A New Year’s update from Assiduous Reader RAV4guy!
December 31, 2024
TXPR closed at 635.41, up 0.86% on the day after setting a new 52-week high. Volume today was 1.29-million, near the median of the past 21 trading days.
CPD closed at 12.57, up 0.48% on the day after setting a new 52-week high. Volume was 56,850, below the median of the past 21 trading days.
ZPR closed at 10.95, up 0.74% on the day after setting a new 52-week high. Volume was 71,010, a little below the median of the past 21 trading days.
Five-year Canada yields were steady at 2.99%.
And that’s it for another year!
| 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 | -0.7194 % | 2,270.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7194 % | 4,355.5 |
| Floater | 7.68 % | 7.94 % | 38,089 | 11.49 | 4 | -0.7194 % | 2,510.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0340 % | 3,637.2 |
| SplitShare | 4.75 % | 4.43 % | 56,334 | 1.12 | 7 | -0.0340 % | 4,343.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0340 % | 3,389.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0175 % | 2,877.0 |
| Perpetual-Discount | 5.97 % | 6.11 % | 54,369 | 13.71 | 32 | 0.0175 % | 3,137.2 |
| FixedReset Disc | 5.34 % | 6.53 % | 103,997 | 12.84 | 53 | 0.4097 % | 2,812.7 |
| Insurance Straight | 5.93 % | 6.02 % | 64,599 | 13.86 | 21 | 0.6484 % | 3,052.7 |
| FloatingReset | 6.45 % | 6.40 % | 44,370 | 13.34 | 4 | -0.1519 % | 3,332.0 |
| FixedReset Prem | 6.02 % | 5.56 % | 187,338 | 13.70 | 9 | 0.0606 % | 2,604.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4097 % | 2,875.1 |
| FixedReset Ins Non | 5.21 % | 6.00 % | 78,025 | 13.88 | 14 | 0.5354 % | 2,899.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.H | Perpetual-Discount | -4.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.19 % |
| RY.PR.O | Perpetual-Discount | -2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.15 % |
| ENB.PR.D | FixedReset Disc | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.43 % |
| MFC.PR.N | FixedReset Ins Non | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.36 % |
| FFH.PR.F | FloatingReset | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.72 Evaluated at bid price : 22.00 Bid-YTW : 6.11 % |
| BN.PR.C | Floater | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 12.12 Evaluated at bid price : 12.12 Bid-YTW : 7.95 % |
| ENB.PR.P | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 20.19 Evaluated at bid price : 20.19 Bid-YTW : 7.09 % |
| MFC.PR.B | Insurance Straight | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.84 % |
| PWF.PR.E | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 22.67 Evaluated at bid price : 22.91 Bid-YTW : 6.11 % |
| GWO.PR.Q | Insurance Straight | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 6.05 % |
| FFH.PR.G | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.62 Evaluated at bid price : 22.00 Bid-YTW : 6.21 % |
| ENB.PR.J | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.07 % |
| ENB.PR.T | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 6.92 % |
| BN.PR.T | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 7.09 % |
| BN.PR.R | FixedReset Disc | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 7.12 % |
| GWO.PR.R | Insurance Straight | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.08 % |
| ENB.PR.H | FixedReset Disc | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 6.63 % |
| ENB.PR.B | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.27 % |
| ENB.PF.K | FixedReset Disc | 1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 22.33 Evaluated at bid price : 22.86 Bid-YTW : 6.85 % |
| BN.PF.J | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 22.77 Evaluated at bid price : 23.58 Bid-YTW : 6.53 % |
| IFC.PR.C | FixedReset Ins Non | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.76 Evaluated at bid price : 22.24 Bid-YTW : 6.11 % |
| ENB.PR.Y | FixedReset Disc | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.25 % |
| SLF.PR.D | Insurance Straight | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 5.57 % |
| FTS.PR.H | FixedReset Disc | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 16.23 Evaluated at bid price : 16.23 Bid-YTW : 6.83 % |
| GWO.PR.P | Insurance Straight | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 22.26 Evaluated at bid price : 22.53 Bid-YTW : 6.02 % |
| FFH.PR.E | FixedReset Disc | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.95 Evaluated at bid price : 22.48 Bid-YTW : 5.73 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.B | FixedReset Disc | 60,433 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 21.86 Evaluated at bid price : 22.27 Bid-YTW : 6.53 % |
| TD.PF.J | FixedReset Prem | 49,686 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 23.38 Evaluated at bid price : 25.13 Bid-YTW : 5.71 % |
| FFH.PR.K | FixedReset Disc | 37,696 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 23.05 Evaluated at bid price : 23.90 Bid-YTW : 6.60 % |
| ENB.PR.B | FixedReset Disc | 37,203 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 7.27 % |
| CM.PR.Q | FixedReset Disc | 30,867 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 5.20 % |
| NA.PR.G | FixedReset Prem | 22,605 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-31 Maturity Price : 23.62 Evaluated at bid price : 26.23 Bid-YTW : 5.78 % |
| There were 13 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: 22.14 – 24.99 Spot Rate : 2.8500 Average : 1.5936 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 19.46 – 20.70 Spot Rate : 1.2400 Average : 0.7231 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 18.70 – 19.99 Spot Rate : 1.2900 Average : 0.8771 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 21.50 – 22.48 Spot Rate : 0.9800 Average : 0.6148 YTW SCENARIO |
| ENB.PF.G | FixedReset Disc | Quote: 18.80 – 19.55 Spot Rate : 0.7500 Average : 0.4432 YTW SCENARIO |
| FFH.PR.F | FloatingReset | Quote: 22.00 – 22.80 Spot Rate : 0.8000 Average : 0.4968 YTW SCENARIO |
December 30, 2024
| 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 | 0.5021 % | 2,287.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.5021 % | 4,387.1 |
| Floater | 7.62 % | 7.86 % | 38,455 | 11.57 | 4 | 0.5021 % | 2,528.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4675 % | 3,638.5 |
| SplitShare | 4.75 % | 4.42 % | 56,909 | 1.12 | 7 | 0.4675 % | 4,345.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4675 % | 3,390.2 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4356 % | 2,876.5 |
| Perpetual-Discount | 5.97 % | 6.12 % | 54,031 | 13.68 | 32 | 0.4356 % | 3,136.6 |
| FixedReset Disc | 5.37 % | 6.57 % | 98,112 | 12.72 | 53 | 0.4123 % | 2,801.2 |
| Insurance Straight | 5.97 % | 6.05 % | 64,267 | 13.82 | 21 | -0.0568 % | 3,033.0 |
| FloatingReset | 6.44 % | 6.38 % | 42,986 | 13.36 | 4 | 0.3517 % | 3,337.1 |
| FixedReset Prem | 6.02 % | 5.57 % | 187,167 | 13.56 | 9 | 0.0954 % | 2,602.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4123 % | 2,863.4 |
| FixedReset Ins Non | 5.24 % | 5.99 % | 77,918 | 13.82 | 14 | 0.5316 % | 2,884.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BIP.PR.A | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 23.09 Evaluated at bid price : 23.86 Bid-YTW : 6.81 % |
| IFC.PR.I | Insurance Straight | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.97 Evaluated at bid price : 22.25 Bid-YTW : 6.10 % |
| ENB.PR.A | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.04 % |
| BIP.PR.E | FixedReset Disc | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 22.82 Evaluated at bid price : 23.75 Bid-YTW : 6.49 % |
| SLF.PR.G | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 6.57 % |
| IFC.PR.C | FixedReset Ins Non | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.55 Evaluated at bid price : 21.93 Bid-YTW : 6.20 % |
| FTS.PR.J | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 20.39 Evaluated at bid price : 20.39 Bid-YTW : 5.90 % |
| FTS.PR.G | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.81 Evaluated at bid price : 22.14 Bid-YTW : 6.15 % |
| GWO.PR.N | FixedReset Ins Non | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 15.57 Evaluated at bid price : 15.57 Bid-YTW : 6.69 % |
| GWO.PR.M | Insurance Straight | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 23.82 Evaluated at bid price : 24.07 Bid-YTW : 6.06 % |
| PWF.PR.T | FixedReset Disc | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 22.29 Evaluated at bid price : 22.93 Bid-YTW : 6.02 % |
| BN.PR.T | FixedReset Disc | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 7.17 % |
| FTS.PR.F | Perpetual-Discount | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.32 Evaluated at bid price : 21.32 Bid-YTW : 5.82 % |
| PWF.PR.Z | Perpetual-Discount | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 6.14 % |
| CU.PR.H | Perpetual-Discount | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.92 % |
| ENB.PF.A | FixedReset Disc | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 7.09 % |
| BN.PF.I | FixedReset Disc | 1.62 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.44 Bid-YTW : 6.52 % |
| BIP.PR.B | FixedReset Disc | 1.79 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : 5.28 % |
| POW.PR.C | Perpetual-Discount | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 23.61 Evaluated at bid price : 23.88 Bid-YTW : 6.09 % |
| BN.PF.E | FixedReset Disc | 2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.87 % |
| IFC.PR.A | FixedReset Ins Non | 2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.71 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.P | FixedReset Disc | 47,050 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.92 Bid-YTW : 3.69 % |
| NA.PR.W | FixedReset Disc | 38,881 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 4.05 % |
| PWF.PR.P | FixedReset Disc | 26,979 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 15.88 Evaluated at bid price : 15.88 Bid-YTW : 7.03 % |
| TD.PF.C | FixedReset Disc | 18,650 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.22 % |
| FFH.PR.E | FixedReset Disc | 16,765 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 21.71 Evaluated at bid price : 22.11 Bid-YTW : 5.84 % |
| PWF.PF.A | Perpetual-Discount | 14,211 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-30 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 6.09 % |
| There were 3 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| ENB.PR.H | FixedReset Disc | Quote: 20.35 – 22.22 Spot Rate : 1.8700 Average : 1.0354 YTW SCENARIO |
| BN.PF.B | FixedReset Disc | Quote: 22.15 – 23.85 Spot Rate : 1.7000 Average : 0.9825 YTW SCENARIO |
| PWF.PR.L | Perpetual-Discount | Quote: 21.00 – 22.65 Spot Rate : 1.6500 Average : 1.0325 YTW SCENARIO |
| GWO.PR.L | Insurance Straight | Quote: 23.65 – 25.00 Spot Rate : 1.3500 Average : 0.8016 YTW SCENARIO |
| BN.PF.D | Perpetual-Discount | Quote: 19.12 – 20.40 Spot Rate : 1.2800 Average : 0.8177 YTW SCENARIO |
| PVS.PR.K | SplitShare | Quote: 24.87 – 25.88 Spot Rate : 1.0100 Average : 0.6967 YTW SCENARIO |
December 27, 2024
| 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 % | 2,275.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 4,365.1 |
| Floater | 7.66 % | 7.92 % | 38,531 | 11.51 | 4 | 0.0000 % | 2,515.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2502 % | 3,621.5 |
| SplitShare | 4.77 % | 4.81 % | 58,179 | 2.05 | 7 | -0.2502 % | 4,324.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2502 % | 3,374.5 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0951 % | 2,864.0 |
| Perpetual-Discount | 6.00 % | 6.15 % | 55,991 | 13.66 | 32 | 0.0951 % | 3,123.0 |
| FixedReset Disc | 5.39 % | 6.67 % | 99,466 | 12.65 | 53 | -0.0485 % | 2,789.7 |
| Insurance Straight | 5.97 % | 6.05 % | 64,355 | 13.85 | 21 | -0.1884 % | 3,034.8 |
| FloatingReset | 6.45 % | 6.09 % | 39,673 | 13.08 | 4 | -0.3272 % | 3,325.4 |
| FixedReset Prem | 6.03 % | 5.62 % | 189,750 | 13.40 | 9 | 0.1172 % | 2,600.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0485 % | 2,851.6 |
| FixedReset Ins Non | 5.27 % | 6.05 % | 79,018 | 13.74 | 14 | 0.6399 % | 2,869.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| POW.PR.C | Perpetual-Discount | -2.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 23.17 Evaluated at bid price : 23.43 Bid-YTW : 6.20 % |
| BIP.PR.B | FixedReset Disc | -2.15 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.62 Bid-YTW : 7.08 % |
| ENB.PR.D | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 7.39 % |
| BN.PF.J | FixedReset Disc | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 22.47 Evaluated at bid price : 23.05 Bid-YTW : 6.73 % |
| FTS.PR.J | Perpetual-Discount | -1.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 20.17 Evaluated at bid price : 20.17 Bid-YTW : 5.96 % |
| PVS.PR.K | SplitShare | -1.55 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.74 Bid-YTW : 4.81 % |
| BN.PF.I | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 23.13 Evaluated at bid price : 24.05 Bid-YTW : 6.95 % |
| FFH.PR.F | FloatingReset | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 21.83 Evaluated at bid price : 22.10 Bid-YTW : 6.07 % |
| GWO.PR.M | Insurance Straight | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 23.51 Evaluated at bid price : 23.78 Bid-YTW : 6.13 % |
| POW.PR.A | Perpetual-Discount | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 6.17 % |
| ENB.PR.J | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 7.20 % |
| ENB.PR.N | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 22.25 Evaluated at bid price : 22.84 Bid-YTW : 6.61 % |
| PWF.PR.H | Perpetual-Discount | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 6.21 % |
| ENB.PR.A | Perpetual-Discount | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 22.98 Evaluated at bid price : 23.25 Bid-YTW : 5.98 % |
| PWF.PR.G | Perpetual-Discount | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 24.09 Evaluated at bid price : 24.35 Bid-YTW : 6.16 % |
| FTS.PR.M | FixedReset Disc | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.67 % |
| GWO.PR.N | FixedReset Ins Non | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 6.83 % |
| BN.PF.G | FixedReset Disc | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 20.98 Evaluated at bid price : 20.98 Bid-YTW : 6.98 % |
| POW.PR.D | Perpetual-Discount | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.09 % |
| MFC.PR.M | FixedReset Ins Non | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 21.94 Evaluated at bid price : 22.44 Bid-YTW : 6.12 % |
| MFC.PR.J | FixedReset Ins Non | 1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 23.26 Evaluated at bid price : 24.75 Bid-YTW : 5.81 % |
| FTS.PR.H | FixedReset Disc | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 15.97 Evaluated at bid price : 15.97 Bid-YTW : 7.01 % |
| CU.PR.D | Perpetual-Discount | 1.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.89 % |
| ENB.PF.E | FixedReset Disc | 2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 7.55 % |
| SLF.PR.G | FixedReset Ins Non | 4.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 6.71 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.C | FixedReset Disc | 42,450 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 3.86 % |
| ENB.PF.C | FixedReset Disc | 30,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 7.42 % |
| FFH.PR.F | FloatingReset | 25,146 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 21.83 Evaluated at bid price : 22.10 Bid-YTW : 6.07 % |
| NA.PR.W | FixedReset Disc | 24,500 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.10 % |
| FTS.PR.H | FixedReset Disc | 20,638 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 15.97 Evaluated at bid price : 15.97 Bid-YTW : 7.01 % |
| PWF.PF.A | Perpetual-Discount | 17,098 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-27 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.11 % |
| There were 1 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BN.PR.X | FixedReset Disc | Quote: 16.50 – 17.95 Spot Rate : 1.4500 Average : 0.9573 YTW SCENARIO |
| CU.PR.G | Perpetual-Discount | Quote: 19.25 – 20.93 Spot Rate : 1.6800 Average : 1.3456 YTW SCENARIO |
| GWO.PR.M | Insurance Straight | Quote: 23.78 – 24.50 Spot Rate : 0.7200 Average : 0.4599 YTW SCENARIO |
| BN.PF.J | FixedReset Disc | Quote: 23.05 – 24.00 Spot Rate : 0.9500 Average : 0.7337 YTW SCENARIO |
| BIP.PR.B | FixedReset Disc | Quote: 24.62 – 25.40 Spot Rate : 0.7800 Average : 0.5685 YTW SCENARIO |
| ENB.PF.E | FixedReset Disc | Quote: 18.90 – 19.95 Spot Rate : 1.0500 Average : 0.9071 YTW SCENARIO |
December 24, 2024
Merry Christmas, everybody!
PerpetualDiscounts now yield 6.13%, equivalent to 7.97% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.61% on 2024-12-24. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 335bp from the 330bp reported December 11.
| 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 | -0.1604 % | 2,275.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1604 % | 4,365.1 |
| Floater | 7.66 % | 7.90 % | 40,099 | 11.54 | 4 | -0.1604 % | 2,515.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2223 % | 3,630.6 |
| SplitShare | 4.76 % | 4.41 % | 60,161 | 2.05 | 7 | 0.2223 % | 4,335.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2223 % | 3,382.9 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2511 % | 2,861.3 |
| Perpetual-Discount | 6.00 % | 6.13 % | 55,945 | 13.70 | 32 | -0.2511 % | 3,120.1 |
| FixedReset Disc | 5.39 % | 6.62 % | 100,213 | 12.57 | 53 | 0.1431 % | 2,791.0 |
| Insurance Straight | 5.95 % | 6.03 % | 65,298 | 13.86 | 21 | 0.0386 % | 3,040.5 |
| FloatingReset | 6.43 % | 6.37 % | 37,750 | 13.39 | 4 | -0.1167 % | 3,336.3 |
| FixedReset Prem | 6.03 % | 5.65 % | 191,638 | 13.68 | 9 | -0.0521 % | 2,597.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1431 % | 2,853.0 |
| FixedReset Ins Non | 5.30 % | 6.08 % | 80,009 | 13.71 | 14 | 0.0576 % | 2,850.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.E | Insurance Straight | -4.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 6.22 % |
| ENB.PF.E | FixedReset Disc | -2.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 7.70 % |
| CU.PR.D | Perpetual-Discount | -1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 6.00 % |
| BN.PF.G | FixedReset Disc | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 7.07 % |
| PWF.PR.Z | Perpetual-Discount | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.24 % |
| TD.PF.J | FixedReset Prem | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 23.29 Evaluated at bid price : 24.90 Bid-YTW : 5.81 % |
| BN.PF.A | FixedReset Disc | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 22.85 Evaluated at bid price : 23.94 Bid-YTW : 6.43 % |
| FTS.PR.M | FixedReset Disc | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 6.75 % |
| PWF.PR.H | Perpetual-Discount | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 6.27 % |
| FFH.PR.G | FixedReset Disc | 1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 21.44 Evaluated at bid price : 21.75 Bid-YTW : 6.33 % |
| FFH.PR.I | FixedReset Disc | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 22.09 Evaluated at bid price : 22.75 Bid-YTW : 6.31 % |
| POW.PR.A | Perpetual-Discount | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.09 % |
| PWF.PR.L | Perpetual-Discount | 1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 6.18 % |
| TD.PF.C | FixedReset Disc | 1.99 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 3.94 % |
| BIP.PR.B | FixedReset Disc | 2.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 4.78 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.A | Floater | 102,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-24 Maturity Price : 13.35 Evaluated at bid price : 13.35 Bid-YTW : 7.27 % |
| TD.PF.C | FixedReset Disc | 32,850 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 3.94 % |
| NA.PR.W | FixedReset Disc | 14,800 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 4.15 % |
| 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.G | Perpetual-Discount | Quote: 19.25 – 20.93 Spot Rate : 1.6800 Average : 0.9790 YTW SCENARIO |
| CU.PR.D | Perpetual-Discount | Quote: 20.67 – 22.00 Spot Rate : 1.3300 Average : 0.9325 YTW SCENARIO |
| SLF.PR.G | FixedReset Ins Non | Quote: 15.75 – 17.10 Spot Rate : 1.3500 Average : 1.0176 YTW SCENARIO |
| BN.PR.R | FixedReset Disc | Quote: 17.75 – 18.80 Spot Rate : 1.0500 Average : 0.7635 YTW SCENARIO |
| BN.PF.G | FixedReset Disc | Quote: 20.70 – 21.50 Spot Rate : 0.8000 Average : 0.5346 YTW SCENARIO |
| FTS.PR.K | FixedReset Disc | Quote: 20.42 – 21.10 Spot Rate : 0.6800 Average : 0.4435 YTW SCENARIO |
December 23, 2024
| 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 | 0.2412 % | 2,279.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2412 % | 4,372.2 |
| Floater | 7.65 % | 7.88 % | 37,111 | 11.56 | 4 | 0.2412 % | 2,519.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1999 % | 3,622.6 |
| SplitShare | 4.77 % | 5.03 % | 62,527 | 2.06 | 7 | 0.1999 % | 4,326.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1999 % | 3,375.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2194 % | 2,868.5 |
| Perpetual-Discount | 5.99 % | 6.17 % | 56,375 | 13.59 | 32 | 0.2194 % | 3,127.9 |
| FixedReset Disc | 5.39 % | 6.66 % | 103,378 | 12.64 | 53 | 0.0408 % | 2,787.1 |
| Insurance Straight | 5.96 % | 6.03 % | 67,754 | 13.88 | 21 | 0.0682 % | 3,039.3 |
| FloatingReset | 6.42 % | 6.23 % | 37,359 | 13.15 | 4 | 0.1286 % | 3,340.2 |
| FixedReset Prem | 6.03 % | 5.62 % | 197,004 | 13.68 | 9 | -0.0607 % | 2,598.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0408 % | 2,848.9 |
| FixedReset Ins Non | 5.30 % | 6.09 % | 82,858 | 13.75 | 14 | -0.1792 % | 2,849.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.G | FixedReset Ins Non | -4.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 7.00 % |
| FTS.PR.H | FixedReset Disc | -1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 7.08 % |
| BN.PF.E | FixedReset Disc | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.10 % |
| PWF.PR.L | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.27 % |
| BN.PF.D | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 6.50 % |
| GWO.PR.N | FixedReset Ins Non | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 6.96 % |
| BN.PR.M | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 18.58 Evaluated at bid price : 18.58 Bid-YTW : 6.43 % |
| FFH.PR.G | FixedReset Disc | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.42 % |
| GWO.PR.G | Insurance Straight | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.20 % |
| GWO.PR.R | Insurance Straight | -1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 19.74 Evaluated at bid price : 19.74 Bid-YTW : 6.12 % |
| POW.PR.G | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 22.78 Evaluated at bid price : 23.06 Bid-YTW : 6.19 % |
| BN.PF.G | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.96 % |
| BIP.PR.A | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 23.24 Evaluated at bid price : 24.00 Bid-YTW : 6.82 % |
| PWF.PR.G | Perpetual-Discount | 1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 24.05 Evaluated at bid price : 24.30 Bid-YTW : 6.17 % |
| CCS.PR.C | Insurance Straight | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.97 % |
| CU.PR.J | Perpetual-Discount | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.07 % |
| BN.PF.H | FixedReset Disc | 1.58 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.92 % |
| PWF.PR.A | Floater | 1.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 13.37 Evaluated at bid price : 13.37 Bid-YTW : 7.26 % |
| BN.PF.I | FixedReset Disc | 1.97 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.32 Bid-YTW : 6.70 % |
| IFC.PR.E | Insurance Straight | 3.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 21.55 Evaluated at bid price : 21.93 Bid-YTW : 5.94 % |
| BN.PR.N | Perpetual-Discount | 7.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 6.48 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.Y | FixedReset Disc | 50,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 24.03 Evaluated at bid price : 24.60 Bid-YTW : 5.77 % |
| TD.PF.J | FixedReset Prem | 26,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 23.41 Evaluated at bid price : 25.25 Bid-YTW : 5.71 % |
| FTS.PR.M | FixedReset Disc | 25,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.67 % |
| RY.PR.N | Perpetual-Discount | 13,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 5.10 % |
| ENB.PR.Y | FixedReset Disc | 12,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 7.39 % |
| ENB.PF.K | FixedReset Disc | 12,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-23 Maturity Price : 22.06 Evaluated at bid price : 22.45 Bid-YTW : 7.02 % |
| There were 5 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| ENB.PF.E | FixedReset Disc | Quote: 18.95 – 19.95 Spot Rate : 1.0000 Average : 0.6633 YTW SCENARIO |
| GWO.PR.Y | Insurance Straight | Quote: 18.73 – 19.75 Spot Rate : 1.0200 Average : 0.6966 YTW SCENARIO |
| MFC.PR.B | Insurance Straight | Quote: 20.00 – 20.99 Spot Rate : 0.9900 Average : 0.7319 YTW SCENARIO |
| BIP.PR.F | FixedReset Disc | Quote: 23.00 – 23.72 Spot Rate : 0.7200 Average : 0.4793 YTW SCENARIO |
| BN.PF.C | Perpetual-Discount | Quote: 18.85 – 19.62 Spot Rate : 0.7700 Average : 0.5382 YTW SCENARIO |
| BN.PF.J | FixedReset Disc | Quote: 23.37 – 24.30 Spot Rate : 0.9300 Average : 0.7228 YTW SCENARIO |
TRP.PR.A / TRP.PR.F: 17% Net Conversion To FixedReset
TC Energy Corporation has announced:
that 42,200 of its 14,577,184 fixed rate Cumulative Redeemable First Preferred Shares, Series 1 (Series 1 Shares) have been elected for conversion on Dec. 31, 2024, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 2 (Series 2 Shares); and 3,889,020 of its 7,422,816 Series 2 Shares have been elected for conversion, on a one-for-one basis, into Series 1 Shares.
As a result of the conversions, TC Energy will have 18,424,004 Series 1 Shares and 3,575,996 Series 2 Shares issued and outstanding. The Series 1 Shares and Series 2 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbols TRP.PR.A and TRP.PR.F, respectively.
The Series 1 Shares will pay on a quarterly basis for the five-year period beginning on Dec. 31, 2024, as and when declared by the Board of Directors of TC Energy, a fixed dividend at an annualized rate of 4.939 per cent.
The Series 2 Shares will pay a floating rate quarterly dividend for the five-year period beginning on Dec. 31, 2024, as and when declared by the Board of Directors of TC Energy. The dividend rate for the Series 2 Shares for the first quarterly floating rate period commencing Dec. 31, 2024 to but excluding Mar. 31, 2025 is 5.401 per cent and will be reset every quarter.
Holders of Series 1 Shares and Series 2 Shares will have the opportunity to convert their shares again on Dec. 31, 2029 and in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 1 Shares and the Series 2 Shares, please see the prospectus supplement dated Sept. 22, 2009 which is available on sedarplus.ca or on our website.
So this was a net conversion of 17% from TRP.PR.F to TRP.PR.A. The pair is now 84% FixedReset, TRP.PR.A.
TRP.PR.A commenced trading 2009-9-30 after being announced 2009-9-22. It commenced life as a FixedReset, 4.60%+192, that reset to 3.266% effective 2014-12-31. Assiduous Readers may recall that I have blamed the 2014 reset of TRP.PR.A for what we might now call ‘the first half’ of the current bear market. I recommended conversion to TRP.PR.F in 2014 and there was a conversion rate of about 62%. The company announced the extension to 2024 on 2019-11-21. TRP.PR.A reset at 3.479% effective 2019-12-31. I recommended holding, or converting to, TRP.PR.A and there was a 23% net conversion to that issue. TRP.PR.A reset to 4.939% in 2024.
TRP.PR.F commenced trading 2014-12-31 after a partial conversion from TRP.PR.A.
Thanks to Assiduous Reader niagara for bringing this to my attention!
TD.PF.C To Be Redeemed
The Toronto-Dominion Bank has announced:
that it will exercise its right to redeem all of its 20,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 5 (Non-Viability Contingent Capital) (the “Series 5 Shares”) on January 31, 2025 at the price of $25.00 per Series 5 Share for an aggregate total of approximately $500 million. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
On December 5, 2024, TD announced that dividends of $0.24225 per Series 5 Share had been declared. These will be the final dividends on the Series 5 Shares, and will be paid in the usual manner on January 31, 2025 to shareholders of record on January 10, 2025, as previously announced. After January 31, 2025, the Series 5 Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.
Beneficial holders who are not directly the registered holder of Series 5 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, TSX Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860).
TD.PF.C is a FixedReset, 3.75%+225, that commenced trading 2014-12-16 after being announced 2014-12-5. Notice of extension was reported in December, 2019. TD.PF.C will reset at 3.876% effective January 31, 2020. I recommended against conversion and there was no conversion. TD.PF.C is tracked by HIMIPref™ and is assigned to the FixedReset-Discount subindex.
December 20, 2024
| 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 | 0.1006 % | 2,274.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1006 % | 4,361.6 |
| Floater | 7.67 % | 7.84 % | 34,847 | 11.61 | 4 | 0.1006 % | 2,513.6 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1369 % | 3,615.4 |
| SplitShare | 4.78 % | 4.80 % | 62,123 | 2.07 | 7 | -0.1369 % | 4,317.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1369 % | 3,368.7 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0336 % | 2,862.2 |
| Perpetual-Discount | 6.00 % | 6.16 % | 56,056 | 13.58 | 32 | -0.0336 % | 3,121.1 |
| FixedReset Disc | 5.40 % | 6.58 % | 104,854 | 12.87 | 53 | 0.2130 % | 2,785.9 |
| Insurance Straight | 5.96 % | 6.06 % | 65,963 | 13.87 | 21 | 0.3351 % | 3,037.2 |
| FloatingReset | 6.44 % | 6.14 % | 36,308 | 13.11 | 4 | 0.0351 % | 3,335.9 |
| FixedReset Prem | 6.03 % | 5.56 % | 198,951 | 13.76 | 9 | -0.0433 % | 2,599.9 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2130 % | 2,847.8 |
| FixedReset Ins Non | 5.15 % | 6.03 % | 87,973 | 13.81 | 14 | 0.2985 % | 2,854.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PR.N | Perpetual-Discount | -8.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 6.97 % |
| ENB.PF.E | FixedReset Disc | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 7.43 % |
| BIP.PR.A | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 23.01 Evaluated at bid price : 23.76 Bid-YTW : 6.81 % |
| RY.PR.N | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 23.95 Evaluated at bid price : 24.20 Bid-YTW : 5.10 % |
| PWF.PR.T | FixedReset Disc | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 22.02 Evaluated at bid price : 22.50 Bid-YTW : 6.11 % |
| MFC.PR.L | FixedReset Ins Non | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 22.03 Evaluated at bid price : 22.55 Bid-YTW : 5.93 % |
| ENB.PR.B | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 7.30 % |
| CCS.PR.C | Insurance Straight | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.06 % |
| GWO.PR.N | FixedReset Ins Non | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 15.29 Evaluated at bid price : 15.29 Bid-YTW : 6.76 % |
| IFC.PR.C | FixedReset Ins Non | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 21.46 Evaluated at bid price : 21.80 Bid-YTW : 6.20 % |
| CU.PR.F | Perpetual-Discount | 1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.86 % |
| MFC.PR.I | FixedReset Ins Non | 1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 23.11 Evaluated at bid price : 24.20 Bid-YTW : 6.07 % |
| CU.PR.D | Perpetual-Discount | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 5.87 % |
| PWF.PR.F | Perpetual-Discount | 1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 21.42 Evaluated at bid price : 21.68 Bid-YTW : 6.15 % |
| FFH.PR.K | FixedReset Disc | 1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 23.02 Evaluated at bid price : 23.85 Bid-YTW : 6.58 % |
| CU.PR.H | Perpetual-Discount | 2.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 21.80 Evaluated at bid price : 22.04 Bid-YTW : 6.01 % |
| FFH.PR.G | FixedReset Disc | 2.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 21.44 Evaluated at bid price : 21.75 Bid-YTW : 6.25 % |
| CU.PR.C | FixedReset Disc | 2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.48 % |
| IFC.PR.E | Insurance Straight | 5.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.15 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.P | FixedReset Disc | 840,500 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 3.99 % |
| NA.PR.W | FixedReset Disc | 115,085 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.12 % |
| PWF.PR.A | Floater | 30,150 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 7.38 % |
| BN.PR.R | FixedReset Disc | 28,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 7.18 % |
| TD.PF.J | FixedReset Prem | 23,080 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 23.40 Evaluated at bid price : 25.22 Bid-YTW : 5.66 % |
| CM.PR.S | FixedReset Prem | 21,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-20 Maturity Price : 25.49 Evaluated at bid price : 25.49 Bid-YTW : 5.52 % |
| There were 10 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BN.PR.N | Perpetual-Discount | Quote: 17.15 – 18.70 Spot Rate : 1.5500 Average : 0.9088 YTW SCENARIO |
| PVS.PR.K | SplitShare | Quote: 24.92 – 25.88 Spot Rate : 0.9600 Average : 0.6760 YTW SCENARIO |
| POW.PR.G | Perpetual-Discount | Quote: 22.83 – 23.45 Spot Rate : 0.6200 Average : 0.3573 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 20.22 – 21.13 Spot Rate : 0.9100 Average : 0.7366 YTW SCENARIO |
| RY.PR.N | Perpetual-Discount | Quote: 24.20 – 24.80 Spot Rate : 0.6000 Average : 0.4368 YTW SCENARIO |
| CU.PR.J | Perpetual-Discount | Quote: 19.50 – 20.21 Spot Rate : 0.7100 Average : 0.5724 YTW SCENARIO |
December 19, 2024
Whoosh! Bonds got hammered today:
Economic data Thursday was in sync with the Fed’s view, with weekly initial jobless claims falling more than expected while gross domestic product for the third quarter was revised to show a 3.1% increase from the previously reported 2.8% pace.
…
Traders now see just one quarter-point rate reduction by mid-2025, and see less than two cuts in total by the end of the year, compared with last week’s expectations of three rate cuts.Longer-dated Treasury yields were higher after the economic data, with the benchmark U.S. 10-year note reaching a near 7-month high of 4.594%. Canadian bond yields also moved higher across a steeper curve. The 10-year by late day was up 15 basis points at 3.373%, its highest since late November.
| 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 | -0.0804 % | 2,271.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0804 % | 4,357.3 |
| Floater | 7.68 % | 7.87 % | 33,862 | 11.58 | 4 | -0.0804 % | 2,511.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2446 % | 3,620.3 |
| SplitShare | 4.78 % | 4.72 % | 64,576 | 2.07 | 7 | -0.2446 % | 4,323.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2446 % | 3,373.3 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7158 % | 2,863.1 |
| Perpetual-Discount | 6.00 % | 6.17 % | 55,508 | 13.60 | 32 | -0.7158 % | 3,122.1 |
| FixedReset Disc | 5.41 % | 6.65 % | 105,143 | 12.87 | 53 | 0.0391 % | 2,780.0 |
| Insurance Straight | 5.98 % | 6.08 % | 66,306 | 13.82 | 21 | -1.3137 % | 3,027.1 |
| FloatingReset | 6.44 % | 5.99 % | 36,127 | 13.10 | 4 | 0.1992 % | 3,334.7 |
| FixedReset Prem | 6.02 % | 5.56 % | 200,338 | 13.62 | 9 | 0.0130 % | 2,601.1 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0391 % | 2,841.7 |
| FixedReset Ins Non | 5.16 % | 6.03 % | 90,691 | 13.81 | 14 | -0.3380 % | 2,845.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IFC.PR.E | Insurance Straight | -8.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 6.49 % |
| IFC.PR.A | FixedReset Ins Non | -3.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 5.90 % |
| GWO.PR.L | Insurance Straight | -2.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 6.11 % |
| PWF.PR.F | Perpetual-Discount | -2.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.27 % |
| CU.PR.C | FixedReset Disc | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 6.65 % |
| GWO.PR.Y | Insurance Straight | -2.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 6.00 % |
| IFC.PR.K | Insurance Straight | -2.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.16 % |
| CU.PR.D | Perpetual-Discount | -2.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.97 % |
| BN.PR.M | Perpetual-Discount | -2.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 6.41 % |
| FTS.PR.F | Perpetual-Discount | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.86 % |
| FFH.PR.K | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.78 Evaluated at bid price : 23.40 Bid-YTW : 6.72 % |
| BN.PR.N | Perpetual-Discount | -1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.68 Evaluated at bid price : 18.68 Bid-YTW : 6.39 % |
| FTS.PR.J | Perpetual-Discount | -1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.93 % |
| BN.PR.Z | FixedReset Disc | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.44 Evaluated at bid price : 21.79 Bid-YTW : 6.90 % |
| GWO.PR.S | Insurance Straight | -1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 6.09 % |
| GWO.PR.P | Insurance Straight | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 6.12 % |
| BN.PF.J | FixedReset Disc | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.43 Evaluated at bid price : 23.00 Bid-YTW : 6.67 % |
| GWO.PR.H | Insurance Straight | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.10 % |
| BN.PR.K | Floater | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 7.87 % |
| GWO.PR.T | Insurance Straight | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.11 % |
| POW.PR.A | Perpetual-Discount | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.20 % |
| GWO.PR.M | Insurance Straight | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 6.08 % |
| CU.PR.F | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.14 Evaluated at bid price : 19.14 Bid-YTW : 5.94 % |
| POW.PR.B | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.78 Evaluated at bid price : 22.03 Bid-YTW : 6.18 % |
| ENB.PR.B | FixedReset Disc | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 7.39 % |
| GWO.PR.G | Insurance Straight | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 6.10 % |
| GWO.PR.I | Insurance Straight | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.95 % |
| MFC.PR.C | Insurance Straight | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.77 % |
| CCS.PR.C | Insurance Straight | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.13 % |
| PWF.PR.A | Floater | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 7.40 % |
| BN.PF.E | FixedReset Disc | 1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.85 % |
| ENB.PF.E | FixedReset Disc | 1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.33 % |
| NA.PR.W | FixedReset Disc | 4.28 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.04 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.T | FixedReset Disc | 157,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 7.01 % |
| NA.PR.W | FixedReset Disc | 84,075 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-15 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.04 % |
| CM.PR.P | FixedReset Disc | 65,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 4.24 % |
| CM.PR.Q | FixedReset Disc | 53,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 24.07 Evaluated at bid price : 24.65 Bid-YTW : 5.80 % |
| MFC.PR.M | FixedReset Ins Non | 52,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.85 Evaluated at bid price : 22.30 Bid-YTW : 6.03 % |
| MFC.PR.N | FixedReset Ins Non | 50,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-12-19 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.32 % |
| There were 18 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.E | Insurance Straight | Quote: 20.14 – 23.25 Spot Rate : 3.1100 Average : 1.7254 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 20.40 – 21.25 Spot Rate : 0.8500 Average : 0.6271 YTW SCENARIO |
| PVS.PR.H | SplitShare | Quote: 25.00 – 25.50 Spot Rate : 0.5000 Average : 0.3037 YTW SCENARIO |
| CU.PR.D | Perpetual-Discount | Quote: 20.75 – 21.59 Spot Rate : 0.8400 Average : 0.6519 YTW SCENARIO |
| FFH.PR.K | FixedReset Disc | Quote: 23.40 – 23.90 Spot Rate : 0.5000 Average : 0.3322 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 20.22 – 20.93 Spot Rate : 0.7100 Average : 0.5465 YTW SCENARIO |