{"id":51295,"date":"2025-01-14T14:26:00","date_gmt":"2025-01-14T19:26:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=51295"},"modified":"2025-12-24T14:27:07","modified_gmt":"2025-12-24T19:27:07","slug":"january-14-2025","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51295","title":{"rendered":"January 14, 2025"},"content":{"rendered":"

The day brought with it sone interest<\/a> with massive trading in the BCE.PR.E \/ BCE.PR.F pair<\/a> with Gundy<\/s> CIBC acting on the E buy-side and the F sell-side. TMXMoney.com reports VWAPs (for all trades in the day, not just CIBC’s) of 17.618 and 17.651, respectively. <\/p>\n

E will go ex-dividend 1\/31 for about 0.11723 (which was the dividend earned on 12\/31) while F went ex on 12\/31 for $0.2415625, while conversion is effective 2\/1<\/a>, so that helps the math a bit. If somebody is putting the position on AND converting to close the position, they’re making a little money, much of which will be eaten up by commission unless they have low trading costs. Cost of capital would nibble away at the balance. So maybe it’s a real money account behind all this, that has held the Fs but wants or wouldn’t mind the Es, depending on what the reset rate on the Fs turns out to be. It would be interesting to hear the story on this … it would be interesting to hear a lot of stories!<\/p>\n

And who were the guys on the other side of all these trades and what were their stories?<\/p>\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>\n-0.0788 %<\/td>\n2,319.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0788 %<\/td>\n4,449.3<\/td>\n<\/tr>\n
Floater<\/td>\n7.52 %<\/td>\n7.80 %<\/td>\n33,948<\/td>\n11.61<\/td>\n4<\/td>\n-0.0788 %<\/td>\n2,564.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1144 %<\/td>\n3,637.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.62 %<\/td>\n52,853<\/td>\n0.77<\/td>\n8<\/td>\n0.1144 %<\/td>\n4,344.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1144 %<\/td>\n3,389.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0246 %<\/td>\n2,892.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.94 %<\/td>\n6.07 %<\/td>\n58,061<\/td>\n13.80<\/td>\n32<\/td>\n0.0246 %<\/td>\n3,154.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.36 %<\/td>\n6.63 %<\/td>\n99,477<\/td>\n12.78<\/td>\n50<\/td>\n-0.2235 %<\/td>\n2,841.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.92 %<\/td>\n5.98 %<\/td>\n67,055<\/td>\n13.94<\/td>\n21<\/td>\n-0.8752 %<\/td>\n3,055.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.25 %<\/td>\n6.35 %<\/td>\n41,695<\/td>\n13.37<\/td>\n3<\/td>\n0.3696 %<\/td>\n3,435.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.71 %<\/td>\n5.50 %<\/td>\n165,022<\/td>\n3.36<\/td>\n12<\/td>\n-0.3375 %<\/td>\n2,583.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2235 %<\/td>\n2,904.4<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.16 %<\/td>\n6.07 %<\/td>\n73,772<\/td>\n13.70<\/td>\n14<\/td>\n0.0527 %<\/td>\n2,931.2<\/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\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
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-19.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 16.22
\nEvaluated at bid price : 16.22
\nBid-YTW : 6.94 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-6.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-5.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-3.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 19.74
\nEvaluated at bid price : 19.74
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.63
\nEvaluated at bid price : 20.63
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BN.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 23.23
\nEvaluated at bid price : 24.03
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.75
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 18.99
\nEvaluated at bid price : 18.99
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Prem<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 23.17
\nEvaluated at bid price : 24.57
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 19.28
\nEvaluated at bid price : 19.28
\nBid-YTW : 7.52 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset Disc<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.28
\nEvaluated at bid price : 20.28
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.72
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 22.88
\nEvaluated at bid price : 23.80
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.60
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 19.27
\nEvaluated at bid price : 19.27
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 16.58
\nEvaluated at bid price : 16.58
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 16.44
\nEvaluated at bid price : 16.44
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.62
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 22.27
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n4.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n7.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n8.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 6.00 %<\/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
TD.PF.C<\/td>\nFixedReset Prem<\/td>\n1,486,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n1,218,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 23.99
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n301,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 16.58
\nEvaluated at bid price : 16.58
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n152,169<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset Disc<\/td>\n118,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset Disc<\/td>\n98,852<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
There were 31 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
SLF.PR.D<\/td>\nInsurance Straight<\/td>\nQuote: 16.22 – 20.47
\nSpot Rate : 4.2500
\nAverage : 2.3771<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 16.22
\nEvaluated at bid price : 16.22
\nBid-YTW : 6.94 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.15 – 23.71
\nSpot Rate : 1.5600
\nAverage : 0.9597<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nInsurance Straight<\/td>\nQuote: 19.00 – 20.50
\nSpot Rate : 1.5000
\nAverage : 0.9028<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n

BN.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 17.40 – 18.70
\nSpot Rate : 1.3000
\nAverage : 0.7876<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n

BN.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 17.85 – 19.50
\nSpot Rate : 1.6500
\nAverage : 1.1477<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.30 – 25.88
\nSpot Rate : 1.5800
\nAverage : 1.2628<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2055-01-14
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The day brought with it sone interest with massive trading in the BCE.PR.E \/ BCE.PR.F pair with Gundy CIBC acting on the E buy-side and the F sell-side. TMXMoney.com reports VWAPs (for all trades in …<\/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-51295","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51295","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=51295"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51295\/revisions"}],"predecessor-version":[{"id":51296,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51295\/revisions\/51296"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}