PrefBlog

The C. D. Howe Institute has released a new report titled Two-Parent Families with Children: How Effective Tax Rates Affect Work Decisions. Assiduous Readers will remember that I am extremely irritated by the counter-productive nature of targeted tax programmes and their associated increase in the Effective Marginal Tax Rate of those whom these programmes purport to assist:

Governments need to be cautious of discouraging work among certain segments of the population, such as mothers and secondary earners in a family, because taxes and benefit programs can interact to potentially create extraordinarily high effective tax rates.

Because benefit programs pile up at the lower end of the income scale, low-income families’ METRs [Marginal Effective Tax Rates] have generally been higher than those of higher-income families. In some cases, the lower-earning parent in a dual earner family of four might lose more than 70 cents per extra dollar of earnings. Nationally, 9 percent of lower earning parents in dual-income families with children face a METR above 50 percent, and 13 percent of stay-at-home parents face a PTR [Participation Tax Rate, the tax paid if a non-working spouse commences work] above 50 percent.

Sadly the author, Alexandre Laurin, advocates addressing this problem by increasing the complexity of the tax system, rather than by implementing universality:

Federal and provincial policymakers should pay special attention to effective tax rates when they consider changes to the tax and transfer system. Clearly, geared-to-income fiscal benefit programs provide valuable financial assistance to families with children. However, these benefits can come with high family METRs and PTRs for the second working parent in two-parent families, especially at lower income levels.

Any further expansion of the targeted transfer system – through larger low-income supplements or the creation of new targeted family benefits, for example – should be approached with broader analysis of the impact on parents’ work decisions. Relief measures meant to encourage work participation, such as Quebec’s newly created tax shield, should be explored by other high-METR jurisdictions, such as Ontario. Income-averaging provisions for highly fluctuating incomes could also be explored, as well as greater tax relief for childcare expenses – a key factor in family paid work decisions.

TXPR closed at 637.38, up a very good 1.73% on the day. Volume of 2.36-million is the highest of the post-tax-loss-selling season but below almost all tax-loss-selling days. The total return index is now positive year-to-date!

CPD closed at 12.75, up 2.00% on the day. Volume of 236,924 was respectable, outpacing a few of the tax-loss-selling days.

ZPR closed at 10.41, up 2.56% on the day. Volume of 204,319 was relatively low.

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	-0.7795 %	2,423.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.7795 %	4,446.8
Floater	4.83 %	5.08 %	43,824	15.39	4	-0.7795 %	2,562.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.2576 %	3,162.6
SplitShare	4.66 %	5.48 %	88,678	4.53	7	0.2576 %	3,776.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2576 %	2,946.8
Perpetual-Premium	5.56 %	-9.56 %	148,175	0.08	2	0.2179 %	2,877.0
Perpetual-Discount	5.67 %	5.82 %	71,667	14.16	33	0.5906 %	2,926.4
FixedReset Disc	5.02 %	5.41 %	194,927	14.82	66	1.9482 %	2,244.9
Deemed-Retractible	5.40 %	6.29 %	85,138	8.21	27	0.8346 %	2,930.9
FloatingReset	4.05 %	4.02 %	43,908	2.93	7	1.4140 %	2,489.2
FixedReset Prem	5.16 %	4.24 %	261,914	2.22	14	0.6232 %	2,525.5
FixedReset Bank Non	2.98 %	3.71 %	129,845	0.13	6	0.0138 %	2,572.1
FixedReset Ins Non	4.92 %	6.83 %	137,800	8.38	22	1.6354 %	2,233.5

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.B	Floater	-6.54 %	A nonsensical quote provided at high cost from Nonsense Central, as the issue traded 3,139 shares today in a range of 13.93-09 before being quoted at 12.71-14.00. The closing price was 14.00. 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 : 2049-01-07 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 5.48 %
BAM.PR.Z	FixedReset Disc	-2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 5.74 %
BAM.PF.C	Perpetual-Discount	-2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 6.04 %
MFC.PR.H	FixedReset Ins Non	-2.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.01 Bid-YTW : 6.89 %
PWF.PR.F	Perpetual-Discount	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.87 Evaluated at bid price : 22.11 Bid-YTW : 6.05 %
BAM.PR.X	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 5.54 %
CU.PR.E	Perpetual-Discount	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.78 %
GWO.PR.S	Deemed-Retractible	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.36 Bid-YTW : 6.13 %
TRP.PR.K	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 5.29 %
POW.PR.D	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.26 Evaluated at bid price : 21.53 Bid-YTW : 5.82 %
PWF.PR.O	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 24.87 Evaluated at bid price : 25.17 Bid-YTW : 5.86 %
PWF.PR.L	Perpetual-Discount	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.06 Evaluated at bid price : 22.29 Bid-YTW : 5.82 %
NA.PR.G	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.76 Evaluated at bid price : 22.16 Bid-YTW : 5.27 %
W.PR.H	Perpetual-Discount	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.75 %
GWO.PR.Q	Deemed-Retractible	1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.65 Bid-YTW : 6.40 %
W.PR.M	FixedReset Prem	1.13 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.13 Bid-YTW : 4.99 %
BIP.PR.E	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.85 Evaluated at bid price : 22.25 Bid-YTW : 5.64 %
MFC.PR.F	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.88 Bid-YTW : 8.78 %
BNS.PR.E	FixedReset Prem	1.17 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 3.81 %
MFC.PR.C	Deemed-Retractible	1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.05 Bid-YTW : 7.20 %
SLF.PR.B	Deemed-Retractible	1.27 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.52 Bid-YTW : 6.65 %
TRP.PR.F	FloatingReset	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 16.53 Evaluated at bid price : 16.53 Bid-YTW : 5.41 %
PWF.PR.H	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 24.68 Evaluated at bid price : 24.94 Bid-YTW : 5.87 %
IAF.PR.I	FixedReset Ins Non	1.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.60 Bid-YTW : 6.00 %
GWO.PR.T	Deemed-Retractible	1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 6.43 %
BIP.PR.A	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 6.60 %
NA.PR.C	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.77 Evaluated at bid price : 22.10 Bid-YTW : 5.73 %
SLF.PR.D	Deemed-Retractible	1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.33 Bid-YTW : 6.95 %
VNR.PR.A	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.47 %
HSE.PR.C	FixedReset Disc	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.44 %
MFC.PR.L	FixedReset Ins Non	1.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.21 Bid-YTW : 7.75 %
GWO.PR.I	Deemed-Retractible	1.46 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.20 Bid-YTW : 7.08 %
CM.PR.R	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.25 Evaluated at bid price : 22.78 Bid-YTW : 5.51 %
GWO.PR.P	Deemed-Retractible	1.49 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 6.06 %
GWO.PR.G	Deemed-Retractible	1.50 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.95 Bid-YTW : 6.29 %
SLF.PR.C	Deemed-Retractible	1.51 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.23 Bid-YTW : 7.01 %
HSE.PR.G	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 6.70 %
SLF.PR.G	FixedReset Ins Non	1.61 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.75 Bid-YTW : 8.29 %
BAM.PF.J	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 23.16 Evaluated at bid price : 24.75 Bid-YTW : 4.88 %
SLF.PR.J	FloatingReset	1.64 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.45 Bid-YTW : 8.45 %
POW.PR.G	Perpetual-Discount	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 23.79 Evaluated at bid price : 24.30 Bid-YTW : 5.77 %
TRP.PR.A	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 5.70 %
BAM.PR.T	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 5.57 %
BMO.PR.D	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.19 Evaluated at bid price : 22.70 Bid-YTW : 5.41 %
MFC.PR.G	FixedReset Ins Non	1.80 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.39 Bid-YTW : 6.94 %
RY.PR.O	Perpetual-Discount	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 23.33 Evaluated at bid price : 23.72 Bid-YTW : 5.22 %
W.PR.J	Perpetual-Discount	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 23.92 Evaluated at bid price : 24.16 Bid-YTW : 5.82 %
SLF.PR.A	Deemed-Retractible	1.90 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.45 Bid-YTW : 6.63 %
PWF.PR.K	Perpetual-Discount	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.36 Evaluated at bid price : 21.63 Bid-YTW : 5.82 %
TRP.PR.B	FixedReset Disc	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 13.71 Evaluated at bid price : 13.71 Bid-YTW : 5.57 %
BNS.PR.F	FloatingReset	1.94 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.21 Bid-YTW : 4.02 %
BAM.PF.B	FixedReset Disc	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.66 Evaluated at bid price : 20.66 Bid-YTW : 5.44 %
IFC.PR.G	FixedReset Ins Non	2.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.48 Bid-YTW : 6.48 %
BAM.PR.M	Perpetual-Discount	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.84 %
BAM.PF.D	Perpetual-Discount	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.42 Evaluated at bid price : 21.42 Bid-YTW : 5.77 %
NA.PR.W	FixedReset Disc	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 5.58 %
TRP.PR.H	FloatingReset	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 5.43 %
MFC.PR.K	FixedReset Ins Non	2.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 7.13 %
TRP.PR.E	FixedReset Disc	2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.52 %
NA.PR.S	FixedReset Disc	2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.23 Evaluated at bid price : 19.23 Bid-YTW : 5.50 %
PWF.PR.T	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 5.43 %
BMO.PR.E	FixedReset Disc	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.76 Evaluated at bid price : 23.95 Bid-YTW : 4.85 %
BMO.PR.T	FixedReset Disc	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 5.32 %
PWF.PR.S	Perpetual-Discount	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.69 %
PWF.PR.A	Floater	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 17.19 Evaluated at bid price : 17.19 Bid-YTW : 4.06 %
CM.PR.Q	FixedReset Disc	2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.57 %
CM.PR.P	FixedReset Disc	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 5.44 %
BNS.PR.I	FixedReset Disc	2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.72 Evaluated at bid price : 23.88 Bid-YTW : 4.57 %
GWO.PR.H	Deemed-Retractible	2.52 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.55 Bid-YTW : 6.69 %
IFC.PR.A	FixedReset Ins Non	2.53 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.00 Bid-YTW : 7.92 %
TD.PF.A	FixedReset Disc	2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 5.33 %
BMO.PR.W	FixedReset Disc	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.38 Evaluated at bid price : 19.38 Bid-YTW : 5.28 %
RY.PR.Z	FixedReset Disc	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 5.17 %
GWO.PR.R	Deemed-Retractible	2.64 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 6.52 %
RY.PR.H	FixedReset Disc	2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.87 Evaluated at bid price : 19.87 Bid-YTW : 5.21 %
TD.PF.I	FixedReset Disc	2.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.19 Evaluated at bid price : 22.72 Bid-YTW : 5.31 %
EIT.PR.B	SplitShare	2.76 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 24.23 Bid-YTW : 5.48 %
BMO.PR.C	FixedReset Disc	2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.65 Evaluated at bid price : 23.45 Bid-YTW : 5.39 %
PWF.PR.P	FixedReset Disc	2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 15.44 Evaluated at bid price : 15.44 Bid-YTW : 5.42 %
BMO.PR.Y	FixedReset Disc	2.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.28 %
TD.PF.J	FixedReset Disc	2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.23 Evaluated at bid price : 22.85 Bid-YTW : 5.05 %
MFC.PR.I	FixedReset Ins Non	2.97 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.16 Bid-YTW : 6.60 %
BAM.PF.F	FixedReset Disc	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.57 %
NA.PR.E	FixedReset Disc	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.26 %
PWF.PR.Q	FloatingReset	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 15.93 Evaluated at bid price : 15.93 Bid-YTW : 5.15 %
TD.PF.E	FixedReset Disc	3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.48 Evaluated at bid price : 21.84 Bid-YTW : 5.33 %
SLF.PR.I	FixedReset Ins Non	3.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.60 Bid-YTW : 6.63 %
MFC.PR.N	FixedReset Ins Non	3.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.80 Bid-YTW : 7.49 %
BAM.PF.G	FixedReset Disc	3.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.51 %
CM.PR.S	FixedReset Disc	3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 5.02 %
TRP.PR.D	FixedReset Disc	3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 5.63 %
TD.PF.B	FixedReset Disc	3.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 5.29 %
RY.PR.J	FixedReset Disc	3.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.33 Evaluated at bid price : 21.62 Bid-YTW : 5.25 %
TD.PF.D	FixedReset Disc	3.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.35 Evaluated at bid price : 21.65 Bid-YTW : 5.30 %
BAM.PF.A	FixedReset Disc	3.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.18 Evaluated at bid price : 22.81 Bid-YTW : 5.28 %
HSE.PR.E	FixedReset Disc	3.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.71 %
CM.PR.O	FixedReset Disc	4.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.41 %
TRP.PR.C	FixedReset Disc	4.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 14.46 Evaluated at bid price : 14.46 Bid-YTW : 5.62 %
IAF.PR.B	Deemed-Retractible	4.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.32 Bid-YTW : 6.54 %
MFC.PR.M	FixedReset Ins Non	4.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.22 Bid-YTW : 7.31 %
TRP.PR.G	FixedReset Disc	4.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 5.66 %
TD.PF.K	FixedReset Disc	4.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.40 Evaluated at bid price : 23.20 Bid-YTW : 4.94 %
IAF.PR.G	FixedReset Ins Non	5.20 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.44 Bid-YTW : 6.75 %
BAM.PF.E	FixedReset Disc	5.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.41 %
IFC.PR.C	FixedReset Ins Non	5.73 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.75 Bid-YTW : 6.94 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.K	FixedReset Disc	87,943	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.40 Evaluated at bid price : 23.20 Bid-YTW : 4.94 %
TD.PF.H	FixedReset Prem	72,424	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.47 Bid-YTW : 4.50 %
IFC.PR.C	FixedReset Ins Non	65,500	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.75 Bid-YTW : 6.94 %
BNS.PR.R	FixedReset Bank Non	61,909	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-25 Maturity Price : 25.00 Evaluated at bid price : 24.97 Bid-YTW : 3.18 %
BMO.PR.E	FixedReset Disc	59,830	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 22.76 Evaluated at bid price : 23.95 Bid-YTW : 4.85 %
MFC.PR.Q	FixedReset Ins Non	54,400	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.91 Bid-YTW : 6.72 %
There were 38 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.F	FloatingReset	Quote: 16.53 – 23.60 Spot Rate : 7.0700 Average : 3.8920 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 16.53 Evaluated at bid price : 16.53 Bid-YTW : 5.41 %
PWF.PR.Q	FloatingReset	Quote: 15.93 – 20.75 Spot Rate : 4.8200 Average : 2.7347 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 15.93 Evaluated at bid price : 15.93 Bid-YTW : 5.15 %
RY.PR.J	FixedReset Disc	Quote: 21.62 – 25.00 Spot Rate : 3.3800 Average : 1.8571 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 21.33 Evaluated at bid price : 21.62 Bid-YTW : 5.25 %
CM.PR.P	FixedReset Disc	Quote: 18.67 – 22.00 Spot Rate : 3.3300 Average : 1.8498 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 5.44 %
HSE.PR.A	FixedReset Disc	Quote: 12.99 – 15.99 Spot Rate : 3.0000 Average : 1.7825 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-07 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 6.60 %
IAF.PR.G	FixedReset Ins Non	Quote: 20.44 – 23.50 Spot Rate : 3.0600 Average : 1.9356 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.44 Bid-YTW : 6.75 %

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