Market Action

November 27, 2024

PerpetualDiscounts now yield 6.24%, equivalent to 8.11% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.56% on 2024-11-29 [have to work backwards here, because I forgot to do this calculation on the 27th] and prior to then the closing price of ZLC changed from 15.53 on the 27th to 15.80 on the 29th, a total return of +2.13%, implying a decrease of yields of 17bp (BMO reports a duration of 12.59, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) from 4.73%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 340bp from the 320bp reported November 20.

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 -0.2472 % 2,213.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.2472 % 4,245.9
Floater 8.60 % 9.05 % 29,772 10.26 4 -0.2472 % 2,446.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.1662 % 3,627.8
SplitShare 4.76 % 4.39 % 63,002 3.02 6 0.1662 % 4,332.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1662 % 3,380.3
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5232 % 2,833.0
Perpetual-Discount 6.08 % 6.24 % 53,163 13.51 31 0.5232 % 3,089.3
FixedReset Disc 5.43 % 6.84 % 105,155 12.57 57 0.2484 % 2,735.8
Insurance Straight 5.96 % 6.12 % 61,585 13.63 21 0.2551 % 3,036.8
FloatingReset 6.50 % 6.74 % 40,970 12.77 2 0.6617 % 3,304.5
FixedReset Prem 6.37 % 5.57 % 175,853 3.49 7 -0.1373 % 2,601.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2484 % 2,796.5
FixedReset Ins Non 5.20 % 6.33 % 83,999 13.46 14 0.2052 % 2,827.7
Performance Highlights
Issue Index Change Notes
BIP.PR.A FixedReset Disc -1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.28
Evaluated at bid price : 23.05
Bid-YTW : 7.30 %
BIK.PR.A FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2029-04-01
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 5.99 %
BN.PF.F FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.48
Evaluated at bid price : 20.48
Bid-YTW : 7.48 %
BN.PF.D Perpetual-Discount 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.44 %
FFH.PR.G FixedReset Disc 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.58 %
PWF.PR.R Perpetual-Discount 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.17
Evaluated at bid price : 22.45
Bid-YTW : 6.19 %
PWF.PR.G Perpetual-Discount 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 6.20 %
FFH.PR.E FixedReset Disc 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.56
Evaluated at bid price : 21.91
Bid-YTW : 6.15 %
BIP.PR.F FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.71
Evaluated at bid price : 23.70
Bid-YTW : 6.66 %
FFH.PR.F FloatingReset 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.83
Evaluated at bid price : 22.10
Bid-YTW : 6.50 %
ENB.PR.N FixedReset Disc 1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.27
Evaluated at bid price : 21.55
Bid-YTW : 7.12 %
BN.PF.C Perpetual-Discount 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 6.41 %
PWF.PR.T FixedReset Disc 2.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.18
Evaluated at bid price : 22.75
Bid-YTW : 6.19 %
BN.PR.M Perpetual-Discount 2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.37 %
IFC.PR.G FixedReset Ins Non 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 23.00
Evaluated at bid price : 24.24
Bid-YTW : 6.06 %
SLF.PR.E Insurance Straight 6.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.69 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PF.I FixedReset Disc 289,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.82
Evaluated at bid price : 23.50
Bid-YTW : 7.32 %
MFC.PR.M FixedReset Ins Non 262,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.34 %
MFC.PR.I FixedReset Ins Non 250,183 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.99
Evaluated at bid price : 23.98
Bid-YTW : 6.29 %
ENB.PR.Y FixedReset Disc 169,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 17.72
Evaluated at bid price : 17.72
Bid-YTW : 7.82 %
ENB.PR.T FixedReset Disc 132,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 7.39 %
POW.PR.A Perpetual-Discount 106,068 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.64
Evaluated at bid price : 22.89
Bid-YTW : 6.20 %
There were 23 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.H Perpetual-Discount Quote: 23.25 – 24.49
Spot Rate : 1.2400
Average : 0.6922

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 6.25 %

FFH.PR.G FixedReset Disc Quote: 21.58 – 22.58
Spot Rate : 1.0000
Average : 0.6590

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.31
Evaluated at bid price : 21.58
Bid-YTW : 6.58 %

CU.PR.E Perpetual-Discount Quote: 20.22 – 21.00
Spot Rate : 0.7800
Average : 0.4739

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 6.10 %

POW.PR.B Perpetual-Discount Quote: 21.73 – 22.38
Spot Rate : 0.6500
Average : 0.4107

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 21.47
Evaluated at bid price : 21.73
Bid-YTW : 6.24 %

MFC.PR.B Insurance Straight Quote: 19.61 – 20.23
Spot Rate : 0.6200
Average : 0.4273

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 19.61
Evaluated at bid price : 19.61
Bid-YTW : 5.95 %

BN.PR.Z FixedReset Disc Quote: 20.80 – 21.50
Spot Rate : 0.7000
Average : 0.5361

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-27
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 7.57 %

Market Action

November 26, 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 -0.3898 % 2,219.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3898 % 4,256.4
Floater 8.58 % 9.04 % 30,027 10.27 4 -0.3898 % 2,453.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1792 % 3,621.8
SplitShare 4.77 % 4.61 % 75,294 3.03 6 -0.1792 % 4,325.2
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1792 % 3,374.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.0583 % 2,818.3
Perpetual-Discount 6.11 % 6.27 % 53,078 13.49 31 0.0583 % 3,073.2
FixedReset Disc 5.45 % 6.89 % 98,022 12.57 57 0.2738 % 2,729.0
Insurance Straight 5.98 % 6.13 % 63,394 13.60 21 -0.1706 % 3,029.0
FloatingReset 6.55 % 6.74 % 41,005 12.77 2 0.1068 % 3,282.8
FixedReset Prem 6.36 % 5.60 % 182,356 3.45 7 0.2478 % 2,604.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2738 % 2,789.6
FixedReset Ins Non 5.21 % 6.33 % 79,156 13.43 14 0.1851 % 2,821.9
Performance Highlights
Issue Index Change Notes
IFC.PR.G FixedReset Ins Non -1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.76
Evaluated at bid price : 23.71
Bid-YTW : 6.22 %
BN.PR.Z FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 7.60 %
BIP.PR.F FixedReset Disc -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.56
Evaluated at bid price : 23.41
Bid-YTW : 6.75 %
BIP.PR.E FixedReset Disc -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.71
Evaluated at bid price : 23.55
Bid-YTW : 6.81 %
ENB.PR.A Perpetual-Discount -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 6.28 %
FTS.PR.M FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.74
Evaluated at bid price : 20.74
Bid-YTW : 6.92 %
BN.PF.E FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 7.49 %
FFH.PR.G FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 6.66 %
BN.PR.T FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 7.67 %
FFH.PR.I FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.76
Evaluated at bid price : 22.23
Bid-YTW : 6.66 %
FTS.PR.H FixedReset Disc 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 15.63
Evaluated at bid price : 15.63
Bid-YTW : 7.35 %
GWO.PR.N FixedReset Ins Non 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 15.06
Evaluated at bid price : 15.06
Bid-YTW : 7.21 %
BN.PF.I FixedReset Disc 1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.86
Evaluated at bid price : 23.56
Bid-YTW : 7.30 %
CU.PR.C FixedReset Disc 2.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 6.81 %
FFH.PR.E FixedReset Disc 3.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.37
Evaluated at bid price : 21.65
Bid-YTW : 6.22 %
IFC.PR.A FixedReset Ins Non 3.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 6.33 %
CU.PR.F Perpetual-Discount 3.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.06 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.P Insurance Straight 223,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 6.20 %
BN.PR.M Perpetual-Discount 204,627 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.51 %
BN.PF.H FixedReset Disc 155,074 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.80
Bid-YTW : 6.55 %
GWO.PR.S Insurance Straight 153,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 6.19 %
BN.PR.T FixedReset Disc 135,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 17.37
Evaluated at bid price : 17.37
Bid-YTW : 7.67 %
MFC.PR.K FixedReset Ins Non 105,503 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.86
Evaluated at bid price : 23.98
Bid-YTW : 5.86 %
CM.PR.Q FixedReset Disc 100,516 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 23.97
Evaluated at bid price : 24.55
Bid-YTW : 6.02 %
There were 24 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BIP.PR.E FixedReset Disc Quote: 23.55 – 25.10
Spot Rate : 1.5500
Average : 1.1781

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.71
Evaluated at bid price : 23.55
Bid-YTW : 6.81 %

SLF.PR.E Insurance Straight Quote: 18.90 – 20.46
Spot Rate : 1.5600
Average : 1.2069

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %

BN.PR.K Floater Quote: 11.80 – 12.40
Spot Rate : 0.6000
Average : 0.3611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 11.80
Evaluated at bid price : 11.80
Bid-YTW : 9.06 %

IFC.PR.G FixedReset Ins Non Quote: 23.71 – 24.50
Spot Rate : 0.7900
Average : 0.5603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 22.76
Evaluated at bid price : 23.71
Bid-YTW : 6.22 %

ENB.PR.J FixedReset Disc Quote: 19.47 – 20.00
Spot Rate : 0.5300
Average : 0.3297

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 7.58 %

BN.PR.Z FixedReset Disc Quote: 20.72 – 21.25
Spot Rate : 0.5300
Average : 0.3564

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-26
Maturity Price : 20.72
Evaluated at bid price : 20.72
Bid-YTW : 7.60 %

Issue Comments

HSE: DBRS Upgrades to Pfd-3(high) [2022-12-19]

DBRS has announced (on 2022-12-19 … boy, I really missed this one! My only solace is that I have it right in the HIMIPref™ database) that it:

upgraded Cenovus Energy Inc.’s (Cenovus or the Company) Issuer Rating and Senior Unsecured Debt rating to BBB (high) from BBB and the Company’s Preferred Shares rating to Pfd-3 (high) from Pfd-3. All trends are Stable. The upgrades follow the significant reduction in gross debt ($4.3 billion in 2022), which has improved the Company’s credit metrics and financial risk profile. The Stable trends reflect DBRS Morningstar’s expectation that the reduction in gross debt will allow the Company to maintain its lease-adjusted debt-to-cash flow ratio at around 1.50 times (x) under DBRS Morningstar’s base-case commodity price assumptions (see “DBRS Morningstar Updates Oil and Natural Gas Price Forecasts: Midcycle Pricing Band Widened and Oil Price Forecast Raised” dated September 26, 2022).

Stronger commodity prices, noncore asset sales, and a focus on reducing debt have allowed Cenovus to deleverage materially and well ahead of DBRS Morningstar’s expectation at the close of the acquisition of Husky Energy Inc (Husky Acquisition). Cenovus continues to prioritize deleveraging and expects to direct approximately 50% of the expected excess free funds flow (cash flow less capex, base dividends on common and preferred shares, decommissioning liabilities, and principal repayment of leases, plus proceeds from asset divestitures) surplus toward the balance sheet until it achieves its revised net debt (debt excluding operating leases and netting out of cash) target of $4.0 billion (Q3 2022: $5.28 billion). Based on its base-case commodity price assumptions, DBRS Morningstar expects Cenovus to reach its net debt target in Q1 2023. The rating upgrade is driven by DBRS Morningstar’s assessment that the reduction in gross debt in 2022 and achievement of its net debt target should allow the Company to maintain its financial risk profile commensurate with the rating through commodity price cycles. DBRS Morningstar also believes that the improvement in balance sheet strength provides the Company the flexibility to address challenges and costs associated with meeting voluntary and regulatory mandated greenhouse gas (GHG) emission reduction targets.

Cenovus’ business risk profile is strong and is underpinned by its (1) significant size (production of 777.9 thousand barrels of oil equivalent per day (Mboe/d) and upgrader/refinery throughput of 533.5 thousand barrels (bbl) per day in Q3 2022); (2) integrated upstream and downstream operations; and (3) long-life, low-cost oil sands assets at Foster Creek and Christina Lake and contracted production in Asia-Pacific. DBRS Morningstar expects the Company to maintain its business risk profile with a modest increase in near-term production driven by the Sunrise acquisition and optimization/debottlenecking projects at the Company’s oil sands assets and medium term growth through further optimization of oil sands assets and the West White Rose (WWR) project. Cenovus’ downstream integration is also expected to improve with the acquisition of the remaining stake in the Toledo refinery (expected to close in 2023), startup of the Superior refinery in Q1 2023, and capital investments aimed at optimizing and reducing operating costs at its downstream operations. The Company’s business risk profile remains constrained by its exposure to lower margin heavy and thermal oil and high concentration of oil-producing assets in Western Canada.

Cenovus expects production in 2023 to average between 800 Mboe/d and 840 Mboe/d with a budgeted capex of $4.0 billion to $4.5 billion. While capex in 2023 is higher relative to 2022 because of cost inflation and committed capital spend on the WWR project, it also includes a growth/discretionary component of $0.5 billion to $1 billion (excluding the WWR project), which could be scaled back if required. DBRS Morningstar expects the Company to generate a material free cash flow (cash flow after capex and dividends) surplus in 2023 and 2024 despite DBRS Morningstar’s expectation that the WTI price of crude oil will decline to the middle of DBRS Morningstar’s midcycle pricing band of USD 50 to USD 70 per barrel (/bbl) over the period. DBRS Morningstar expects the Company’s liquidity position to remain strong with its committed credit facilities totalling $5.5 billion remaining largely unused.

A further upgrade would require the Company to reduce gross debt and improve its lease-adjusted debt-to-cash flow ratio to consistently around 1.00x. Conversely, should oil prices weaken materially (below USD $45/bbl) and credit metrics stay weak for an extended period, DBRS Morningstar may take a negative rating action.

Affected issues are CVE.PR.A, CVE.PR.B, CVE.PR.C, CVE.PR.E and CVE.PR.G.

Issue Comments

CVE.PR.C To Be Redeemed

Cenovus Energy Inc. has announced:

it will exercise its right to redeem the Company’s 4.689% Series 3 Preferred Shares (the “Series 3 Preferred Shares”) on December 31, 2024 (the “Redemption”). All 10 million Series 3 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $250 million, less required withholdings, if any, funded primarily from cash on hand.

As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.29306 per Series 3 Preferred Share payable on December 31, 2024, to shareholders of record as of December 13, 2024. This will be the final dividend paid on the Series 3 Preferred Shares.

Inquiries from registered holders of Series 3 Preferred Shares should be directed to our Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 3 Preferred 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.

CVE.PR.C was issued as HSE.PR.C, a FixedReset, 4.50%+313, that commenced trading 2014-12-9 after being announced 2014-12-1. The initial reset rate announcement was quickly determined to be anomalous and eventually corrected. HSE.PR.C reset at 4.689% effective December 31, 2019 and there was no conversion. The ticker changed in January, 2021; the credit rating had shortly prior been downgraded in connection with the takeover; it was upgraded to Pfd-3(high) about a year later. The issue is tracked by HIMIPref™ and has been assigned to the Scraps – FixedResets-Discount subindex since the 2021 downgrade.

Thanks to Assiduous Readers niagara and CanSiamCyp for bringing this to my attention!

Market Action

November 25, 2024

TXPR closed at 620.21, up 0.99% on the day. Volume today was 2.16-million, third-highest of the past 21 trading days.

CPD closed at 12.30, up 0.82% on the day. Volume was 64,420, fourth-highest of the past 21 trading days.

ZPR closed at 10.71, up 1.23% on the day. Volume was 268,330, second-highest of the past 21 trading days.

Five-year Canada yields were up to 3.20%.

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 0.5570 % 2,227.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5570 % 4,273.1
Floater 8.55 % 8.98 % 30,366 10.32 4 0.5570 % 2,462.6
OpRet 0.00 % 0.00 % 0 0.00 0 0.2662 % 3,628.3
SplitShare 4.76 % 4.52 % 75,031 3.03 6 0.2662 % 4,333.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2662 % 3,380.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2987 % 2,816.6
Perpetual-Discount 6.11 % 6.25 % 55,054 13.49 31 0.2987 % 3,071.4
FixedReset Disc 5.43 % 6.90 % 102,699 12.61 58 0.5627 % 2,721.5
Insurance Straight 5.97 % 6.11 % 64,719 13.67 21 0.0296 % 3,034.2
FloatingReset 6.55 % 6.72 % 40,924 12.79 2 0.7969 % 3,279.3
FixedReset Prem 6.37 % 5.60 % 170,428 3.50 7 -0.0550 % 2,598.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.5627 % 2,781.9
FixedReset Ins Non 5.22 % 6.34 % 78,102 13.45 14 0.1785 % 2,816.7
Performance Highlights
Issue Index Change Notes
SLF.PR.E Insurance Straight -6.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %
CU.PR.G Perpetual-Discount -3.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.33 %
CU.PR.C FixedReset Disc -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 7.00 %
IFC.PR.A FixedReset Ins Non -2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.57 %
TD.PF.I FixedReset Prem -1.23 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 5.45 %
BN.PR.N Perpetual-Discount 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.51 %
ENB.PR.F FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 7.74 %
BIP.PR.E FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 6.71 %
POW.PR.C Perpetual-Discount 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.54
Evaluated at bid price : 23.81
Bid-YTW : 6.17 %
BN.PF.E FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.16
Evaluated at bid price : 19.16
Bid-YTW : 7.58 %
NA.PR.W FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.72
Evaluated at bid price : 23.90
Bid-YTW : 5.68 %
FTS.PR.G FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.61
Evaluated at bid price : 21.88
Bid-YTW : 6.36 %
MFC.PR.C Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.86 %
FFH.PR.E FixedReset Disc 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.43 %
FFH.PR.G FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.74 %
GWO.PR.Q Insurance Straight 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.32
Evaluated at bid price : 21.32
Bid-YTW : 6.15 %
IFC.PR.C FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 6.83 %
MFC.PR.I FixedReset Ins Non 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.98
Evaluated at bid price : 23.95
Bid-YTW : 6.30 %
BN.PR.C Floater 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 11.89
Evaluated at bid price : 11.89
Bid-YTW : 8.98 %
BN.PR.X FixedReset Disc 1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 7.79 %
BN.PF.G FixedReset Disc 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 7.51 %
BN.PR.R FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 7.74 %
BN.PR.Z FixedReset Disc 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.09
Evaluated at bid price : 21.09
Bid-YTW : 7.46 %
ENB.PF.A FixedReset Disc 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 7.76 %
FFH.PR.F FloatingReset 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 21.70
Evaluated at bid price : 21.70
Bid-YTW : 6.63 %
ENB.PF.G FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.09
Evaluated at bid price : 18.09
Bid-YTW : 7.97 %
BN.PF.A FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.84
Evaluated at bid price : 23.93
Bid-YTW : 6.65 %
BIP.PR.A FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.76
Evaluated at bid price : 23.45
Bid-YTW : 7.17 %
BN.PR.T FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.15
Evaluated at bid price : 17.15
Bid-YTW : 7.76 %
Volume Highlights
Issue Index Shares
Traded
Notes
CU.PR.I FixedReset Disc 188,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.68
Evaluated at bid price : 24.20
Bid-YTW : 6.98 %
GWO.PR.M Insurance Straight 179,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 23.58
Evaluated at bid price : 23.85
Bid-YTW : 6.18 %
ENB.PR.P FixedReset Disc 109,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.30
Evaluated at bid price : 19.30
Bid-YTW : 7.55 %
CU.PR.E Perpetual-Discount 105,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.14 %
FFH.PR.C FixedReset Disc 69,700 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 24.09
Evaluated at bid price : 25.06
Bid-YTW : 6.40 %
TD.PF.A FixedReset Disc 65,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.25
Evaluated at bid price : 22.95
Bid-YTW : 5.82 %
There were 37 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 19.10 – 23.00
Spot Rate : 3.9000
Average : 2.4413

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.10
Evaluated at bid price : 19.10
Bid-YTW : 6.57 %

BIP.PR.F FixedReset Disc Quote: 23.79 – 25.50
Spot Rate : 1.7100
Average : 0.9714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.75
Evaluated at bid price : 23.79
Bid-YTW : 6.63 %

SLF.PR.E Insurance Straight Quote: 18.90 – 20.39
Spot Rate : 1.4900
Average : 0.8197

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.06 %

BIP.PR.E FixedReset Disc Quote: 23.85 – 25.10
Spot Rate : 1.2500
Average : 0.7703

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 22.86
Evaluated at bid price : 23.85
Bid-YTW : 6.71 %

CU.PR.C FixedReset Disc Quote: 19.95 – 21.29
Spot Rate : 1.3400
Average : 0.9887

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 7.00 %

CU.PR.G Perpetual-Discount Quote: 17.90 – 18.70
Spot Rate : 0.8000
Average : 0.4610

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-25
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 6.33 %

Market Action

November 22, 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 0.9161 % 2,215.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9161 % 4,249.4
Floater 8.59 % 9.01 % 30,634 10.31 4 0.9161 % 2,449.0
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2787 % 3,618.7
SplitShare 4.77 % 4.57 % 76,081 3.03 6 -0.2787 % 4,321.5
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2787 % 3,371.8
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.2377 % 2,808.3
Perpetual-Discount 6.13 % 6.27 % 53,061 13.48 31 0.2377 % 3,062.3
FixedReset Disc 5.46 % 6.96 % 102,555 12.47 58 0.2591 % 2,706.3
Insurance Straight 5.97 % 6.12 % 64,491 13.68 21 0.4501 % 3,033.3
FloatingReset 6.62 % 6.72 % 41,352 12.80 2 0.8690 % 3,253.3
FixedReset Prem 6.37 % 5.55 % 164,579 3.69 7 0.2759 % 2,599.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2591 % 2,766.4
FixedReset Ins Non 5.23 % 6.49 % 74,897 13.26 14 0.3618 % 2,811.6
Performance Highlights
Issue Index Change Notes
CU.PR.F Perpetual-Discount -3.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.29 %
SLF.PR.D Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 5.74 %
CU.PR.C FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.89 %
IFC.PR.K Insurance Straight 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.66
Evaluated at bid price : 21.97
Bid-YTW : 6.07 %
BN.PF.G FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.72
Evaluated at bid price : 19.72
Bid-YTW : 7.77 %
BN.PR.B Floater 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 11.76
Evaluated at bid price : 11.76
Bid-YTW : 9.08 %
BIP.PR.F FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.68
Evaluated at bid price : 23.65
Bid-YTW : 6.76 %
BN.PF.A FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.57
Evaluated at bid price : 23.38
Bid-YTW : 6.92 %
PVS.PR.J SplitShare 1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 4.34 %
FFH.PR.G FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.96 %
TD.PF.I FixedReset Prem 1.24 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 26.03
Bid-YTW : 4.96 %
BN.PF.B FixedReset Disc 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.62
Evaluated at bid price : 20.62
Bid-YTW : 7.46 %
PVS.PR.G SplitShare 1.38 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.06
Bid-YTW : 3.26 %
SLF.PR.H FixedReset Ins Non 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.99 %
FFH.PR.F FloatingReset 1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 6.76 %
MFC.PR.J FixedReset Ins Non 2.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.81
Evaluated at bid price : 23.75
Bid-YTW : 6.28 %
BN.PR.K Floater 2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 11.85
Evaluated at bid price : 11.85
Bid-YTW : 9.01 %
MFC.PR.C Insurance Straight 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.93 %
IFC.PR.A FixedReset Ins Non 3.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.68
Evaluated at bid price : 19.68
Bid-YTW : 6.49 %
FFH.PR.K FixedReset Disc 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.99
Evaluated at bid price : 23.82
Bid-YTW : 6.95 %
BIP.PR.A FixedReset Disc 3.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.20
Evaluated at bid price : 22.91
Bid-YTW : 7.47 %
BN.PR.M Perpetual-Discount 3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.51
Evaluated at bid price : 18.51
Bid-YTW : 6.54 %
POW.PR.A Perpetual-Discount 5.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 6.25 %
GWO.PR.S Insurance Straight 10.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.22 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.M FixedReset Ins Non 204,721 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.64
Evaluated at bid price : 22.00
Bid-YTW : 6.48 %
ENB.PR.T FixedReset Disc 136,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.02
Evaluated at bid price : 20.02
Bid-YTW : 7.54 %
TD.PF.D FixedReset Disc 107,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 23.52
Evaluated at bid price : 24.17
Bid-YTW : 6.22 %
ENB.PR.H FixedReset Disc 31,867 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.69
Evaluated at bid price : 19.69
Bid-YTW : 7.20 %
SLF.PR.E Insurance Straight 28,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.64 %
FFH.PR.C FixedReset Disc 25,242 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 24.12
Evaluated at bid price : 25.06
Bid-YTW : 6.52 %
There were 19 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: 18.10 – 19.10
Spot Rate : 1.0000
Average : 0.6298

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 8.18 %

BN.PF.A FixedReset Disc Quote: 23.38 – 24.25
Spot Rate : 0.8700
Average : 0.5777

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 22.57
Evaluated at bid price : 23.38
Bid-YTW : 6.92 %

CU.PR.F Perpetual-Discount Quote: 18.01 – 18.75
Spot Rate : 0.7400
Average : 0.4789

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.01
Evaluated at bid price : 18.01
Bid-YTW : 6.29 %

MFC.PR.B Insurance Straight Quote: 19.48 – 20.23
Spot Rate : 0.7500
Average : 0.5203

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 19.48
Evaluated at bid price : 19.48
Bid-YTW : 5.98 %

ENB.PF.C FixedReset Disc Quote: 18.45 – 19.00
Spot Rate : 0.5500
Average : 0.3706

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 18.45
Evaluated at bid price : 18.45
Bid-YTW : 8.11 %

MIC.PR.A Perpetual-Discount Quote: 21.31 – 21.95
Spot Rate : 0.6400
Average : 0.4656

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-22
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.46 %

Market Action

November 21, 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 0.9246 % 2,195.4
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.9246 % 4,210.8
Floater 8.67 % 9.14 % 30,434 10.19 4 0.9246 % 2,426.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1921 % 3,628.8
SplitShare 4.76 % 5.11 % 76,047 3.00 6 -0.1921 % 4,333.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1921 % 3,381.2
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.0555 % 2,801.6
Perpetual-Discount 6.15 % 6.27 % 50,766 13.48 31 -0.0555 % 3,055.0
FixedReset Disc 5.47 % 6.85 % 99,364 12.64 58 0.1058 % 2,699.3
Insurance Straight 6.00 % 6.13 % 60,730 13.66 21 0.0251 % 3,019.7
FloatingReset 6.74 % 6.78 % 38,957 12.72 2 0.2177 % 3,225.3
FixedReset Prem 6.39 % 5.55 % 170,842 3.70 7 -0.0055 % 2,592.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1058 % 2,759.2
FixedReset Ins Non 5.24 % 6.27 % 71,537 13.49 14 -0.0172 % 2,801.5
Performance Highlights
Issue Index Change Notes
GWO.PR.S Insurance Straight -7.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.86 %
POW.PR.A Perpetual-Discount -5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.61 %
MFC.PR.J FixedReset Ins Non -2.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.53
Evaluated at bid price : 23.22
Bid-YTW : 6.27 %
ENB.PF.A FixedReset Disc -1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 7.77 %
IFC.PR.F Insurance Straight 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.00
Evaluated at bid price : 22.00
Bid-YTW : 6.13 %
BN.PR.B Floater 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 11.64
Evaluated at bid price : 11.64
Bid-YTW : 9.17 %
CU.PR.D Perpetual-Discount 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 20.05
Evaluated at bid price : 20.05
Bid-YTW : 6.15 %
GWO.PR.G Insurance Straight 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 6.13 %
CU.PR.C FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.60 %
BN.PR.C Floater 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 11.68
Evaluated at bid price : 11.68
Bid-YTW : 9.14 %
FFH.PR.E FixedReset Disc 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 20.56
Evaluated at bid price : 20.56
Bid-YTW : 6.47 %
BN.PF.C Perpetual-Discount 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 6.57 %
BN.PF.D Perpetual-Discount 3.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.08
Evaluated at bid price : 19.08
Bid-YTW : 6.54 %
MFC.PR.C Insurance Straight 5.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.09 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PR.X FixedReset Disc 159,786 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 15.86
Evaluated at bid price : 15.86
Bid-YTW : 7.85 %
BN.PR.T FixedReset Disc 111,871 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 16.86
Evaluated at bid price : 16.86
Bid-YTW : 7.79 %
TD.PF.A FixedReset Disc 106,218 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.23
Evaluated at bid price : 22.92
Bid-YTW : 5.76 %
BN.PF.G FixedReset Disc 98,143 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 7.61 %
MFC.PR.M FixedReset Ins Non 70,440 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.67
Evaluated at bid price : 22.05
Bid-YTW : 6.23 %
FFH.PR.C FixedReset Disc 66,311 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 24.06
Evaluated at bid price : 25.02
Bid-YTW : 6.33 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.S Insurance Straight Quote: 19.50 – 21.90
Spot Rate : 2.4000
Average : 1.5624

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 6.86 %

POW.PR.A Perpetual-Discount Quote: 21.50 – 22.90
Spot Rate : 1.4000
Average : 0.8399

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 6.61 %

MFC.PR.J FixedReset Ins Non Quote: 23.22 – 24.11
Spot Rate : 0.8900
Average : 0.5573

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 22.53
Evaluated at bid price : 23.22
Bid-YTW : 6.27 %

BN.PR.M Perpetual-Discount Quote: 17.85 – 19.40
Spot Rate : 1.5500
Average : 1.2691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.78 %

ENB.PR.A Perpetual-Discount Quote: 21.90 – 22.55
Spot Rate : 0.6500
Average : 0.4525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 6.30 %

BN.PR.B Floater Quote: 11.64 – 12.17
Spot Rate : 0.5300
Average : 0.3401

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-21
Maturity Price : 11.64
Evaluated at bid price : 11.64
Bid-YTW : 9.17 %

Issue Comments

MFC.PR.M To Reset To 5.542%

Manulife Financial Corporation announced (on 2024-10-28):

that it does not intend to exercise its right to redeem all or any of its currently outstanding 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 (the “Series 17 Preferred Shares”) (TSX: MFC.PR.M) on December 19, 2024. As a result, subject to certain conditions described in the prospectus supplement dated August 11, 2014 relating to the issuance of the Series 17 Preferred Shares (the “Prospectus”), the holders of the Series 17 Preferred Shares have the right, at their option, to convert all or part of their Series 17 Preferred Shares on a one-for-one basis into Non-cumulative Floating Rate Class 1 Shares Series 18 of Manulife (the “Series 18 Preferred Shares”) on December 19, 2024. A formal notice of the right to convert Series 17 Preferred Shares into Series 18 Preferred Shares will be sent to the registered holders of the Series 17 Preferred Shares in accordance with the share conditions of the Series 17 Preferred Shares. Holders of Series 17 Preferred Shares are not required to elect to convert all or any part of their Series 17 Preferred Shares into Series 18 Preferred Shares. Holders who do not exercise their right to convert their Series 17 Preferred Shares into Series 18 Preferred Shares on such date will retain their Series 17 Preferred Shares, unless automatically converted in accordance with the conditions below.

The foregoing conversion right is subject to the conditions that: (i) if, after December 4, 2024, Manulife determines that there would be less than 1,000,000 Series 17 Preferred Shares outstanding on December 19, 2024, then all remaining Series 17 Preferred Shares will automatically be converted into an equal number of Series 18 Preferred Shares on December 19, 2024, and (ii) alternatively, if, after December 4, 2024, Manulife determines that there would be less than 1,000,000 Series 18 Preferred Shares outstanding on December 19, 2024, then no Series 17 Preferred Shares will be converted into Series 18 Preferred Shares. In either case, Manulife will give written notice to that effect to any registered holders of Series 17 Preferred Shares affected by the preceding minimums on or before December 12, 2024.

The dividend rate applicable to the Series 17 Preferred Shares for the 5-year period commencing on December 20, 2024, and ending on December 19, 2029, and the dividend rate applicable to the Series 18 Preferred Shares for the 3-month period commencing on December 20, 2024, and ending on March 19, 2025, will be determined and announced by way of a news release on November 20, 2024. Manulife will also give written notice of these dividend rates to the registered holders of Series 17 Preferred Shares.

Beneficial owners of Series 17 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on December 4, 2024. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1‑800-783-9495.

Subject to certain conditions described in the Prospectus, Manulife may redeem the Series 17 Preferred Shares, in whole or in part, on December 19, 2029 and on December 19 every five years thereafter and may redeem the Series 18 Preferred Shares, in whole or in part, after December 19, 2024.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 18 Preferred Shares effective upon conversion. Listing of the Series 18 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 18 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.S”.

They have now further announced (but not yet on their website):

the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 17 (the “Series 17 Preferred Shares”) (TSX: MFC.PR.M) and Non-cumulative Floating Rate Class 1 Shares Series 18 (the “Series 18 Preferred Shares”).

With respect to any Series 17 Preferred Shares that remain outstanding after December 19, 2024, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on December 20, 2024, and ending on December 19, 2029, will be 5.54200% per annum or $0.346375 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at November 20, 2024, plus 2.36%, as determined in accordance with the terms of the Series 17 Preferred Shares.

With respect to any Series 18 Preferred Shares that may be issued in connection with the conversion of the Series 17 Preferred Shares into the Series 18 Preferred Shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on December 20, 2024, and ending on March 19, 2025, will be 1.44025% (5.84100% on an annualized basis) or $0.360063 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at November 20, 2024, plus 2.36%, as determined in accordance with the terms of the Series 18 Preferred Shares.

Beneficial owners of Series 17 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on December 4, 2024. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1‑800‑783‑9495.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 18 Preferred Shares effective upon conversion. Listing of the Series 18 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 18 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.S”.

MFC.PR.M was issued as a FixedReset, 3.90%+236, that commenced trading 2014-8-15 after being announced 2014-8-11. Notice of extension was published 2019-11-8. MFC.PR.M reset at 3.800% effective December 20, 2019. I recommended against conversion and there was no conversion. It is tracked by HIMIPref™ and is assigned to the FixedReset (Insurance, non-NVCC) subindex.

Issue Comments

FFH Issues Senior Debt, Will Redeem Some Prefs, Maybe

Fairfax Financial Holdings Limited has announced:

that it intends to offer (i) C$450 million in aggregate principal amount of Senior Notes due 2034 (the “2034 Notes”) to be priced at C$99.929 per C$100 principal amount, and (ii) C$250 million in aggregate principal amount of Senior Notes due 2054 (the “2054 Notes” and, together with the 2034 Notes, the “Senior Notes”) to be priced at C$100 per C$100 principal amount (the “Offering”). The Senior Notes will be offered through a syndicate of dealers to be led by BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., as joint bookrunners, and including Merrill Lynch Canada Inc., National Bank Financial Inc., TD Securities Inc., Citigroup Global Markets Canada Inc., Desjardins Securities Inc., J.P. Morgan Securities Canada Inc., and Mizuho Securities Canada Inc., as agents. The 2034 Notes will pay a fixed rate of interest of 4.73% per annum and the 2054 Notes will pay a fixed rate of interest of 5.23% per annum. The Senior Notes will be unsecured obligations of Fairfax.

Fairfax intends to use the net proceeds of the Offering to redeem, in whole or in part, one or more series of its outstanding cumulative 5-year rate reset preferred shares or cumulative floating rate preferred shares (each such series, “Preferred Shares”) in accordance with their applicable terms. As of the date of this press release, Fairfax has not made any determination as to the specific series of Preferred Shares to be redeemed, nor the amount, timing or method of repayment. Any redemption of Preferred Shares will be subject to market conditions. Any proceeds not used to redeem Preferred Shares will be used for general corporate purposes. The Offering is expected to close on or about November 22, 2024, subject to the satisfaction of customary conditions.

The Senior Notes will be offered in all provinces and territories of Canada pursuant to Fairfax’s base shelf prospectus dated October 11, 2023 (the “base shelf prospectus”), as supplemented by a prospectus supplement (the “shelf prospectus supplement”) to be filed with the Canadian securities regulators in all of the provinces and territories of Canada. Access to the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to such documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The base shelf prospectus is accessible, and the shelf prospectus supplement will be accessible within two business days from the date hereof, through SEDAR+ at www.sedarplus.ca.

The Senior Notes are offered under the shelf prospectus supplement. An electronic or paper copy of the shelf prospectus supplement, the base shelf prospectus and any amendment to the documents may be obtained, without charge, from: BMO Nesbitt Burns Inc. at DCMCADSyndicateDesk@bmo.com, CIBC World Markets Inc. at mailbox.cibcdebtsyndication@cibc.com, RBC Dominion Securities Inc. at torontosyndicate@rbccm.com or Scotia Capital Inc. at syndicate.toronto@scotiabank.com; by providing the contact with an email address or address, as applicable. The base shelf prospectus and shelf prospectus supplement contain important, detailed information about Fairfax and the proposed Offering. Prospective investors should read the base shelf prospectus and shelf prospectus supplement (when filed) before making an investment decision.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not an offer of securities for sale in the United States, and the securities may not be offered or sold in the United States absent registration or an exemption from the registration requirements. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended.

Fairfax is a holding company which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.

This had a huge effect on the market yesterday – when word of the marketting for this issue got out – when most of the FFH preferreds scored returns in the 10-15% range, lifting the TXPR index up over 30bp all by themselves.

The most obvious candidate for redemption is FFH.PR.C, given that its next exchange date is 2024-12-31 and otherwise will reset at +315; but another good candidates is FFH.PR.M (2025-3-31, +398). FFH.PR.K is +351, but doesn’t reset until 2027-3-31; FFH.PR.E resets 2025-3-31, but is only +216. So you guess! There are 10-million shares outstanding of FFH.PR.C / FFH.PR.D (its FixedFloater counterpart) and 9.2-million of FFH.PR.M.

Affected issues are the FixedResets FFH.PR.C, FFH.PR.E, FFH.PR.G, FFH.PR.I, FFH.PR.K, FFH.PR.M and the FloatingResets FFH.PR.D, FFH.PR.F, FFH.PR.H and FFH.PR.J.

Thanks to Assiduous Reader prefman for bringing this to my attention!

Market Action

November 20, 2024

PerpetualDiscounts now yield 6.26%, equivalent to 8.14% interest at the standard equivalency factor of 1.3x. Long corporates yielded 4.90% on 2024-11-19 and since then the closing price of ZLC has changed from 15.35 to 15.26, a total return of -0.59%, implying an increase of yields of 5bp (BMO reports a duration of 12.47, but don’t disclose whether this is Macaulay or Modified; I will assume Modified) to 4.95%. Therefore, the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 320bp from the 335bp reported November 13.

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 0.6983 % 2,175.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.6983 % 4,172.3
Floater 8.75 % 9.28 % 30,464 10.06 4 0.6983 % 2,404.5
OpRet 0.00 % 0.00 % 0 0.00 0 0.6868 % 3,635.8
SplitShare 4.75 % 4.99 % 79,168 3.00 6 0.6868 % 4,341.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.6868 % 3,387.7
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.4789 % 2,803.2
Perpetual-Discount 6.14 % 6.26 % 47,859 13.49 31 -0.4789 % 3,056.7
FixedReset Disc 5.48 % 6.92 % 95,528 12.64 58 0.1983 % 2,696.4
Insurance Straight 6.00 % 6.15 % 60,173 13.62 21 -0.6133 % 3,019.0
FloatingReset 6.75 % 6.77 % 35,961 12.72 2 2.1348 % 3,218.3
FixedReset Prem 6.39 % 5.54 % 171,900 3.69 7 0.0828 % 2,592.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1983 % 2,756.3
FixedReset Ins Non 5.24 % 6.26 % 71,392 13.56 14 -0.8640 % 2,802.0
Performance Highlights
Issue Index Change Notes
MFC.PR.C Insurance Straight -9.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.44 %
BN.PR.M Perpetual-Discount -5.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.78 %
BN.PF.D Perpetual-Discount -5.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.79 %
BN.PF.C Perpetual-Discount -4.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.72 %
FFH.PR.K FixedReset Disc -2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.52
Evaluated at bid price : 23.00
Bid-YTW : 7.03 %
GWO.PR.S Insurance Straight -2.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.37 %
MFC.PR.N FixedReset Ins Non -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 6.49 %
BN.PR.N Perpetual-Discount -1.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.50 %
CU.PR.D Perpetual-Discount -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 6.22 %
ENB.PF.K FixedReset Disc -1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.20
Evaluated at bid price : 22.67
Bid-YTW : 6.96 %
GWO.PR.G Insurance Straight -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.27
Evaluated at bid price : 21.27
Bid-YTW : 6.22 %
BN.PR.R FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 7.82 %
FFH.PR.I FixedReset Disc 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.32
Evaluated at bid price : 21.60
Bid-YTW : 6.76 %
BN.PF.I FixedReset Disc 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.55
Evaluated at bid price : 23.05
Bid-YTW : 7.39 %
BN.PR.B Floater 1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 11.50
Evaluated at bid price : 11.50
Bid-YTW : 9.28 %
MIC.PR.A Perpetual-Discount 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.31
Evaluated at bid price : 21.31
Bid-YTW : 6.45 %
CU.PR.C FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 6.71 %
BN.PF.J FixedReset Disc 1.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.59
Evaluated at bid price : 23.28
Bid-YTW : 6.80 %
BN.PR.T FixedReset Disc 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 7.81 %
BN.PF.H FixedReset Disc 2.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 23.99
Evaluated at bid price : 24.44
Bid-YTW : 7.38 %
GWO.PR.T Insurance Straight 3.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 6.18 %
PVS.PR.K SplitShare 3.96 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 4.75 %
FFH.PR.F FloatingReset 4.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 7.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
BN.PR.R FixedReset Disc 455,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 16.76
Evaluated at bid price : 16.76
Bid-YTW : 7.82 %
BN.PF.G FixedReset Disc 265,725 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 19.47
Evaluated at bid price : 19.47
Bid-YTW : 7.62 %
FFH.PR.C FixedReset Disc 101,047 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 24.15
Evaluated at bid price : 25.07
Bid-YTW : 6.32 %
ENB.PF.C FixedReset Disc 92,313 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.33
Evaluated at bid price : 18.33
Bid-YTW : 7.89 %
FFH.PR.D FloatingReset 62,869 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 24.61
Evaluated at bid price : 25.13
Bid-YTW : 6.77 %
FFH.PR.E FixedReset Disc 51,001 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 20.15
Evaluated at bid price : 20.15
Bid-YTW : 6.60 %
There were 22 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 19.00 – 23.00
Spot Rate : 4.0000
Average : 2.2718

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.51 %

MFC.PR.C Insurance Straight Quote: 17.51 – 19.50
Spot Rate : 1.9900
Average : 1.1434

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.51
Evaluated at bid price : 17.51
Bid-YTW : 6.44 %

BN.PR.M Perpetual-Discount Quote: 17.85 – 19.32
Spot Rate : 1.4700
Average : 0.9611

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.78 %

BN.PF.C Perpetual-Discount Quote: 18.40 – 19.65
Spot Rate : 1.2500
Average : 0.8749

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 6.72 %

FFH.PR.K FixedReset Disc Quote: 23.00 – 24.00
Spot Rate : 1.0000
Average : 0.6516

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 22.52
Evaluated at bid price : 23.00
Bid-YTW : 7.03 %

GWO.PR.S Insurance Straight Quote: 21.00 – 21.99
Spot Rate : 0.9900
Average : 0.6441

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-11-20
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.37 %