PrefBlog

Market Action

BPO.PR.A To Reset To 6.164%

Brookfield Office Properties Inc., a subsidiary of Brookfield Property Partners L.P., has announced:

the reset dividend rate on its Class AAA Preference Shares, Series AA (“Series AA Shares”) (TSX: BPO.PR.A).

If declared, the fixed quarterly dividends on the Series AA Shares for the five years commencing January 1, 2025 and ending December 31, 2029 will be paid at an annual rate of 6.164% ($0.38525 per share per quarter).

Holders of Series AA Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 16, 2024, to convert all or part of their Series AA Shares, on a one-for-one basis, into Class AAA Preference Shares, Series BB (the “Series BB Shares”), effective December 31, 2024.

The quarterly floating rate dividends on the Series BB Shares have an annual rate, calculated for each quarter, of 3.15% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate for the January 1, 2025 to March 31, 2025 dividend period for the Series BB Shares will be 1.63479% (6.6% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.408698 per share, payable on March 31, 2025.

Holders of Series AA Shares are not required to elect to convert all or any part of their Series AA Shares into Series BB Shares.

As provided in the share conditions of the Series AA Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series AA Shares outstanding after December 31, 2024, all remaining Series AA Shares will be automatically converted into Series BB Shares on a one-for-one basis effective December 31, 2024; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series BB Shares outstanding after December 31, 2024, no Series AA Shares will be permitted to be converted into Series BB Shares. There are currently 11,845,858 Series AA Shares outstanding.

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

BPO.PR.A was issued as a FixedReset, 4.75%+315, that commenced trading 2014-10-23 after being announced 2014-10-7. BPO.PR.A reset at 4.709% effective 2020-1-1. There was no conversion. The issue is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

Issue Comments

TRP.PR.A To Reset At 4.939%; Interconvertible with TRP.PR.F

TC Energy Corporation has announced:

that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 1 (Series 1 Shares) and Cumulative Redeemable First Preferred Shares, Series 2 (Series 2 Shares) on Dec. 31, 2024. As a result, subject to certain conditions:

(a) the holders of Series 1 Shares have the right to choose one of the following options with regard to their shares:

1. to retain any or all of their Series 1 Shares and continue to receive a fixed rate quarterly dividend; or

2. to convert, on a one-for-one basis, any or all of their Series 1 Shares into Series 2 Shares and receive a floating rate quarterly dividend, and

(b) the holders of Series 2 Shares have the right to choose one of the following options with regard to their shares:

1. to retain any or all of their Series 2 Shares and continue to receive a floating rate quarterly dividend; or

2. to convert, on a one-for-one basis, any or all of their Series 2 Shares into Series 1 Shares and receive a fixed rate quarterly dividend.

Should a holder of Series 1 Shares choose to retain their shares, such shareholders will receive the new annual fixed dividend rate applicable to Series 1 Shares of 4.939 per cent for the five-year period commencing Dec. 31, 2024 to, but excluding, Dec. 31, 2029. Should a holder of Series 1 Shares choose to convert their shares to Series 2 Shares, holders of Series 2 Shares will receive the floating quarterly dividend rate applicable to the Series 2 Shares of 5.401 per cent for the three-month period commencing Dec. 31, 2024 to, but excluding, Mar. 31, 2025. The floating dividend rate will be reset every quarter.

Should a holder of Series 2 Shares choose to retain their shares, such shareholders will receive the floating quarterly dividend rate applicable to Series 2 Shares of 5.401 per cent for the three-month period commencing Dec. 31, 2024 to, but excluding, Mar. 31, 2025. The floating dividend rate will be reset every quarter. Should a holder of Series 2 Shares choose to convert their shares to Series 1 Shares, holders of Series 1 Shares will receive the new fixed quarterly dividend rate applicable to the Series 1 Shares of 4.939 per cent for the five-year period commencing Dec. 31, 2024 to, but excluding, Dec. 31, 2029.

Beneficial owners of Series 1 Shares and Series 2 Shares who want 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 5 p.m. (EST) on Dec. 16, 2024. 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 nominee with time to complete the necessary steps.

Beneficial owners of Series 1 or Series 2 Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their respective Series 1 Shares or Series 2 Shares, as applicable, and receive the new dividend rate applicable to such shares, subject to the conditions stated below.

The foregoing conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 1 Shares outstanding after Dec. 31, 2024, then all remaining Series 1 Shares will automatically be converted into Series 2 Shares on a one-for-one basis on Dec. 31, 2024, and (ii) if TC Energy determines that there would be less than one million Series 2 Shares outstanding after Dec. 31, 2024, then all of the remaining outstanding Series 2 Shares will automatically be converted into Series 1 Shares on a one-for-one basis on Dec. 31, 2024. In either case, TC Energy will issue a news release to that effect no later than Dec. 23, 2024.

Holders of Series 1 Shares and Series 2 Shares will have the opportunity to convert their shares again on Dec. 31, 2029 and in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 1 Shares and the Series 2 Shares, please see the prospectus supplement dated Sept. 22, 2009 which is available on sedarplus.ca or on our website.

About TC Energy
We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

TRP.PR.A commenced trading 2009-9-30 after being announced 2009-9-22. It commenced life as a FixedReset, 4.60%+192, that reset to 3.266% effective 2014-12-31. Assiduous Readers may recall that I have blamed the 2014 reset of TRP.PR.A for what we might now call ‘the first half’ of the current bear market. I recommended conversion to TRP.PR.F in 2014 and there was a conversion rate of about 62%. The company announced the extension to 2024 on 2019-11-21. TRP.PR.A reset at 3.479% effective 2019-12-31. I recommended holding, or converting to, TRP.PR.A and there was a 23% net conversion to that issue.

TRP.PR.F commenced trading 2014-12-31 after a partial conversion from TRP.PR.A.

MAPF

MAPF Performance: November, 2024

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close November 29, 2024, was $10.6980.

Quotes at November month-end were of much better quality than they were in October.

Performance was affected by poor performance from SLF.PR.D (+0.04%), MFC.PR.B (+0.96%, following last month’s poor performance) and CM.PR.S (+1.57%, following last month’s outperformance), more than offset by contributions from FFH.PR.I (+17.99%, following last month’s outperformance and presumably due to the foreshadowed redemption of FFH.PR.C & FFH.PR.D); FTS.PR.M (+6.37%, following last month’s underperformance); and BN.PR.R (+5.18%, following last month’s outperformance); as well as by the recovery of IFC.PR.C and POW.PR.D from last month’s bogus but nevertheless expensive quotes purchased from the Toronto Exchange [small holdings are not considered for individual mention here].

FixedResets continue to yield more, in general, than PerpetualDiscounts although the spread has narrowed considerably in the past year; on November 29, I reported median YTWs of 6.67% and 6.21%, respectively, for these two indices; compare with mean Current Yields of 5.43% and 6.05%, respectively.

Returns to November 29, 2024
Period	MAPF	TXPR* Total Return	CPD – according to Blackrock
One Month	+5.57%	+2.29%	N/A
Three Months	+3.81%	+1.36%	N/A
One Year	+32.47%	+22.55%	+%
Two Years (annualized)	+19.96%	+12.47%	N/A
Three Years (annualized)	+4.59%	+2.24%	+%
Four Years (annualized)	+12.82%	+6.55%	N/A
Five Years (annualized)	+12.33%	+6.49%	+%
Six Years (annualized)	+8.39%	+5.27%	N/A
Seven Years (annualized)	+6.01%	+3.52%	N/A
Eight Years (annualized)	+8.59%	+5.18%	N/A
Nine Years (annualized)	+8.45%	+5.24%	N/A
Ten Years (annualized)	+5.17%	+2.75%	+%
Eleven Years (annualized)	+5.65%	+3.00%
Twelve Years (annualized)	+5.03%	+2.73%
Thirteen Years (annualized)	+5.59%	+2.97%
Fourteen Years (annualized)	+5.22%	+3.07%
Fifteen Years (annualized)	+6.06%	+3.51%
Sixteen Years (annualized)	+10.06%	+5.17%
Seventeen Years (annualized)	+8.46%	+3.38%
Eighteen Years (annualized)	+7.67%
Nineteen Years (annualized)	+7.61%
Twenty Years (annualized)	+7.55%
Twenty-One Years (annualized)	+7.89%
Twenty-Two Years (annualized)	+8.83%
Twenty-Three Years (annualized)	+8.35%
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
All fund and ETF returns shown below are after all fees and expenses
Figures for NBI Preferred Equity Income Fund, Series F [NBC780] (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +%, +% and +%, respectively, according to National Bank Investments after all fees & expenses. Three year performance is +%; five year is +%; ten year is +%. Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are -%, +% & +%, respectively. Three year performance is +%, five-year is +%, ten year is +%
Figures for NBI Preferred Equity Fund Series F [NBC710] (formerly Altamira Preferred Equity Fund) are +%, +% and +% for one-, three- and twelve months, respectively. Three year performance is +%; five-year is +%; ten-year is +% Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical. The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO Laddered Preferred Share Index ETF (ZPR) is +% for the past twelve months. Two year performance is +%, three year is +%, five year is +%, ten year is +% Note that analysis of ZPR shows some doubt as to whether this fund is either "laddered" or an "index fund". However, there was a remarkable improvement in the laddering in the six months following the publication of my analysis.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) are not available as the fund has been terminated. This is as per an announcement by the bank on 2024-5-28. The last performance report for this awful fund was as of July 31, 2024.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are no longer available since the fund has been terminated. Performance was last reported for the fund to month-end, March 2023
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR). Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are -%, +% and +% for the past one, three and twelve months, respectively. Three year performance is +%, five-year is +%.
Figures for the Desjardins Canadian Preferred Share Fund F Class (F Class), as reported by the company are -%, +% and +% for the past one, three and twelve months, respectively. Two year performance is +%, three-year is +%, five-year is +%
Figures for the RBC Canadian Preferred Share ETF (RPF) are reported as -%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%, five-year is +%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are -%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%; five-year is +%
Figures for the Purpose Canadian Preferred Share Fund (Class F) are -%, +% and +% for the past one, three and twelve months, respectively. Three-year performance is +%; four-year is +%; five-year is +%; seven-year is +%; ten-year is +%.
Figures for the TD Active Preferred Share ETF (TPRF) are -%, +% and +% for the past one, three and twelve months, respectively. Two-year performance is +%, three-year is +%; five-year is +%. Note that “The TD ETF may also hold common shares, government and corporate bonds, and other income-producing securities. … The TD ETF may invest in foreign securities to an extent that will vary from time to time but is not typically expected to exceed 5% of its assets at the time that foreign securities are purchased. The non-preferred share components of the portfolio are relatively minor – as of their year-end 2023 report, they had $1.6-million in Canadian Natural Resources Limited common, $1.8-million in RBC common, $1.6-million in SLF common, and $1.75-million in Fortis common, totalling $6.75-million in a $220-million portfolio. I take the view that the purpose of this mandate is to destroy, or at least deprecate, comparability. Banks hate comparability.

The five-year Canada yield decreased, with the five-year Canada yield (“GOC-5”) moving from 3.07% at October month-end to 3.02% at November month-end.

The Seniority Spread (between long-term corporate bonds and interest-equivalent PerpetualDiscounts) was 340bp on 2024-11-27, up sharply from the 305bp on 2024-10-30 (chart end-date 2024-11-8).

The situation with FixedResets is interesting, with the spread between GOC-5 and the interest-adjusted FixedReset (Discount) rate widening significantly (despite recent narrowing) from its 2021-11-10 low of 344bp to a level of 580bp (as of 2024-11-27) … (chart end-date 2024-11-08):

…while at the same time the interest-equivalent spread between FixedReset (Discounts) and PerpetualDiscounts has narrowed to -77bp (as of 2024-11-27) from its 2021-7-28 level of +170bp (chart end-date 2024-11-08):

There is no significant correlation between the Issue Reset Spread and 1-month performance for discounted FixedResets for either the Pfd-2 or Pfd-3 Group issues.

There is no significant correlation for either the Pfd-2 group or the Pfd-3 group between the Issue Reset Spread and 3-month performance for discounted FixedResets.

There is no significant correlation for either the Pfd-2 Group or the Pfd-3 Group for 1-Month performance against term-to-reset:

… while the three-month returns vs. Term to Reset, shows no correlations for either the Pfd-2 Group or the Pfd-3 Group:

It should be noted that to some extent a dependence (of performance on term-to-reset) can be justified as the nearer-term issues will receive the benefit (adverse effects) of higher (lower) projected dividend rates sooner as a result of higher GOC-5 yields and therefore, perhaps, for longer. Equations for the relationship between correlation slope and change in GOC-5 were derived in the August 2022 PrefLetter.

Upward-sloping correlations of Performance vs. Term are to be expected when GOC-5 declines.

I keep talking about ‘Sustainable Income’ and nowadays it’s far higher than the dividends that are currently being distributed. This is because Sustainable Income is the average yield-to-worst (YTW) of the portfolio when the YTW is calculated to perpetuity (or to redemption, of course, if the yield to redemption is lower), including resets at the current GOC-5 rate. The sharp increase in GOC-5 in the past few years has caused the difference between YTW and Current Yield to skyrocket, but one way or another I expect that these two values will become much closer – slowly at first, but quickening in the fairly near future. We have to wait for the reset date of the MAPF portfolio securities before we see a change in actual cash receipts – and, of course, there is no guarantee whatsoever that the rate used for estimation purposes now will be used for the actual calculation in the future (chart prepared as of 2024-11-8).

I will note that the fund’s current holdings of FixedResets are now paying dividends based on their previous reset at an average GOC-5 rate of 1.81% (weighted by shares held), although note that the fund holds a sizable position in TRP.PR.E that will not earn a dividend at the new rate until the new year.

Calculation of MAPF Sustainable Income Per Unit
Month	NAVPU	Portfolio Average YTW	Leverage Divisor	Securities Average YTW	Capital Gains Multiplier	Sustainable Income per current Unit
June, 2007	9.3114	5.16%	1.03	5.01%	1.3240	0.3524
September	9.1489	5.35%	0.98	5.46%	1.3240	0.3773
December, 2007	9.0070	5.53%	0.942	5.87%	1.3240	0.3993
March, 2008	8.8512	6.17%	1.047	5.89%	1.3240	0.3938
June	8.3419	6.034%	0.952	6.338%	1.3240	$0.3993
September	8.1886	7.108%	0.969	7.335%	1.3240	$0.4537
December, 2008	8.0464	9.24%	1.008	9.166%	1.3240	$0.5571
March 2009	$8.8317	8.60%	0.995	8.802%	1.3240	$0.5872
June	10.9846	7.05%	0.999	7.057%	1.3240	$0.5855
September	12.3462	6.03%	0.998	6.042%	1.3240	$0.5634
December 2009	10.5662	5.74%	0.981	5.851%	1.1141	$0.5549
March 2010	10.2497	6.03%	0.992	6.079%	1.1141	$0.5593
June	10.5770	5.96%	0.996	5.984%	1.1141	$0.5681
September	11.3901	5.43%	0.980	5.540%	1.1141	$0.5664
December 2010	10.7659	5.37%	0.993	5.408%	1.0298	$0.5654
March, 2011	11.0560	6.00%	0.994	5.964%	1.0298	$0.6403
June	11.1194	5.87%	1.018	5.976%	1.0298	$0.6453
September	10.2709	6.10% Note	1.001	6.106%	1.0298	$0.6090
December, 2011	10.0793	5.63% Note	1.031	5.805%	1.0000	$0.5851
March, 2012	10.3944	5.13% Note	0.996	5.109%	1.0000	$0.5310
June	10.2151	5.32% Note	1.012	5.384%	1.0000	$0.5500
September	10.6703	4.61% Note	0.997	4.624%	1.0000	$0.4934
December, 2012	10.8307	4.24%	0.989	4.287%	1.0000	$0.4643
March, 2013	10.9033	3.87%	0.996	3.886%	1.0000	$0.4237
June	10.3261	4.81%	0.998	4.80%	1.0000	$0.4957
September	10.0296	5.62%	0.996	5.643%	1.0000	$0.5660
December, 2013	9.8717	6.02%	1.008	5.972%	1.0000	$0.5895
March, 2014	10.2233	5.55%	0.998	5.561%	1.0000	$0.5685
June	10.5877	5.09%	0.998	5.100%	1.0000	$0.5395
September	10.4601	5.28%	0.997	5.296%	1.0000	$0.5540
December, 2014	10.5701	4.83%	1.009	4.787%	1.0000	$0.5060
March, 2015	9.9573	4.99%	1.001	4.985%	1.0000	$0.4964
June, 2015	9.4181	5.55%	1.002	5.539%	1.0000	$0.5217
September	7.8140	6.98%	0.999	6.987%	1.0000	$0.5460
December, 2015	8.1379	6.85%	0.997	6.871%	1.0000	$0.5592
March, 2016	7.4416	7.79%	0.998	7.805%	1.0000	$0.5808
June	7.6704	7.67%	1.011	7.587%	1.0000	$0.5819
September	8.0590	7.35%	0.993	7.402%	1.0000	$0.5965
December, 2016	8.5844	7.24%	0.990	7.313%	1.0000	$0.6278
March, 2017	9.3984	6.26%	0.994	6.298%	1.0000	$0.5919
June	9.5313	6.41%	0.998	6.423%	1.0000	$0.6122
September	9.7129	6.56%	0.998	6.573%	1.0000	$0.6384
December, 2017	10.0566	6.06%	1.004	6.036%	1.0000	$0.6070
March, 2018	10.2701	6.22%	1.007	6.177%	1.0000	$0.6344
June	10.2518	6.22%	0.995	6.251%	1.0000	$0.6408
September	10.2965	6.62%	1.018	6.503%	1.0000	$0.6696
December, 2018	8.6875	7.16%	0.997	7.182%	1.0000	$0.6240
March, 2019	8.4778	7.09%	1.007	7.041%	1.0000	$0.5969
June	8.0896	7.33%	0.996	7.359%	1.0000	$0.5953
September	7.7948	7.96%	0.998	7.976%	1.0000	$0.6217
December, 2019	8.0900	6.03%	0.995	6.060%	1.0000	$0.4903
March	5.5596	7.04%	1.006	6.998%	1.0000	$0.3891
June	6.3568	6.10%	0.9900	6.162%	1.0000	$0.3917
September	7.2852	5.32%	1.00	5.320%	1.0000	$0.3876
December, 2020	8.3947	4.46%	0.999	4.464%	1.0000	$0.3747
March, 2021	9.6473	4.48%	0.996	4.498%	1.0000	$0.4339
June	10.3712	3.92%	0.985	3.980%	1.0000	$0.4127
September	10.7572	4.08%	1.017	4.012%	1.0000	$0.4316
December, 2021	10.7432	4.31%	0.999	4.314%	1.0000	$0.4635
March, 2022	10.5040	5.53%	1.004	5.508%	1.0000	$0.5786
June	9.3115	7.04%	0.993	7.090%	1.0000	$0.6672
September	8.4093	8.10%	0.997	8.124%	1.0000	$0.6916
December, 2022	7.9921	8.47%	0.996	8.504%	1.0000	$0.6796
March, 2023	8.0788	7.90%	0.997	7.924%	1.0000	$0.6401
June 30	8.0197	9.19%	1.003	9.163%	1.0000	$0.7348
September 29	7.9922	9.86%	0.997	9.890%	1.0000	$0.7904
Decenber 29, 2023	8.4715	8.14%	1.002	8.124%	1.0000	$0.6882
March 28,2024	9.5892	7.60%	1.006	7.555%	1.0000	$0.7244
June 28	9.8516	7.32%	0.999	7.327%	1.0000	$0.7219
September 30	10.3641	6.55%	0.990	6.616%	1.0000	$0.6857
November 29,2024	10.6980	6.62%	0.994	6.660%	1.0000	$0.7125
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains. Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00% The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99 Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings. The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested. Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are 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 (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis. The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks. In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end	GOC-5	3-Month Bill
September, 2015	0.78%	0.40%
December, 2015	0.71%	0.46%
March, 2016	0.70%	0.44%
June	0.57%	0.47%
September	0.58%	0.53%
December, 2016	1.16%	0.47%
March, 2017	1.08%	0.55%
June	1.35%	0.69%
September	1.79%	0.97%
December, 2017	1.83%	1.00%
March, 2018	2.06%	1.08%
June	1.95%	1.22%
September	2.33%	1.55%
December, 2018	1.88%	1.65%
March, 2019	1.46%	1.66%
June	1.34%	1.66%
September	1.41%	1.66%
December, 2019	1.68%	1.68%
March, 2020	0.57%	0.21%
June	0.37%	0.21%
September	0.35%	0.14%
December, 2020	0.42%	0.08%
March, 2021	0.94%	0.09%
June	0.93%	0.13%
September	1.07%	0.13%
December, 2021	1.31%	0.16%
March, 2022	2.44%	0.53%
June	3.24%	2.11%
September	3.45%	3.60%
December, 2022	3.37%	4.35%
March, 2023	2.93%	4.44%
June	3.74%	5.00%
September	4.31%	5.21%
December, 2023	3.21%	5.13%
March, 2024	3.55%	5.06%
June	3.41%	4.71%
September	2.74%	3.94%
November, 2024	3.02%	3.44%

MAPF

MAPF Portfolio Composition: November, 2024

Turnover remained low at 6% in November.

Sectoral distribution of the MAPF portfolio on November 29, 2024, were:

MAPF Sectoral Analysis 2024-11-29
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	6.7%	6.20%	13.57
Fixed-Reset Discount	43.0%	6.98%	12.75
Insurance – Straight	16.4%	5.84%	14.21
FloatingReset	0%	N/A	N/A
FixedReset Premium	9.0%	5.56%	14.45
FixedReset Bank non-NVCC	0%	N/A	N/A
FixedReset Insurance non-NVCC	9.6%	6.51%	13.59
Scraps – Ratchet	1.1%	10.54%	9.85
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	3.6%	6.47%	13.17
Scraps – FR Discount	10.0%	7.74%	11.90
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	0.6%	0.00%	0.00
Total	100%	6.62%	13.09
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 yield and related attributes of resettable instruments are performed assuming a constant GOC-5 rate of 3.02%, a constant 3-Month Bill rate of 3.44% and a constant Canada Prime Rate of 5.95%

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 2024-11-29
DBRS Rating	MAPF Weighting
Pfd-1	0
Pfd-1(low)	0
Pfd-2(high)	30.6%
Pfd-2	29.3%
Pfd-2(low)	28.4%
Pfd-3(high)	7.5%
Pfd-3	1.1%
Pfd-3(low)	2.2%
Pfd-4(high)	0.3%
Pfd-4	0%
Pfd-4(low)	0%
Pfd-5(high)	0%
Pfd-5	0%
Cash	0.6%
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 2024-11-29
Average Daily Trading	MAPF Weighting
<$50,000	4.8%
$50,000 – $100,000	31.3%
$100,000 – $200,000	36.9%
$200,000 – $300,000	9.8%
>$300,000	16.5%
Cash	0.6%
Totals will not add precisely due to rounding.

The distribution of Issue Reset Spreads is:

Range	MAPF Weight
<100bp	0%
100-149bp	1.0%
150-199bp	0%
200-249bp	46.6%
250-299bp	21.8%
300-349bp	0.4%
350-399bp	1.8%
400-449bp	0%
450-499bp	0%
500-549bp	0%
550-599bp	0%
>= 600bp	0%
Undefined	28.4%

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	1.1%
0-1 Year	12.0%
1-2 Years	25.2%
2-3 Years	15.0%
3-4 Years	9.0%
4-5 Years	10.4%
5-6 Years	0%
>6 Years	0%
Not Floating Rate	27.3%

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.

Issue Comments

FFH.PR.C & FFH.PR.D To Be Redeemed

Fairfax Financial Holdings Limited has announced:

its intention to redeem all of its 7,515,642 outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series C (the “Series C Shares”) and all of its 2,484,358 outstanding Cumulative Floating Rate Preferred Shares, Series D (the “Series D Shares” and, together with the Series C Shares, the “Preferred Shares”) on December 31, 2024 (the “Redemption Date”) at a redemption price equal to C$25.00 per share, for an aggregate total amount of approximately C$250 million, together with all accrued and unpaid dividends up to but excluding the Redemption Date (the “Redemption Price”), less any tax required to be deducted and withheld by Fairfax.

Formal notice will be delivered to the sole registered holder of the Preferred Shares in accordance with the terms of the Preferred Shares of the applicable series as set out in Fairfax’s articles.

Separately from the Redemption Price, (i) the final quarterly dividend of C$0.294313 per Series C Share will be paid in the usual manner to holders of Series C Shares on December 31, 2024, and (ii) the final quarterly dividend of C$0.47858 per Series D Share will be paid in the usual manner to holders of Series D Shares December 30, 2024, in each case to shareholders of record on December 13, 2024.

Fairfax intends to use a portion of the net proceeds from the previously announced public offering of C$700 million aggregate principal amount of its Senior Notes to redeem the outstanding Preferred Shares.

Non-registered holders of Preferred Shares should contact their broker or other intermediary for information regarding the redemption process for the series of Preferred Shares in which they hold a beneficial interest. Fairfax’s transfer agent for the Preferred Shares is Computershare Trust Company of Canada (“Computershare”). Questions regarding the redemption process may be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

Following the redemption on December 31, 2024, the Series C Shares and the Series D Shares will be delisted from and no longer trade on the Toronto Stock Exchange (“TSX”).

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

For further information contact: John Varnell, Vice President, Corporate Development at (416) 367-4941

FFH.PR.C was issued as a cumulative FixedReset issue, 5.75%+315 that commenced trading 2009-10-5 after being announced 2009-9-29. It reset to 4.578% in 2014. I recommended in favour of conversion to FloatingResets. The conversion rate was about 40%. FFH.PR.C reset at 4.709% effective 2020-1-1. I recommended against conversion.

FFH.PR.D resulted from 40% conversion from FFH.PR.C in 2014 and commenced trading 2014-12-31.

As noted in the press release, this redemption was foreshadowed by the issuance of senior debt, with the potential redemption of preferreds being mentioned as a possible (probable?) use of proceeds.

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

Market Action

November 29, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.4049 %	2,248.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4049 %	4,313.4
Floater	8.47 %	8.81 %	30,071	10.48	4	-0.4049 %	2,485.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.4551 %	3,614.1
SplitShare	4.78 %	4.65 %	71,984	1.21	6	0.4551 %	4,316.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4551 %	3,367.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.4545 %	2,847.7
Perpetual-Discount	6.05 %	6.21 %	51,468	13.55	31	0.4545 %	3,105.3
FixedReset Disc	5.43 %	6.67 %	105,481	12.83	57	-0.1816 %	2,736.5
Insurance Straight	5.97 %	6.13 %	60,527	13.63	21	0.2188 %	3,033.9
FloatingReset	6.45 %	1.64 %	44,192	0.09	2	-0.1691 %	3,309.4
FixedReset Prem	6.38 %	5.53 %	174,473	3.73	7	0.1656 %	2,596.0
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.1816 %	2,797.3
FixedReset Ins Non	5.18 %	6.11 %	84,002	13.70	14	0.2252 %	2,835.4

Performance Highlights
Issue	Index	Change	Notes
BN.PF.E	FixedReset Disc	-6.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 7.75 %
SLF.PR.E	Insurance Straight	-5.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.93 %
CCS.PR.C	Insurance Straight	-2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 6.23 %
BN.PR.B	Floater	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 9.06 %
PVS.PR.J	SplitShare	-2.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 4.87 %
BN.PF.F	FixedReset Disc	-1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.44 %
BN.PR.Z	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.19 Evaluated at bid price : 21.19 Bid-YTW : 7.24 %
FFH.PR.F	FloatingReset	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.85 Evaluated at bid price : 21.85 Bid-YTW : 6.54 %
BN.PF.H	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 24.19 Evaluated at bid price : 24.61 Bid-YTW : 7.23 %
BN.PF.G	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 7.26 %
PWF.PR.F	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 6.22 %
IFC.PR.F	Insurance Straight	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 22.00 Evaluated at bid price : 22.00 Bid-YTW : 6.14 %
SLF.PR.H	FixedReset Ins Non	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 6.54 %
IFC.PR.E	Insurance Straight	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.95 Evaluated at bid price : 21.95 Bid-YTW : 6.04 %
FTS.PR.K	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.63 Evaluated at bid price : 19.63 Bid-YTW : 6.65 %
MIC.PR.A	Perpetual-Discount	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.47 %
BIK.PR.A	FixedReset Prem	1.72 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 5.78 %
BN.PR.N	Perpetual-Discount	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.33 %
PWF.PR.S	Perpetual-Discount	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 6.12 %
CU.PR.F	Perpetual-Discount	4.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.01 %
PVS.PR.K	SplitShare	5.49 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.65 %
GWO.PR.T	Insurance Straight	6.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.15 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Disc	229,768	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 22.24 Evaluated at bid price : 22.93 Bid-YTW : 5.67 %
FFH.PR.C	FixedReset Disc	103,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.31 %
MFC.PR.M	FixedReset Ins Non	75,508	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 21.68 Evaluated at bid price : 22.06 Bid-YTW : 6.10 %
FFH.PR.D	FloatingReset	64,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 1.64 %
BMO.PR.E	FixedReset Prem	48,640	YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-25 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 5.53 %
ENB.PF.C	FixedReset Disc	36,268	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 7.56 %
There were 19 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BN.PF.E	FixedReset Disc	Quote: 18.11 – 19.45 Spot Rate : 1.3400 Average : 0.7634 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 7.75 %
ENB.PF.E	FixedReset Disc	Quote: 18.45 – 19.95 Spot Rate : 1.5000 Average : 0.9638 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.62 %
SLF.PR.E	Insurance Straight	Quote: 19.00 – 20.35 Spot Rate : 1.3500 Average : 0.8896 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.93 %
BN.PF.D	Perpetual-Discount	Quote: 19.47 – 20.50 Spot Rate : 1.0300 Average : 0.6717 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 19.47 Evaluated at bid price : 19.47 Bid-YTW : 6.42 %
GWO.PR.H	Insurance Straight	Quote: 20.11 – 20.99 Spot Rate : 0.8800 Average : 0.5399 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 6.15 %
CCS.PR.C	Insurance Straight	Quote: 20.09 – 21.00 Spot Rate : 0.9100 Average : 0.5930 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-29 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 6.23 %

Market Action

November 28, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	2.0029 %	2,258.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	2.0029 %	4,331.0
Floater	8.43 %	8.82 %	29,922	10.48	4	2.0029 %	2,495.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.8296 %	3,597.7
SplitShare	4.80 %	4.18 %	62,194	1.21	6	-0.8296 %	4,296.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.8296 %	3,352.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0641 %	2,834.8
Perpetual-Discount	6.07 %	6.23 %	53,392	13.53	31	0.0641 %	3,091.3
FixedReset Disc	5.42 %	6.82 %	104,546	12.61	57	0.2096 %	2,741.5
Insurance Straight	5.98 %	6.12 %	60,607	13.61	21	-0.3136 %	3,027.2
FloatingReset	6.48 %	6.71 %	40,803	12.81	2	0.3181 %	3,315.0
FixedReset Prem	6.39 %	5.55 %	174,568	3.45	7	-0.3685 %	2,591.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2096 %	2,802.4
FixedReset Ins Non	5.19 %	6.33 %	83,592	13.46	14	0.0478 %	2,829.0

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.T	Insurance Straight	-5.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.57 %
PVS.PR.K	SplitShare	-5.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.51 Bid-YTW : 5.99 %
CU.PR.F	Perpetual-Discount	-3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.30 %
BN.PR.T	FixedReset Disc	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.83 %
PWF.PR.T	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 21.89 Evaluated at bid price : 22.30 Bid-YTW : 6.33 %
RY.PR.S	FixedReset Prem	-1.89 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.51 %
FTS.PR.K	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.92 %
MIC.PR.A	Perpetual-Discount	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.56 %
PWF.PR.S	Perpetual-Discount	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 6.24 %
IFC.PR.F	Insurance Straight	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 21.77 Evaluated at bid price : 21.77 Bid-YTW : 6.21 %
BN.PF.A	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 22.92 Evaluated at bid price : 24.10 Bid-YTW : 6.60 %
BN.PR.X	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 7.65 %
CU.PR.D	Perpetual-Discount	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.99 %
SLF.PR.E	Insurance Straight	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.62 %
BIP.PR.A	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 22.71 Evaluated at bid price : 23.40 Bid-YTW : 7.19 %
BN.PF.G	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 7.41 %
PWF.PR.P	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 7.37 %
BN.PR.K	Floater	2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 12.12 Evaluated at bid price : 12.12 Bid-YTW : 8.82 %
BN.PR.B	Floater	2.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 12.12 Evaluated at bid price : 12.12 Bid-YTW : 8.82 %
BN.PR.C	Floater	2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 12.12 Evaluated at bid price : 12.12 Bid-YTW : 8.82 %
CU.PR.G	Perpetual-Discount	3.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.11 %
BN.PR.Z	FixedReset Disc	3.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 21.30 Evaluated at bid price : 21.59 Bid-YTW : 7.28 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.I	FixedReset Ins Non	335,514	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 23.02 Evaluated at bid price : 24.03 Bid-YTW : 6.28 %
MFC.PR.B	Insurance Straight	123,540	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 19.74 Evaluated at bid price : 19.74 Bid-YTW : 5.91 %
BN.PF.F	FixedReset Disc	110,799	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 7.46 %
MFC.PR.M	FixedReset Ins Non	80,737	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 21.68 Evaluated at bid price : 22.06 Bid-YTW : 6.33 %
BN.PF.I	FixedReset Disc	64,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 22.85 Evaluated at bid price : 23.55 Bid-YTW : 7.31 %
TD.PF.A	FixedReset Disc	32,450	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 22.26 Evaluated at bid price : 22.97 Bid-YTW : 5.81 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
GWO.PR.T	Insurance Straight	Quote: 20.00 – 21.45 Spot Rate : 1.4500 Average : 0.8943 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.57 %
PVS.PR.K	SplitShare	Quote: 23.51 – 24.89 Spot Rate : 1.3800 Average : 0.8390 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 23.51 Bid-YTW : 5.99 %
CU.PR.D	Perpetual-Discount	Quote: 20.61 – 21.75 Spot Rate : 1.1400 Average : 0.7664 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.99 %
PWF.PR.F	Perpetual-Discount	Quote: 21.16 – 22.15 Spot Rate : 0.9900 Average : 0.6994 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 6.29 %
BN.PR.T	FixedReset Disc	Quote: 17.00 – 17.71 Spot Rate : 0.7100 Average : 0.4221 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.83 %
CU.PR.F	Perpetual-Discount	Quote: 18.00 – 18.81 Spot Rate : 0.8100 Average : 0.5289 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-28 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.30 %

Market Action

November 27, 2024

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.2472 %	2,213.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2472 %	4,245.9
Floater	8.60 %	9.05 %	29,772	10.26	4	-0.2472 %	2,446.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.1662 %	3,627.8
SplitShare	4.76 %	4.39 %	63,002	3.02	6	0.1662 %	4,332.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1662 %	3,380.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.5232 %	2,833.0
Perpetual-Discount	6.08 %	6.24 %	53,163	13.51	31	0.5232 %	3,089.3
FixedReset Disc	5.43 %	6.84 %	105,155	12.57	57	0.2484 %	2,735.8
Insurance Straight	5.96 %	6.12 %	61,585	13.63	21	0.2551 %	3,036.8
FloatingReset	6.50 %	6.74 %	40,970	12.77	2	0.6617 %	3,304.5
FixedReset Prem	6.37 %	5.57 %	175,853	3.49	7	-0.1373 %	2,601.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2484 %	2,796.5
FixedReset Ins Non	5.20 %	6.33 %	83,999	13.46	14	0.2052 %	2,827.7

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.A	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.28 Evaluated at bid price : 23.05 Bid-YTW : 7.30 %
BIK.PR.A	FixedReset Prem	-1.26 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-04-01 Maturity Price : 25.00 Evaluated at bid price : 26.75 Bid-YTW : 5.99 %
BN.PF.F	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 20.48 Evaluated at bid price : 20.48 Bid-YTW : 7.48 %
BN.PF.D	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.44 %
FFH.PR.G	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.31 Evaluated at bid price : 21.58 Bid-YTW : 6.58 %
PWF.PR.R	Perpetual-Discount	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.17 Evaluated at bid price : 22.45 Bid-YTW : 6.19 %
PWF.PR.G	Perpetual-Discount	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 6.20 %
FFH.PR.E	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.56 Evaluated at bid price : 21.91 Bid-YTW : 6.15 %
BIP.PR.F	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.71 Evaluated at bid price : 23.70 Bid-YTW : 6.66 %
FFH.PR.F	FloatingReset	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.83 Evaluated at bid price : 22.10 Bid-YTW : 6.50 %
ENB.PR.N	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 7.12 %
BN.PF.C	Perpetual-Discount	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.41 %
PWF.PR.T	FixedReset Disc	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.18 Evaluated at bid price : 22.75 Bid-YTW : 6.19 %
BN.PR.M	Perpetual-Discount	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.37 %
IFC.PR.G	FixedReset Ins Non	2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 23.00 Evaluated at bid price : 24.24 Bid-YTW : 6.06 %
SLF.PR.E	Insurance Straight	6.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.69 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.I	FixedReset Disc	289,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.82 Evaluated at bid price : 23.50 Bid-YTW : 7.32 %
MFC.PR.M	FixedReset Ins Non	262,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.64 Evaluated at bid price : 22.00 Bid-YTW : 6.34 %
MFC.PR.I	FixedReset Ins Non	250,183	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.99 Evaluated at bid price : 23.98 Bid-YTW : 6.29 %
ENB.PR.Y	FixedReset Disc	169,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 7.82 %
ENB.PR.T	FixedReset Disc	132,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 7.39 %
POW.PR.A	Perpetual-Discount	106,068	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.64 Evaluated at bid price : 22.89 Bid-YTW : 6.20 %
There were 23 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.H	Perpetual-Discount	Quote: 23.25 – 24.49 Spot Rate : 1.2400 Average : 0.6922 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 22.98 Evaluated at bid price : 23.25 Bid-YTW : 6.25 %
FFH.PR.G	FixedReset Disc	Quote: 21.58 – 22.58 Spot Rate : 1.0000 Average : 0.6590 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.31 Evaluated at bid price : 21.58 Bid-YTW : 6.58 %
CU.PR.E	Perpetual-Discount	Quote: 20.22 – 21.00 Spot Rate : 0.7800 Average : 0.4739 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 6.10 %
POW.PR.B	Perpetual-Discount	Quote: 21.73 – 22.38 Spot Rate : 0.6500 Average : 0.4107 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 21.47 Evaluated at bid price : 21.73 Bid-YTW : 6.24 %
MFC.PR.B	Insurance Straight	Quote: 19.61 – 20.23 Spot Rate : 0.6200 Average : 0.4273 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 5.95 %
BN.PR.Z	FixedReset Disc	Quote: 20.80 – 21.50 Spot Rate : 0.7000 Average : 0.5361 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-27 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 7.57 %

Market Action

November 26, 2024

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.3898 %	2,219.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3898 %	4,256.4
Floater	8.58 %	9.04 %	30,027	10.27	4	-0.3898 %	2,453.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1792 %	3,621.8
SplitShare	4.77 %	4.61 %	75,294	3.03	6	-0.1792 %	4,325.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1792 %	3,374.7
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.0583 %	2,818.3
Perpetual-Discount	6.11 %	6.27 %	53,078	13.49	31	0.0583 %	3,073.2
FixedReset Disc	5.45 %	6.89 %	98,022	12.57	57	0.2738 %	2,729.0
Insurance Straight	5.98 %	6.13 %	63,394	13.60	21	-0.1706 %	3,029.0
FloatingReset	6.55 %	6.74 %	41,005	12.77	2	0.1068 %	3,282.8
FixedReset Prem	6.36 %	5.60 %	182,356	3.45	7	0.2478 %	2,604.9
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.2738 %	2,789.6
FixedReset Ins Non	5.21 %	6.33 %	79,156	13.43	14	0.1851 %	2,821.9

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.G	FixedReset Ins Non	-1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.76 Evaluated at bid price : 23.71 Bid-YTW : 6.22 %
BN.PR.Z	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 7.60 %
BIP.PR.F	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.56 Evaluated at bid price : 23.41 Bid-YTW : 6.75 %
BIP.PR.E	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.71 Evaluated at bid price : 23.55 Bid-YTW : 6.81 %
ENB.PR.A	Perpetual-Discount	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 6.28 %
FTS.PR.M	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 20.74 Evaluated at bid price : 20.74 Bid-YTW : 6.92 %
BN.PF.E	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 7.49 %
FFH.PR.G	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.66 %
BN.PR.T	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 17.37 Evaluated at bid price : 17.37 Bid-YTW : 7.67 %
FFH.PR.I	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 21.76 Evaluated at bid price : 22.23 Bid-YTW : 6.66 %
FTS.PR.H	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 15.63 Evaluated at bid price : 15.63 Bid-YTW : 7.35 %
GWO.PR.N	FixedReset Ins Non	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 7.21 %
BN.PF.I	FixedReset Disc	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.86 Evaluated at bid price : 23.56 Bid-YTW : 7.30 %
CU.PR.C	FixedReset Disc	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.81 %
FFH.PR.E	FixedReset Disc	3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 21.37 Evaluated at bid price : 21.65 Bid-YTW : 6.22 %
IFC.PR.A	FixedReset Ins Non	3.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 6.33 %
CU.PR.F	Perpetual-Discount	3.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.06 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.P	Insurance Straight	223,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 6.20 %
BN.PR.M	Perpetual-Discount	204,627	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.51 %
BN.PF.H	FixedReset Disc	155,074	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 6.55 %
GWO.PR.S	Insurance Straight	153,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 21.27 Evaluated at bid price : 21.54 Bid-YTW : 6.19 %
BN.PR.T	FixedReset Disc	135,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 17.37 Evaluated at bid price : 17.37 Bid-YTW : 7.67 %
MFC.PR.K	FixedReset Ins Non	105,503	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.86 Evaluated at bid price : 23.98 Bid-YTW : 5.86 %
CM.PR.Q	FixedReset Disc	100,516	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 23.97 Evaluated at bid price : 24.55 Bid-YTW : 6.02 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BIP.PR.E	FixedReset Disc	Quote: 23.55 – 25.10 Spot Rate : 1.5500 Average : 1.1781 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.71 Evaluated at bid price : 23.55 Bid-YTW : 6.81 %
SLF.PR.E	Insurance Straight	Quote: 18.90 – 20.46 Spot Rate : 1.5600 Average : 1.2069 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.06 %
BN.PR.K	Floater	Quote: 11.80 – 12.40 Spot Rate : 0.6000 Average : 0.3611 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 9.06 %
IFC.PR.G	FixedReset Ins Non	Quote: 23.71 – 24.50 Spot Rate : 0.7900 Average : 0.5603 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 22.76 Evaluated at bid price : 23.71 Bid-YTW : 6.22 %
ENB.PR.J	FixedReset Disc	Quote: 19.47 – 20.00 Spot Rate : 0.5300 Average : 0.3297 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 19.47 Evaluated at bid price : 19.47 Bid-YTW : 7.58 %
BN.PR.Z	FixedReset Disc	Quote: 20.72 – 21.25 Spot Rate : 0.5300 Average : 0.3564 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2054-11-26 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 7.60 %

PrefBlog

December 2, 2024

BPO.PR.A To Reset To 6.164%

TRP.PR.A To Reset At 4.939%; Interconvertible with TRP.PR.F

MAPF Performance: November, 2024

MAPF Portfolio Composition: November, 2024

FFH.PR.C & FFH.PR.D To Be Redeemed

November 29, 2024

November 28, 2024

November 27, 2024

November 26, 2024

Archives

Of Interest