Market Action

June 21, 2016

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.1987 % 1,640.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.1987 % 2,997.2
Floater 4.69 % 4.68 % 60,935 16.09 3 0.1987 % 1,727.3
OpRet 4.87 % 0.86 % 37,636 0.08 1 0.0398 % 2,831.3
SplitShare 4.89 % 5.12 % 86,431 4.65 7 -0.0012 % 3,334.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0012 % 2,601.8
Perpetual-Premium 5.62 % -8.40 % 78,264 0.09 9 0.3493 % 2,626.5
Perpetual-Discount 5.38 % 5.42 % 104,319 14.75 28 0.1530 % 2,729.2
FixedReset 5.20 % 4.68 % 161,188 7.20 88 0.3387 % 1,958.9
Deemed-Retractible 5.13 % 5.32 % 125,603 4.92 33 0.3675 % 2,699.6
FloatingReset 3.11 % 5.14 % 28,298 5.20 17 0.0704 % 2,090.8
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 11.95
Evaluated at bid price : 11.95
Bid-YTW : 4.69 %
TRP.PR.F FloatingReset -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 4.55 %
BMO.PR.Q FixedReset -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.52
Bid-YTW : 6.64 %
BMO.PR.Y FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 20.03
Evaluated at bid price : 20.03
Bid-YTW : 4.36 %
BAM.PF.A FixedReset 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 18.74
Evaluated at bid price : 18.74
Bid-YTW : 4.92 %
SLF.PR.D Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 6.80 %
SLF.PR.B Deemed-Retractible 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.98
Bid-YTW : 6.03 %
IFC.PR.C FixedReset 1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.18
Bid-YTW : 8.54 %
GWO.PR.I Deemed-Retractible 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.70
Bid-YTW : 6.55 %
PWF.PR.K Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 22.86
Evaluated at bid price : 23.13
Bid-YTW : 5.42 %
HSE.PR.A FixedReset 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 11.45
Evaluated at bid price : 11.45
Bid-YTW : 5.24 %
BAM.PF.F FixedReset 1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 4.77 %
CCS.PR.C Deemed-Retractible 1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.31
Bid-YTW : 6.04 %
SLF.PR.I FixedReset 1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.25
Bid-YTW : 7.84 %
BAM.PR.R FixedReset 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 14.53
Evaluated at bid price : 14.53
Bid-YTW : 5.11 %
RY.PR.M FixedReset 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.44 %
PWF.PR.P FixedReset 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 13.00
Evaluated at bid price : 13.00
Bid-YTW : 4.42 %
MFC.PR.I FixedReset 1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.87
Bid-YTW : 6.88 %
SLF.PR.H FixedReset 1.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.78
Bid-YTW : 9.12 %
PWF.PR.Q FloatingReset 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 4.23 %
NA.PR.Q FixedReset 1.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.71
Bid-YTW : 4.41 %
SLF.PR.G FixedReset 1.86 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.26
Bid-YTW : 9.65 %
IFC.PR.A FixedReset 1.86 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.77
Bid-YTW : 10.06 %
BAM.PF.B FixedReset 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 17.44
Evaluated at bid price : 17.44
Bid-YTW : 4.94 %
BAM.PR.Z FixedReset 1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 4.99 %
SLF.PR.J FloatingReset 2.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.50
Bid-YTW : 11.05 %
BAM.PR.T FixedReset 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 14.92
Evaluated at bid price : 14.92
Bid-YTW : 5.12 %
MFC.PR.F FixedReset 2.90 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.50
Bid-YTW : 10.29 %
FTS.PR.H FixedReset 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 13.91
Evaluated at bid price : 13.91
Bid-YTW : 3.95 %
BAM.PR.X FixedReset 3.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 13.46
Evaluated at bid price : 13.46
Bid-YTW : 4.77 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.J FixedReset 152,760 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.90 %
TRP.PR.D FixedReset 115,352 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 17.07
Evaluated at bid price : 17.07
Bid-YTW : 4.74 %
IFC.PR.C FixedReset 108,068 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.18
Bid-YTW : 8.54 %
RY.PR.Z FixedReset 98,325 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.21 %
NA.PR.A FixedReset 56,903 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : 4.99 %
POW.PR.D Perpetual-Discount 54,040 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 22.63
Evaluated at bid price : 22.88
Bid-YTW : 5.46 %
There were 44 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.H FloatingReset Quote: 10.10 – 10.99
Spot Rate : 0.8900
Average : 0.5553

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 10.10
Evaluated at bid price : 10.10
Bid-YTW : 4.38 %

CCS.PR.C Deemed-Retractible Quote: 23.31 – 23.98
Spot Rate : 0.6700
Average : 0.4906

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.31
Bid-YTW : 6.04 %

TRP.PR.C FixedReset Quote: 11.95 – 12.30
Spot Rate : 0.3500
Average : 0.2327

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 11.95
Evaluated at bid price : 11.95
Bid-YTW : 4.69 %

TD.PR.Y FixedReset Quote: 23.38 – 23.67
Spot Rate : 0.2900
Average : 0.1912

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.38
Bid-YTW : 4.31 %

GWO.PR.O FloatingReset Quote: 12.80 – 13.50
Spot Rate : 0.7000
Average : 0.6031

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.80
Bid-YTW : 10.56 %

TRP.PR.F FloatingReset Quote: 13.25 – 13.68
Spot Rate : 0.4300
Average : 0.3376

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-21
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 4.55 %

Issue Comments

BRF NCIB Renewed But Virtually Unutilized Lately

Brookfield Renewable Partners L.P. has announced:

that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by Brookfield Renewable Power Preferred Equity Inc. (“BRP Equity”) of its intention to renew its normal course issuer bid for its outstanding Class A Preference Shares (“Preferred Shares”). BRP Equity is a wholly-owned subsidiary of Brookfield Renewable. Brookfield Renewable believes that in the event that the Preferred Shares trade in a price range that does not fully reflect their value, the acquisition of Preferred Shares may represent an attractive use of available funds. There are currently five series of Preferred Shares outstanding.

Under its current normal course issuer bid that commenced on June 26, 2015 and expires on June 25, 2016, BRP Equity purchased 32,036 Series 1 Preferred Shares, 7,900 Series 2 Preferred Shares, and 38,601 Series 3 Preferred Shares at weighted average prices of $17.87, $16.29 and $20.47 per Preferred Share, respectively. No Series 5 or Series 6 Preferred Shares were purchased by BRP Equity under the normal course issuer bid.

I consider this noteworthy because Normal Course Issuer Bids for preferred shares are often announced but seldom implemented – so the fact that any preferred shares at all were purchased under the expiring plan is noteworthy.

On the other hand, I will note that I reported the purchase of about 75,000 that happened last summer – so the number of shares purchased since last summer’s operation is trivial, if in fact there were any.

That being said, affected issues are BRF.PR.A, BRF.PR.B, BRF.PR.C, BRF.PR.E and BRF.PR.F.

Market Action

June 20, 2016

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.9361 % 1,637.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9361 % 2,991.2
Floater 4.70 % 4.69 % 60,853 16.08 3 0.9361 % 1,723.9
OpRet 4.87 % 1.18 % 39,167 0.08 1 0.0000 % 2,830.1
SplitShare 4.89 % 5.12 % 87,268 4.65 7 0.0922 % 3,334.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0922 % 2,601.8
Perpetual-Premium 5.62 % -0.52 % 74,889 0.09 9 0.0566 % 2,617.3
Perpetual-Discount 5.39 % 5.48 % 105,298 14.61 28 0.4023 % 2,725.0
FixedReset 5.21 % 4.70 % 162,840 7.35 88 1.1176 % 1,952.3
Deemed-Retractible 5.14 % 5.37 % 126,344 4.92 33 0.0431 % 2,689.7
FloatingReset 3.11 % 5.14 % 28,530 5.20 17 0.7624 % 2,089.3
Performance Highlights
Issue Index Change Notes
CCS.PR.C Deemed-Retractible -1.71 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.23 %
BMO.PR.T FixedReset 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 4.26 %
CM.PR.P FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 4.31 %
CU.PR.E Perpetual-Discount 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 22.69
Evaluated at bid price : 23.05
Bid-YTW : 5.35 %
TRP.PR.C FixedReset 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 12.15
Evaluated at bid price : 12.15
Bid-YTW : 4.61 %
TD.PR.S FixedReset 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 4.44 %
CU.PR.D Perpetual-Discount 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 22.64
Evaluated at bid price : 22.99
Bid-YTW : 5.36 %
BAM.PR.B Floater 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 10.10
Evaluated at bid price : 10.10
Bid-YTW : 4.68 %
RY.PR.H FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 4.24 %
SLF.PR.I FixedReset 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 8.04 %
BMO.PR.Q FixedReset 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.72
Bid-YTW : 6.44 %
MFC.PR.I FixedReset 1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.56
Bid-YTW : 7.10 %
TD.PF.B FixedReset 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 4.29 %
MFC.PR.G FixedReset 1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.73
Bid-YTW : 7.66 %
MFC.PR.H FixedReset 1.34 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.13
Bid-YTW : 6.23 %
TD.PF.C FixedReset 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 4.33 %
CM.PR.Q FixedReset 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.52 %
MFC.PR.K FixedReset 1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.20
Bid-YTW : 8.34 %
TRP.PR.D FixedReset 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 4.71 %
BAM.PF.B FixedReset 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.12
Evaluated at bid price : 17.12
Bid-YTW : 5.04 %
CU.PR.C FixedReset 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.59 %
BAM.PF.H FixedReset 1.53 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.90
Bid-YTW : 4.11 %
MFC.PR.M FixedReset 1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.38
Bid-YTW : 7.72 %
RY.PR.I FixedReset 1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.95
Bid-YTW : 4.80 %
FTS.PR.I FloatingReset 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 4.14 %
PWF.PR.T FixedReset 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 20.37
Evaluated at bid price : 20.37
Bid-YTW : 3.97 %
TRP.PR.A FixedReset 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 4.69 %
IAG.PR.G FixedReset 1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.81 %
VNR.PR.A FixedReset 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.97
Evaluated at bid price : 17.97
Bid-YTW : 5.00 %
TD.PF.D FixedReset 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 19.59
Evaluated at bid price : 19.59
Bid-YTW : 4.50 %
TRP.PR.E FixedReset 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 4.66 %
MFC.PR.N FixedReset 1.88 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.40
Bid-YTW : 7.64 %
MFC.PR.J FixedReset 1.90 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.80
Bid-YTW : 7.41 %
GWO.PR.N FixedReset 1.92 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.81
Bid-YTW : 9.97 %
TD.PF.E FixedReset 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 4.43 %
BAM.PF.F FixedReset 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 4.83 %
BAM.PF.A FixedReset 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 4.97 %
HSE.PR.C FixedReset 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 5.57 %
MFC.PR.L FixedReset 2.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.90
Bid-YTW : 7.89 %
CM.PR.O FixedReset 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.39
Evaluated at bid price : 18.39
Bid-YTW : 4.33 %
IFC.PR.C FixedReset 2.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.00
Bid-YTW : 8.69 %
TRP.PR.H FloatingReset 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 10.16
Evaluated at bid price : 10.16
Bid-YTW : 4.36 %
FTS.PR.M FixedReset 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.69
Evaluated at bid price : 18.69
Bid-YTW : 4.46 %
BAM.PF.E FixedReset 2.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 4.80 %
TRP.PR.I FloatingReset 2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 11.66
Evaluated at bid price : 11.66
Bid-YTW : 4.40 %
IFC.PR.A FixedReset 2.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.50
Bid-YTW : 10.32 %
MFC.PR.F FixedReset 2.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.12
Bid-YTW : 10.68 %
FTS.PR.K FixedReset 2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 4.21 %
BAM.PR.T FixedReset 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 5.23 %
TRP.PR.F FloatingReset 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 4.48 %
FTS.PR.G FixedReset 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 16.80
Evaluated at bid price : 16.80
Bid-YTW : 4.36 %
BAM.PF.G FixedReset 3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.78 %
PWF.PR.P FixedReset 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 12.80
Evaluated at bid price : 12.80
Bid-YTW : 4.49 %
PWF.PR.Q FloatingReset 6.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 4.30 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.A FixedReset 350,040 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.46
Bid-YTW : 5.05 %
TRP.PR.J FixedReset 123,097 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.77
Bid-YTW : 4.89 %
BAM.PR.Z FixedReset 106,434 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 18.41
Evaluated at bid price : 18.41
Bid-YTW : 5.08 %
HSE.PR.A FixedReset 99,910 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 11.31
Evaluated at bid price : 11.31
Bid-YTW : 5.30 %
TRP.PR.D FixedReset 95,218 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 4.71 %
TD.PF.G FixedReset 79,689 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.30
Bid-YTW : 4.50 %
There were 36 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BMO.PR.R FloatingReset Quote: 21.43 – 22.45
Spot Rate : 1.0200
Average : 0.7070

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.43
Bid-YTW : 5.08 %

CCS.PR.C Deemed-Retractible Quote: 23.00 – 23.45
Spot Rate : 0.4500
Average : 0.2939

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.23 %

IAG.PR.A Deemed-Retractible Quote: 22.02 – 22.44
Spot Rate : 0.4200
Average : 0.3046

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.02
Bid-YTW : 6.44 %

IGM.PR.B Perpetual-Premium Quote: 25.40 – 25.68
Spot Rate : 0.2800
Average : 0.1811

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 5.61 %

BNS.PR.D FloatingReset Quote: 18.64 – 18.92
Spot Rate : 0.2800
Average : 0.1882

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.64
Bid-YTW : 7.12 %

TRP.PR.B FixedReset Quote: 11.30 – 11.60
Spot Rate : 0.3000
Average : 0.2165

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-20
Maturity Price : 11.30
Evaluated at bid price : 11.30
Bid-YTW : 4.39 %

Market Action

June 17, 2016

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.5652 % 1,622.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5652 % 2,963.5
Floater 4.74 % 4.73 % 61,620 16.01 3 -0.5652 % 1,707.9
OpRet 4.87 % 0.69 % 39,353 0.08 1 0.0398 % 2,830.1
SplitShare 4.89 % 5.03 % 86,782 4.66 7 -0.0349 % 3,331.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0349 % 2,599.4
Perpetual-Premium 5.62 % 0.85 % 75,169 0.09 9 -0.0479 % 2,615.9
Perpetual-Discount 5.41 % 5.48 % 105,674 14.60 28 -0.0647 % 2,714.1
FixedReset 5.30 % 4.74 % 160,854 7.36 88 -0.1981 % 1,930.7
Deemed-Retractible 5.15 % 5.41 % 124,956 4.93 33 -0.1127 % 2,688.5
FloatingReset 3.20 % 5.16 % 27,140 5.20 17 -0.2758 % 2,073.5
Performance Highlights
Issue Index Change Notes
TRP.PR.F FloatingReset -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 4.69 %
TRP.PR.I FloatingReset -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 11.35
Evaluated at bid price : 11.35
Bid-YTW : 4.61 %
TRP.PR.E FixedReset -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.32
Evaluated at bid price : 17.32
Bid-YTW : 4.66 %
TRP.PR.G FixedReset -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 5.01 %
IAG.PR.G FixedReset -1.57 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.21
Bid-YTW : 7.98 %
MFC.PR.F FixedReset -1.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.76
Bid-YTW : 10.97 %
FTS.PR.M FixedReset -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.23
Evaluated at bid price : 18.23
Bid-YTW : 4.51 %
HSE.PR.G FixedReset -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 5.52 %
BAM.PR.T FixedReset -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 14.18
Evaluated at bid price : 14.18
Bid-YTW : 5.28 %
HSE.PR.C FixedReset -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.36
Evaluated at bid price : 17.36
Bid-YTW : 5.63 %
BAM.PF.G FixedReset -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 4.87 %
VNR.PR.A FixedReset -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 5.00 %
MFC.PR.N FixedReset -1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.06
Bid-YTW : 7.86 %
FTS.PR.G FixedReset -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 16.30
Evaluated at bid price : 16.30
Bid-YTW : 4.41 %
MFC.PR.M FixedReset -1.20 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.10
Bid-YTW : 7.90 %
HSE.PR.A FixedReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 11.31
Evaluated at bid price : 11.31
Bid-YTW : 5.20 %
TRP.PR.D FixedReset -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 16.92
Evaluated at bid price : 16.92
Bid-YTW : 4.70 %
GWO.PR.N FixedReset -1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.55
Bid-YTW : 10.19 %
BAM.PR.B Floater -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 9.99
Evaluated at bid price : 9.99
Bid-YTW : 4.73 %
NA.PR.S FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 4.56 %
FTS.PR.F Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 23.09
Evaluated at bid price : 23.35
Bid-YTW : 5.28 %
RY.PR.I FixedReset -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.60
Bid-YTW : 5.06 %
PWF.PR.P FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 12.38
Evaluated at bid price : 12.38
Bid-YTW : 4.55 %
TD.PF.B FixedReset 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.98
Evaluated at bid price : 17.98
Bid-YTW : 4.27 %
BMO.PR.S FixedReset 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 4.27 %
RY.PR.H FixedReset 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 4.21 %
SLF.PR.G FixedReset 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.00
Bid-YTW : 9.85 %
RY.PR.Z FixedReset 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 4.16 %
CM.PR.P FixedReset 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 4.28 %
BMO.PR.T FixedReset 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 4.23 %
RY.PR.J FixedReset 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 4.52 %
BMO.PR.W FixedReset 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 4.21 %
TRP.PR.C FixedReset 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 12.02
Evaluated at bid price : 12.02
Bid-YTW : 4.56 %
Volume Highlights
Issue Index Shares
Traded
Notes
BAM.PF.H FixedReset 159,094 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : 4.48 %
RY.PR.Z FixedReset 97,596 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 4.16 %
TD.PF.G FixedReset 89,975 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 4.63 %
BMO.PR.T FixedReset 84,532 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.92
Evaluated at bid price : 17.92
Bid-YTW : 4.23 %
NA.PR.S FixedReset 68,891 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 4.56 %
CM.PR.P FixedReset 66,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 4.28 %
There were 40 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CM.PR.Q FixedReset Quote: 19.22 – 19.87
Spot Rate : 0.6500
Average : 0.4270

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 19.22
Evaluated at bid price : 19.22
Bid-YTW : 4.53 %

TRP.PR.I FloatingReset Quote: 11.35 – 12.00
Spot Rate : 0.6500
Average : 0.4378

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 11.35
Evaluated at bid price : 11.35
Bid-YTW : 4.61 %

ALB.PR.C SplitShare Quote: 26.07 – 26.99
Spot Rate : 0.9200
Average : 0.7279

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-02-28
Maturity Price : 25.67
Evaluated at bid price : 26.07
Bid-YTW : 2.80 %

TRP.PR.E FixedReset Quote: 17.32 – 17.79
Spot Rate : 0.4700
Average : 0.2842

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.32
Evaluated at bid price : 17.32
Bid-YTW : 4.66 %

TD.PF.G FixedReset Quote: 26.15 – 26.56
Spot Rate : 0.4100
Average : 0.2389

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.15
Bid-YTW : 4.63 %

VNR.PR.A FixedReset Quote: 17.67 – 18.20
Spot Rate : 0.5300
Average : 0.3640

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-17
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 5.00 %

Market Action

June 16, 2016

A day like today needs a little light relief; it seems that the Big Banks’ darling Visa is shocked, shocked, that:

“They [Walmart] are using their size and scale to give themselves an unfair advantage,” it says.

I’ll tell you guys one thing … once some fintech company comes up with a payment mechanism that is reasonably widespread and cheap, I’ll start taking it for PrefLetter. The day can’t come soon enough!

Another good joke – although rather old and too frequently told – is investors’ return expectations:

The average expectation in a recent survey: 9.1 percent. Americans and millennials set the bar highest, at 11.1 percent and 10.2 percent, respectively.

The average stock market yield globally: 3.8 percent. And benchmark interest rates in major developed markets are at 0.5 percent or lower—or negative.

The expectations of financial advisers also appear high, according to the new global investor study by asset manager Schroders. The study, which surveyed 20,000 investors across 28 countries, found that advisers around the globe wanted to generate a minimum of 7.9 percent a year for clients—lower than what the investors wanted but still high given the low interest rates. U.S advisers cited 5 percent as their target for annual investment income.

There’s been a lot of noise lately about housing prices in Vancouver and Toronto; foreign money has come in for a great deal of opprobrium; low mortgage rates and easy credit also take a lot of blame. I contend that another culprit is the lousy returns and extreme volatility experienced in the markets since the turn of the century – why invest in the stock market when you can buy a house? We won’t get rid of that attitude until we see a lot more underwater mortgages … which, unlike American mortgages, have recourse to the borrower.

As noted by Assiduous Reader prefobsessed in the comments to June 15, the day began with a sharp decline of over 2% for TXPR. There was a significant recovery, but the market still ended the day down a lot. As far as I can make out, this resulted from a sharp decline in Treasury yields:

Treasury 10-year note yields fell five basis points to 1.524 percent as of 10:02 a.m. in New York, the lowest level since August 2012, according to Bloomberg Bond Trader data.

This decline was was subsequently reversed:

Treasuries erased gains after 10-year note yields touched the lowest level since 2012, amid shifting bets on the outcome of next week’s U.K. vote on membership in the European Union.

Benchmark 10-year note yields climbed after a U.K. Labor Party lawmaker was killed Thursday, leading to a suspension of campaigning before the June 23 Brexit referendum. Treasuries had gained as part of a rally in global government securities that pushed benchmark 10-year yields in Germany and Japan further below zero.

Demand for Treasuries rose after Federal Reserve Chair Janet Yellen on Wednesday said slow productivity growth and aging societies may depress interest rates, and also cited the risk of Brexit as a reason to keep rates steady. Polls in recent days have shown the “Leave” camp leading. The Guardian newspaper reported police are investigating reports saying the suspect in the U.K. incident had shouted “Britain First,” the name of a group that campaigns against immigration and membership in the EU.

… but nobody told the Canadian preferred share market:

TXPR_160616
Click for Big

The GOC-5 closed at 0.57% and who knows? Maybe we’re back to the days when all changes in GOC-5 would be reflected in FixedReset prices (with a high negative duration!) as the market attempts to keep yields constant … which makes no sense, but since when is the preferred share market supposed to make sense?

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.8570 % 1,631.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8570 % 2,980.3
Floater 4.71 % 4.71 % 62,068 16.04 3 -0.8570 % 1,717.6
OpRet 4.87 % 1.02 % 40,975 0.08 1 -0.0795 % 2,829.0
SplitShare 4.89 % 5.03 % 87,980 4.66 7 -0.2302 % 3,332.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2302 % 2,600.3
Perpetual-Premium 5.62 % 4.07 % 76,180 0.09 9 -0.1782 % 2,617.1
Perpetual-Discount 5.40 % 5.48 % 106,124 14.62 28 -0.5712 % 2,715.9
FixedReset 5.29 % 4.78 % 161,232 7.36 88 -1.9023 % 1,934.6
Deemed-Retractible 5.14 % 5.37 % 125,830 4.93 33 -0.2980 % 2,691.6
FloatingReset 3.19 % 5.20 % 27,399 5.20 17 -0.8554 % 2,079.2
Performance Highlights
Issue Index Change Notes
PWF.PR.Q FloatingReset -8.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 4.69 %
IAG.PR.G FixedReset -5.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.50
Bid-YTW : 7.75 %
HSE.PR.C FixedReset -4.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.59
Evaluated at bid price : 17.59
Bid-YTW : 5.55 %
PWF.PR.T FixedReset -3.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 3.94 %
TD.PF.A FixedReset -3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 4.28 %
IFC.PR.C FixedReset -3.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.66
Bid-YTW : 8.89 %
BMO.PR.T FixedReset -3.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 4.29 %
CM.PR.Q FixedReset -3.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.57 %
CM.PR.P FixedReset -3.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 4.34 %
BMO.PR.S FixedReset -3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 4.32 %
CM.PR.O FixedReset -3.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 4.34 %
MFC.PR.M FixedReset -3.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.32
Bid-YTW : 7.72 %
SLF.PR.I FixedReset -3.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.80
Bid-YTW : 8.12 %
BMO.PR.W FixedReset -3.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.28 %
SLF.PR.G FixedReset -3.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.85
Bid-YTW : 10.00 %
TD.PF.B FixedReset -3.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 4.31 %
MFC.PR.L FixedReset -3.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.58
Bid-YTW : 8.09 %
TD.PF.C FixedReset -3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.68
Evaluated at bid price : 17.68
Bid-YTW : 4.34 %
NA.PR.W FixedReset -3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 4.53 %
HSE.PR.A FixedReset -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 11.44
Evaluated at bid price : 11.44
Bid-YTW : 5.14 %
TD.PF.D FixedReset -3.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 4.51 %
BAM.PR.R FixedReset -3.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 14.06
Evaluated at bid price : 14.06
Bid-YTW : 5.17 %
BAM.PR.T FixedReset -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 14.38
Evaluated at bid price : 14.38
Bid-YTW : 5.20 %
TD.PF.E FixedReset -3.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 4.45 %
FTS.PR.H FixedReset -3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 4.01 %
MFC.PR.N FixedReset -3.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.29
Bid-YTW : 7.68 %
HSE.PR.G FixedReset -2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.44 %
MFC.PR.K FixedReset -2.92 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.96
Bid-YTW : 8.47 %
FTS.PR.M FixedReset -2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 4.44 %
MFC.PR.J FixedReset -2.88 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.56
Bid-YTW : 7.53 %
BMO.PR.Y FixedReset -2.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 4.39 %
BNS.PR.Z FixedReset -2.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.60
Bid-YTW : 6.81 %
RY.PR.H FixedReset -2.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 4.26 %
BAM.PF.G FixedReset -2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 19.13
Evaluated at bid price : 19.13
Bid-YTW : 4.80 %
BAM.PF.F FixedReset -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 4.84 %
TRP.PR.A FixedReset -2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 4.63 %
MFC.PR.F FixedReset -2.56 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.96
Bid-YTW : 10.74 %
TRP.PR.F FloatingReset -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 4.54 %
BNS.PR.Y FixedReset -2.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.60
Bid-YTW : 6.45 %
SLF.PR.J FloatingReset -2.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.25
Bid-YTW : 11.37 %
RY.PR.Z FixedReset -2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 4.21 %
MFC.PR.G FixedReset -2.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.57
Bid-YTW : 7.70 %
MFC.PR.I FixedReset -2.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.52
Bid-YTW : 7.06 %
BAM.PF.B FixedReset -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 16.93
Evaluated at bid price : 16.93
Bid-YTW : 5.02 %
TRP.PR.D FixedReset -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.11
Evaluated at bid price : 17.11
Bid-YTW : 4.64 %
BAM.PF.E FixedReset -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.69
Evaluated at bid price : 17.69
Bid-YTW : 4.84 %
BAM.PF.A FixedReset -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.27
Evaluated at bid price : 18.27
Bid-YTW : 4.97 %
RY.PR.I FixedReset -2.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.84
Bid-YTW : 4.85 %
TRP.PR.H FloatingReset -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 9.88
Evaluated at bid price : 9.88
Bid-YTW : 4.58 %
GWO.PR.N FixedReset -2.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.70
Bid-YTW : 10.04 %
RY.PR.J FixedReset -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 4.58 %
NA.PR.S FixedReset -2.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.74
Evaluated at bid price : 17.74
Bid-YTW : 4.51 %
NA.PR.Q FixedReset -2.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.21
Bid-YTW : 4.78 %
IFC.PR.A FixedReset -2.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.12
Bid-YTW : 10.63 %
PWF.PR.P FixedReset -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 12.51
Evaluated at bid price : 12.51
Bid-YTW : 4.50 %
BAM.PR.M Perpetual-Discount -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.80 %
TRP.PR.C FixedReset -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 4.65 %
BAM.PR.N Perpetual-Discount -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.80 %
RY.PR.M FixedReset -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 4.50 %
TRP.PR.G FixedReset -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 4.87 %
HSE.PR.E FixedReset -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 5.50 %
FTS.PR.K FixedReset -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 4.22 %
TRP.PR.I FloatingReset -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 11.70
Evaluated at bid price : 11.70
Bid-YTW : 4.47 %
SLF.PR.H FixedReset -1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.40
Bid-YTW : 9.37 %
TD.PR.S FixedReset -1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.72
Bid-YTW : 4.64 %
BAM.PF.D Perpetual-Discount -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 21.22
Evaluated at bid price : 21.22
Bid-YTW : 5.80 %
BAM.PF.C Perpetual-Discount -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 5.79 %
GWO.PR.O FloatingReset -1.54 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.80
Bid-YTW : 10.60 %
BNS.PR.R FixedReset -1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.94
Bid-YTW : 4.90 %
FTS.PR.I FloatingReset -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 11.68
Evaluated at bid price : 11.68
Bid-YTW : 4.27 %
BMO.PR.M FixedReset -1.39 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.73
Bid-YTW : 4.61 %
CU.PR.I FixedReset -1.36 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 4.12 %
TRP.PR.B FixedReset -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 11.28
Evaluated at bid price : 11.28
Bid-YTW : 4.29 %
BAM.PR.K Floater -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 10.03
Evaluated at bid price : 10.03
Bid-YTW : 4.71 %
BAM.PR.Z FixedReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.17
Evaluated at bid price : 18.17
Bid-YTW : 5.07 %
TRP.PR.E FixedReset -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 4.52 %
FTS.PR.G FixedReset -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 4.36 %
BNS.PR.Q FixedReset -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.70
Bid-YTW : 4.83 %
TD.PR.T FloatingReset -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.39
Bid-YTW : 5.19 %
BIP.PR.B FixedReset 1.00 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.28 %
CU.PR.C FixedReset 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 16.74
Evaluated at bid price : 16.74
Bid-YTW : 4.57 %
BNS.PR.F FloatingReset 2.78 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.51
Bid-YTW : 7.71 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.A FixedReset 145,728 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 5.05 %
TRP.PR.D FixedReset 108,413 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.11
Evaluated at bid price : 17.11
Bid-YTW : 4.64 %
TRP.PR.J FixedReset 100,899 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.90 %
RY.PR.Q FixedReset 55,477 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.22
Bid-YTW : 4.49 %
MFC.PR.O FixedReset 51,974 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.50 %
RY.PR.Z FixedReset 47,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 4.21 %
There were 84 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.A FixedReset Quote: 14.41 – 15.31
Spot Rate : 0.9000
Average : 0.5903

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 4.63 %

SLF.PR.I FixedReset Quote: 17.80 – 18.39
Spot Rate : 0.5900
Average : 0.4043

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.80
Bid-YTW : 8.12 %

SLF.PR.G FixedReset Quote: 13.85 – 14.30
Spot Rate : 0.4500
Average : 0.2817

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.85
Bid-YTW : 10.00 %

BNS.PR.R FixedReset Quote: 22.94 – 23.38
Spot Rate : 0.4400
Average : 0.2873

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.94
Bid-YTW : 4.90 %

FTS.PR.M FixedReset Quote: 18.50 – 19.05
Spot Rate : 0.5500
Average : 0.4070

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-16
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 4.44 %

SLF.PR.H FixedReset Quote: 15.40 – 15.90
Spot Rate : 0.5000
Average : 0.3617

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.40
Bid-YTW : 9.37 %

Market Action

June 15, 2016

The Fed held the line on policy rates today:

Information received since the Federal Open Market Committee met in April indicates that the pace of improvement in the labor market has slowed while growth in economic activity appears to have picked up. Although the unemployment rate has declined, job gains have diminished. Growth in household spending has strengthened. Since the beginning of the year, the housing sector has continued to improve and the drag from net exports appears to have lessened, but business fixed investment has been soft. Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation declined; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will strengthen. Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.

This news, while expected, had immediate effect:

The dollar weakened, touching a 20-month low versus the yen, after the Federal Reserve held off on raising interest rates and suggested the pace of future increases will be slower than previously predicted.

The U.S. currency fell against most of its major peers as policy makers pared back rate-hike expectations, dimming the outlook for policy divergence from increased monetary stimulus in Europe and Japan. The number of officials who see just one increase in 2016 rose to six from one in the previous forecasting round in March, according to projections released by the Federal Open Market Committee.

Yellen is pointing at structural factors:

Yellen in the past has ascribed the low level of rates mainly to lingering headwinds from the financial crisis — tight mortgage credit, for instance — and suggested that they would dissipate over time.

On Wednesday, though, she also pointed to more permanent forces that could depress rates for longer, namely, slow productivity growth and aging societies, in the U.S. and throughout much of the world.

In a press conference after the Fed held policy steady, Yellen spoke of a sense that rates may be depressed by ”factors that are not going to be rapidly disappearing, but will be part of the new normal.”

The potential for Brexit was also mentioned:

Britain’s June 23 referendum on membership of the European Union was also “one of the uncertainties that we discussed and that factored into today’s decision,” Chair Janet Yellen said after the Federal Open Market Committee voted unanimously to leave rates steady at the end of a two-day meeting on Wednesday in Washington.

“It is a decision that could have consequences for economic and financial conditions in global financial markets,” she told a press conference following the meeting. “If it does so, it could have consequences in turn for the U.S. economic outlook that would be a factor in deciding on the appropriate path of policy.”

Fears of Brexit are so strong that the UK government it trotting out its mouthpieces to parrot the party line:

At first, Mark Carney seemed willing to leave the Brexit debate to others.

What followed instead was a bout of verbal intervention that made the Bank of England governor a target of ire by exit proponents and a key figure in the intensifying campaign for Britain to remain in the European Union.

And all this comes on the heels of increasingly negative Euro rates:

The yield on Germany’s 10-year government bund, Europe’s benchmark security, fell below zero for the first time on record, as investors’ seemingly insatiable demand for haven assets created another bond-market milestone.

The nation joined Japan and Switzerland in having 10-year bond yields of less than zero. The plunge in yields, which has been driven by European Central Bank’s policy of negative interest rates and asset purchases, has accelerated amid a weakening global economic outlook and as polls indicate the “Leave” campaign in Britain’s European Union referendum is gaining momentum.

The German 10-year securities join the more than 40 percent of the $6.4 trillion of euro-region debt that already has yields below zero, according to the Bloomberg Eurozone Sovereign Bond Index, meaning investors who buy the bonds now and hold its to maturity will receive less than they paid.

PerpetualDiscounts now yield 5.42%, equivalent to 7.05% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 320bp, a widening from the 310bp reported June 8.

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

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.4636 % 1,645.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4636 % 3,006.1
Floater 4.67 % 4.65 % 62,647 16.16 3 0.4636 % 1,732.4
OpRet 4.87 % -0.12 % 41,351 0.08 1 0.0796 % 2,831.3
SplitShare 4.88 % 5.00 % 87,455 4.67 7 0.2302 % 3,340.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2302 % 2,606.3
Perpetual-Premium 5.61 % -0.06 % 76,947 0.09 9 -0.1259 % 2,621.8
Perpetual-Discount 5.37 % 5.42 % 106,341 14.70 28 -0.1376 % 2,731.5
FixedReset 5.19 % 4.59 % 157,328 7.41 88 -0.9482 % 1,972.1
Deemed-Retractible 5.13 % 5.42 % 124,111 4.94 33 -0.0379 % 2,699.6
FloatingReset 3.16 % 5.10 % 26,815 5.21 17 -0.8068 % 2,097.2
Performance Highlights
Issue Index Change Notes
CU.PR.C FixedReset -4.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 4.62 %
BNS.PR.F FloatingReset -3.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.01
Bid-YTW : 8.25 %
PWF.PR.P FixedReset -3.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 12.76
Evaluated at bid price : 12.76
Bid-YTW : 4.41 %
MFC.PR.K FixedReset -2.94 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.47
Bid-YTW : 8.05 %
RY.PR.M FixedReset -2.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 4.42 %
SLF.PR.I FixedReset -2.89 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.46
Bid-YTW : 7.60 %
RY.PR.J FixedReset -2.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.48 %
TRP.PR.D FixedReset -2.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 4.54 %
BAM.PR.X FixedReset -2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 13.08
Evaluated at bid price : 13.08
Bid-YTW : 4.79 %
HSE.PR.E FixedReset -2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.40 %
BAM.PF.A FixedReset -2.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 4.85 %
BAM.PF.B FixedReset -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 17.34
Evaluated at bid price : 17.34
Bid-YTW : 4.89 %
TRP.PR.E FixedReset -2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.03
Evaluated at bid price : 18.03
Bid-YTW : 4.47 %
BAM.PF.G FixedReset -2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 4.67 %
BAM.PF.E FixedReset -2.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.09
Evaluated at bid price : 18.09
Bid-YTW : 4.73 %
BAM.PR.T FixedReset -2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 14.85
Evaluated at bid price : 14.85
Bid-YTW : 5.04 %
BAM.PF.F FixedReset -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 4.70 %
FTS.PR.M FixedReset -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.30 %
BAM.PR.Z FixedReset -2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.39
Evaluated at bid price : 18.39
Bid-YTW : 5.01 %
MFC.PR.L FixedReset -2.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.20
Bid-YTW : 7.59 %
BAM.PR.R FixedReset -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 14.52
Evaluated at bid price : 14.52
Bid-YTW : 5.01 %
FTS.PR.K FixedReset -1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 17.19
Evaluated at bid price : 17.19
Bid-YTW : 4.14 %
BMO.PR.R FloatingReset -1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.50
Bid-YTW : 5.04 %
MFC.PR.J FixedReset -1.80 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.11
Bid-YTW : 7.11 %
BIP.PR.A FixedReset -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.94
Evaluated at bid price : 18.94
Bid-YTW : 5.61 %
FTS.PR.I FloatingReset -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 4.21 %
TRP.PR.B FixedReset -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 11.43
Evaluated at bid price : 11.43
Bid-YTW : 4.23 %
MFC.PR.M FixedReset -1.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.00
Bid-YTW : 7.19 %
NA.PR.S FixedReset -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.12
Evaluated at bid price : 18.12
Bid-YTW : 4.41 %
MFC.PR.N FixedReset -1.51 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.86
Bid-YTW : 7.24 %
MFC.PR.G FixedReset -1.40 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.03
Bid-YTW : 7.34 %
CM.PR.P FixedReset -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 4.17 %
MFC.PR.I FixedReset -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.00
Bid-YTW : 6.71 %
IFC.PR.A FixedReset -1.30 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.41
Bid-YTW : 10.33 %
TD.PF.B FixedReset -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.43
Evaluated at bid price : 18.43
Bid-YTW : 4.16 %
BNS.PR.B FloatingReset -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.38
Bid-YTW : 5.31 %
NA.PR.W FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 17.59
Evaluated at bid price : 17.59
Bid-YTW : 4.37 %
RY.PR.H FixedReset -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.43
Evaluated at bid price : 18.43
Bid-YTW : 4.14 %
TRP.PR.G FixedReset -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.02
Evaluated at bid price : 19.02
Bid-YTW : 4.79 %
BMO.PR.S FixedReset -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 4.16 %
RY.PR.K FloatingReset -1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.77
Bid-YTW : 5.10 %
RY.PR.Z FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.31
Evaluated at bid price : 18.31
Bid-YTW : 4.11 %
IAG.PR.G FixedReset -1.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.63
Bid-YTW : 6.89 %
CM.PR.O FixedReset -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 4.18 %
BAM.PR.K Floater 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 10.16
Evaluated at bid price : 10.16
Bid-YTW : 4.65 %
PVS.PR.E SplitShare 1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 5.67 %
CCS.PR.C Deemed-Retractible 1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.31
Bid-YTW : 6.02 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.M Deemed-Retractible 109,692 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2016-07-27
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 4.22 %
NA.PR.A FixedReset 79,035 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.47
Bid-YTW : 5.02 %
TD.PR.Y FixedReset 73,200 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.40
Bid-YTW : 4.25 %
RY.PR.J FixedReset 49,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.05
Evaluated at bid price : 19.05
Bid-YTW : 4.48 %
BMO.PR.M FixedReset 42,700 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.05
Bid-YTW : 4.33 %
TD.PF.G FixedReset 37,687 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.26
Bid-YTW : 4.52 %
There were 29 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BNS.PR.F FloatingReset Quote: 18.01 – 19.39
Spot Rate : 1.3800
Average : 1.0619

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.01
Bid-YTW : 8.25 %

HSE.PR.E FixedReset Quote: 19.70 – 20.44
Spot Rate : 0.7400
Average : 0.4562

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.40 %

CU.PR.C FixedReset Quote: 16.55 – 17.25
Spot Rate : 0.7000
Average : 0.4236

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 16.55
Evaluated at bid price : 16.55
Bid-YTW : 4.62 %

GWO.PR.L Deemed-Retractible Quote: 25.20 – 25.87
Spot Rate : 0.6700
Average : 0.4473

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 5.54 %

RY.PR.K FloatingReset Quote: 21.77 – 22.40
Spot Rate : 0.6300
Average : 0.4235

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.77
Bid-YTW : 5.10 %

RY.PR.M FixedReset Quote: 18.85 – 19.40
Spot Rate : 0.5500
Average : 0.3522

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-15
Maturity Price : 18.85
Evaluated at bid price : 18.85
Bid-YTW : 4.42 %

Market Action

June 14, 2016

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 -1.6607 % 1,638.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.6607 % 2,992.2
Floater 4.69 % 4.70 % 63,441 16.07 3 -1.6607 % 1,724.4
OpRet 4.87 % 0.69 % 41,646 0.08 1 0.0796 % 2,829.0
SplitShare 4.89 % 4.95 % 87,473 4.67 7 0.0403 % 3,332.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0403 % 2,600.4
Perpetual-Premium 5.60 % -0.24 % 77,422 0.09 9 0.1173 % 2,625.1
Perpetual-Discount 5.37 % 5.38 % 106,362 14.72 28 0.0964 % 2,735.2
FixedReset 5.14 % 4.54 % 157,664 14.58 88 -0.6162 % 1,991.0
Deemed-Retractible 5.12 % 5.29 % 124,771 4.94 33 -0.0278 % 2,700.6
FloatingReset 3.14 % 4.92 % 26,317 5.21 17 -0.3569 % 2,114.2
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset -2.80 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.60
Bid-YTW : 10.14 %
SLF.PR.J FloatingReset -2.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.51
Bid-YTW : 11.07 %
MFC.PR.I FixedReset -2.31 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.27
Bid-YTW : 6.52 %
BAM.PR.K Floater -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 10.05
Evaluated at bid price : 10.05
Bid-YTW : 4.70 %
MFC.PR.J FixedReset -2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.46
Bid-YTW : 6.85 %
MFC.PR.L FixedReset -2.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.60
Bid-YTW : 7.27 %
IAG.PR.G FixedReset -1.93 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.83
Bid-YTW : 6.75 %
MFC.PR.F FixedReset -1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.37
Bid-YTW : 10.31 %
RY.PR.K FloatingReset -1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 4.89 %
IFC.PR.C FixedReset -1.82 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.28
Bid-YTW : 8.36 %
MFC.PR.N FixedReset -1.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.15
Bid-YTW : 7.02 %
PWF.PR.P FixedReset -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 4.26 %
MFC.PR.K FixedReset -1.64 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 7.62 %
BAM.PF.A FixedReset -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 4.72 %
MFC.PR.M FixedReset -1.58 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.30
Bid-YTW : 6.97 %
TRP.PR.B FixedReset -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 11.62
Evaluated at bid price : 11.62
Bid-YTW : 4.16 %
PVS.PR.E SplitShare -1.48 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.55
Bid-YTW : 5.90 %
BAM.PR.C Floater -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 10.00
Evaluated at bid price : 10.00
Bid-YTW : 4.72 %
CU.PR.C FixedReset -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 4.39 %
HSE.PR.A FixedReset -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 11.88
Evaluated at bid price : 11.88
Bid-YTW : 4.95 %
BAM.PR.X FixedReset -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 4.66 %
HSE.PR.B FloatingReset -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 5.31 %
NA.PR.W FixedReset -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 4.32 %
TRP.PR.A FixedReset -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 14.80
Evaluated at bid price : 14.80
Bid-YTW : 4.51 %
BAM.PF.G FixedReset -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 20.18
Evaluated at bid price : 20.18
Bid-YTW : 4.54 %
FTS.PR.H FixedReset -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 13.82
Evaluated at bid price : 13.82
Bid-YTW : 3.88 %
BAM.PR.B Floater -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 10.15
Evaluated at bid price : 10.15
Bid-YTW : 4.65 %
SLF.PR.I FixedReset -1.25 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.01
Bid-YTW : 7.18 %
SLF.PR.G FixedReset -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.33
Bid-YTW : 9.52 %
TRP.PR.C FixedReset -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 4.53 %
MFC.PR.H FixedReset -1.17 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.17
Bid-YTW : 6.13 %
BMO.PR.Y FixedReset -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 4.22 %
BMO.PR.S FixedReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 4.11 %
BAM.PF.F FixedReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 19.84
Evaluated at bid price : 19.84
Bid-YTW : 4.59 %
BAM.PF.E FixedReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 4.61 %
BNS.PR.Z FixedReset -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.19
Bid-YTW : 6.22 %
PWF.PR.L Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 23.53
Evaluated at bid price : 23.80
Bid-YTW : 5.42 %
CGI.PR.D SplitShare 1.12 % YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2023-06-14
Maturity Price : 25.00
Evaluated at bid price : 25.30
Bid-YTW : 3.57 %
PWF.PR.Q FloatingReset 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 12.60
Evaluated at bid price : 12.60
Bid-YTW : 4.27 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.A FixedReset 156,503 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.49
Bid-YTW : 5.00 %
IAG.PR.G FixedReset 51,714 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.83
Bid-YTW : 6.75 %
NA.PR.Q FixedReset 46,445 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.93
Bid-YTW : 4.16 %
RY.PR.R FixedReset 45,035 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 26.46
Bid-YTW : 4.58 %
TD.PF.C FixedReset 42,790 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 4.16 %
TD.PF.G FixedReset 34,570 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.44 %
There were 19 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: 23.00 – 23.90
Spot Rate : 0.9000
Average : 0.5988

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.00
Bid-YTW : 6.22 %

HSE.PR.B FloatingReset Quote: 10.65 – 11.45
Spot Rate : 0.8000
Average : 0.7107

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 5.31 %

GWO.PR.L Deemed-Retractible Quote: 25.36 – 25.65
Spot Rate : 0.2900
Average : 0.2030

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2017-12-31
Maturity Price : 25.25
Evaluated at bid price : 25.36
Bid-YTW : 5.17 %

SLF.PR.G FixedReset Quote: 14.33 – 14.56
Spot Rate : 0.2300
Average : 0.1597

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.33
Bid-YTW : 9.52 %

IAG.PR.G FixedReset Quote: 19.83 – 20.05
Spot Rate : 0.2200
Average : 0.1609

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.83
Bid-YTW : 6.75 %

NA.PR.W FixedReset Quote: 17.80 – 18.05
Spot Rate : 0.2500
Average : 0.1924

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-14
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 4.32 %

Issue Comments

NA.PR.A Achieves High Premium on Excellent Volume

National Bank of Canada has announced:

that it has closed its domestic public offering of non-cumulative 5-year rate reset first preferred shares series 36 (non-viability contingent capital (NVCC)) (the “Series 36 Preferred Shares”). National Bank issued 16 million Series 36 Preferred Shares at a price of $25.00 per share to raise gross proceeds of $400 million.

The offering was underwritten by a syndicate led by National Bank Financial Inc.

The Series 36 Preferred Shares will commence trading on the Toronto Stock Exchange today under the ticker symbol NA.PR.A.

The Series 36 Preferred Shares were issued under a prospectus supplement dated June 6, 2016 to National Bank’s short form base shelf prospectus dated December 1, 2014.

NA.PR.A is a FixedReset, 5.40%+466, NVCC issue announced 2016-6-2.

This issue will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex. Vital statistics are:

NA.PR.A FixedReset YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.90 %

As has so often been the case recently, using Implied Volatility analysis to determine whether the pricing of this issue is rich or cheap yields ambiguous results:

impVol_NA_160613
Click for Big

The new issue fits in very well with the line determined by the three extant NVCC-compliant issues, but the Implied Volatility is very high. Thus, if one believes that spreads are very high and will eventually regress to more usual levels, one will buy the low-spread low-price issues in order to capture the expected capital gain. However, if one believes that current conditions represent the new normal (with low GOC-5 yields and spreads that are high relative to historical norms) then one will buy the high-spread high-price issues in order to avoid the capital loss that one expects on the low-spread issues as Implied Volatility declines and the curve flattens.

Market Action

June 13, 2016

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 -1.3832 % 1,665.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.3832 % 3,042.7
Floater 4.62 % 4.59 % 63,734 16.27 3 -1.3832 % 1,753.6
OpRet 4.88 % 1.50 % 43,259 0.08 1 0.0398 % 2,826.8
SplitShare 4.89 % 4.99 % 86,248 4.67 7 -0.1783 % 3,331.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1783 % 2,599.3
Perpetual-Premium 5.61 % -1.86 % 75,604 0.09 9 -0.0521 % 2,622.0
Perpetual-Discount 5.37 % 5.46 % 104,948 14.63 28 -0.0453 % 2,732.6
FixedReset 5.11 % 4.53 % 159,129 7.26 88 -0.4693 % 2,003.3
Deemed-Retractible 5.12 % 5.25 % 123,905 4.95 33 -0.1270 % 2,701.4
FloatingReset 3.12 % 4.85 % 25,663 5.22 17 -0.3074 % 2,121.8
Performance Highlights
Issue Index Change Notes
MFC.PR.G FixedReset -3.55 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.29
Bid-YTW : 7.15 %
TRP.PR.G FixedReset -3.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 4.71 %
SLF.PR.H FixedReset -3.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.91
Bid-YTW : 8.90 %
PWF.PR.Q FloatingReset -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 4.36 %
HSE.PR.B FloatingReset -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 10.80
Evaluated at bid price : 10.80
Bid-YTW : 5.23 %
BAM.PR.B Floater -1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 10.28
Evaluated at bid price : 10.28
Bid-YTW : 4.59 %
BAM.PR.T FixedReset -1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 15.21
Evaluated at bid price : 15.21
Bid-YTW : 4.91 %
MFC.PR.H FixedReset -1.65 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.42
Bid-YTW : 5.96 %
PWF.PR.T FixedReset -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 3.74 %
MFC.PR.N FixedReset -1.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.48
Bid-YTW : 6.77 %
HSE.PR.G FixedReset -1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 5.24 %
BAM.PR.C Floater -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 10.15
Evaluated at bid price : 10.15
Bid-YTW : 4.65 %
TRP.PR.A FixedReset -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 15.00
Evaluated at bid price : 15.00
Bid-YTW : 4.44 %
FTS.PR.G FixedReset -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 16.87
Evaluated at bid price : 16.87
Bid-YTW : 4.26 %
SLF.PR.I FixedReset -1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.25
Bid-YTW : 7.00 %
PWF.PR.P FixedReset -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 13.42
Evaluated at bid price : 13.42
Bid-YTW : 4.19 %
MFC.PR.J FixedReset -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.89
Bid-YTW : 6.53 %
MFC.PR.B Deemed-Retractible -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.23
Bid-YTW : 6.36 %
MFC.PR.K FixedReset -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.30
Bid-YTW : 7.38 %
HSE.PR.E FixedReset -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 5.25 %
BAM.PR.X FixedReset -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 13.64
Evaluated at bid price : 13.64
Bid-YTW : 4.59 %
IFC.PR.A FixedReset -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.02
Bid-YTW : 9.72 %
TRP.PR.F FloatingReset -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 13.85
Evaluated at bid price : 13.85
Bid-YTW : 4.42 %
MFC.PR.M FixedReset -1.06 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.61
Bid-YTW : 6.74 %
GWO.PR.M Deemed-Retractible -1.04 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-03-31
Maturity Price : 25.25
Evaluated at bid price : 25.58
Bid-YTW : 4.86 %
TRP.PR.I FloatingReset 2.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 4.43 %
Volume Highlights
Issue Index Shares
Traded
Notes
NA.PR.A FixedReset 1,508,057 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 4.90 %
EML.PR.A FixedReset 318,453 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-17
Maturity Price : 25.00
Evaluated at bid price : 25.80
Bid-YTW : 5.24 %
TRP.PR.J FixedReset 77,507 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-31
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.88 %
TD.PF.G FixedReset 63,698 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 4.44 %
RY.PR.Q FixedReset 59,092 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.25
Bid-YTW : 4.45 %
BAM.PR.N Perpetual-Discount 55,028 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-06-13
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 5.64 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.G FixedReset Quote: 19.29 – 19.93
Spot Rate : 0.6400
Average : 0.3828

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.29
Bid-YTW : 7.15 %

IFC.PR.C FixedReset Quote: 17.60 – 18.25
Spot Rate : 0.6500
Average : 0.4126

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.60
Bid-YTW : 8.09 %

BMO.PR.R FloatingReset Quote: 22.00 – 22.49
Spot Rate : 0.4900
Average : 0.3486

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 4.59 %

BNS.PR.R FixedReset Quote: 23.35 – 23.73
Spot Rate : 0.3800
Average : 0.2555

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.35
Bid-YTW : 4.54 %

POW.PR.G Perpetual-Premium Quote: 25.43 – 25.81
Spot Rate : 0.3800
Average : 0.2635

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-15
Maturity Price : 25.00
Evaluated at bid price : 25.43
Bid-YTW : 5.44 %

GWO.PR.M Deemed-Retractible Quote: 25.58 – 25.91
Spot Rate : 0.3300
Average : 0.2227

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2018-03-31
Maturity Price : 25.25
Evaluated at bid price : 25.58
Bid-YTW : 4.86 %

PrefLetter

June PrefLetter Released!

The June, 2016, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The regular appendix reporting on FixedResets is included. The appendix dealing with DeemedRetractibles was not prepared, but will be published next month. In the future, these two appendices will alternate; purchasers of a single issue may obtain a copy of the ‘other’ appendix from me on request.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the June, 2016, issue, while the “Next Edition” will be the July, 2016, issue, scheduled to be prepared as of the close July 8 and eMailed to subscribers prior to market-opening on July 11.

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?).

So cross your fingers!