PrefBlog

AQN.PR.D To Be Extended

February 21st, 2024

Algonquin Power & Utilities Corp. has announced:

that it does not intend to exercise its right to redeem all or part of the currently outstanding 4,000,000 Cumulative Rate Reset Preferred Shares, Series D (the “Series D Preferred Shares”) on April 1, 2024. As a result, subject to certain conditions, the holders of the Series D Preferred Shares have the right to convert all or part of their Series D Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate Preferred Shares, Series E (the “Series E Preferred Shares”) on April 1, 2024 (the “Conversion Date”).

The terms and conditions of the Series D Preferred Shares, including the right to convert, are described in the prospectus supplement of the Company dated February 25, 2014 to a short form base shelf prospectus of the Company dated February 18, 2014, pursuant to which the Series D Preferred Shares were initially issued for an aggregate of C$100,000,000 (or C$25 per Series D Preferred Share).

Holders of Series D Preferred Shares who do not exercise their right to convert their Series D Preferred Shares into Series E Preferred Shares on the Conversion Date will retain their Series D Preferred Shares.

The dividend rate applicable to the Series D Preferred Shares for the 5-year period from and including March 31, 2024 to but excluding March 31, 2029, and the dividend rate applicable to the Series E Preferred Shares for the 3-month period from and including March 31, 2024 to but excluding June 30, 2024, will be determined on March 1, 2024 and announced by the Company by way of a news release on March 4, 2024.

Beneficial owners of Series D Preferred Shares who wish to exercise their conversion right during the conversion period, which runs from March 4, 2024 to March 18, 2024 at 5:00 p.m. (EST), should communicate as soon as possible with their broker or other nominee for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other nominee time to complete the necessary steps. Any notices received after this deadline will not be valid.

The foregoing conversion rights are subject to the following conditions:

i. If AQN determines that there would on the Conversion Date be fewer than 1,000,000 Series E Preferred Shares outstanding, after having taken into account all Series D Preferred Shares tendered for conversion into Series E Preferred Shares, then holders of Series D Preferred Shares will not be entitled to convert their Series D Preferred Shares into Series E Preferred Shares, and
ii. alternatively, if AQN determines that there would remain outstanding on the Conversion Date fewer than 1,000,000 Series D Preferred Shares, after having taken into account all Series D Preferred Shares tendered for conversion into Series E Preferred Shares, then all remaining Series D Preferred Shares will automatically be converted into Series E Preferred Shares without the consent of the holders of Series D Preferred Shares, on a one-for-one basis, on the Conversion Date.

In either case, AQN will give written notice to that effect to the registered holder of Series D Preferred Shares no later than March 25, 2024.

AQN.PR.D was issued as a FixedReset, 5.00%+328, that commenced trading 2014-3-5 after being announced 2014-2-24. The extension was announced 2019-2-26 and the reset to 5.091% effective March 31, 2019 was announced 2019-3-1. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ but relegated to the Scraps-FixedReset (Discount) subindex on credit concerns.

Posted in Issue Comments | No Comments »

PerpetualDiscounts now yield 6.70%, equivalent to 8.71% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.12% on 2024-2-20 and since then the closing price has changed from 15.06 to 15.03, a decline of 20bp with a duration (BMO doesn’t specify Macaulay or Modified; I will assume Modified) of 12.36, which implies an increase in yield fo 2bp, to 5.14%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 360bp from the 355bp reported February 14.

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	0.2523 %	2,303.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2523 %	4,418.2
Floater	10.57 %	10.81 %	48,271	8.84	2	0.2523 %	2,546.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.7289 %	3,411.0
SplitShare	4.94 %	6.98 %	49,348	1.91	7	-0.7289 %	4,073.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.7289 %	3,178.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0216 %	2,649.0
Perpetual-Discount	6.49 %	6.70 %	46,390	12.92	33	0.0216 %	2,888.6
FixedReset Disc	5.60 %	7.61 %	111,381	12.17	59	0.0033 %	2,358.4
Insurance Straight	6.29 %	6.50 %	62,181	13.13	21	-0.1986 %	2,882.5
FloatingReset	10.04 %	10.21 %	33,517	9.28	3	0.0757 %	2,592.1
FixedReset Prem	6.95 %	6.80 %	155,505	3.26	1	-0.3156 %	2,511.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.0033 %	2,410.8
FixedReset Ins Non	5.43 %	7.09 %	85,668	12.44	14	-0.0848 %	2,615.7

Performance Highlights
Issue	Index	Change	Notes
FTS.PR.M	FixedReset Disc	-18.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 9.86 %
IFC.PR.E	Insurance Straight	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.46 %
GWO.PR.P	Insurance Straight	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.68 %
MFC.PR.L	FixedReset Ins Non	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.49 Evaluated at bid price : 19.49 Bid-YTW : 7.50 %
SLF.PR.C	Insurance Straight	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.96 %
BN.PR.B	Floater	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 11.99 Evaluated at bid price : 11.99 Bid-YTW : 10.81 %
BIP.PR.E	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 7.88 %
RY.PR.S	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 21.98 Evaluated at bid price : 22.50 Bid-YTW : 6.66 %
TD.PF.E	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 7.60 %
RY.PR.J	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 7.72 %
RY.PR.O	Perpetual-Discount	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 22.00 Evaluated at bid price : 22.30 Bid-YTW : 5.51 %
CU.PR.J	Perpetual-Discount	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.49 %
CU.PR.C	FixedReset Disc	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 7.57 %
PWF.PR.P	FixedReset Disc	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 8.33 %
TD.PF.A	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 6.90 %
BN.PF.G	FixedReset Disc	2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 9.15 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.S	FixedReset Disc	55,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.29 %
TD.PF.J	FixedReset Disc	43,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 21.70 Evaluated at bid price : 22.04 Bid-YTW : 7.04 %
TD.PF.A	FixedReset Disc	32,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 6.90 %
TD.PF.C	FixedReset Disc	25,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 7.36 %
BN.PR.X	FixedReset Disc	24,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 8.22 %
PWF.PR.F	Perpetual-Discount	23,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.71 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
FTS.PR.M	FixedReset Disc	Quote: 15.25 – 19.38 Spot Rate : 4.1300 Average : 2.2306 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 9.86 %
CU.PR.E	Perpetual-Discount	Quote: 19.20 – 20.75 Spot Rate : 1.5500 Average : 1.0716 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.42 %
MFC.PR.N	FixedReset Ins Non	Quote: 19.06 – 19.98 Spot Rate : 0.9200 Average : 0.6061 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 7.67 %
BN.PR.R	FixedReset Disc	Quote: 14.80 – 15.70 Spot Rate : 0.9000 Average : 0.6437 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 9.29 %
GWO.PR.P	Insurance Straight	Quote: 20.60 – 21.10 Spot Rate : 0.5000 Average : 0.3118 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.68 %
GWO.PR.Y	Insurance Straight	Quote: 17.53 – 18.35 Spot Rate : 0.8200 Average : 0.6790 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-21 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 6.54 %

Posted in Market Action | 3 Comments »

February 20, 2024

February 20th, 2024

January’s inflation number was promising, but one swallow doesn’t make a summer!

Canada’s inflation rate fell far enough in January to place it within the Bank of Canada’s target range, surprising analysts and reigniting speculation about a potential interest-rate cut this spring.

The Consumer Price Index rose 2.9 per cent in January on an annual basis, down from 3.4 per cent in December, Statistics Canada said Tuesday in a report. Financial analysts were expecting a slight easing to 3.3 per cent.

With that result, the headline inflation rate has fallen back within the Bank of Canada’s target range of 1 per cent to 3 per cent, for only the second time since consumer prices began to flare up in 2021. (The central bank aims for 2 per cent, the midpoint of that range.) Inflation is also tracking lower than the bank’s estimate for this quarter.
…
Meanwhile, inflation continues to be a pressing concern in the housing market. Shelter prices rose 6.2 per cent from a year earlier, picking up from December’s 6-per-cent pace. Rents accelerated to a 7.9-per-cent increase, from 7.7 per cent.

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	0.3376 %	2,297.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3376 %	4,407.1
Floater	10.60 %	10.88 %	30,281	8.79	2	0.3376 %	2,539.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.1976 %	3,436.0
SplitShare	4.90 %	7.19 %	49,436	1.88	7	0.1976 %	4,103.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1976 %	3,201.6
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.1774 %	2,648.4
Perpetual-Discount	6.49 %	6.68 %	46,720	12.93	33	0.1774 %	2,888.0
FixedReset Disc	5.60 %	7.68 %	112,990	12.12	59	-0.1865 %	2,358.4
Insurance Straight	6.28 %	6.50 %	62,420	13.14	21	0.2663 %	2,888.2
FloatingReset	10.05 %	10.20 %	33,829	9.30	3	-0.2641 %	2,590.1
FixedReset Prem	6.93 %	6.69 %	156,911	3.26	1	0.0000 %	2,519.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1865 %	2,410.7
FixedReset Ins Non	5.43 %	7.08 %	85,245	12.45	14	-0.2611 %	2,617.9

Performance Highlights
Issue	Index	Change	Notes
BN.PF.G	FixedReset Disc	-2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 9.39 %
RY.PR.J	FixedReset Disc	-2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.83 %
FTS.PR.I	FloatingReset	-2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 10.45 %
PWF.PR.P	FixedReset Disc	-2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 8.51 %
MFC.PR.M	FixedReset Ins Non	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.80 %
NA.PR.S	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.36 %
IFC.PR.C	FixedReset Ins Non	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.56 %
CU.PR.G	Perpetual-Discount	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.47 %
FTS.PR.M	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 8.04 %
FTS.PR.K	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 7.53 %
BMO.PR.S	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 7.01 %
BIP.PR.B	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.67 Evaluated at bid price : 22.11 Bid-YTW : 8.93 %
POW.PR.D	Perpetual-Discount	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.61 %
FFH.PR.C	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 8.39 %
CU.PR.J	Perpetual-Discount	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.60 %
GWO.PR.N	FixedReset Ins Non	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 8.24 %
BN.PR.X	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 8.24 %
SLF.PR.C	Insurance Straight	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.89 %
PWF.PR.S	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.68 %
PWF.PR.O	Perpetual-Discount	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.54 Evaluated at bid price : 21.80 Bid-YTW : 6.72 %
CM.PR.P	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 7.72 %
TD.PF.B	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.49 Evaluated at bid price : 21.81 Bid-YTW : 6.74 %
SLF.PR.J	FloatingReset	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 10.16 %
TD.PF.C	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.32 %
BN.PR.M	Perpetual-Discount	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.82 %
CU.PR.H	Perpetual-Discount	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 6.24 %
PVS.PR.J	SplitShare	1.99 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 6.89 %
MFC.PR.B	Insurance Straight	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.00 %
RY.PR.N	Perpetual-Discount	2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 22.04 Evaluated at bid price : 22.35 Bid-YTW : 5.50 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.P	FixedReset Disc	100,623	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 7.72 %
TD.PF.B	FixedReset Disc	36,373	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.49 Evaluated at bid price : 21.81 Bid-YTW : 6.74 %
GWO.PR.I	Insurance Straight	30,625	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 6.38 %
TD.PF.J	FixedReset Disc	27,867	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.65 Evaluated at bid price : 21.97 Bid-YTW : 7.06 %
CM.PR.O	FixedReset Disc	24,914	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 7.11 %
RY.PR.Z	FixedReset Disc	23,719	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 6.93 %
There were 11 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.L	FixedReset Ins Non	Quote: 19.70 – 24.06 Spot Rate : 4.3600 Average : 3.3330 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 7.41 %
IFC.PR.K	Insurance Straight	Quote: 20.75 – 25.00 Spot Rate : 4.2500 Average : 3.3352 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.44 %
TD.PF.A	FixedReset Disc	Quote: 20.60 – 22.00 Spot Rate : 1.4000 Average : 0.8753 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 7.06 %
GWO.PR.G	Insurance Straight	Quote: 20.15 – 20.94 Spot Rate : 0.7900 Average : 0.4703 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 6.57 %
IFC.PR.I	Insurance Straight	Quote: 21.45 – 23.25 Spot Rate : 1.8000 Average : 1.4972 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.41 %
FFH.PR.G	FixedReset Disc	Quote: 16.50 – 17.41 Spot Rate : 0.9100 Average : 0.6252 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-20 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.89 %

Posted in Market Action | No Comments »

February 16, 2024

February 16th, 2024

US PPI came out hotter than expected today:

Wholesale inflation, as measured by the Producer Price Index, rose more than expected in January, adding to a disappointing inflation picture for the month.

The Producer Price Index rose 0.3% last month, resulting in an annual increase of 0.9%, according to Bureau of Labor Statistics data released Friday. Despite coming in hotter than economists had expected (a projected 0.7% annual gain, according to FactSet), the annual rate is in line with what was seen during the last quarter of 2023.

When stripping out the food and energy categories, which tend to be volatile, core PPI jumped 0.5% for the month, bringing the yearly increase to 2%, a hotter reading than December’s 1.7%.

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	0.8511 %	2,290.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.8511 %	4,392.3
Floater	10.63 %	10.93 %	31,495	8.77	2	0.8511 %	2,531.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.0659 %	3,429.3
SplitShare	4.91 %	7.18 %	48,891	1.89	7	0.0659 %	4,095.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0659 %	3,195.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.2385 %	2,643.7
Perpetual-Discount	6.50 %	6.69 %	45,709	12.95	33	-0.2385 %	2,882.8
FixedReset Disc	5.59 %	7.76 %	114,485	12.03	59	-0.0621 %	2,362.8
Insurance Straight	6.30 %	6.50 %	63,122	13.15	21	-0.0623 %	2,880.5
FloatingReset	10.04 %	10.23 %	34,118	9.32	3	0.4358 %	2,597.0
FixedReset Prem	6.93 %	6.67 %	158,343	3.27	1	0.3960 %	2,519.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0621 %	2,415.2
FixedReset Ins Non	5.41 %	7.17 %	84,661	12.40	14	0.2914 %	2,624.8

Performance Highlights
Issue	Index	Change	Notes
BN.PF.I	FixedReset Disc	-3.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 8.96 %
BN.PR.M	Perpetual-Discount	-2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 6.92 %
GWO.PR.Y	Insurance Straight	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.51 %
CM.PR.P	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.94 %
TD.PF.C	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 7.55 %
PWF.PR.Z	Perpetual-Discount	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 6.79 %
PWF.PR.O	Perpetual-Discount	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 6.82 %
BN.PR.B	Floater	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 10.93 %
MFC.PR.B	Insurance Straight	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 6.13 %
RY.PR.S	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.81 Evaluated at bid price : 22.25 Bid-YTW : 6.84 %
PWF.PR.G	Perpetual-Discount	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 22.06 Evaluated at bid price : 22.35 Bid-YTW : 6.66 %
BN.PF.E	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 9.44 %
FFH.PR.M	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 22.34 Evaluated at bid price : 22.80 Bid-YTW : 8.32 %
FFH.PR.I	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.94 %
FFH.PR.K	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 8.66 %
POW.PR.D	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.52 %
IFC.PR.E	Insurance Straight	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.39 %
TD.PF.B	FixedReset Disc	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.96 %
CU.PR.H	Perpetual-Discount	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.34 %
IFC.PR.A	FixedReset Ins Non	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 6.99 %
BN.PR.K	Floater	3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 10.93 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.P	FixedReset Disc	50,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.94 %
IFC.PR.A	FixedReset Ins Non	49,241	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 6.99 %
RY.PR.M	FixedReset Disc	15,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.79 %
NA.PR.S	FixedReset Disc	14,130	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.88 Evaluated at bid price : 20.88 Bid-YTW : 7.36 %
RY.PR.H	FixedReset Disc	10,785	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 7.41 %
POW.PR.D	Perpetual-Discount	10,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.52 %
There were 2 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.K	Insurance Straight	Quote: 20.90 – 25.15 Spot Rate : 4.2500 Average : 2.3323 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.39 %
IFC.PR.I	Insurance Straight	Quote: 21.45 – 23.25 Spot Rate : 1.8000 Average : 1.1652 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.40 %
MFC.PR.I	FixedReset Ins Non	Quote: 22.75 – 23.89 Spot Rate : 1.1400 Average : 0.6548 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 22.22 Evaluated at bid price : 22.75 Bid-YTW : 7.17 %
BN.PF.F	FixedReset Disc	Quote: 18.90 – 20.00 Spot Rate : 1.1000 Average : 0.6506 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 8.71 %
BN.PR.M	Perpetual-Discount	Quote: 17.49 – 18.75 Spot Rate : 1.2600 Average : 0.9004 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 6.92 %
FTS.PR.F	Perpetual-Discount	Quote: 20.23 – 21.00 Spot Rate : 0.7700 Average : 0.4935 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-16 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 6.08 %

Posted in Market Action | 2 Comments »

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	0.5328 %	2,370.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5328 %	4,546.1
Floater	10.27 %	10.55 %	44,182	9.01	2	0.5328 %	2,619.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.0545 %	3,391.5
SplitShare	4.96 %	7.33 %	51,010	1.88	7	0.0545 %	4,050.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0545 %	3,160.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.2497 %	2,635.6
Perpetual-Discount	6.52 %	6.74 %	44,498	12.86	33	0.2497 %	2,874.0
FixedReset Disc	5.58 %	7.46 %	112,678	12.15	59	0.5768 %	2,376.8
Insurance Straight	6.43 %	6.49 %	63,856	13.25	21	-0.1101 %	2,821.0
FloatingReset	9.96 %	10.10 %	35,424	9.37	3	-0.0565 %	2,597.9
FixedReset Prem	7.01 %	7.04 %	156,433	12.34	1	0.1199 %	2,489.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.5768 %	2,429.6
FixedReset Ins Non	5.55 %	7.37 %	81,370	12.37	14	-0.3870 %	2,559.1

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.T	Insurance Straight	-8.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 7.57 %
TD.PF.E	FixedReset Disc	-8.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 8.32 %
BMO.PR.Y	FixedReset Disc	-4.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 19.01 Evaluated at bid price : 19.01 Bid-YTW : 7.96 %
SLF.PR.H	FixedReset Ins Non	-2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.37 %
CU.PR.I	FixedReset Disc	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 22.18 Evaluated at bid price : 22.50 Bid-YTW : 7.79 %
IFC.PR.G	FixedReset Ins Non	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 7.27 %
PWF.PR.T	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 7.35 %
PWF.PR.G	Perpetual-Discount	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.94 Evaluated at bid price : 22.17 Bid-YTW : 6.74 %
BN.PF.G	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 9.10 %
GWO.PR.L	Insurance Straight	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 6.51 %
BN.PF.C	Perpetual-Discount	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 7.00 %
RY.PR.N	Perpetual-Discount	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.91 Evaluated at bid price : 22.20 Bid-YTW : 5.54 %
CU.PR.C	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 7.69 %
BIP.PR.A	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 9.51 %
GWO.PR.Q	Insurance Straight	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 6.54 %
RY.PR.H	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 7.19 %
RY.PR.S	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 22.09 Evaluated at bid price : 22.68 Bid-YTW : 6.64 %
BIP.PR.F	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 7.80 %
BN.PR.K	Floater	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 12.22 Evaluated at bid price : 12.22 Bid-YTW : 10.63 %
CM.PR.P	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.50 %
TD.PF.B	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.90 Evaluated at bid price : 22.40 Bid-YTW : 6.58 %
BMO.PR.S	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.84 Evaluated at bid price : 22.30 Bid-YTW : 6.70 %
FTS.PR.M	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 8.15 %
NA.PR.S	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 7.21 %
GWO.PR.S	Insurance Straight	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.54 %
NA.PR.W	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 7.53 %
RY.PR.Z	FixedReset Disc	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.88 %
TD.PF.C	FixedReset Disc	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 7.21 %
CM.PR.O	FixedReset Disc	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.34 Evaluated at bid price : 21.34 Bid-YTW : 6.95 %
BMO.PR.W	FixedReset Disc	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 7.19 %
TD.PF.A	FixedReset Disc	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.47 Evaluated at bid price : 21.80 Bid-YTW : 6.69 %
FTS.PR.F	Perpetual-Discount	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.04 Evaluated at bid price : 20.04 Bid-YTW : 6.16 %
RY.PR.J	FixedReset Disc	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.43 %
BMO.PR.T	FixedReset Disc	3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 7.00 %
TD.PF.D	FixedReset Disc	3.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 7.39 %
RY.PR.M	FixedReset Disc	3.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.36 %
CM.PR.Q	FixedReset Disc	3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset Disc	84,375	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 7.00 %
GWO.PR.R	Insurance Straight	65,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 6.49 %
TD.PF.D	FixedReset Disc	63,607	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 7.39 %
BMO.PR.S	FixedReset Disc	57,189	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 21.84 Evaluated at bid price : 22.30 Bid-YTW : 6.70 %
RY.PR.M	FixedReset Disc	56,631	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 7.36 %
RY.PR.H	FixedReset Disc	53,449	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-03-01 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 7.19 %
There were 23 other index-included issues trading in excess of 10,000 shares.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices V alues are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading< br>Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.0 0	0	-0.4894 %	2,357.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4894 %	4,522.0
Floater	10.33 %	10.51 %	44,826	9.04	2	-0.4894 %	2,606.1
OpRet	0.00 %	0. 00 %	0	0.00	0	0.1274 %	3,389.6
SplitShare	4.97 %	7.51 %	50,989	1.88	7	0.1274 %	4,047.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1274 %	3,158.4
Per petual-Premium	0.00 %	0.00 %	0	0.00	0	-0.1904 %	2,629.1
Perpetual-Discount	6.54 %	6.74 %	44,899	12.85	33	-0.1904 %	2,866.9
FixedReset Disc	5.61 %	7.62 %	111,513	12.15	59	0.3868 %	2,363.2
Insurance Straight	6.42 %	6.54 %	59,095	13.19	21	-0.8252 %	2,82 4.1
FloatingReset	9.96 %	10.13 %	35,545	9.35	3	0.5877 %	2,599.4
FixedReset Prem	7.02 %	7.04 %	161,672	12.33	1	0.0000 %	2,486.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3868 %	2,415.7
FixedReset Ins Non	5.53 %	7.22 %	80,103	12.34	14	0.045 1 %	2,569.1

Volume Highlights
Issue	Index	Shares Traded	Notes
B MO.PR.S	FixedReset Disc	160,062	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-28 Maturity Price : 21.59 Evaluated at bid price : 21.95 Bid-YTW : 6.81 %
RY.PR.M	FixedReset Disc	134,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-28 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 7.62 %
MFC.PR.F	FixedReset Ins Non	91,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-28 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 7.85 %
NA.PR.S	FixedReset Disc	47,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-28 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 7.34 %
MFC.PR.K	FixedReset Ins Non	44,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-28 Maturity Price : 21.73 Evaluated at bid price : 22.10 Bid-YTW : 6.77 %
BMO.PR.T	FixedReset Disc	37,940	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-02-28 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.24 %
There were 15 other index-included issues trading in excess of 10,000 shares.

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