 22.80
Bid-YTW : 3.93 %
FTS.PR.H FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 3.86 %
FTS.PR.G FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 22.29
Evaluated at bid price : 22.61
Bid-YTW : 3.81 %
CM.PR.Q FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 3.17 %
TRP.PR.F FloatingReset 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 2.83 %
RS.PR.A SplitShare 2.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.39 %
SLF.PR.G FixedReset Ins Non 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 3.49 %
MFC.PR.F FixedReset Ins Non 5.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 3.53 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y Insurance Straight 158,496 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 24.51
Evaluated at bid price : 24.90
Bid-YTW : 4.52 %
RS.PR.A SplitShare 69,400 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.39 %
TD.PF.D FixedReset Disc 54,380 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.86
Bid-YTW : 3.33 %
TD.PF.L FixedReset Prem 43,490 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.89 %
TRP.PR.C FixedReset Disc 33,280 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 15.73
Evaluated at bid price : 15.73
Bid-YTW : 4.09 %
PWF.PR.F Perpetual-Premium 21,415 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-11
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -16.67 %
There were 12 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Ins Non Quote: 17.00 – 18.30
Spot Rate : 1.3000
Average : 0.8086

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.46 %

PWF.PR.Z Perpetual-Premium Quote: 25.84 – 26.60
Spot Rate : 0.7600
Average : 0.4830

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 25.84
Bid-YTW : 4.38 %

CU.PR.H Perpetual-Premium Quote: 25.81 – 26.45
Spot Rate : 0.6400
Average : 0.4818

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-09-01
Maturity Price : 25.25
Evaluated at bid price : 25.81
Bid-YTW : 4.32 %

BAM.PR.M Perpetual-Premium Quote: 25.00 – 25.50
Spot Rate : 0.5000
Average : 0.3438

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 4.77 %

PVS.PR.J SplitShare Quote: 25.40 – 25.80
Spot Rate : 0.4000
Average : 0.2476

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.21 %

CU.PR.F Perpetual-Premium Quote: 25.23 – 25.79
Spot Rate : 0.5600
Average : 0.4155

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 3.88 %

PrefLetter

October PrefLetter Released!

The October, 2021, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The October edition is somewhat foreshortened, but contains the most critical elements.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the October, 2021, issue, while the “Next Edition” will be the November, 2021, issue, scheduled to be prepared as of the close November 12, 2021, and eMailed to subscribers prior to market-opening on November 15.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

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

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

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

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

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

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

Note: Assiduous Reader DG informs me:

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

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

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

But Adrian2 now advises:

Well, as of now, FileApp is free (again?).

Issue Comments

GWO.PR.Y Flat on Good Volume

Great-West Lifeco Inc. has announced:

the closing of its previously announced offering of 8,000,000 4.50% Non-Cumulative First Preferred Shares, Series Y (the “Series Y Preferred Shares”) for gross proceeds of $200 million. The offering was completed through a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets, Scotiabank, CIBC Capital Markets and TD Securities. The Series Y Preferred Shares will be listed for trading on the Toronto Stock Exchange under the symbol “GWO.PR.Y”.

Vital statistics are:

GWO.PR.Y Insurance-Straight YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 24.59
Evaluated at bid price : 24.98
Bid-YTW : 4.50 %

The issue traded 884,860 shares today in a range of 24.95-45 before closing at 24.98-99.

GWO.PR.Y is a Straight Perpetual, 4.50%, announced 2021-10-1. It is tracked by HIMIPref™ and has been assigned to the Insurance-Straight subindex.

Market Action

October 8, 2021

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.4006 % 2,707.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4006 % 4,967.3
Floater 3.21 % 3.20 % 48,431 19.25 3 0.4006 % 2,862.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1930 % 3,696.0
SplitShare 4.64 % 4.09 % 47,168 3.79 6 -0.1930 % 4,413.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1930 % 3,443.9
Perpetual-Premium 5.03 % -17.10 % 57,034 0.09 34 0.0791 % 3,300.9
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.0791 % 3,972.5
FixedReset Disc 3.87 % 3.68 % 114,549 17.31 40 0.1883 % 2,892.4
Insurance Straight 4.90 % -0.80 % 84,510 0.09 19 -0.1705 % 3,719.3
FloatingReset 2.87 % 2.88 % 29,638 20.06 1 0.4540 % 2,753.5
FixedReset Prem 4.67 % 3.03 % 129,880 2.10 33 -0.0259 % 2,760.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1883 % 2,956.6
FixedReset Ins Non 4.07 % 3.54 % 93,142 17.55 19 -0.1503 % 2,976.8
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.73 %
SLF.PR.G FixedReset Ins Non -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 3.59 %
RS.PR.A SplitShare -1.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.47
Bid-YTW : 4.09 %
NA.PR.C FixedReset Prem -1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 2.42 %
IFC.PR.I Perpetual-Premium -1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 26.81
Bid-YTW : 4.29 %
GWO.PR.T Insurance Straight 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.67
Bid-YTW : 1.56 %
GWO.PR.N FixedReset Ins Non 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 3.45 %
BIP.PR.B FixedReset Prem 2.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 4.49 %
PWF.PR.P FixedReset Disc 7.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 3.68 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y FixedReset Disc 884,860 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 24.59
Evaluated at bid price : 24.98
Bid-YTW : 4.50 %
TRP.PR.C FixedReset Disc 63,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 15.78
Evaluated at bid price : 15.78
Bid-YTW : 4.08 %
SLF.PR.H FixedReset Ins Non 59,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 22.52
Evaluated at bid price : 23.45
Bid-YTW : 3.54 %
PWF.PR.I Perpetual-Premium 56,975 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-07
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : -0.06 %
BNS.PR.H FixedReset Prem 33,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.19
Bid-YTW : 1.48 %
SLF.PR.C Insurance Straight 30,855 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-07
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.21 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.50
Spot Rate : 1.3000
Average : 0.8791

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.73 %

TD.PF.E FixedReset Prem Quote: 25.00 – 25.85
Spot Rate : 0.8500
Average : 0.5728

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 3.20 %

IFC.PR.I Perpetual-Premium Quote: 26.81 – 27.68
Spot Rate : 0.8700
Average : 0.6733

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 26.81
Bid-YTW : 4.29 %

BIP.PR.D FixedReset Prem Quote: 25.37 – 25.80
Spot Rate : 0.4300
Average : 0.2622

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 2.15 %

NA.PR.C FixedReset Prem Quote: 25.44 – 25.90
Spot Rate : 0.4600
Average : 0.3220

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 2.42 %

TD.PF.D FixedReset Disc Quote: 24.85 – 25.85
Spot Rate : 1.0000
Average : 0.8721

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 3.33 %

Market Action

October 7, 2021

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3493 % 2,696.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3493 % 4,947.5
Floater 3.22 % 3.21 % 48,973 19.22 3 -0.3493 % 2,851.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2599 % 3,703.2
SplitShare 4.63 % 3.75 % 47,615 3.80 6 -0.2599 % 4,422.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2599 % 3,450.5
Perpetual-Premium 5.04 % -8.95 % 54,837 0.09 34 -0.6274 % 3,298.3
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.6274 % 3,969.3
FixedReset Disc 3.86 % 3.73 % 101,509 17.62 39 0.2319 % 2,887.0
Insurance Straight 4.89 % -6.53 % 78,995 0.09 19 -0.1026 % 3,725.7
FloatingReset 2.89 % 2.91 % 29,614 19.99 1 0.6857 % 2,741.1
FixedReset Prem 4.67 % 2.86 % 131,883 2.11 33 -0.0964 % 2,761.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2319 % 2,951.1
FixedReset Ins Non 4.06 % 3.50 % 93,538 17.75 19 -0.0740 % 2,981.3
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 3.37 %
BAM.PR.K Floater -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 3.29 %
BIP.PR.B FixedReset Prem -2.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.47
Bid-YTW : 5.06 %
PVS.PR.G SplitShare -1.87 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 4.31 %
GWO.PR.T Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.40
Bid-YTW : 2.98 %
IFC.PR.I Perpetual-Premium -1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.10
Bid-YTW : 3.94 %
FTS.PR.K FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 21.30
Evaluated at bid price : 21.60
Bid-YTW : 3.76 %
MFC.PR.F FixedReset Ins Non -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 3.41 %
FTS.PR.M FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 22.62
Evaluated at bid price : 23.34
Bid-YTW : 3.87 %
TD.PF.B FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 23.12
Evaluated at bid price : 24.27
Bid-YTW : 3.42 %
BAM.PR.B Floater 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 13.44
Evaluated at bid price : 13.44
Bid-YTW : 3.20 %
IFC.PR.A FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 3.36 %
SLF.PR.H FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 22.44
Evaluated at bid price : 23.30
Bid-YTW : 3.45 %
TRP.PR.D FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 21.49
Evaluated at bid price : 21.86
Bid-YTW : 4.01 %
TD.PF.L FixedReset Prem 1.79 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 2.24 %
BAM.PF.H FixedReset Prem 2.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.75
Bid-YTW : 2.30 %
TRP.PR.A FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 4.04 %
BAM.PR.R FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 4.06 %
BAM.PR.X FixedReset Disc 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 4.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.D FixedReset Prem 100,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 2.21 %
PWF.PR.I Perpetual-Premium 64,469 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-06
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : -0.26 %
BAM.PF.D Perpetual-Premium 58,473 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-06
Maturity Price : 25.25
Evaluated at bid price : 25.48
Bid-YTW : -5.01 %
PWF.PR.Z Perpetual-Premium 28,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 26.00
Bid-YTW : 4.18 %
MFC.PR.I FixedReset Ins Non 27,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 24.00
Evaluated at bid price : 25.12
Bid-YTW : 3.90 %
CM.PR.R FixedReset Prem 25,470 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 1.87 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.G FixedReset Ins Non Quote: 17.78 – 18.50
Spot Rate : 0.7200
Average : 0.4878

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 3.37 %

PWF.PR.Z Perpetual-Premium Quote: 26.00 – 26.50
Spot Rate : 0.5000
Average : 0.3431

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 26.00
Bid-YTW : 4.18 %

IFC.PR.I Perpetual-Premium Quote: 27.10 – 27.70
Spot Rate : 0.6000
Average : 0.4577

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.10
Bid-YTW : 3.94 %

PWF.PR.P FixedReset Disc Quote: 16.66 – 18.00
Spot Rate : 1.3400
Average : 1.2117

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 3.82 %

BAM.PF.D Perpetual-Premium Quote: 25.48 – 25.84
Spot Rate : 0.3600
Average : 0.2495

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-06
Maturity Price : 25.25
Evaluated at bid price : 25.48
Bid-YTW : -5.01 %

PWF.PR.S Perpetual-Premium Quote: 25.15 – 25.65
Spot Rate : 0.5000
Average : 0.4094

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 3.12 %

Issue Comments

PWF.PR.I To Be Redeemed

Power Corporation of Canada and Power Financial Corporation have announced:

Upon completion of the offering, Power Financial intends to redeem all of its outstanding $200 million First Preferred Shares, Series I.

The offering in the quoted paragraph refers to a today’s announcement of a new issue of 4.50% Straight Perpetuals.

PWF.PR.I is a Straight Perpetual, 6.00%, that commenced trading 2003-3-11. It has been tracked by HIMIPref™ and is assigned to the PerpetualPremium subindex.

Update, 2021-11-13: On October 18, the company announced:

that it intends to redeem all 8,000,000 of its outstanding 6.00% Non-Cumulative First Preferred Shares, Series I (the “Series I Shares”) on November 22, 2021.

In accordance with the terms of the Series I Shares, the redemption price will be $25.00 per Series I Share (for a total of $200 million) together with any declared and unpaid dividends, net of any tax required to be withheld by the Corporation. A notice of the redemption of the Series I Shares will be provided in accordance with the rights, privileges and conditions attached to the Series I Shares.

New Issues

New Issue: PWF Straight Perpetual 4.50%

Power Corporation of Canada and Power Financial Corporation have announced:

that Power Financial has agreed to issue 8,000,000 Non-Cumulative First Preferred Shares, Series 23 in the capital of Power Financial (the “Series 23 Shares”) on a bought deal basis, for gross proceeds of $200 million. The Series 23 Shares will be priced at $25.00 per share and will carry an annual dividend yield of 4.50%. Closing is expected on or about October 15, 2021. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.

The net proceeds of this offering will be used by Power Financial for general corporate purposes. Upon completion of the offering, Power Financial intends to redeem all of its outstanding $200 million First Preferred Shares, Series I.

Market Action

October 6, 2021

Long corporates are now at 3.06%.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.3505 % 2,705.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3505 % 4,964.8
Floater 3.21 % 3.21 % 49,050 19.22 3 0.3505 % 2,861.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.2187 % 3,712.8
SplitShare 4.62 % 3.75 % 45,138 3.68 6 0.2187 % 4,433.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2187 % 3,459.5
Perpetual-Premium 5.00 % -15.93 % 54,976 0.09 34 -0.3144 % 3,319.2
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.3144 % 3,994.4
FixedReset Disc 3.87 % 3.59 % 102,947 17.68 39 -1.2637 % 2,880.3
Insurance Straight 4.89 % -8.51 % 82,272 0.09 19 -0.1925 % 3,729.5
FloatingReset 2.91 % 2.93 % 29,796 19.94 1 0.0000 % 2,722.4
FixedReset Prem 4.66 % 2.99 % 132,371 2.19 33 -0.3935 % 2,764.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.2637 % 2,944.3
FixedReset Ins Non 4.06 % 3.49 % 96,951 17.75 19 -0.6438 % 2,983.5
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -7.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.87 %
BAM.PR.X FixedReset Disc -3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.12 %
TRP.PR.A FixedReset Disc -3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 4.15 %
BAM.PR.R FixedReset Disc -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.18 %
CU.PR.C FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.07
Evaluated at bid price : 22.69
Bid-YTW : 3.83 %
FTS.PR.M FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 3.92 %
BIP.PR.B FixedReset Prem -2.47 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 4.47 %
PWF.PR.I Perpetual-Premium -2.46 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-05
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -0.69 %
SLF.PR.H FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.28
Evaluated at bid price : 23.00
Bid-YTW : 3.50 %
TRP.PR.D FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 21.24
Evaluated at bid price : 21.52
Bid-YTW : 4.08 %
BAM.PF.H FixedReset Prem -1.98 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.20
Bid-YTW : 2.82 %
IFC.PR.A FixedReset Ins Non -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 3.41 %
RY.PR.M FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.01
Evaluated at bid price : 24.40
Bid-YTW : 3.59 %
MFC.PR.F FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 3.37 %
BAM.PF.B FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.80
Evaluated at bid price : 23.50
Bid-YTW : 4.03 %
BAM.PF.E FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 21.68
Evaluated at bid price : 21.95
Bid-YTW : 4.13 %
BAM.PR.T FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 4.10 %
TD.PF.B FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.10
Evaluated at bid price : 24.22
Bid-YTW : 3.48 %
CM.PR.P FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.97
Evaluated at bid price : 24.09
Bid-YTW : 3.47 %
TD.PF.L FixedReset Prem -1.44 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.60
Bid-YTW : 2.99 %
SLF.PR.G FixedReset Ins Non -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 3.25 %
BAM.PF.F FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.91
Evaluated at bid price : 23.85
Bid-YTW : 4.11 %
CM.PR.Q FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 3.44 %
RY.PR.Z FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.03
Evaluated at bid price : 24.00
Bid-YTW : 3.45 %
BAM.PR.C Floater -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 3.21 %
ELF.PR.G Perpetual-Premium -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 24.56
Evaluated at bid price : 24.81
Bid-YTW : 4.79 %
BIP.PR.A FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.06
Evaluated at bid price : 24.41
Bid-YTW : 4.57 %
GWO.PR.N FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 3.39 %
BAM.PR.K Floater 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 3.21 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PR.I Perpetual-Premium 98,680 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-05
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -0.69 %
RY.PR.H FixedReset Disc 88,871 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.05
Evaluated at bid price : 24.12
Bid-YTW : 3.47 %
MFC.PR.I FixedReset Ins Non 41,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 24.01
Evaluated at bid price : 25.14
Bid-YTW : 3.89 %
FTS.PR.M FixedReset Disc 32,489 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 3.92 %
BAM.PF.B FixedReset Disc 32,124 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.80
Evaluated at bid price : 23.50
Bid-YTW : 4.03 %
SLF.PR.G FixedReset Ins Non 29,708 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 3.25 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.D FixedReset Disc Quote: 24.87 – 27.30
Spot Rate : 2.4300
Average : 1.3151

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.87
Bid-YTW : 3.53 %

PVS.PR.G SplitShare Quote: 26.20 – 27.72
Spot Rate : 1.5200
Average : 0.9577

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-05
Maturity Price : 26.00
Evaluated at bid price : 26.20
Bid-YTW : -0.10 %

PWF.PR.P FixedReset Disc Quote: 16.65 – 18.25
Spot Rate : 1.6000
Average : 1.0710

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.87 %

BAM.PR.X FixedReset Disc Quote: 17.60 – 18.54
Spot Rate : 0.9400
Average : 0.5583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.12 %

BAM.PR.R FixedReset Disc Quote: 20.20 – 20.92
Spot Rate : 0.7200
Average : 0.4713

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.18 %

FTS.PR.M FixedReset Disc Quote: 23.08 – 23.70
Spot Rate : 0.6200
Average : 0.3826

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 3.92 %

Issue Comments

GDV.PR.A To Get Bigger

Brompton Group has announced:

Global Dividend Growth Split Corp. (the “Company”) is pleased to announce it is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively).

The sales period for this overnight offering will end at 9:00 a.m. (ET) on Wednesday, October 6, 2021. The offering is expected to close on or about October 13, 2021 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Class A Shares will be offered at a price of $12.25 per Class A Share for a distribution rate of 9.8% on the issue price, and the Preferred Shares will be offered at a price of $10.05 per Preferred Share for a yield to maturity of 4.9%. The closing price on the TSX for each of the Class A Shares and Preferred Shares on October 4, 2021 was $12.51 and $10.50, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (“Unit”) (calculated as at October 4, 2021), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering. The offering is being led by RBC Capital Markets.

The Company invests in a diversified portfolio (the “Portfolio”) of equity securities of large capitalization global dividend growth companies selected by the Brompton Funds Limited (the “Manager”). In order to qualify for inclusion in the Portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing of the Portfolio, each global dividend growth company included in the Portfolio must (i) have a market capitalization of at least $10 billion; and (ii) have a history of dividend growth or, in the Manager’s view, have high potential for future dividend growth.

The investment objectives for the Class A Shares are to provide holders with regular monthly cash distributions and to provide the opportunity for capital appreciation through exposure to the Portfolio.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.125 per Preferred Share, and to return the original issue price to holders of Preferred Shares on June 30, 2026.

So whole units are offered for a total of 22.30 per Unit, while the October 4 NAVPU is 20.86; a premium of 6.90%. What a glorious business this is!

Market Action

October 5, 2021

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1750 % 2,696.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1750 % 4,947.5
Floater 3.22 % 3.21 % 50,674 19.23 3 -0.1750 % 2,851.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3429 % 3,704.7
SplitShare 4.63 % 3.75 % 44,685 3.80 6 -0.3429 % 4,424.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3429 % 3,452.0
Perpetual-Premium 4.99 % -19.83 % 50,965 0.09 34 -0.0420 % 3,329.6
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.0420 % 4,007.0
FixedReset Disc 3.82 % 3.56 % 103,361 17.71 39 0.5984 % 2,917.2
Insurance Straight 4.88 % -9.13 % 82,271 0.09 19 -0.0246 % 3,736.7
FloatingReset 2.91 % 2.93 % 30,122 19.94 1 0.7484 % 2,722.4
FixedReset Prem 4.64 % 2.72 % 135,054 2.11 33 0.1243 % 2,775.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5984 % 2,981.9
FixedReset Ins Non 4.03 % 3.43 % 94,074 17.80 19 1.1743 % 3,002.8
Performance Highlights
Issue Index Change Notes
BAM.PR.K Floater -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 12.99
Evaluated at bid price : 12.99
Bid-YTW : 3.32 %
TRP.PR.E FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 21.38
Evaluated at bid price : 21.70
Bid-YTW : 4.00 %
NA.PR.E FixedReset Prem 1.09 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-05-15
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 3.38 %
MFC.PR.Q FixedReset Ins Non 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.82
Evaluated at bid price : 25.44
Bid-YTW : 3.57 %
BAM.PF.J FixedReset Prem 1.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 1.86 %
BAM.PF.B FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.00
Evaluated at bid price : 23.89
Bid-YTW : 3.95 %
CU.PR.C FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 22.64
Evaluated at bid price : 23.29
Bid-YTW : 3.73 %
BAM.PF.E FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 21.93
Evaluated at bid price : 22.30
Bid-YTW : 4.06 %
NA.PR.S FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.44
Evaluated at bid price : 24.98
Bid-YTW : 3.43 %
BAM.PR.C Floater 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 13.55
Evaluated at bid price : 13.55
Bid-YTW : 3.18 %
TRP.PR.B FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 4.07 %
BIP.PR.A FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 24.66
Bid-YTW : 4.41 %
NA.PR.W FixedReset Disc 1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.21
Evaluated at bid price : 24.68
Bid-YTW : 3.34 %
BAM.PR.R FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 4.04 %
TRP.PR.G FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.02
Evaluated at bid price : 24.43
Bid-YTW : 3.93 %
BAM.PR.T FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 21.18
Evaluated at bid price : 21.18
Bid-YTW : 4.04 %
MFC.PR.N FixedReset Ins Non 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.04
Evaluated at bid price : 24.28
Bid-YTW : 3.46 %
TRP.PR.C FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 3.90 %
GWO.PR.N FixedReset Ins Non 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 3.43 %
BAM.PF.H FixedReset Prem 2.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.75
Bid-YTW : 2.29 %
SLF.PR.H FixedReset Ins Non 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 22.56
Evaluated at bid price : 23.54
Bid-YTW : 3.40 %
TRP.PR.A FixedReset Disc 3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 4.01 %
SLF.PR.G FixedReset Ins Non 7.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 3.20 %
MFC.PR.F FixedReset Ins Non 8.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 3.32 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.D FixedReset Prem 100,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.68
Bid-YTW : 1.88 %
SLF.PR.G FixedReset Ins Non 88,008 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 3.20 %
RY.PR.H FixedReset Disc 59,230 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.15
Evaluated at bid price : 24.35
Bid-YTW : 3.42 %
MFC.PR.M FixedReset Ins Non 55,316 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.12
Evaluated at bid price : 24.39
Bid-YTW : 3.52 %
TD.PF.D FixedReset Disc 34,210 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.11
Bid-YTW : 3.25 %
NA.PR.S FixedReset Disc 30,950 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 23.44
Evaluated at bid price : 24.98
Bid-YTW : 3.43 %
There were 25 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 23.29 – 25.00
Spot Rate : 1.7100
Average : 1.1379

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 22.64
Evaluated at bid price : 23.29
Bid-YTW : 3.73 %

GWO.PR.N FixedReset Ins Non Quote: 16.50 – 17.50
Spot Rate : 1.0000
Average : 0.6073

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 3.43 %

RY.PR.O Perpetual-Premium Quote: 26.23 – 27.15
Spot Rate : 0.9200
Average : 0.6549

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-24
Maturity Price : 25.75
Evaluated at bid price : 26.23
Bid-YTW : -4.73 %

TRP.PR.F FloatingReset Quote: 17.50 – 18.60
Spot Rate : 1.1000
Average : 0.8691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 2.93 %

BAM.PR.K Floater Quote: 12.99 – 13.78
Spot Rate : 0.7900
Average : 0.6861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 12.99
Evaluated at bid price : 12.99
Bid-YTW : 3.32 %

FTS.PR.H FixedReset Disc Quote: 16.22 – 16.54
Spot Rate : 0.3200
Average : 0.2271

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-05
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 3.75 %