PerpetualDiscounts now yield 6.15%, equivalent to 8.00% interest at the standard equivalency factor of 1.3x. Long corporates continue to yield 3.75%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed significantly, to 425bp from the 445bp reported April 15.
| 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 | 2.0319 % | 1,463.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.0319 % | 2,685.5 |
| Floater | 5.25 % | 5.37 % | 40,870 | 14.87 | 4 | 2.0319 % | 1,547.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4002 % | 3,281.6 |
| SplitShare | 5.06 % | 6.09 % | 75,037 | 3.92 | 7 | 0.4002 % | 3,919.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4002 % | 3,057.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2582 % | 2,808.0 |
| Perpetual-Discount | 5.98 % | 6.15 % | 90,430 | 13.70 | 35 | 0.2582 % | 3,011.9 |
| FixedReset Disc | 6.67 % | 5.64 % | 205,165 | 14.15 | 83 | 0.5046 % | 1,701.0 |
| Deemed-Retractible | 5.71 % | 6.01 % | 102,962 | 13.64 | 27 | 0.3779 % | 2,967.0 |
| FloatingReset | 3.21 % | 4.75 % | 30,051 | 14.26 | 4 | 0.9859 % | 1,666.7 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5046 % | 2,352.5 |
| FixedReset Bank Non | 1.96 % | 4.26 % | 116,648 | 1.73 | 3 | 0.0275 % | 2,722.0 |
| FixedReset Ins Non | 7.12 % | 5.89 % | 135,452 | 13.55 | 22 | 0.4912 % | 1,670.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.G | FixedReset Ins Non | -6.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 8.00 Evaluated at bid price : 8.00 Bid-YTW : 5.88 % |
| IFC.PR.A | FixedReset Ins Non | -3.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 10.31 Evaluated at bid price : 10.31 Bid-YTW : 5.81 % |
| TRP.PR.K | FixedReset Disc | -3.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 5.63 % |
| BAM.PF.B | FixedReset Disc | -2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.28 % |
| CM.PR.Y | FixedReset Disc | -1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 5.49 % |
| CM.PR.Q | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.46 Evaluated at bid price : 13.46 Bid-YTW : 6.07 % |
| TRP.PR.G | FixedReset Disc | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 6.45 % |
| TD.PF.H | FixedReset Disc | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 21.39 Evaluated at bid price : 21.70 Bid-YTW : 5.30 % |
| NA.PR.X | FixedReset Disc | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 23.06 Evaluated at bid price : 23.60 Bid-YTW : 5.67 % |
| BAM.PF.E | FixedReset Disc | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 12.74 Evaluated at bid price : 12.74 Bid-YTW : 6.32 % |
| TD.PF.M | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 5.33 % |
| BIP.PR.D | FixedReset Disc | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 6.57 % |
| RY.PR.P | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 23.15 Evaluated at bid price : 23.60 Bid-YTW : 5.54 % |
| RY.PR.S | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 4.87 % |
| PWF.PR.S | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.26 % |
| EML.PR.A | FixedReset Ins Non | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 21.69 Evaluated at bid price : 22.11 Bid-YTW : 6.20 % |
| BAM.PF.C | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 6.13 % |
| MFC.PR.Q | FixedReset Ins Non | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 5.86 % |
| RY.PR.H | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 5.32 % |
| PWF.PR.P | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 5.70 % |
| POW.PR.B | Perpetual-Discount | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 21.48 Evaluated at bid price : 21.74 Bid-YTW : 6.19 % |
| RY.PR.E | Deemed-Retractible | 1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.60 Bid-YTW : 5.24 % |
| TD.PF.B | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.77 Evaluated at bid price : 13.77 Bid-YTW : 5.42 % |
| RY.PR.R | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 23.83 Evaluated at bid price : 24.25 Bid-YTW : 5.41 % |
| CU.PR.G | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 5.72 % |
| EIT.PR.A | SplitShare | 1.26 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 6.09 % |
| GWO.PR.L | Deemed-Retractible | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 6.26 % |
| GWO.PR.I | Deemed-Retractible | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.12 % |
| IFC.PR.G | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.51 % |
| NA.PR.S | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 5.77 % |
| CU.PR.F | Perpetual-Discount | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 5.68 % |
| BAM.PR.M | Perpetual-Discount | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.04 % |
| PWF.PR.I | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 6.15 % |
| RY.PR.G | Deemed-Retractible | 1.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.68 Bid-YTW : 5.05 % |
| RY.PR.Z | FixedReset Disc | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.87 Evaluated at bid price : 13.87 Bid-YTW : 5.22 % |
| BAM.PF.D | Perpetual-Discount | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 6.03 % |
| PWF.PR.T | FixedReset Disc | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.12 % |
| NA.PR.W | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 5.68 % |
| TRP.PR.A | FixedReset Disc | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 11.12 Evaluated at bid price : 11.12 Bid-YTW : 6.11 % |
| MFC.PR.I | FixedReset Ins Non | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 6.15 % |
| TD.PF.C | FixedReset Disc | 1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.92 Evaluated at bid price : 13.92 Bid-YTW : 5.48 % |
| TD.PF.A | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.40 % |
| TRP.PR.F | FloatingReset | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 9.35 Evaluated at bid price : 9.35 Bid-YTW : 5.75 % |
| RY.PR.M | FixedReset Disc | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.60 % |
| BNS.PR.H | FixedReset Disc | 1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 21.67 Evaluated at bid price : 22.10 Bid-YTW : 5.27 % |
| BAM.PR.C | Floater | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 7.96 Evaluated at bid price : 7.96 Bid-YTW : 5.44 % |
| IAF.PR.G | FixedReset Ins Non | 1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.19 % |
| BAM.PR.B | Floater | 2.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 8.06 Evaluated at bid price : 8.06 Bid-YTW : 5.37 % |
| BAM.PR.K | Floater | 2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 7.92 Evaluated at bid price : 7.92 Bid-YTW : 5.47 % |
| EIT.PR.B | SplitShare | 2.13 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.90 % |
| PWF.PR.A | Floater | 2.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 8.70 Evaluated at bid price : 8.70 Bid-YTW : 5.00 % |
| BMO.PR.C | FixedReset Disc | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.75 % |
| TRP.PR.C | FixedReset Disc | 2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 8.11 Evaluated at bid price : 8.11 Bid-YTW : 6.20 % |
| BIK.PR.A | FixedReset Disc | 2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 21.69 Evaluated at bid price : 22.00 Bid-YTW : 6.72 % |
| BAM.PF.H | FixedReset Disc | 3.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 22.79 Evaluated at bid price : 23.45 Bid-YTW : 5.35 % |
| MFC.PR.G | FixedReset Ins Non | 3.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 14.13 Evaluated at bid price : 14.13 Bid-YTW : 6.11 % |
| BAM.PR.X | FixedReset Disc | 3.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 10.05 Evaluated at bid price : 10.05 Bid-YTW : 5.82 % |
| TD.PF.D | FixedReset Disc | 3.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.44 % |
| SLF.PR.J | FloatingReset | 3.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 8.60 Evaluated at bid price : 8.60 Bid-YTW : 4.75 % |
| TRP.PR.B | FixedReset Disc | 3.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 7.40 Evaluated at bid price : 7.40 Bid-YTW : 5.91 % |
| MFC.PR.R | FixedReset Ins Non | 3.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.91 % |
| SLF.PR.I | FixedReset Ins Non | 4.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 5.75 % |
| HSE.PR.A | FixedReset Disc | 4.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 5.41 Evaluated at bid price : 5.41 Bid-YTW : 10.35 % |
| BAM.PR.T | FixedReset Disc | 5.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 6.13 % |
| HSE.PR.G | FixedReset Disc | 8.82 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 9.25 Evaluated at bid price : 9.25 Bid-YTW : 10.95 % |
| HSE.PR.C | FixedReset Disc | 9.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 9.80 Evaluated at bid price : 9.80 Bid-YTW : 10.42 % |
| HSE.PR.E | FixedReset Disc | 11.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 10.10 Evaluated at bid price : 10.10 Bid-YTW : 10.77 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| MFC.PR.B | Deemed-Retractible | 233,650 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 5.98 % |
| PWF.PR.T | FixedReset Disc | 156,424 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.12 % |
| POW.PR.D | Perpetual-Discount | 56,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.25 % |
| MFC.PR.R | FixedReset Ins Non | 29,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.91 % |
| BMO.PR.E | FixedReset Disc | 28,244 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 5.33 % |
| TRP.PR.D | FixedReset Disc | 27,985 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-22 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.23 % |
| There were 54 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.M | FixedReset Ins Non | Quote: 12.75 – 15.20 Spot Rate : 2.4500 Average : 1.6968 YTW SCENARIO |
| SLF.PR.G | FixedReset Ins Non | Quote: 8.00 – 9.00 Spot Rate : 1.0000 Average : 0.7042 YTW SCENARIO |
| BAM.PF.J | FixedReset Disc | Quote: 22.00 – 24.20 Spot Rate : 2.2000 Average : 1.9141 YTW SCENARIO |
| RY.PR.P | Perpetual-Discount | Quote: 23.60 – 24.40 Spot Rate : 0.8000 Average : 0.5392 YTW SCENARIO |
| GWO.PR.N | FixedReset Ins Non | Quote: 9.10 – 9.79 Spot Rate : 0.6900 Average : 0.4640 YTW SCENARIO |
| CM.PR.Y | FixedReset Disc | Quote: 19.93 – 20.84 Spot Rate : 0.9100 Average : 0.6996 YTW SCENARIO |