October 13, 2021

October 13th, 2021

Long corporates are now at 3.53%.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.5736 % 2,722.6
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.5736 % 4,995.8
Floater 3.19 % 3.20 % 48,991 19.25 3 0.5736 % 2,879.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.2690 % 3,726.3
SplitShare 4.60 % 4.04 % 48,771 3.92 5 0.2690 % 4,450.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2690 % 3,472.1
Perpetual-Premium 5.06 % -10.80 % 57,483 0.09 32 -0.0488 % 3,290.2
Perpetual-Discount 0.00 % 0.00 % 0 0.00 1 -0.0488 % 3,959.5
FixedReset Disc 3.88 % 3.83 % 97,166 17.32 41 -0.5985 % 2,887.5
Insurance Straight 4.88 % -0.35 % 84,372 0.09 20 0.0137 % 3,719.0
FloatingReset 2.55 % 2.85 % 28,498 20.13 2 0.8696 % 2,824.6
FixedReset Prem 4.70 % 2.85 % 129,759 1.53 31 -0.1112 % 2,760.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.5985 % 2,951.6
FixedReset Ins Non 4.05 % 3.55 % 94,995 17.56 19 -0.4828 % 2,978.7
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -7.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.96 %
MFC.PR.F FixedReset Ins Non -5.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.74 %
BAM.PR.T FixedReset Disc -4.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.35 %
NA.PR.W FixedReset Disc -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 23.04
Evaluated at bid price : 24.25
Bid-YTW : 3.52 %
CU.PR.C FixedReset Disc -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 21.91
Evaluated at bid price : 22.44
Bid-YTW : 4.01 %
BAM.PR.B Floater -1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 13.35
Evaluated at bid price : 13.35
Bid-YTW : 3.23 %
FTS.PR.K FixedReset Disc -1.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 3.92 %
IFC.PR.I Perpetual-Premium -1.29 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-03-31
Maturity Price : 25.50
Evaluated at bid price : 26.75
Bid-YTW : 4.35 %
FTS.PR.H FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 16.15
Evaluated at bid price : 16.15
Bid-YTW : 3.91 %
SLF.PR.H FixedReset Ins Non -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 22.39
Evaluated at bid price : 23.20
Bid-YTW : 3.48 %
RY.PR.M FixedReset Disc -1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 23.02
Evaluated at bid price : 24.41
Bid-YTW : 3.68 %
TRP.PR.A FixedReset Disc -1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 4.16 %
BAM.PF.G FixedReset Disc -1.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 22.45
Evaluated at bid price : 23.15
Bid-YTW : 4.18 %
GWO.PR.N FixedReset Ins Non -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 3.50 %
BAM.PF.A FixedReset Prem -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 23.63
Evaluated at bid price : 25.11
Bid-YTW : 4.10 %
BAM.PF.H FixedReset Prem -1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.50
Bid-YTW : 2.55 %
BAM.PR.Z FixedReset Disc -1.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 24.27
Evaluated at bid price : 24.65
Bid-YTW : 4.26 %
SLF.PR.J FloatingReset 2.42 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 16.90
Evaluated at bid price : 16.90
Bid-YTW : 2.26 %
BAM.PR.K Floater 3.05 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 13.50
Evaluated at bid price : 13.50
Bid-YTW : 3.19 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.H FixedReset Prem 58,300 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.19
Bid-YTW : 1.55 %
BMO.PR.S FixedReset Disc 54,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 23.31
Evaluated at bid price : 24.62
Bid-YTW : 3.57 %
IFC.PR.F Insurance Straight 51,800 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-09-30
Maturity Price : 26.00
Evaluated at bid price : 26.36
Bid-YTW : 3.85 %
TRP.PR.D FixedReset Disc 47,300 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 21.66
Evaluated at bid price : 22.10
Bid-YTW : 4.07 %
GWO.PR.N FixedReset Ins Non 46,200 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 16.82
Evaluated at bid price : 16.82
Bid-YTW : 3.50 %
GWO.PR.Y Insurance Straight 41,310 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 24.54
Evaluated at bid price : 24.93
Bid-YTW : 4.52 %
There were 18 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.P FixedReset Disc Quote: 16.65 – 18.23
Spot Rate : 1.5800
Average : 1.0569

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.96 %

MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.50
Spot Rate : 1.3000
Average : 0.9722

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.74 %

BAM.PR.T FixedReset Disc Quote: 20.30 – 21.20
Spot Rate : 0.9000
Average : 0.6117

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 4.35 %

NA.PR.W FixedReset Disc Quote: 24.25 – 24.68
Spot Rate : 0.4300
Average : 0.2544

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 23.04
Evaluated at bid price : 24.25
Bid-YTW : 3.52 %

FTS.PR.K FixedReset Disc Quote: 21.50 – 22.00
Spot Rate : 0.5000
Average : 0.3286

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-13
Maturity Price : 21.50
Evaluated at bid price : 21.50
Bid-YTW : 3.92 %

BAM.PF.H FixedReset Prem Quote: 27.50 – 27.94
Spot Rate : 0.4400
Average : 0.2801

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.50
Bid-YTW : 2.55 %

RY On Review-Positive At Moody’s

October 12th, 2021

Moody’s Investors Service has announced that it:

has today placed on review for upgrade all long-term ratings and assessments of Royal Bank of Canada (RBC), including the a3 standalone baseline credit assessment (BCA), the Aa2 deposit rating and Counterparty Risk Rating, and the Aa2(cr) Counterparty Risk Assessments. The bank’s Prime-1 short term ratings and Prime-1(cr) short-term Counterparty Risk Assessment were affirmed.

RBC’s strong credit profile reflects its position as a diversified universal bank with leading market shares across many retail products and services in its home market and a growing presence in the US through its California-based private and commercial bank, City National Bank (LT deposits Aa3 stable, BCA a2), which RBC acquired in 2015. RBC’s diversified business mix, which also includes a major commitment to capital markets, and wealth and asset management businesses, has extended the bank’s competitive advantage over many of its peers. This business mix has also produced a sturdy buffer against the greater volatility of RBC’s capital markets activity through various economic cycles. The steady profitability generated by RBC’s businesses enables the bank to consistently reinvest to drive organic business growth as well as develop leading digital customer solutions and capabilities, further supporting its strong competitive position.

RBC’s a3 BCA could be upgraded if Moody’s assesses that the bank will likely continue to demonstrate a resilient operating performance that reflects a superior diversity of business mix relative to many similarly rated global peers, and stability in its risk profile , while maintaining its capital level above 12% tangible common equity as a percentage of risk-weighted assets. A higher BCA would likely lead to a ratings upgrade. The ratings could be confirmed at their existing level should the bank’s earnings and capital base not demonstrate the level of resilience expected by Moody’s when stressed under various scenarios.

The review for upgrade indicates that rating downgrades are unlikely over the next 12-18 months. However, RBC’s a3 BCA could be downgraded if the bank increases risk appetite leading to credit quality deterioration or the bank increased the size of its capital markets operations relative to its retail and commercial banking businesses. A significant further deterioration in the domestic operating environment or any material regulatory, compliance or risk management failures could also lead to a downgrade of the bank’s BCA. A lower BCA would likely lead to a ratings downgrade.

Affected issues are: RY.PR.H, RY.PR.J, RY.PR.M, RY.PR.N, RY.PR.O, RY.PR.P, RY.PR.S and RY.PR.Z .

October 12, 2021

October 12th, 2021
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.0000 % 2,707.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0000 % 4,967.3
Floater 3.21 % 3.20 % 47,951 19.24 3 0.0000 % 2,862.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.5479 % 3,716.3
SplitShare 4.62 % 3.77 % 48,781 3.79 6 0.5479 % 4,438.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5479 % 3,462.7
Perpetual-Premium 5.05 % -4.55 % 57,265 0.09 34 -0.2782 % 3,291.8
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.2782 % 3,961.4
FixedReset Disc 3.84 % 3.66 % 97,597 17.40 39 0.4312 % 2,904.9
Insurance Straight 4.88 % -1.96 % 85,326 0.09 20 -0.0235 % 3,718.5
FloatingReset 2.82 % 2.83 % 28,526 20.17 1 1.6949 % 2,800.2
FixedReset Prem 4.66 % 2.90 % 132,351 1.99 33 0.0812 % 2,763.1
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.4312 % 2,969.4
FixedReset Ins Non 4.03 % 3.49 % 94,423 17.56 19 0.5483 % 2,993.1
Performance Highlights
Issue Index Change Notes
BAM.PR.M Perpetual-Premium -2.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 4.77 %
RY.PR.P Perpetual-Premium -1.25 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-11
Maturity Price : 26.00
Evaluated at bid price : 26.87
Bid-YTW : -25.13 %
CU.PR.H Perpetual-Premium -1.15 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-09-01
Maturity Price : 25.25
Evaluated at bid price : 25.81
Bid-YTW : 4.32 %
BAM.PF.B FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 22.99
Evaluated at bid price : 23.85
Bid-YTW : 4.07 %
IFC.PR.I Perpetual-Premium 1.08 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.10
Bid-YTW : 3.96 %
BAM.PR.T FixedReset Disc 1.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 4.18 %
CU.PR.C FixedReset Disc 1.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 22.13
Evaluated at bid price : 22.80
Bid-YTW : 3.93 %
FTS.PR.H FixedReset Disc 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 16.36
Evaluated at bid price : 16.36
Bid-YTW : 3.86 %
FTS.PR.G FixedReset Disc 1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 22.29
Evaluated at bid price : 22.61
Bid-YTW : 3.81 %
CM.PR.Q FixedReset Disc 1.42 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.95
Bid-YTW : 3.17 %
TRP.PR.F FloatingReset 1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 18.00
Evaluated at bid price : 18.00
Bid-YTW : 2.83 %
RS.PR.A SplitShare 2.67 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.39 %
SLF.PR.G FixedReset Ins Non 2.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 3.49 %
MFC.PR.F FixedReset Ins Non 5.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 18.21
Evaluated at bid price : 18.21
Bid-YTW : 3.53 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y Insurance Straight 158,496 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 24.51
Evaluated at bid price : 24.90
Bid-YTW : 4.52 %
RS.PR.A SplitShare 69,400 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.75
Bid-YTW : 3.39 %
TD.PF.D FixedReset Disc 54,380 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.86
Bid-YTW : 3.33 %
TD.PF.L FixedReset Prem 43,490 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.35
Bid-YTW : 2.89 %
TRP.PR.C FixedReset Disc 33,280 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 15.73
Evaluated at bid price : 15.73
Bid-YTW : 4.09 %
PWF.PR.F Perpetual-Premium 21,415 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-11
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : -16.67 %
There were 12 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: 17.00 – 18.30
Spot Rate : 1.3000
Average : 0.8086

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 17.00
Evaluated at bid price : 17.00
Bid-YTW : 3.46 %

PWF.PR.Z Perpetual-Premium Quote: 25.84 – 26.60
Spot Rate : 0.7600
Average : 0.4830

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 25.84
Bid-YTW : 4.38 %

CU.PR.H Perpetual-Premium Quote: 25.81 – 26.45
Spot Rate : 0.6400
Average : 0.4818

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2023-09-01
Maturity Price : 25.25
Evaluated at bid price : 25.81
Bid-YTW : 4.32 %

BAM.PR.M Perpetual-Premium Quote: 25.00 – 25.50
Spot Rate : 0.5000
Average : 0.3438

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-12
Maturity Price : 24.68
Evaluated at bid price : 25.00
Bid-YTW : 4.77 %

PVS.PR.J SplitShare Quote: 25.40 – 25.80
Spot Rate : 0.4000
Average : 0.2476

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 25.40
Bid-YTW : 4.21 %

CU.PR.F Perpetual-Premium Quote: 25.23 – 25.79
Spot Rate : 0.5600
Average : 0.4155

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-01
Maturity Price : 25.00
Evaluated at bid price : 25.23
Bid-YTW : 3.88 %

October PrefLetter Released!

October 11th, 2021

The October, 2021, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The October edition is somewhat foreshortened, but contains the most critical elements.

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the October, 2021, issue, while the “Next Edition” will be the November, 2021, issue, scheduled to be prepared as of the close November 12, 2021, and eMailed to subscribers prior to market-opening on November 15.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

However, Assiduous Reader Adrian informs me in the comments to the January 2015 release:

Some nitpicking for DG:
FileApp costs $1.19 in the Apple Store.

But Adrian2 now advises:

Well, as of now, FileApp is free (again?).

GWO.PR.Y Flat on Good Volume

October 8th, 2021

Great-West Lifeco Inc. has announced:

the closing of its previously announced offering of 8,000,000 4.50% Non-Cumulative First Preferred Shares, Series Y (the “Series Y Preferred Shares”) for gross proceeds of $200 million. The offering was completed through a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets, Scotiabank, CIBC Capital Markets and TD Securities. The Series Y Preferred Shares will be listed for trading on the Toronto Stock Exchange under the symbol “GWO.PR.Y”.

Vital statistics are:

GWO.PR.Y Insurance-Straight YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 24.59
Evaluated at bid price : 24.98
Bid-YTW : 4.50 %

The issue traded 884,860 shares today in a range of 24.95-45 before closing at 24.98-99.

GWO.PR.Y is a Straight Perpetual, 4.50%, announced 2021-10-1. It is tracked by HIMIPref™ and has been assigned to the Insurance-Straight subindex.

October 8, 2021

October 8th, 2021
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.4006 % 2,707.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.4006 % 4,967.3
Floater 3.21 % 3.20 % 48,431 19.25 3 0.4006 % 2,862.7
OpRet 0.00 % 0.00 % 0 0.00 0 -0.1930 % 3,696.0
SplitShare 4.64 % 4.09 % 47,168 3.79 6 -0.1930 % 4,413.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.1930 % 3,443.9
Perpetual-Premium 5.03 % -17.10 % 57,034 0.09 34 0.0791 % 3,300.9
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 0.0791 % 3,972.5
FixedReset Disc 3.87 % 3.68 % 114,549 17.31 40 0.1883 % 2,892.4
Insurance Straight 4.90 % -0.80 % 84,510 0.09 19 -0.1705 % 3,719.3
FloatingReset 2.87 % 2.88 % 29,638 20.06 1 0.4540 % 2,753.5
FixedReset Prem 4.67 % 3.03 % 129,880 2.10 33 -0.0259 % 2,760.9
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.1883 % 2,956.6
FixedReset Ins Non 4.07 % 3.54 % 93,142 17.55 19 -0.1503 % 2,976.8
Performance Highlights
Issue Index Change Notes
MFC.PR.F FixedReset Ins Non -5.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.73 %
SLF.PR.G FixedReset Ins Non -2.70 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.30
Evaluated at bid price : 17.30
Bid-YTW : 3.59 %
RS.PR.A SplitShare -1.69 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-12-31
Maturity Price : 10.00
Evaluated at bid price : 10.47
Bid-YTW : 4.09 %
NA.PR.C FixedReset Prem -1.40 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 2.42 %
IFC.PR.I Perpetual-Premium -1.07 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 26.81
Bid-YTW : 4.29 %
GWO.PR.T Insurance Straight 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.67
Bid-YTW : 1.56 %
GWO.PR.N FixedReset Ins Non 1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.05
Evaluated at bid price : 17.05
Bid-YTW : 3.45 %
BIP.PR.B FixedReset Prem 2.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.02
Bid-YTW : 4.49 %
PWF.PR.P FixedReset Disc 7.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 3.68 %
Volume Highlights
Issue Index Shares
Traded
Notes
GWO.PR.Y FixedReset Disc 884,860 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 24.59
Evaluated at bid price : 24.98
Bid-YTW : 4.50 %
TRP.PR.C FixedReset Disc 63,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 15.78
Evaluated at bid price : 15.78
Bid-YTW : 4.08 %
SLF.PR.H FixedReset Ins Non 59,500 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 22.52
Evaluated at bid price : 23.45
Bid-YTW : 3.54 %
PWF.PR.I Perpetual-Premium 56,975 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-07
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : -0.06 %
BNS.PR.H FixedReset Prem 33,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.19
Bid-YTW : 1.48 %
SLF.PR.C Insurance Straight 30,855 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-07
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : 4.21 %
There were 10 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
MFC.PR.F FixedReset Ins Non Quote: 17.20 – 18.50
Spot Rate : 1.3000
Average : 0.8791

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-08
Maturity Price : 17.20
Evaluated at bid price : 17.20
Bid-YTW : 3.73 %

TD.PF.E FixedReset Prem Quote: 25.00 – 25.85
Spot Rate : 0.8500
Average : 0.5728

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.00
Bid-YTW : 3.20 %

IFC.PR.I Perpetual-Premium Quote: 26.81 – 27.68
Spot Rate : 0.8700
Average : 0.6733

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 26.81
Bid-YTW : 4.29 %

BIP.PR.D FixedReset Prem Quote: 25.37 – 25.80
Spot Rate : 0.4300
Average : 0.2622

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-31
Maturity Price : 25.00
Evaluated at bid price : 25.37
Bid-YTW : 2.15 %

NA.PR.C FixedReset Prem Quote: 25.44 – 25.90
Spot Rate : 0.4600
Average : 0.3220

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.44
Bid-YTW : 2.42 %

TD.PF.D FixedReset Disc Quote: 24.85 – 25.85
Spot Rate : 1.0000
Average : 0.8721

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.85
Bid-YTW : 3.33 %

October 7, 2021

October 7th, 2021
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.3493 % 2,696.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.3493 % 4,947.5
Floater 3.22 % 3.21 % 48,973 19.22 3 -0.3493 % 2,851.3
OpRet 0.00 % 0.00 % 0 0.00 0 -0.2599 % 3,703.2
SplitShare 4.63 % 3.75 % 47,615 3.80 6 -0.2599 % 4,422.4
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 -0.2599 % 3,450.5
Perpetual-Premium 5.04 % -8.95 % 54,837 0.09 34 -0.6274 % 3,298.3
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.6274 % 3,969.3
FixedReset Disc 3.86 % 3.73 % 101,509 17.62 39 0.2319 % 2,887.0
Insurance Straight 4.89 % -6.53 % 78,995 0.09 19 -0.1026 % 3,725.7
FloatingReset 2.89 % 2.91 % 29,614 19.99 1 0.6857 % 2,741.1
FixedReset Prem 4.67 % 2.86 % 131,883 2.11 33 -0.0964 % 2,761.6
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2319 % 2,951.1
FixedReset Ins Non 4.06 % 3.50 % 93,538 17.75 19 -0.0740 % 2,981.3
Performance Highlights
Issue Index Change Notes
SLF.PR.G FixedReset Ins Non -3.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 3.37 %
BAM.PR.K Floater -2.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 13.10
Evaluated at bid price : 13.10
Bid-YTW : 3.29 %
BIP.PR.B FixedReset Prem -2.19 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.47
Bid-YTW : 5.06 %
PVS.PR.G SplitShare -1.87 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 25.71
Bid-YTW : 4.31 %
GWO.PR.T Insurance Straight -1.35 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-06-30
Maturity Price : 26.00
Evaluated at bid price : 26.40
Bid-YTW : 2.98 %
IFC.PR.I Perpetual-Premium -1.28 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.10
Bid-YTW : 3.94 %
FTS.PR.K FixedReset Disc -1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 21.30
Evaluated at bid price : 21.60
Bid-YTW : 3.76 %
MFC.PR.F FixedReset Ins Non -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 18.20
Evaluated at bid price : 18.20
Bid-YTW : 3.41 %
FTS.PR.M FixedReset Disc 1.13 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 22.62
Evaluated at bid price : 23.34
Bid-YTW : 3.87 %
TD.PF.B FixedReset Disc 1.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 23.12
Evaluated at bid price : 24.27
Bid-YTW : 3.42 %
BAM.PR.B Floater 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 13.44
Evaluated at bid price : 13.44
Bid-YTW : 3.20 %
IFC.PR.A FixedReset Ins Non 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 21.28
Evaluated at bid price : 21.28
Bid-YTW : 3.36 %
SLF.PR.H FixedReset Ins Non 1.30 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 22.44
Evaluated at bid price : 23.30
Bid-YTW : 3.45 %
TRP.PR.D FixedReset Disc 1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 21.49
Evaluated at bid price : 21.86
Bid-YTW : 4.01 %
TD.PF.L FixedReset Prem 1.79 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.75
Bid-YTW : 2.24 %
BAM.PF.H FixedReset Prem 2.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.75
Bid-YTW : 2.30 %
TRP.PR.A FixedReset Disc 2.72 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 19.26
Evaluated at bid price : 19.26
Bid-YTW : 4.04 %
BAM.PR.R FixedReset Disc 2.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 20.76
Evaluated at bid price : 20.76
Bid-YTW : 4.06 %
BAM.PR.X FixedReset Disc 3.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 18.14
Evaluated at bid price : 18.14
Bid-YTW : 4.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.D FixedReset Prem 100,000 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-08-25
Maturity Price : 25.00
Evaluated at bid price : 25.61
Bid-YTW : 2.21 %
PWF.PR.I Perpetual-Premium 64,469 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-06
Maturity Price : 25.00
Evaluated at bid price : 25.03
Bid-YTW : -0.26 %
BAM.PF.D Perpetual-Premium 58,473 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-06
Maturity Price : 25.25
Evaluated at bid price : 25.48
Bid-YTW : -5.01 %
PWF.PR.Z Perpetual-Premium 28,400 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 26.00
Bid-YTW : 4.18 %
MFC.PR.I FixedReset Ins Non 27,600 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 24.00
Evaluated at bid price : 25.12
Bid-YTW : 3.90 %
CM.PR.R FixedReset Prem 25,470 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-07-31
Maturity Price : 25.00
Evaluated at bid price : 25.45
Bid-YTW : 1.87 %
There were 13 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.G FixedReset Ins Non Quote: 17.78 – 18.50
Spot Rate : 0.7200
Average : 0.4878

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 3.37 %

PWF.PR.Z Perpetual-Premium Quote: 26.00 – 26.50
Spot Rate : 0.5000
Average : 0.3431

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.25
Evaluated at bid price : 26.00
Bid-YTW : 4.18 %

IFC.PR.I Perpetual-Premium Quote: 27.10 – 27.70
Spot Rate : 0.6000
Average : 0.4577

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-03-31
Maturity Price : 26.00
Evaluated at bid price : 27.10
Bid-YTW : 3.94 %

PWF.PR.P FixedReset Disc Quote: 16.66 – 18.00
Spot Rate : 1.3400
Average : 1.2117

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-07
Maturity Price : 16.66
Evaluated at bid price : 16.66
Bid-YTW : 3.82 %

BAM.PF.D Perpetual-Premium Quote: 25.48 – 25.84
Spot Rate : 0.3600
Average : 0.2495

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-06
Maturity Price : 25.25
Evaluated at bid price : 25.48
Bid-YTW : -5.01 %

PWF.PR.S Perpetual-Premium Quote: 25.15 – 25.65
Spot Rate : 0.5000
Average : 0.4094

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-04-30
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 3.12 %

PWF.PR.I To Be Redeemed

October 6th, 2021

Power Corporation of Canada and Power Financial Corporation have announced:

Upon completion of the offering, Power Financial intends to redeem all of its outstanding $200 million First Preferred Shares, Series I.

The offering in the quoted paragraph refers to a today’s announcement of a new issue of 4.50% Straight Perpetuals.

PWF.PR.I is a Straight Perpetual, 6.00%, that commenced trading 2003-3-11. It has been tracked by HIMIPref™ and is assigned to the PerpetualPremium subindex.

New Issue: PWF Straight Perpetual 4.50%

October 6th, 2021

Power Corporation of Canada and Power Financial Corporation have announced:

that Power Financial has agreed to issue 8,000,000 Non-Cumulative First Preferred Shares, Series 23 in the capital of Power Financial (the “Series 23 Shares”) on a bought deal basis, for gross proceeds of $200 million. The Series 23 Shares will be priced at $25.00 per share and will carry an annual dividend yield of 4.50%. Closing is expected on or about October 15, 2021. The issue will be underwritten by a syndicate of underwriters led by BMO Capital Markets, RBC Capital Markets and Scotiabank.

The net proceeds of this offering will be used by Power Financial for general corporate purposes. Upon completion of the offering, Power Financial intends to redeem all of its outstanding $200 million First Preferred Shares, Series I.

October 6, 2021

October 6th, 2021

Long corporates are now at 3.06%.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 0.3505 % 2,705.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.3505 % 4,964.8
Floater 3.21 % 3.21 % 49,050 19.22 3 0.3505 % 2,861.3
OpRet 0.00 % 0.00 % 0 0.00 0 0.2187 % 3,712.8
SplitShare 4.62 % 3.75 % 45,138 3.68 6 0.2187 % 4,433.9
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.2187 % 3,459.5
Perpetual-Premium 5.00 % -15.93 % 54,976 0.09 34 -0.3144 % 3,319.2
Perpetual-Discount 0.00 % 0.00 % 0 0.00 0 -0.3144 % 3,994.4
FixedReset Disc 3.87 % 3.59 % 102,947 17.68 39 -1.2637 % 2,880.3
Insurance Straight 4.89 % -8.51 % 82,272 0.09 19 -0.1925 % 3,729.5
FloatingReset 2.91 % 2.93 % 29,796 19.94 1 0.0000 % 2,722.4
FixedReset Prem 4.66 % 2.99 % 132,371 2.19 33 -0.3935 % 2,764.3
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -1.2637 % 2,944.3
FixedReset Ins Non 4.06 % 3.49 % 96,951 17.75 19 -0.6438 % 2,983.5
Performance Highlights
Issue Index Change Notes
PWF.PR.P FixedReset Disc -7.96 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.87 %
BAM.PR.X FixedReset Disc -3.46 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.12 %
TRP.PR.A FixedReset Disc -3.25 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.75
Evaluated at bid price : 18.75
Bid-YTW : 4.15 %
BAM.PR.R FixedReset Disc -3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.18 %
CU.PR.C FixedReset Disc -2.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.07
Evaluated at bid price : 22.69
Bid-YTW : 3.83 %
FTS.PR.M FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 3.92 %
BIP.PR.B FixedReset Prem -2.47 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 26.04
Bid-YTW : 4.47 %
PWF.PR.I Perpetual-Premium -2.46 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-05
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -0.69 %
SLF.PR.H FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.28
Evaluated at bid price : 23.00
Bid-YTW : 3.50 %
TRP.PR.D FixedReset Disc -2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 21.24
Evaluated at bid price : 21.52
Bid-YTW : 4.08 %
BAM.PF.H FixedReset Prem -1.98 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 27.20
Bid-YTW : 2.82 %
IFC.PR.A FixedReset Ins Non -1.91 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 21.02
Evaluated at bid price : 21.02
Bid-YTW : 3.41 %
RY.PR.M FixedReset Disc -1.69 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.01
Evaluated at bid price : 24.40
Bid-YTW : 3.59 %
MFC.PR.F FixedReset Ins Non -1.66 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.40
Evaluated at bid price : 18.40
Bid-YTW : 3.37 %
BAM.PF.B FixedReset Disc -1.63 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.80
Evaluated at bid price : 23.50
Bid-YTW : 4.03 %
BAM.PF.E FixedReset Disc -1.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 21.68
Evaluated at bid price : 21.95
Bid-YTW : 4.13 %
BAM.PR.T FixedReset Disc -1.56 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 20.85
Evaluated at bid price : 20.85
Bid-YTW : 4.10 %
TD.PF.B FixedReset Disc -1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.10
Evaluated at bid price : 24.22
Bid-YTW : 3.48 %
CM.PR.P FixedReset Disc -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.97
Evaluated at bid price : 24.09
Bid-YTW : 3.47 %
TD.PF.L FixedReset Prem -1.44 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2024-04-30
Maturity Price : 25.00
Evaluated at bid price : 26.60
Bid-YTW : 2.99 %
SLF.PR.G FixedReset Ins Non -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 3.25 %
BAM.PF.F FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.91
Evaluated at bid price : 23.85
Bid-YTW : 4.11 %
CM.PR.Q FixedReset Disc -1.32 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.70
Bid-YTW : 3.44 %
RY.PR.Z FixedReset Disc -1.28 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.03
Evaluated at bid price : 24.00
Bid-YTW : 3.45 %
BAM.PR.C Floater -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 3.21 %
ELF.PR.G Perpetual-Premium -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 24.56
Evaluated at bid price : 24.81
Bid-YTW : 4.79 %
BIP.PR.A FixedReset Disc -1.01 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.06
Evaluated at bid price : 24.41
Bid-YTW : 4.57 %
GWO.PR.N FixedReset Ins Non 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 16.70
Evaluated at bid price : 16.70
Bid-YTW : 3.39 %
BAM.PR.K Floater 3.16 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 13.40
Evaluated at bid price : 13.40
Bid-YTW : 3.21 %
Volume Highlights
Issue Index Shares
Traded
Notes
PWF.PR.I Perpetual-Premium 98,680 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-05
Maturity Price : 25.00
Evaluated at bid price : 25.41
Bid-YTW : -0.69 %
RY.PR.H FixedReset Disc 88,871 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 23.05
Evaluated at bid price : 24.12
Bid-YTW : 3.47 %
MFC.PR.I FixedReset Ins Non 41,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 24.01
Evaluated at bid price : 25.14
Bid-YTW : 3.89 %
FTS.PR.M FixedReset Disc 32,489 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 3.92 %
BAM.PF.B FixedReset Disc 32,124 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.80
Evaluated at bid price : 23.50
Bid-YTW : 4.03 %
SLF.PR.G FixedReset Ins Non 29,708 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 18.42
Evaluated at bid price : 18.42
Bid-YTW : 3.25 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
TD.PF.D FixedReset Disc Quote: 24.87 – 27.30
Spot Rate : 2.4300
Average : 1.3151

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-07-31
Maturity Price : 25.00
Evaluated at bid price : 24.87
Bid-YTW : 3.53 %

PVS.PR.G SplitShare Quote: 26.20 – 27.72
Spot Rate : 1.5200
Average : 0.9577

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-11-05
Maturity Price : 26.00
Evaluated at bid price : 26.20
Bid-YTW : -0.10 %

PWF.PR.P FixedReset Disc Quote: 16.65 – 18.25
Spot Rate : 1.6000
Average : 1.0710

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 16.65
Evaluated at bid price : 16.65
Bid-YTW : 3.87 %

BAM.PR.X FixedReset Disc Quote: 17.60 – 18.54
Spot Rate : 0.9400
Average : 0.5583

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 17.60
Evaluated at bid price : 17.60
Bid-YTW : 4.12 %

BAM.PR.R FixedReset Disc Quote: 20.20 – 20.92
Spot Rate : 0.7200
Average : 0.4713

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 20.20
Evaluated at bid price : 20.20
Bid-YTW : 4.18 %

FTS.PR.M FixedReset Disc Quote: 23.08 – 23.70
Spot Rate : 0.6200
Average : 0.3826

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2051-10-06
Maturity Price : 22.47
Evaluated at bid price : 23.08
Bid-YTW : 3.92 %