{"id":50885,"date":"2019-10-07T21:50:00","date_gmt":"2019-10-08T01:50:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50885"},"modified":"2025-11-21T21:51:04","modified_gmt":"2025-11-22T02:51:04","slug":"october-7-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50885","title":{"rendered":"October 7, 2019"},"content":{"rendered":"

Look what’s back<\/a>!<\/p>\n

Low borrowing costs and strong investor demand have led to a rush of activity in the \u201cmaple\u201d bond market, as global public-sector entities tap the Canadian debt market for cash.<\/p>\n

Public-sector borrowers have issued $5.2-billion worth of maple bonds in the past three months.
…<\/b>
There have been nine Canadian-dollar bond offerings by SSAs [sovereigns, supranationals and agencies] totalling $7.2-billion since the start of 2019. That\u2019s more than was issued in the past three years combined. Public-sector borrowers issued $5.5-billion worth of maple bonds in all of 2018, none in 2017 and $1-billion in 2016, according to data from RBC.<\/p>\n<\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9515 %<\/td>\n1,849.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9515 %<\/td>\n3,393.5<\/td>\n<\/tr>\n
Floater<\/td>\n6.52 %<\/td>\n6.71 %<\/td>\n43,184<\/td>\n12.93<\/td>\n4<\/td>\n0.9515 %<\/td>\n1,955.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1070 %<\/td>\n3,391.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.65 %<\/td>\n4.55 %<\/td>\n58,159<\/td>\n3.97<\/td>\n7<\/td>\n0.1070 %<\/td>\n4,049.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1070 %<\/td>\n3,159.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.48 %<\/td>\n-12.23 %<\/td>\n59,607<\/td>\n0.09<\/td>\n8<\/td>\n0.0684 %<\/td>\n3,007.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.42 %<\/td>\n5.50 %<\/td>\n63,086<\/td>\n14.51<\/td>\n25<\/td>\n0.1630 %<\/td>\n3,181.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.70 %<\/td>\n5.48 %<\/td>\n163,626<\/td>\n14.66<\/td>\n66<\/td>\n0.2768 %<\/td>\n2,055.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.22 %<\/td>\n5.74 %<\/td>\n62,900<\/td>\n7.87<\/td>\n27<\/td>\n0.2909 %<\/td>\n3,157.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.54 %<\/td>\n6.98 %<\/td>\n86,156<\/td>\n12.59<\/td>\n2<\/td>\n0.3976 %<\/td>\n2,308.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.15 %<\/td>\n4.19 %<\/td>\n160,830<\/td>\n1.71<\/td>\n20<\/td>\n0.0570 %<\/td>\n2,593.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.97 %<\/td>\n4.08 %<\/td>\n85,780<\/td>\n2.25<\/td>\n3<\/td>\n0.0972 %<\/td>\n2,674.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.55 %<\/td>\n8.07 %<\/td>\n98,696<\/td>\n7.88<\/td>\n21<\/td>\n0.5383 %<\/td>\n2,080.3<\/td>\n<\/tr>\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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 17.02
\nEvaluated at bid price : 17.02
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 15.87
\nEvaluated at bid price : 15.87
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.61
\nBid-YTW : 9.43 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 15.45
\nEvaluated at bid price : 15.45
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.49
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 10.30
\nEvaluated at bid price : 10.30
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 18.16
\nEvaluated at bid price : 18.16
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 12.91
\nEvaluated at bid price : 12.91
\nBid-YTW : 6.26 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 10.34
\nEvaluated at bid price : 10.34
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.56
\nBid-YTW : 9.06 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 18.37
\nEvaluated at bid price : 18.37
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 14.44
\nEvaluated at bid price : 14.44
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.50
\nBid-YTW : 8.07 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.34
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 10.40
\nEvaluated at bid price : 10.40
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 12.36
\nEvaluated at bid price : 12.36
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.45
\nBid-YTW : 8.07 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.44
\nBid-YTW : 10.83 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n95,239<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Disc<\/td>\n79,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 23.09
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n79,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 22.94
\nEvaluated at bid price : 24.31
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n45,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 12.36
\nEvaluated at bid price : 12.36
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset Prem<\/td>\n40,105<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.92
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Prem<\/td>\n37,068<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
There were 27 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\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
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\nQuote: 16.25 – 16.85
\nSpot Rate : 0.6000
\nAverage : 0.4087<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 16.25
\nEvaluated at bid price : 16.25
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 17.02 – 17.48
\nSpot Rate : 0.4600
\nAverage : 0.2721<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 17.02
\nEvaluated at bid price : 17.02
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n

EMA.PR.F<\/td>\nFixedReset Disc<\/td>\nQuote: 16.45 – 16.99
\nSpot Rate : 0.5400
\nAverage : 0.4213<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 16.45
\nEvaluated at bid price : 16.45
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.55 – 21.93
\nSpot Rate : 0.3800
\nAverage : 0.2860<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset Disc<\/td>\nQuote: 10.51 – 10.94
\nSpot Rate : 0.4300
\nAverage : 0.3450<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 10.51
\nEvaluated at bid price : 10.51
\nBid-YTW : 7.07 %<\/td>\n<\/tr>\n

BMO.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 20.15 – 20.50
\nSpot Rate : 0.3500
\nAverage : 0.2716<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-10-07
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Look what’s back! Low borrowing costs and strong investor demand have led to a rush of activity in the \u201cmaple\u201d bond market, as global public-sector entities tap the Canadian debt market for cash. Public-sector borrowers …<\/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-50885","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50885","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=50885"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50885\/revisions"}],"predecessor-version":[{"id":50886,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50885\/revisions\/50886"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}