The EQB LRCNs were issued today:
On July 9, 2024, EQB issued $150 million of Capital Notes that mature on October 31, 2084, and will have an initial five-year fixed rate of 8%.
See the update to the linked post for an explanation of how the underlying preferreds are permitted to be non-NVCC.
| 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 | 0.6200 % | 2,166.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6200 % | 4,155.4 |
| Floater | 10.71 % | 10.82 % | 25,241 | 8.95 | 2 | 0.6200 % | 2,394.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0274 % | 3,495.1 |
| SplitShare | 4.78 % | 6.69 % | 32,376 | 1.25 | 6 | -0.0274 % | 4,173.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0274 % | 3,256.6 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0937 % | 2,711.2 |
| Perpetual-Discount | 6.35 % | 6.52 % | 52,667 | 13.10 | 28 | 0.0937 % | 2,956.4 |
| FixedReset Disc | 5.12 % | 6.86 % | 112,494 | 12.25 | 49 | 0.6035 % | 2,640.7 |
| Insurance Straight | 6.16 % | 6.44 % | 61,128 | 13.29 | 21 | 0.0662 % | 2,896.9 |
| FloatingReset | 9.25 % | 9.08 % | 32,779 | 10.34 | 4 | 0.3486 % | 2,779.2 |
| FixedReset Prem | 5.80 % | 6.16 % | 245,038 | 3.00 | 8 | 0.0689 % | 2,547.3 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6035 % | 2,699.3 |
| FixedReset Ins Non | 5.06 % | 6.72 % | 105,084 | 13.12 | 14 | 0.7410 % | 2,808.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.L | Perpetual-Discount | -4.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 6.86 % |
| PVS.PR.I | SplitShare | -1.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 7.41 % |
| MFC.PR.Q | FixedReset Ins Non | -1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 22.43 Evaluated at bid price : 23.15 Bid-YTW : 6.54 % |
| GWO.PR.L | Insurance Straight | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 6.54 % |
| FTS.PR.K | FixedReset Disc | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 7.14 % |
| BMO.PR.W | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 23.80 Evaluated at bid price : 24.57 Bid-YTW : 5.80 % |
| BN.PF.A | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 22.00 Evaluated at bid price : 22.48 Bid-YTW : 7.28 % |
| SLF.PR.D | Insurance Straight | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 5.89 % |
| SLF.PR.E | Insurance Straight | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.97 % |
| BN.PF.G | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 8.15 % |
| FFH.PR.I | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 8.07 % |
| GWO.PR.N | FixedReset Ins Non | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 14.92 Evaluated at bid price : 14.92 Bid-YTW : 7.51 % |
| BN.PF.F | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 7.78 % |
| MFC.PR.L | FixedReset Ins Non | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.70 Evaluated at bid price : 22.08 Bid-YTW : 6.45 % |
| BN.PR.K | Floater | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 11.42 Evaluated at bid price : 11.42 Bid-YTW : 10.82 % |
| PWF.PR.F | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.55 % |
| PWF.PR.R | Perpetual-Discount | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.57 % |
| FFH.PR.G | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 8.14 % |
| FFH.PR.D | FloatingReset | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.90 Evaluated at bid price : 21.90 Bid-YTW : 9.08 % |
| PWF.PR.T | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.57 Evaluated at bid price : 21.88 Bid-YTW : 6.74 % |
| FFH.PR.C | FixedReset Disc | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.66 Evaluated at bid price : 22.05 Bid-YTW : 7.51 % |
| MFC.PR.I | FixedReset Ins Non | 1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 23.10 Evaluated at bid price : 24.35 Bid-YTW : 6.46 % |
| BN.PF.B | FixedReset Disc | 1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 20.37 Evaluated at bid price : 20.37 Bid-YTW : 7.61 % |
| BIP.PR.A | FixedReset Disc | 2.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 22.07 Evaluated at bid price : 22.71 Bid-YTW : 7.55 % |
| BIP.PR.F | FixedReset Disc | 2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 7.55 % |
| CM.PR.Q | FixedReset Disc | 3.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 23.26 Evaluated at bid price : 23.80 Bid-YTW : 6.36 % |
| IFC.PR.A | FixedReset Ins Non | 5.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 6.93 % |
| PWF.PR.P | FixedReset Disc | 9.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 7.76 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.W | FixedReset Disc | 156,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 23.80 Evaluated at bid price : 24.57 Bid-YTW : 5.80 % |
| BMO.PR.T | FixedReset Disc | 145,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 23.92 Evaluated at bid price : 24.91 Bid-YTW : 5.75 % |
| BN.PR.B | Floater | 144,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 10.94 % |
| IAF.PR.B | Insurance Straight | 113,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 24.80 Evaluated at bid price : 25.02 Bid-YTW : 4.62 % |
| TD.PF.C | FixedReset Disc | 104,550 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-07-09 Maturity Price : 23.40 Evaluated at bid price : 24.12 Bid-YTW : 5.93 % |
| CM.PR.O | FixedReset Disc | 95,250 | YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-30 Maturity Price : 25.00 Evaluated at bid price : 24.93 Bid-YTW : 5.73 % |
| There were 27 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.F | Insurance Straight | Quote: 21.75 – 23.60 Spot Rate : 1.8500 Average : 1.4059 YTW SCENARIO |
| PVS.PR.J | SplitShare | Quote: 23.80 – 24.90 Spot Rate : 1.1000 Average : 0.7108 YTW SCENARIO |
| IFC.PR.I | Insurance Straight | Quote: 22.00 – 23.41 Spot Rate : 1.4100 Average : 1.0380 YTW SCENARIO |
| PVS.PR.F | SplitShare | Quote: 25.00 – 26.00 Spot Rate : 1.0000 Average : 0.7441 YTW SCENARIO |
| PWF.PR.L | Perpetual-Discount | Quote: 19.02 – 20.12 Spot Rate : 1.1000 Average : 0.9251 YTW SCENARIO |
| IFC.PR.E | Insurance Straight | Quote: 20.35 – 21.72 Spot Rate : 1.3700 Average : 1.1968 YTW SCENARIO |