Market Action

July 22, 2019

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 0.0667 % 1,939.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0667 % 3,559.6
Floater 6.14 % 6.35 % 39,274 13.40 4 0.0667 % 2,051.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0338 % 3,348.3
SplitShare 4.65 % 4.62 % 77,925 4.13 7 -0.0338 % 3,998.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0338 % 3,119.9
Perpetual-Premium 5.62 % -16.72 % 53,536 0.09 7 0.0449 % 2,979.8
Perpetual-Discount 5.46 % 5.58 % 57,990 14.56 25 0.1495 % 3,116.4
FixedReset Disc 5.45 % 5.30 % 162,665 14.91 69 0.1310 % 2,111.0
Deemed-Retractible 5.23 % 5.85 % 63,344 7.96 27 0.1518 % 3,110.9
FloatingReset 4.06 % 4.39 % 37,074 2.43 4 -0.1454 % 2,344.9
FixedReset Prem 5.14 % 3.92 % 164,432 1.90 17 0.1079 % 2,591.6
FixedReset Bank Non 1.99 % 4.23 % 92,918 2.44 3 -0.1255 % 2,644.3
FixedReset Ins Non 5.26 % 7.33 % 84,079 8.04 22 0.2918 % 2,166.9
Performance Highlights
Issue Index Change Notes
BIP.PR.D FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 21.53
Evaluated at bid price : 21.91
Bid-YTW : 5.91 %
BAM.PF.G FixedReset Disc -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 6.25 %
GWO.PR.N FixedReset Ins Non -1.72 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.25
Bid-YTW : 9.05 %
TRP.PR.C FixedReset Disc -1.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 12.01
Evaluated at bid price : 12.01
Bid-YTW : 6.01 %
TRP.PR.F FloatingReset -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 6.62 %
BIP.PR.A FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 6.65 %
IFC.PR.F Deemed-Retractible -1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.30
Bid-YTW : 5.73 %
TD.PF.C FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.20 %
GWO.PR.R Deemed-Retractible -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.30
Bid-YTW : 6.29 %
TRP.PR.B FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 5.81 %
TD.PF.A FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 17.56
Evaluated at bid price : 17.56
Bid-YTW : 5.19 %
MFC.PR.K FixedReset Ins Non 1.00 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.18
Bid-YTW : 7.96 %
CCS.PR.C Deemed-Retractible 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 5.32 %
TD.PF.E FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.30 %
RY.PR.M FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 5.29 %
SLF.PR.H FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.35
Bid-YTW : 8.46 %
PWF.PR.Z Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 22.40
Evaluated at bid price : 22.78
Bid-YTW : 5.66 %
NA.PR.C FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 21.28
Evaluated at bid price : 21.57
Bid-YTW : 5.50 %
GWO.PR.Q Deemed-Retractible 1.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.56
Bid-YTW : 5.97 %
EMA.PR.F FixedReset Disc 1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 17.29
Evaluated at bid price : 17.29
Bid-YTW : 5.94 %
GWO.PR.P Deemed-Retractible 1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.75
Bid-YTW : 5.60 %
TD.PF.J FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 5.19 %
BIP.PR.E FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 21.40
Evaluated at bid price : 21.73
Bid-YTW : 5.80 %
SLF.PR.D Deemed-Retractible 1.80 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.95
Bid-YTW : 6.69 %
SLF.PR.J FloatingReset 1.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.36
Bid-YTW : 10.54 %
MFC.PR.N FixedReset Ins Non 1.98 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.99
Bid-YTW : 8.44 %
TD.PF.D FixedReset Disc 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 5.23 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.G FixedReset Prem 142,675 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.91
Bid-YTW : 3.29 %
MFC.PR.F FixedReset Ins Non 108,900 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.35
Bid-YTW : 9.96 %
CM.PR.Q FixedReset Disc 50,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 18.86
Evaluated at bid price : 18.86
Bid-YTW : 5.52 %
NA.PR.A FixedReset Prem 37,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-15
Maturity Price : 25.00
Evaluated at bid price : 25.60
Bid-YTW : 4.03 %
BAM.PF.B FixedReset Disc 33,186 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.04 %
BMO.PR.Y FixedReset Disc 29,967 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 19.51
Evaluated at bid price : 19.51
Bid-YTW : 5.32 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.D FixedReset Disc Quote: 21.91 – 22.50
Spot Rate : 0.5900
Average : 0.4479

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 21.53
Evaluated at bid price : 21.91
Bid-YTW : 5.91 %
CU.PR.H Perpetual-Discount Quote: 24.30 – 24.80
Spot Rate : 0.5000
Average : 0.3971

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 23.84
Evaluated at bid price : 24.30
Bid-YTW : 5.46 %
GWO.PR.N FixedReset Ins Non Quote: 14.25 – 14.55
Spot Rate : 0.3000
Average : 0.1994

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.25
Bid-YTW : 9.05 %
IAF.PR.B Deemed-Retractible Quote: 21.76 – 22.32
Spot Rate : 0.5600
Average : 0.4620

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.76
Bid-YTW : 6.38 %
BAM.PF.G FixedReset Disc Quote: 17.17 – 17.50
Spot Rate : 0.3300
Average : 0.2348

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-22
Maturity Price : 17.17
Evaluated at bid price : 17.17
Bid-YTW : 6.25 %
EIT.PR.A SplitShare Quote: 25.50 – 25.88
Spot Rate : 0.3800
Average : 0.2906

YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2024-03-14
Maturity Price : 25.00
Evaluated at bid price : 25.50
Bid-YTW : 4.46 %
Issue Comments

TD.PF.B : No Conversion to FloatingReset

The Toronto-Dominion Bank has announced:

that none of its 20 million Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3 (Non-Viability Contingent Capital (NVCC)) (the “Series 3 Shares”) will be converted on July 31, 2019 into Non-Cumulative Floating Rate Preferred Shares, Series 4 (NVCC) (the “Series 4 Shares”) of TD.

During the conversion period, which ran from July 2, 2019 to July 16, 2019, 350,885 Series 3 Shares were tendered for conversion into Series 4 Shares, which is less than the minimum 1,000,000 shares required to give effect to the conversion, as described in the prospectus supplement for the Series 3 Shares dated July 24, 2014. As a result, no Series 4 Shares will be issued on July 31, 2019 and holders of Series 3 Shares will retain their Series 3 Shares.

The Series 3 Shares are currently listed on the Toronto Stock Exchange under the symbol TD.PF.B. As previously announced on July 2, 2019, the dividend rate for the Series 3 Shares for the 5 year period from and including July 31, 2019 to but excluding July 31, 2024 will be 3.681%.

TD.PF.B is a FixedReset 3.80%+227, NVCC-compliant, issue that commenced trading 2014-7-31 after being announced 2014-7-22. TD provided notice of extension on 2019-6-25. The issue will reset At 3.681% effective July 31, 2019. I recommended against conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.

Market Action

July 19, 2019

Caldwell Investment Management Ltd. has been naughty:

Caldwell Investment ran nine mutual funds and managed assets ranging from $320-million to $495-million between Jan. 1, 2013, and Nov. 15, 2016, the period in which the OSC found the infractions occurred.

As an example of problematic dealings, the OSC said two-thirds of Caldwell’s balanced-fund equity trades were made through unaffiliated dealers at an average commission rate of 5 cents a share. The remaining third, however, were executed through Caldwell Securities, at an average commission rate of 16 cents a share.

The OSC also found instances where the same security was traded at Caldwell Securities with commission rates between four and 13 times higher than what was available at unaffiliated dealers.

The Settlement Agreement has more juicy details, e.g.:

Security Account B/S Date traded Quantity Dealer Commission/
share		 Multiple over unaffiliated dealer
Bank Nova Scotia Balanced Fund B 2014-01-30 4400 CIBC $0.05  
Bank Nova Scotia Balanced Fund B 2014-01-31 2000 CSL $0.30 6x

Some readers may wonder who in their right mind would agree to pay even $0.05 per share to trade 4,400 BNS. So I’ll point out that, in the ethos of the Street, we’re not talking about real money here. We’re talking about client money, which is an entirely different thing.

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 -1.0334 % 1,938.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.0334 % 3,557.2
Floater 6.14 % 6.32 % 37,162 13.43 4 -1.0334 % 2,050.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0225 % 3,349.5
SplitShare 4.65 % 4.63 % 78,481 4.14 7 0.0225 % 4,000.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0225 % 3,121.0
Perpetual-Premium 5.62 % -17.88 % 54,310 0.09 7 -0.2801 % 2,978.5
Perpetual-Discount 5.46 % 5.58 % 60,377 14.55 25 -0.2619 % 3,111.7
FixedReset Disc 5.45 % 5.53 % 163,346 14.60 69 -0.5795 % 2,108.3
Deemed-Retractible 5.23 % 5.88 % 65,954 7.97 27 -0.1532 % 3,106.2
FloatingReset 4.07 % 4.18 % 38,302 2.44 4 -0.5523 % 2,348.4
FixedReset Prem 5.15 % 4.01 % 166,861 1.91 17 -0.3089 % 2,588.8
FixedReset Bank Non 1.98 % 4.30 % 93,979 2.45 3 -0.1393 % 2,647.6
FixedReset Ins Non 5.28 % 7.48 % 87,570 8.00 22 -0.5659 % 2,160.6
Performance Highlights
Issue Index Change Notes
BAM.PR.X FixedReset Disc -3.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 12.61
Evaluated at bid price : 12.61
Bid-YTW : 6.50 %
SLF.PR.J FloatingReset -2.96 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.12
Bid-YTW : 10.77 %
MFC.PR.N FixedReset Ins Non -2.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.66
Bid-YTW : 8.88 %
TD.PF.D FixedReset Disc -2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.55 %
BAM.PF.A FixedReset Disc -2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 18.78
Evaluated at bid price : 18.78
Bid-YTW : 6.21 %
TD.PF.E FixedReset Disc -2.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 5.56 %
TD.PF.J FixedReset Disc -2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 20.13
Evaluated at bid price : 20.13
Bid-YTW : 5.43 %
RY.PR.M FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 18.88
Evaluated at bid price : 18.88
Bid-YTW : 5.57 %
SLF.PR.D Deemed-Retractible -2.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.58
Bid-YTW : 6.91 %
PWF.PR.Z Perpetual-Discount -2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 22.17
Evaluated at bid price : 22.50
Bid-YTW : 5.73 %
MFC.PR.M FixedReset Ins Non -2.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.99
Bid-YTW : 8.72 %
GWO.PR.Q Deemed-Retractible -1.98 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 6.13 %
TRP.PR.A FixedReset Disc -1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 13.65
Evaluated at bid price : 13.65
Bid-YTW : 6.43 %
BAM.PR.B Floater -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 10.95
Evaluated at bid price : 10.95
Bid-YTW : 6.38 %
EMA.PR.F FixedReset Disc -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 6.27 %
CM.PR.Q FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 18.79
Evaluated at bid price : 18.79
Bid-YTW : 5.75 %
MFC.PR.K FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 8.19 %
TRP.PR.E FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 15.70
Evaluated at bid price : 15.70
Bid-YTW : 6.26 %
NA.PR.G FixedReset Disc -1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.57 %
TRP.PR.C FixedReset Disc -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 12.22
Evaluated at bid price : 12.22
Bid-YTW : 6.22 %
BAM.PR.K Floater -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 10.96
Evaluated at bid price : 10.96
Bid-YTW : 6.38 %
W.PR.K FixedReset Prem -1.42 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 5.14 %
BAM.PF.G FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.55
Evaluated at bid price : 17.55
Bid-YTW : 6.35 %
PWF.PR.S Perpetual-Discount -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.65 %
CU.PR.D Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 22.26
Evaluated at bid price : 22.56
Bid-YTW : 5.50 %
SLF.PR.I FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.10
Bid-YTW : 7.48 %
BIP.PR.D FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 22.08
Evaluated at bid price : 22.41
Bid-YTW : 5.94 %
IAF.PR.I FixedReset Ins Non -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.65
Bid-YTW : 6.95 %
BMO.PR.S FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.98
Evaluated at bid price : 17.98
Bid-YTW : 5.49 %
BAM.PR.R FixedReset Disc -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 15.02
Evaluated at bid price : 15.02
Bid-YTW : 6.32 %
TD.PF.B FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 5.43 %
SLF.PR.A Deemed-Retractible -1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.00
Bid-YTW : 6.40 %
BMO.PR.T FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.52
Evaluated at bid price : 17.52
Bid-YTW : 5.51 %
BAM.PF.F FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.26 %
BMO.PR.W FixedReset Disc 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.46
Evaluated at bid price : 17.46
Bid-YTW : 5.50 %
GWO.PR.R Deemed-Retractible 1.49 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.55
Bid-YTW : 6.14 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.M FixedReset Disc 290,998 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 23.16
Evaluated at bid price : 25.00
Bid-YTW : 5.08 %
CM.PR.Y FixedReset Disc 261,072 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 23.15
Evaluated at bid price : 24.96
Bid-YTW : 5.15 %
BMO.PR.F FixedReset Disc 190,524 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 23.22
Evaluated at bid price : 25.15
Bid-YTW : 5.05 %
RY.PR.F Deemed-Retractible 179,628 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-08-18
Maturity Price : 25.00
Evaluated at bid price : 25.33
Bid-YTW : -3.25 %
CU.PR.D Perpetual-Discount 176,710 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 22.26
Evaluated at bid price : 22.56
Bid-YTW : 5.50 %
MFC.PR.F FixedReset Ins Non 165,722 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.37
Bid-YTW : 10.12 %
SLF.PR.G FixedReset Ins Non 141,863 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.62
Bid-YTW : 10.05 %
There were 54 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.Q Deemed-Retractible Quote: 23.25 – 23.90
Spot Rate : 0.6500
Average : 0.4403

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.25
Bid-YTW : 6.13 %
TD.PF.L FixedReset Disc Quote: 24.74 – 25.20
Spot Rate : 0.4600
Average : 0.2606

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 23.09
Evaluated at bid price : 24.74
Bid-YTW : 4.90 %
TD.PF.D FixedReset Disc Quote: 19.50 – 20.12
Spot Rate : 0.6200
Average : 0.4240

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.55 %
NA.PR.G FixedReset Disc Quote: 20.15 – 20.69
Spot Rate : 0.5400
Average : 0.3777

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 5.57 %
EMA.PR.F FixedReset Disc Quote: 17.06 – 17.60
Spot Rate : 0.5400
Average : 0.3831

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 6.27 %
TD.PF.E FixedReset Disc Quote: 19.77 – 20.21
Spot Rate : 0.4400
Average : 0.2899

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-19
Maturity Price : 19.77
Evaluated at bid price : 19.77
Bid-YTW : 5.56 %
Issue Comments

BRF.PR.C : No Conversion to FloatingReset

Brookfield Renewable Partners L.P. has announced:

that after having taken into account all election notices received by the July 16, 2019 deadline for conversion of Brookfield Renewable Power Preferred Equity Inc.’s (“BRP Equity”) currently outstanding Class A Preference Shares, Series 3 (the “Series 3 Shares”) (TSX: BRF.PR.C) into Class A Preference Shares, Series 4 (the “Series 4 Shares”), no Series 3 Shares will be converted into Series 4 Shares. As of the July 31, 2019 conversion date, there would have been fewer than the minimum 1,000,000 Series 4 Shares outstanding required to give effect to the conversion.

As announced by Brookfield Renewable on July 2, 2019, after July 31, 2019, holders of the Series 3 Shares will be entitled to receive fixed quarterly dividends, as and when declared by the board of directors of BRP Equity. The dividend rate for the five-year period commencing on August 1, 2019 and ending July 31, 2024 will be 4.351% per annum ($0.2719375 per share per quarter).

BRF.PR.C is a FixedReset, 4.40%+294, that commenced trading 2010-10-11 after being announced 2010-10-1. The issue will reset at 4.351% effective August 1, 2019. I recommended against conversion. The issue has been tracked by HIMIPref™, but assigned to the Scraps – FixedReset (Discount) subindex on credit concerns.

Issue Comments

CM.PR.O : No Conversion to FloatingReset

The Canadian Imperial Bank of Commerce has announced:

that, during the conversion notice period which ran from July 1, 2019 to July 16, 2019, 350,312 Non-cumulative Rate Reset Class A Preferred Shares Series 39 (Non-Viability Contingent Capital (NVCC)) of CIBC (the “Series 39 Shares”) were tendered for conversion, on a one-for-one basis, into Non-cumulative Floating Rate Class A Preferred Shares Series 40 (Non-Viability Contingent Capital (NVCC)) of CIBC (the “Series 40 Shares”). As per the conditions set out in the prospectus supplement dated June 2, 2014 relating to the issuance of the Series 39 Shares, since less than 1,000,000 Series 40 Shares would be outstanding on July 31, 2019, holders of Series 39 Shares who tendered their Series 39 Shares for conversion will not be entitled to convert their shares into Series 40 Shares. As a result, Series 40 Shares will not be issued at this time.

On July 31, 2019, CIBC will have 16,000,000 Series 39 Shares issued and outstanding. The Series 39 Shares are currently listed on the Toronto Stock Exchange under the symbol CM.PR.O.

The quarterly fixed dividend rate applicable to the Series 39 Shares for the five-year period from and including July 31, 2019 to but excluding July 31, 2024 is 3.713%, payable quarterly as and when declared by the Board of Directors of CIBC.

CM.PR.O is a FixedReset, 3.90%+232, NVCC-compliant, that commenced trading 2014-6-11 after being announced 2014-6-2. The extension was announced 2019-6-12. The issue will reset At 3.713% effective July 31, 2019. I recommended against conversion. CM.PR.O is tracked by HIMIPref™ and is assigned to the FixedReset (Discount) subindex.

Market Action

July 18, 2019

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 -0.2632 % 1,958.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2632 % 3,594.4
Floater 6.08 % 6.26 % 37,141 13.52 4 -0.2632 % 2,071.5
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0563 % 3,348.7
SplitShare 4.65 % 4.64 % 78,242 4.14 7 -0.0563 % 3,999.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0563 % 3,120.3
Perpetual-Premium 5.60 % -18.72 % 53,918 0.09 7 0.2696 % 2,986.8
Perpetual-Discount 5.45 % 5.57 % 58,872 14.58 25 0.0625 % 3,119.9
FixedReset Disc 5.42 % 5.48 % 164,797 14.62 69 -0.3848 % 2,120.6
Deemed-Retractible 5.22 % 5.78 % 65,053 7.98 27 -0.0158 % 3,111.0
FloatingReset 4.05 % 4.17 % 38,085 2.44 4 -0.2099 % 2,361.4
FixedReset Prem 5.13 % 3.98 % 164,228 1.91 17 0.1421 % 2,596.8
FixedReset Bank Non 1.98 % 4.04 % 94,357 2.45 3 -0.1669 % 2,651.3
FixedReset Ins Non 5.25 % 7.38 % 88,172 8.01 22 -0.2678 % 2,172.8
Performance Highlights
Issue Index Change Notes
BMO.PR.W FixedReset Disc -3.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 5.57 %
HSE.PR.G FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 6.70 %
GWO.PR.N FixedReset Ins Non -1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.38
Bid-YTW : 9.13 %
MFC.PR.F FixedReset Ins Non -1.84 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.32
Bid-YTW : 10.16 %
PWF.PR.T FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 5.57 %
TRP.PR.E FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 15.95
Evaluated at bid price : 15.95
Bid-YTW : 6.16 %
TRP.PR.D FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 16.41
Evaluated at bid price : 16.41
Bid-YTW : 6.02 %
HSE.PR.A FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 12.35
Evaluated at bid price : 12.35
Bid-YTW : 6.51 %
TRP.PR.B FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 11.73
Evaluated at bid price : 11.73
Bid-YTW : 6.04 %
BIP.PR.A FixedReset Disc -1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.77 %
MFC.PR.Q FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.45
Bid-YTW : 7.56 %
MFC.PR.N FixedReset Ins Non -1.27 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.13
Bid-YTW : 8.53 %
RY.PR.J FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 19.94
Evaluated at bid price : 19.94
Bid-YTW : 5.44 %
BAM.PR.Z FixedReset Disc -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 6.17 %
NA.PR.S FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 5.59 %
PWF.PR.S Perpetual-Discount -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 21.65
Evaluated at bid price : 21.65
Bid-YTW : 5.57 %
TD.PF.D FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 5.40 %
BIP.PR.E FixedReset Disc 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 21.31
Evaluated at bid price : 21.60
Bid-YTW : 5.83 %
BAM.PF.F FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 18.04
Evaluated at bid price : 18.04
Bid-YTW : 6.19 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.H FixedReset Disc 205,562 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 5.34 %
TD.PF.K FixedReset Disc 169,503 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 20.39
Evaluated at bid price : 20.39
Bid-YTW : 5.29 %
TD.PF.I FixedReset Disc 71,919 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 5.22 %
CM.PR.S FixedReset Disc 69,697 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.54 %
BMO.PR.T FixedReset Disc 60,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 17.71
Evaluated at bid price : 17.71
Bid-YTW : 5.45 %
IAF.PR.G FixedReset Ins Non 52,298 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.57
Bid-YTW : 6.62 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
HSE.PR.G FixedReset Disc Quote: 19.07 – 20.00
Spot Rate : 0.9300
Average : 0.6744

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 19.07
Evaluated at bid price : 19.07
Bid-YTW : 6.70 %
CCS.PR.C Deemed-Retractible Quote: 24.10 – 24.70
Spot Rate : 0.6000
Average : 0.4117

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 5.52 %
BMO.PR.W FixedReset Disc Quote: 17.27 – 17.71
Spot Rate : 0.4400
Average : 0.2779

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 17.27
Evaluated at bid price : 17.27
Bid-YTW : 5.57 %
BAM.PR.Z FixedReset Disc Quote: 18.67 – 19.10
Spot Rate : 0.4300
Average : 0.2911

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 18.67
Evaluated at bid price : 18.67
Bid-YTW : 6.17 %
TRP.PR.B FixedReset Disc Quote: 11.73 – 12.09
Spot Rate : 0.3600
Average : 0.2693

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-18
Maturity Price : 11.73
Evaluated at bid price : 11.73
Bid-YTW : 6.04 %
BNS.PR.D FloatingReset Quote: 24.35 – 24.70
Spot Rate : 0.3500
Average : 0.2603

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.35
Bid-YTW : 3.71 %
Market Action

July 17, 2019

Inflation does not appear to be a problem:

Although two of the Bank of Canada’s measures of core inflation remained above 2 per cent, CPI common – which the central bank says is the best gauge of the economy’s underperformance – was unchanged at 1.8 per cent.

Energy prices fell 4.1 per cent year-over-year in June as Canadians paid less for gasoline and other fuels. Oil prices dipped amid rising U.S. fuel inventories and the elimination of carbon pricing in Alberta.

But consumers are paying more for other products – notably fresh vegetables, where prices jumped 17.3 per cent, the largest increase seen since January, 2016. The rise, which follows a similar gain in May, was owing in part to inclement weather in agricultural regions.

But bond prices were up:

At 3:16 p.m., the Canadian dollar was trading 0.3 per cent higher at 1.3045 to the greenback, or 76.66 U.S. cents. The currency, which last Friday notched a near nine-month high at 1.3018, traded in a range of 1.3035 and 1.3093.

The gain for the loonie came even as the price of oil, one of Canada’s major exports, fell for the third straight day after U.S. government data showed large builds in refined product stockpiles. U.S. crude futures settled 1.5 per cent lower at $56.78 a barrel.

Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries after data showed weakness in the U.S. housing market and as concerns about the trade war between the United States and China boosted demand for safe-haven debt.

The two-year rose 6 cents to yield 1.527 per cent and the 10-year was up 48 cents to yield 1.535 per cent.

The 10-year yield touched its lowest intraday since July 5 at 1.532 per cent.

The Canada 5-Year yield was down 6bp to 1.45%.

PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.43%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 380bp, a slight (and perhaps spurious) widening from the 375bp reported July 10.

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 -0.1314 % 1,964.0
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1314 % 3,603.9
Floater 6.06 % 6.24 % 37,529 13.56 4 -0.1314 % 2,076.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1070 % 3,350.6
SplitShare 4.65 % 4.63 % 76,585 4.15 7 0.1070 % 4,001.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1070 % 3,122.0
Perpetual-Premium 5.62 % -15.84 % 52,786 0.09 7 0.0169 % 2,978.8
Perpetual-Discount 5.45 % 5.57 % 59,129 14.57 25 0.0365 % 3,118.0
FixedReset Disc 5.40 % 5.44 % 157,898 14.68 69 0.1576 % 2,128.7
Deemed-Retractible 5.22 % 5.78 % 64,401 7.98 27 0.1106 % 3,111.5
FloatingReset 4.04 % 4.37 % 38,372 2.45 4 -0.2095 % 2,366.4
FixedReset Prem 5.14 % 4.01 % 169,773 1.92 17 0.0711 % 2,593.1
FixedReset Bank Non 1.98 % 4.00 % 95,059 2.46 3 0.4469 % 2,655.7
FixedReset Ins Non 5.24 % 7.39 % 88,547 8.01 22 0.3070 % 2,178.7
Performance Highlights
Issue Index Change Notes
BAM.PF.F FixedReset Disc -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 6.31 %
IFC.PR.A FixedReset Ins Non -1.02 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.45
Bid-YTW : 9.10 %
CM.PR.O FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 17.42
Evaluated at bid price : 17.42
Bid-YTW : 5.59 %
NA.PR.E FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.44 %
CM.PR.S FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 18.71
Evaluated at bid price : 18.71
Bid-YTW : 5.52 %
BAM.PF.G FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.26 %
MFC.PR.J FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.43
Bid-YTW : 7.61 %
MFC.PR.K FixedReset Ins Non 1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.41
Bid-YTW : 7.90 %
IAF.PR.I FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 6.80 %
CM.PR.Q FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 5.64 %
TRP.PR.C FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 12.47
Evaluated at bid price : 12.47
Bid-YTW : 6.09 %
TRP.PR.D FixedReset Disc 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 5.92 %
CCS.PR.C Deemed-Retractible 1.43 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.10
Bid-YTW : 5.52 %
BAM.PR.Z FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.09 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.R FixedReset Disc 279,524 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 21.51
Evaluated at bid price : 21.89
Bid-YTW : 5.53 %
TD.PF.M FixedReset Disc 106,066 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 23.14
Evaluated at bid price : 24.95
Bid-YTW : 5.09 %
BMO.PR.D FixedReset Disc 77,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 21.46
Evaluated at bid price : 21.81
Bid-YTW : 5.42 %
CU.PR.C FixedReset Disc 76,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 5.57 %
TRP.PR.C FixedReset Disc 51,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 12.47
Evaluated at bid price : 12.47
Bid-YTW : 6.09 %
BAM.PF.F FixedReset Disc 39,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 6.31 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.F FixedReset Disc Quote: 17.72 – 18.51
Spot Rate : 0.7900
Average : 0.5421

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 6.31 %
IFC.PR.C FixedReset Ins Non Quote: 18.16 – 18.60
Spot Rate : 0.4400
Average : 0.3146

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.16
Bid-YTW : 7.93 %
SLF.PR.G FixedReset Ins Non Quote: 13.81 – 14.19
Spot Rate : 0.3800
Average : 0.2617

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.81
Bid-YTW : 9.87 %
PWF.PR.O Perpetual-Premium Quote: 25.51 – 25.81
Spot Rate : 0.3000
Average : 0.1903

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-08-16
Maturity Price : 25.00
Evaluated at bid price : 25.51
Bid-YTW : -20.38 %
MFC.PR.H FixedReset Ins Non Quote: 20.55 – 20.91
Spot Rate : 0.3600
Average : 0.2516

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.55
Bid-YTW : 7.08 %
BMO.PR.D FixedReset Disc Quote: 21.81 – 22.18
Spot Rate : 0.3700
Average : 0.2621

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-17
Maturity Price : 21.46
Evaluated at bid price : 21.81
Bid-YTW : 5.42 %
Market Action

July 16, 2019

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 -0.7175 % 1,966.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7175 % 3,608.6
Floater 6.06 % 6.23 % 37,997 13.57 4 -0.7175 % 2,079.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.0619 % 3,347.0
SplitShare 4.65 % 4.63 % 79,630 4.15 7 -0.0619 % 3,997.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.0619 % 3,118.7
Perpetual-Premium 5.62 % -16.02 % 54,956 0.09 7 0.0900 % 2,978.3
Perpetual-Discount 5.46 % 5.56 % 61,369 14.59 25 0.0000 % 3,116.8
FixedReset Disc 5.41 % 5.43 % 159,167 14.68 69 -0.5216 % 2,125.4
Deemed-Retractible 5.23 % 5.82 % 65,918 7.99 27 0.0696 % 3,108.0
FloatingReset 4.03 % 4.37 % 39,650 2.45 4 0.2099 % 2,371.3
FixedReset Prem 5.14 % 4.01 % 166,973 1.92 17 0.0252 % 2,591.3
FixedReset Bank Non 1.99 % 4.29 % 95,980 2.46 3 -0.1951 % 2,643.9
FixedReset Ins Non 5.25 % 7.41 % 87,502 8.02 22 -0.0288 % 2,172.0
Performance Highlights
Issue Index Change Notes
TD.PF.J FixedReset Disc -2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.32 %
BMO.PR.S FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 5.40 %
TRP.PR.G FixedReset Disc -2.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.24
Evaluated at bid price : 18.24
Bid-YTW : 6.21 %
MFC.PR.K FixedReset Ins Non -2.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.21
Bid-YTW : 8.04 %
CM.PR.Q FixedReset Disc -1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.93
Evaluated at bid price : 18.93
Bid-YTW : 5.70 %
BAM.PF.F FixedReset Disc -1.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.20 %
HSE.PR.G FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 6.61 %
BNS.PR.I FixedReset Disc -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 20.49
Evaluated at bid price : 20.49
Bid-YTW : 5.15 %
RY.PR.Z FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 5.29 %
BAM.PF.G FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 6.32 %
CM.PR.S FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 5.47 %
PWF.PR.L Perpetual-Discount -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 22.45
Evaluated at bid price : 22.71
Bid-YTW : 5.62 %
BIP.PR.E FixedReset Disc -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 21.21
Evaluated at bid price : 21.21
Bid-YTW : 5.95 %
BAM.PR.Z FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.55
Evaluated at bid price : 18.55
Bid-YTW : 6.21 %
NA.PR.C FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 21.29
Evaluated at bid price : 21.58
Bid-YTW : 5.65 %
TD.PF.D FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 5.39 %
CU.PR.C FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 5.55 %
BAM.PR.B Floater -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 11.20
Evaluated at bid price : 11.20
Bid-YTW : 6.24 %
BMO.PR.D FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 21.43
Evaluated at bid price : 21.77
Bid-YTW : 5.43 %
IFC.PR.A FixedReset Ins Non 1.04 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.61
Bid-YTW : 8.97 %
MFC.PR.N FixedReset Ins Non 1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.39
Bid-YTW : 8.33 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.G FixedReset Prem 178,653 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 3.60 %
TD.PF.A FixedReset Disc 157,110 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 5.31 %
SLF.PR.A Deemed-Retractible 79,736 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.10
Bid-YTW : 6.34 %
IAF.PR.G FixedReset Ins Non 71,850 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.45
Bid-YTW : 6.69 %
BMO.PR.T FixedReset Disc 71,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 17.84
Evaluated at bid price : 17.84
Bid-YTW : 5.41 %
CM.PR.R FixedReset Disc 69,261 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 21.41
Evaluated at bid price : 21.75
Bid-YTW : 5.56 %
There were 33 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.J FixedReset Disc Quote: 20.55 – 21.07
Spot Rate : 0.5200
Average : 0.3112

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.32 %
MFC.PR.K FixedReset Ins Non Quote: 18.21 – 18.83
Spot Rate : 0.6200
Average : 0.4692

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.21
Bid-YTW : 8.04 %
SLF.PR.A Deemed-Retractible Quote: 22.10 – 22.49
Spot Rate : 0.3900
Average : 0.2421

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.10
Bid-YTW : 6.34 %
PWF.PR.L Perpetual-Discount Quote: 22.71 – 23.07
Spot Rate : 0.3600
Average : 0.2427

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 22.45
Evaluated at bid price : 22.71
Bid-YTW : 5.62 %
TD.PF.D FixedReset Disc Quote: 20.09 – 20.48
Spot Rate : 0.3900
Average : 0.2754

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 20.09
Evaluated at bid price : 20.09
Bid-YTW : 5.39 %
BAM.PF.F FixedReset Disc Quote: 18.01 – 18.39
Spot Rate : 0.3800
Average : 0.2704

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-16
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.20 %
Market Action

July 15, 2019

Some great news about drones:

In April, Google’s parent company Alphabet got the green light from the FAA to start delivering goods via drone in Virginia. The company’s service is already underway in Australia and includes foodservice establishments.

Amazon unveiled its Prime Air delivery drone in early June, with plans to deliver packages from the Amazon platform “in the coming months.”

Also in June, Uber received permission from the FAA to test drone delivery in San Diego. Its initial test phase included Uber Eats’ partner McDonald’s, and the company plans to test the service with other restaurant partners later this year, according to TechCrunch.

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 0.3929 % 1,980.8
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3929 % 3,634.7
Floater 6.01 % 6.17 % 38,041 13.66 4 0.3929 % 2,094.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1861 % 3,349.1
SplitShare 4.65 % 4.59 % 78,371 4.15 7 0.1861 % 3,999.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1861 % 3,120.6
Perpetual-Premium 5.62 % -16.20 % 54,666 0.09 7 -0.0618 % 2,975.6
Perpetual-Discount 5.46 % 5.54 % 60,163 14.57 25 0.1060 % 3,116.8
FixedReset Disc 5.38 % 5.40 % 160,316 14.69 69 -0.1640 % 2,136.5
Deemed-Retractible 5.23 % 5.86 % 68,088 7.99 27 0.0079 % 3,105.9
FloatingReset 4.04 % 4.36 % 39,411 2.45 4 -0.1572 % 2,366.4
FixedReset Prem 5.14 % 4.02 % 168,552 1.92 17 -0.0229 % 2,590.6
FixedReset Bank Non 1.98 % 4.22 % 95,691 2.46 3 0.0279 % 2,649.1
FixedReset Ins Non 5.25 % 7.45 % 88,185 8.03 22 -0.3727 % 2,172.6
Performance Highlights
Issue Index Change Notes
MFC.PR.M FixedReset Ins Non -1.74 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.46
Bid-YTW : 8.36 %
MFC.PR.N FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.17
Bid-YTW : 8.49 %
BMO.PR.Y FixedReset Disc -1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 5.53 %
MFC.PR.J FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.21
Bid-YTW : 7.75 %
BAM.PF.B FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.12 %
RY.PR.M FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 19.46
Evaluated at bid price : 19.46
Bid-YTW : 5.39 %
SLF.PR.H FixedReset Ins Non -1.42 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.00
Bid-YTW : 8.87 %
RY.PR.J FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.40 %
TRP.PR.A FixedReset Disc -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 14.05
Evaluated at bid price : 14.05
Bid-YTW : 6.24 %
BMO.PR.S FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 5.26 %
MFC.PR.C Deemed-Retractible -1.10 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.73
Bid-YTW : 6.88 %
IFC.PR.A FixedReset Ins Non -1.09 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.45
Bid-YTW : 9.10 %
BIP.PR.D FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 22.08
Evaluated at bid price : 22.41
Bid-YTW : 5.93 %
CU.PR.I FixedReset Prem -1.05 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.35
Bid-YTW : 3.86 %
BAM.PF.J FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 22.98
Evaluated at bid price : 24.15
Bid-YTW : 4.89 %
CCS.PR.C Deemed-Retractible 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.76
Bid-YTW : 5.69 %
HSE.PR.C FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.33 %
CM.PR.O FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 17.61
Evaluated at bid price : 17.61
Bid-YTW : 5.53 %
BAM.PR.X FixedReset Disc 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 13.22
Evaluated at bid price : 13.22
Bid-YTW : 6.20 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.S FixedReset Disc 68,213 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 5.26 %
MFC.PR.O FixedReset Ins Non 56,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-06-19
Maturity Price : 25.00
Evaluated at bid price : 25.66
Bid-YTW : 4.41 %
TD.PF.M FixedReset Disc 42,787 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 23.15
Evaluated at bid price : 24.98
Bid-YTW : 5.08 %
TRP.PR.B FixedReset Disc 37,930 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 11.76
Evaluated at bid price : 11.76
Bid-YTW : 6.02 %
SLF.PR.C Deemed-Retractible 36,022 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.88
Bid-YTW : 6.72 %
TD.PF.C FixedReset Disc 34,609 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 5.34 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.E Deemed-Retractible Quote: 23.71 – 24.36
Spot Rate : 0.6500
Average : 0.4332

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.71
Bid-YTW : 5.93 %
MFC.PR.N FixedReset Ins Non Quote: 17.17 – 17.59
Spot Rate : 0.4200
Average : 0.3156

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.17
Bid-YTW : 8.49 %
PWF.PR.Z Perpetual-Discount Quote: 23.00 – 23.35
Spot Rate : 0.3500
Average : 0.2465

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 22.71
Evaluated at bid price : 23.00
Bid-YTW : 5.60 %
RY.PR.J FixedReset Disc Quote: 20.06 – 20.36
Spot Rate : 0.3000
Average : 0.2046

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 5.40 %
MFC.PR.C Deemed-Retractible Quote: 20.73 – 21.09
Spot Rate : 0.3600
Average : 0.2651

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.73
Bid-YTW : 6.88 %
CU.PR.D Perpetual-Discount Quote: 22.85 – 23.25
Spot Rate : 0.4000
Average : 0.3293

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-07-15
Maturity Price : 22.56
Evaluated at bid price : 22.85
Bid-YTW : 5.42 %
PrefLetter

July PrefLetter Released!

The July, 2019, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the July, 2019, issue, while the “Next Edition” will be the August, 2019, issue, scheduled to be prepared as of the close August 9, 2019, and eMailed to subscribers prior to market-opening on August 12.

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?).