American banks are issuing dire warnings:
- Goldman Sachs economists on Friday forecast an unprecedented 24% hit to U.S. second-quarter GDP, following a 6% decline in the first-quarter, due to coronavirus; the bank also expects unemployment to surge to 9% and full-year GDP for 2020 to fall 3.8% on an annual average basis.
- Bank of America warned late on Thursday that a recession due to the coronavirus pandemic is already here: “Jobs will be lost, wealth will be destroyed and confidence depressed,” the bank’s U.S. economist, Michelle Meyer, wrote in a note, as the Bank of America also forecast the economy to “collapse” in the second quarter, shrinking by 12%, with GDP for 2020 taking a 0.8% hit.
- Morgan Stanley warned investors of the same thing: “Global recession in 2020 is now our base case,” the firm’s chief economist, Chetan Ahya, wrote in a recent note, predicting global economic growth to slow to 0.9% this year—the lowest level seen since the 2008 crisis.
Deutsche Bank predicts that the U.S. economy will contract by 12.9% in the second quarter, with the coronavirus-driven declines set to “substantially exceed anything previously recorded going back to at least World War II,” according to a note Wednesday.- UBS similarly sees a “massive contraction” of almost 10% in second-quarter GDP, while also predicting a deep recession in the first half of 2020 due to the coronavirus pandemic.
- But: Most of the economists at the big banks listed above still predict the economy will rebound later in 2020, or by 2021 at the latest.
And pension plans are looking sick again:
Canadian pension plans have seen their funding crater in recent weeks amid falling interest rates and a meltdown in stock markets, leaving some with shortfalls just weeks after being fully funded.
…
Consulting firm Mercer Canada Ltd. said its pension health index closed 2019 at 112 per cent — a reading that suggests the plans were over-funded, with more assets than obligations — up 10 percentage points over the course of the year. It was 103 per cent on Feb. 29, but had fallen to 89 per cent on Monday, March 16.Aon PLC said its measure of pension solvency in Canada, which approached record highs in the fourth quarter of 2019, declined from 102.5 per cent on Jan. 2 to 95.8 per cent on Feb. 28, then to 90.6 by Friday, March 13.
So the Fed is ramping up its efforts:
The Fed pledged to buy as much government-backed debt as needed to restore normal functioning in the markets for housing and Treasury bonds. It announced that it would buy longer-dated corporate debt, including the riskiest investment-grade bonds, for the first time in its history. And it promised to unveil more — including supports for small businesses — in the days and weeks to come.
…
The central bank, which restarted its massive bond-buying program eight days ago, said it would expand well beyond the “at least” $700 billion in Treasury and $200 billion in mortgage-backed securities it initially committed to buying. Instead, officials will buy bonds “in the amounts needed to support smooth market functioning” — including buying government-backed debt tied to commercial real estate.
…
One of them, the Primary Market Corporate Credit Facility, is open to investment-grade companies and will provide bridge financing of four years, according to the Fed’s release. The Fed will create a special purpose vehicle that will both purchase bonds from eligible issuers and extend loans.
…
The other program, the Secondary Market Corporate Support Facility, will purchase already-issued debt, which has become hard to trade, including by buying exchange-traded funds that bundle bonds together. The Fed said that together the programs were intended “to support credit to large employers.”
The Toronto Stock Exchange’s S&P/TSX Composite index was unofficially down 623.32 points, or 5.26%, at 11,228.49.
The Canadian death toll from the virus outbreak jumped by more than 50% on Sunday, and impatient officials threatened to punish people refusing to take precautions to fight the spread of the highly contagious illness.
Nine of the index’s 11 major sectors fell.
The energy sector dropped 3.8% as crude prices fell.
The financials sector slipped 7.9%. The industrials sector fell 3.7%.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 5.4% as gold prices rose.
Based on the latest available data, the Dow Jones Industrial Average fell 575.58 points, or 3%, to 18,598.4, the S&P 500 lost 65.55 points, or 2.84%, to 2,239.37 and the Nasdaq Composite dropped 16.37 points, or 0.24%, to 6,863.14.
The Dow at one point traded below its closing level on Nov. 8, 2016, effectively erasing all the gains since the election of Donald Trump as U.S. president.
The pan-European STOXX 600 index lost 4.30% and MSCI’s gauge of stocks across the globe shed 3.81%.
Emerging market stocks lost 5.61%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 5.75% lower, while Japan’s Nikkei rose 2.02%.
Which might well have been considered good news in some quarters:
Brookfield Asset Management Inc. chief executive officer Bruce Flatt says his company is moving away from private assets and buying publicly traded debt and stocks – including its own – in the recent market carnage.
“We have switched our focus for investments to the listed stock markets. … There are some stocks and debt starting to trade at a large discount to intrinsic value and we are focused on these,” Mr. Flatt said in a shareholder letter released Monday.
But there is bad news in other quarters:
Consensus continues to grow among government leaders and health officials that the best way to defeat the virus is to order nonessential businesses to close and residents to confine themselves at home. Britain, after initially resisting such measures, essentially locked down its economy on Monday, as did the governors of Virginia, Michigan and Oregon. More than 100 million Americans will soon be subject to stay-at-home orders.
Relaxing those restrictions could significantly increase the death toll from the virus, public health officials warn. Many economists say there is no positive trade-off — resuming normal activity prematurely would only strain hospitals and result in even more deaths, while exacerbating a recession that has most likely already arrived.
…
Officials have said the federal government’s initial 15-day period for social distancing is vital to slowing the spread of the virus, which has already infected more than 40,000 people in the United States. But Mr. Trump and a chorus of conservative voices have begun to suggest that the shock to the economy could hurt the country more than deaths from the virus.On Monday, Mr. Trump said his administration would reassess whether to keep the economy shuttered after the initial 15-day period ends next Monday, saying it could extend another week and that certain parts of the country could reopen sooner than others, depending on the extent of infections.
“Our country wasn’t built to be shut down,” Mr. Trump said during a briefing at the White House. “America will, again, and soon, be open for business. Very soon. A lot sooner than three or four months that somebody was suggesting. Lot sooner. We cannot let the cure be worse than the problem itself.”
TXPR closed at 392.69, down 7.77% on the day. Volume today was 4.57-million – and this enormous figure was the lowest of the past five trading days.
CPD closed at 7.85, down 8.40% on the day. Volume of 546,111 was third-highest of the past 30 trading days, trailing March 13 and March 16.
ZPR closed at 6.11, down 6.72% on the day. Volume of 1,706,900 was third-highest of the past 30 trading days, behind March 20 and March 9.
Five-year Canada yields were down 4bp to 0.71% today.
I’m not reviewing suspect quotes today, as has been the case for the past while. I’m saving my sarcasm for less turbulent times.
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 | -2.6269 % | 1,229.9 |
FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.6269 % | 2,256.9 |
Floater | 8.80 % | 8.86 % | 58,744 | 10.50 | 4 | -2.6269 % | 1,300.7 |
OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -11.3876 % | 2,655.8 |
SplitShare | 6.25 % | 12.56 % | 73,614 | 3.91 | 7 | -11.3876 % | 3,171.6 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -11.3876 % | 2,474.6 |
Perpetual-Premium | 7.83 % | 8.28 % | 107,194 | 11.03 | 12 | -7.3190 % | 2,175.4 |
Perpetual-Discount | 7.24 % | 7.41 % | 90,425 | 12.03 | 24 | -6.8548 % | 2,418.3 |
FixedReset Disc | 9.20 % | 7.80 % | 213,431 | 11.16 | 64 | -7.2601 % | 1,310.8 |
Deemed-Retractible | 7.31 % | 8.20 % | 96,493 | 11.23 | 27 | -8.5829 % | 2,313.0 |
FloatingReset | 7.58 % | 7.93 % | 64,194 | 11.49 | 3 | -12.1237 % | 1,335.1 |
FixedReset Prem | 7.54 % | 7.38 % | 194,954 | 12.06 | 22 | -9.3620 % | 1,797.5 |
FixedReset Bank Non | 2.09 % | 8.12 % | 125,348 | 1.78 | 3 | -3.1552 % | 2,544.8 |
FixedReset Ins Non | 9.42 % | 8.28 % | 120,655 | 10.82 | 22 | -9.9126 % | 1,251.2 |
Performance Highlights | |||
Issue | Index | Change | Notes |
PVS.PR.G | SplitShare | -27.38 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 15.25 Bid-YTW : 15.27 % |
GWO.PR.N | FixedReset Ins Non | -21.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.61 Evaluated at bid price : 7.61 Bid-YTW : 6.41 % |
SLF.PR.G | FixedReset Ins Non | -17.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.40 Evaluated at bid price : 6.40 Bid-YTW : 8.03 % |
RY.PR.R | FixedReset Prem | -15.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.38 % |
IFC.PR.A | FixedReset Ins Non | -15.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 8.03 Evaluated at bid price : 8.03 Bid-YTW : 8.03 % |
EIT.PR.A | SplitShare | -15.08 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 19.15 Bid-YTW : 12.56 % |
CU.PR.I | FixedReset Prem | -15.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 6.69 % |
IFC.PR.E | Deemed-Retractible | -14.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.92 Evaluated at bid price : 15.92 Bid-YTW : 8.23 % |
MFC.PR.Q | FixedReset Ins Non | -14.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 9.01 % |
BAM.PR.X | FixedReset Disc | -14.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.20 Evaluated at bid price : 7.20 Bid-YTW : 8.69 % |
PWF.PR.Q | FloatingReset | -14.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.75 Evaluated at bid price : 6.75 Bid-YTW : 7.98 % |
BNS.PR.E | FixedReset Prem | -14.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.73 Evaluated at bid price : 17.73 Bid-YTW : 7.45 % |
EIT.PR.B | SplitShare | -13.64 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 11.34 % |
TRP.PR.A | FixedReset Disc | -13.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 8.38 Evaluated at bid price : 8.38 Bid-YTW : 8.64 % |
PWF.PR.G | Perpetual-Premium | -13.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.64 Evaluated at bid price : 17.64 Bid-YTW : 8.56 % |
BIK.PR.A | FixedReset Prem | -13.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 9.43 % |
MFC.PR.N | FixedReset Ins Non | -12.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 9.23 Evaluated at bid price : 9.23 Bid-YTW : 8.02 % |
POW.PR.C | Perpetual-Premium | -12.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.64 % |
IFC.PR.G | FixedReset Ins Non | -12.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.36 Evaluated at bid price : 11.36 Bid-YTW : 7.94 % |
TD.PF.L | FixedReset Disc | -12.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.91 Evaluated at bid price : 13.91 Bid-YTW : 7.87 % |
BAM.PF.A | FixedReset Disc | -12.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.68 Evaluated at bid price : 11.68 Bid-YTW : 8.48 % |
MFC.PR.L | FixedReset Ins Non | -12.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 8.61 % |
GWO.PR.Q | Deemed-Retractible | -12.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 8.51 % |
SLF.PR.H | FixedReset Ins Non | -12.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 8.52 Evaluated at bid price : 8.52 Bid-YTW : 8.30 % |
GWO.PR.R | Deemed-Retractible | -12.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 8.20 % |
BAM.PF.B | FixedReset Disc | -11.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.54 Evaluated at bid price : 10.54 Bid-YTW : 8.63 % |
GWO.PR.S | Deemed-Retractible | -11.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 8.32 % |
SLF.PR.J | FloatingReset | -11.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.85 Evaluated at bid price : 6.85 Bid-YTW : 7.04 % |
TD.PF.E | FixedReset Disc | -11.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 7.43 % |
GWO.PR.M | Deemed-Retractible | -11.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.09 Evaluated at bid price : 17.09 Bid-YTW : 8.56 % |
MFC.PR.C | Deemed-Retractible | -11.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 8.12 % |
MFC.PR.B | Deemed-Retractible | -11.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 7.78 % |
CU.PR.G | Perpetual-Discount | -11.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.13 % |
CM.PR.T | FixedReset Disc | -11.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 7.87 % |
BAM.PF.G | FixedReset Disc | -11.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.29 Evaluated at bid price : 10.29 Bid-YTW : 8.50 % |
CU.PR.F | Perpetual-Discount | -10.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.13 % |
PWF.PR.P | FixedReset Disc | -10.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.70 Evaluated at bid price : 7.70 Bid-YTW : 7.41 % |
IFC.PR.C | FixedReset Ins Non | -10.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 8.39 % |
SLF.PR.D | Deemed-Retractible | -10.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.06 Evaluated at bid price : 14.06 Bid-YTW : 7.97 % |
BAM.PR.Z | FixedReset Disc | -10.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.25 Evaluated at bid price : 11.25 Bid-YTW : 8.55 % |
NA.PR.A | FixedReset Prem | -10.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.19 % |
RY.PR.Q | FixedReset Prem | -10.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.26 % |
TRP.PR.F | FloatingReset | -10.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.71 Evaluated at bid price : 7.71 Bid-YTW : 7.93 % |
GWO.PR.P | Deemed-Retractible | -10.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 8.43 % |
CU.PR.D | Perpetual-Discount | -10.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.09 % |
TD.PF.K | FixedReset Disc | -10.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 7.43 % |
NA.PR.X | FixedReset Prem | -10.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 8.17 % |
BAM.PR.T | FixedReset Disc | -10.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 8.63 Evaluated at bid price : 8.63 Bid-YTW : 8.83 % |
MFC.PR.K | FixedReset Ins Non | -9.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.01 Evaluated at bid price : 10.01 Bid-YTW : 8.19 % |
MFC.PR.G | FixedReset Ins Non | -9.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 8.92 % |
IFC.PR.F | Deemed-Retractible | -9.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 7.84 % |
PWF.PR.H | Perpetual-Premium | -9.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.51 % |
RY.PR.N | Perpetual-Discount | -9.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.87 % |
BAM.PF.J | FixedReset Prem | -9.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 7.24 % |
HSE.PR.G | FixedReset Disc | -9.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.79 Evaluated at bid price : 6.79 Bid-YTW : 15.52 % |
TRP.PR.G | FixedReset Disc | -9.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 8.17 % |
CM.PR.R | FixedReset Disc | -9.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 8.44 % |
EMA.PR.H | FixedReset Prem | -9.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.46 % |
EML.PR.A | FixedReset Ins Non | -9.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 8.84 % |
TRP.PR.C | FixedReset Disc | -9.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.00 Evaluated at bid price : 7.00 Bid-YTW : 7.94 % |
BMO.PR.D | FixedReset Disc | -9.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.84 Evaluated at bid price : 12.84 Bid-YTW : 7.73 % |
PWF.PR.O | Perpetual-Premium | -9.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 8.54 % |
TD.PF.I | FixedReset Disc | -9.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.17 Evaluated at bid price : 13.17 Bid-YTW : 7.37 % |
CU.PR.H | Perpetual-Discount | -9.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.94 Evaluated at bid price : 17.94 Bid-YTW : 7.42 % |
TD.PF.G | FixedReset Prem | -9.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 7.38 % |
TD.PF.J | FixedReset Disc | -9.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 7.36 % |
GWO.PR.I | Deemed-Retractible | -9.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.83 Evaluated at bid price : 13.83 Bid-YTW : 8.20 % |
IAF.PR.G | FixedReset Ins Non | -8.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 8.27 % |
BAM.PF.I | FixedReset Prem | -8.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 7.13 % |
MFC.PR.I | FixedReset Ins Non | -8.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.66 Evaluated at bid price : 10.66 Bid-YTW : 8.66 % |
MFC.PR.J | FixedReset Ins Non | -8.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.90 Evaluated at bid price : 10.90 Bid-YTW : 8.27 % |
PVS.PR.E | SplitShare | -8.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 13.14 % |
BNS.PR.G | FixedReset Prem | -8.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 7.16 % |
TRP.PR.K | FixedReset Prem | -8.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 7.57 % |
CM.PR.P | FixedReset Disc | -8.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.35 Evaluated at bid price : 10.35 Bid-YTW : 8.01 % |
HSE.PR.E | FixedReset Disc | -8.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.10 Evaluated at bid price : 7.10 Bid-YTW : 15.01 % |
IAF.PR.B | Deemed-Retractible | -8.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.01 Evaluated at bid price : 15.01 Bid-YTW : 7.72 % |
BAM.PF.F | FixedReset Disc | -8.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 8.40 % |
CM.PR.S | FixedReset Disc | -8.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.24 Evaluated at bid price : 11.24 Bid-YTW : 7.74 % |
BNS.PR.H | FixedReset Prem | -8.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.81 Evaluated at bid price : 16.81 Bid-YTW : 7.33 % |
GWO.PR.F | Deemed-Retractible | -8.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 8.10 % |
CM.PR.O | FixedReset Disc | -8.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.10 Evaluated at bid price : 10.10 Bid-YTW : 8.11 % |
SLF.PR.C | Deemed-Retractible | -8.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 7.87 % |
SLF.PR.E | Deemed-Retractible | -7.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.36 Evaluated at bid price : 14.36 Bid-YTW : 7.89 % |
SLF.PR.I | FixedReset Ins Non | -7.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.37 Evaluated at bid price : 10.37 Bid-YTW : 8.30 % |
PWF.PR.T | FixedReset Disc | -7.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.55 Evaluated at bid price : 10.55 Bid-YTW : 8.11 % |
RY.PR.O | Perpetual-Discount | -7.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 6.74 % |
TD.PF.F | Perpetual-Discount | -7.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.75 % |
CM.PR.Y | FixedReset Disc | -7.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 7.69 % |
MFC.PR.H | FixedReset Ins Non | -7.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.17 Evaluated at bid price : 11.17 Bid-YTW : 8.70 % |
CU.PR.E | Perpetual-Discount | -7.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 7.22 % |
PWF.PR.S | Perpetual-Discount | -7.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 8.14 % |
GWO.PR.G | Deemed-Retractible | -7.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.78 Evaluated at bid price : 15.78 Bid-YTW : 8.31 % |
SLF.PR.B | Deemed-Retractible | -7.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.68 % |
GWO.PR.T | Deemed-Retractible | -7.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 8.11 % |
BAM.PF.E | FixedReset Disc | -7.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 9.95 Evaluated at bid price : 9.95 Bid-YTW : 8.06 % |
GWO.PR.L | Deemed-Retractible | -7.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 8.48 % |
BAM.PR.R | FixedReset Disc | -7.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 8.40 Evaluated at bid price : 8.40 Bid-YTW : 8.82 % |
TRP.PR.J | FixedReset Prem | -7.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 7.39 % |
NA.PR.W | FixedReset Disc | -7.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 9.97 Evaluated at bid price : 9.97 Bid-YTW : 8.22 % |
NA.PR.E | FixedReset Disc | -7.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 8.04 % |
BMO.PR.S | FixedReset Disc | -7.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 7.80 % |
TRP.PR.B | FixedReset Disc | -6.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.06 Evaluated at bid price : 7.06 Bid-YTW : 6.81 % |
BAM.PF.H | FixedReset Prem | -6.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 6.99 % |
TD.PF.B | FixedReset Disc | -6.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 7.30 % |
RY.PR.E | Deemed-Retractible | -6.88 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 13.15 % |
PWF.PR.E | Perpetual-Premium | -6.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.28 % |
SLF.PR.A | Deemed-Retractible | -6.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 7.77 % |
PWF.PR.L | Perpetual-Discount | -6.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 8.25 % |
TD.PF.A | FixedReset Disc | -6.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.62 Evaluated at bid price : 10.62 Bid-YTW : 7.50 % |
BMO.PR.T | FixedReset Disc | -6.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.22 Evaluated at bid price : 10.22 Bid-YTW : 7.71 % |
EMA.PR.E | Perpetual-Discount | -6.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.52 % |
RY.PR.G | Deemed-Retractible | -6.66 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.60 Bid-YTW : 13.29 % |
BMO.PR.Q | FixedReset Bank Non | -6.65 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.79 Bid-YTW : 12.32 % |
BMO.PR.Y | FixedReset Disc | -6.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.55 Evaluated at bid price : 11.55 Bid-YTW : 7.36 % |
TD.PF.M | FixedReset Disc | -6.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 7.35 % |
PWF.PR.K | Perpetual-Discount | -6.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 8.09 % |
PWF.PR.F | Perpetual-Discount | -6.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 8.19 % |
BMO.PR.B | FixedReset Prem | -6.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 7.23 % |
PWF.PR.R | Perpetual-Premium | -6.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 8.19 % |
BIP.PR.F | FixedReset Disc | -6.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.33 Evaluated at bid price : 15.33 Bid-YTW : 8.39 % |
RY.PR.A | Deemed-Retractible | -6.52 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.78 Bid-YTW : 12.73 % |
RY.PR.P | Perpetual-Premium | -6.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.62 % |
TD.PF.H | FixedReset Prem | -6.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.32 % |
BIP.PR.B | FixedReset Prem | -6.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 8.67 % |
RY.PR.C | Deemed-Retractible | -6.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.95 Bid-YTW : 12.44 % |
MFC.PR.M | FixedReset Ins Non | -6.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 8.03 % |
PVS.PR.D | SplitShare | -6.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 22.01 Bid-YTW : 13.55 % |
PWF.PR.Z | Perpetual-Discount | -6.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 8.10 % |
RY.PR.F | Deemed-Retractible | -6.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 12.81 % |
BIP.PR.D | FixedReset Disc | -6.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 7.97 % |
RY.PR.M | FixedReset Disc | -6.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.89 % |
W.PR.K | FixedReset Prem | -6.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 8.11 % |
BIP.PR.C | FixedReset Prem | -5.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 8.59 % |
NA.PR.C | FixedReset Disc | -5.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 8.44 % |
BMO.PR.C | FixedReset Disc | -5.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 14.18 Evaluated at bid price : 14.18 Bid-YTW : 7.23 % |
BAM.PF.C | Perpetual-Discount | -5.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 7.61 % |
BAM.PF.D | Perpetual-Discount | -5.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 7.66 % |
BAM.PR.K | Floater | -5.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.76 Evaluated at bid price : 6.76 Bid-YTW : 9.00 % |
TRP.PR.E | FixedReset Disc | -5.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 8.39 % |
BAM.PR.M | Perpetual-Discount | -5.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.60 % |
MFC.PR.R | FixedReset Ins Non | -5.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.45 Evaluated at bid price : 13.45 Bid-YTW : 8.49 % |
BNS.PR.I | FixedReset Disc | -5.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 6.75 % |
RY.PR.Z | FixedReset Disc | -5.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.87 Evaluated at bid price : 10.87 Bid-YTW : 7.20 % |
EMA.PR.F | FixedReset Disc | -5.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 7.71 % |
RY.PR.J | FixedReset Disc | -5.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.98 Evaluated at bid price : 12.98 Bid-YTW : 6.58 % |
POW.PR.B | Perpetual-Discount | -5.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 8.05 % |
MFC.PR.O | FixedReset Ins Non | -5.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 8.28 % |
NA.PR.G | FixedReset Disc | -5.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 8.10 % |
W.PR.M | FixedReset Prem | -5.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 7.93 % |
BMO.PR.E | FixedReset Disc | -5.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 7.21 % |
BMO.PR.W | FixedReset Disc | -5.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 7.60 % |
POW.PR.G | Perpetual-Premium | -5.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 8.39 % |
IFC.PR.I | Perpetual-Premium | -5.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.63 % |
MFC.PR.F | FixedReset Ins Non | -5.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 7.03 Evaluated at bid price : 7.03 Bid-YTW : 7.37 % |
BMO.PR.Z | Perpetual-Discount | -5.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.65 % |
EMA.PR.C | FixedReset Disc | -5.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 7.70 % |
BIP.PR.E | FixedReset Disc | -4.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.55 Evaluated at bid price : 15.55 Bid-YTW : 8.10 % |
TD.PF.D | FixedReset Disc | -4.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.98 % |
POW.PR.A | Perpetual-Premium | -4.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.28 Evaluated at bid price : 17.28 Bid-YTW : 8.32 % |
GWO.PR.H | Deemed-Retractible | -4.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 7.81 % |
PVS.PR.H | SplitShare | -4.62 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 19.60 Bid-YTW : 9.05 % |
NA.PR.S | FixedReset Disc | -4.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.35 Evaluated at bid price : 10.35 Bid-YTW : 8.20 % |
ELF.PR.G | Perpetual-Discount | -4.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 7.41 % |
HSE.PR.A | FixedReset Disc | -4.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 4.40 Evaluated at bid price : 4.40 Bid-YTW : 13.61 % |
HSE.PR.C | FixedReset Disc | -4.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.70 Evaluated at bid price : 6.70 Bid-YTW : 16.03 % |
TD.PF.C | FixedReset Disc | -4.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.40 Evaluated at bid price : 11.40 Bid-YTW : 7.20 % |
PVS.PR.F | SplitShare | -4.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 20.01 Bid-YTW : 10.59 % |
RY.PR.W | Perpetual-Discount | -4.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 6.18 % |
TRP.PR.D | FixedReset Disc | -4.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.30 Evaluated at bid price : 10.30 Bid-YTW : 8.14 % |
BAM.PR.N | Perpetual-Discount | -4.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.61 Evaluated at bid price : 15.61 Bid-YTW : 7.66 % |
CM.PR.Q | FixedReset Disc | -4.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 8.27 % |
CCS.PR.C | Deemed-Retractible | -4.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.19 % |
POW.PR.D | Perpetual-Discount | -4.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.77 % |
ELF.PR.H | Perpetual-Premium | -3.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 7.41 % |
BMO.PR.F | FixedReset Disc | -3.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.10 % |
RY.PR.S | FixedReset Disc | -3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 6.36 % |
CIU.PR.A | Perpetual-Discount | -3.77 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 16.07 Evaluated at bid price : 16.07 Bid-YTW : 7.25 % |
PWF.PR.I | Perpetual-Premium | -3.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.47 % |
RY.PR.H | FixedReset Disc | -3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.11 Evaluated at bid price : 11.11 Bid-YTW : 7.11 % |
BAM.PR.B | Floater | -3.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.90 Evaluated at bid price : 6.90 Bid-YTW : 8.81 % |
BAM.PR.C | Floater | -2.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.82 Evaluated at bid price : 6.82 Bid-YTW : 8.92 % |
BNS.PR.Z | FixedReset Bank Non | -2.34 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 8.12 % |
BIP.PR.A | FixedReset Disc | -2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.51 Evaluated at bid price : 10.51 Bid-YTW : 10.07 % |
IAF.PR.I | FixedReset Ins Non | -1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 7.83 % |
PWF.PR.A | Floater | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 6.95 Evaluated at bid price : 6.95 Bid-YTW : 8.86 % |
CU.PR.C | FixedReset Disc | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 6.50 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
MFC.PR.M | FixedReset Ins Non | 59,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 8.03 % |
TRP.PR.D | FixedReset Disc | 59,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.30 Evaluated at bid price : 10.30 Bid-YTW : 8.14 % |
BMO.PR.W | FixedReset Disc | 57,438 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 7.60 % |
RY.PR.Z | FixedReset Disc | 57,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 10.87 Evaluated at bid price : 10.87 Bid-YTW : 7.20 % |
TD.PF.C | FixedReset Disc | 55,473 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 11.40 Evaluated at bid price : 11.40 Bid-YTW : 7.20 % |
RY.PR.R | FixedReset Prem | 54,089 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-23 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.38 % |
There were 116 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
BAM.PR.T | FixedReset Disc | Quote: 8.63 – 16.22 Spot Rate : 7.5900 Average : 4.2507 YTW SCENARIO |
NA.PR.E | FixedReset Disc | Quote: 11.20 – 17.50 Spot Rate : 6.3000 Average : 3.5410 YTW SCENARIO |
GWO.PR.T | Deemed-Retractible | Quote: 16.00 – 22.00 Spot Rate : 6.0000 Average : 3.4312 YTW SCENARIO |
PVS.PR.G | SplitShare | Quote: 15.25 – 21.50 Spot Rate : 6.2500 Average : 4.0907 YTW SCENARIO |
NA.PR.W | FixedReset Disc | Quote: 9.97 – 13.94 Spot Rate : 3.9700 Average : 2.2633 YTW SCENARIO |
BNS.PR.E | FixedReset Prem | Quote: 17.73 – 20.90 Spot Rate : 3.1700 Average : 1.9291 YTW SCENARIO |
LBS.PR.A : Semi-Annual Report, 19H1
March 22nd, 2020Brompton Life & Banc Split Corp. has released its Semi-Annual Report to June 30, 2019.
Figures of interest are:
MER: “The MER per unit, excluding Preferred share distributions (which were covered by the portfolio’s dividend income and issue costs), was 0.92% for the first six months of 2019, compared to 0.91% for 2018.”
Average Net Assets: We need this to calculate portfolio yield. There was issuance of units on April 4, 2019, so our first estimate is calculated as [412.0-million (NAV at beginning of period) + 470.4-million (NAV at end of period)] / 2 = 441.2-million. The second estimate is based on total preferred share dividends of 7.246-million divided by 0.2725/share, implies 26.590-million units outstanding, with an initial NAVPU of 15.91 and a final NAVPU of 17.23, average 16.57, implies average assets of 440.6-million, which is surprisingly good agreement! Call it average Net Assets of $440.9-million.
Underlying Portfolio Yield: (9.886-million dividends + negligible securities income) times two because it’s only half a year divided by average net assets of 440.9-million is 4.48%
Income Coverage: Net Investment Income (excluding capital gains and issuance costs; and after expenses) of 7.766-million divided by Preferred Share Distributions of 7.246-million is 107%.
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