Market Action

June 21, 2023

PerpetualDiscounts now yield 6.73%, equivalent to 8.75% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.10% on 2023-6-16 and since then the closing price has changed from 15.09 to 15.01, a decrease of 53bp in price, with a Duration of 12.35 (BMO doesn’t specify whether this is Macaulay or Modified Duration; I will assume Modified) which implies an increase in yield of about 4bp since 6/16 to 5.14%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to about 360bp from the 350bp reported June 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 0.0000 % 2,192.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,205.1
Floater 10.72 % 10.82 % 46,235 8.97 1 0.0000 % 2,423.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4284 % 3,277.3
SplitShare 5.12 % 8.32 % 43,005 2.19 6 -0.4284 % 3,913.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4284 % 3,053.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.5994 % 2,594.7
Perpetual-Discount 6.58 % 6.73 % 40,618 12.83 31 -0.5994 % 2,829.4
FixedReset Disc 5.86 % 8.57 % 86,584 11.07 63 -0.1356 % 2,128.5
Insurance Straight 6.55 % 6.58 % 54,614 13.14 19 -0.9524 % 2,745.3
FloatingReset 11.42 % 11.02 % 25,940 8.83 2 0.1722 % 2,361.1
FixedReset Prem 6.97 % 7.06 % 253,425 3.73 1 0.1988 % 2,318.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1356 % 2,175.8
FixedReset Ins Non 6.41 % 7.84 % 93,063 11.59 9 -1.2410 % 2,303.4
Performance Highlights
Issue Index Change Notes
GWO.PR.N FixedReset Ins Non -8.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 9.91 %
SLF.PR.C Insurance Straight -5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 6.57 %
PWF.PR.L Perpetual-Discount -5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.23 %
SLF.PR.D Insurance Straight -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.57
Evaluated at bid price : 17.57
Bid-YTW : 6.37 %
IFC.PR.K Perpetual-Discount -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 20.42
Evaluated at bid price : 20.42
Bid-YTW : 6.47 %
IFC.PR.A FixedReset Ins Non -1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.04
Evaluated at bid price : 17.04
Bid-YTW : 7.81 %
PVS.PR.J SplitShare -1.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 21.45
Bid-YTW : 8.19 %
PWF.PR.S Perpetual-Discount -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 6.72 %
IFC.PR.F Insurance Straight -1.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.46 %
IFC.PR.E Insurance Straight -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.36 %
PVS.PR.K SplitShare -1.41 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 7.96 %
NA.PR.E FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 20.31
Evaluated at bid price : 20.31
Bid-YTW : 7.97 %
ELF.PR.H Perpetual-Discount -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.94 %
CU.PR.D Perpetual-Discount -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.42 %
GWO.PR.S Insurance Straight -1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.77 %
GWO.PR.R Insurance Straight -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 18.07
Evaluated at bid price : 18.07
Bid-YTW : 6.68 %
BIK.PR.A FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 21.82
Evaluated at bid price : 22.30
Bid-YTW : 8.59 %
BN.PR.M Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 7.03 %
MFC.PR.C Insurance Straight -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.47
Evaluated at bid price : 17.47
Bid-YTW : 6.49 %
TRP.PR.B FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 10.37
Evaluated at bid price : 10.37
Bid-YTW : 10.87 %
TRP.PR.C FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 10.62
Evaluated at bid price : 10.62
Bid-YTW : 10.90 %
TRP.PR.A FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 9.91 %
CU.PR.F Perpetual-Discount 2.53 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 6.53 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TD.PF.K FixedReset Disc 354,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 21.61
Evaluated at bid price : 21.97
Bid-YTW : 7.31 %
MFC.PR.N FixedReset Ins Non 102,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 16.15
Evaluated at bid price : 16.15
Bid-YTW : 9.02 %
TD.PF.A FixedReset Disc 81,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 8.53 %
RY.PR.J FixedReset Disc 64,422 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 18.15
Evaluated at bid price : 18.15
Bid-YTW : 8.45 %
MFC.PR.M FixedReset Ins Non 53,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 8.95 %
BN.PF.G FixedReset Disc 25,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 14.60
Evaluated at bid price : 14.60
Bid-YTW : 10.45 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.L Perpetual-Discount Quote: 18.00 – 19.67
Spot Rate : 1.6700
Average : 1.0894

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.23 %
GWO.PR.N FixedReset Ins Non Quote: 11.00 – 12.20
Spot Rate : 1.2000
Average : 0.6978

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 9.91 %
BMO.PR.Y FixedReset Disc Quote: 17.97 – 19.25
Spot Rate : 1.2800
Average : 0.8964

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.97
Evaluated at bid price : 17.97
Bid-YTW : 8.38 %
SLF.PR.C Insurance Straight Quote: 17.05 – 18.00
Spot Rate : 0.9500
Average : 0.6320

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 6.57 %
BIP.PR.F FixedReset Disc Quote: 19.19 – 19.89
Spot Rate : 0.7000
Average : 0.4201

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 8.70 %
BIP.PR.E FixedReset Disc Quote: 20.25 – 21.28
Spot Rate : 1.0300
Average : 0.7665

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-21
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 8.38 %
Issue Comments

DGS.PR.A : DBRS Downgrades to Pfd-3(low)

DBRS has announced that it:

downgraded its rating on the Preferred Shares issued by Dividend Growth Split Corp. (the Company) to Pfd-3 (low) from Pfd-3. The Preferred Shares have experienced a considerable drop in downside protection (to 31.5% in June 2023 from 38.9% in May 2022) as a result of the decline in the portfolio’s net asset value (NAV) in response to the volatility in the stock market, which was triggered by the mix of the global high inflationary environment, tighter monetary policies, and various geopolitical events, such as the Russia-Ukraine war. The Company’s maturity date is September 27, 2024. The board of directors may extend the term of the Company and the shares by successive terms of up to five years, provided that shareholders are given an optional retraction right at the end of each successive term.

The Company invests in a portfolio consisting primarily of equity securities of Canadian dividend growth companies. In addition, the Company may hold up to 20% of the total assets of the portfolio directly in global dividend growth companies or indirectly through exchange-traded funds for diversification and improved return potential. To qualify for inclusion in the portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing, each dividend growth company included directly in the portfolio must (1) have a market capitalization of at least $2.0 billion and (2) have a history of dividend growth. Investments will generally be equal weighted at the time of investment; however, after rebalancing the portfolio, the Company may hold nonequal weight positions.

Dividends received from the portfolio are used to pay fixed cumulative quarterly dividends equal to $0.55 per annum (p.a.) to each Preferred Shareholder, yielding 5.5% on the original issue price of $10.00. Holders of Class A Shares receive monthly distributions targeted at $1.20 p.a. The NAV test in place prevents any distributions to the Class A Shares if the Company’s NAV falls below 1.5 times (x) the principal amount of the outstanding Preferred Shares. Distributions to the Class A Shares are currently suspended.

As of June 8, 2023, the downside protection stood at 31.5%, compared with 38.9% as on May 30, 2022. Dividend coverage based on the current dividend yield on the portfolio was 0.6x. Without giving consideration to the capital appreciation potential or any source of income other than the dividends earned by the portfolio, the targeted monthly distributions to the Class A Shares are likely to create a grind on the portfolio’s NAV equivalent to 1.4% over the remaining term to maturity. The Company can write covered call options for some or all of the portfolio’s common shares to generate additional income to supplement the dividends received on the portfolio. The Company can engage in securities lending.

Considering the amount of downside protection, the term extension, and the projected grind on the portfolio, DBRS Morningstar downgraded the rating on the Preferred Shares to Pfd-3 (low) from Pfd-3.

The main constraints to the rating are as follows:

(1) The downside protection available to holders of the Preferred Shares depends on the value and dividend policies of the securities in the portfolio. In current times, valuation is exposed to market fluctuations resulting from high inflation, economic slowdown, global supply chain disruptions, and the Russia-Ukraine war.

(2) Volatility of price and changes in the dividend policies of the underlying issuers may result in significant reductions in the Preferred Shares’ dividend coverage or downside protection from time to time.

(3) Dividends and interest received on the portfolio are currently unable to fully cover distributions on the Preferred Shares.

(4) The Company relies on the portfolio manager to generate additional income, through option writing, to meet distributions and other trust expenses without having to liquidate the portfolio’s securities.

(5) Stated monthly distributions on the Class A Shares will likely create a grind on the portfolio. This risk is mitigated by an asset coverage test of 1.5x that ensures sufficient levels of downside protection to the holders of the Preferred Shares.

DGS.PR.A has a Whole Unit NAVPU of 14.75 as of 2023-6-15. It’s a big issue, with over 48-million Whole Units (preferred share + Capital Unit) outstanding as of 2023-6-21.

Market Action

June 20, 2023

TXPR closed at 532.23, down 0.51% on the day. Volume today was 1.15-million, near the median of the past 21 trading days.

CPD closed at 10.62, down 0.66% on the day. Volume was 65,390, above the median of the past 21 trading days.

ZPR closed at 8.88, down 0.67% on the day. Volume was 149,620, above the median of the past 21 trading days.

Five-year Canada yields were up a bit to 3.73%.

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 -0.4386 % 2,192.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4386 % 4,205.1
Floater 10.72 % 10.81 % 46,755 8.97 1 -0.4386 % 2,423.4
OpRet 0.00 % 0.00 % 0 0.00 0 0.0363 % 3,291.4
SplitShare 5.10 % 8.38 % 42,850 2.20 6 0.0363 % 3,930.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0363 % 3,066.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.6218 % 2,610.3
Perpetual-Discount 6.54 % 6.73 % 40,511 12.85 31 -0.6218 % 2,846.4
FixedReset Disc 5.85 % 8.50 % 84,162 11.07 63 -0.3157 % 2,131.4
Insurance Straight 6.49 % 6.53 % 54,422 13.21 19 -0.4275 % 2,771.7
FloatingReset 11.44 % 11.01 % 27,005 8.84 2 -1.0562 % 2,357.1
FixedReset Prem 6.99 % 7.11 % 263,114 3.74 1 -0.3566 % 2,313.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.3157 % 2,178.8
FixedReset Ins Non 6.33 % 7.81 % 92,438 11.62 9 -0.4460 % 2,332.4
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -6.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 6.69 %
SLF.PR.E Insurance Straight -3.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.29 %
CU.PR.G Perpetual-Discount -3.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.41 %
BIK.PR.A FixedReset Disc -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 21.98
Evaluated at bid price : 22.55
Bid-YTW : 8.49 %
BIP.PR.E FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 8.45 %
RY.PR.O Perpetual-Discount -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.89 %
RY.PR.N Perpetual-Discount -2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.85 %
TRP.PR.B FixedReset Disc -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 10.26
Evaluated at bid price : 10.26
Bid-YTW : 10.97 %
TRP.PR.C FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 11.01 %
GWO.PR.I Insurance Straight -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.33
Evaluated at bid price : 17.33
Bid-YTW : 6.53 %
IFC.PR.K Perpetual-Discount -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.32 %
BMO.PR.E FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 7.59 %
GWO.PR.N FixedReset Ins Non -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 11.99
Evaluated at bid price : 11.99
Bid-YTW : 9.16 %
IFC.PR.G FixedReset Ins Non -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 7.68 %
TD.PF.B FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 8.58 %
PWF.PR.L Perpetual-Discount -1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.84 %
PWF.PR.G Perpetual-Discount -1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 22.07
Evaluated at bid price : 22.30
Bid-YTW : 6.73 %
BMO.PR.S FixedReset Disc -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 8.61 %
SLF.PR.J FloatingReset -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 14.64
Evaluated at bid price : 14.64
Bid-YTW : 11.01 %
FTS.PR.G FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 8.15 %
MFC.PR.C Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 6.43 %
BN.PF.E FixedReset Disc -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 14.26
Evaluated at bid price : 14.26
Bid-YTW : 10.37 %
TRP.PR.F FloatingReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 12.11 %
TD.PF.A FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 8.50 %
IFC.PR.F Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.97
Evaluated at bid price : 20.97
Bid-YTW : 6.35 %
CCS.PR.C Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.53 %
BN.PF.J FixedReset Disc 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 8.07 %
MIC.PR.A Perpetual-Discount 4.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 6.78 %
Volume Highlights
Issue Index Shares
Traded		 Notes
TRP.PR.E FixedReset Disc 104,285 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 9.90 %
GWO.PR.N FixedReset Ins Non 36,060 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 11.99
Evaluated at bid price : 11.99
Bid-YTW : 9.16 %
IFC.PR.C FixedReset Disc 24,340 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.34 %
TRP.PR.C FixedReset Disc 23,348 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 10.50
Evaluated at bid price : 10.50
Bid-YTW : 11.01 %
CM.PR.P FixedReset Disc 23,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 16.84
Evaluated at bid price : 16.84
Bid-YTW : 8.67 %
TRP.PR.D FixedReset Disc 21,100 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 9.89 %
There were 16 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.F Perpetual-Discount Quote: 17.02 – 18.02
Spot Rate : 1.0000
Average : 0.6277

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 6.69 %
RY.PR.N Perpetual-Discount Quote: 21.20 – 22.04
Spot Rate : 0.8400
Average : 0.5406

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.85 %
RY.PR.O Perpetual-Discount Quote: 21.05 – 21.84
Spot Rate : 0.7900
Average : 0.5754

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.89 %
RY.PR.J FixedReset Disc Quote: 18.25 – 18.82
Spot Rate : 0.5700
Average : 0.3686

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 8.40 %
CU.PR.G Perpetual-Discount Quote: 17.75 – 18.70
Spot Rate : 0.9500
Average : 0.7635

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.41 %
BIP.PR.E FixedReset Disc Quote: 20.06 – 20.70
Spot Rate : 0.6400
Average : 0.4776

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-20
Maturity Price : 20.06
Evaluated at bid price : 20.06
Bid-YTW : 8.45 %
Market Action

June 19, 2023

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 0.4405 % 2,202.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4405 % 4,223.7
Floater 10.67 % 10.76 % 47,214 9.01 1 0.4405 % 2,434.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.2184 % 3,290.2
SplitShare 5.10 % 8.38 % 42,249 2.20 6 0.2184 % 3,929.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2184 % 3,065.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0457 % 2,626.6
Perpetual-Discount 6.50 % 6.67 % 39,852 12.88 31 -0.0457 % 2,864.2
FixedReset Disc 5.84 % 8.47 % 84,133 11.17 63 -0.0758 % 2,138.2
Insurance Straight 6.46 % 6.56 % 54,304 13.17 19 -0.8371 % 2,783.6
FloatingReset 11.32 % 10.89 % 26,152 8.92 2 -0.0681 % 2,382.2
FixedReset Prem 6.96 % 7.01 % 266,773 3.74 1 -0.0396 % 2,321.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0758 % 2,185.7
FixedReset Ins Non 6.30 % 7.75 % 87,839 11.69 9 -0.0301 % 2,342.8
Performance Highlights
Issue Index Change Notes
IFC.PR.F Insurance Straight -3.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 20.71
Evaluated at bid price : 20.71
Bid-YTW : 6.43 %
GWO.PR.M Insurance Straight -3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 21.43
Evaluated at bid price : 21.43
Bid-YTW : 6.81 %
BN.PF.J FixedReset Disc -3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 8.24 %
TD.PF.A FixedReset Disc -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 16.99
Evaluated at bid price : 16.99
Bid-YTW : 8.60 %
SLF.PR.C Insurance Straight -2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.21 %
CCS.PR.C Insurance Straight -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.62 %
GWO.PR.Y Insurance Straight -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.43 %
RY.PR.Z FixedReset Disc -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 17.26
Evaluated at bid price : 17.26
Bid-YTW : 8.60 %
BN.PF.H FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 9.23 %
GWO.PR.L Insurance Straight -1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 6.75 %
BMO.PR.S FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 8.51 %
POW.PR.C Perpetual-Discount -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 22.12
Evaluated at bid price : 22.40
Bid-YTW : 6.60 %
TRP.PR.A FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 13.60
Evaluated at bid price : 13.60
Bid-YTW : 9.98 %
CU.PR.J Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 6.52 %
CU.PR.G Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 18.30
Evaluated at bid price : 18.30
Bid-YTW : 6.22 %
BN.PF.F FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 10.06 %
PVS.PR.K SplitShare 1.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 7.71 %
BNS.PR.I FixedReset Disc 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 7.71 %
TRP.PR.G FixedReset Disc 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 16.35
Evaluated at bid price : 16.35
Bid-YTW : 9.33 %
SLF.PR.E Insurance Straight 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 18.61
Evaluated at bid price : 18.61
Bid-YTW : 6.08 %
BN.PF.E FixedReset Disc 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 10.26 %
Volume Highlights
Issue Index Shares
Traded		 Notes
RY.PR.J FixedReset Disc 130,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 8.36 %
CM.PR.O FixedReset Disc 22,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 17.45
Evaluated at bid price : 17.45
Bid-YTW : 8.57 %
BN.PR.X FixedReset Disc 21,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 9.50 %
BIP.PR.F FixedReset Disc 21,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 8.69 %
PWF.PR.P FixedReset Disc 20,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 12.57
Evaluated at bid price : 12.57
Bid-YTW : 9.33 %
TRP.PR.D FixedReset Disc 19,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 15.61
Evaluated at bid price : 15.61
Bid-YTW : 9.85 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PVS.PR.K SplitShare Quote: 21.25 – 22.35
Spot Rate : 1.1000
Average : 0.6950

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.25
Bid-YTW : 7.71 %
BMO.PR.W FixedReset Disc Quote: 16.95 – 17.69
Spot Rate : 0.7400
Average : 0.4742

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 16.95
Evaluated at bid price : 16.95
Bid-YTW : 8.65 %
BN.PR.X FixedReset Disc Quote: 14.00 – 14.55
Spot Rate : 0.5500
Average : 0.3379

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 9.50 %
TD.PF.A FixedReset Disc Quote: 16.99 – 17.49
Spot Rate : 0.5000
Average : 0.3085

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 16.99
Evaluated at bid price : 16.99
Bid-YTW : 8.60 %
BMO.PR.T FixedReset Disc Quote: 17.01 – 17.44
Spot Rate : 0.4300
Average : 0.2717

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 8.68 %
MIC.PR.A Perpetual-Discount Quote: 19.19 – 20.30
Spot Rate : 1.1100
Average : 0.9555

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-19
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 7.08 %
Market Action

June 16, 2023

The New York Fed released its Underlying Inflation Gauge update today:

  • The UIG “full data set” measure for May is currently estimated at 3.5%, a 0.5 percentage point decrease from the current estimate of the previous month.
  • The “prices-only” measure for May is currently estimated at 3.0%, a 0.4 percentage point decrease from the current estimate of the previous month.
  • The twelve-month change in the May CPI was +4.0%, a 0.9 percentage point decrease from the previous month.
    • -For May 2023, trend CPI inflation is estimated to be in the 3.0% to 3.5% range, a lower and slightly narrower range than April, with a 0.4 percentage point decrease on its lower bound and a 0.5 percentage point decrease on its upper bound.
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 0.8889 % 2,192.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.8889 % 4,205.1
Floater 10.72 % 10.80 % 46,987 8.99 1 0.8889 % 2,423.4
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1962 % 3,283.0
SplitShare 5.11 % 8.13 % 41,764 2.21 6 -0.1962 % 3,920.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1962 % 3,059.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2684 % 2,627.8
Perpetual-Discount 6.49 % 6.68 % 40,138 12.90 31 -0.2684 % 2,865.5
FixedReset Disc 5.83 % 8.35 % 85,145 11.29 63 -0.0061 % 2,139.8
Insurance Straight 6.41 % 6.49 % 54,903 13.28 19 -0.1628 % 2,807.1
FloatingReset 11.31 % 10.86 % 27,037 8.95 2 0.4103 % 2,383.8
FixedReset Prem 6.96 % 6.98 % 276,296 3.75 1 0.0000 % 2,322.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.0061 % 2,187.3
FixedReset Ins Non 6.06 % 7.68 % 88,874 11.77 9 0.1327 % 2,343.5
Performance Highlights
Issue Index Change Notes
MIC.PR.A Perpetual-Discount -4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 7.07 %
BNS.PR.I FixedReset Disc -2.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 7.79 %
BN.PF.E FixedReset Disc -2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 13.92
Evaluated at bid price : 13.92
Bid-YTW : 10.52 %
BIP.PR.E FixedReset Disc -2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 8.14 %
PVS.PR.K SplitShare -2.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.90
Bid-YTW : 8.04 %
RY.PR.O Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.76 %
CCS.PR.C Insurance Straight -1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 19.37
Evaluated at bid price : 19.37
Bid-YTW : 6.49 %
CM.PR.O FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.57 %
CU.PR.J Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.60 %
TD.PF.A FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 8.34 %
PWF.PR.K Perpetual-Discount -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 18.76
Evaluated at bid price : 18.76
Bid-YTW : 6.72 %
BN.PR.Z FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 8.46 %
TD.PF.L FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 23.18
Evaluated at bid price : 23.78
Bid-YTW : 7.36 %
ELF.PR.H Perpetual-Discount 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.75 %
FTS.PR.G FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 7.96 %
PWF.PR.P FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 12.62
Evaluated at bid price : 12.62
Bid-YTW : 9.22 %
BN.PF.A FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 19.06
Evaluated at bid price : 19.06
Bid-YTW : 8.75 %
TRP.PR.A FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 13.45
Evaluated at bid price : 13.45
Bid-YTW : 10.00 %
Volume Highlights
Issue Index Shares
Traded		 Notes
FTS.PR.M FixedReset Disc 102,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 9.06 %
BMO.PR.W FixedReset Disc 52,035 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 17.01
Evaluated at bid price : 17.01
Bid-YTW : 8.54 %
TD.PF.K FixedReset Disc 36,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 21.70
Evaluated at bid price : 22.10
Bid-YTW : 7.20 %
CM.PR.P FixedReset Disc 25,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 8.52 %
BN.PF.B FixedReset Disc 21,496 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 16.07
Evaluated at bid price : 16.07
Bid-YTW : 9.75 %
BN.PR.R FixedReset Disc 13,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 13.02
Evaluated at bid price : 13.02
Bid-YTW : 10.30 %
There were 2 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 17.94 – 22.72
Spot Rate : 4.7800
Average : 2.9671

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 17.94
Evaluated at bid price : 17.94
Bid-YTW : 8.28 %
IFC.PR.F Insurance Straight Quote: 21.50 – 23.50
Spot Rate : 2.0000
Average : 1.3650

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.19 %
MIC.PR.A Perpetual-Discount Quote: 19.19 – 20.25
Spot Rate : 1.0600
Average : 0.7861

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 19.19
Evaluated at bid price : 19.19
Bid-YTW : 7.07 %
CU.PR.G Perpetual-Discount Quote: 18.06 – 19.00
Spot Rate : 0.9400
Average : 0.7332

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 18.06
Evaluated at bid price : 18.06
Bid-YTW : 6.30 %
PVS.PR.G SplitShare Quote: 22.80 – 23.75
Spot Rate : 0.9500
Average : 0.7674

YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.80
Bid-YTW : 8.72 %
BN.PF.E FixedReset Disc Quote: 13.92 – 14.70
Spot Rate : 0.7800
Average : 0.5992

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-16
Maturity Price : 13.92
Evaluated at bid price : 13.92
Bid-YTW : 10.52 %
Market Action

June 15, 2023

The clown show at Canaccord is taking an intermission:

Executives at Canaccord Genuity Group Inc. have officially scrapped their all-cash $1.1-billion management buyout offer, ending a fight that turned into a hostile takeover from within and resulted in the resignations of multiple board directors.

The investment dealer’s management team announced early Wednesday that they have let their bid to take the company private expire – an outcome they had previously warned could happen after disclosing a vague “ongoing regulatory matter” in one of Canaccord Genuity’s foreign subsidiaries. The team also said they have agreed to a two-year standstill with the board.

The company’s shares closed Wednesday at $8 a piece, dropping to roughly where they were trading when the takeover saga began five months ago.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 2.2727 % 2,173.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 2.2727 % 4,168.1
Floater 10.81 % 10.89 % 46,781 8.93 1 2.2727 % 2,402.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.0873 % 3,289.4
SplitShare 5.10 % 8.16 % 42,873 2.21 6 0.0873 % 3,928.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0873 % 3,065.0
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0863 % 2,634.9
Perpetual-Discount 6.47 % 6.65 % 40,544 12.92 31 0.0863 % 2,873.2
FixedReset Disc 5.83 % 8.34 % 85,691 11.30 63 0.3033 % 2,139.9
Insurance Straight 6.40 % 6.39 % 56,016 13.42 19 0.3103 % 2,811.7
FloatingReset 11.36 % 10.91 % 27,351 8.92 2 0.7578 % 2,374.1
FixedReset Prem 6.96 % 6.98 % 287,751 3.75 1 0.1984 % 2,322.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3033 % 2,187.4
FixedReset Ins Non 6.07 % 7.72 % 88,505 11.73 9 0.0543 % 2,340.4
Performance Highlights
Issue Index Change Notes
PVS.PR.G SplitShare -1.30 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 22.85
Bid-YTW : 8.62 %
PWF.PR.L Perpetual-Discount -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.80 %
TD.PF.L FixedReset Disc 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 22.93
Evaluated at bid price : 23.53
Bid-YTW : 7.44 %
FTS.PR.H FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 12.28
Evaluated at bid price : 12.28
Bid-YTW : 9.60 %
BN.PF.A FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 8.91 %
GWO.PR.Y Insurance Straight 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 17.95
Evaluated at bid price : 17.95
Bid-YTW : 6.30 %
RY.PR.N Perpetual-Discount 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 21.85
Evaluated at bid price : 21.85
Bid-YTW : 5.67 %
FTS.PR.G FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 8.07 %
SLF.PR.J FloatingReset 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 10.91 %
PWF.PF.A Perpetual-Discount 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 6.62 %
BN.PF.G FixedReset Disc 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 14.45
Evaluated at bid price : 14.45
Bid-YTW : 10.46 %
RY.PR.O Perpetual-Discount 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 21.51
Evaluated at bid price : 21.88
Bid-YTW : 5.64 %
BN.PR.R FixedReset Disc 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 13.07
Evaluated at bid price : 13.07
Bid-YTW : 10.26 %
PVS.PR.K SplitShare 1.91 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.35
Bid-YTW : 7.60 %
BN.PR.T FixedReset Disc 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 13.56
Evaluated at bid price : 13.56
Bid-YTW : 9.91 %
BN.PR.B Floater 2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 10.89 %
BIP.PR.E FixedReset Disc 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 7.97 %
IFC.PR.F Insurance Straight 2.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.25 %
Volume Highlights
Issue Index Shares
Traded		 Notes
IFC.PR.A FixedReset Ins Non 114,520 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 7.59 %
TD.PF.I FixedReset Disc 105,450 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 6.60 %
RY.PR.J FixedReset Disc 51,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 8.25 %
PWF.PR.P FixedReset Disc 30,405 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 12.42
Evaluated at bid price : 12.42
Bid-YTW : 9.35 %
GWO.PR.N FixedReset Ins Non 22,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 9.00 %
MFC.PR.M FixedReset Ins Non 21,565 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 8.82 %
There were 6 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CCS.PR.C Insurance Straight Quote: 19.71 – 21.00
Spot Rate : 1.2900
Average : 0.9654

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 6.37 %
BN.PF.A FixedReset Disc Quote: 18.72 – 20.00
Spot Rate : 1.2800
Average : 0.9936

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 18.72
Evaluated at bid price : 18.72
Bid-YTW : 8.91 %
MFC.PR.N FixedReset Ins Non Quote: 16.20 – 17.00
Spot Rate : 0.8000
Average : 0.5424

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 8.91 %
MFC.PR.M FixedReset Ins Non Quote: 16.70 – 17.35
Spot Rate : 0.6500
Average : 0.4207

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 8.82 %
BIK.PR.A FixedReset Disc Quote: 23.10 – 23.60
Spot Rate : 0.5000
Average : 0.3542

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 22.52
Evaluated at bid price : 23.10
Bid-YTW : 8.22 %
BIP.PR.A FixedReset Disc Quote: 17.05 – 17.50
Spot Rate : 0.4500
Average : 0.3285

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-15
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 9.96 %
Market Action

June 14, 2023

The FOMC Statement was ‘steady as she goes’:

Recent indicators suggest that economic activity has continued to expand at a modest pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated.

The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 to 5-1/4 percent. Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Lorie K. Logan; and Christopher J. Waller.

PerpetualDiscounts now yield 6.68%, equivalent to 8.68% interest at the standard equivalency factor of 1.3x. Long corporates yielded 5.16% on 2023-6-9 and since then the closing price has changed from 14.94 to 14.87, a decrease of 47bp in price, with a Duration of 12.28 (BMO doesn’t specify whether this is Macaulay or Modified Duration; I will assume Modified) which implies an increase in yield of about 4bp since 6/9 to 5.20%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to about 350bp from the 325bp reported June 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 0.0000 % 2,124.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,075.5
Floater 11.06 % 11.14 % 45,866 8.76 1 0.0000 % 2,348.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2900 % 3,286.6
SplitShare 5.11 % 7.92 % 42,599 2.21 6 -0.2900 % 3,924.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2900 % 3,062.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3957 % 2,632.6
Perpetual-Discount 6.48 % 6.68 % 40,884 12.90 31 -0.3957 % 2,870.8
FixedReset Disc 5.85 % 8.36 % 85,385 11.26 63 -0.1736 % 2,133.5
Insurance Straight 6.42 % 6.42 % 56,665 13.37 19 -0.4821 % 2,803.0
FloatingReset 11.45 % 11.06 % 26,975 8.82 2 0.2763 % 2,356.2
FixedReset Prem 6.97 % 7.02 % 299,369 3.75 1 -0.0397 % 2,318.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1736 % 2,180.8
FixedReset Ins Non 6.07 % 7.68 % 89,011 11.77 9 -0.2589 % 2,339.2
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 9.45 %
SLF.PR.E Insurance Straight -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.21 %
GWO.PR.Y Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.37 %
GWO.PR.P Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 6.75 %
CU.PR.C FixedReset Disc -1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 17.91
Evaluated at bid price : 17.91
Bid-YTW : 8.29 %
PVS.PR.K SplitShare -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 20.95
Bid-YTW : 7.98 %
PWF.PF.A Perpetual-Discount -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 17.06
Evaluated at bid price : 17.06
Bid-YTW : 6.71 %
BN.PF.A FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 9.01 %
FTS.PR.K FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 8.78 %
PWF.PR.P FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 12.30
Evaluated at bid price : 12.30
Bid-YTW : 9.43 %
BN.PR.Z FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 8.54 %
BN.PF.I FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 9.08 %
TD.PF.M FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 23.52
Evaluated at bid price : 24.02
Bid-YTW : 7.49 %
TD.PF.I FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 24.91
Bid-YTW : 6.65 %
PWF.PR.L Perpetual-Discount 1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 6.71 %
IFC.PR.F Insurance Straight 1.80 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 6.42 %
IFC.PR.C FixedReset Disc 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 8.25 %
BN.PR.B Floater 2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 11.14 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 77,198 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 17.96
Evaluated at bid price : 17.96
Bid-YTW : 8.39 %
BN.PF.A FixedReset Disc 60,908 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 18.52
Evaluated at bid price : 18.52
Bid-YTW : 9.01 %
TD.PF.A FixedReset Disc 55,557 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 17.53
Evaluated at bid price : 17.53
Bid-YTW : 8.27 %
MFC.PR.M FixedReset Ins Non 40,144 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 8.84 %
TD.PF.K FixedReset Disc 32,462 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 21.81
Evaluated at bid price : 22.27
Bid-YTW : 7.14 %
PWF.PR.L Perpetual-Discount 31,515 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 6.71 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.L FixedReset Disc Quote: 23.29 – 24.10
Spot Rate : 0.8100
Average : 0.5061

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 22.71
Evaluated at bid price : 23.29
Bid-YTW : 7.52 %
PVS.PR.I SplitShare Quote: 23.03 – 23.95
Spot Rate : 0.9200
Average : 0.6616

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.03
Bid-YTW : 8.56 %
BN.PF.G FixedReset Disc Quote: 14.24 – 15.25
Spot Rate : 1.0100
Average : 0.7685

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 14.24
Evaluated at bid price : 14.24
Bid-YTW : 10.60 %
BN.PF.J FixedReset Disc Quote: 21.05 – 21.93
Spot Rate : 0.8800
Average : 0.6523

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 7.92 %
BN.PR.X FixedReset Disc Quote: 14.00 – 14.55
Spot Rate : 0.5500
Average : 0.3625

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 14.00
Evaluated at bid price : 14.00
Bid-YTW : 9.43 %
RY.PR.O Perpetual-Discount Quote: 21.48 – 22.19
Spot Rate : 0.7100
Average : 0.5323

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-14
Maturity Price : 21.48
Evaluated at bid price : 21.48
Bid-YTW : 5.77 %
Market Action

June 13, 2023

US inflation numbers came out today:

The Consumer Price Index climbed 4 percent in the year through May, slightly less than the 4.1 percent economists had expected and the slowest pace in more than two years. In April, it had climbed 4.9 percent.
…
After stripping out food and fuel prices, the closely watched measure of “core” prices picked up 5.3 percent in May compared with a year earlier. That was slightly higher than the 5.2 percent economists had expected, but lower than 5.5 percent the previous month.

Still, there were lingering signs that inflation has staying power. Fed officials also monitor month-to-month changes in prices, particularly for the core index, to get a sense of the recent trends in inflation. That figure continued to pick up at an unusually quick pace in May.
…
Rents were up 8.7 percent in May from a year earlier, the Labor Department said Tuesday, down slightly from the 8.8 percent increase in April. That might not sound like much, but it’s the first time the year-over-year rate of rent increases has fallen in roughly two years. Over the past three months, rents have risen at their slowest rate since early 2022.

… and I still have no time!

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices
Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)		 Median
YTW		 Median
Average
Trading
Value		 Median
Mod Dur
(YTW)		 Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -3.5088 % 2,124.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -3.5088 % 4,075.5
Floater 11.06 % 11.47 % 44,858 8.34 1 -3.5088 % 2,348.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3612 % 3,296.1
SplitShare 5.09 % 7.72 % 41,570 2.21 6 -0.3612 % 3,936.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3612 % 3,071.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.4758 % 2,643.1
Perpetual-Discount 6.45 % 6.65 % 41,125 12.95 31 0.4758 % 2,882.2
FixedReset Disc 5.84 % 8.37 % 85,472 11.27 63 0.3274 % 2,137.2
Insurance Straight 6.39 % 6.48 % 56,039 13.29 19 0.2063 % 2,816.5
FloatingReset 11.48 % 11.09 % 26,096 8.80 2 0.8008 % 2,349.7
FixedReset Prem 6.97 % 7.01 % 309,610 3.76 1 -0.0397 % 2,319.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.3274 % 2,184.6
FixedReset Ins Non 6.05 % 7.66 % 88,691 11.73 9 0.2656 % 2,345.2
Performance Highlights
Issue Index Change Notes
BN.PR.B Floater -3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 11.00
Evaluated at bid price : 11.00
Bid-YTW : 11.47 %
IFC.PR.F Insurance Straight -3.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 6.56 %
BN.PF.G FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 14.50
Evaluated at bid price : 14.50
Bid-YTW : 10.57 %
PVS.PR.I SplitShare -1.28 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 23.06
Bid-YTW : 8.49 %
PVS.PR.J SplitShare -1.14 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 21.65
Bid-YTW : 7.92 %
BIP.PR.B FixedReset Disc -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 21.27
Evaluated at bid price : 21.56
Bid-YTW : 8.94 %
PWF.PR.H Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 21.62
Evaluated at bid price : 21.87
Bid-YTW : 6.68 %
BMO.PR.F FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 23.44
Evaluated at bid price : 24.00
Bid-YTW : 7.48 %
BN.PF.I FixedReset Disc 1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 19.20
Evaluated at bid price : 19.20
Bid-YTW : 9.22 %
CM.PR.T FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 22.68
Evaluated at bid price : 23.25
Bid-YTW : 7.54 %
FTS.PR.G FixedReset Disc 1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 8.20 %
TD.PF.L FixedReset Disc 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 22.60
Evaluated at bid price : 23.16
Bid-YTW : 7.56 %
MFC.PR.K FixedReset Ins Non 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 7.83 %
FTS.PR.H FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 12.10
Evaluated at bid price : 12.10
Bid-YTW : 9.72 %
CM.PR.Y FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 23.22
Evaluated at bid price : 23.74
Bid-YTW : 7.64 %
TD.PF.B FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 8.29 %
BMO.PR.S FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 8.38 %
TD.PF.A FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 8.24 %
BN.PF.J FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 21.33
Evaluated at bid price : 21.33
Bid-YTW : 7.98 %
TD.PF.C FixedReset Disc 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 8.28 %
SLF.PR.J FloatingReset 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 14.51
Evaluated at bid price : 14.51
Bid-YTW : 11.09 %
RY.PR.Z FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 8.33 %
POW.PR.C Perpetual-Discount 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 22.50
Evaluated at bid price : 22.76
Bid-YTW : 6.49 %
MFC.PR.M FixedReset Ins Non 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 8.81 %
PWF.PR.K Perpetual-Discount 1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 18.95
Evaluated at bid price : 18.95
Bid-YTW : 6.65 %
CCS.PR.C Insurance Straight 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.39 %
BIP.PR.A FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 9.98 %
MIC.PR.A Perpetual-Discount 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.75 %
SLF.PR.E Insurance Straight 3.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 18.56
Evaluated at bid price : 18.56
Bid-YTW : 6.09 %
BN.PF.B FixedReset Disc 3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 16.23
Evaluated at bid price : 16.23
Bid-YTW : 9.82 %
PWF.PR.L Perpetual-Discount 5.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.83 %
Volume Highlights
Issue Index Shares
Traded		 Notes
BMO.PR.Y FixedReset Disc 42,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.81
Evaluated at bid price : 17.81
Bid-YTW : 8.38 %
FTS.PR.M FixedReset Disc 38,270 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 9.06 %
TD.PF.C FixedReset Disc 36,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 8.28 %
BN.PF.B FixedReset Disc 35,335 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 16.23
Evaluated at bid price : 16.23
Bid-YTW : 9.82 %
CM.PR.S FixedReset Disc 32,057 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 7.43 %
TRP.PR.D FixedReset Disc 31,180 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 15.52
Evaluated at bid price : 15.52
Bid-YTW : 9.81 %
There were 15 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 18.16 – 22.72
Spot Rate : 4.5600
Average : 3.6784

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 18.16
Evaluated at bid price : 18.16
Bid-YTW : 8.18 %
IFC.PR.C FixedReset Disc Quote: 17.25 – 18.49
Spot Rate : 1.2400
Average : 0.7615

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.25
Evaluated at bid price : 17.25
Bid-YTW : 8.40 %
BN.PF.A FixedReset Disc Quote: 19.03 – 20.00
Spot Rate : 0.9700
Average : 0.6242

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 19.03
Evaluated at bid price : 19.03
Bid-YTW : 8.92 %
BN.PR.M Perpetual-Discount Quote: 17.50 – 18.35
Spot Rate : 0.8500
Average : 0.5670

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 6.95 %
CCS.PR.C Insurance Straight Quote: 19.65 – 21.00
Spot Rate : 1.3500
Average : 1.0694

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.39 %
IFC.PR.F Insurance Straight Quote: 20.68 – 21.68
Spot Rate : 1.0000
Average : 0.8085

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-13
Maturity Price : 20.68
Evaluated at bid price : 20.68
Bid-YTW : 6.56 %
Market Action

June 12, 2023

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 1.3333 % 2,202.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.3333 % 4,223.7
Floater 10.67 % 11.05 % 45,367 8.62 1 1.3333 % 2,434.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.4199 % 3,308.1
SplitShare 4.87 % 7.64 % 41,994 2.22 7 -0.4199 % 3,950.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.4199 % 3,082.4
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.3863 % 2,630.6
Perpetual-Discount 6.49 % 6.67 % 40,513 12.93 31 -0.3863 % 2,868.5
FixedReset Disc 5.86 % 8.39 % 79,830 11.26 63 0.0254 % 2,130.2
Insurance Straight 6.40 % 6.50 % 56,193 13.26 19 -0.4969 % 2,810.7
FloatingReset 11.57 % 12.07 % 56,477 8.19 2 -0.4506 % 2,331.1
FixedReset Prem 6.97 % 6.99 % 310,059 3.76 1 0.0794 % 2,320.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.0254 % 2,177.5
FixedReset Ins Non 6.07 % 7.68 % 87,346 11.73 9 0.0242 % 2,339.0
Performance Highlights
Issue Index Change Notes
PWF.PR.L Perpetual-Discount -6.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.22 %
BN.PF.B FixedReset Disc -5.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 10.14 %
SLF.PR.E Insurance Straight -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 6.28 %
PWF.PR.K Perpetual-Discount -2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.76 %
ELF.PR.F Perpetual-Discount -2.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.36
Evaluated at bid price : 19.36
Bid-YTW : 6.99 %
PVS.PR.K SplitShare -2.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 21.20
Bid-YTW : 7.73 %
MFC.PR.M FixedReset Ins Non -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 16.45
Evaluated at bid price : 16.45
Bid-YTW : 8.94 %
ELF.PR.H Perpetual-Discount -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 6.89 %
BIP.PR.E FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 8.16 %
GWO.PR.S Insurance Straight -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.64 %
TD.PF.L FixedReset Disc -1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 22.18
Evaluated at bid price : 22.90
Bid-YTW : 7.64 %
CCS.PR.C Insurance Straight -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.50 %
GWO.PR.P Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 6.69 %
GWO.PR.Q Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 6.64 %
TRP.PR.C FixedReset Disc -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 10.65
Evaluated at bid price : 10.65
Bid-YTW : 10.77 %
BIK.PR.A FixedReset Disc -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 22.24
Evaluated at bid price : 23.00
Bid-YTW : 8.25 %
BMO.PR.S FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 17.67
Evaluated at bid price : 17.67
Bid-YTW : 8.49 %
BN.PR.Z FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.37
Evaluated at bid price : 19.37
Bid-YTW : 8.60 %
CM.PR.O FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 8.56 %
GWO.PR.N FixedReset Ins Non 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 11.90
Evaluated at bid price : 11.90
Bid-YTW : 9.13 %
BN.PR.B Floater 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 11.40
Evaluated at bid price : 11.40
Bid-YTW : 11.05 %
BN.PF.D Perpetual-Discount 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 7.03 %
BN.PF.J FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 8.08 %
IFC.PR.F Insurance Straight 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 6.33 %
FTS.PR.K FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 16.25
Evaluated at bid price : 16.25
Bid-YTW : 8.88 %
TRP.PR.G FixedReset Disc 2.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 16.33
Evaluated at bid price : 16.33
Bid-YTW : 9.27 %
CM.PR.P FixedReset Disc 2.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 8.56 %
RY.PR.S FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 7.64 %
NA.PR.W FixedReset Disc 4.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 8.58 %
Volume Highlights
Issue Index Shares
Traded		 Notes
CM.PR.Q FixedReset Disc 19,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.37 %
TRP.PR.E FixedReset Disc 16,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 15.15
Evaluated at bid price : 15.15
Bid-YTW : 9.81 %
TRP.PR.F FloatingReset 15,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 14.41
Evaluated at bid price : 14.41
Bid-YTW : 12.07 %
TRP.PR.D FixedReset Disc 13,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 9.82 %
RY.PR.H FixedReset Disc 11,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 8.39 %
BIP.PR.F FixedReset Disc 10,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 8.66 %
There were 0 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
CU.PR.C FixedReset Disc Quote: 18.00 – 22.72
Spot Rate : 4.7200
Average : 2.7117

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 8.25 %
PWF.PR.L Perpetual-Discount Quote: 18.00 – 19.79
Spot Rate : 1.7900
Average : 1.3908

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 7.22 %
BN.PF.B FixedReset Disc Quote: 15.72 – 16.70
Spot Rate : 0.9800
Average : 0.5852

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 15.72
Evaluated at bid price : 15.72
Bid-YTW : 10.14 %
CM.PR.T FixedReset Disc Quote: 23.00 – 23.84
Spot Rate : 0.8400
Average : 0.4890

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 22.46
Evaluated at bid price : 23.00
Bid-YTW : 7.62 %
BN.PF.E FixedReset Disc Quote: 14.40 – 15.00
Spot Rate : 0.6000
Average : 0.4303

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 14.40
Evaluated at bid price : 14.40
Bid-YTW : 10.34 %
GWO.PR.S Insurance Straight Quote: 19.85 – 20.39
Spot Rate : 0.5400
Average : 0.4006

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2053-06-12
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.64 %
PrefLetter

June PrefLetter Released

The June, 2023, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “previous” edition will refer to the June, 2023, issue, while the “next” edition will be the July, 2023, issue scheduled to be prepared as of the close July 14, and emailed to subscribers prior to the market-opening on July 17. 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: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

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?).