{"id":51034,"date":"2019-12-18T20:32:00","date_gmt":"2019-12-19T01:32:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51034"},"modified":"2025-11-26T20:32:47","modified_gmt":"2025-11-27T01:32:47","slug":"december-18-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51034","title":{"rendered":"December 18, 2019"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.35%, equivalent to 6.96% interest at the standard equivalency factor of 1.3x. <a href=\"https:\/\/www.bmo.com\/gam\/ca\/advisor\/products\/etfs?fundUrl=\/fundProfile\/ZLC#fundUrl=%2FfundProfile%2FZLC\">Long corporates<\/a> now yield 3.37%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed to 360bp from the 370bp reported <a href=\"https:\/\/prefblog.com\/?p=39933\">December 11<\/a>.<\/p>\n<table border=\"1\">\n<tr>\n<td colspan=\"8\"><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.0652 %<\/td>\n<td>2,051.4<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>1.0652 %<\/td>\n<td>3,764.2<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.95 %<\/td>\n<td>6.15 %<\/td>\n<td>56,754<\/td>\n<td>13.70<\/td>\n<td>4<\/td>\n<td>1.0652 %<\/td>\n<td>2,169.3<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1626 %<\/td>\n<td>3,446.7<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.62 %<\/td>\n<td>4.16 %<\/td>\n<td>40,093<\/td>\n<td>3.82<\/td>\n<td>7<\/td>\n<td>0.1626 %<\/td>\n<td>4,116.2<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1626 %<\/td>\n<td>3,211.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.54 %<\/td>\n<td>-10.49 %<\/td>\n<td>64,161<\/td>\n<td>0.09<\/td>\n<td>10<\/td>\n<td>0.0313 %<\/td>\n<td>3,044.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.27 %<\/td>\n<td>5.35 %<\/td>\n<td>75,473<\/td>\n<td>14.89<\/td>\n<td>25<\/td>\n<td>-0.0017 %<\/td>\n<td>3,286.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.48 %<\/td>\n<td>5.74 %<\/td>\n<td>223,641<\/td>\n<td>14.30<\/td>\n<td>66<\/td>\n<td>0.7220 %<\/td>\n<td>2,156.0<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.16 %<\/td>\n<td>5.27 %<\/td>\n<td>71,935<\/td>\n<td>14.98<\/td>\n<td>27<\/td>\n<td>0.2393 %<\/td>\n<td>3,232.2<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>6.01 %<\/td>\n<td>6.24 %<\/td>\n<td>135,270<\/td>\n<td>13.57<\/td>\n<td>2<\/td>\n<td>1.9926 %<\/td>\n<td>2,559.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.09 %<\/td>\n<td>3.44 %<\/td>\n<td>160,247<\/td>\n<td>1.58<\/td>\n<td>20<\/td>\n<td>0.1828 %<\/td>\n<td>2,645.2<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>1.94 %<\/td>\n<td>3.82 %<\/td>\n<td>66,325<\/td>\n<td>2.05<\/td>\n<td>3<\/td>\n<td>0.2736 %<\/td>\n<td>2,724.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.39 %<\/td>\n<td>5.72 %<\/td>\n<td>146,131<\/td>\n<td>14.34<\/td>\n<td>22<\/td>\n<td>0.9768 %<\/td>\n<td>2,178.7<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.78 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 22.23<br \/>\nEvaluated at bid price : 22.56<br \/>\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.H<\/td>\n<td>FixedReset Prem<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.78<br \/>\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 13.80<br \/>\nEvaluated at bid price : 13.80<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.89<br \/>\nEvaluated at bid price : 17.89<br \/>\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.31<br \/>\nEvaluated at bid price : 19.31<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>EMA.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.20<br \/>\nEvaluated at bid price : 18.20<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.H<\/td>\n<td>FixedReset Prem<\/td>\n<td>1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-01-26<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.89<br \/>\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 11.26<br \/>\nEvaluated at bid price : 11.26<br \/>\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 16.91<br \/>\nEvaluated at bid price : 16.91<br \/>\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Y<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.38<br \/>\nEvaluated at bid price : 19.38<br \/>\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.45<br \/>\nEvaluated at bid price : 17.45<br \/>\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 16.48<br \/>\nEvaluated at bid price : 16.48<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.S<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.60<br \/>\nEvaluated at bid price : 17.60<br \/>\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.42 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.10<br \/>\nEvaluated at bid price : 17.10<br \/>\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.60 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.40<br \/>\nEvaluated at bid price : 18.40<br \/>\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.66 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.74<br \/>\nEvaluated at bid price : 17.74<br \/>\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.I<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.66 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.57<br \/>\nEvaluated at bid price : 19.57<br \/>\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.71 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.29<br \/>\nEvaluated at bid price : 17.29<br \/>\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.10<br \/>\nEvaluated at bid price : 17.10<br \/>\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 12.73<br \/>\nEvaluated at bid price : 12.73<br \/>\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.92 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 16.95<br \/>\nEvaluated at bid price : 16.95<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.93 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.50<br \/>\nEvaluated at bid price : 18.50<br \/>\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.H<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.93 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 20.60<br \/>\nEvaluated at bid price : 20.60<br \/>\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>1.99 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 14.38<br \/>\nEvaluated at bid price : 14.38<br \/>\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.J<\/td>\n<td>FloatingReset<\/td>\n<td>2.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 13.26<br \/>\nEvaluated at bid price : 13.26<br \/>\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.Q<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.20<br \/>\nEvaluated at bid price : 19.20<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.60<br \/>\nEvaluated at bid price : 19.60<br \/>\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 11.55<br \/>\nEvaluated at bid price : 11.55<br \/>\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.Q<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.23<br \/>\nEvaluated at bid price : 19.23<br \/>\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 16.41<br \/>\nEvaluated at bid price : 16.41<br \/>\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>3.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.31<br \/>\nEvaluated at bid price : 17.31<br \/>\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>3.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.59<br \/>\nEvaluated at bid price : 18.59<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>3.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 12.77<br \/>\nEvaluated at bid price : 12.77<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>CCS.PR.C<\/td>\n<td>Deemed-Retractible<\/td>\n<td>3.73 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 23.93<br \/>\nEvaluated at bid price : 24.19<br \/>\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"4\"><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.J<\/td>\n<td>FixedReset Disc<\/td>\n<td>132,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 19.87<br \/>\nEvaluated at bid price : 19.87<br \/>\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>123,875<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.50<br \/>\nEvaluated at bid price : 18.50<br \/>\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.S<\/td>\n<td>FixedReset Disc<\/td>\n<td>82,683<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.60<br \/>\nEvaluated at bid price : 17.60<br \/>\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset Disc<\/td>\n<td>70,625<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 16.91<br \/>\nEvaluated at bid price : 16.91<br \/>\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>64,730<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.30<br \/>\nEvaluated at bid price : 17.30<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>EMA.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>59,215<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.20<br \/>\nEvaluated at bid price : 18.20<br \/>\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 72 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border=\"1\">\n<tr>\n<td colspan=\"3\"><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 17.45 &#8211; 17.86<br \/>\nSpot Rate  :  0.4100<br \/>\nAverage  :  0.2563<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 17.45<br \/>\nEvaluated at bid price : 17.45<br \/>\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 22.56 &#8211; 22.95<br \/>\nSpot Rate  :  0.3900<br \/>\nAverage  :  0.2577<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 22.23<br \/>\nEvaluated at bid price : 22.56<br \/>\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 20.00 &#8211; 20.42<br \/>\nSpot Rate  :  0.4200<br \/>\nAverage  :  0.2888<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n<tr>\n<td>IAF.PR.G<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>Quote: 18.70 &#8211; 19.15<br \/>\nSpot Rate  :  0.4500<br \/>\nAverage  :  0.3278<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2049-12-18<br \/>\nMaturity Price  : 18.70<br \/>\nEvaluated at bid price : 18.70<br \/>\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.J<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.90 &#8211; 26.19<br \/>\nSpot Rate  :  0.2900<br \/>\nAverage  :  0.1821<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.90<br \/>\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.H<\/td>\n<td>FixedReset Prem<\/td>\n<td>Quote: 25.58 &#8211; 25.89<br \/>\nSpot Rate  :  0.3100<br \/>\nAverage  :  0.2099<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.58<br \/>\nBid-YTW : 2.55 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.35%, equivalent to 6.96% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.37%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed to 360bp &hellip;<\/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-51034","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51034","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=51034"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51034\/revisions"}],"predecessor-version":[{"id":51035,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51034\/revisions\/51035"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}