{"id":43237,"date":"2022-04-06T20:30:11","date_gmt":"2022-04-07T01:30:11","guid":{"rendered":"https:\/\/prefblog.com\/?p=43237"},"modified":"2022-04-06T20:30:11","modified_gmt":"2022-04-07T01:30:11","slug":"april-6-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43237","title":{"rendered":"April 6, 2022"},"content":{"rendered":"

PerpetualDiscounts now yield 5.36%, equivalent to 6.97% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.24%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened dramatically to 275bp from the 230bp reported March 30<\/a>.<\/p>\n

I’m not quite sure what to make of today’s collapse – volume was still fairly low and there were quite a few ‘disappearing bids’ in the not-very-good data<\/a> supplied at great expense by the Toronto Exchange. While the yields of PerpetualDiscounts have unquestionably increased from the 5.19% recorded March 30, spreads on issues included in the PerpetualDiscount index that might be the ‘median’ issue used for measurement are in the 20bp range<\/a>, mostly, so this week’s data point is not exactly of the most reliable quality.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n3.32 %<\/td>\n3.88 %<\/td>\n26,574<\/td>\n19.47<\/td>\n1<\/td>\n-0.8781 %<\/td>\n2,733.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.4000 %<\/td>\n5,209.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.30 %<\/td>\n3.37 %<\/td>\n41,132<\/td>\n18.85<\/td>\n4<\/td>\n-0.4000 %<\/td>\n3,002.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0199 %<\/td>\n3,624.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.46 %<\/td>\n52,022<\/td>\n3.52<\/td>\n6<\/td>\n0.0199 %<\/td>\n4,328.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0199 %<\/td>\n3,376.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.41 %<\/td>\n1.75 %<\/td>\n56,258<\/td>\n0.08<\/td>\n16<\/td>\n-0.4485 %<\/td>\n3,155.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.36 %<\/td>\n72,159<\/td>\n14.78<\/td>\n18<\/td>\n-1.7413 %<\/td>\n3,493.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.27 %<\/td>\n5.30 %<\/td>\n127,409<\/td>\n15.16<\/td>\n49<\/td>\n-1.1190 %<\/td>\n2,690.7<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.37 %<\/td>\n5.30 %<\/td>\n87,836<\/td>\n14.91<\/td>\n20<\/td>\n-1.5752 %<\/td>\n3,341.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.30 %<\/td>\n3.62 %<\/td>\n48,399<\/td>\n18.28<\/td>\n2<\/td>\n-0.5722 %<\/td>\n2,820.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.82 %<\/td>\n4.12 %<\/td>\n138,296<\/td>\n1.96<\/td>\n19<\/td>\n-0.0434 %<\/td>\n2,678.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.1190 %<\/td>\n2,750.5<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.30 %<\/td>\n5.35 %<\/td>\n84,255<\/td>\n15.06<\/td>\n15<\/td>\n-0.7231 %<\/td>\n2,793.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n-14.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-8.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-5.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-4.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n-4.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-4.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.28
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nInsurance Straight<\/td>\n-3.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n-3.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-3.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 16.20
\nEvaluated at bid price : 16.20
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-3.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n-3.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-3.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 19.88
\nEvaluated at bid price : 19.88
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n-2.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\n-2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.87
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n-2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n-2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.92
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.19
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.94
\nEvaluated at bid price : 22.33
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 13.46
\nEvaluated at bid price : 13.46
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.34
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.59
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.63
\nEvaluated at bid price : 22.06
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.72
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Premium<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.33
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Prem<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.56
\nEvaluated at bid price : 24.76
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Prem<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.15
\nEvaluated at bid price : 23.45
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Premium<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-06
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 14.58
\nEvaluated at bid price : 14.58
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.98
\nEvaluated at bid price : 24.27
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.67
\nEvaluated at bid price : 22.11
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.16
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
EMA.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.48
\nEvaluated at bid price : 24.65
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Prem<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 19.17
\nEvaluated at bid price : 19.17
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.59
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n5.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n7.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n12.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.73
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n272,854<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n55,070<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
TD.PF.K<\/td>\nFixedReset Disc<\/td>\n30,714<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 24.03
\nEvaluated at bid price : 24.38
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n30,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 23.48
\nEvaluated at bid price : 24.65
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Premium<\/td>\n30,323<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-06
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.34
\nBid-YTW : 1.27 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n26,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
There were 23 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 21.12 – 24.76
\nSpot Rate : 3.6400
\nAverage : 1.9798<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.12
\nEvaluated at bid price : 21.12
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 22.50 – 24.25
\nSpot Rate : 1.7500
\nAverage : 1.1427<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.00 – 23.99
\nSpot Rate : 1.9900
\nAverage : 1.3849<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.00 – 22.25
\nSpot Rate : 1.2500
\nAverage : 0.7088<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 22.30 – 23.60
\nSpot Rate : 1.3000
\nAverage : 0.8041<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.92
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 21.50 – 22.49
\nSpot Rate : 0.9900
\nAverage : 0.6276<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-06
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.36%, equivalent to 6.97% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.24%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened dramatically to …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-43237","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43237"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43237\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}