Category: Market Action

Market Action

PerpetualDiscounts now yield 4.24%, equivalent to 5.51% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.99%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 250bp, a dramatic narrowing from the 300bp reported August 11.

The dramatic change in the PerpetualDiscount reported yield is due to a few of the remaining elements of the PerpetualDiscount subindex going to sufficient premia to trigger a change in the YTW scenario with significant effects on the calculated YTW.

Ticker	Bid 8/11	YTW 8/11	Bid 8/18	YTW 8/18
BAM.PF.C	25.15	4.83%	25.23	4.45%
BAM.PF.D	25.22	4.64%	25.35	4.24%
BAM.PR.M	25.00	4.79%	25.25	0.33%
BAM.PR.N	25.09	4.78	25.15	4.78%
CIU.PR.A	24.75	4.64%	25.00	2.46%
CU.PR.F	25.25	1.34%	25.20	3.28%
CU.PR.G	25.28	1.77%	25.20	3.57%
ELF.PR.G	24.90	4.80%	25.00	4.78%

With so few constituents in the sub-index (and all of them near-par), small changes can have disproportionate effects!

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	0.4105 %	2,642.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4105 %	4,848.4
Floater	3.29 %	3.33 %	74,714	18.88	3	0.4105 %	2,794.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.1654 %	3,714.2
SplitShare	4.56 %	3.92 %	27,527	3.77	7	0.1654 %	4,435.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1654 %	3,460.7
Perpetual-Premium	5.14 %	-21.73 %	55,157	0.09	25	0.1003 %	3,315.6
Perpetual-Discount	4.67 %	4.24 %	81,206	1.01	8	0.1891 %	3,993.2
FixedReset Disc	3.99 %	3.46 %	118,060	18.22	40	-0.1778 %	2,812.7
Insurance Straight	4.86 %	-2.93 %	69,900	0.09	22	0.0797 %	3,745.6
FloatingReset	2.87 %	3.20 %	33,583	19.20	2	-0.3454 %	2,556.6
FixedReset Prem	4.78 %	2.92 %	140,825	1.54	31	0.1313 %	2,761.1
FixedReset Bank Non	1.81 %	1.87 %	107,501	0.10	1	0.0000 %	2,890.8
FixedReset Ins Non	4.04 %	3.27 %	109,442	18.28	20	-0.1457 %	2,950.7

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-11.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.87 %
MFC.PR.F	FixedReset Ins Non	-8.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 3.51 %
TRP.PR.G	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 22.38 Evaluated at bid price : 23.10 Bid-YTW : 3.98 %
NA.PR.S	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.15 Evaluated at bid price : 24.30 Bid-YTW : 3.38 %
MFC.PR.N	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 22.82 Evaluated at bid price : 23.84 Bid-YTW : 3.32 %
IFC.PR.I	Perpetual-Premium	1.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.41 Bid-YTW : 3.81 %
TRP.PR.B	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 3.95 %
IFC.PR.F	Insurance Straight	1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 26.00 Evaluated at bid price : 26.75 Bid-YTW : 3.10 %
BIP.PR.A	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.10 Evaluated at bid price : 24.55 Bid-YTW : 4.37 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.J	FixedReset Disc	66,640	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.08 Evaluated at bid price : 24.48 Bid-YTW : 3.51 %
TD.PF.D	FixedReset Disc	56,229	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.05 Evaluated at bid price : 24.45 Bid-YTW : 3.56 %
PVS.PR.J	SplitShare	46,760	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.22 %
IFC.PR.E	Insurance Straight	38,467	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.65 Bid-YTW : 2.88 %
RY.PR.R	FixedReset Prem	28,938	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-23 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 5.04 %
SLF.PR.B	Insurance Straight	27,330	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-17 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : -0.02 %
There were 18 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.P	FixedReset Disc	Quote: 15.35 – 17.20 Spot Rate : 1.8500 Average : 1.0866 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.87 %
MFC.PR.F	FixedReset Ins Non	Quote: 16.30 – 17.85 Spot Rate : 1.5500 Average : 0.8711 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 3.51 %
BAM.PR.N	Perpetual-Discount	Quote: 25.15 – 25.52 Spot Rate : 0.3700 Average : 0.2512 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 24.92 Evaluated at bid price : 25.15 Bid-YTW : 4.78 %
RY.PR.J	FixedReset Disc	Quote: 24.48 – 24.79 Spot Rate : 0.3100 Average : 0.2121 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.08 Evaluated at bid price : 24.48 Bid-YTW : 3.51 %
NA.PR.S	FixedReset Disc	Quote: 24.30 – 24.58 Spot Rate : 0.2800 Average : 0.1881 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.15 Evaluated at bid price : 24.30 Bid-YTW : 3.38 %
CU.PR.I	FixedReset Prem	Quote: 26.80 – 27.16 Spot Rate : 0.3600 Average : 0.2681 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.80 Bid-YTW : 2.68 %

Market Action

August 17, 2021

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	-0.8899 %	2,631.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.8899 %	4,828.6
Floater	3.30 %	3.33 %	74,399	18.88	3	-0.8899 %	2,782.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0220 %	3,708.0
SplitShare	4.57 %	3.97 %	28,660	3.77	7	-0.0220 %	4,428.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0220 %	3,455.0
Perpetual-Premium	5.15 %	-18.42 %	52,858	0.09	25	-0.0216 %	3,312.3
Perpetual-Discount	4.68 %	4.56 %	81,401	1.08	8	-0.0547 %	3,985.7
FixedReset Disc	3.98 %	3.47 %	116,006	18.20	40	-0.0397 %	2,817.7
Insurance Straight	4.86 %	-2.08 %	69,612	0.08	22	0.0248 %	3,742.7
FloatingReset	2.86 %	3.20 %	34,972	19.20	2	0.4732 %	2,565.5
FixedReset Prem	4.79 %	2.93 %	137,407	1.54	31	0.0461 %	2,757.5
FixedReset Bank Non	1.81 %	1.82 %	109,081	0.10	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.28 %	113,134	18.24	20	0.0300 %	2,955.0

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.A	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 22.92 Evaluated at bid price : 24.12 Bid-YTW : 4.46 %
SLF.PR.J	FloatingReset	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 2.56 %
BAM.PR.C	Floater	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 3.33 %
BAM.PF.G	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 22.49 Evaluated at bid price : 23.25 Bid-YTW : 3.87 %
TRP.PR.F	FloatingReset	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 3.20 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.H	FixedReset Prem	67,702	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.24 Bid-YTW : 1.26 %
NA.PR.E	FixedReset Disc	34,645	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 23.61 Evaluated at bid price : 24.88 Bid-YTW : 3.47 %
RY.PR.S	FixedReset Prem	28,405	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 23.62 Evaluated at bid price : 25.45 Bid-YTW : 3.23 %
BMO.PR.F	FixedReset Prem	23,050	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 2.59 %
PVS.PR.J	SplitShare	22,300	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.28 %
BIP.PR.E	FixedReset Prem	19,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.17 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Insurance Straight	Quote: 26.56 – 29.36 Spot Rate : 2.8000 Average : 2.1996 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.56 Bid-YTW : 3.27 %
BIP.PR.A	FixedReset Disc	Quote: 24.12 – 24.74 Spot Rate : 0.6200 Average : 0.3920 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 22.92 Evaluated at bid price : 24.12 Bid-YTW : 4.46 %
TRP.PR.B	FixedReset Disc	Quote: 12.99 – 13.44 Spot Rate : 0.4500 Average : 0.3022 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 4.00 %
IFC.PR.I	Perpetual-Premium	Quote: 27.10 – 28.00 Spot Rate : 0.9000 Average : 0.7649 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.10 Bid-YTW : 4.15 %
CIU.PR.A	Perpetual-Discount	Quote: 24.88 – 25.20 Spot Rate : 0.3200 Average : 0.2001 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 24.62 Evaluated at bid price : 24.88 Bid-YTW : 4.62 %
CU.PR.D	Perpetual-Premium	Quote: 25.50 – 26.00 Spot Rate : 0.5000 Average : 0.3837 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -12.41 %

Market Action

August 16, 2021

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	-0.2030 %	2,655.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2030 %	4,871.9
Floater	3.27 %	3.29 %	75,049	18.97	3	-0.2030 %	2,807.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,708.8
SplitShare	4.57 %	3.96 %	28,679	3.78	7	0.0386 %	4,429.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,455.8
Perpetual-Premium	5.15 %	-16.90 %	53,576	0.09	25	0.1530 %	3,313.0
Perpetual-Discount	4.67 %	4.22 %	84,224	1.02	8	-0.0149 %	3,987.9
FixedReset Disc	3.98 %	3.49 %	116,276	18.21	40	0.3679 %	2,818.8
Insurance Straight	4.86 %	-3.70 %	70,321	0.09	22	0.0159 %	3,741.7
FloatingReset	2.88 %	3.27 %	36,418	19.03	2	-1.7359 %	2,553.4
FixedReset Prem	4.81 %	2.92 %	134,982	2.21	32	0.1641 %	2,756.2
FixedReset Bank Non	1.81 %	1.77 %	110,439	0.11	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.29 %	114,786	18.25	20	-0.2502 %	2,954.2

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.F	FloatingReset	-4.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 3.27 %
SLF.PR.G	FixedReset Ins Non	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 3.25 %
BAM.PF.A	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.38 Evaluated at bid price : 24.55 Bid-YTW : 3.94 %
BAM.PR.T	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 3.95 %
MFC.PR.J	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.78 Evaluated at bid price : 25.22 Bid-YTW : 3.41 %
TRP.PR.G	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 22.54 Evaluated at bid price : 23.40 Bid-YTW : 3.91 %
IFC.PR.A	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 3.23 %
SLF.PR.J	FloatingReset	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 2.52 %
BAM.PR.X	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 3.85 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.T	Insurance Straight	369,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.52 Bid-YTW : 3.38 %
BMO.PR.C	FixedReset Prem	111,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 2.24 %
CM.PR.R	FixedReset Prem	101,425	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 1.90 %
TD.PF.K	FixedReset Disc	38,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.64 Evaluated at bid price : 25.30 Bid-YTW : 3.44 %
SLF.PR.A	Insurance Straight	30,570	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-15 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : -0.47 %
CM.PR.S	FixedReset Disc	28,595	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.71 Evaluated at bid price : 24.90 Bid-YTW : 3.35 %
There were 9 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Insurance Straight	Quote: 26.56 – 29.07 Spot Rate : 2.5100 Average : 1.5414 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.56 Bid-YTW : 3.26 %
TRP.PR.F	FloatingReset	Quote: 16.05 – 17.10 Spot Rate : 1.0500 Average : 0.6514 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 3.27 %
IFC.PR.I	Perpetual-Premium	Quote: 27.10 – 28.00 Spot Rate : 0.9000 Average : 0.6168 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.10 Bid-YTW : 4.15 %
IFC.PR.F	Insurance Straight	Quote: 26.40 – 27.40 Spot Rate : 1.0000 Average : 0.7732 YTW SCENARIO Maturity Type : Call Maturity Date : 2024-09-30 Maturity Price : 25.50 Evaluated at bid price : 26.40 Bid-YTW : 4.23 %
BAM.PF.B	FixedReset Disc	Quote: 23.10 – 23.61 Spot Rate : 0.5100 Average : 0.3479 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 22.55 Evaluated at bid price : 23.10 Bid-YTW : 3.94 %
MFC.PR.B	Insurance Straight	Quote: 25.10 – 25.60 Spot Rate : 0.5000 Average : 0.3482 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-15 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : -5.41 %

Market Action

August 13, 2021

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	0.1270 %	2,660.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1270 %	4,881.8
Floater	3.26 %	3.29 %	77,481	18.97	3	0.1270 %	2,813.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,707.4
SplitShare	4.57 %	3.96 %	26,555	3.78	7	0.0386 %	4,427.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,454.5
Perpetual-Premium	5.15 %	-14.82 %	55,531	0.09	25	0.0773 %	3,307.9
Perpetual-Discount	4.67 %	3.52 %	84,635	1.03	8	0.0199 %	3,988.4
FixedReset Disc	4.00 %	3.50 %	120,112	18.18	40	0.1165 %	2,808.5
Insurance Straight	4.87 %	-1.77 %	73,109	0.09	22	0.1704 %	3,741.1
FloatingReset	2.83 %	3.11 %	34,106	19.42	2	-0.1548 %	2,598.5
FixedReset Prem	4.82 %	2.92 %	135,788	2.22	32	0.0109 %	2,751.7
FixedReset Bank Non	1.81 %	1.64 %	114,991	0.11	1	0.0000 %	2,890.8
FixedReset Ins Non	4.02 %	3.30 %	119,349	18.11	20	0.1285 %	2,961.6

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.A	FixedReset Ins Non	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 3.27 %
MIC.PR.A	Perpetual-Premium	-1.84 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.70 Bid-YTW : 4.56 %
BIP.PR.B	FixedReset Prem	-1.04 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 3.97 %
BAM.PR.Z	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 23.90 Evaluated at bid price : 24.30 Bid-YTW : 4.02 %
MFC.PR.I	FixedReset Ins Non	1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.46 Bid-YTW : 3.27 %
GWO.PR.S	Insurance Straight	1.53 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.50 Evaluated at bid price : 26.60 Bid-YTW : -35.26 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.J	FixedReset Ins Non	29,683	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 23.79 Evaluated at bid price : 25.24 Bid-YTW : 3.47 %
NA.PR.S	FixedReset Disc	19,151	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 23.19 Evaluated at bid price : 24.40 Bid-YTW : 3.36 %
TRP.PR.K	FixedReset Prem	18,446	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 2.08 %
MFC.PR.N	FixedReset Ins Non	18,160	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 22.76 Evaluated at bid price : 23.70 Bid-YTW : 3.39 %
BMO.PR.F	FixedReset Prem	15,072	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 2.58 %
SLF.PR.C	Insurance Straight	12,663	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 3.18 %
There were 5 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.G	FixedReset Disc	Quote: 23.00 – 25.00 Spot Rate : 2.0000 Average : 1.0943 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 22.35 Evaluated at bid price : 23.00 Bid-YTW : 3.92 %
POW.PR.A	Perpetual-Premium	Quote: 25.93 – 26.93 Spot Rate : 1.0000 Average : 0.5660 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.00 Evaluated at bid price : 25.93 Bid-YTW : -30.85 %
IFC.PR.A	FixedReset Ins Non	Quote: 20.40 – 21.24 Spot Rate : 0.8400 Average : 0.5727 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 3.27 %
CU.PR.C	FixedReset Disc	Quote: 21.70 – 22.48 Spot Rate : 0.7800 Average : 0.6026 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 21.40 Evaluated at bid price : 21.70 Bid-YTW : 3.74 %
IFC.PR.I	Perpetual-Premium	Quote: 26.92 – 27.40 Spot Rate : 0.4800 Average : 0.3063 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.25 Evaluated at bid price : 26.92 Bid-YTW : 4.33 %
POW.PR.C	Perpetual-Premium	Quote: 26.04 – 26.50 Spot Rate : 0.4600 Average : 0.2916 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.00 Evaluated at bid price : 26.04 Bid-YTW : -34.83 %

Market Action

August 12, 2021

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	-0.5558 %	2,657.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.5558 %	4,875.6
Floater	3.27 %	3.30 %	80,624	18.96	3	-0.5558 %	2,809.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.0939 %	3,706.0
SplitShare	4.57 %	4.06 %	27,495	3.78	7	0.0939 %	4,425.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0939 %	3,453.1
Perpetual-Premium	5.16 %	-14.55 %	54,860	0.09	25	0.1812 %	3,305.4
Perpetual-Discount	4.67 %	4.14 %	85,111	0.79	8	0.2293 %	3,987.7
FixedReset Disc	4.00 %	3.53 %	121,885	18.17	40	0.5241 %	2,805.2
Insurance Straight	4.87 %	-1.57 %	71,434	0.09	22	0.0835 %	3,734.8
FloatingReset	2.82 %	3.11 %	35,422	19.43	2	-0.1236 %	2,602.6
FixedReset Prem	4.82 %	3.17 %	135,169	1.55	32	-0.0049 %	2,751.4
FixedReset Bank Non	1.81 %	1.60 %	116,238	0.12	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.41 %	117,065	18.03	20	0.1029 %	2,957.8

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 3.23 %
BAM.PR.B	Floater	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 13.16 Evaluated at bid price : 13.16 Bid-YTW : 3.28 %
BMO.PR.W	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 22.82 Evaluated at bid price : 23.75 Bid-YTW : 3.32 %
IFC.PR.A	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 3.23 %
BAM.PF.F	FixedReset Disc	4.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 22.97 Evaluated at bid price : 24.03 Bid-YTW : 3.92 %
PWF.PR.P	FixedReset Disc	11.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 3.52 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.H	FixedReset Ins Non	175,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 22.54 Evaluated at bid price : 23.50 Bid-YTW : 3.21 %
BMO.PR.E	FixedReset Prem	51,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.60 Evaluated at bid price : 25.25 Bid-YTW : 3.56 %
IFC.PR.G	FixedReset Ins Non	43,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.79 Evaluated at bid price : 25.50 Bid-YTW : 3.41 %
IAF.PR.I	FixedReset Ins Non	30,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.81 Evaluated at bid price : 25.33 Bid-YTW : 3.63 %
CM.PR.S	FixedReset Disc	29,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.70 Evaluated at bid price : 24.90 Bid-YTW : 3.37 %
TRP.PR.K	FixedReset Prem	29,076	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 2.65 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.F	Insurance Straight	Quote: 26.15 – 26.88 Spot Rate : 0.7300 Average : 0.4746 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-09-30 Maturity Price : 25.25 Evaluated at bid price : 26.15 Bid-YTW : 4.49 %
BAM.PR.T	FixedReset Disc	Quote: 20.17 – 21.50 Spot Rate : 1.3300 Average : 1.1356 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 20.17 Evaluated at bid price : 20.17 Bid-YTW : 4.03 %
CU.PR.I	FixedReset Prem	Quote: 26.51 – 27.16 Spot Rate : 0.6500 Average : 0.5109 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.51 Bid-YTW : 2.95 %
TRP.PR.C	FixedReset Disc	Quote: 14.48 – 15.00 Spot Rate : 0.5200 Average : 0.3931 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 14.48 Evaluated at bid price : 14.48 Bid-YTW : 4.04 %
POW.PR.G	Perpetual-Premium	Quote: 25.90 – 26.24 Spot Rate : 0.3400 Average : 0.2201 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-11 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : -29.81 %
BAM.PR.X	FixedReset Disc	Quote: 17.15 – 18.00 Spot Rate : 0.8500 Average : 0.7340 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 3.97 %

Market Action

August 11, 2021

PerpetualDiscounts now yield 4.64%, equivalent to 6.03% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.02%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained constant at 300bp, the same as August 4.

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	1.3832 %	2,671.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.3832 %	4,902.9
Floater	3.25 %	3.29 %	83,761	18.99	3	1.3832 %	2,825.6
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1709 %	3,702.5
SplitShare	4.58 %	4.06 %	27,634	3.79	7	-0.1709 %	4,421.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1709 %	3,449.9
Perpetual-Premium	5.17 %	-14.12 %	54,908	0.09	25	0.0651 %	3,299.4
Perpetual-Discount	4.69 %	4.64 %	85,112	1.09	8	0.0948 %	3,978.5
FixedReset Disc	4.02 %	3.57 %	123,776	18.17	40	-0.1948 %	2,790.6
Insurance Straight	4.88 %	-0.77 %	72,253	0.09	22	0.1619 %	3,731.7
FloatingReset	2.82 %	3.11 %	36,857	19.42	2	0.0000 %	2,605.8
FixedReset Prem	4.82 %	2.84 %	135,223	1.55	32	0.1388 %	2,751.5
FixedReset Bank Non	1.81 %	1.57 %	121,028	0.12	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.45 %	115,045	18.03	20	0.1008 %	2,954.7

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-7.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.90 %
BAM.PF.F	FixedReset Disc	-3.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 22.48 Evaluated at bid price : 23.10 Bid-YTW : 4.11 %
TRP.PR.C	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 14.42 Evaluated at bid price : 14.42 Bid-YTW : 4.05 %
BAM.PR.B	Floater	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 3.25 %
BAM.PR.C	Floater	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 3.29 %
SLF.PR.G	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 3.19 %
GWO.PR.N	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 15.86 Evaluated at bid price : 15.86 Bid-YTW : 3.33 %
MFC.PR.F	FixedReset Ins Non	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 17.78 Evaluated at bid price : 17.78 Bid-YTW : 3.29 %
BAM.PR.K	Floater	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 13.13 Evaluated at bid price : 13.13 Bid-YTW : 3.29 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.T	Insurance Straight	52,150	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.55 Bid-YTW : 3.20 %
TRP.PR.D	FixedReset Disc	49,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 4.11 %
SLF.PR.I	FixedReset Ins Non	45,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 2.76 %
IFC.PR.C	FixedReset Ins Non	34,045	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 23.63 Evaluated at bid price : 24.70 Bid-YTW : 3.55 %
BAM.PF.E	FixedReset Disc	29,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 4.09 %
MFC.PR.G	FixedReset Ins Non	22,502	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 24.51 Evaluated at bid price : 25.07 Bid-YTW : 3.79 %
There were 11 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.T	FixedReset Disc	Quote: 20.25 – 21.90 Spot Rate : 1.6500 Average : 0.9225 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 4.01 %
PWF.PR.P	FixedReset Disc	Quote: 15.35 – 17.20 Spot Rate : 1.8500 Average : 1.2751 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.90 %
GWO.PR.P	Insurance Straight	Quote: 25.75 – 26.75 Spot Rate : 1.0000 Average : 0.5765 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-10 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : -21.81 %
BAM.PF.F	FixedReset Disc	Quote: 23.10 – 24.07 Spot Rate : 0.9700 Average : 0.6067 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 22.48 Evaluated at bid price : 23.10 Bid-YTW : 4.11 %
CM.PR.Q	FixedReset Disc	Quote: 24.15 – 24.60 Spot Rate : 0.4500 Average : 0.2683 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 22.92 Evaluated at bid price : 24.15 Bid-YTW : 3.63 %
BAM.PR.X	FixedReset Disc	Quote: 17.27 – 18.00 Spot Rate : 0.7300 Average : 0.6067 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-11 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 3.94 %

Market Action

August 10, 2021

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	-1.8109 %	2,635.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.8109 %	4,836.0
Floater	3.29 %	3.32 %	86,993	18.90	3	-1.8109 %	2,787.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1104 %	3,708.8
SplitShare	4.57 %	4.05 %	28,771	3.79	7	0.1104 %	4,429.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1104 %	3,455.8
Perpetual-Premium	5.17 %	-13.75 %	56,097	0.09	25	0.0682 %	3,297.3
Perpetual-Discount	4.69 %	4.70 %	86,219	1.10	8	-0.0698 %	3,974.8
FixedReset Disc	4.01 %	3.57 %	125,638	18.14	40	1.3982 %	2,796.1
Insurance Straight	4.89 %	1.14 %	72,583	0.09	22	0.0285 %	3,725.6
FloatingReset	2.82 %	3.10 %	36,414	19.45	2	-0.3696 %	2,605.8
FixedReset Prem	4.82 %	3.27 %	139,572	1.56	32	-0.0280 %	2,747.7
FixedReset Bank Non	1.81 %	1.53 %	120,593	0.12	1	0.0000 %	2,890.8
FixedReset Ins Non	4.04 %	3.41 %	115,998	18.03	20	0.1224 %	2,951.7

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.C	Floater	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 3.32 %
BAM.PR.K	Floater	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 12.88 Evaluated at bid price : 12.88 Bid-YTW : 3.36 %
BAM.PR.B	Floater	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 13.16 Evaluated at bid price : 13.16 Bid-YTW : 3.28 %
BAM.PR.Z	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 23.36 Evaluated at bid price : 23.81 Bid-YTW : 4.13 %
SLF.PR.J	FloatingReset	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 2.56 %
GWO.PR.N	FixedReset Ins Non	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 15.66 Evaluated at bid price : 15.66 Bid-YTW : 3.37 %
BAM.PR.X	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 17.36 Evaluated at bid price : 17.36 Bid-YTW : 3.92 %
IFC.PR.E	Insurance Straight	1.34 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.45 Bid-YTW : 3.68 %
PWF.PR.P	FixedReset Disc	7.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 3.62 %
TRP.PR.G	FixedReset Disc	85.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 22.49 Evaluated at bid price : 23.30 Bid-YTW : 4.01 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.I	FixedReset Ins Non	58,837	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 1.81 %
SLF.PR.G	FixedReset Ins Non	50,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 3.23 %
PWF.PR.P	FixedReset Disc	40,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 3.62 %
TD.PF.C	FixedReset Disc	40,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 22.77 Evaluated at bid price : 23.70 Bid-YTW : 3.38 %
GWO.PR.G	Insurance Straight	19,538	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-09 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : -14.64 %
IFC.PR.C	FixedReset Ins Non	18,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 23.78 Evaluated at bid price : 24.80 Bid-YTW : 3.54 %
There were 9 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Insurance Straight	Quote: 26.45 – 28.85 Spot Rate : 2.4000 Average : 1.6239 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.45 Bid-YTW : 3.68 %
BAM.PR.Z	FixedReset Disc	Quote: 23.81 – 24.68 Spot Rate : 0.8700 Average : 0.6649 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 23.36 Evaluated at bid price : 23.81 Bid-YTW : 4.13 %
CU.PR.C	FixedReset Disc	Quote: 21.75 – 22.35 Spot Rate : 0.6000 Average : 0.4307 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 3.76 %
TD.PF.I	FixedReset Prem	Quote: 25.40 – 25.90 Spot Rate : 0.5000 Average : 0.3313 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 3.27 %
SLF.PR.C	Insurance Straight	Quote: 25.05 – 25.49 Spot Rate : 0.4400 Average : 0.2750 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-10 Maturity Price : 24.83 Evaluated at bid price : 25.05 Bid-YTW : 4.48 %
PWF.PR.S	Perpetual-Premium	Quote: 25.24 – 25.63 Spot Rate : 0.3900 Average : 0.2398 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.24 Bid-YTW : 3.60 %

Market Action

August 9, 2021

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	-0.0251 %	2,684.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0251 %	4,925.2
Floater	3.24 %	3.26 %	85,574	19.06	3	-0.0251 %	2,838.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0552 %	3,704.7
SplitShare	4.57 %	4.05 %	29,954	3.79	7	-0.0552 %	4,424.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0552 %	3,452.0
Perpetual-Premium	5.17 %	-14.28 %	58,299	0.09	25	0.0341 %	3,295.0
Perpetual-Discount	4.69 %	4.65 %	87,351	1.10	8	0.3151 %	3,977.5
FixedReset Disc	4.07 %	3.53 %	125,401	18.12	40	-1.3229 %	2,757.5
Insurance Straight	4.89 %	0.95 %	68,336	0.09	22	0.0196 %	3,724.6
FloatingReset	2.81 %	3.11 %	35,992	19.43	2	0.9953 %	2,615.4
FixedReset Prem	4.82 %	3.07 %	141,463	1.56	32	-0.0717 %	2,748.5
FixedReset Bank Non	1.81 %	1.50 %	125,459	0.13	1	0.0400 %	2,890.8
FixedReset Ins Non	4.04 %	3.41 %	117,844	18.03	20	0.0473 %	2,948.1

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.G	FixedReset Disc	-46.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 12.59 Evaluated at bid price : 12.59 Bid-YTW : 7.52 %
PWF.PR.P	FixedReset Disc	-7.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.90 %
BAM.PR.Z	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 23.68 Evaluated at bid price : 24.10 Bid-YTW : 4.08 %
SLF.PR.H	FixedReset Ins Non	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 22.46 Evaluated at bid price : 23.35 Bid-YTW : 3.23 %
IFC.PR.A	FixedReset Ins Non	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 20.58 Evaluated at bid price : 20.58 Bid-YTW : 3.28 %
CU.PR.F	Perpetual-Discount	1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-08 Maturity Price : 25.25 Evaluated at bid price : 25.40 Bid-YTW : -6.08 %
BAM.PR.R	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 4.04 %
SLF.PR.J	FloatingReset	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 15.62 Evaluated at bid price : 15.62 Bid-YTW : 2.53 %
SLF.PR.G	FixedReset Ins Non	2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 3.25 %
BAM.PF.B	FixedReset Disc	4.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 22.50 Evaluated at bid price : 23.02 Bid-YTW : 3.98 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.R	FixedReset Prem	37,353	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-23 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 4.02 %
TD.PF.H	FixedReset Prem	26,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 1.85 %
MFC.PR.J	FixedReset Ins Non	23,202	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 23.77 Evaluated at bid price : 25.20 Bid-YTW : 3.51 %
BMO.PR.B	FixedReset Prem	21,148	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 2.09 %
GWO.PR.Q	Insurance Straight	17,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -4.80 %
BAM.PF.C	Perpetual-Discount	16,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.46 %
There were 9 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.G	FixedReset Disc	Quote: 12.59 – 23.75 Spot Rate : 11.1600 Average : 5.8909 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 12.59 Evaluated at bid price : 12.59 Bid-YTW : 7.52 %
PWF.PR.P	FixedReset Disc	Quote: 15.35 – 16.91 Spot Rate : 1.5600 Average : 1.0007 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.90 %
IFC.PR.E	Insurance Straight	Quote: 26.10 – 27.10 Spot Rate : 1.0000 Average : 0.7729 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-30 Maturity Price : 25.25 Evaluated at bid price : 26.10 Bid-YTW : 4.39 %
BAM.PR.X	FixedReset Disc	Quote: 17.17 – 17.90 Spot Rate : 0.7300 Average : 0.5062 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 3.96 %
SLF.PR.H	FixedReset Ins Non	Quote: 23.35 – 23.75 Spot Rate : 0.4000 Average : 0.2661 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 22.46 Evaluated at bid price : 23.35 Bid-YTW : 3.23 %
TRP.PR.C	FixedReset Disc	Quote: 14.58 – 15.00 Spot Rate : 0.4200 Average : 0.2878 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-09 Maturity Price : 14.58 Evaluated at bid price : 14.58 Bid-YTW : 4.01 %

Market Action

DFN.PR.A Got Bigger

Dividend 15 Split Corp. announced (on 2021-4-26):

it will undertake an offering of Preferred Shares and Class A Shares of the Company. The offering will be led by National Bank Financial Inc.

The Preferred Shares will be offered at a price of $10.10 per Preferred Share to yield 5.4% and the Class A Shares will be offered at a price of $8.15 per Class A Share to yield 14.7%. The closing price on the TSX of each of the Preferred Shares and Class A Shares on April 23, 2021 was $10.26 and $8.13, respectively.

Since inception of the Company, the aggregate dividends declared on the Preferred Shares have been $9.03 per share and the aggregate dividends declared on the Class A Shares have been $23.60 per share (including five special distributions of $0.25 per share, one special distribution of $0.50 per share and one special stock dividend of $1.75 per share), for a combined total of $32.63 per unit. All distributions paid to date have been made in tax advantage eligible Canadian dividends or capital gains dividends.

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio consisting of 15 dividend yielding Canadian companies as follows:

Bank of Montreal Enbridge Inc. TC Energy

The Bank of Nova Scotia Manulife Financial Corp. TELUS Corporation

BCE Inc. National Bank of Canada Thomson Reuters Corp.

Canadian Imperial Bank of Commerce Royal Bank of Canada The Toronto-Dominion Bank

CI Financial Corp. Sun Life Financial Inc. TransAlta Corporation

Preferred Shares:
i. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the
amount of 5.50% annually; and
ii. on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter and it has been extended in the past), to pay the holders of the Preferred Shares $10.00 per Preferred Share.

Class A Shares:
i. to provide holders of the Class A Shares with regular monthly cash dividends currently targeted to be $0.10 per
share; and
ii. on or about the termination date, currently December 1, 2024 (subject to further 5 year extensions thereafter and it has been extended in the past) to pay holders of Class A Shares at least the original issue price of those shares.

The sales period of this overnight offering will end at 9:00 a.m. EST on April 27, 2021. The offering is expected to close on or about April 30, 2021 and is subject to certain closing conditions including approval by the TSX.

They later announced:

t has completed the overnight marketing of Preferred Shares and Class A Shares of the Company. Total gross proceeds of the offering are expected to be approximately $82,218,750.

PrefBlog

Category: Market Action

August 19, 2021

August 18, 2021

August 17, 2021

August 16, 2021

August 13, 2021

August 12, 2021

August 11, 2021

August 10, 2021

August 9, 2021

DFN.PR.A Got Bigger

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Of Interest