Issue Comments

BIP.PR.A : No Conversion To FloatingReset

Brookfield Infrastructure has announced:

that after having taken into account all election notices received by the June 15, 2020 deadline for the reclassification of its Cumulative Class A Preferred Limited Partnership Units, Series 1 (the “Series 1 Units”) (TSX: BIP.PR.A) into Cumulative Class A Preferred Limited Partnership Units, Series 2 (the “Series 2 Units”), there were 298,234 Series 1 Units tendered for reclassification, which is less than the 1,000,000 units required to give effect to reclassifications of Series 1 Units into Series 2 Units. Accordingly, there will be no reclassification of Series 1 Units into Series 2 Units, and holders of Series 1 Units will retain their Series 1 Units.

BIP.PR.A is a FixedReset, 4.50%+356, that commenced trading 2015-3-12 after being announced 2015-3-4. The issue will reset to 3.974% effective 2020-7-1. It is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

Note that the tax treatment of distributions on BIP.PR.A are complex and change annually.

Issue Comments

HSE Downgraded To Pfd-3(high), Trend Negative by DBRS

DBRS has announced that it:

downgraded Husky Energy Inc.’s (Husky or the Company) Issuer Rating and Senior Unsecured Notes and Debentures rating to BBB (high) from A (low), its Commercial Paper rating to R-2 (high) from R-1 (low), and its Preferred Shares – Cumulative rating to Pfd-3 (high) from Pfd-2 (low). All trends are Negative. DBRS Morningstar also removed the ratings from Under Review with Negative Implications, where they were placed on March 26, 2020.

Under normal circumstances, Husky’s downstream refining assets provide a buffer against lower crude oil prices; however, the coronavirus has caused a simultaneous and steep decline in demand for crude oil and refined products. Consequently, DBRS Morningstar expects earnings at the Company’s upstream and downstream segments to be materially weaker in 2020 relative to 2019. In response to the current downturn, Husky has reduced its budgeted capital expenditures (capex) by 50% in 2020 to between $1.6 billion and $1.8 billion; reduced its common dividend payments by 90%; curtailed lower-margin production; and initiated cost-reduction measures. Despite these measures, DBRS Morningstar expects the Company to generate a material free cash flow (FCF; cash flow after capex and dividends) deficit in 2020 under its base-case Western Texas Intermediate and Brent price assumption of USD 32 per barrel (/bbl) and USD 37/bbl, respectively. Husky will likely fund the FCF deficit primarily from available cash balances ($1.3 billion at March 31, 2020). DBRS Morningstar anticipates that, as coronavirus lockdowns ease, demand and margins in the downstream segment will recover faster and stronger relative to the upstream segment. Based on DBRS Morningstar’s price forecasts, it expects the Company to generate a modest FCF surplus in 2021, which should increase materially in 2022 as Husky benefits from higher commodity prices, lower capex, and reduced dividend payments. DBRS Morningstar forecasts that gross debt levels will remain relatively flat, but also expects key credit metrics under its base-case commodity price assumptions to remain weak in 2020 and 2021 before improving in 2022 (lease-adjusted debt-to-cash flow at or around 2.0 times) as earnings and operating cash flow increase because of higher commodity price assumptions and the Company uses FCF surplus to reduce debt. However, the improvement in credit metrics is not sufficient to support the previous A (low) rating, leading to a downgrade.

The Company’s size, highly integrated heavy and thermal oil business, capital flexibility, and portfolio of lower-cost growth opportunities underpin its business risk profile, which supports the BBB (high) rating. Factors tempering the ratings include the Company’s higher percentage of production from Western Canada, relatively shorter proved developed reserve life, and a reserve base geared more toward heavy and thermal oil (69% of total proved reserves at YE2019). The majority equity stake held effectively by Mr. Li Ka-shing’s family trust and indirectly by CK Hutchinson Holdings Limited, which has been important in the implementation of Husky’s growth plans, also supports the ratings.

DBRS Morningstar notes that Husky has maintained a relatively conservative financial profile relative to most of its domestic peers. The Company has built up a sizable cash balance that should allow it to navigate the current downturn without a material increase in gross debt, but the improvement in key credit metrics is predicated on higher crude oil prices and improved refining margins. DBRS Morningstar’s approach is to rate through the cycle and give due weight to projected credit metrics when it anticipates a return to more normalized market conditions; however, the outlook for demand remains fluid and there is a risk that the recovery in commodity prices may fall short of DBRS Morningstar’s base-case price assumptions and Husky’s overall financial risk profile will not support the current ratings. The Negative trends reflect this risk, which DBRS Morningstar assesses to be elevated.

DBRS Morningstar believes that the Company has sufficient liquidity to navigate the current downturn. Husky’s committed credit facilities consist of two tranches: $2.0 billion maturing in June 2022 and $2.0 billion maturing in March 2024. As at March 31, 2020, the Company had $3.0 billion available under its committed credit facilities and $1.3 billion in available cash balances. In April 2020, the Company also availed a $500.0 million committed credit facility with a two-year term. Husky’s long-term debt maturities over the next three years are reasonable with USD 500 million maturing in 2022. DBRS Morningstar expects the Company to repay the maturities primarily from FCF surplus under DBRS Morningstar’s base-case price assumptions. DBRS Morningstar also expects Husky to remain in compliance with the applicable covenant on the credit facilities, including debt-to-capitalization of less than 65%, even if commodity prices trend lower than expected.

DBRS Morningstar may change the trend to Stable if the demand/supply dynamics in the crude oil markets continue to improve, leading to greater confidence that commodity prices and, consequently, the Company’s key credit metrics improve in line with DBRS Morningstar’s base-case assumptions. Conversely, DBRS Morningstar may take a negative rating action if commodity prices and key credit metrics fall below DBRS Morningstar’s expectations.

Affected issues are HSE.PR.A, HSE.PR.B, HSE.PR.C, HSE.PR.E and HSE.PR.G.

The DBRS Review-Negative was reported on PrefBlog in March. HSE is also Outlook-Negative at S&P.

Market Action

June 16, 2020

unicorn_200616
Click for Big

TXPR closed at 533.62, up 1.14% on the day. Volume today was 2.27-million, near the median of the past thirty days.

CPD closed at 10.655, up 0.52% on the day. Volume was 70,852, very low in the context of the past 30 trading days.

ZPR closed at 8.31, up 0.97% on the day. Volume of 208,882 was about at the median of the past 30 trading days.

Five-year Canada yields were up 2bp at 0.38% today.

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 1.0346 % 1,428.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.0346 % 2,620.5
Floater 5.49 % 5.69 % 44,723 14.40 4 1.0346 % 1,510.2
OpRet 0.00 % 0.00 % 0 0.00 0 3.8142 % 3,437.7
SplitShare 4.89 % 4.98 % 64,254 3.85 7 3.8142 % 4,105.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 3.8142 % 3,203.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.7883 % 3,021.0
Perpetual-Discount 5.58 % 5.76 % 79,590 14.20 35 0.7883 % 3,240.3
FixedReset Disc 6.23 % 5.15 % 158,461 14.82 83 1.4404 % 1,832.8
Deemed-Retractible 5.32 % 5.34 % 88,916 14.40 27 0.9427 % 3,219.6
FloatingReset 4.86 % 4.90 % 48,465 15.70 3 2.9926 % 1,792.1
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 1.4404 % 2,534.7
FixedReset Bank Non 1.97 % 3.06 % 98,072 1.59 2 0.5128 % 2,793.0
FixedReset Ins Non 6.38 % 5.08 % 126,542 14.96 22 1.9990 % 1,874.8
Performance Highlights
Issue Index Change Notes
RY.PR.H FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.82 %
PWF.PR.S Perpetual-Discount 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 5.77 %
NA.PR.E FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.96
Evaluated at bid price : 15.96
Bid-YTW : 5.11 %
BAM.PF.D Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.83
Evaluated at bid price : 21.83
Bid-YTW : 5.64 %
TRP.PR.C FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 8.89
Evaluated at bid price : 8.89
Bid-YTW : 5.49 %
TRP.PR.F FloatingReset 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.80
Evaluated at bid price : 9.80
Bid-YTW : 5.36 %
BMO.PR.Q FixedReset Bank Non 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 3.06 %
GWO.PR.G Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.74
Evaluated at bid price : 23.03
Bid-YTW : 5.65 %
CIU.PR.A Perpetual-Discount 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.50 %
GWO.PR.M Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 24.55
Evaluated at bid price : 24.80
Bid-YTW : 5.86 %
GWO.PR.I Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.66 %
GWO.PR.Q Deemed-Retractible 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.19
Evaluated at bid price : 22.65
Bid-YTW : 5.68 %
IFC.PR.F Deemed-Retractible 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.01
Evaluated at bid price : 23.35
Bid-YTW : 5.68 %
CU.PR.F Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.42
Evaluated at bid price : 21.42
Bid-YTW : 5.30 %
POW.PR.D Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.83
Evaluated at bid price : 22.07
Bid-YTW : 5.76 %
BAM.PR.M Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 5.64 %
CU.PR.E Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.59
Evaluated at bid price : 22.84
Bid-YTW : 5.40 %
GWO.PR.L Deemed-Retractible 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 24.17
Evaluated at bid price : 24.43
Bid-YTW : 5.79 %
CU.PR.H Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.97
Evaluated at bid price : 24.26
Bid-YTW : 5.45 %
PWF.PR.L Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.01
Evaluated at bid price : 22.25
Bid-YTW : 5.81 %
CM.PR.O FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.08
Evaluated at bid price : 14.08
Bid-YTW : 5.32 %
PWF.PR.F Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.52
Evaluated at bid price : 22.77
Bid-YTW : 5.85 %
EML.PR.A FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.47
Evaluated at bid price : 24.07
Bid-YTW : 5.55 %
MFC.PR.F FixedReset Ins Non 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.42
Evaluated at bid price : 9.42
Bid-YTW : 4.80 %
SLF.PR.B Deemed-Retractible 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.80
Evaluated at bid price : 23.08
Bid-YTW : 5.20 %
SLF.PR.A Deemed-Retractible 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.31
Evaluated at bid price : 22.58
Bid-YTW : 5.26 %
BMO.PR.Y FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.76
Evaluated at bid price : 15.76
Bid-YTW : 4.94 %
NA.PR.A FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.24
Evaluated at bid price : 23.75
Bid-YTW : 5.36 %
BMO.PR.W FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.71
Evaluated at bid price : 14.71
Bid-YTW : 4.98 %
TD.PF.K FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 4.92 %
TD.PF.C FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 4.90 %
CU.PR.D Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.65
Evaluated at bid price : 22.91
Bid-YTW : 5.38 %
TD.PF.A FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.05
Evaluated at bid price : 15.05
Bid-YTW : 4.85 %
BNS.PR.H FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.82
Evaluated at bid price : 23.22
Bid-YTW : 4.99 %
BIP.PR.D FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 19.97
Evaluated at bid price : 19.97
Bid-YTW : 6.29 %
MFC.PR.Q FixedReset Ins Non 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 5.00 %
IFC.PR.C FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 5.32 %
PWF.PR.E Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.30
Evaluated at bid price : 23.58
Bid-YTW : 5.91 %
SLF.PR.C Deemed-Retractible 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.26 %
BIP.PR.E FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 6.35 %
SLF.PR.E Deemed-Retractible 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.26 %
PWF.PR.Z Perpetual-Discount 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.19
Evaluated at bid price : 22.55
Bid-YTW : 5.78 %
NA.PR.S FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.89
Evaluated at bid price : 14.89
Bid-YTW : 5.18 %
BAM.PF.A FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.26
Evaluated at bid price : 16.26
Bid-YTW : 5.58 %
TD.PF.I FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 18.17
Evaluated at bid price : 18.17
Bid-YTW : 4.95 %
MFC.PR.J FixedReset Ins Non 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 5.09 %
BMO.PR.T FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.56
Evaluated at bid price : 14.56
Bid-YTW : 4.93 %
BAM.PF.E FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 13.87
Evaluated at bid price : 13.87
Bid-YTW : 5.62 %
SLF.PR.D Deemed-Retractible 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 5.23 %
GWO.PR.N FixedReset Ins Non 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.45
Evaluated at bid price : 9.45
Bid-YTW : 4.48 %
BAM.PF.B FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 5.68 %
TRP.PR.A FixedReset Disc 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 5.62 %
CCS.PR.C Deemed-Retractible 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.51 %
CU.PR.G Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.55
Evaluated at bid price : 21.55
Bid-YTW : 5.27 %
CM.PR.S FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.43
Evaluated at bid price : 15.43
Bid-YTW : 5.10 %
PWF.PR.R Perpetual-Discount 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.79
Evaluated at bid price : 24.09
Bid-YTW : 5.79 %
CM.PR.P FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.69
Evaluated at bid price : 14.69
Bid-YTW : 5.12 %
NA.PR.C FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.40 %
BAM.PR.R FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 12.23
Evaluated at bid price : 12.23
Bid-YTW : 5.52 %
BMO.PR.F FixedReset Disc 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 4.96 %
MFC.PR.L FixedReset Ins Non 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 13.61
Evaluated at bid price : 13.61
Bid-YTW : 5.20 %
IAF.PR.B Deemed-Retractible 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 5.34 %
BMO.PR.C FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 18.47
Evaluated at bid price : 18.47
Bid-YTW : 5.18 %
NA.PR.G FixedReset Disc 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 5.09 %
RY.PR.J FixedReset Disc 2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.54
Evaluated at bid price : 16.54
Bid-YTW : 4.78 %
NA.PR.W FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.13 %
CM.PR.R FixedReset Disc 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.33 %
RY.PR.M FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.85
Evaluated at bid price : 15.85
Bid-YTW : 4.78 %
CU.PR.I FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 23.91
Evaluated at bid price : 24.60
Bid-YTW : 4.57 %
BMO.PR.D FixedReset Disc 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 5.18 %
MFC.PR.B Deemed-Retractible 2.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.00
Evaluated at bid price : 22.23
Bid-YTW : 5.25 %
TD.PF.E FixedReset Disc 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 4.97 %
BMO.PR.B FixedReset Disc 2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.37
Evaluated at bid price : 22.72
Bid-YTW : 4.94 %
CM.PR.Q FixedReset Disc 2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.10
Evaluated at bid price : 15.10
Bid-YTW : 5.33 %
PVS.PR.H SplitShare 2.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 4.96 %
MFC.PR.N FixedReset Ins Non 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.65
Evaluated at bid price : 14.65
Bid-YTW : 5.03 %
MFC.PR.K FixedReset Ins Non 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 5.07 %
TRP.PR.G FixedReset Disc 2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.55
Evaluated at bid price : 14.55
Bid-YTW : 5.79 %
CM.PR.Y FixedReset Disc 2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.08
Evaluated at bid price : 21.08
Bid-YTW : 5.15 %
CM.PR.T FixedReset Disc 2.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.12 %
HSE.PR.E FixedReset Disc 2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 8.58 %
TD.PF.D FixedReset Disc 2.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.97
Evaluated at bid price : 15.97
Bid-YTW : 5.03 %
BAM.PF.G FixedReset Disc 2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 5.58 %
TD.PF.J FixedReset Disc 3.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 4.83 %
PWF.PR.P FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.55
Evaluated at bid price : 9.55
Bid-YTW : 5.28 %
HSE.PR.G FixedReset Disc 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 11.36
Evaluated at bid price : 11.36
Bid-YTW : 8.62 %
BMO.PR.E FixedReset Disc 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 4.96 %
SLF.PR.H FixedReset Ins Non 3.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 12.87
Evaluated at bid price : 12.87
Bid-YTW : 4.99 %
MFC.PR.G FixedReset Ins Non 3.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 5.08 %
BAM.PR.K Floater 3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 7.37
Evaluated at bid price : 7.37
Bid-YTW : 5.83 %
TD.PF.L FixedReset Disc 3.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 4.85 %
TRP.PR.B FixedReset Disc 3.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 7.79
Evaluated at bid price : 7.79
Bid-YTW : 5.32 %
CU.PR.C FixedReset Disc 4.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.09
Evaluated at bid price : 15.09
Bid-YTW : 4.74 %
HSE.PR.C FixedReset Disc 4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 8.76 %
MFC.PR.R FixedReset Ins Non 4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 4.99 %
TD.PF.M FixedReset Disc 4.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.74
Evaluated at bid price : 22.09
Bid-YTW : 4.81 %
MFC.PR.M FixedReset Ins Non 5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.95
Evaluated at bid price : 14.95
Bid-YTW : 5.04 %
SLF.PR.G FixedReset Ins Non 5.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.44
Evaluated at bid price : 9.44
Bid-YTW : 4.73 %
SLF.PR.I FixedReset Ins Non 5.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 4.95 %
PVS.PR.G SplitShare 5.96 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.90
Bid-YTW : 5.04 %
BAM.PR.Z FixedReset Disc 6.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.90
Evaluated at bid price : 15.90
Bid-YTW : 5.61 %
SLF.PR.J FloatingReset 6.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.25
Evaluated at bid price : 9.25
Bid-YTW : 4.30 %
EIT.PR.A SplitShare 21.14 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.35
Bid-YTW : 5.62 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.R FixedReset Disc 67,756 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 5.33 %
BAM.PF.E FixedReset Disc 66,488 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 13.87
Evaluated at bid price : 13.87
Bid-YTW : 5.62 %
BAM.PF.G FixedReset Disc 59,671 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.47
Evaluated at bid price : 14.47
Bid-YTW : 5.58 %
MFC.PR.R FixedReset Ins Non 54,894 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 4.99 %
BAM.PR.R FixedReset Disc 53,486 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 12.23
Evaluated at bid price : 12.23
Bid-YTW : 5.52 %
PWF.PR.P FixedReset Disc 51,684 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.55
Evaluated at bid price : 9.55
Bid-YTW : 5.28 %
There were 44 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CCS.PR.C Deemed-Retractible Quote: 22.70 – 24.80
Spot Rate : 2.1000
Average : 1.6553

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.51 %

TD.PF.B FixedReset Disc Quote: 15.00 – 15.99
Spot Rate : 0.9900
Average : 0.6018

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.89 %

IAF.PR.G FixedReset Ins Non Quote: 15.50 – 16.50
Spot Rate : 1.0000
Average : 0.7054

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 5.32 %

BMO.PR.F FixedReset Disc Quote: 21.10 – 21.79
Spot Rate : 0.6900
Average : 0.4607

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 4.96 %

BAM.PR.X FixedReset Disc Quote: 9.80 – 10.74
Spot Rate : 0.9400
Average : 0.7419

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 9.80
Evaluated at bid price : 9.80
Bid-YTW : 5.73 %

BAM.PF.F FixedReset Disc Quote: 14.80 – 16.12
Spot Rate : 1.3200
Average : 1.1234

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-16
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 5.82 %

Issue Comments

PPL.PR.S : No Conversion To FloatingReset

Pembina Pipeline Corporation has announced:

that none of Pembina’s Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 (“Series 19 Shares”) (TSX: PPL.PR.S) will be converted into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 20 of Pembina (“Series 20 Shares”) on June 30, 2020.

After taking into account all the conversion notices received from holders of its outstanding Series 19 Shares by the June 15, 2020 deadline for the conversion of the Series 19 Shares into Series 20 Shares, less than the 1,000,000 Series 19 Shares required to give effect to conversions into Series 20 Shares were tendered for conversion.

PPL.PR.S is a FixedReset, 5.00%+427, that commenced trading 2015-4-1 as VSN.PR.E after being announced 2015-03-23. The ticker change became effective 2017-10-5 after the closing of a merger between the companies. The issue will reset to 4.684% effective 2020-6-30. The issue is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

Issue Comments

GMP.PR.B & GMP.PR.C : Still on Review-Developing at DBRS

DBRS has announced that it:

maintained the Under Review with Developing Implications status on GMP Capital Inc.’s (GMP or the Company) Cumulative Preferred Shares rating of Pfd-4 (high).

DBRS Morningstar once again maintained the Under Review with Developing Implications status on March 17, 2020, as GMP had called a special meeting of common shareholders on April 21, 2020, to approve the consolidation.

However, in light of concerns over the Coronavirus Disease (COVID-19), GMP postponed the special meeting. All three of Richardson GMP’s shareholder groups (GMP, RFGL, and two elected investment advisor representatives on the board of RGMP) agreed to extend the contractual negotiation period between GMP and RFGL. This agreement was set to occur on April 16, 2020, and has been extended until 60 days following the date that the Declaration of Emergency ordered by the Lieutenant Governor of Ontario has been withdrawn or terminated by the Government of Ontario. In the interim, the parties involved (GMP, RFGL, and the Richardson GMP investment advisors) continue to work toward entering into a definitive agreement, but without any assurances about the outcome of these discussions.

Under the terms of the proposed transaction, GMP will acquire all common shares of Richardson GMP that it does not already own (65.5% stake). The DBRS Morningstar-rated Cumulative Preferred Shares would remain with the consolidated entity.

KEY RATING CONSIDERATIONS
While DBRS Morningstar would ideally like to resolve this Under Review with Developing Implications status as quickly as possible, the ratings implications for GMP remain unclear. The continued Under Review period considers that the consolidation of GMP with Richardson GMP has yet to be finalized. DBRS Morningstar will assess GMP’s pro forma structure once it consolidates full ownership of Richardson GMP. This assessment will review the Company’s assets and liabilities composition, ownership, future strategic direction, and management’s ability to execute on this plan. If the consolidation were not to occur, DBRS Morningstar would need to assess GMP’s standalone intrinsic strength, including its credit fundamentals, prospects for growth, and ability to maintain debt service payments on its Cumulative Preferred Shares.

The Review was last extended in March, 2020.

Affected issues are GMP.PR.B and GMP.PR.C.

Market Action

June 15, 2020

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 -2.4598 % 1,413.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -2.4598 % 2,593.7
Floater 5.54 % 5.67 % 42,135 14.42 4 -2.4598 % 1,494.8
OpRet 0.00 % 0.00 % 0 0.00 0 -3.8951 % 3,311.4
SplitShare 5.07 % 5.43 % 64,777 3.85 7 -3.8951 % 3,954.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -3.8951 % 3,085.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0274 % 2,997.3
Perpetual-Discount 5.63 % 5.76 % 78,638 14.21 35 -0.0274 % 3,215.0
FixedReset Disc 6.32 % 5.23 % 162,909 14.70 83 -0.2023 % 1,806.7
Deemed-Retractible 5.37 % 5.47 % 89,788 14.33 27 0.0162 % 3,189.6
FloatingReset 5.00 % 4.95 % 48,109 15.62 3 -1.6437 % 1,740.0
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -0.2023 % 2,498.7
FixedReset Bank Non 1.98 % 3.30 % 133,386 1.59 2 0.2468 % 2,778.7
FixedReset Ins Non 6.51 % 5.25 % 122,637 14.90 22 0.6900 % 1,838.1
Performance Highlights
Issue Index Change Notes
EIT.PR.A SplitShare -17.62 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 20.10
Bid-YTW : 11.45 %
PVS.PR.G SplitShare -6.08 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.23 %
BAM.PR.K Floater -5.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 7.10
Evaluated at bid price : 7.10
Bid-YTW : 6.05 %
TD.PF.D FixedReset Disc -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 5.18 %
CU.PR.C FixedReset Disc -3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 4.93 %
SLF.PR.J FloatingReset -3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 8.65
Evaluated at bid price : 8.65
Bid-YTW : 4.59 %
BMO.PR.B FixedReset Disc -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 21.70
Evaluated at bid price : 22.15
Bid-YTW : 5.07 %
PVS.PR.H SplitShare -2.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.05
Bid-YTW : 5.43 %
PWF.PR.A Floater -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 8.88
Evaluated at bid price : 8.88
Bid-YTW : 4.88 %
TD.PF.E FixedReset Disc -1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 16.21
Evaluated at bid price : 16.21
Bid-YTW : 5.09 %
MFC.PR.M FixedReset Ins Non -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 5.32 %
CM.PR.Y FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.30 %
BAM.PR.C Floater -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 7.38
Evaluated at bid price : 7.38
Bid-YTW : 5.82 %
CM.PR.S FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 5.20 %
BMO.PR.E FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 5.13 %
MFC.PR.G FixedReset Ins Non -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 15.86
Evaluated at bid price : 15.86
Bid-YTW : 5.27 %
MFC.PR.K FixedReset Ins Non -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 5.22 %
MFC.PR.N FixedReset Ins Non -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 5.18 %
TD.PF.M FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.09 %
BMO.PR.W FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.53
Evaluated at bid price : 14.53
Bid-YTW : 5.04 %
PVS.PR.E SplitShare -1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.01
Bid-YTW : 5.57 %
BIP.PR.A FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.74
Evaluated at bid price : 14.74
Bid-YTW : 6.70 %
BAM.PF.G FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 5.74 %
BAM.PF.F FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 5.84 %
NA.PR.X FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 23.88
Evaluated at bid price : 24.40
Bid-YTW : 5.46 %
MFC.PR.H FixedReset Ins Non 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 17.08
Evaluated at bid price : 17.08
Bid-YTW : 5.27 %
BAM.PR.X FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 9.82
Evaluated at bid price : 9.82
Bid-YTW : 5.72 %
BIP.PR.F FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.49 %
BIK.PR.A FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 22.71
Evaluated at bid price : 23.65
Bid-YTW : 6.16 %
MFC.PR.I FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 5.13 %
IFC.PR.A FixedReset Ins Non 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 11.64
Evaluated at bid price : 11.64
Bid-YTW : 4.93 %
GWO.PR.N FixedReset Ins Non 2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 9.29
Evaluated at bid price : 9.29
Bid-YTW : 4.55 %
BAM.PF.E FixedReset Disc 3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 5.72 %
NA.PR.G FixedReset Disc 3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 5.20 %
MFC.PR.Q FixedReset Ins Non 14.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 15.98
Evaluated at bid price : 15.98
Bid-YTW : 5.07 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.M FixedReset Disc 149,439 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 4.89 %
BAM.PF.E FixedReset Disc 123,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 5.72 %
BAM.PF.G FixedReset Disc 122,780 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 5.74 %
TD.PF.D FixedReset Disc 42,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 15.51
Evaluated at bid price : 15.51
Bid-YTW : 5.18 %
NA.PR.C FixedReset Disc 39,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 5.50 %
MFC.PR.B Deemed-Retractible 32,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 21.45
Evaluated at bid price : 21.71
Bid-YTW : 5.37 %
There were 5 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
EIT.PR.A SplitShare Quote: 20.10 – 25.15
Spot Rate : 5.0500
Average : 2.9551

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 20.10
Bid-YTW : 11.45 %

TRP.PR.C FixedReset Disc Quote: 8.80 – 13.90
Spot Rate : 5.1000
Average : 3.6491

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 8.80
Evaluated at bid price : 8.80
Bid-YTW : 5.55 %

MFC.PR.M FixedReset Ins Non Quote: 14.20 – 16.17
Spot Rate : 1.9700
Average : 1.4104

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 5.32 %

PVS.PR.G SplitShare Quote: 23.50 – 25.25
Spot Rate : 1.7500
Average : 1.2337

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.23 %

BAM.PF.F FixedReset Disc Quote: 14.75 – 16.12
Spot Rate : 1.3700
Average : 0.9078

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 5.84 %

BMO.PR.B FixedReset Disc Quote: 22.15 – 23.05
Spot Rate : 0.9000
Average : 0.6154

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-15
Maturity Price : 21.70
Evaluated at bid price : 22.15
Bid-YTW : 5.07 %

Issue Comments

ENS.PR.A To Get Bigger

Middlefield Group has announced:

Middlefield Group, on behalf of E Split Corp. (TSX: ENS and ENS.PR.A) (the “Company”), is pleased to announce that the Company 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. (EDT) on Tuesday, June 16, 2020. The offering is expected to close on or about June 23, 2020 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 $12.00 per Class A Share to yield 13.0% and the Preferred Shares will be offered at a price of $10.00 per Preferred Share to yield 5.3%. The closing price on the TSX for each of the Class A Shares and Preferred Shares on June 12, 2020 was $12.30 and $10.05, 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 (calculated as at June 12, 2020), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

The Company invests in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing and natural gas distribution company.

The Company’s investment objectives for the:

Class A Shares are to provide holders with:

(i) non-cumulative monthly cash distributions; and
(ii) the opportunity for capital appreciation through exposure to the portfolio

Preferred Shares are to:

(i) provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii) return the original issue price of $10.00 to holders upon maturity.

Middlefield Capital Corporation will provide investment management advice to the Company.

The syndicate of agents for the offering is being co-led by CIBC Capital Markets and RBC Capital Markets.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.

So the Whole Units are being offered for $22.00, while the Net Asset Value Per Unit as of June 12, 2020, was 20.88, for a premium of 5.4%. What a great business!

Update, 2020-6-23 : They raised 27.3-million:

Middlefield Group, on behalf of E Split Corp. (TSX: ENS and ENS.PR.A) (the “Company”), is pleased to announce the Company has completed the overnight offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) for aggregate gross proceeds of approximately $27.3 million. The Class A Shares and Preferred Shares will trade on the Toronto Stock Exchange under the existing symbols ENS (Class A Shares) and ENS.PR.A (Preferred Shares).

PrefLetter

June PrefLetter Released!

The June, 2020, 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.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the June, 2020, issue, while the “Next Edition” will be the July, 2020, issue, scheduled to be prepared as of the close July 10, 2020, and eMailed to subscribers prior to market-opening on July 13.

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

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

Note: 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?).

Market Action

June 12, 2020

rainbow_200612
Click for Big

TXPR closed at 528.14, up 0.82% on the day. Volume today was 1.57-million, third-lowest of the past thirty days, ahead of only May 19 and May 21.

CPD closed at 10.59, up 1.34% on the day. Volume was 157,697, above the median of the past 30 trading days.

ZPR closed at 8.22, up 0.74% on the day. Volume of 318,788 was above the median of the past 30 trading days.

Five-year Canada yields were unchanged at 0.37% today.

DBRS downgraded Cenovus:

DBRS Limited (DBRS Morningstar) downgraded Cenovus Energy Inc.’s (Cenovus or the Company) Issuer Rating and Senior Unsecured Debt rating to BBB (low) from BBB and removed the ratings from Under Review with Negative Implications, where they were placed on March 26, 2020. Both trends are Negative. On March 26, 2020, DBRS Morningstar placed Cenovus’s ratings Under Review with Negative Implications in response to the extreme price declines and heightened volatility in crude oil markets largely caused by the rapid spread of the Coronavirus Disease (COVID-19) and the concurrent crude oil-price war between OPEC (led by Saudi Arabia) and Russia. Subsequently, DBRS Morningstar revised its commodity price assumptions to factor in (1) the impact of the coronavirus pandemic on crude oil demand as lockdowns ease, (2) the significant buildup in global oil inventories, and (3) the impact of production cuts recently implemented by OPEC +. The downgrade follows DBRS Morningstar’s expectation that the Company’s key credit metrics will remain below the threshold for a BBB rating over the next three years under the revised commodity price assumptions (see DBRS Morningstar’s May 15, 2020, commentary titled “As Coronavirus Lockdowns Ease, DBRS Morningstar Resets Outlook for Oil and Natural Gas Prices”). The Negative trend reflects the dependence of the key credit metrics on higher commodity prices, especially in 2022 to support the current rating.

And now it’s time for PrefLetter!

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 1.6321 % 1,449.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.6321 % 2,659.1
Floater 5.41 % 5.62 % 42,494 14.50 4 1.6321 % 1,532.5
OpRet 0.00 % 0.00 % 0 0.00 0 1.0434 % 3,445.6
SplitShare 4.88 % 4.93 % 64,770 3.86 7 1.0434 % 4,114.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 1.0434 % 3,210.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5635 % 2,998.2
Perpetual-Discount 5.63 % 5.79 % 81,023 14.22 35 0.5635 % 3,215.8
FixedReset Disc 6.31 % 5.21 % 172,535 14.71 83 1.2042 % 1,810.4
Deemed-Retractible 5.37 % 5.58 % 90,630 14.32 27 1.2900 % 3,189.1
FloatingReset 4.92 % 4.90 % 48,150 15.71 3 1.7107 % 1,769.1
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 1.2042 % 2,503.7
FixedReset Bank Non 1.99 % 3.59 % 138,729 1.60 2 0.0411 % 2,771.9
FixedReset Ins Non 6.55 % 5.22 % 123,972 14.84 22 0.9692 % 1,825.5
Performance Highlights
Issue Index Change Notes
MFC.PR.Q FixedReset Ins Non -9.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.82 %
BIP.PR.F FixedReset Disc -2.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.57 %
BIP.PR.C FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.46
Evaluated at bid price : 21.80
Bid-YTW : 6.14 %
BIP.PR.D FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.34 %
IAF.PR.G FixedReset Ins Non 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.45
Evaluated at bid price : 15.45
Bid-YTW : 5.33 %
RY.PR.S FixedReset Disc 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 17.29
Evaluated at bid price : 17.29
Bid-YTW : 4.60 %
PWF.PR.R Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 23.31
Evaluated at bid price : 23.60
Bid-YTW : 5.90 %
BAM.PR.N Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 5.70 %
SLF.PR.H FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 12.39
Evaluated at bid price : 12.39
Bid-YTW : 5.18 %
BMO.PR.F FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 5.05 %
NA.PR.A FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 23.05
Evaluated at bid price : 23.56
Bid-YTW : 5.40 %
BAM.PF.J FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.79
Evaluated at bid price : 23.50
Bid-YTW : 5.02 %
CM.PR.T FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 5.24 %
CU.PR.E Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.12
Evaluated at bid price : 22.55
Bid-YTW : 5.45 %
CM.PR.Q FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 5.45 %
HSE.PR.C FixedReset Disc 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 10.84
Evaluated at bid price : 10.84
Bid-YTW : 9.11 %
CIU.PR.A Perpetual-Discount 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 20.89
Evaluated at bid price : 20.89
Bid-YTW : 5.55 %
CM.PR.P FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 5.21 %
MFC.PR.K FixedReset Ins Non 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.14 %
RY.PR.Z FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.74 %
IAF.PR.I FixedReset Ins Non 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 5.00 %
BMO.PR.S FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.73
Evaluated at bid price : 14.73
Bid-YTW : 5.06 %
IFC.PR.C FixedReset Ins Non 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.41 %
TD.PF.J FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.98 %
MFC.PR.I FixedReset Ins Non 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 5.20 %
IFC.PR.A FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 11.41
Evaluated at bid price : 11.41
Bid-YTW : 5.03 %
GWO.PR.P Deemed-Retractible 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 23.09
Evaluated at bid price : 23.35
Bid-YTW : 5.79 %
PWF.PR.K Perpetual-Discount 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 5.89 %
IFC.PR.G FixedReset Ins Non 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 5.28 %
MFC.PR.L FixedReset Ins Non 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 13.42
Evaluated at bid price : 13.42
Bid-YTW : 5.27 %
BMO.PR.W FixedReset Disc 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.70
Evaluated at bid price : 14.70
Bid-YTW : 4.98 %
BIP.PR.A FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 6.62 %
CM.PR.Y FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.21 %
TRP.PR.D FixedReset Disc 1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 5.91 %
TD.PF.I FixedReset Disc 1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.00 %
MFC.PR.M FixedReset Ins Non 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 5.22 %
TRP.PR.G FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 5.91 %
CM.PR.S FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.38
Evaluated at bid price : 15.38
Bid-YTW : 5.11 %
GWO.PR.I Deemed-Retractible 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 5.69 %
TD.PF.E FixedReset Disc 1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 4.99 %
GWO.PR.H Deemed-Retractible 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.34
Evaluated at bid price : 21.34
Bid-YTW : 5.70 %
TD.PF.D FixedReset Disc 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.10
Evaluated at bid price : 16.10
Bid-YTW : 4.99 %
NA.PR.E FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.70
Evaluated at bid price : 15.70
Bid-YTW : 5.20 %
BAM.PR.Z FixedReset Disc 1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.94
Evaluated at bid price : 14.94
Bid-YTW : 5.98 %
TRP.PR.E FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 5.90 %
BMO.PR.B FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.35
Evaluated at bid price : 22.70
Bid-YTW : 4.94 %
TRP.PR.F FloatingReset 1.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 9.76
Evaluated at bid price : 9.76
Bid-YTW : 5.38 %
BMO.PR.T FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.30
Evaluated at bid price : 14.30
Bid-YTW : 5.02 %
BAM.PR.C Floater 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 7.50
Evaluated at bid price : 7.50
Bid-YTW : 5.72 %
GWO.PR.G Deemed-Retractible 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.68 %
SLF.PR.J FloatingReset 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 8.95
Evaluated at bid price : 8.95
Bid-YTW : 4.44 %
RY.PR.M FixedReset Disc 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.65
Evaluated at bid price : 15.65
Bid-YTW : 4.84 %
BAM.PR.K Floater 2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 7.53
Evaluated at bid price : 7.53
Bid-YTW : 5.70 %
TD.PF.K FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.94
Evaluated at bid price : 16.94
Bid-YTW : 4.98 %
BAM.PR.B Floater 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 7.63
Evaluated at bid price : 7.63
Bid-YTW : 5.62 %
CCS.PR.C Deemed-Retractible 2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.58 %
BAM.PR.X FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 9.70
Evaluated at bid price : 9.70
Bid-YTW : 5.78 %
TRP.PR.C FixedReset Disc 2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 8.75
Evaluated at bid price : 8.75
Bid-YTW : 5.58 %
MFC.PR.C Deemed-Retractible 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.37 %
SLF.PR.B Deemed-Retractible 2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.55
Evaluated at bid price : 22.81
Bid-YTW : 5.26 %
MFC.PR.B Deemed-Retractible 3.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.36 %
SLF.PR.C Deemed-Retractible 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 20.94
Evaluated at bid price : 20.94
Bid-YTW : 5.33 %
SLF.PR.E Deemed-Retractible 3.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.14
Evaluated at bid price : 21.14
Bid-YTW : 5.34 %
SLF.PR.A Deemed-Retractible 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.06
Evaluated at bid price : 22.29
Bid-YTW : 5.33 %
CM.PR.R FixedReset Disc 3.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 5.48 %
BAM.PF.B FixedReset Disc 3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.48
Evaluated at bid price : 14.48
Bid-YTW : 5.79 %
HSE.PR.E FixedReset Disc 3.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 11.90
Evaluated at bid price : 11.90
Bid-YTW : 8.83 %
BAM.PF.F FixedReset Disc 3.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.90
Evaluated at bid price : 14.90
Bid-YTW : 5.78 %
HSE.PR.G FixedReset Disc 3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 11.10
Evaluated at bid price : 11.10
Bid-YTW : 8.82 %
SLF.PR.D Deemed-Retractible 3.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.04
Evaluated at bid price : 21.04
Bid-YTW : 5.30 %
BAM.PF.E FixedReset Disc 4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 5.92 %
BAM.PF.A FixedReset Disc 4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.05
Evaluated at bid price : 16.05
Bid-YTW : 5.65 %
TD.PF.A FixedReset Disc 4.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 4.92 %
BAM.PR.T FixedReset Disc 4.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 5.78 %
MFC.PR.G FixedReset Ins Non 4.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.09
Evaluated at bid price : 16.09
Bid-YTW : 5.19 %
MFC.PR.H FixedReset Ins Non 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.89
Evaluated at bid price : 16.89
Bid-YTW : 5.33 %
MFC.PR.J FixedReset Ins Non 5.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.77
Evaluated at bid price : 15.77
Bid-YTW : 5.18 %
PVS.PR.G SplitShare 6.47 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 4.93 %
BAM.PR.R FixedReset Disc 6.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 12.08
Evaluated at bid price : 12.08
Bid-YTW : 5.58 %
BAM.PF.G FixedReset Disc 7.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 5.68 %
PWF.PR.P FixedReset Disc 13.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 9.27
Evaluated at bid price : 9.27
Bid-YTW : 5.44 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.B Deemed-Retractible 224,990 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.49
Evaluated at bid price : 21.75
Bid-YTW : 5.36 %
TRP.PR.E FixedReset Disc 102,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 5.90 %
TRP.PR.D FixedReset Disc 47,768 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 5.91 %
RY.PR.H FixedReset Disc 41,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 15.12
Evaluated at bid price : 15.12
Bid-YTW : 4.78 %
PWF.PR.L Perpetual-Discount 36,490 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 21.80
Evaluated at bid price : 22.04
Bid-YTW : 5.86 %
GWO.PR.G Deemed-Retractible 27,002 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 5.68 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.Q FixedReset Ins Non Quote: 14.01 – 15.89
Spot Rate : 1.8800
Average : 1.1974

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.01
Evaluated at bid price : 14.01
Bid-YTW : 5.82 %

CCS.PR.C Deemed-Retractible Quote: 22.40 – 24.80
Spot Rate : 2.4000
Average : 1.7571

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.58 %

MFC.PR.F FixedReset Ins Non Quote: 9.31 – 11.00
Spot Rate : 1.6900
Average : 1.0894

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 9.31
Evaluated at bid price : 9.31
Bid-YTW : 4.86 %

TRP.PR.G FixedReset Disc Quote: 14.25 – 15.50
Spot Rate : 1.2500
Average : 0.8478

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 5.91 %

NA.PR.C FixedReset Disc Quote: 17.75 – 18.64
Spot Rate : 0.8900
Average : 0.5498

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 5.55 %

NA.PR.G FixedReset Disc Quote: 16.40 – 17.18
Spot Rate : 0.7800
Average : 0.4881

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-12
Maturity Price : 16.40
Evaluated at bid price : 16.40
Bid-YTW : 5.40 %

Market Action

June 11, 2020

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coronavirus_200611
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TXPR closed at 523.86, down 2.37% on the day. Volume today was 2.88-million, second-highest of the past thirty days, behind only June 5.

CPD closed at 10.45, down 2.06% on the day. Volume was 403,246, highest of the past 30 trading days and well ahead of second-place June 9.

ZPR closed at 8.16, down 2.16% on the day. Volume of 3,559,908 was by far the highest of the past 30 trading days, over three times the volume of second-place June 5.

Five-year Canada yields were down 2bp at 0.37% today.

Tim Shufelt comments in the Globe:

Global stock markets buckled on Thursday amid fears of a resurgence of COVID-19 infections in the United States, which could put the budding economic recovery in peril.

It was the worst day for North American stocks since the depths of the market crash in March, with the S&P/TSX Composite Index losing 4.1 per cent on the day, while the S&P 500 index dropped 5.9 per cent.

The dip followed a sobering reminder from the U.S. Federal Reserve on Wednesday about the monumental economic challenges that lie ahead, particularly as several U.S. states brace for the pandemic’s potential second wave.

The latest outlooks for the global economy are also distinctly negative. This week, the OECD said it expects a 6-per-cent drop in global GDP in 2020, and an 8-per-cent decline in the Canadian economy, exceeding in severity economists’ consensus for the recession on both counts.

In keeping with heightened growth fears, economically sensitive stocks were dealt a heavy blow on Thursday. The S&P/TSX Capped Energy Index dropped by 9.8 per cent, effectively wiping out the gains realized through a solid run in early June.

On Wednesday, the U.S. hit two million confirmed COVID-19 cases, according to Johns Hopkins University. In nearly half of U.S. states, many of which were among the earliest to reopen their economies, infections are on the rise, according to an Associated Press analysis.

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 -3.4157 % 1,425.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -3.4157 % 2,616.4
Floater 5.42 % 5.74 % 42,982 14.17 4 -3.4157 % 1,507.9
OpRet 0.00 % 0.00 % 0 0.00 0 -1.6756 % 3,410.0
SplitShare 4.93 % 5.13 % 65,301 3.87 7 -1.6756 % 4,072.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -1.6756 % 3,177.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -1.5327 % 2,981.4
Perpetual-Discount 5.64 % 5.82 % 81,610 14.07 35 -1.5327 % 3,197.8
FixedReset Disc 6.37 % 5.41 % 171,070 14.49 83 -2.7230 % 1,788.9
Deemed-Retractible 5.43 % 5.72 % 91,946 14.22 27 -1.7488 % 3,148.4
FloatingReset 5.01 % 4.93 % 50,193 15.66 3 -2.7967 % 1,739.4
FixedReset Prem 0.00 % 0.00 % 0 0.00 0 -2.7230 % 2,473.9
FixedReset Bank Non 1.99 % 3.71 % 139,703 1.60 2 -0.1438 % 2,770.8
FixedReset Ins Non 6.60 % 5.48 % 120,504 14.44 22 -2.4012 % 1,808.0
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -14.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.56 %
BAM.PF.E FixedReset Disc -7.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 6.36 %
BAM.PF.F FixedReset Disc -7.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.61
Evaluated at bid price : 14.61
Bid-YTW : 6.18 %
BAM.PR.T FixedReset Disc -7.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 11.72
Evaluated at bid price : 11.72
Bid-YTW : 6.31 %
BAM.PF.G FixedReset Disc -6.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 6.34 %
BAM.PR.Z FixedReset Disc -6.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.94
Evaluated at bid price : 14.94
Bid-YTW : 6.30 %
PVS.PR.G SplitShare -6.56 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.21 %
TD.PF.A FixedReset Disc -6.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.25
Evaluated at bid price : 14.25
Bid-YTW : 5.30 %
MFC.PR.H FixedReset Ins Non -6.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.80 %
BAM.PF.B FixedReset Disc -6.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.27
Evaluated at bid price : 14.27
Bid-YTW : 6.20 %
BAM.PR.R FixedReset Disc -5.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 11.52
Evaluated at bid price : 11.52
Bid-YTW : 6.23 %
CM.PR.R FixedReset Disc -5.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 5.81 %
HSE.PR.G FixedReset Disc -5.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 9.43 %
HSE.PR.C FixedReset Disc -5.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 10.70
Evaluated at bid price : 10.70
Bid-YTW : 9.43 %
MFC.PR.M FixedReset Ins Non -5.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.20
Evaluated at bid price : 14.20
Bid-YTW : 5.48 %
BAM.PF.A FixedReset Disc -5.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 6.09 %
MFC.PR.G FixedReset Ins Non -5.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.62 %
MFC.PR.J FixedReset Ins Non -4.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.91
Evaluated at bid price : 14.91
Bid-YTW : 5.68 %
HSE.PR.E FixedReset Disc -4.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 9.32 %
TRP.PR.C FixedReset Disc -4.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 8.51
Evaluated at bid price : 8.51
Bid-YTW : 6.08 %
CM.PR.T FixedReset Disc -4.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 5.44 %
HSE.PR.A FixedReset Disc -4.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 6.45
Evaluated at bid price : 6.45
Bid-YTW : 8.70 %
RY.PR.M FixedReset Disc -4.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.30
Evaluated at bid price : 15.30
Bid-YTW : 5.14 %
BMO.PR.D FixedReset Disc -4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.31
Evaluated at bid price : 17.31
Bid-YTW : 5.48 %
TRP.PR.F FloatingReset -4.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 9.57
Evaluated at bid price : 9.57
Bid-YTW : 5.49 %
BMO.PR.C FixedReset Disc -4.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 5.47 %
NA.PR.G FixedReset Disc -4.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.52
Evaluated at bid price : 16.52
Bid-YTW : 5.51 %
BAM.PR.B Floater -4.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 7.61
Evaluated at bid price : 7.61
Bid-YTW : 5.74 %
PWF.PR.K Perpetual-Discount -4.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.99 %
BAM.PR.C Floater -4.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 7.48
Evaluated at bid price : 7.48
Bid-YTW : 5.84 %
BAM.PR.K Floater -4.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 7.53
Evaluated at bid price : 7.53
Bid-YTW : 5.80 %
GWO.PR.N FixedReset Ins Non -4.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 9.00
Evaluated at bid price : 9.00
Bid-YTW : 5.02 %
BMO.PR.T FixedReset Disc -3.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.02
Evaluated at bid price : 14.02
Bid-YTW : 5.30 %
NA.PR.C FixedReset Disc -3.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.58
Evaluated at bid price : 17.58
Bid-YTW : 5.76 %
TD.PF.B FixedReset Disc -3.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.78
Evaluated at bid price : 14.78
Bid-YTW : 5.13 %
SLF.PR.D Deemed-Retractible -3.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.51 %
SLF.PR.A Deemed-Retractible -3.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.34
Evaluated at bid price : 21.61
Bid-YTW : 5.50 %
TD.PF.D FixedReset Disc -3.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 5.27 %
CM.PR.S FixedReset Disc -3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.11
Evaluated at bid price : 15.11
Bid-YTW : 5.38 %
CM.PR.Y FixedReset Disc -3.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.42 %
BMO.PR.S FixedReset Disc -3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.52
Evaluated at bid price : 14.52
Bid-YTW : 5.31 %
NA.PR.W FixedReset Disc -3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 5.44 %
MFC.PR.I FixedReset Ins Non -3.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.06
Evaluated at bid price : 16.06
Bid-YTW : 5.45 %
SLF.PR.J FloatingReset -3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 8.75
Evaluated at bid price : 8.75
Bid-YTW : 4.54 %
IFC.PR.C FixedReset Ins Non -3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 5.71 %
SLF.PR.C Deemed-Retractible -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 5.50 %
CM.PR.P FixedReset Disc -3.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 5.45 %
TRP.PR.G FixedReset Disc -3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 6.23 %
RY.PR.Z FixedReset Disc -3.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 4.98 %
RY.PR.S FixedReset Disc -3.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.10
Evaluated at bid price : 17.10
Bid-YTW : 4.81 %
BMO.PR.B FixedReset Disc -3.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.77
Evaluated at bid price : 22.26
Bid-YTW : 5.16 %
SLF.PR.E Deemed-Retractible -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.51 %
POW.PR.D Perpetual-Discount -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.48
Evaluated at bid price : 21.74
Bid-YTW : 5.84 %
EIT.PR.A SplitShare -3.10 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 5.53 %
MFC.PR.Q FixedReset Ins Non -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.46
Evaluated at bid price : 15.46
Bid-YTW : 5.41 %
NA.PR.S FixedReset Disc -3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.54
Evaluated at bid price : 14.54
Bid-YTW : 5.48 %
CU.PR.E Perpetual-Discount -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.88
Evaluated at bid price : 22.26
Bid-YTW : 5.53 %
BMO.PR.F FixedReset Disc -2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.23 %
RY.PR.H FixedReset Disc -2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.98 %
CM.PR.Q FixedReset Disc -2.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.56
Evaluated at bid price : 14.56
Bid-YTW : 5.73 %
TD.PF.L FixedReset Disc -2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 19.91
Evaluated at bid price : 19.91
Bid-YTW : 5.20 %
TD.PF.E FixedReset Disc -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 5.27 %
CIU.PR.A Perpetual-Discount -2.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 5.63 %
BAM.PR.X FixedReset Disc -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 9.60
Evaluated at bid price : 9.60
Bid-YTW : 6.26 %
CM.PR.O FixedReset Disc -2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 13.80
Evaluated at bid price : 13.80
Bid-YTW : 5.60 %
TD.PF.M FixedReset Disc -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.18 %
CU.PR.D Perpetual-Discount -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.97
Evaluated at bid price : 22.36
Bid-YTW : 5.50 %
CU.PR.G Perpetual-Discount -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 5.41 %
SLF.PR.B Deemed-Retractible -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.92
Evaluated at bid price : 22.16
Bid-YTW : 5.42 %
BMO.PR.Y FixedReset Disc -2.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 5.19 %
MFC.PR.B Deemed-Retractible -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.54 %
TD.PF.K FixedReset Disc -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 5.26 %
RY.PR.J FixedReset Disc -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 5.03 %
CU.PR.I FixedReset Disc -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.27
Evaluated at bid price : 24.05
Bid-YTW : 4.66 %
SLF.PR.H FixedReset Ins Non -2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 12.25
Evaluated at bid price : 12.25
Bid-YTW : 5.47 %
TD.PF.C FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.12
Evaluated at bid price : 15.12
Bid-YTW : 5.12 %
GWO.PR.H Deemed-Retractible -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.81 %
MFC.PR.C Deemed-Retractible -2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.47
Evaluated at bid price : 20.47
Bid-YTW : 5.53 %
MFC.PR.L FixedReset Ins Non -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 13.21
Evaluated at bid price : 13.21
Bid-YTW : 5.55 %
CU.PR.H Perpetual-Discount -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.26
Evaluated at bid price : 23.73
Bid-YTW : 5.55 %
BIP.PR.E FixedReset Disc -2.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.44 %
IFC.PR.E Deemed-Retractible -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.78
Evaluated at bid price : 23.11
Bid-YTW : 5.72 %
TRP.PR.D FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 12.78
Evaluated at bid price : 12.78
Bid-YTW : 6.21 %
GWO.PR.S Deemed-Retractible -2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.33
Evaluated at bid price : 22.57
Bid-YTW : 5.82 %
TD.PF.J FixedReset Disc -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.75
Evaluated at bid price : 16.75
Bid-YTW : 5.22 %
EIT.PR.B SplitShare -2.36 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2025-03-14
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 5.01 %
GWO.PR.R Deemed-Retractible -2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.78 %
IFC.PR.G FixedReset Ins Non -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.56
Evaluated at bid price : 15.56
Bid-YTW : 5.56 %
BMO.PR.E FixedReset Disc -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.85
Evaluated at bid price : 16.85
Bid-YTW : 5.24 %
TRP.PR.E FixedReset Disc -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 6.21 %
TRP.PR.A FixedReset Disc -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 11.41
Evaluated at bid price : 11.41
Bid-YTW : 5.97 %
GWO.PR.P Deemed-Retractible -2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.70
Evaluated at bid price : 22.99
Bid-YTW : 5.88 %
PWF.PR.T FixedReset Disc -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 5.41 %
GWO.PR.G Deemed-Retractible -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 5.81 %
CU.PR.F Perpetual-Discount -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.13
Evaluated at bid price : 21.13
Bid-YTW : 5.37 %
POW.PR.A Perpetual-Discount -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 24.06
Evaluated at bid price : 24.31
Bid-YTW : 5.85 %
GWO.PR.Q Deemed-Retractible -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.83
Evaluated at bid price : 22.22
Bid-YTW : 5.79 %
GWO.PR.I Deemed-Retractible -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 19.49
Evaluated at bid price : 19.49
Bid-YTW : 5.79 %
TD.PF.I FixedReset Disc -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 5.24 %
BIP.PR.D FixedReset Disc -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.27 %
PWF.PR.R Perpetual-Discount -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.06
Evaluated at bid price : 23.34
Bid-YTW : 5.97 %
CCS.PR.C Deemed-Retractible -1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.56
Evaluated at bid price : 21.82
Bid-YTW : 5.73 %
BIK.PR.A FixedReset Disc -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.53
Evaluated at bid price : 23.30
Bid-YTW : 6.26 %
SLF.PR.I FixedReset Ins Non -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.06
Evaluated at bid price : 15.06
Bid-YTW : 5.46 %
BNS.PR.H FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.48
Evaluated at bid price : 22.86
Bid-YTW : 5.19 %
BNS.PR.I FixedReset Disc -1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.32
Evaluated at bid price : 17.32
Bid-YTW : 4.85 %
PWF.PR.S Perpetual-Discount -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.78
Evaluated at bid price : 20.78
Bid-YTW : 5.86 %
IFC.PR.A FixedReset Ins Non -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 5.38 %
CU.PR.C FixedReset Disc -1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.04
Evaluated at bid price : 15.04
Bid-YTW : 4.93 %
PWF.PR.Z Perpetual-Discount -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.81
Evaluated at bid price : 22.17
Bid-YTW : 5.88 %
MFC.PR.K FixedReset Ins Non -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.11
Evaluated at bid price : 14.11
Bid-YTW : 5.40 %
IFC.PR.I Perpetual-Discount -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.48
Evaluated at bid price : 23.80
Bid-YTW : 5.82 %
PVS.PR.E SplitShare -1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.38 %
PWF.PR.E Perpetual-Discount -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.11
Evaluated at bid price : 23.37
Bid-YTW : 5.96 %
POW.PR.G Perpetual-Discount -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.71
Evaluated at bid price : 24.00
Bid-YTW : 5.93 %
BMO.PR.W FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.46
Evaluated at bid price : 14.46
Bid-YTW : 5.23 %
GWO.PR.T Deemed-Retractible -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.03
Evaluated at bid price : 22.32
Bid-YTW : 5.77 %
PWF.PR.A Floater -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 9.05
Evaluated at bid price : 9.05
Bid-YTW : 4.78 %
ELF.PR.H Perpetual-Discount -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.18
Evaluated at bid price : 23.46
Bid-YTW : 5.95 %
IAF.PR.I FixedReset Ins Non -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.81
Evaluated at bid price : 16.81
Bid-YTW : 5.23 %
PWF.PR.F Perpetual-Discount -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.13
Evaluated at bid price : 22.41
Bid-YTW : 5.93 %
PWF.PR.L Perpetual-Discount -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.71
Evaluated at bid price : 21.96
Bid-YTW : 5.88 %
TD.PF.H FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.27
Evaluated at bid price : 22.67
Bid-YTW : 5.16 %
BIP.PR.C FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.73
Evaluated at bid price : 22.18
Bid-YTW : 6.03 %
BAM.PF.H FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.84
Evaluated at bid price : 24.50
Bid-YTW : 5.16 %
IAF.PR.B Deemed-Retractible -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.48 %
BIP.PR.B FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.35
Evaluated at bid price : 23.17
Bid-YTW : 5.91 %
MFC.PR.O FixedReset Ins Non -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 24.22
Evaluated at bid price : 24.65
Bid-YTW : 5.55 %
ELF.PR.G Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.73 %
IAF.PR.G FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 5.56 %
IFC.PR.F Deemed-Retractible -1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.14
Evaluated at bid price : 23.50
Bid-YTW : 5.74 %
MFC.PR.N FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 14.35
Evaluated at bid price : 14.35
Bid-YTW : 5.30 %
PWF.PR.O Perpetual-Discount -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 6.06 %
POW.PR.C Perpetual-Discount -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 24.29
Evaluated at bid price : 24.60
Bid-YTW : 5.99 %
TRP.PR.B FixedReset Disc -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 7.50
Evaluated at bid price : 7.50
Bid-YTW : 5.92 %
POW.PR.B Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.78
Evaluated at bid price : 23.06
Bid-YTW : 5.89 %
RY.PR.W Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.68
Evaluated at bid price : 23.95
Bid-YTW : 5.15 %
NA.PR.A FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.76
Evaluated at bid price : 23.26
Bid-YTW : 5.59 %
RY.PR.Q FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.78
Evaluated at bid price : 24.30
Bid-YTW : 5.21 %
BMO.PR.Z Perpetual-Discount -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.32
Evaluated at bid price : 23.80
Bid-YTW : 5.27 %
BAM.PF.I FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 23.70
Evaluated at bid price : 24.05
Bid-YTW : 5.06 %
MFC.PR.R FixedReset Ins Non -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 5.34 %
PWF.PR.G Perpetual-Discount -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 24.22
Evaluated at bid price : 24.51
Bid-YTW : 6.10 %
MFC.PR.F FixedReset Ins Non 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 9.32
Evaluated at bid price : 9.32
Bid-YTW : 5.16 %
SLF.PR.G FixedReset Ins Non 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 9.07
Evaluated at bid price : 9.07
Bid-YTW : 5.26 %
PVS.PR.H SplitShare 3.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 4.88 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.R FixedReset Ins Non 85,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 5.34 %
NA.PR.A FixedReset Disc 66,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 22.76
Evaluated at bid price : 23.26
Bid-YTW : 5.59 %
MFC.PR.B Deemed-Retractible 46,781 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.54 %
SLF.PR.I FixedReset Ins Non 40,716 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.06
Evaluated at bid price : 15.06
Bid-YTW : 5.46 %
TRP.PR.E FixedReset Disc 40,250 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 12.65
Evaluated at bid price : 12.65
Bid-YTW : 6.21 %
TD.PF.E FixedReset Disc 39,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 16.22
Evaluated at bid price : 16.22
Bid-YTW : 5.27 %
There were 57 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.C FixedReset Disc Quote: 8.51 – 13.90
Spot Rate : 5.3900
Average : 2.9444

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 8.51
Evaluated at bid price : 8.51
Bid-YTW : 6.08 %

MFC.PR.G FixedReset Ins Non Quote: 15.35 – 19.17
Spot Rate : 3.8200
Average : 2.2497

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 15.35
Evaluated at bid price : 15.35
Bid-YTW : 5.62 %

PWF.PR.P FixedReset Disc Quote: 8.15 – 10.50
Spot Rate : 2.3500
Average : 1.5267

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 8.15
Evaluated at bid price : 8.15
Bid-YTW : 6.56 %

BAM.PF.E FixedReset Disc Quote: 12.90 – 14.41
Spot Rate : 1.5100
Average : 0.9020

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 12.90
Evaluated at bid price : 12.90
Bid-YTW : 6.36 %

PVS.PR.G SplitShare Quote: 23.50 – 25.05
Spot Rate : 1.5500
Average : 0.9830

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.50
Bid-YTW : 6.21 %

TD.PF.I FixedReset Disc Quote: 17.69 – 19.00
Spot Rate : 1.3100
Average : 0.8546

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2050-06-11
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 5.24 %