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PerpetualDiscounts now yield 5.72%, equivalent to 7.44% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little under 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 355bp, a slight (and perhaps spurious) widening from the 350bp reported February 13.

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	0.0000 %	2,192.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	4,022.5
Floater	5.35 %	5.59 %	30,564	14.46	4	0.0000 %	2,318.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.3771 %	3,251.3
SplitShare	4.87 %	4.52 %	59,931	3.93	8	0.3771 %	3,882.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3771 %	3,029.5
Perpetual-Premium	5.84 %	0.58 %	83,002	0.08	4	0.2083 %	2,895.8
Perpetual-Discount	5.57 %	5.72 %	73,206	14.21	31	0.4852 %	2,988.6
FixedReset Disc	5.16 %	5.45 %	222,373	14.80	65	0.3227 %	2,200.4
Deemed-Retractible	5.35 %	6.25 %	98,954	8.11	27	0.0566 %	2,967.1
FloatingReset	4.39 %	5.69 %	57,497	8.40	6	0.3961 %	2,426.8
FixedReset Prem	5.14 %	4.25 %	299,917	2.26	18	0.1417 %	2,534.2
FixedReset Bank Non	2.79 %	4.49 %	169,821	2.82	5	0.1243 %	2,599.7
FixedReset Ins Non	5.01 %	6.86 %	130,322	8.24	22	0.4296 %	2,220.3

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.G	FixedReset Ins Non	-2.65 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.55 Bid-YTW : 7.10 %
MFC.PR.F	FixedReset Ins Non	-1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.10 Bid-YTW : 9.49 %
BAM.PF.D	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.82 %
BAM.PR.C	Floater	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 5.71 %
BIP.PR.A	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 6.55 %
CU.PR.F	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.54 %
TD.PF.I	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 22.52 Evaluated at bid price : 23.26 Bid-YTW : 5.10 %
HSE.PR.C	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.60 %
MFC.PR.N	FixedReset Ins Non	1.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.52 %
EMA.PR.H	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 22.34 Evaluated at bid price : 23.05 Bid-YTW : 5.31 %
BAM.PR.K	Floater	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 12.56 Evaluated at bid price : 12.56 Bid-YTW : 5.59 %
MFC.PR.J	FixedReset Ins Non	1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.12 Bid-YTW : 6.72 %
BMO.PR.Y	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.23 %
SLF.PR.B	Deemed-Retractible	1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.62 Bid-YTW : 6.69 %
MFC.PR.K	FixedReset Ins Non	1.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 7.21 %
MFC.PR.M	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.51 Bid-YTW : 7.19 %
GWO.PR.N	FixedReset Ins Non	1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.50 Bid-YTW : 9.11 %
W.PR.M	FixedReset Prem	1.40 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 4.88 %
HSE.PR.A	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 13.34 Evaluated at bid price : 13.34 Bid-YTW : 6.42 %
TRP.PR.H	FloatingReset	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 5.75 %
SLF.PR.G	FixedReset Ins Non	1.65 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.75 Bid-YTW : 9.14 %
RY.PR.S	FixedReset Disc	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 21.64 Evaluated at bid price : 22.00 Bid-YTW : 4.94 %
BIP.PR.F	FixedReset Disc	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 6.04 %
PVS.PR.G	SplitShare	2.10 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.93 %
TRP.PR.B	FixedReset Disc	2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 12.84 Evaluated at bid price : 12.84 Bid-YTW : 5.92 %
W.PR.J	Perpetual-Discount	5.44 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-22 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 3.55 %
W.PR.H	Perpetual-Discount	6.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-22 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 3.82 %

Volume Highlights
Issue	Index	Shares Traded	Notes
W.PR.H	Perpetual-Discount	1,147,724	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-22 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 3.82 %
W.PR.J	Perpetual-Discount	553,410	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-22 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 3.55 %
NA.PR.C	FixedReset Disc	139,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 21.99 Evaluated at bid price : 22.41 Bid-YTW : 5.66 %
CM.PR.S	FixedReset Disc	104,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.22 %
BAM.PF.J	FixedReset Disc	93,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 22.96 Evaluated at bid price : 24.20 Bid-YTW : 5.02 %
CU.PR.D	Perpetual-Discount	79,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 22.05 Evaluated at bid price : 22.05 Bid-YTW : 5.58 %
There were 33 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.N	FixedReset Ins Non	Quote: 18.85 – 21.99 Spot Rate : 3.1400 Average : 2.1250 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.52 %
MFC.PR.I	FixedReset Ins Non	Quote: 20.91 – 22.80 Spot Rate : 1.8900 Average : 1.2794 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.91 Bid-YTW : 6.82 %
IFC.PR.F	Deemed-Retractible	Quote: 23.51 – 24.55 Spot Rate : 1.0400 Average : 0.6234 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.51 Bid-YTW : 6.19 %
CCS.PR.C	Deemed-Retractible	Quote: 22.80 – 23.74 Spot Rate : 0.9400 Average : 0.6159 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 6.25 %
TD.PF.D	FixedReset Disc	Quote: 21.91 – 22.60 Spot Rate : 0.6900 Average : 0.4221 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 21.54 Evaluated at bid price : 21.91 Bid-YTW : 5.16 %
CM.PR.O	FixedReset Disc	Quote: 19.36 – 19.95 Spot Rate : 0.5900 Average : 0.3446 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-20 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 5.35 %

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February 19, 2019

Tuesday, February 19th, 2019

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	0.1938 %	2,192.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1938 %	4,022.5
Floater	5.35 %	5.63 %	30,869	14.38	4	0.1938 %	2,318.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.1344 %	3,239.1
SplitShare	4.88 %	4.55 %	58,830	3.93	8	0.1344 %	3,868.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1344 %	3,018.1
Perpetual-Premium	5.85 %	-0.30 %	83,770	0.08	4	0.1192 %	2,889.7
Perpetual-Discount	5.59 %	5.74 %	75,891	14.24	31	0.2651 %	2,974.1
FixedReset Disc	5.18 %	5.43 %	225,440	14.80	65	0.3724 %	2,193.3
Deemed-Retractible	5.35 %	6.25 %	100,001	8.11	27	0.2090 %	2,965.5
FloatingReset	4.41 %	5.73 %	58,413	8.39	6	1.2703 %	2,417.2
FixedReset Prem	5.14 %	4.21 %	304,092	2.26	18	0.1550 %	2,530.6
FixedReset Bank Non	2.79 %	4.48 %	163,033	2.83	5	0.0249 %	2,596.4
FixedReset Ins Non	5.04 %	6.87 %	132,264	8.25	22	0.4593 %	2,210.8

Performance Highlights
Issue	Index	Change	Notes
HSE.PR.A	FixedReset Disc	-2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 13.14 Evaluated at bid price : 13.14 Bid-YTW : 6.51 %
NA.PR.G	FixedReset Disc	-2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.49 %
BAM.PR.Z	FixedReset Disc	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 5.81 %
MFC.PR.K	FixedReset Ins Non	-1.52 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.40 Bid-YTW : 7.37 %
IAF.PR.G	FixedReset Ins Non	-1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 7.30 %
BNS.PR.I	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 22.13 Evaluated at bid price : 22.75 Bid-YTW : 4.84 %
MFC.PR.F	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.30 Bid-YTW : 9.32 %
TRP.PR.D	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 5.89 %
TD.PF.K	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.68 Evaluated at bid price : 22.04 Bid-YTW : 5.10 %
POW.PR.B	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 23.30 Evaluated at bid price : 23.58 Bid-YTW : 5.74 %
SLF.PR.G	FixedReset Ins Non	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.51 Bid-YTW : 9.34 %
BMO.PR.S	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 5.35 %
TD.PF.B	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 5.31 %
MFC.PR.C	Deemed-Retractible	1.20 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.25 Bid-YTW : 7.18 %
TRP.PR.B	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 12.55 Evaluated at bid price : 12.55 Bid-YTW : 6.06 %
BAM.PR.B	Floater	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 5.66 %
PWF.PR.Q	FloatingReset	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.73 %
TRP.PR.G	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.90 %
TD.PF.J	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.85 Evaluated at bid price : 22.25 Bid-YTW : 5.13 %
BAM.PF.D	Perpetual-Discount	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.70 Evaluated at bid price : 21.70 Bid-YTW : 5.74 %
CM.PR.S	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.22 %
MFC.PR.N	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.65 Bid-YTW : 7.65 %
BMO.PR.W	FixedReset Disc	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 18.99 Evaluated at bid price : 18.99 Bid-YTW : 5.30 %
TD.PF.E	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 5.22 %
TD.PF.D	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.50 Evaluated at bid price : 21.85 Bid-YTW : 5.18 %
CU.PR.C	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.43 %
RY.PR.J	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.26 %
TRP.PR.C	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.00 %
MFC.PR.M	FixedReset Ins Non	2.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.25 Bid-YTW : 7.35 %
MFC.PR.G	FixedReset Ins Non	2.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.49 Bid-YTW : 6.95 %
TRP.PR.A	FixedReset Disc	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 5.91 %
TRP.PR.H	FloatingReset	3.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.84 %
TRP.PR.F	FloatingReset	4.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 15.73 Evaluated at bid price : 15.73 Bid-YTW : 5.83 %
MFC.PR.H	FixedReset Ins Non	5.66 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.20 Bid-YTW : 6.28 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PR.R	FixedReset Disc	113,631	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.15 %
NA.PR.A	FixedReset Prem	108,180	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 4.49 %
CU.PR.H	Perpetual-Discount	85,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 22.92 Evaluated at bid price : 23.30 Bid-YTW : 5.64 %
NA.PR.C	FixedReset Disc	76,857	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 22.00 Evaluated at bid price : 22.43 Bid-YTW : 5.65 %
PWF.PR.K	Perpetual-Discount	54,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.43 Evaluated at bid price : 21.43 Bid-YTW : 5.84 %
CM.PR.T	FixedReset Disc	40,396	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 23.17 Evaluated at bid price : 25.05 Bid-YTW : 5.07 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PVS.PR.E	SplitShare	Quote: 26.10 – 27.10 Spot Rate : 1.0000 Average : 0.5995 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 4.55 %
TRP.PR.E	FixedReset Disc	Quote: 18.05 – 18.80 Spot Rate : 0.7500 Average : 0.4672 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 5.80 %
BAM.PR.R	FixedReset Disc	Quote: 16.25 – 16.90 Spot Rate : 0.6500 Average : 0.3783 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.15 %
TD.PF.C	FixedReset Disc	Quote: 19.15 – 19.88 Spot Rate : 0.7300 Average : 0.4881 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.31 %
BAM.PF.E	FixedReset Disc	Quote: 18.80 – 19.30 Spot Rate : 0.5000 Average : 0.3861 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.88 %
PWF.PR.L	Perpetual-Discount	Quote: 22.20 – 22.73 Spot Rate : 0.5300 Average : 0.4235 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-19 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.79 %

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February 15, 2019

Friday, February 15th, 2019

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	-1.0169 %	2,187.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.0169 %	4,014.7
Floater	5.36 %	5.58 %	30,113	14.48	4	-1.0169 %	2,313.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0299 %	3,234.7
SplitShare	4.89 %	4.66 %	59,223	3.94	8	0.0299 %	3,862.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0299 %	3,014.0
Perpetual-Premium	5.86 %	3.02 %	85,067	0.08	4	0.1592 %	2,886.3
Perpetual-Discount	5.61 %	5.78 %	76,340	14.21	31	0.0042 %	2,966.3
FixedReset Disc	5.20 %	5.46 %	220,769	14.83	65	0.3699 %	2,185.2
Deemed-Retractible	5.36 %	6.24 %	99,121	8.12	27	0.1152 %	2,959.3
FloatingReset	4.42 %	5.75 %	60,315	8.42	6	-0.1431 %	2,386.9
FixedReset Prem	5.15 %	4.31 %	306,745	2.27	18	0.1115 %	2,526.7
FixedReset Bank Non	2.79 %	4.44 %	163,744	2.84	5	-0.0580 %	2,595.8
FixedReset Ins Non	5.06 %	6.96 %	132,040	8.23	22	0.6411 %	2,200.7

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.H	FixedReset Ins Non	-4.41 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.01 Bid-YTW : 6.95 %
BAM.PR.B	Floater	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 5.72 %
BIP.PR.F	FixedReset Disc	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.17 %
TRP.PR.F	FloatingReset	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 6.03 %
MFC.PR.G	FixedReset Ins Non	-1.48 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 7.23 %
GWO.PR.N	FixedReset Ins Non	-1.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.25 Bid-YTW : 9.30 %
PWF.PR.A	Floater	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 4.83 %
HSE.PR.E	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.88 %
SLF.PR.G	FixedReset Ins Non	-1.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.35 Bid-YTW : 9.46 %
W.PR.H	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.91 %
HSE.PR.A	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.34 %
BNS.PR.I	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.99 Evaluated at bid price : 22.52 Bid-YTW : 4.89 %
RY.PR.Z	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.19 %
SLF.PR.A	Deemed-Retractible	1.09 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.31 Bid-YTW : 6.80 %
SLF.PR.I	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.28 Bid-YTW : 6.87 %
TRP.PR.D	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.95 %
IFC.PR.G	FixedReset Ins Non	1.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.30 Bid-YTW : 6.64 %
MFC.PR.Q	FixedReset Ins Non	1.21 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.85 Bid-YTW : 6.82 %
TD.PF.E	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.35 Evaluated at bid price : 21.66 Bid-YTW : 5.30 %
BMO.PR.T	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.35 %
BMO.PR.Y	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.31 %
NA.PR.S	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 5.75 %
RY.PR.H	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.49 Evaluated at bid price : 19.49 Bid-YTW : 5.22 %
TD.PF.D	FixedReset Disc	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.28 %
TD.PF.I	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 22.37 Evaluated at bid price : 23.00 Bid-YTW : 5.16 %
SLF.PR.D	Deemed-Retractible	1.81 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.23 Bid-YTW : 7.10 %
TRP.PR.G	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.97 %
NA.PR.G	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.58 Evaluated at bid price : 21.90 Bid-YTW : 5.34 %
PWF.PR.Q	FloatingReset	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 5.75 %
MFC.PR.M	FixedReset Ins Non	1.95 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.86 Bid-YTW : 7.59 %
MFC.PR.N	FixedReset Ins Non	2.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.38 Bid-YTW : 7.82 %
BAM.PR.X	FixedReset Disc	2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.93 %
IAF.PR.G	FixedReset Ins Non	2.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.90 Bid-YTW : 7.13 %
RY.PR.M	FixedReset Disc	2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.23 %
IAF.PR.I	FixedReset Ins Non	2.41 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 6.73 %
PWF.PR.T	FixedReset Disc	2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 5.40 %
BMO.PR.W	FixedReset Disc	2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 5.38 %
MFC.PR.J	FixedReset Ins Non	3.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.85 Bid-YTW : 6.87 %
MFC.PR.L	FixedReset Ins Non	3.51 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.27 Bid-YTW : 7.77 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.I	FixedReset Disc	56,610	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 22.37 Evaluated at bid price : 23.00 Bid-YTW : 5.16 %
TD.PF.A	FixedReset Disc	50,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.32 %
TRP.PR.K	FixedReset Disc	41,476	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 23.06 Evaluated at bid price : 24.28 Bid-YTW : 5.61 %
MFC.PR.K	FixedReset Ins Non	41,300	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.70 Bid-YTW : 7.17 %
BNS.PR.I	FixedReset Disc	35,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.99 Evaluated at bid price : 22.52 Bid-YTW : 4.89 %
NA.PR.C	FixedReset Disc	29,515	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 21.98 Evaluated at bid price : 22.40 Bid-YTW : 5.65 %
There were 19 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.N	FixedReset Ins Non	Quote: 18.38 – 21.99 Spot Rate : 3.6100 Average : 1.9903 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.38 Bid-YTW : 7.82 %
MFC.PR.I	FixedReset Ins Non	Quote: 20.65 – 22.80 Spot Rate : 2.1500 Average : 1.1911 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.65 Bid-YTW : 6.96 %
EMA.PR.F	FixedReset Disc	Quote: 19.48 – 23.07 Spot Rate : 3.5900 Average : 2.8443 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 5.70 %
MFC.PR.H	FixedReset Ins Non	Quote: 21.01 – 22.20 Spot Rate : 1.1900 Average : 0.7082 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.01 Bid-YTW : 6.95 %
TRP.PR.G	FixedReset Disc	Quote: 19.50 – 20.50 Spot Rate : 1.0000 Average : 0.6784 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.97 %
TRP.PR.C	FixedReset Disc	Quote: 13.25 – 14.50 Spot Rate : 1.2500 Average : 0.9681 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-15 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.11 %

Posted in Market Action | No Comments »

February 14, 2019

Thursday, February 14th, 2019

Click for Big

TXPR closed at 622.57, down 0.09% on the day. Volume was 3.40-million, exceeded only by February 13 and January 18 in the past thirty days.

CPD closed at 12.49, up 0.32% on the day. Volume of 139,785 was more or less average in the context of the past thirty days.

ZPR closed at 10.09, down 0.10% on the day. Volume of 180,073 was average in the context of the past thirty days.

Getting there was all the fun though, with a roller-coaster day. The day’s low for TXPR was 617.27, down 0.99% from yesterday’s close, which it reached at 12:50pm. It then rose fairly steadily to 621.00 at 4:00pm, still down 0.34% on the day, but then (I think; I confess that a lot of the intricacies of Exchange calculations are not a major interest of mine) hit lots of MOC orders, although most were small. The reported close was, as mentioned before, 622.57, down 0.09% on the day.

Click for Big

Five-year Canada yields eased off, down 6bp to 1.79% today.

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	-1.0630 %	2,210.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.0630 %	4,056.0
Floater	5.31 %	5.56 %	29,562	14.51	4	-1.0630 %	2,337.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0299 %	3,233.8
SplitShare	4.89 %	4.93 %	60,013	3.95	8	0.0299 %	3,861.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0299 %	3,013.1
Perpetual-Premium	5.87 %	3.11 %	85,983	0.08	4	-0.2085 %	2,881.7
Perpetual-Discount	5.61 %	5.78 %	77,130	14.19	31	-0.4939 %	2,966.2
FixedReset Disc	5.21 %	5.50 %	223,952	14.69	65	-0.5698 %	2,177.1
Deemed-Retractible	5.37 %	6.24 %	99,865	8.12	27	-0.4249 %	2,955.9
FloatingReset	4.41 %	5.86 %	62,296	8.44	6	-1.4197 %	2,390.3
FixedReset Prem	5.16 %	4.33 %	309,611	2.27	18	-0.1419 %	2,523.8
FixedReset Bank Non	2.79 %	4.33 %	169,469	2.84	5	0.0083 %	2,597.3
FixedReset Ins Non	5.09 %	7.08 %	132,708	8.21	22	-0.7617 %	2,186.6

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.J	FixedReset Ins Non	-4.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.15 Bid-YTW : 7.29 %
PWF.PR.Q	FloatingReset	-3.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 5.86 %
BAM.PR.R	FixedReset Disc	-3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.14 %
BAM.PR.T	FixedReset Disc	-3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.22 %
TRP.PR.B	FixedReset Disc	-3.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.15 %
TRP.PR.H	FloatingReset	-3.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 5.96 %
BAM.PR.X	FixedReset Disc	-2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 6.05 %
SLF.PR.D	Deemed-Retractible	-2.69 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.87 Bid-YTW : 7.32 %
TRP.PR.F	FloatingReset	-2.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.90 %
IAF.PR.G	FixedReset Ins Non	-2.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.49 Bid-YTW : 7.39 %
TRP.PR.G	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.08 %
TRP.PR.D	FixedReset Disc	-2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.02 %
TRP.PR.C	FixedReset Disc	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 13.33 Evaluated at bid price : 13.33 Bid-YTW : 6.07 %
BAM.PR.C	Floater	-2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 12.55 Evaluated at bid price : 12.55 Bid-YTW : 5.58 %
BMO.PR.W	FixedReset Disc	-2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.18 Evaluated at bid price : 18.18 Bid-YTW : 5.53 %
IFC.PR.G	FixedReset Ins Non	-2.09 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.05 Bid-YTW : 6.79 %
CU.PR.C	FixedReset Disc	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 5.52 %
HSE.PR.G	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 6.89 %
RY.PR.S	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 5.03 %
TRP.PR.A	FixedReset Disc	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 15.53 Evaluated at bid price : 15.53 Bid-YTW : 6.03 %
BIP.PR.A	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.61 %
BAM.PF.B	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.97 %
BAM.PF.F	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 6.05 %
BMO.PR.Y	FixedReset Disc	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.39 %
MFC.PR.N	FixedReset Ins Non	-1.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.02 Bid-YTW : 8.06 %
MFC.PR.Q	FixedReset Ins Non	-1.53 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.60 Bid-YTW : 6.97 %
TD.PF.L	FixedReset Prem	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 23.10 Evaluated at bid price : 24.85 Bid-YTW : 5.08 %
POW.PR.D	Perpetual-Discount	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.53 Evaluated at bid price : 21.79 Bid-YTW : 5.80 %
NA.PR.S	FixedReset Disc	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.83 %
BAM.PF.D	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.80 %
BAM.PF.C	Perpetual-Discount	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.86 %
BAM.PR.N	Perpetual-Discount	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.95 %
CM.PR.T	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 23.09 Evaluated at bid price : 24.82 Bid-YTW : 5.12 %
BMO.PR.E	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.92 Evaluated at bid price : 22.40 Bid-YTW : 5.09 %
TD.PF.I	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 5.26 %
MFC.PR.B	Deemed-Retractible	-1.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 7.19 %
PWF.PR.K	Perpetual-Discount	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.84 %
TRP.PR.E	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.85 %
SLF.PR.A	Deemed-Retractible	-1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.08 Bid-YTW : 6.93 %
POW.PR.G	Perpetual-Discount	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 23.99 Evaluated at bid price : 24.35 Bid-YTW : 5.81 %
BIP.PR.F	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 5.98 %
PWF.PR.S	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.77 %
POW.PR.B	Perpetual-Discount	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.83 %
PWF.PR.Z	Perpetual-Discount	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 22.10 Evaluated at bid price : 22.40 Bid-YTW : 5.79 %
PWF.PR.F	Perpetual-Discount	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 22.53 Evaluated at bid price : 22.78 Bid-YTW : 5.81 %
BMO.PR.S	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.45 %
BAM.PR.K	Floater	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 12.42 Evaluated at bid price : 12.42 Bid-YTW : 5.64 %
PWF.PR.L	Perpetual-Discount	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.81 %
HSE.PR.C	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.69 %
TD.PF.J	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.64 Evaluated at bid price : 21.95 Bid-YTW : 5.20 %
CM.PR.P	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.48 Evaluated at bid price : 18.48 Bid-YTW : 5.48 %
CM.PR.O	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.44 %
CM.PR.S	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.31 %
PWF.PR.P	FixedReset Disc	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 5.84 %
HSE.PR.A	FixedReset Disc	3.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 6.27 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.S	FixedReset Disc	208,305	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 5.31 %
TD.PF.L	FixedReset Prem	132,735	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 23.10 Evaluated at bid price : 24.85 Bid-YTW : 5.08 %
BNS.PR.Y	FixedReset Bank Non	114,000	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.24 Bid-YTW : 3.60 %
PWF.PR.K	Perpetual-Discount	100,142	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.84 %
IAF.PR.I	FixedReset Ins Non	79,850	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.75 Bid-YTW : 7.02 %
TD.PF.H	FixedReset Prem	70,224	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.43 Bid-YTW : 4.27 %
There were 61 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
EMA.PR.F	FixedReset Disc	Quote: 19.48 – 23.07 Spot Rate : 3.5900 Average : 2.0266 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 5.70 %
HSE.PR.A	FixedReset Disc	Quote: 13.65 – 15.50 Spot Rate : 1.8500 Average : 1.0594 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 6.27 %
TRP.PR.C	FixedReset Disc	Quote: 13.33 – 14.50 Spot Rate : 1.1700 Average : 0.6591 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 13.33 Evaluated at bid price : 13.33 Bid-YTW : 6.07 %
TD.PF.I	FixedReset Disc	Quote: 22.60 – 23.80 Spot Rate : 1.2000 Average : 0.7077 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 5.26 %
HSE.PR.C	FixedReset Disc	Quote: 18.61 – 19.75 Spot Rate : 1.1400 Average : 0.6813 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-14 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.69 %
MFC.PR.J	FixedReset Ins Non	Quote: 20.15 – 21.20 Spot Rate : 1.0500 Average : 0.6123 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.15 Bid-YTW : 7.29 %

Posted in Market Action | No Comments »

February 13, 2019

Wednesday, February 13th, 2019

Click for Big

TXPR closed at 623.12, down 0.89% on the day. Volume was a staggering 5.02-million, by far the highest of the past thirty days.

CPD closed at 12.45, down 1.11% on the day. Volume of 144,771 was more or less average in the context of the past thirty days.

ZPR closed at 10.10, down 0.98% on the day. Volume of 180,470 was average in the context of the past thirty days.

Something of this size is almost definitely a big player shifting position, and it looks like a reasonably well executed take-down, provided you ignore the fact that doing it all in one day cost them good money. TXPR was actually up a little on the day until 1:05, when a wave of selling took it down 40bp in a span of 15 minutes. It was then stable until 2:45pm, when another wave took it down 51bp in 20 minutes; it was then fairly stable through the close with no MOC orders.

Click for Big

The first wave, I’d guess, had the purpose of attracting buyers, who were able to satiate their appetites in the second wave.

It doesn’t look like this was in reaction to sudden changes in the five-year Canada yield, which was up 2bp to 1.84% today.

PerpetualDiscounts now yield 5.72%, equivalent to 7.44% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 350bp, a significant widening from the 340bp reported February 6.

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	0.1331 %	2,234.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1331 %	4,099.6
Floater	5.25 %	5.45 %	30,016	14.70	4	0.1331 %	2,362.6
OpRet	0.00 %	0.00 %	0	0.00	0	0.1246 %	3,232.8
SplitShare	4.89 %	4.93 %	59,836	3.95	8	0.1246 %	3,860.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1246 %	3,012.2
Perpetual-Premium	5.86 %	-0.02 %	85,692	0.08	4	-0.0794 %	2,887.7
Perpetual-Discount	5.58 %	5.72 %	74,278	14.29	31	-0.3412 %	2,980.9
FixedReset Disc	5.18 %	5.48 %	213,762	14.69	65	-1.7059 %	2,189.6
Deemed-Retractible	5.35 %	6.23 %	97,609	8.14	27	-0.1323 %	2,968.5
FloatingReset	4.35 %	5.62 %	58,913	8.45	6	-0.2064 %	2,424.8
FixedReset Prem	5.15 %	4.25 %	309,800	2.28	18	-0.1265 %	2,527.4
FixedReset Bank Non	2.79 %	4.22 %	156,863	2.84	5	-0.1572 %	2,597.1
FixedReset Ins Non	5.05 %	6.99 %	131,727	8.23	22	-0.7318 %	2,203.4

Performance Highlights
Issue	Index	Change	Notes
HSE.PR.E	FixedReset Disc	-5.40 %	A reasonable quote. The issue traded 30,015 shares in a range of 19.77-21.08 (closing at 19.80) and was quoted at 19.80-86. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.79 %
HSE.PR.G	FixedReset Disc	-5.09 %	Another reasonable quote. The issue traded 4,241 shares in a range of 19.75-20.80 (closing at 19.75) before being quoted at 19.75-06. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.76 %
HSE.PR.A	FixedReset Disc	-4.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 6.50 %
NA.PR.G	FixedReset Disc	-3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 5.42 %
HSE.PR.C	FixedReset Disc	-3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.62 %
CM.PR.P	FixedReset Disc	-3.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 5.55 %
TD.PF.J	FixedReset Disc	-3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 5.25 %
RY.PR.J	FixedReset Disc	-2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.41 %
PWF.PR.P	FixedReset Disc	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 5.95 %
NA.PR.W	FixedReset Disc	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 5.80 %
BMO.PR.D	FixedReset Disc	-2.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.25 Evaluated at bid price : 22.78 Bid-YTW : 5.31 %
TD.PF.C	FixedReset Disc	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 5.38 %
BAM.PR.Z	FixedReset Disc	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 5.76 %
CM.PR.Q	FixedReset Disc	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.46 %
TD.PF.B	FixedReset Disc	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.39 %
BNS.PR.I	FixedReset Disc	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.90 Evaluated at bid price : 22.38 Bid-YTW : 4.93 %
BIP.PR.D	FixedReset Disc	-2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.92 Evaluated at bid price : 22.24 Bid-YTW : 6.22 %
NA.PR.S	FixedReset Disc	-2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 5.75 %
BAM.PR.M	Perpetual-Discount	-2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.89 %
TD.PF.A	FixedReset Disc	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.93 Evaluated at bid price : 18.93 Bid-YTW : 5.37 %
CM.PR.S	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 5.40 %
MFC.PR.I	FixedReset Ins Non	-2.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.55 Bid-YTW : 7.01 %
BAM.PR.N	Perpetual-Discount	-2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.58 Evaluated at bid price : 20.58 Bid-YTW : 5.86 %
NA.PR.C	FixedReset Disc	-2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.99 Evaluated at bid price : 22.41 Bid-YTW : 5.65 %
MFC.PR.N	FixedReset Ins Non	-2.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.31 Bid-YTW : 7.86 %
CM.PR.O	FixedReset Disc	-2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.51 %
BMO.PR.W	FixedReset Disc	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.41 %
RY.PR.H	FixedReset Disc	-2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 5.30 %
IAF.PR.I	FixedReset Ins Non	-2.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.83 Bid-YTW : 6.97 %
BMO.PR.T	FixedReset Disc	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.41 %
MFC.PR.M	FixedReset Ins Non	-1.95 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.65 Bid-YTW : 7.73 %
BIP.PR.A	FixedReset Disc	-1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 6.48 %
TD.PF.D	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.38 %
BAM.PF.D	Perpetual-Discount	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.75 Evaluated at bid price : 21.75 Bid-YTW : 5.72 %
CM.PR.R	FixedReset Disc	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.46 Evaluated at bid price : 23.12 Bid-YTW : 5.42 %
RY.PR.Z	FixedReset Disc	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 5.24 %
BMO.PR.Y	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.30 %
TD.PF.I	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.31 Evaluated at bid price : 22.90 Bid-YTW : 5.18 %
BAM.PF.C	Perpetual-Discount	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.78 %
TD.PF.E	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.41 %
TRP.PR.D	FixedReset Disc	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 5.87 %
TRP.PR.A	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 15.83 Evaluated at bid price : 15.83 Bid-YTW : 5.92 %
BMO.PR.C	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.75 Evaluated at bid price : 23.61 Bid-YTW : 5.27 %
MFC.PR.L	FixedReset Ins Non	-1.59 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.91 Bid-YTW : 8.01 %
BAM.PF.B	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.86 %
BIP.PR.F	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.53 Evaluated at bid price : 21.85 Bid-YTW : 5.91 %
BMO.PR.S	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.39 %
TD.PF.K	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 5.21 %
MFC.PR.H	FixedReset Ins Non	-1.43 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.01 Bid-YTW : 6.37 %
CU.PR.C	FixedReset Disc	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.41 %
RY.PR.M	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.36 %
MFC.PR.G	FixedReset Ins Non	-1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.40 Bid-YTW : 6.99 %
SLF.PR.B	Deemed-Retractible	-1.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.41 Bid-YTW : 6.79 %
BAM.PF.E	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.89 %
BMO.PR.E	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.11 Evaluated at bid price : 22.70 Bid-YTW : 5.02 %
PWF.PR.S	Perpetual-Discount	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.70 %
BAM.PF.F	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.94 %
MFC.PR.J	FixedReset Ins Non	-1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 6.77 %
TRP.PR.G	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.93 %
PWF.PR.L	Perpetual-Discount	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.11 Evaluated at bid price : 22.33 Bid-YTW : 5.75 %
MFC.PR.F	FixedReset Ins Non	-1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.30 Bid-YTW : 9.31 %
RY.PR.S	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.65 Evaluated at bid price : 22.02 Bid-YTW : 4.93 %
SLF.PR.G	FixedReset Ins Non	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 9.25 %
TRP.PR.C	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 13.66 Evaluated at bid price : 13.66 Bid-YTW : 5.92 %
CU.PR.E	Perpetual-Discount	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.02 Evaluated at bid price : 22.02 Bid-YTW : 5.58 %
BAM.PR.C	Floater	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 12.86 Evaluated at bid price : 12.86 Bid-YTW : 5.45 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Disc	259,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.75 Evaluated at bid price : 23.61 Bid-YTW : 5.27 %
CM.PR.T	FixedReset Disc	174,132	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 23.20 Evaluated at bid price : 25.16 Bid-YTW : 5.04 %
CM.PR.R	FixedReset Disc	150,630	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 22.46 Evaluated at bid price : 23.12 Bid-YTW : 5.42 %
CU.PR.G	Perpetual-Discount	114,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.65 %
NA.PR.C	FixedReset Disc	85,080	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.99 Evaluated at bid price : 22.41 Bid-YTW : 5.65 %
CU.PR.C	FixedReset Disc	77,220	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.41 %
There were 99 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.J	FixedReset Disc	Quote: 21.71 – 22.43 Spot Rate : 0.7200 Average : 0.4428 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 5.25 %
IAF.PR.I	FixedReset Ins Non	Quote: 20.83 – 21.41 Spot Rate : 0.5800 Average : 0.3487 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.83 Bid-YTW : 6.97 %
BAM.PR.Z	FixedReset Disc	Quote: 20.89 – 21.40 Spot Rate : 0.5100 Average : 0.2978 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 5.76 %
PVS.PR.F	SplitShare	Quote: 25.10 – 25.59 Spot Rate : 0.4900 Average : 0.2799 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 4.93 %
BAM.PR.M	Perpetual-Discount	Quote: 20.50 – 21.25 Spot Rate : 0.7500 Average : 0.5405 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.89 %
BIP.PR.D	FixedReset Disc	Quote: 22.24 – 22.78 Spot Rate : 0.5400 Average : 0.3409 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-13 Maturity Price : 21.92 Evaluated at bid price : 22.24 Bid-YTW : 6.22 %

Posted in Market Action | 1 Comment »

February 12, 2019

Tuesday, February 12th, 2019

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	-1.6819 %	2,231.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.6819 %	4,094.1
Floater	5.26 %	5.49 %	28,907	14.62	4	-1.6819 %	2,359.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1245 %	3,228.8
SplitShare	4.90 %	5.01 %	61,785	3.95	8	-0.1245 %	3,855.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1245 %	3,008.5
Perpetual-Premium	5.85 %	-1.66 %	85,812	0.08	4	-0.0694 %	2,890.0
Perpetual-Discount	5.56 %	5.68 %	71,397	14.35	31	0.0630 %	2,991.1
FixedReset Disc	5.10 %	5.34 %	212,918	14.96	65	-0.5637 %	2,227.6
Deemed-Retractible	5.34 %	6.18 %	92,495	8.14	27	0.0307 %	2,972.4
FloatingReset	4.34 %	5.59 %	59,043	8.45	6	-0.0937 %	2,429.8
FixedReset Prem	5.14 %	4.26 %	309,722	2.28	18	-0.1328 %	2,530.6
FixedReset Bank Non	2.79 %	4.12 %	162,582	2.85	5	-0.0827 %	2,601.2
FixedReset Ins Non	5.01 %	6.82 %	127,368	8.27	22	-0.1005 %	2,219.7

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.K	Floater	-2.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 12.43 Evaluated at bid price : 12.43 Bid-YTW : 5.64 %
PWF.PR.A	Floater	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 4.70 %
NA.PR.E	FixedReset Disc	-2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 5.51 %
RY.PR.M	FixedReset Disc	-2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.58 Evaluated at bid price : 20.58 Bid-YTW : 5.29 %
HSE.PR.E	FixedReset Disc	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 6.42 %
HSE.PR.G	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 6.41 %
TD.PF.I	FixedReset Disc	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 22.54 Evaluated at bid price : 23.31 Bid-YTW : 5.08 %
BIP.PR.E	FixedReset Disc	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 5.93 %
HSE.PR.C	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 6.37 %
MFC.PR.J	FixedReset Ins Non	-1.62 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 6.62 %
TD.PF.E	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.36 Evaluated at bid price : 21.67 Bid-YTW : 5.30 %
HSE.PR.A	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 6.24 %
TRP.PR.G	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 19.87 Evaluated at bid price : 19.87 Bid-YTW : 5.86 %
RY.PR.J	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.25 %
TD.PF.K	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.60 Evaluated at bid price : 21.93 Bid-YTW : 5.13 %
BIP.PR.D	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 22.30 Evaluated at bid price : 22.80 Bid-YTW : 6.05 %
TD.PF.D	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.28 %
BAM.PF.H	FixedReset Prem	-1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.10 %
RY.PR.S	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.81 Evaluated at bid price : 22.25 Bid-YTW : 4.87 %
GWO.PR.N	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.26 Bid-YTW : 9.28 %
NA.PR.W	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.64 %
CCS.PR.C	Deemed-Retractible	-1.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.91 Bid-YTW : 6.17 %
MFC.PR.I	FixedReset Ins Non	-1.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.05 Bid-YTW : 6.72 %
TD.PF.A	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.23 %
W.PR.J	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.89 %
PWF.PR.L	Perpetual-Discount	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 22.30 Evaluated at bid price : 22.57 Bid-YTW : 5.69 %
IFC.PR.G	FixedReset Ins Non	2.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.48 Bid-YTW : 6.53 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.B	FixedReset Prem	147,533	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.24 %
PWF.PR.S	Perpetual-Discount	135,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 5.63 %
POW.PR.D	Perpetual-Discount	128,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 22.01 Evaluated at bid price : 22.24 Bid-YTW : 5.68 %
CM.PR.S	FixedReset Disc	125,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.27 %
TRP.PR.D	FixedReset Disc	119,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 5.76 %
BMO.PR.C	FixedReset Disc	111,475	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 22.94 Evaluated at bid price : 24.00 Bid-YTW : 5.17 %
NA.PR.A	FixedReset Prem	105,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 4.52 %
There were 29 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.E	FixedReset Disc	Quote: 21.67 – 22.17 Spot Rate : 0.5000 Average : 0.3622 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 21.36 Evaluated at bid price : 21.67 Bid-YTW : 5.30 %
BAM.PR.K	Floater	Quote: 12.43 – 12.94 Spot Rate : 0.5100 Average : 0.3770 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 12.43 Evaluated at bid price : 12.43 Bid-YTW : 5.64 %
NA.PR.E	FixedReset Disc	Quote: 20.23 – 20.58 Spot Rate : 0.3500 Average : 0.2181 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 5.51 %
IFC.PR.F	Deemed-Retractible	Quote: 23.50 – 23.99 Spot Rate : 0.4900 Average : 0.3647 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.18 %
RY.PR.M	FixedReset Disc	Quote: 20.58 – 20.88 Spot Rate : 0.3000 Average : 0.2013 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 20.58 Evaluated at bid price : 20.58 Bid-YTW : 5.29 %
TD.PF.I	FixedReset Disc	Quote: 23.31 – 23.63 Spot Rate : 0.3200 Average : 0.2313 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-12 Maturity Price : 22.54 Evaluated at bid price : 23.31 Bid-YTW : 5.08 %

Posted in Market Action | No Comments »

February 11, 2019

Monday, February 11th, 2019

Fitch is warning about investment-fund induced liquidity mismatches:

Fitch says that investment in open-ended bond funds has surged since the global financial crisis, thanks to factors such as the prevalence of historically low interest rates and tougher bank regulation. It reports that the latest data from the Financial Stability Board shows that investment funds (including open-ended and other fund types) grew by an average of 12.3% annually between 2008 and 2016, and that assets under management in bond funds grew to a high of almost US$11 trillion last year.

“Open-ended bond funds provide daily liquidity for investors but are increasingly investing in longer-dated or lower-quality securities as bank regulation has reduced the supply of market liquidity and investors are seeking extra yield while interest rates remain low,” it says. “This exposes funds to liquidity pressure if there is a spike in redemptions, potentially leading to forced asset sales and a run on the fund as investors pull out.”

This sort of stress could, in turn, spread throughout the financial system, Fitch says, due to connections between funds, banks, non-bank financial institutions (NBFIs) and the rest of the financial market. “Transmission to other institutions could be as a result of market value declines in the types of collateral that they have in common with the funds. Banks and NBFIs could also be exposed through their short-term funding reliance on the funds or other counterparty exposure to them,” it says.

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	0.0748 %	2,269.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0748 %	4,164.1
Floater	5.17 %	5.47 %	29,267	14.67	4	0.0748 %	2,399.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.3598 %	3,232.8
SplitShare	4.89 %	4.90 %	62,137	3.96	8	0.3598 %	3,860.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3598 %	3,012.2
Perpetual-Premium	5.85 %	-2.81 %	85,865	0.08	4	-0.2669 %	2,892.0
Perpetual-Discount	5.57 %	5.65 %	72,280	14.34	31	0.0378 %	2,989.2
FixedReset Disc	5.07 %	5.37 %	213,138	14.92	65	0.1925 %	2,240.2
Deemed-Retractible	5.34 %	6.10 %	93,053	8.14	27	0.0921 %	2,971.5
FloatingReset	4.34 %	5.56 %	59,747	8.45	6	0.0657 %	2,432.1
FixedReset Prem	5.14 %	4.19 %	286,781	2.28	18	0.0087 %	2,534.0
FixedReset Bank Non	2.78 %	4.03 %	162,176	2.85	5	0.0248 %	2,603.3
FixedReset Ins Non	5.01 %	6.80 %	127,509	8.31	22	0.3669 %	2,221.9

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.Q	FloatingReset	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 14.79 Evaluated at bid price : 14.79 Bid-YTW : 5.56 %
TD.PF.E	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 5.21 %
PWF.PR.A	Floater	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 4.55 %
SLF.PR.I	FixedReset Ins Non	-1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.10 Bid-YTW : 6.97 %
CU.PR.C	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.33 %
MFC.PR.I	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.27 Bid-YTW : 6.59 %
RY.PR.Z	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 5.12 %
BAM.PR.Z	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.60 %
TRP.PR.H	FloatingReset	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 12.95 Evaluated at bid price : 12.95 Bid-YTW : 5.75 %
BIP.PR.D	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 22.47 Evaluated at bid price : 23.08 Bid-YTW : 5.97 %
BIP.PR.E	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.53 Evaluated at bid price : 21.80 Bid-YTW : 5.81 %
CGI.PR.D	SplitShare	1.22 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 24.82 Bid-YTW : 4.11 %
PWF.PR.S	Perpetual-Discount	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.63 %
RY.PR.S	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.97 Evaluated at bid price : 22.50 Bid-YTW : 4.81 %
MFC.PR.G	FixedReset Ins Non	1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.88 Bid-YTW : 6.70 %
MFC.PR.L	FixedReset Ins Non	1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.18 Bid-YTW : 7.82 %
MFC.PR.N	FixedReset Ins Non	1.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.89 Bid-YTW : 7.47 %
MFC.PR.F	FixedReset Ins Non	1.90 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.45 Bid-YTW : 9.18 %
IFC.PR.G	FixedReset Ins Non	2.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.01 Bid-YTW : 6.80 %
BIP.PR.A	FixedReset Disc	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.31 %
CCS.PR.C	Deemed-Retractible	3.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.16 Bid-YTW : 6.04 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.E	FixedReset Disc	99,445	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 22.37 Evaluated at bid price : 23.14 Bid-YTW : 4.91 %
CM.PR.T	FixedReset Disc	82,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 23.21 Evaluated at bid price : 25.20 Bid-YTW : 5.03 %
RY.PR.Z	FixedReset Disc	64,589	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 5.12 %
TRP.PR.F	FloatingReset	62,094	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 5.71 %
TD.PF.L	FixedReset Prem	57,385	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 23.23 Evaluated at bid price : 25.26 Bid-YTW : 4.97 %
MFC.PR.M	FixedReset Ins Non	44,900	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.01 Bid-YTW : 7.49 %
There were 36 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.H	FixedReset Ins Non	Quote: 22.31 – 22.74 Spot Rate : 0.4300 Average : 0.2546 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.31 Bid-YTW : 6.20 %
ELF.PR.H	Perpetual-Discount	Quote: 24.30 – 24.79 Spot Rate : 0.4900 Average : 0.3198 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 23.94 Evaluated at bid price : 24.30 Bid-YTW : 5.71 %
BIP.PR.D	FixedReset Disc	Quote: 23.08 – 23.49 Spot Rate : 0.4100 Average : 0.2459 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 22.47 Evaluated at bid price : 23.08 Bid-YTW : 5.97 %
MFC.PR.Q	FixedReset Ins Non	Quote: 21.00 – 21.46 Spot Rate : 0.4600 Average : 0.3016 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 6.72 %
PWF.PR.L	Perpetual-Discount	Quote: 22.22 – 22.75 Spot Rate : 0.5300 Average : 0.3756 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 21.98 Evaluated at bid price : 22.22 Bid-YTW : 5.78 %
CU.PR.F	Perpetual-Discount	Quote: 20.05 – 20.60 Spot Rate : 0.5500 Average : 0.4119 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-11 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.63 %

Posted in Market Action | No Comments »

February 8, 2019

Friday, February 8th, 2019

Jobs, jobs, jobs!

Statistics Canada reported on Friday that employers added 66,800 jobs in January, far better than the gain of 8,000 that analysts forecast in a Reuters poll, while the unemployment rate ticked up to 5.8 per cent as more people sought work.
…
The economy added 99,200 services sector jobs in January, mostly in wholesale and retail trade, as well as professional, scientific and technical services. That was offset by a loss of 32,300 goods sector positions, mostly in agriculture and construction. Resource sector jobs fell by 4,600.

Part-time job gains outpaced full-time, 36,000 versus 30,900, and youth age 15 to 24 led employment growth, adding 52,800 jobs.
…
The average year-over-year wage growth of permanent employees, which is closely watched by the central bank, was 1.8 per cent in January, up slightly from 1.5 per cent in December.

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	1.1731 %	2,267.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.1731 %	4,161.0
Floater	5.17 %	5.51 %	29,724	14.60	4	1.1731 %	2,398.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0499 %	3,221.2
SplitShare	4.91 %	5.00 %	64,692	3.96	8	-0.0499 %	3,846.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0499 %	3,001.4
Perpetual-Premium	5.83 %	-4.33 %	89,078	0.08	4	0.3472 %	2,899.8
Perpetual-Discount	5.57 %	5.70 %	71,280	14.30	31	0.3117 %	2,988.1
FixedReset Disc	5.08 %	5.38 %	214,031	14.87	65	0.2745 %	2,235.9
Deemed-Retractible	5.34 %	6.23 %	96,793	8.15	27	0.1975 %	2,968.8
FloatingReset	4.34 %	5.42 %	62,000	8.45	6	0.0939 %	2,430.5
FixedReset Prem	5.14 %	4.20 %	286,345	2.29	18	0.0828 %	2,533.8
FixedReset Bank Non	2.78 %	3.76 %	168,008	2.86	5	0.1242 %	2,602.7
FixedReset Ins Non	5.03 %	6.85 %	124,894	8.28	22	0.2529 %	2,213.8

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.H	FixedReset Ins Non	-1.41 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.45 Bid-YTW : 7.86 %
GWO.PR.N	FixedReset Ins Non	-1.37 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.40 Bid-YTW : 9.16 %
VNR.PR.A	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 22.48 Evaluated at bid price : 23.20 Bid-YTW : 4.97 %
MFC.PR.L	FixedReset Ins Non	1.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.93 Bid-YTW : 7.98 %
TRP.PR.E	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.71 %
RY.PR.M	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.17 %
SLF.PR.E	Deemed-Retractible	1.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.55 Bid-YTW : 6.95 %
HSE.PR.A	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 13.97 Evaluated at bid price : 13.97 Bid-YTW : 6.12 %
MFC.PR.K	FixedReset Ins Non	1.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.50 Bid-YTW : 7.28 %
TD.PF.E	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 21.79 Evaluated at bid price : 22.29 Bid-YTW : 5.13 %
EML.PR.A	FixedReset Ins Non	1.57 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.40 %
BAM.PF.C	Perpetual-Discount	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 21.60 Evaluated at bid price : 21.60 Bid-YTW : 5.70 %
SLF.PR.G	FixedReset Ins Non	1.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.76 Bid-YTW : 9.10 %
BAM.PR.M	Perpetual-Discount	3.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 5.75 %
BAM.PR.N	Perpetual-Discount	4.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 5.72 %
BAM.PR.K	Floater	4.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.51 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.R	FixedReset Disc	109,011	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 22.67 Evaluated at bid price : 23.50 Bid-YTW : 5.32 %
RY.PR.J	FixedReset Disc	107,258	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 21.28 Evaluated at bid price : 21.56 Bid-YTW : 5.18 %
BMO.PR.B	FixedReset Prem	104,806	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.23 %
RY.PR.L	FixedReset Bank Non	104,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-26 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 3.76 %
SLF.PR.B	Deemed-Retractible	99,343	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.73 Bid-YTW : 6.60 %
BNS.PR.Z	FixedReset Bank Non	57,375	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 4.32 %
There were 17 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PVS.PR.D	SplitShare	Quote: 25.27 – 25.70 Spot Rate : 0.4300 Average : 0.2741 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 4.40 %
BMO.PR.Y	FixedReset Disc	Quote: 21.48 – 21.99 Spot Rate : 0.5100 Average : 0.3552 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 5.19 %
SLF.PR.J	FloatingReset	Quote: 14.56 – 14.95 Spot Rate : 0.3900 Average : 0.2381 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.56 Bid-YTW : 9.29 %
BMO.PR.D	FixedReset Disc	Quote: 23.30 – 23.75 Spot Rate : 0.4500 Average : 0.3317 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 22.55 Evaluated at bid price : 23.30 Bid-YTW : 5.18 %
BMO.PR.E	FixedReset Disc	Quote: 22.98 – 23.33 Spot Rate : 0.3500 Average : 0.2425 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 22.28 Evaluated at bid price : 22.98 Bid-YTW : 4.94 %
TRP.PR.H	FloatingReset	Quote: 12.81 – 13.50 Spot Rate : 0.6900 Average : 0.5892 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-08 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 5.82 %

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February 7, 2019

Thursday, February 7th, 2019

Click for Big

TXPR closed at 629.23, down 0.56% on the day. Volume of 1.93-million was on the low side in the context of the past thirty days.

CPD closed at 12.60, down 0.32% on the day. Volume of 192,567 was on the high side in the context of the past thirty days.

ZPR closed at 10.22, down 0.87% on the day. Volume of 244,707 was high in the context of the past thirty days.

One may speculate that all this was in reaction to changes in the five-year Canada yield, which was down 5bp to 1.79% today.

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	-2.4548 %	2,241.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.4548 %	4,112.8
Floater	5.23 %	5.51 %	30,913	14.61	4	-2.4548 %	2,370.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1098 %	3,222.8
SplitShare	4.91 %	5.00 %	65,457	3.97	8	-0.1098 %	3,848.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1098 %	3,002.9
Perpetual-Premium	5.85 %	-0.71 %	88,580	0.08	4	0.0993 %	2,889.7
Perpetual-Discount	5.58 %	5.70 %	72,371	14.31	31	-0.1402 %	2,978.8
FixedReset Disc	5.09 %	5.46 %	215,664	14.73	65	-0.7113 %	2,229.8
Deemed-Retractible	5.36 %	6.22 %	97,793	8.15	27	-0.1164 %	2,962.9
FloatingReset	4.34 %	5.47 %	64,348	8.47	6	-0.7363 %	2,428.2
FixedReset Prem	5.14 %	4.28 %	265,135	2.29	18	-0.0044 %	2,531.7
FixedReset Bank Non	2.79 %	4.00 %	158,940	2.86	5	0.0331 %	2,599.5
FixedReset Ins Non	5.04 %	6.91 %	129,821	8.24	22	-0.1950 %	2,208.2

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.K	Floater	-5.52 %	A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 1,700 shares today in a range of 12.69-87 before being quoted at 12.15-70. The closing price was 12.70. I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 5.77 %
BAM.PR.N	Perpetual-Discount	-3.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 20.17 Evaluated at bid price : 20.17 Bid-YTW : 5.98 %
BAM.PR.M	Perpetual-Discount	-2.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.95 %
BAM.PF.F	FixedReset Disc	-2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.02 %
BAM.PR.C	Floater	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 5.56 %
BAM.PR.X	FixedReset Disc	-2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 14.81 Evaluated at bid price : 14.81 Bid-YTW : 5.95 %
HSE.PR.A	FixedReset Disc	-2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 6.32 %
PWF.PR.P	FixedReset Disc	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 5.87 %
TRP.PR.H	FloatingReset	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 5.80 %
BAM.PR.B	Floater	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 5.51 %
BMO.PR.W	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.39 %
BAM.PF.A	FixedReset Disc	-2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 5.71 %
NA.PR.W	FixedReset Disc	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.68 %
BMO.PR.T	FixedReset Disc	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 5.42 %
BAM.PF.B	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.85 %
BAM.PR.R	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.96 %
RY.PR.M	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.31 %
TRP.PR.F	FloatingReset	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 5.78 %
EML.PR.A	FixedReset Ins Non	-1.51 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.16 %
BAM.PR.Z	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.76 %
HSE.PR.C	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.30 %
RY.PR.Z	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 5.29 %
MFC.PR.F	FixedReset Ins Non	-1.46 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.18 Bid-YTW : 9.47 %
PWF.PR.L	Perpetual-Discount	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 22.09 Evaluated at bid price : 22.37 Bid-YTW : 5.73 %
HSE.PR.G	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.09 Evaluated at bid price : 21.09 Bid-YTW : 6.41 %
BMO.PR.S	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.40 %
EMA.PR.F	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.77 %
CM.PR.O	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.52 %
TD.PF.C	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.37 %
RY.PR.J	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.34 %
SLF.PR.J	FloatingReset	-1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.65 Bid-YTW : 9.21 %
TD.PF.B	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.32 %
TD.PF.E	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 5.29 %
RY.PR.H	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 5.27 %
NA.PR.S	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 5.64 %
TRP.PR.B	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 12.95 Evaluated at bid price : 12.95 Bid-YTW : 6.00 %
BAM.PR.T	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 16.97 Evaluated at bid price : 16.97 Bid-YTW : 6.04 %
TD.PF.A	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.29 %
SLF.PR.I	FixedReset Ins Non	-1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.41 Bid-YTW : 6.84 %
IFC.PR.G	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.45 Bid-YTW : 7.18 %
TRP.PR.E	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.88 %
MFC.PR.B	Deemed-Retractible	-1.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.58 Bid-YTW : 7.12 %
CCS.PR.C	Deemed-Retractible	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.42 Bid-YTW : 6.43 %
TRP.PR.C	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 13.73 Evaluated at bid price : 13.73 Bid-YTW : 6.02 %
MFC.PR.M	FixedReset Ins Non	1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.96 Bid-YTW : 7.60 %
IFC.PR.A	FixedReset Ins Non	1.14 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.00 Bid-YTW : 8.76 %
BIP.PR.E	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.39 Evaluated at bid price : 21.70 Bid-YTW : 5.83 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.R	FixedReset Disc	170,315	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 22.66 Evaluated at bid price : 23.48 Bid-YTW : 5.39 %
MFC.PR.H	FixedReset Ins Non	82,790	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.45 Bid-YTW : 6.17 %
BMO.PR.D	FixedReset Disc	43,702	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 22.50 Evaluated at bid price : 23.21 Bid-YTW : 5.27 %
TRP.PR.D	FixedReset Disc	39,820	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 5.91 %
RY.PR.S	FixedReset Disc	37,610	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.64 Evaluated at bid price : 22.00 Bid-YTW : 4.99 %
CM.PR.Q	FixedReset Disc	37,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.42 %
There were 26 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.I	FixedReset Ins Non	Quote: 20.99 – 22.80 Spot Rate : 1.8100 Average : 1.2011 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.99 Bid-YTW : 6.79 %
MFC.PR.K	FixedReset Ins Non	Quote: 19.25 – 20.65 Spot Rate : 1.4000 Average : 0.8283 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.25 Bid-YTW : 7.48 %
MFC.PR.F	FixedReset Ins Non	Quote: 14.18 – 15.50 Spot Rate : 1.3200 Average : 0.8363 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.18 Bid-YTW : 9.47 %
PWF.PR.P	FixedReset Disc	Quote: 14.32 – 15.75 Spot Rate : 1.4300 Average : 0.9540 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 5.87 %
SLF.PR.G	FixedReset Ins Non	Quote: 14.50 – 15.50 Spot Rate : 1.0000 Average : 0.6716 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.50 Bid-YTW : 9.40 %
BAM.PR.M	Perpetual-Discount	Quote: 20.26 – 21.10 Spot Rate : 0.8400 Average : 0.5219 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-07 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 5.95 %

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