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Two Trillion bucks are on the way:
Stocks on Wall Street rose on Wednesday as investors sized up a $2 trillion coronavirus rescue package intended to shore up the American economy, but the gains faded late in the day as debate over the bill continued without a vote in the Senate.
The legislation would be the biggest fiscal stimulus package in modern American history, and more than double the size of the roughly $800 billion stimulus package that Congress passed in 2009, during the last recession.
The S&P 500 climbed more than 1 percent, adding to a 9.4 percent gain on Tuesday that had come as investors anticipated that Democrats and Republicans would reach a deal over the plans.
Some of the companies expected to benefit from government help led Wednesday’s gains. Boeing was up more than 20 percent, helping lift the Dow Jones industrial average. American Airlines and Carnival Corporation both jumped more than 10 percent.
But there are always some who are convinced of a vast conspiracy to do them out of what is rightfully theirs:
A last-minute dispute over jobless aid was delaying a final Senate vote expected on Wednesday to approve sweeping legislation to deliver $2 trillion in government relief for an economy battered by the coronavirus pandemic.
Four Republican senators said they believed the bill, which would provide a substantial expansion of unemployment insurance, could lead to layoffs and incentivize workers to collect unemployment payments rather than take a job. They argued that because the unemployment benefits would in some cases be greater than people’s regular wages, some employers and employees would decide that layoffs were preferable. The senators said they would object to fast-tracking a vote until their concerns were addressed.
“If this is not a drafting error, then this is the worst idea I have seen in a long time,” said Senator Lindsey Graham, Republican of South Carolina. “We need to create a sustainable system.”
We all know someone like Lindsey Graham, eh?
And it was a good day for Canadian markets:
Canada’s main stock index climbed on Wednesday after the country’s legislators approved a $27-billion stimulus bill to help people and businesses deal with the coronavirus pandemic. The bill also includes $55-billion in the form of tax deferrals.
The Toronto Stock Exchange’s S&P/TSX composite index closed unofficially up 568.15 points, or 4.52%, at 13,139.23. It rose as high as 12,906.28 before paring gains late in the session.
…
Ten of the index’s 11 major sectors were higher, led by an 8-per-cent jump in the heavyweight energy sector and a 6.7-per-cent increase in financial stocks.
Of course, all the disruption is leading to shortages of vital supplies:
Sales of gold bars and coins have been soaring since the outbreak of the novel coronavirus and dealers are struggling to keep up with demand. While orders pour in, the supply has tightened considerably because of government lockdowns, grounded airlines and decisions by several bar and coin producers to close down for safety reasons.
…
The U.S. Mint recently sold out of its popular Silver Eagle coin after sales soared by nearly 300 per cent in March. The Perth Mint in Australia, the country’s official supplier of coins and bars, said demand was so strong it no longer had any gold bars in stock and only a limited supply of gold and silver coins.Last Friday, the Royal Canadian Mint suspended production of its coins and other products for at least two weeks because of the virus. In a statement, CEO Marie Lemay cautioned that while officials had a plan to resume “modified production” next month, they anticipated “a longer suspension of production and shipping for our numismatic collectable coins as we prioritise the support of trade and commerce.”
The Fed’s support of the corporate bond market had some multiplier effect:
- The world’s biggest credit ETF took in $1.06 billion on Monday as traders rotated back into corporate bond bets, Bloomberg reported.
- The iShares iBoxx $ Investment Grade Corporate Bond ETF ended the day up 7.4% after the Federal Reserve announced it will begin buying corporate bonds and credit ETFs amid the coronavirus’s hit to economic activity.
- Monday’s inflows were the second-biggest in the ETF’s history, according to Bloomberg.
- The influx of investor cash follows record retreats from investment-grade and high-yield debt funds in the week ended March 19, according to Bank of America.
TXPR closed at 441.57, up 8.13% on the day. Volume today was 4.14-million – and this enormous figure is well below the average of the past three weeks.
Today’s enormous gain, coupled with yesterday’s, means we have recouped all the lost ground since … um … March 16. The total return version of the index is now down only 24.86% on the month to date, so that’s pretty good, eh?
CPD closed at 8.74, up 7.90% on the day. Volume was 402,477, above average but nothing special in the context of the past 30 trading days.
ZPR closed at 6.92, up 9.84% on the day. Volume of 1,439,516 didn’t even make the top three of the past 30 trading days.
Five-year Canada yields were up 3bp to 0.79% today.
PerpetualDiscounts now yield 6.81%, equivalent to 8.85% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.87%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed dramatically to 500bp from the 570bp reported March 18. But we’re still way over the old record set on November 26, 2008 when trouble with the BCE buyout caused a short-lived spike in PerpetualDiscount bid yields, moving the Seniority Spread to 445bp.
I’m not reviewing suspect quotes today, as has been the case for the past while. I’m saving my sarcasm for less turbulent times.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | 12.5685 % | 1,381.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 12.5685 % | 2,535.0 |
| Floater | 7.84 % | 8.07 % | 56,476 | 11.33 | 4 | 12.5685 % | 1,460.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 7.0730 % | 3,056.3 |
| SplitShare | 5.43 % | 8.16 % | 78,747 | 3.96 | 7 | 7.0730 % | 3,649.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 7.0730 % | 2,847.8 |
| Perpetual-Premium | 7.29 % | 7.53 % | 107,205 | 11.81 | 12 | 4.6671 % | 2,337.8 |
| Perpetual-Discount | 6.74 % | 6.81 % | 89,266 | 12.83 | 24 | 5.3204 % | 2,597.6 |
| FixedReset Disc | 8.14 % | 6.83 % | 212,654 | 12.33 | 64 | 9.1957 % | 1,480.0 |
| Deemed-Retractible | 6.49 % | 7.25 % | 101,515 | 12.28 | 27 | 8.8945 % | 2,606.7 |
| FloatingReset | 6.24 % | 6.16 % | 64,057 | 13.68 | 3 | 15.0600 % | 1,622.6 |
| FixedReset Prem | 6.82 % | 6.78 % | 204,508 | 12.75 | 22 | 5.6127 % | 1,988.7 |
| FixedReset Bank Non | 2.02 % | 6.28 % | 129,140 | 1.79 | 3 | 1.2102 % | 2,623.6 |
| FixedReset Ins Non | 8.36 % | 7.36 % | 118,294 | 11.65 | 22 | 6.6057 % | 1,409.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.I | Perpetual-Premium | -4.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.63 % |
| EML.PR.A | FixedReset Ins Non | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 8.19 % |
| PWF.PR.I | Perpetual-Premium | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 7.29 % |
| PVS.PR.E | SplitShare | 1.67 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 22.53 Bid-YTW : 10.10 % |
| IFC.PR.F | Deemed-Retractible | 2.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.25 % |
| RY.PR.M | FixedReset Disc | 2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 6.73 % |
| CIU.PR.A | Perpetual-Discount | 2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 6.96 % |
| PVS.PR.D | SplitShare | 3.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 9.56 % |
| BNS.PR.Z | FixedReset Bank Non | 3.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.25 Bid-YTW : 6.28 % |
| RY.PR.G | Deemed-Retractible | 3.36 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.05 Bid-YTW : 9.46 % |
| IAF.PR.I | FixedReset Ins Non | 3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 7.60 % |
| RY.PR.O | Perpetual-Discount | 3.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.46 % |
| EMA.PR.H | FixedReset Prem | 3.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.82 % |
| RY.PR.E | Deemed-Retractible | 3.63 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.11 Bid-YTW : 9.31 % |
| RY.PR.J | FixedReset Disc | 3.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.19 Evaluated at bid price : 13.19 Bid-YTW : 6.48 % |
| BMO.PR.F | FixedReset Disc | 3.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.81 % |
| SLF.PR.I | FixedReset Ins Non | 3.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.11 Evaluated at bid price : 11.11 Bid-YTW : 7.74 % |
| RY.PR.F | Deemed-Retractible | 3.96 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 9.28 % |
| TD.PF.D | FixedReset Disc | 3.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 6.69 % |
| SLF.PR.H | FixedReset Ins Non | 4.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.60 Evaluated at bid price : 9.60 Bid-YTW : 7.36 % |
| RY.PR.C | Deemed-Retractible | 4.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.22 Bid-YTW : 9.14 % |
| RY.PR.A | Deemed-Retractible | 4.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.20 Bid-YTW : 9.03 % |
| MFC.PR.F | FixedReset Ins Non | 4.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 7.56 Evaluated at bid price : 7.56 Bid-YTW : 6.85 % |
| W.PR.M | FixedReset Prem | 4.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.20 % |
| MFC.PR.O | FixedReset Ins Non | 4.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.78 % |
| IFC.PR.E | Deemed-Retractible | 4.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 7.18 % |
| RY.PR.S | FixedReset Disc | 4.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.01 % |
| BNS.PR.E | FixedReset Prem | 4.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.87 % |
| BAM.PF.H | FixedReset Prem | 4.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.33 % |
| RY.PR.N | Perpetual-Discount | 4.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 6.33 % |
| CU.PR.C | FixedReset Disc | 4.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 5.92 % |
| NA.PR.C | FixedReset Disc | 4.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 7.46 % |
| TRP.PR.K | FixedReset Prem | 4.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 6.70 % |
| GWO.PR.N | FixedReset Ins Non | 4.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 5.42 % |
| PWF.PR.K | Perpetual-Discount | 4.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 7.48 % |
| GWO.PR.M | Deemed-Retractible | 4.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 7.77 % |
| BNS.PR.G | FixedReset Prem | 4.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 6.71 % |
| MFC.PR.M | FixedReset Ins Non | 4.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 7.35 % |
| CU.PR.I | FixedReset Prem | 4.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.06 % |
| CU.PR.D | Perpetual-Discount | 4.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.71 % |
| MFC.PR.R | FixedReset Ins Non | 4.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.47 Evaluated at bid price : 14.47 Bid-YTW : 7.89 % |
| BNS.PR.H | FixedReset Prem | 4.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.84 % |
| IAF.PR.G | FixedReset Ins Non | 4.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.77 Evaluated at bid price : 11.77 Bid-YTW : 7.55 % |
| TD.PF.M | FixedReset Disc | 4.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 6.72 % |
| RY.PR.R | FixedReset Prem | 5.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.57 % |
| PWF.PR.T | FixedReset Disc | 5.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.27 Evaluated at bid price : 11.27 Bid-YTW : 7.55 % |
| BMO.PR.Z | Perpetual-Discount | 5.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.34 % |
| TD.PF.E | FixedReset Disc | 5.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.16 Evaluated at bid price : 13.16 Bid-YTW : 6.80 % |
| TD.PF.H | FixedReset Prem | 5.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 6.78 % |
| PWF.PR.L | Perpetual-Discount | 5.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.28 Evaluated at bid price : 17.28 Bid-YTW : 7.54 % |
| CM.PR.T | FixedReset Disc | 5.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.83 % |
| GWO.PR.F | Deemed-Retractible | 5.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.78 Evaluated at bid price : 19.78 Bid-YTW : 7.51 % |
| POW.PR.D | Perpetual-Discount | 5.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 7.27 % |
| PWF.PR.E | Perpetual-Premium | 5.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 7.66 % |
| EMA.PR.E | Perpetual-Discount | 5.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 6.32 % |
| PWF.PR.O | Perpetual-Premium | 5.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 7.79 % |
| BMO.PR.B | FixedReset Prem | 5.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.83 % |
| PWF.PR.Z | Perpetual-Discount | 5.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 7.55 % |
| CM.PR.Y | FixedReset Disc | 5.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.93 % |
| NA.PR.A | FixedReset Prem | 5.80 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.48 % |
| CM.PR.S | FixedReset Disc | 5.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.18 Evaluated at bid price : 12.18 Bid-YTW : 7.10 % |
| CU.PR.E | Perpetual-Discount | 5.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 6.64 % |
| GWO.PR.L | Deemed-Retractible | 5.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 7.75 % |
| TD.PF.F | Perpetual-Discount | 5.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.32 % |
| CM.PR.Q | FixedReset Disc | 5.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.41 Evaluated at bid price : 11.41 Bid-YTW : 7.68 % |
| BAM.PF.I | FixedReset Prem | 6.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.36 % |
| TD.PF.G | FixedReset Prem | 6.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.76 % |
| TD.PF.C | FixedReset Disc | 6.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.61 % |
| PVS.PR.F | SplitShare | 6.23 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 8.14 % |
| BAM.PF.A | FixedReset Disc | 6.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 7.72 % |
| PWF.PR.R | Perpetual-Premium | 6.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.60 % |
| MFC.PR.K | FixedReset Ins Non | 6.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.38 Evaluated at bid price : 11.38 Bid-YTW : 7.13 % |
| RY.PR.Z | FixedReset Disc | 6.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 6.31 % |
| PWF.PR.F | Perpetual-Discount | 6.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.68 Evaluated at bid price : 17.68 Bid-YTW : 7.59 % |
| NA.PR.E | FixedReset Disc | 6.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 7.21 % |
| NA.PR.X | FixedReset Prem | 6.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 7.33 % |
| CM.PR.O | FixedReset Disc | 6.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 7.20 % |
| NA.PR.G | FixedReset Disc | 6.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.11 Evaluated at bid price : 13.11 Bid-YTW : 7.36 % |
| TD.PF.J | FixedReset Disc | 6.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.58 % |
| W.PR.K | FixedReset Prem | 6.87 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 7.27 % |
| EIT.PR.B | SplitShare | 6.90 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 21.70 Bid-YTW : 8.16 % |
| BAM.PR.Z | FixedReset Disc | 6.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.62 Evaluated at bid price : 12.62 Bid-YTW : 7.59 % |
| BAM.PF.E | FixedReset Disc | 7.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 10.78 Evaluated at bid price : 10.78 Bid-YTW : 7.44 % |
| POW.PR.B | Perpetual-Discount | 7.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.47 Evaluated at bid price : 18.47 Bid-YTW : 7.42 % |
| RY.PR.Q | FixedReset Prem | 7.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.58 % |
| BAM.PF.J | FixedReset Prem | 7.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.29 % |
| BAM.PR.M | Perpetual-Discount | 7.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.81 % |
| IAF.PR.B | Deemed-Retractible | 7.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.95 % |
| POW.PR.A | Perpetual-Premium | 7.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 7.52 % |
| CU.PR.F | Perpetual-Discount | 7.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.49 % |
| BIP.PR.E | FixedReset Disc | 7.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.20 % |
| BMO.PR.E | FixedReset Disc | 7.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 6.61 % |
| CM.PR.R | FixedReset Disc | 7.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 7.40 % |
| TD.PF.I | FixedReset Disc | 7.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.81 Evaluated at bid price : 13.81 Bid-YTW : 7.01 % |
| MFC.PR.I | FixedReset Ins Non | 7.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.97 Evaluated at bid price : 11.97 Bid-YTW : 7.68 % |
| POW.PR.G | Perpetual-Premium | 7.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 7.66 % |
| MFC.PR.L | FixedReset Ins Non | 7.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 7.07 % |
| CM.PR.P | FixedReset Disc | 7.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.48 Evaluated at bid price : 11.48 Bid-YTW : 7.16 % |
| TD.PF.A | FixedReset Disc | 7.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 6.37 % |
| CU.PR.G | Perpetual-Discount | 7.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.43 % |
| BIP.PR.C | FixedReset Prem | 7.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 7.64 % |
| TRP.PR.G | FixedReset Disc | 7.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.24 Evaluated at bid price : 13.24 Bid-YTW : 6.90 % |
| BAM.PR.N | Perpetual-Discount | 8.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.83 % |
| PWF.PR.S | Perpetual-Discount | 8.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 7.36 % |
| PWF.PR.H | Perpetual-Premium | 8.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.63 % |
| NA.PR.S | FixedReset Disc | 8.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.60 Evaluated at bid price : 11.60 Bid-YTW : 7.26 % |
| GWO.PR.Q | Deemed-Retractible | 8.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.44 Evaluated at bid price : 17.44 Bid-YTW : 7.44 % |
| BAM.PF.C | Perpetual-Discount | 8.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 6.86 % |
| NA.PR.W | FixedReset Disc | 8.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 7.05 % |
| TD.PF.K | FixedReset Disc | 8.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.82 Evaluated at bid price : 13.82 Bid-YTW : 6.61 % |
| TD.PF.B | FixedReset Disc | 8.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.26 Evaluated at bid price : 12.26 Bid-YTW : 6.48 % |
| MFC.PR.N | FixedReset Ins Non | 8.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 10.84 Evaluated at bid price : 10.84 Bid-YTW : 6.82 % |
| BAM.PF.F | FixedReset Disc | 8.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.93 Evaluated at bid price : 11.93 Bid-YTW : 7.72 % |
| BAM.PF.D | Perpetual-Discount | 8.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.81 % |
| MFC.PR.G | FixedReset Ins Non | 8.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.84 Evaluated at bid price : 11.84 Bid-YTW : 7.62 % |
| MFC.PR.H | FixedReset Ins Non | 8.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.76 % |
| EIT.PR.A | SplitShare | 8.64 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 8.51 % |
| BIP.PR.A | FixedReset Disc | 8.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 8.10 % |
| GWO.PR.S | Deemed-Retractible | 8.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.83 Evaluated at bid price : 17.83 Bid-YTW : 7.42 % |
| PVS.PR.G | SplitShare | 8.96 % | YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 7.09 % |
| TD.PF.L | FixedReset Disc | 9.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.67 % |
| PWF.PR.G | Perpetual-Premium | 9.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 7.42 % |
| BIP.PR.B | FixedReset Prem | 9.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.51 % |
| IFC.PR.A | FixedReset Ins Non | 9.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.75 Evaluated at bid price : 9.75 Bid-YTW : 6.54 % |
| EMA.PR.F | FixedReset Disc | 9.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.89 Evaluated at bid price : 12.89 Bid-YTW : 7.02 % |
| GWO.PR.T | Deemed-Retractible | 9.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 7.40 % |
| BIP.PR.F | FixedReset Disc | 9.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.34 % |
| SLF.PR.G | FixedReset Ins Non | 9.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 7.92 Evaluated at bid price : 7.92 Bid-YTW : 6.48 % |
| BMO.PR.Y | FixedReset Disc | 9.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 6.72 % |
| EMA.PR.C | FixedReset Disc | 9.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.42 Evaluated at bid price : 13.42 Bid-YTW : 6.83 % |
| BNS.PR.I | FixedReset Disc | 9.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 6.26 % |
| RY.PR.H | FixedReset Disc | 9.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.62 Evaluated at bid price : 12.62 Bid-YTW : 6.22 % |
| BIP.PR.D | FixedReset Disc | 9.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 7.15 % |
| GWO.PR.R | Deemed-Retractible | 10.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 6.95 % |
| IFC.PR.C | FixedReset Ins Non | 10.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.76 Evaluated at bid price : 11.76 Bid-YTW : 7.05 % |
| BAM.PR.C | Floater | 10.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 7.51 Evaluated at bid price : 7.51 Bid-YTW : 8.09 % |
| POW.PR.C | Perpetual-Premium | 10.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 7.53 % |
| GWO.PR.P | Deemed-Retractible | 10.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 7.34 % |
| TRP.PR.B | FixedReset Disc | 10.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.28 Evaluated at bid price : 8.28 Bid-YTW : 5.80 % |
| BIK.PR.A | FixedReset Prem | 10.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 7.95 % |
| GWO.PR.H | Deemed-Retractible | 10.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.88 % |
| IFC.PR.G | FixedReset Ins Non | 10.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.87 % |
| TRP.PR.D | FixedReset Disc | 11.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 6.55 % |
| MFC.PR.Q | FixedReset Ins Non | 11.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 7.24 % |
| BAM.PR.B | Floater | 11.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 7.53 Evaluated at bid price : 7.53 Bid-YTW : 8.07 % |
| SLF.PR.J | FloatingReset | 11.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.00 Evaluated at bid price : 8.00 Bid-YTW : 6.02 % |
| MFC.PR.J | FixedReset Ins Non | 12.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.39 Evaluated at bid price : 12.39 Bid-YTW : 7.22 % |
| BAM.PR.K | Floater | 12.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 7.52 Evaluated at bid price : 7.52 Bid-YTW : 8.08 % |
| BMO.PR.W | FixedReset Disc | 12.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.45 % |
| BMO.PR.C | FixedReset Disc | 12.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.39 % |
| BMO.PR.T | FixedReset Disc | 13.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.91 Evaluated at bid price : 11.91 Bid-YTW : 6.56 % |
| TRP.PR.C | FixedReset Disc | 13.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.42 Evaluated at bid price : 8.42 Bid-YTW : 6.59 % |
| BAM.PF.B | FixedReset Disc | 13.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.47 Evaluated at bid price : 12.47 Bid-YTW : 7.22 % |
| PWF.PR.Q | FloatingReset | 13.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.00 Evaluated at bid price : 8.00 Bid-YTW : 6.71 % |
| TRP.PR.A | FixedReset Disc | 13.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 10.96 Evaluated at bid price : 10.96 Bid-YTW : 6.49 % |
| BAM.PF.G | FixedReset Disc | 14.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.77 Evaluated at bid price : 11.77 Bid-YTW : 7.43 % |
| BMO.PR.S | FixedReset Disc | 14.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.57 % |
| GWO.PR.G | Deemed-Retractible | 14.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.10 % |
| TRP.PR.E | FixedReset Disc | 14.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.22 Evaluated at bid price : 12.22 Bid-YTW : 6.71 % |
| BAM.PR.T | FixedReset Disc | 14.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 10.41 Evaluated at bid price : 10.41 Bid-YTW : 7.29 % |
| SLF.PR.A | Deemed-Retractible | 15.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 6.46 % |
| PVS.PR.H | SplitShare | 15.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 6.60 % |
| SLF.PR.C | Deemed-Retractible | 15.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 6.57 % |
| BMO.PR.D | FixedReset Disc | 15.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 14.96 Evaluated at bid price : 14.96 Bid-YTW : 6.60 % |
| SLF.PR.E | Deemed-Retractible | 15.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.53 % |
| PWF.PR.A | Floater | 16.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.25 Evaluated at bid price : 8.25 Bid-YTW : 7.45 % |
| SLF.PR.B | Deemed-Retractible | 16.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.41 % |
| GWO.PR.I | Deemed-Retractible | 16.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 6.82 % |
| BAM.PR.R | FixedReset Disc | 17.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 10.23 Evaluated at bid price : 10.23 Bid-YTW : 7.23 % |
| BAM.PR.X | FixedReset Disc | 18.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 6.92 % |
| SLF.PR.D | Deemed-Retractible | 18.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.40 % |
| MFC.PR.B | Deemed-Retractible | 18.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.43 % |
| TRP.PR.F | FloatingReset | 19.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 6.16 % |
| MFC.PR.C | Deemed-Retractible | 20.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.60 % |
| HSE.PR.E | FixedReset Disc | 22.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 11.68 % |
| HSE.PR.A | FixedReset Disc | 22.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 5.84 Evaluated at bid price : 5.84 Bid-YTW : 10.23 % |
| HSE.PR.C | FixedReset Disc | 25.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.50 Evaluated at bid price : 8.50 Bid-YTW : 12.39 % |
| HSE.PR.G | FixedReset Disc | 26.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 8.56 Evaluated at bid price : 8.56 Bid-YTW : 12.28 % |
| PWF.PR.P | FixedReset Disc | 28.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 9.30 Evaluated at bid price : 9.30 Bid-YTW : 6.12 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.H | FixedReset Disc | 131,469 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 12.62 Evaluated at bid price : 12.62 Bid-YTW : 6.22 % |
| TD.PF.H | FixedReset Prem | 108,540 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 6.78 % |
| MFC.PR.B | Deemed-Retractible | 107,901 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.43 % |
| MFC.PR.O | FixedReset Ins Non | 82,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 7.78 % |
| NA.PR.S | FixedReset Disc | 58,712 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 11.60 Evaluated at bid price : 11.60 Bid-YTW : 7.26 % |
| TRP.PR.K | FixedReset Prem | 56,795 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-25 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 6.70 % |
| There were 84 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.H | FixedReset Ins Non | Quote: 12.50 – 16.83 Spot Rate : 4.3300 Average : 2.4458 YTW SCENARIO |
| PWF.PR.A | Floater | Quote: 8.25 – 12.85 Spot Rate : 4.6000 Average : 2.8125 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 18.01 – 23.00 Spot Rate : 4.9900 Average : 3.2977 YTW SCENARIO |
| IFC.PR.I | Perpetual-Premium | Quote: 18.00 – 22.00 Spot Rate : 4.0000 Average : 2.5790 YTW SCENARIO |
| MFC.PR.I | FixedReset Ins Non | Quote: 11.97 – 19.90 Spot Rate : 7.9300 Average : 6.5525 YTW SCENARIO |
| BMO.PR.D | FixedReset Disc | Quote: 14.96 – 17.80 Spot Rate : 2.8400 Average : 1.5787 YTW SCENARIO |
Alright ladies and gentlemen, the Hymas Globe Indicator has flashed again. I mentioned this as a useful indicator last summer. When the markets crumble, Globe rushes to get his opinion -this time in defense of Canadian banks. His verdict:
James Hymas, president of Hymas Investment Management, said the risk of banks cutting dividends is “so small that it cannot be quantified.”
“The saving grace in all of this is that after the credit crunch the regulators really went to town, insisting on higher capital levels,” Mr. Hymas said in an interview. “So the banks have an enormous shock absorber … in terms of their capital and their size and their protection from competition.”
So did you all buy bank perpetuals yielding 6% and more during the last few days?
https://www.theglobeandmail.com/investing/investment-ideas/article-amid-dividend-cuts-income-investors-can-still-find-safety/
Haha! Thank for this! I’ve added the article to my press clippings.
Insurance companies have been even better. I have bought GWO.PR.G yielding more than 8%, MFC & SLF over 7.5 (all perpetuals). The only concern would be the inflation with all this money thrown to extinct the fire. The joke about helicopter Ben Bernanke has come true.
PS: There are a few funny gifs when you search for his name. Maybe James would find them useful in the future posts.
I have also seen it and wanted to ask James if he referred to the common dividend, to the preferred shares dividend, both?
I’m obviously not James, but I’ll remind you that the common dividend will have to be eliminated before the preferred dividends can be cut. That’s seniority in a nutshell.
dodoi , touched on it with his inflation comment . for the commentators on here that are smarter than me ,how do we avoid massive or worse(hyper) inflation from all this money creation ? my thinking is this is being done all over the world so there will be no safe currency to get into , and there may be a world wide meeting where debt is written off and values are reset . thanks in advance for your thoughts .
Picked up some of the split share preferreds that were trading at 25% discount to NAV. Not quite the same thing as perpetual preferreds, but it does highlight the pricing mismatch that can occur when there is not a lot of volume.
how do we avoid massive or worse(hyper) inflation from all this money creation ?
That depends on how it is financed. When a government spends money, there are three ways they can get it:
i) Tax it.
ii) Borrow it.
iii) Print it.
Obviously, it is the third method, printing it aka “quantitative easing” that leads to huge jumps in inflation. However, even that is not an automatic process. The huge QE that followed the financial crisis did not lead to hyperinflation (much to the surprise of many buyers of FixedResets who thought they were on to the next Big Thing) because consumer confidence was lacking and many people started rebuilding their balance sheets instead of spending their extra money.
When inflation started to make a comeback, the Fed started to reverse the process with quantitative tightening … which has now been interrupted!
I have confidence in the Fed and the BoC to act judiciously in their roles. But we will see.
This idea, by the way, underlies the heresy of Modern Monetary Theory, in which bond issuance is essentially independent of the government’s fiscal policy, with the Central Bank creating whatever money the government wishes to spend and controlling inflation by issuing or purchasing bonds as required.
Oil at 20 bucks.
Fed and Boc rates at zero.
Massive unemployment.
Travel dead.
Tourism dead.
Airlines dead.
Sharing economy dead
Restaurants dead
Renters strike.
This is a huge deflationary blackhole.
The governments are trying to print a lot to barely keep the economy from sinking into this hole.
As someone said, hyperinflation is a political phenomenon and not a monetary one.
If the governments want to default on their obligations, they’ll choose this path. It seems that is unlikely to be the case. Especially the US, whose main power is the reserve currency status. They’d sacrifice a thousand or two thousand points on S&P before they give up on their reserve currency status.