March 24, 2016

It’s nice to see University of Toronto as a major partner in a new advance in energy storage:

Now, a group of researchers led by Professor Ted Sargent at the University of Toronto’s Faculty of Applied Science & Engineering may have a solution inspired by nature.

The team has designed the most efficient catalyst for storing energy in chemical form, by splitting water into hydrogen and oxygen, just like plants do during photosynthesis. Oxygen is released harmlessly into the atmosphere, and hydrogen, as H2, can be converted back into energy using hydrogen fuel cells.

You may have seen the popular high-school science demonstration where the teacher splits water into its component elements, hydrogen and oxygen, by running electricity through it. Today this requires so much electrical input that it’s impractical to store energy this way — too great proportion of the energy generated is lost in the process of storing it.

This new catalyst facilitates the oxygen-evolution portion of the chemical reaction, making the conversion from H2O into O2 and H2 more energy-efficient than ever before. The intrinsic efficiency of the new catalyst material is over three times more efficient than the best state-of-the-art catalyst.

The new catalyst is made of abundant and low-cost metals tungsten, iron and cobalt, which are much less expensive than state-of-the-art catalysts based on precious metals. It showed no signs of degradation over more than 500 hours of continuous activity, unlike other efficient but short-lived catalysts. Their work was published online today in the leading journal Science.

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 5.16 % 6.29 % 10,625 16.29 1 0.6918 % 1,517.0
FixedFloater 7.01 % 6.16 % 24,356 16.11 1 0.3704 % 2,835.7
Floater 4.77 % 4.89 % 62,497 15.70 4 -1.1970 % 1,622.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.1521 % 2,769.2
SplitShare 4.81 % 5.71 % 77,711 1.63 7 0.1521 % 3,240.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1521 % 2,528.3
Perpetual-Premium 5.78 % -3.28 % 84,945 0.08 6 0.0790 % 2,558.5
Perpetual-Discount 5.62 % 5.64 % 95,385 14.41 33 -0.0418 % 2,581.2
FixedReset 5.35 % 4.91 % 185,765 13.82 87 0.1432 % 1,908.4
Deemed-Retractible 5.25 % 5.61 % 128,044 5.09 34 -0.2935 % 2,593.9
FloatingReset 3.07 % 4.93 % 37,752 5.41 16 0.1210 % 2,005.7
Performance Highlights
Issue Index Change Notes
PWF.PR.A Floater -2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.44 %
BAM.PR.R FixedReset -1.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 15.04
Evaluated at bid price : 15.04
Bid-YTW : 5.06 %
TD.PR.Y FixedReset -1.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.43
Bid-YTW : 4.28 %
IFC.PR.C FixedReset -1.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.30
Bid-YTW : 8.45 %
TD.PF.A FixedReset -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 18.34
Evaluated at bid price : 18.34
Bid-YTW : 4.34 %
HSB.PR.C Deemed-Retractible -1.46 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.31
Bid-YTW : 5.67 %
BAM.PR.T FixedReset -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 15.64
Evaluated at bid price : 15.64
Bid-YTW : 4.99 %
CM.PR.P FixedReset -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 17.93
Evaluated at bid price : 17.93
Bid-YTW : 4.35 %
GWO.PR.G Deemed-Retractible -1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.21
Bid-YTW : 6.29 %
SLF.PR.D Deemed-Retractible -1.22 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.24
Bid-YTW : 7.45 %
HSE.PR.C FixedReset -1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 16.60
Evaluated at bid price : 16.60
Bid-YTW : 6.06 %
SLF.PR.B Deemed-Retractible -1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.96
Bid-YTW : 6.66 %
BAM.PR.K Floater -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 9.65
Evaluated at bid price : 9.65
Bid-YTW : 4.90 %
BAM.PR.B Floater -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 9.67
Evaluated at bid price : 9.67
Bid-YTW : 4.89 %
PWF.PR.Q FloatingReset 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 4.67 %
BMO.PR.T FixedReset 1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 18.18
Evaluated at bid price : 18.18
Bid-YTW : 4.35 %
TRP.PR.A FixedReset 1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 4.71 %
MFC.PR.I FixedReset 1.12 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.92
Bid-YTW : 7.60 %
SLF.PR.J FloatingReset 1.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.30
Bid-YTW : 10.98 %
MFC.PR.F FixedReset 1.26 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 12.81
Bid-YTW : 10.90 %
FTS.PR.H FixedReset 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 12.50
Evaluated at bid price : 12.50
Bid-YTW : 4.53 %
CM.PR.Q FixedReset 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 4.61 %
BAM.PF.G FixedReset 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.00 %
MFC.PR.M FixedReset 1.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.00
Bid-YTW : 7.99 %
MFC.PR.L FixedReset 1.73 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.62
Bid-YTW : 8.09 %
CIU.PR.C FixedReset 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 10.71
Evaluated at bid price : 10.71
Bid-YTW : 4.91 %
TRP.PR.C FixedReset 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 11.96
Evaluated at bid price : 11.96
Bid-YTW : 4.80 %
FTS.PR.M FixedReset 2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 4.82 %
BMO.PR.Y FixedReset 2.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 4.46 %
PWF.PR.T FixedReset 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 4.28 %
RY.PR.J FixedReset 3.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 4.52 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.R FixedReset 177,897 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-08-24
Maturity Price : 25.00
Evaluated at bid price : 25.79
Bid-YTW : 4.92 %
RY.PR.Q FixedReset 169,826 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 5.08 %
BMO.PR.L Deemed-Retractible 90,419 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2016-05-25
Maturity Price : 25.25
Evaluated at bid price : 25.84
Bid-YTW : -5.26 %
CU.PR.I FixedReset 78,520 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-01
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.21 %
RY.PR.Z FixedReset 73,779 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 18.22
Evaluated at bid price : 18.22
Bid-YTW : 4.31 %
BAM.PR.M Perpetual-Discount 65,010 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 6.00 %
There were 39 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.Q FloatingReset Quote: 11.11 – 15.35
Spot Rate : 4.2400
Average : 2.5870

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 11.11
Evaluated at bid price : 11.11
Bid-YTW : 4.67 %

GWO.PR.O FloatingReset Quote: 11.65 – 12.95
Spot Rate : 1.3000
Average : 0.9778

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 11.65
Bid-YTW : 11.54 %

PWF.PR.A Floater Quote: 10.75 – 11.38
Spot Rate : 0.6300
Average : 0.3957

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-03-24
Maturity Price : 10.75
Evaluated at bid price : 10.75
Bid-YTW : 4.44 %

RY.PR.K FloatingReset Quote: 21.85 – 22.46
Spot Rate : 0.6100
Average : 0.3950

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.85
Bid-YTW : 4.86 %

BNS.PR.D FloatingReset Quote: 17.42 – 18.12
Spot Rate : 0.7000
Average : 0.5054

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.42
Bid-YTW : 8.06 %

TD.PR.Y FixedReset Quote: 23.43 – 24.00
Spot Rate : 0.5700
Average : 0.3980

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.43
Bid-YTW : 4.28 %

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