ENB.PR.U To Be Redeemed

May 4th, 2022

Enbridge Inc. has announced:

that it has exercised its right to redeem all of its outstanding Cumulative Redeemable Preference Shares, Series J (“Series J Shares”) (TSX: ENB.PR.U) on June 1, 2022 at a price of US$25.00 per Series J Share, together with all accrued and unpaid dividends, if any.

Beneficial holders who are not directly the registered holders of the Series J Shares should contact the financial institution, broker or other intermediary through which they hold their Series J Shares to confirm how they will receive their redemption proceeds. Inquiries from registered shareholders should be directed to Enbridge’s Registrar and Transfer Agent, Computershare Investor Services Inc., at 1-800-564-6253 (Canada and United States) or 1-514-982-7555 (Outside North America).

ENB.PR.U is a FixedReset, 4.00%+305, US-Pay, that commenced trading 2012-4-19 after being announced 2012-4-10. The issue reset to 4.89% in 2017.

Thanks to Assiduous Reader skeptical for ensuring I was aware of this redemption.

The market was certainly not expecting this, as ENB.PR.U was up 13.65% on the day to close at 25.23 and related issues – denominated in USD – performed similarly well: ENB.PR.V up 9.48% to 24.26; ENB.PF.U up 10.79% to 24.54; and ENB.PF.V up 9.88% to 22.80; all hitting new 52-week highs on the day.

May 4, 2022

May 4th, 2022

TXPR closed at 632.49, up 0.52% on the day. Volume today was 2.39-million, about the median of the past 21 trading days. Today’s performance, the fifth consecutive gaining day, regains lost ground all the way back to April 25.

CPD closed at 12.54, up 0.53% on the day. Volume was 124,810, near the median of the past 21 trading days.

ZPR closed at 10.485 down 0.10% on the day. Volume of 163,920 was a little below the median of the past 21 trading days.

Five-year Canada yields were down to 2.78% today.

It is interesting to note that the three month bill yield has declined to 1.44%; I suspect it’s a flight to quality, but still indicates a strong conviction that we will see a 50bp hike at the beginning of June, with probably more to come in mid-July.

The FOMC hiked its policy rate 50bp:

Although overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong. Job gains have been robust in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.

The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the U.S. economy are highly uncertain. The invasion and related events are creating additional upward pressure on inflation and are likely to weigh on economic activity. In addition, COVID-related lockdowns in China are likely to exacerbate supply chain disruptions. The Committee is highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3/4 to 1 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee decided to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities on June 1, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that were issued in conjunction with this statement.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Patrick Harker voted as an alternate member at this meeting.

This move has been so thoroughly discounted that the announcement was actually good for equities:

Stocks on Wall Street had their best day since 2020 on Wednesday, after Jerome H. Powell, the Federal Reserve chair, said that central bankers weren’t considering exceptionally large increases in interest rates, calming investors who had begun to worry that the fight against inflation might push the economy into a recession.

The S&P 500 rose 3 percent, the biggest jump since May 2020, spiking after Mr. Powell’s comment. Earlier on Wednesday, the Fed said it would lift interest rates by half a percentage point, an increase that was widely expected, and that it plans to shrink its bond holdings.

Bond yields, a proxy for investor expectations about interest rates, ticked lower. The yield on 10-year Treasury notes fell eight basis points, or 0.08 percentage points, to 2.92 percent.

PerpetualDiscounts now yield 5.83%, equivalent to 7.58% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has reverted to 275bp from the 320bp reported April 27.

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 3.80 % 4.48 % 23,787 18.50 1 -1.0000 % 2,538.5
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.5278 % 4,860.7
Floater 4.24 % 4.27 % 50,222 16.84 3 -0.5278 % 2,801.2
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2706 % 3,557.9
SplitShare 4.78 % 5.00 % 33,923 3.30 8 -0.2706 % 4,248.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2706 % 3,315.2
Perpetual-Premium 5.93 % 5.97 % 62,855 13.94 1 -0.5600 % 2,941.7
Perpetual-Discount 5.74 % 5.83 % 63,968 14.14 35 -0.1041 % 3,232.8
FixedReset Disc 4.55 % 5.89 % 138,611 14.00 59 0.6885 % 2,552.0
Insurance Straight 5.68 % 5.79 % 103,660 14.20 20 0.2256 % 3,158.7
FloatingReset 4.72 % 4.97 % 68,103 15.53 2 2.5625 % 2,663.9
FixedReset Prem 5.04 % 4.66 % 141,913 2.11 9 -0.0132 % 2,615.4
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.6885 % 2,608.7
FixedReset Ins Non 4.55 % 6.12 % 84,525 14.07 15 0.5607 % 2,635.1
Performance Highlights
Issue Index Change Notes
MFC.PR.N FixedReset Ins Non -6.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.61 %
IFC.PR.G FixedReset Ins Non -5.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.38
Evaluated at bid price : 21.69
Bid-YTW : 6.24 %
CM.PR.O FixedReset Disc -4.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.23 %
CU.PR.E Perpetual-Discount -3.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 6.08 %
IFC.PR.E Insurance Straight -2.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.94
Evaluated at bid price : 22.20
Bid-YTW : 5.92 %
BMO.PR.Y FixedReset Disc -2.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 6.04 %
RS.PR.A SplitShare -1.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.07
Bid-YTW : 5.15 %
GWO.PR.G Insurance Straight -1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.94
Evaluated at bid price : 22.17
Bid-YTW : 5.93 %
RY.PR.J FixedReset Disc -1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.32
Evaluated at bid price : 21.62
Bid-YTW : 5.95 %
BAM.PR.C Floater -1.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 13.11
Evaluated at bid price : 13.11
Bid-YTW : 4.31 %
TD.PF.I FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.69
Evaluated at bid price : 24.41
Bid-YTW : 5.96 %
IFC.PR.F Insurance Straight -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.02
Evaluated at bid price : 23.45
Bid-YTW : 5.70 %
BAM.PR.E Ratchet -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 25.00
Evaluated at bid price : 17.82
Bid-YTW : 4.48 %
GWO.PR.N FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 14.21
Evaluated at bid price : 14.21
Bid-YTW : 6.39 %
BAM.PF.G FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.59 %
NA.PR.W FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.98 %
MFC.PR.K FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.29
Evaluated at bid price : 21.57
Bid-YTW : 5.88 %
MFC.PR.M FixedReset Ins Non 1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 6.12 %
TD.PF.C FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.78 %
PWF.PR.T FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.17
Evaluated at bid price : 21.17
Bid-YTW : 6.06 %
TRP.PR.G FixedReset Disc 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.22 %
MFC.PR.F FixedReset Ins Non 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 15.55
Evaluated at bid price : 15.55
Bid-YTW : 6.15 %
BIP.PR.E FixedReset Disc 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 24.25
Evaluated at bid price : 24.70
Bid-YTW : 5.92 %
BAM.PF.B FixedReset Disc 1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 6.44 %
BAM.PF.F FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 6.54 %
RY.PR.O Perpetual-Discount 1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.22
Evaluated at bid price : 23.67
Bid-YTW : 5.16 %
CU.PR.J Perpetual-Discount 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.79 %
CU.PR.G Perpetual-Discount 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 19.90
Evaluated at bid price : 19.90
Bid-YTW : 5.66 %
SLF.PR.J FloatingReset 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 15.80
Evaluated at bid price : 15.80
Bid-YTW : 4.54 %
TD.PF.A FixedReset Disc 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.77 %
RY.PR.S FixedReset Disc 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.65
Evaluated at bid price : 24.00
Bid-YTW : 5.39 %
MFC.PR.I FixedReset Ins Non 2.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.65
Evaluated at bid price : 24.45
Bid-YTW : 5.85 %
PWF.PF.A Perpetual-Discount 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.52 %
BMO.PR.S FixedReset Disc 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.52
Evaluated at bid price : 21.90
Bid-YTW : 5.72 %
TRP.PR.B FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 6.79 %
GWO.PR.P Insurance Straight 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.63
Evaluated at bid price : 23.90
Bid-YTW : 5.71 %
BAM.PR.X FixedReset Disc 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 6.47 %
MFC.PR.J FixedReset Ins Non 2.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 22.80
Evaluated at bid price : 23.39
Bid-YTW : 5.85 %
TRP.PR.D FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 6.62 %
TRP.PR.F FloatingReset 3.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 17.02
Evaluated at bid price : 17.02
Bid-YTW : 4.97 %
BNS.PR.I FixedReset Disc 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.42
Evaluated at bid price : 23.80
Bid-YTW : 5.52 %
GWO.PR.S Insurance Straight 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 22.26
Evaluated at bid price : 22.70
Bid-YTW : 5.84 %
PWF.PR.P FixedReset Disc 3.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 15.01
Evaluated at bid price : 15.01
Bid-YTW : 6.44 %
MFC.PR.Q FixedReset Ins Non 4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 22.70
Evaluated at bid price : 23.20
Bid-YTW : 5.82 %
IAF.PR.B Insurance Straight 4.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.65
Evaluated at bid price : 21.90
Bid-YTW : 5.30 %
IAF.PR.I FixedReset Ins Non 4.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 23.29
Evaluated at bid price : 23.87
Bid-YTW : 5.86 %
BAM.PR.T FixedReset Disc 5.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.54 %
BAM.PR.Z FixedReset Disc 10.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 22.10
Evaluated at bid price : 22.74
Bid-YTW : 6.39 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y Insurance Straight 332,350 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 19.76
Evaluated at bid price : 19.76
Bid-YTW : 5.77 %
CM.PR.R FixedReset Disc 146,600 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 4.75 %
TRP.PR.B FixedReset Disc 125,820 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 6.79 %
TRP.PR.C FixedReset Disc 110,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 6.77 %
RY.PR.Z FixedReset Disc 29,712 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.39
Evaluated at bid price : 21.39
Bid-YTW : 5.73 %
TRP.PR.E FixedReset Disc 28,527 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.54 %
There were 14 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.G FixedReset Ins Non Quote: 21.69 – 23.75
Spot Rate : 2.0600
Average : 1.2506

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.38
Evaluated at bid price : 21.69
Bid-YTW : 6.24 %

CM.PR.O FixedReset Disc Quote: 20.00 – 22.00
Spot Rate : 2.0000
Average : 1.3225

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.23 %

MFC.PR.N FixedReset Ins Non Quote: 18.70 – 20.58
Spot Rate : 1.8800
Average : 1.2187

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 18.70
Evaluated at bid price : 18.70
Bid-YTW : 6.61 %

NA.PR.S FixedReset Disc Quote: 20.50 – 23.00
Spot Rate : 2.5000
Average : 1.9702

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.24 %

CU.PR.E Perpetual-Discount Quote: 20.19 – 21.80
Spot Rate : 1.6100
Average : 1.0931

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 20.19
Evaluated at bid price : 20.19
Bid-YTW : 6.08 %

BAM.PF.B FixedReset Disc Quote: 21.03 – 22.90
Spot Rate : 1.8700
Average : 1.3695

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-04
Maturity Price : 21.03
Evaluated at bid price : 21.03
Bid-YTW : 6.44 %

May 3, 2022

May 4th, 2022
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 3.75 % 4.41 % 24,812 18.60 1 0.5587 % 2,564.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 1.5051 % 4,886.4
Floater 4.22 % 4.25 % 52,367 16.89 3 1.5051 % 2,816.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.3723 % 3,567.6
SplitShare 4.77 % 4.88 % 35,335 3.31 8 0.3723 % 4,260.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.3723 % 3,324.2
Perpetual-Premium 5.90 % 5.93 % 63,117 13.99 1 0.0000 % 2,958.2
Perpetual-Discount 5.74 % 5.83 % 65,044 14.12 35 0.5427 % 3,236.2
FixedReset Disc 4.58 % 5.88 % 141,243 14.09 59 1.7173 % 2,534.6
Insurance Straight 5.69 % 5.79 % 105,113 14.20 20 0.5184 % 3,151.6
FloatingReset 4.84 % 5.13 % 68,933 15.25 2 -2.3497 % 2,597.3
FixedReset Prem 5.04 % 4.74 % 143,460 2.11 9 -0.0176 % 2,615.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.7173 % 2,590.8
FixedReset Ins Non 4.58 % 6.15 % 85,810 13.90 15 0.9174 % 2,620.4
Performance Highlights
Issue Index Change Notes
BAM.PR.Z FixedReset Disc -8.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.11 %
SLF.PR.J FloatingReset -3.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 15.50
Evaluated at bid price : 15.50
Bid-YTW : 4.63 %
GWO.PR.S Insurance Straight -2.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.66
Evaluated at bid price : 22.00
Bid-YTW : 6.03 %
TRP.PR.F FloatingReset -1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 16.50
Evaluated at bid price : 16.50
Bid-YTW : 5.13 %
IAF.PR.I FixedReset Ins Non -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.10
Evaluated at bid price : 22.75
Bid-YTW : 6.15 %
PWF.PR.Z Perpetual-Discount -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 5.88 %
CU.PR.J Perpetual-Discount -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.43
Evaluated at bid price : 20.43
Bid-YTW : 5.93 %
BNS.PR.I FixedReset Disc -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.70
Evaluated at bid price : 23.07
Bid-YTW : 5.69 %
GWO.PR.L Insurance Straight 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 24.00
Evaluated at bid price : 24.25
Bid-YTW : 5.89 %
IFC.PR.F Insurance Straight 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.25
Evaluated at bid price : 23.70
Bid-YTW : 5.64 %
TRP.PR.B FixedReset Disc 1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 13.19
Evaluated at bid price : 13.19
Bid-YTW : 6.94 %
FTS.PR.K FixedReset Disc 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 18.60
Evaluated at bid price : 18.60
Bid-YTW : 6.55 %
BAM.PR.B Floater 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 13.20
Evaluated at bid price : 13.20
Bid-YTW : 4.28 %
MFC.PR.I FixedReset Ins Non 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.09
Evaluated at bid price : 23.94
Bid-YTW : 5.98 %
MFC.PR.M FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.34
Evaluated at bid price : 20.34
Bid-YTW : 6.20 %
SLF.PR.C Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.55 %
NA.PR.W FixedReset Disc 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.05 %
SLF.PR.D Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.21
Evaluated at bid price : 20.21
Bid-YTW : 5.58 %
GWO.PR.G Insurance Straight 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.27
Evaluated at bid price : 22.54
Bid-YTW : 5.83 %
PWF.PR.L Perpetual-Discount 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.75
Evaluated at bid price : 22.00
Bid-YTW : 5.83 %
MFC.PR.Q FixedReset Ins Non 1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.81
Evaluated at bid price : 22.30
Bid-YTW : 6.06 %
BAM.PF.J FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.90
Evaluated at bid price : 24.50
Bid-YTW : 6.07 %
TD.PF.D FixedReset Disc 1.37 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.84
Evaluated at bid price : 22.15
Bid-YTW : 5.81 %
BAM.PF.F FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.75
Evaluated at bid price : 20.75
Bid-YTW : 6.64 %
BAM.PR.N Perpetual-Discount 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 5.87 %
SLF.PR.E Insurance Straight 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.59 %
MFC.PR.N FixedReset Ins Non 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.16 %
BMO.PR.Y FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.90 %
TD.PF.B FixedReset Disc 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.85 %
BAM.PR.K Floater 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 13.30
Evaluated at bid price : 13.30
Bid-YTW : 4.25 %
BAM.PR.C Floater 1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 13.29
Evaluated at bid price : 13.29
Bid-YTW : 4.25 %
BMO.PR.W FixedReset Disc 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.82 %
BAM.PF.I FixedReset Disc 1.71 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.53
Bid-YTW : 5.04 %
BMO.PR.S FixedReset Disc 1.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.87 %
NA.PR.E FixedReset Disc 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.70
Evaluated at bid price : 23.23
Bid-YTW : 5.78 %
PVS.PR.K SplitShare 1.89 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 24.25
Bid-YTW : 5.06 %
PWF.PR.S Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.74 %
BAM.PF.A FixedReset Disc 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.62
Evaluated at bid price : 23.05
Bid-YTW : 6.23 %
MFC.PR.L FixedReset Ins Non 2.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.16 %
FTS.PR.G FixedReset Disc 2.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 19.75
Evaluated at bid price : 19.75
Bid-YTW : 6.35 %
TRP.PR.C FixedReset Disc 2.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 14.15
Evaluated at bid price : 14.15
Bid-YTW : 6.77 %
BAM.PF.D Perpetual-Discount 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.83 %
MFC.PR.K FixedReset Ins Non 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.97 %
TD.PF.J FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.47
Evaluated at bid price : 24.01
Bid-YTW : 5.74 %
CM.PR.S FixedReset Disc 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.86
Evaluated at bid price : 23.50
Bid-YTW : 5.59 %
TD.PF.E FixedReset Disc 2.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.72
Evaluated at bid price : 22.00
Bid-YTW : 5.89 %
PWF.PF.A Perpetual-Discount 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.64 %
CM.PR.P FixedReset Disc 2.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.85 %
BAM.PF.E FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 6.64 %
TD.PF.K FixedReset Disc 2.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.97
Evaluated at bid price : 23.40
Bid-YTW : 5.75 %
CCS.PR.C Insurance Straight 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.54 %
TRP.PR.A FixedReset Disc 2.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 17.35
Evaluated at bid price : 17.35
Bid-YTW : 6.63 %
NA.PR.G FixedReset Disc 2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.49
Evaluated at bid price : 23.90
Bid-YTW : 5.81 %
PWF.PR.T FixedReset Disc 2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.90
Evaluated at bid price : 20.90
Bid-YTW : 6.14 %
BMO.PR.E FixedReset Disc 2.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.50
Evaluated at bid price : 23.90
Bid-YTW : 5.71 %
BAM.PR.R FixedReset Disc 2.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 17.85
Evaluated at bid price : 17.85
Bid-YTW : 6.58 %
TRP.PR.E FixedReset Disc 2.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 19.15
Evaluated at bid price : 19.15
Bid-YTW : 6.54 %
BAM.PF.C Perpetual-Discount 3.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.82 %
FTS.PR.H FixedReset Disc 3.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 6.55 %
IFC.PR.G FixedReset Ins Non 4.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.43
Evaluated at bid price : 22.90
Bid-YTW : 5.90 %
BMO.PR.T FixedReset Disc 4.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.87
Evaluated at bid price : 20.87
Bid-YTW : 5.87 %
CM.PR.Q FixedReset Disc 4.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.73
Evaluated at bid price : 22.00
Bid-YTW : 5.84 %
TRP.PR.G FixedReset Disc 69.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.80
Evaluated at bid price : 20.80
Bid-YTW : 6.30 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.S FixedReset Disc 59,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.40
Evaluated at bid price : 21.40
Bid-YTW : 5.87 %
MFC.PR.Q FixedReset Ins Non 57,840 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.81
Evaluated at bid price : 22.30
Bid-YTW : 6.06 %
BAM.PR.X FixedReset Disc 47,462 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.63 %
CM.PR.R FixedReset Disc 30,602 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.99
Bid-YTW : 4.86 %
TD.PF.D FixedReset Disc 27,908 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 21.84
Evaluated at bid price : 22.15
Bid-YTW : 5.81 %
TD.PF.J FixedReset Disc 26,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.47
Evaluated at bid price : 24.01
Bid-YTW : 5.74 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PR.Z FixedReset Disc Quote: 20.55 – 23.65
Spot Rate : 3.1000
Average : 1.9058

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 7.11 %

IFC.PR.C FixedReset Disc Quote: 20.46 – 22.25
Spot Rate : 1.7900
Average : 1.0792

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 20.46
Evaluated at bid price : 20.46
Bid-YTW : 6.13 %

MFC.PR.L FixedReset Ins Non Quote: 19.95 – 23.50
Spot Rate : 3.5500
Average : 2.9820

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 19.95
Evaluated at bid price : 19.95
Bid-YTW : 6.16 %

IFC.PR.A FixedReset Ins Non Quote: 18.50 – 19.85
Spot Rate : 1.3500
Average : 0.8736

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.19 %

IAF.PR.I FixedReset Ins Non Quote: 22.75 – 24.24
Spot Rate : 1.4900
Average : 1.0753

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 22.10
Evaluated at bid price : 22.75
Bid-YTW : 6.15 %

POW.PR.A Perpetual-Discount Quote: 24.20 – 25.30
Spot Rate : 1.1000
Average : 0.7688

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-03
Maturity Price : 23.95
Evaluated at bid price : 24.20
Bid-YTW : 5.83 %

May 2, 2022

May 2nd, 2022

Some landlords are learning the risks of investing with a negative carry:

In recent years, many mom-and-pop real estate investors in the two cities have been quietly paying more in mortgage and other ownership costs than they receive in rent, trusting they’d eventually sell at a profit thanks to rapidly rising home values, experts say.

But as interest rates shoot up and price growth slows, some highly indebted landlords are beginning to feel the squeeze more acutely. That financial pain could eventually push rents even higher, some experts warn.

It’s not uncommon for homeowners who’ve seen the value of their first home soar in recent years to borrow against their home equity with a HELOC to fund the down payment on an investment property, [Toronto-based mortgage broker] Mr. [Ron] Butler said, speaking about the Ontario market. Borrowers often don’t disclose to their bank they intend to use the HELOC to acquire a second home, he added.

Once they’ve drawn the cash for a down payment from the HELOC, borrowers typically apply for a mortgage to finance the rest of the real estate purchase, Mr. Butler said.

With HELOC rates climbing, many of those highly leveraged investors are now scrambling to convert their line of credit balance into mortgage debt that comes with fixed payments, according to Mr. Butler. The risk is that some may not be able to do so.

That may be because the additional debt they’ve taken on from the investment property means they don’t meet lenders’ requirements. Another obstacle is the fact that climbing interest rates have raised the bar borrowers must clear to pass the federal mortgage stress test, Mr. Butler said. Yet another hitch is that mortgages, unlike HELOCs, require payments of both principal and interest, resulting in bigger monthly outlays for borrowers, he added.

Well, rising rents is one way the situation might be resolved. Another way is for the investors to eat the negative carry for an indefinite period; and the third is for the investors to sell at a loss. As the rental market seems to be priced at all the market can bear, I’ll suggest that the third is the most likely option with the timing set for the deals to close around the time the mortgage (if any) renews. That’s what happened in 1980 and again in 1991.

But amid all this talk of rising prices, some may simply wish to relax:

Prices for recreational and medicinal cannabis have dropped by 8.3 per cent and 10.2 per cent, respectively, over the past year, and by roughly 25 per cent in both categories since the end of 2018, according to Statistics Canada. The annual inflation rate hit 6.7 per cent in March, the highest since 1991.

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 3.76 % 4.43 % 24,500 18.60 1 1.7045 % 2,549.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.8850 % 4,814.0
Floater 4.29 % 4.32 % 53,245 16.75 3 -0.8850 % 2,774.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2158 % 3,554.3
SplitShare 4.79 % 4.97 % 35,142 3.32 8 -0.2158 % 4,244.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2158 % 3,311.8
Perpetual-Premium 5.90 % 5.93 % 62,822 14.00 1 -0.2394 % 2,958.2
Perpetual-Discount 5.77 % 5.86 % 64,992 14.08 35 -0.0194 % 3,218.7
FixedReset Disc 4.66 % 5.98 % 142,848 13.86 59 -0.4797 % 2,491.8
Insurance Straight 5.72 % 5.80 % 106,055 14.18 20 -1.1551 % 3,135.3
FloatingReset 4.72 % 5.05 % 69,770 15.40 2 2.7273 % 2,659.8
FixedReset Prem 5.04 % 4.69 % 145,635 2.11 9 -0.2505 % 2,616.2
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.4797 % 2,547.1
FixedReset Ins Non 4.62 % 6.15 % 85,164 13.76 15 0.5149 % 2,596.6
Performance Highlights
Issue Index Change Notes
TRP.PR.G FixedReset Disc -39.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 10.29 %
CCS.PR.C Insurance Straight -5.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 22.03
Evaluated at bid price : 22.26
Bid-YTW : 5.67 %
MFC.PR.B Insurance Straight -4.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.41
Evaluated at bid price : 20.41
Bid-YTW : 5.78 %
BAM.PR.T FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 17.40
Evaluated at bid price : 17.40
Bid-YTW : 6.88 %
BAM.PR.C Floater -2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 13.07
Evaluated at bid price : 13.07
Bid-YTW : 4.32 %
MFC.PR.C Insurance Straight -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.63 %
SLF.PR.D Insurance Straight -2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.96
Evaluated at bid price : 19.96
Bid-YTW : 5.65 %
PWF.PR.S Perpetual-Discount -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.86 %
PWF.PF.A Perpetual-Discount -1.65 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 5.76 %
BMO.PR.S FixedReset Disc -1.59 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.98 %
TRP.PR.A FixedReset Disc -1.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 16.92
Evaluated at bid price : 16.92
Bid-YTW : 6.80 %
GWO.PR.G Insurance Straight -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 22.03
Evaluated at bid price : 22.26
Bid-YTW : 5.91 %
CM.PR.P FixedReset Disc -1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.52
Evaluated at bid price : 20.52
Bid-YTW : 5.98 %
SLF.PR.E Insurance Straight -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.11
Evaluated at bid price : 20.11
Bid-YTW : 5.67 %
PVS.PR.J SplitShare -1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.21
Bid-YTW : 5.20 %
CU.PR.F Perpetual-Discount -1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.71
Evaluated at bid price : 19.71
Bid-YTW : 5.82 %
PVS.PR.K SplitShare -1.24 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.80
Bid-YTW : 5.37 %
GWO.PR.R Insurance Straight -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.69
Evaluated at bid price : 20.69
Bid-YTW : 5.88 %
GWO.PR.L Insurance Straight -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.95 %
BIP.PR.F FixedReset Prem -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 23.58
Evaluated at bid price : 24.75
Bid-YTW : 5.77 %
IAF.PR.B Insurance Straight -1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.55 %
ELF.PR.F Perpetual-Discount -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 22.34
Evaluated at bid price : 22.61
Bid-YTW : 5.91 %
GWO.PR.T Insurance Straight -1.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.68
Evaluated at bid price : 22.00
Bid-YTW : 5.91 %
PWF.PR.E Perpetual-Discount -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 23.09
Evaluated at bid price : 23.35
Bid-YTW : 5.92 %
RY.PR.S FixedReset Disc -1.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 23.13
Evaluated at bid price : 23.50
Bid-YTW : 5.50 %
TD.PF.C FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.89 %
TD.PF.B FixedReset Disc 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 5.94 %
CU.PR.D Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.27
Evaluated at bid price : 21.54
Bid-YTW : 5.78 %
BAM.PF.I FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.44 %
MFC.PR.L FixedReset Ins Non 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.28 %
TRP.PR.C FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 13.86
Evaluated at bid price : 13.86
Bid-YTW : 6.90 %
RY.PR.H FixedReset Disc 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.79 %
CU.PR.H Perpetual-Discount 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 22.84
Evaluated at bid price : 23.10
Bid-YTW : 5.78 %
IFC.PR.A FixedReset Ins Non 1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 18.62
Evaluated at bid price : 18.62
Bid-YTW : 6.15 %
BIP.PR.A FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-06-30
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 5.66 %
BAM.PR.E Ratchet 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 25.00
Evaluated at bid price : 17.90
Bid-YTW : 4.43 %
PWF.PR.Z Perpetual-Discount 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.97
Evaluated at bid price : 22.25
Bid-YTW : 5.81 %
MFC.PR.N FixedReset Ins Non 2.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.79
Evaluated at bid price : 19.79
Bid-YTW : 6.25 %
RY.PR.N Perpetual-Discount 2.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 23.30
Evaluated at bid price : 23.76
Bid-YTW : 5.14 %
BAM.PR.M Perpetual-Discount 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.60
Evaluated at bid price : 20.60
Bid-YTW : 5.84 %
TRP.PR.B FixedReset Disc 2.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 7.00 %
SLF.PR.J FloatingReset 5.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 4.48 %
MFC.PR.F FixedReset Ins Non 6.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 15.29
Evaluated at bid price : 15.29
Bid-YTW : 6.24 %
Volume Highlights
Issue Index Shares
Traded
Notes
RY.PR.H FixedReset Disc 56,368 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.79 %
TD.PF.C FixedReset Disc 54,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 5.89 %
BAM.PR.X FixedReset Disc 51,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 17.70
Evaluated at bid price : 17.70
Bid-YTW : 6.65 %
TRP.PR.D FixedReset Disc 43,874 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 18.90
Evaluated at bid price : 18.90
Bid-YTW : 6.74 %
BMO.PR.S FixedReset Disc 43,163 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.98 %
BMO.PR.D FixedReset Disc 39,915 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.02
Bid-YTW : 3.27 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TRP.PR.G FixedReset Disc Quote: 12.29 – 20.90
Spot Rate : 8.6100
Average : 4.9456

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 12.29
Evaluated at bid price : 12.29
Bid-YTW : 10.29 %

MFC.PR.L FixedReset Ins Non Quote: 19.55 – 23.50
Spot Rate : 3.9500
Average : 2.3592

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.55
Evaluated at bid price : 19.55
Bid-YTW : 6.28 %

PVS.PR.I SplitShare Quote: 25.10 – 30.00
Spot Rate : 4.9000
Average : 3.4335

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.88 %

CU.PR.J Perpetual-Discount Quote: 20.65 – 24.11
Spot Rate : 3.4600
Average : 2.0268

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 20.65
Evaluated at bid price : 20.65
Bid-YTW : 5.86 %

PWF.PF.A Perpetual-Discount Quote: 19.67 – 22.30
Spot Rate : 2.6300
Average : 1.8146

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 19.67
Evaluated at bid price : 19.67
Bid-YTW : 5.76 %

CCS.PR.C Insurance Straight Quote: 22.26 – 23.80
Spot Rate : 1.5400
Average : 1.0237

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-05-02
Maturity Price : 22.03
Evaluated at bid price : 22.26
Bid-YTW : 5.67 %

ENB.PR.B To Reset To 5.202%; Convertible to ENB.PR.C

May 2nd, 2022

Enbridge Inc. has announced:

that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series B (Series B Shares) (TSX: ENB.PR.B) or its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series C (Series C Shares) (TSX: ENB.PR.C) on June 1, 2022. As a result, subject to certain conditions, the holders of the Series B Shares have the right to convert all or part of their Series B Shares on a one-for-one basis into Series C Shares on June 1, 2022 and the holders of the Series C Shares have the right to convert all or part of their Series C Shares on a one-for-one bases into Series B Shares on June 1, 2022. Holders who do not exercise their right to convert their Series B Shares into Series C Shares will retain their Series B Shares and holders who do not exercise their right to convert their Series C Shares into Series B Shares will retain their Series C Shares.

The foregoing conversion rights are subject to the conditions that: (i) if Enbridge, after taking into account all Series B Shares and all Series C Shares tendered for conversion, determines that there would be less than 1,000,000 Series B Shares outstanding after June 1, 2022, then all remaining Series B Shares will automatically be converted into Series C Shares on a one-for-one basis on June 1, 2022 and no Series C Shares will be converted into Series B Shares; and (ii) alternatively, if Enbridge, after taking into account all Series B Shares and all Series C Shares tendered for conversion, determines that there would be less than 1,000,000 Series C Shares outstanding after June 1, 2022, then all remaining Series C Shares will automatically be converted into Series B Shares on a one-for-one basis on June 1, 2022 and no Series B Shares will be converted into Series C Shares. There are currently 18,269,812 Series B Shares outstanding and 1,730,188 Series C Shares outstanding.

With respect to any Series B Shares that remain outstanding after June 1, 2022, including any Series B Shares issued pursuant to the conversion of the Class C Shares, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series B Shares for the five-year period commencing on June 1, 2022 to, but excluding, June 1, 2027 will be 5.202 percent, being equal to the five-year Government of Canada bond yield of 2.802 percent determined as of today plus 2.40 percent in accordance with the terms of the Series B Shares.

With respect to any Class C Shares that remain outstanding after June 1, 2022, including any Series C Shares issued pursuant to the conversion of the Class B Shares, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The dividend rate applicable to the Series C Shares for the three-month floating rate period commencing on June 1, 2022 to, but excluding, September 1, 2022 will be 0.95277 percent, based on the annual rate on three month Government of Canada treasury bills for the most recent treasury bills auction of 1.38 percent plus 2.40 percent in accordance with the terms of the Series C Shares (the Floating Quarterly Dividend Rate). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series B Shares and Series C Shares who wish to exercise their respective rights of conversion during the conversion periods applicable to the Series B Shares and the Series C Shares, each of which runs from May 2, 2022, until 5:00 p.m. (EST) on May 17, 2022, should communicate as soon as possible with their broker or other intermediary for more information. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary time to complete the necessary steps. Any notices received after this deadline will not be valid.

ENB.PR.B was issued as a FixedReset, 4.00%+240, that commenced trading 2011-9-30 after being announced 2011-9-21. It reset to 3.415% in 2017; I recommended against conversion; but there was an 8% conversion to the FloatingReset, ENB.PR.C, anyway.

ENB.PR.C is a FloatingReset, 3-Month Bills+240, that arose via partial conversion from ENB.PR.B in 2017.

CU.PR.C To Reset At 5.20%

May 2nd, 2022

Canadian Utilities Limited has announced:

that it has notified the registered shareholder of its Cumulative Redeemable Second Preferred Shares Series Y (“Series Y Preferred Shares”) of a conversion privilege and applicable dividend rates. As a result, subject to certain conditions, the holders of Series Y Preferred Shares will have the right to choose one of the following options with regard to their shares:

To retain any or all of their Series Y Preferred Shares and continue to receive a fixed rate quarterly dividend; or

To convert, on a one-for-one basis, any or all of their Series Y Preferred Shares into Cumulative Redeemable Second Preferred Shares Series Z (“Series Z Preferred Shares”) of Canadian Utilities Limited and receive a floating rate quarterly dividend.

Effective June 1, 2022, the annual dividend rate for the Series Y Preferred Shares is set at 5.20% for the five-year period from and including June 1, 2022 to but excluding June 1, 2027 and the dividend rate for the Series Z Preferred Shares is set at an annual rate of 3.78% for the three-month period commencing June 1, 2022 to but excluding September 1, 2022. The dividend rate for the Series Z Preferred Shares will be reset each quarter. Both rates were calculated according to the terms described in the prospectus supplement of Canadian Utilities Limited dated September 15, 2011.

Beneficial owners of Series Y Preferred Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 3 p.m. (Calgary time) / 5 p.m. (Toronto time) on May 17, 2022. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with time to complete the necessary steps.

The foregoing conversions are subject to the conditions that: (i) if Canadian Utilities Limited determines that there would be less than 2,000,000 Series Y Preferred Shares outstanding on June 1, 2022, then all remaining Series Y Preferred Shares will automatically be converted into Series Z Preferred Shares on June 1, 2022, and (ii) alternatively, if Canadian Utilities Limited determines that there would be less than 2,000,000 Series Z Preferred Shares outstanding on June 1, 2022 after giving effect to conversion notices received, no Series Y Preferred Shares will be converted into Series Z Preferred Shares. If either of these scenarios occurs, Canadian Utilities Limited will issue a news release to that effect on or before May 24, 2022.

Holders of the Series Y Preferred Shares and the Series Z Preferred Shares, as applicable, will have the opportunity to convert their shares again on June 1, 2027, and every five years thereafter as long as the shares remain outstanding.

For more information on the terms of, and risks associated with an investment in, the Series Y Preferred Shares and the Series Z Preferred Shares, please see Canadian Utilities Limited’s prospectus supplement dated September 15, 2011, which can be found under Canadian Utilities Limited’s profile on SEDAR at www.sedar.com.

CU.PR.C was issued as a FixedReset, 4.00%+240, that commenced trading 2011-9-21 after being announced 2011-9-13. It reset to 3.40% in 2017; I recommended against conversion; and there was no conversion.

Thanks to Assiduous Reader skeptical for ensuring I was aware of this!

MAPF Portfolio Composition: April, 2022

May 2nd, 2022

Turnover remained steady at 6% in March. Market volumes have been very low for quite some time, having never really recovered from the usual summer decline.

Sectoral distribution of the MAPF portfolio on April 29, 2022 was as follows:

MAPF Sectoral Analysis 2022-4-29
HIMI Indices Sector Weighting YTW ModDur
Ratchet 0% N/A N/A
FixFloat 0% N/A N/A
Floater 0% N/A N/A
OpRet 0% N/A N/A
SplitShare 0% N/A N/A
Interest Rearing 0% N/A N/A
PerpetualPremium 0% N/A N/A
PerpetualDiscount 6.5% 6.19% 13.58
Fixed-Reset Discount 50.9% 6.43% 13.80
Insurance – Straight 0% N/A N/A
FloatingReset 0% N/A N/A
FixedReset Premium 0% N/A N/A
FixedReset Bank non-NVCC 0% N/A N/A
FixedReset Insurance non-NVCC 31.0% 6.20% 14.29
Scraps – Ratchet 0% N/A N/A
Scraps – FixedFloater 0% N/A N/A
Scraps – Floater 0% N/A N/A
Scraps – OpRet 0% N/A N/A
Scraps – SplitShare 0% N/A N/A
Scraps – PerpPrem 0% N/A N/A
Scraps – PerpDisc 0% N/A N/A
Scraps – FR Discount 11.7% 7.22% 12.88
Scraps – Insurance Straight 0% N/A N/A
Scraps – FloatingReset 0% N/A N/A
Scraps – FR Premium 0% N/A N/A
Scraps – Bank non-NVCC 0% N/A N/A
Scraps – Ins non-NVCC 0% N/A N/A
Cash -0.0% 0.00% 0.00
Total 100% 6.44% 13.83
Totals and changes will not add precisely due to rounding. Cash is included in totals with duration and yield both equal to zero.
The various “Scraps” indices include issues with a DBRS rating of Pfd-3(high) or lower and issues with an Average Trading Value (calculated with HIMIPref™ methodology, which is relatively complex) of less than $25,000. The issues considered “Scraps” are subdivided into indices which reflect those of the main indices.
DeemedRetractibles were comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator. These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 in the case of banks or normally in the case of insurers and insurance holding companies, in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis and IAIS Says No To DeemedRetractions for the recent change in policy with respect to insurers.

Note that the estimate for the time this will become effective for insurers and insurance holding companies was extended by three years in April 2013, due to the delays in OSFI’s providing clarity on the issue and by a further five years in December, 2018; the estimate was eliminated in November. However, the distinctions are being kept because it is useful to distinguish insurance issues from others.


The name of this subindex has been changed to “Insurance Straight” as of November, 2020

Calculations of resettable instruments are performed assuming a constant GOC-5 rate of 2.68%, a constant 3-Month Bill rate of 1.24% and a constant Canada Prime Rate of 3.20%

The “total” reflects the un-leveraged total portfolio (i.e., cash is included in the portfolio calculations and is deemed to have a duration and yield of 0.00.). MAPF will often have relatively large cash balances, both credit and debit, to facilitate trading. Figures presented in the table have been rounded to the indicated precision.

Credit distribution is:

MAPF Credit Analysis 2022-4-29
DBRS Rating MAPF Weighting
Pfd-1 0
Pfd-1(low) 0
Pfd-2(high) 44.7%
Pfd-2 9.4%
Pfd-2(low) 34.3%
Pfd-3(high) 3.3%
Pfd-3 5.0%
Pfd-3(low) 1.3%
Pfd-4(high) 2.1%
Pfd-4 0%
Pfd-4(low) 0%
Pfd-5(high) 0%
Pfd-5 0%
Cash -0.0%
Totals will not add precisely due to rounding.
A position held in INE.PR.A is not rated by DBRS nor by S&P, but has been included as “Pfd-4(high)” in the above table on the basis of its last S&P rating of P-4(high) and its BB rating from Fitch. A “BB” rating would normally map to Pfd-3, but the company’s disdain for the two major preferred share agencies makes me nervous.

Liquidity Distribution is:

MAPF Liquidity Analysis 2022-4-29
Average Daily Trading MAPF Weighting
<$50,000 19.2%
$50,000 – $100,000 57.4%
$100,000 – $200,000 21.1%
$200,000 – $300,000 2.3%
>$300,000 0%
Cash -0.0%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range MAPF Weight
<100bp 0%
100-149bp 22.4%
150-199bp 30.3%
200-249bp 31.2%
250-299bp 3.7%
300-349bp 1.3%
350-399bp 3.8%
400-449bp 0.9%
450-499bp 0%
500-549bp 0%
550-599bp 0%
>= 600bp 0%
Undefined 6.4%

Distribution of Floating Rate Start Dates is shown in the table below. This is the date of the next adjustment to the dividend rate, if the issue is currently paying a fixed rate for a limited time; which in practice is successive terms of 5 years. Issues that adjust quarterly are considered “Currently Floating”.

Range MAPF Weight
Currently Floating 0%
0-1 Year 16.0%
1-2 Years 5.9%
2-3 Years 17.9%
3-4 Years 33.2%
4-5 Years 20.6%
5-6 Years 0%
>6 Years 0%
Not Floating Rate 6.4%

MAPF is, of course, Malachite Aggressive Preferred Fund, a “unit trust” managed by Hymas Investment Management Inc. Further information and links to performance, audited financials and subscription information are available the fund’s web page. The fund may be purchased directly from Hymas Investment Management. A “unit trust” is like a regular mutual fund, but are not sold with a prospectus. This is cheaper, but means subscription is restricted to “accredited investors” (as defined by the Ontario Securities Commission). Fund past performances are not a guarantee of future performance. You can lose money investing in MAPF or any other fund.

April 29, 2022

April 29th, 2022

TXPR closed at 624.82, up 0.80% on the day. Volume today was 1.51-million, well below the median of the past 21 trading days. Today’s fine performance, following yesterday‘s bounce, regains lost ground all the way back to, um, late Monday afternoon.

CPD closed at 12.40, up 0.08% on the day. Volume was 147,220, well above the median of the past 21 trading days.

ZPR closed at 10.35 down 0.10% on the day. Volume of 444,010 was second-highest of the past 21 trading days, behind only April 7.

Five-year Canada yields were up 9bp to 2.77% today.

The furor in the comments regarding politics on PrefBlog got me interested in learning more about the National Legal and Policy Center, which is making quite a fuss at many annual meetings this year. They have a fair sized Wikipedia entry that has not attracted much controversy (according to the rate of edits), but which concentrates on their activities with political ethics.

It looks like something has changed, though, since their website homepage is dominated by notices of their annual meeting challenges to corporations, which tells you something about where their donations are coming from (or ‘what they are being paid to say’. Take your pick).

I find this explicit political targetting of corporations to be really scary, given that Florida Republicans feel that there is some hay to be made in attacking them. I like to look at the Instagram political pages to get an idea of what the lunatic fringes are talking about and the loony right is absolutely thrilled with the assault on Disney.

So anyway, I posted about their remarks at the Wells Fargo meeting because I thought it was (i) interesting enough and (ii) obscure enough and (iii) funny enough to justify the minor digression. I mean, how can one read a statement like:

At Wells Fargo, the top arranger of loans to fossil-fuel companies last year, an activist chided the bank for donating to groups fighting climate change, “which is just Marxism dressed up as environmentalism.”

without snickering?

Or maybe people were just upset I mentioned the incredibly loose fiscal policy embodied in the Progressive Conservative’s election budget. It wasn’t really all that clear.

But anyway, April’s over, after delivering a 7.9% hit (as of the close yesterday; maybe 7.2% for the month but the TXPR TRIV is not yet available) [Update: The TXPR TRIV was 1765.52 at month-end, indicating a total return of -7.04% on the month]. Very strange, considering the abundance of FixedReset (Discount) issues and the 30-odd bp increase in the Five-Year Canada rate through the period. But then, if the preferred share market wasn’t strange, it would be boring!

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 3.81 % 4.51 % 25,397 18.53 1 -0.6772 % 2,507.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4326 % 4,857.0
Floater 4.19 % 4.21 % 37,313 16.97 4 0.4326 % 2,799.1
OpRet 0.00 % 0.00 % 0 0.00 0 -0.3223 % 3,562.0
SplitShare 4.71 % 4.95 % 48,727 3.45 6 -0.3223 % 4,253.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.3223 % 3,319.0
Perpetual-Premium 5.76 % 5.85 % 77,323 14.07 16 0.4149 % 2,965.3
Perpetual-Discount 5.76 % 5.84 % 67,854 14.12 17 0.7693 % 3,219.3
FixedReset Disc 4.59 % 5.94 % 130,933 14.32 49 1.4952 % 2,503.8
Insurance Straight 5.66 % 5.77 % 106,568 14.19 20 1.1195 % 3,172.0
FloatingReset 4.71 % 4.93 % 70,775 15.62 2 1.2056 % 2,589.2
FixedReset Prem 4.92 % 4.81 % 150,347 2.12 19 0.3010 % 2,622.7
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.4952 % 2,559.4
FixedReset Ins Non 4.65 % 5.97 % 86,018 14.01 15 0.6095 % 2,583.3
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -2.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 14.33
Evaluated at bid price : 14.33
Bid-YTW : 6.44 %
TRP.PR.B FixedReset Disc -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 12.70
Evaluated at bid price : 12.70
Bid-YTW : 6.94 %
PWF.PF.A Perpetual-Discount -2.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.66 %
BAM.PR.R FixedReset Disc -1.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 17.34
Evaluated at bid price : 17.34
Bid-YTW : 6.60 %
PVS.PR.I SplitShare -1.18 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.86 %
CM.PR.Q FixedReset Disc -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.05
Evaluated at bid price : 21.05
Bid-YTW : 5.96 %
BAM.PF.J FixedReset Prem 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 23.66
Evaluated at bid price : 24.30
Bid-YTW : 5.95 %
RY.PR.N Perpetual-Premium 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.98
Evaluated at bid price : 23.25
Bid-YTW : 5.26 %
CU.PR.H Perpetual-Premium 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.37
Evaluated at bid price : 22.77
Bid-YTW : 5.85 %
TD.PF.M FixedReset Prem 1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.20
Bid-YTW : 4.74 %
BAM.PF.B FixedReset Disc 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.43 %
ELF.PR.F Perpetual-Discount 1.19 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.62
Evaluated at bid price : 22.87
Bid-YTW : 5.84 %
PWF.PR.E Perpetual-Premium 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 23.32
Evaluated at bid price : 23.60
Bid-YTW : 5.85 %
BIP.PR.F FixedReset Prem 1.21 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.05
Bid-YTW : 5.25 %
FTS.PR.K FixedReset Disc 1.22 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 18.32
Evaluated at bid price : 18.32
Bid-YTW : 6.44 %
BMO.PR.Y FixedReset Disc 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.07
Evaluated at bid price : 21.07
Bid-YTW : 5.87 %
GWO.PR.L Insurance Straight 1.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 24.05
Evaluated at bid price : 24.30
Bid-YTW : 5.87 %
NA.PR.E FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.99
Evaluated at bid price : 22.58
Bid-YTW : 5.77 %
BAM.PF.A FixedReset Disc 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.89
Evaluated at bid price : 22.43
Bid-YTW : 6.22 %
IAF.PR.G FixedReset Ins Non 1.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.70
Evaluated at bid price : 23.85
Bid-YTW : 5.81 %
BAM.PF.G FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 19.65
Evaluated at bid price : 19.65
Bid-YTW : 6.52 %
BAM.PR.T FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 17.86
Evaluated at bid price : 17.86
Bid-YTW : 6.56 %
FTS.PR.M FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 19.79
Evaluated at bid price : 19.79
Bid-YTW : 6.37 %
TD.PF.K FixedReset Disc 1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.32
Evaluated at bid price : 22.70
Bid-YTW : 5.76 %
MFC.PR.J FixedReset Ins Non 1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.07
Evaluated at bid price : 22.70
Bid-YTW : 5.85 %
CU.PR.J Perpetual-Discount 1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.70
Evaluated at bid price : 20.70
Bid-YTW : 5.84 %
CU.PR.G Perpetual-Discount 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 5.77 %
BAM.PR.Z FixedReset Disc 1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.89
Evaluated at bid price : 22.40
Bid-YTW : 6.31 %
GWO.PR.T Insurance Straight 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.98
Evaluated at bid price : 22.25
Bid-YTW : 5.84 %
IFC.PR.A FixedReset Ins Non 1.83 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 18.35
Evaluated at bid price : 18.35
Bid-YTW : 6.02 %
GWO.PR.S Insurance Straight 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.26
Evaluated at bid price : 22.70
Bid-YTW : 5.83 %
BMO.PR.S FixedReset Disc 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.35
Evaluated at bid price : 21.35
Bid-YTW : 5.72 %
BAM.PF.H FixedReset Prem 1.86 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.65
Bid-YTW : 5.58 %
BMO.PR.E FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.79
Evaluated at bid price : 23.20
Bid-YTW : 5.72 %
BAM.PF.D Perpetual-Discount 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.86
Evaluated at bid price : 20.86
Bid-YTW : 5.95 %
GWO.PR.G Insurance Straight 2.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.33
Evaluated at bid price : 22.60
Bid-YTW : 5.81 %
CU.PR.F Perpetual-Discount 2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 19.97
Evaluated at bid price : 19.97
Bid-YTW : 5.74 %
TRP.PR.F FloatingReset 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 4.93 %
IAF.PR.B Insurance Straight 2.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.25
Evaluated at bid price : 21.25
Bid-YTW : 5.48 %
POW.PR.B Perpetual-Premium 2.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.77
Evaluated at bid price : 23.05
Bid-YTW : 5.85 %
MFC.PR.M FixedReset Ins Non 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 19.93
Evaluated at bid price : 19.93
Bid-YTW : 6.15 %
BAM.PR.C Floater 2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 4.21 %
TD.PF.B FixedReset Disc 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.83 %
TD.PF.A FixedReset Disc 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.77 %
GWO.PR.H Insurance Straight 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.96
Evaluated at bid price : 20.96
Bid-YTW : 5.86 %
BAM.PF.F FixedReset Disc 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 6.57 %
RY.PR.J FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.45
Evaluated at bid price : 21.80
Bid-YTW : 5.75 %
CU.PR.C FixedReset Disc 2.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.42
Evaluated at bid price : 21.70
Bid-YTW : 5.94 %
BMO.PR.W FixedReset Disc 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.78 %
TD.PF.C FixedReset Disc 2.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.64
Evaluated at bid price : 20.64
Bid-YTW : 5.78 %
PWF.PR.S Perpetual-Discount 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.75 %
BAM.PR.X FixedReset Disc 2.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 6.45 %
CM.PR.P FixedReset Disc 2.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.83
Evaluated at bid price : 20.83
Bid-YTW : 5.73 %
TRP.PR.E FixedReset Disc 2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 18.50
Evaluated at bid price : 18.50
Bid-YTW : 6.57 %
TD.PF.D FixedReset Disc 2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.34
Evaluated at bid price : 21.65
Bid-YTW : 5.79 %
MFC.PR.C Insurance Straight 2.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.78
Evaluated at bid price : 20.78
Bid-YTW : 5.49 %
TRP.PR.D FixedReset Disc 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 6.60 %
RY.PR.Z FixedReset Disc 2.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.01
Evaluated at bid price : 21.01
Bid-YTW : 5.67 %
RY.PR.S FixedReset Disc 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 23.39
Evaluated at bid price : 23.75
Bid-YTW : 5.29 %
RY.PR.M FixedReset Disc 3.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 5.78 %
CM.PR.S FixedReset Disc 3.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 22.60
Evaluated at bid price : 23.20
Bid-YTW : 5.50 %
RY.PR.H FixedReset Disc 3.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.69 %
TRP.PR.A FixedReset Disc 3.62 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 17.18
Evaluated at bid price : 17.18
Bid-YTW : 6.50 %
CM.PR.O FixedReset Disc 4.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.95
Evaluated at bid price : 20.95
Bid-YTW : 5.78 %
MFC.PR.B Insurance Straight 5.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.54 %
BNS.PR.I FixedReset Disc 6.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 23.07
Evaluated at bid price : 23.45
Bid-YTW : 5.44 %
Volume Highlights
Issue Index Shares
Traded
Notes
TD.PF.B FixedReset Disc 58,275 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.83 %
TD.PF.A FixedReset Disc 51,401 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.77 %
NA.PR.W FixedReset Disc 44,328 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 5.96 %
RY.PR.M FixedReset Disc 39,160 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.88
Evaluated at bid price : 20.88
Bid-YTW : 5.78 %
CM.PR.R FixedReset Prem 34,174 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.98
Bid-YTW : 4.81 %
FTS.PR.J Perpetual-Discount 31,184 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.24
Evaluated at bid price : 21.24
Bid-YTW : 5.69 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
GWO.PR.N FixedReset Ins Non Quote: 14.03 – 16.00
Spot Rate : 1.9700
Average : 1.1722

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 14.03
Evaluated at bid price : 14.03
Bid-YTW : 6.26 %

NA.PR.S FixedReset Disc Quote: 20.50 – 22.22
Spot Rate : 1.7200
Average : 1.2293

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.06 %

SLF.PR.J FloatingReset Quote: 15.20 – 17.00
Spot Rate : 1.8000
Average : 1.3687

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 15.20
Evaluated at bid price : 15.20
Bid-YTW : 4.56 %

PVS.PR.I SplitShare Quote: 25.10 – 27.35
Spot Rate : 2.2500
Average : 1.8256

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 4.86 %

TRP.PR.G FixedReset Disc Quote: 20.25 – 21.55
Spot Rate : 1.3000
Average : 0.9278

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.31 %

TD.PF.E FixedReset Disc Quote: 21.50 – 23.23
Spot Rate : 1.7300
Average : 1.4102

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-29
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 5.89 %

NA Upgraded to Pfd-2 by DBRS

April 29th, 2022

DBRS has announced that it:

upgraded the ratings of National Bank of Canada (National or the Bank) and its related entities, including the Bank’s Long-Term Issuer Rating to AA from AA (low) and Short-Term Issuer Rating to R-1 (high) from R-1 (middle). Additionally, DBRS Morningstar changed the trends on all ratings to Stable from Positive. National’s Long-Term Issuer Rating is composed of an Intrinsic Assessment of AA (low) and a Support Assessment of SA2, which reflects the expectation of timely systemic support from the Government of Canada (rated AAA with a Stable trend by DBRS Morningstar). As a result of the SA2 designation, the Bank’s Long-Term Issuer Rating benefits from a one-notch uplift.

KEY RATING CONSIDERATIONS
The upgrades and Stable trends recognize National’s successful expansion of its footprint in targeted markets and niches across Canada, especially in Wealth Management (WM) and Financial Markets (FM). In addition, the Bank’s strong performance over the last few years, with Personal and Commercial (P&C) and WM now contributing a larger portion of earnings, has placed National at the top of its peer range in terms of profitability metrics.

The ratings also reflect National’s dominance in its home province, the Province of Québec (Québec; rated AA (low) with a Stable trend by DBRS Morningstar), which had experienced strong economic growth prior to the Coronavirus Disease (COVID-19) pandemic and is now showing a healthy rebound. Furthermore, the Bank benefits from strong preprovision earnings, while the transformation efforts in its P&C business and growth of its WM business have driven growth in client deposits. The ratings also consider the small yet growing contribution of the U.S. Specialty Finance and International (USSF&I) segment, which DBRS Morningstar views as having a higher risk profile, as well as potentially more volatile earnings. Lastly, DBRS Morningstar notes that National’s FM business segment is an important contributor to the Bank’s franchise and has benefitted from the market volatility experienced in the last couple of years. Although the majority of transactions are client driven, the segment’s activities could expose the Bank to increased capital markets risk from significant market downturns.

The ratings also consider that government support measures have largely mitigated the negative economic impacts of the pandemic. Positively, economic performance has rebounded, and the labour market is essentially at full capacity; however, headwinds persist from a potentially aggressive interest rate tightening cycle to combat inflation, geopolitical tensions related to the Russia-Ukraine conflict, supply-chain disruptions, and the pandemic. Furthermore, DBRS Morningstar remains concerned about the combination of high Canadian household debt levels that have reached an all-time high and elevated home prices that have been driven by housing market imbalances and robust demand during the pandemic (particularly in the greater Toronto and Vancouver areas). Housing prices remain vulnerable and, as a result, National and its Canadian peers remain susceptible to adverse changes in the Canadian real estate market. Positively, DBRS Morningstar views National’s residential mortgage loan portfolio as conservatively underwritten, reflecting the Bank’s strong risk culture.

Affected issues are NA.PR.C, NA.PR.E, NA.PR.G, NA.PR.S and NA.PR.W.

April 28, 2022

April 28th, 2022

TXPR closed at 619.88, hitting a new 52-week low on the day, but up 1.54% on the day. Volume today was 1.86-million, a bit below the median of the past 21 trading days.

CPD closed at 12.39, hitting a new 52-week low on the day, but up 2.48% on the day. Volume was 339,580, highest of the past 21 trading days.

ZPR closed at 10.36, hitting a new 52-week low on the day, but up 2.57% on the day. Volume of 305,910 was above the median of the past 21 trading days.

Five-year Canada yields were unchanged at 2.68% today.

MAGA wars are coming to a bank near you!:

As three of the nation’s largest banks kicked off the U.S. financial industry’s annual gatherings this week, conservative speakers showed up with questions, proposals and ultimatums. They’re not matching the size of the liberal-leaning crowd — their proposals garnered the least amount of supporting votes from shareholders — but they’re trying to steer the agenda nonetheless.

At Citigroup and Bank of America, the activists argued that vows to improve diversity or pay more equitably may hurt groups of people who aren’t underrepresented. At Wells Fargo, the top arranger of loans to fossil-fuel companies last year, an activist chided the bank for donating to groups fighting climate change, “which is just Marxism dressed up as environmentalism.” He also warned it not to follow Walt Disney Co. in the sort of “woke” LGBTQ advocacy that drew a backlash from “Make America Great Again” activists and Republican politicians in Florida.

“Wells Fargo needs to take a hard look at the fix that Disney finds itself in,” the speaker, Paul Chesser, director of the conservative National Legal and Policy Center’s Corporate Integrity Project, warned the bank leaders. “Stay out of politics and properly serve all its customers and shareholders.”

There are no shortages of idiots on any side of this issue, but the MAGA clowns are most entertaining, albeit the most dangerous. The targetting of Disney by Florida’s state government due to Disney’s views on legislation, while very popular with the lunatic fringe, should send chills down anybody’s spine.

Meanwhile, in Ontario, we’re going to spend like hell and put it on the tab:

Ontario Finance Minister Peter Bethlenfalvy unveiled a pre-election budget on Thursday that pledges billions more in spending for long-term plans to expand hospitals and build highways and puts off eliminating the province’s deficit for another six years.

The document promises an additional $10-billion for hospital expansion, and would increase spending on highways and roads by $4-billion, both over 10 years.

But it contains few other major new policies or projects, as the government has spent months announcing many of its key provisions, including an end to licence-plate fees for cars, and a pledge to cut the gas tax temporarily.

For this fiscal year, 2022-23, the budget projects a deficit of $19.9-billion (including $1-billion in reserve funds, which would reduce the red ink if not spent). This year’s number is up from last year’s $13.5-billion deficit, which included billions the province spent battling the continuing pandemic.

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 3.77 % 4.45 % 26,382 18.61 1 -0.1690 % 2,524.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2073 % 4,836.1
Floater 4.21 % 4.30 % 37,865 16.80 4 0.2073 % 2,787.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.2558 % 3,573.5
SplitShare 4.70 % 4.95 % 48,969 3.45 6 0.2558 % 4,267.6
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2558 % 3,329.7
Perpetual-Premium 5.78 % 5.90 % 78,792 14.05 16 1.0264 % 2,953.1
Perpetual-Discount 5.81 % 5.90 % 70,485 14.03 17 1.4462 % 3,194.8
FixedReset Disc 4.66 % 5.96 % 129,120 14.18 49 1.3520 % 2,466.9
Insurance Straight 5.72 % 5.80 % 103,499 14.15 20 1.2411 % 3,136.8
FloatingReset 4.77 % 5.03 % 71,880 15.43 2 -1.7150 % 2,558.3
FixedReset Prem 4.93 % 5.58 % 149,853 3.28 19 0.2486 % 2,614.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 1.3520 % 2,521.7
FixedReset Ins Non 4.67 % 5.97 % 86,424 13.98 15 0.7918 % 2,567.6
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -3.99 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 15.17
Evaluated at bid price : 15.17
Bid-YTW : 4.57 %
BNS.PR.I FixedReset Disc -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.62
Evaluated at bid price : 22.04
Bid-YTW : 5.79 %
IAF.PR.I FixedReset Ins Non -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.56
Evaluated at bid price : 23.11
Bid-YTW : 5.88 %
NA.PR.S FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.50
Evaluated at bid price : 20.50
Bid-YTW : 6.06 %
IFC.PR.G FixedReset Ins Non -1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.61
Evaluated at bid price : 22.01
Bid-YTW : 5.97 %
TD.PF.B FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.96 %
BAM.PF.F FixedReset Disc 1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.00
Evaluated at bid price : 20.00
Bid-YTW : 6.71 %
FTS.PR.F Perpetual-Discount 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.62
Evaluated at bid price : 21.87
Bid-YTW : 5.69 %
GWO.PR.M Insurance Straight 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 24.21
Evaluated at bid price : 24.50
Bid-YTW : 5.98 %
PVS.PR.J SplitShare 1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 24.50
Bid-YTW : 4.95 %
PWF.PR.E Perpetual-Premium 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 23.06
Evaluated at bid price : 23.32
Bid-YTW : 5.92 %
TD.PF.E FixedReset Disc 1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.37
Evaluated at bid price : 21.37
Bid-YTW : 5.92 %
MFC.PR.K FixedReset Ins Non 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.67
Evaluated at bid price : 20.67
Bid-YTW : 5.96 %
GWO.PR.Y Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.80
Evaluated at bid price : 19.80
Bid-YTW : 5.75 %
GWO.PR.S Insurance Straight 1.18 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.92
Evaluated at bid price : 22.29
Bid-YTW : 5.94 %
CU.PR.E Perpetual-Discount 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.96
Evaluated at bid price : 20.96
Bid-YTW : 5.95 %
FTS.PR.K FixedReset Disc 1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 18.10
Evaluated at bid price : 18.10
Bid-YTW : 6.52 %
CU.PR.J Perpetual-Discount 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.36
Evaluated at bid price : 20.36
Bid-YTW : 5.94 %
CU.PR.G Perpetual-Discount 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.50
Evaluated at bid price : 19.50
Bid-YTW : 5.88 %
BAM.PR.Z FixedReset Disc 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.62
Evaluated at bid price : 22.00
Bid-YTW : 6.44 %
GWO.PR.P Insurance Straight 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.93
Evaluated at bid price : 23.20
Bid-YTW : 5.88 %
PWF.PR.O Perpetual-Premium 1.40 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 24.34
Evaluated at bid price : 24.65
Bid-YTW : 5.91 %
PWF.PR.L Perpetual-Discount 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.38
Evaluated at bid price : 21.65
Bid-YTW : 5.91 %
MFC.PR.J FixedReset Ins Non 1.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.83
Evaluated at bid price : 22.33
Bid-YTW : 5.95 %
PWF.PR.Z Perpetual-Premium 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.61
Evaluated at bid price : 21.92
Bid-YTW : 5.90 %
BMO.PR.W FixedReset Disc 1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 5.94 %
RY.PR.N Perpetual-Premium 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.72
Evaluated at bid price : 23.00
Bid-YTW : 5.32 %
TD.PF.A FixedReset Disc 1.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 5.90 %
PWF.PR.R Perpetual-Premium 1.52 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 23.14
Evaluated at bid price : 23.40
Bid-YTW : 5.90 %
PWF.PR.T FixedReset Disc 1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.27
Evaluated at bid price : 20.27
Bid-YTW : 6.15 %
BAM.PF.A FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.70
Evaluated at bid price : 22.15
Bid-YTW : 6.31 %
BAM.PR.T FixedReset Disc 1.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 17.63
Evaluated at bid price : 17.63
Bid-YTW : 6.64 %
BIP.PR.F FixedReset Prem 1.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 23.58
Evaluated at bid price : 24.75
Bid-YTW : 5.61 %
CM.PR.P FixedReset Disc 1.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.33
Evaluated at bid price : 20.33
Bid-YTW : 5.87 %
GWO.PR.I Insurance Straight 1.71 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.64
Evaluated at bid price : 19.64
Bid-YTW : 5.80 %
MFC.PR.C Insurance Straight 1.76 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.64 %
BAM.PR.X FixedReset Disc 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 17.18
Evaluated at bid price : 17.18
Bid-YTW : 6.61 %
NA.PR.G FixedReset Prem 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.88
Evaluated at bid price : 23.30
Bid-YTW : 5.80 %
MFC.PR.N FixedReset Ins Non 1.84 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.35
Evaluated at bid price : 19.35
Bid-YTW : 6.22 %
POW.PR.A Perpetual-Premium 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 23.75
Evaluated at bid price : 24.06
Bid-YTW : 5.86 %
GWO.PR.L Insurance Straight 1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 23.69
Evaluated at bid price : 24.00
Bid-YTW : 5.94 %
BMO.PR.S FixedReset Disc 1.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.84 %
CU.PR.D Perpetual-Discount 1.93 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.91 %
BAM.PF.D Perpetual-Discount 1.94 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.45
Evaluated at bid price : 20.45
Bid-YTW : 6.07 %
TRP.PR.A FixedReset Disc 1.97 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 16.58
Evaluated at bid price : 16.58
Bid-YTW : 6.73 %
TRP.PR.E FixedReset Disc 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.73 %
IFC.PR.E Insurance Straight 1.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.26
Evaluated at bid price : 22.64
Bid-YTW : 5.79 %
BAM.PF.G FixedReset Disc 2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.40
Evaluated at bid price : 19.40
Bid-YTW : 6.60 %
CU.PR.F Perpetual-Discount 2.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 5.85 %
TRP.PR.D FixedReset Disc 2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 18.25
Evaluated at bid price : 18.25
Bid-YTW : 6.78 %
SLF.PR.G FixedReset Ins Non 2.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 14.99
Evaluated at bid price : 14.99
Bid-YTW : 6.15 %
BAM.PF.B FixedReset Disc 2.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 6.51 %
TRP.PR.B FixedReset Disc 2.35 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 13.05
Evaluated at bid price : 13.05
Bid-YTW : 6.77 %
MFC.PR.I FixedReset Ins Non 2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.86
Evaluated at bid price : 23.68
Bid-YTW : 5.87 %
POW.PR.G Perpetual-Premium 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 23.74
Evaluated at bid price : 24.05
Bid-YTW : 5.86 %
PWF.PR.K Perpetual-Discount 2.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.88 %
POW.PR.D Perpetual-Discount 2.61 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.33
Evaluated at bid price : 21.60
Bid-YTW : 5.83 %
BAM.PF.E FixedReset Disc 2.64 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 18.68
Evaluated at bid price : 18.68
Bid-YTW : 6.66 %
FTS.PR.M FixedReset Disc 2.74 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 6.46 %
PWF.PR.F Perpetual-Premium 2.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.44
Evaluated at bid price : 22.70
Bid-YTW : 5.81 %
TRP.PR.G FixedReset Disc 3.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 6.31 %
GWO.PR.R Insurance Straight 4.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.10
Evaluated at bid price : 21.10
Bid-YTW : 5.76 %
PWF.PF.A Perpetual-Discount 4.85 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.55
Evaluated at bid price : 20.55
Bid-YTW : 5.51 %
BMO.PR.Y FixedReset Disc 5.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.00
Evaluated at bid price : 21.00
Bid-YTW : 5.95 %
CM.PR.Q FixedReset Disc 5.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.89 %
MFC.PR.Q FixedReset Ins Non 5.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.71
Evaluated at bid price : 22.15
Bid-YTW : 5.92 %
GWO.PR.G Insurance Straight 5.98 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.91
Evaluated at bid price : 22.15
Bid-YTW : 5.93 %
NA.PR.E FixedReset Disc 7.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.81
Evaluated at bid price : 22.30
Bid-YTW : 5.85 %
BAM.PR.R FixedReset Disc 9.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 17.57
Evaluated at bid price : 17.57
Bid-YTW : 6.52 %
Volume Highlights
Issue Index Shares
Traded
Notes
MFC.PR.I FixedReset Ins Non 121,961 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.86
Evaluated at bid price : 23.68
Bid-YTW : 5.87 %
CU.PR.E Perpetual-Discount 97,147 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.96
Evaluated at bid price : 20.96
Bid-YTW : 5.95 %
CM.PR.R FixedReset Prem 86,474 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.96
Bid-YTW : 5.08 %
FTS.PR.J Perpetual-Discount 73,595 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.20
Evaluated at bid price : 21.20
Bid-YTW : 5.70 %
BMO.PR.C FixedReset Prem 61,740 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-24
Maturity Price : 25.00
Evaluated at bid price : 25.24
Bid-YTW : 5.89 %
IFC.PR.K Perpetual-Premium 40,654 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 22.87
Evaluated at bid price : 23.25
Bid-YTW : 5.71 %
There were 27 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.J FixedReset Ins Non Quote: 22.33 – 25.37
Spot Rate : 3.0400
Average : 1.8401

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.83
Evaluated at bid price : 22.33
Bid-YTW : 5.95 %

RY.PR.J FixedReset Disc Quote: 21.30 – 23.90
Spot Rate : 2.6000
Average : 1.6078

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 21.30
Evaluated at bid price : 21.30
Bid-YTW : 5.90 %

FTS.PR.M FixedReset Disc Quote: 19.52 – 21.80
Spot Rate : 2.2800
Average : 1.4406

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 6.46 %

RY.PR.H FixedReset Disc Quote: 20.32 – 22.00
Spot Rate : 1.6800
Average : 0.9603

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.32
Evaluated at bid price : 20.32
Bid-YTW : 5.88 %

BAM.PF.B FixedReset Disc Quote: 20.26 – 22.75
Spot Rate : 2.4900
Average : 1.8086

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.26
Evaluated at bid price : 20.26
Bid-YTW : 6.51 %

RY.PR.Z FixedReset Disc Quote: 20.40 – 22.00
Spot Rate : 1.6000
Average : 1.0338

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-04-28
Maturity Price : 20.40
Evaluated at bid price : 20.40
Bid-YTW : 5.83 %