Category: Market Action

Market Action

August 27, 2020

Chair Jerome H. Powell of the Federal Reserve made an important speech today titled New Economic Challenges and the Fed’s Monetary Policy Review:

The persistent undershoot of inflation from our 2 percent longer-run objective is a cause for concern. Many find it counterintuitive that the Fed would want to push up inflation. After all, low and stable inflation is essential for a well-functioning economy. And we are certainly mindful that higher prices for essential items, such as food, gasoline, and shelter, add to the burdens faced by many families, especially those struggling with lost jobs and incomes. However, inflation that is persistently too low can pose serious risks to the economy. Inflation that runs below its desired level can lead to an unwelcome fall in longer-term inflation expectations, which, in turn, can pull actual inflation even lower, resulting in an adverse cycle of ever-lower inflation and inflation expectations.

This dynamic is a problem because expected inflation feeds directly into the general level of interest rates. Well-anchored inflation expectations are critical for giving the Fed the latitude to support employment when necessary without destabilizing inflation.18 But if inflation expectations fall below our 2 percent objective, interest rates would decline in tandem. In turn, we would have less scope to cut interest rates to boost employment during an economic downturn, further diminishing our capacity to stabilize the economy through cutting interest rates. We have seen this adverse dynamic play out in other major economies around the world and have learned that once it sets in, it can be very difficult to overcome. We want to do what we can to prevent such a dynamic from happening here.
…
We continue to believe that specifying a numerical goal for employment is unwise, because the maximum level of employment is not directly measurable and changes over time for reasons unrelated to monetary policy. The significant shifts in estimates of the natural rate of unemployment over the past decade reinforce this point. In addition, we have not changed our view that a longer-run inflation rate of 2 percent is most consistent with our mandate to promote both maximum employment and price stability.
…
Our longer-run goal continues to be an inflation rate of 2 percent. Our statement emphasizes that our actions to achieve both sides of our dual mandate will be most effective if longer-term inflation expectations remain well anchored at 2 percent. However, if inflation runs below 2 percent following economic downturns but never moves above 2 percent even when the economy is strong, then, over time, inflation will average less than 2 percent. Households and businesses will come to expect this result, meaning that inflation expectations would tend to move below our inflation goal and pull realized inflation down. To prevent this outcome and the adverse dynamics that could ensue, our new statement indicates that we will seek to achieve inflation that averages 2 percent over time. Therefore, following periods when inflation has been running below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time.

Update, 2020-8-28: I should have noted that seeking to ~~“achieve inflation moderately above 2 percent for some time”~~ “inflation that averages 2 percent over time” is known as Price-Level Targetting

This had a moderate effect on the market:

The Fed’s new strategy sent Treasury yields higher, which gave a lift to interest rate-sensitive financials in the U.S.
…
The financial sector provided the biggest boost to the S&P 500 and the Dow, pushing the former to its fifth straight record closing high and the latter within a hair’s breadth of reclaiming positive territory for the year so far.

The Dow remains more than 3.6% below its record high reached in February.

Stocks lost steam late in the session following House of Representatives Speaker Nancy Pelosi issued a statement saying Democrats and Republicans remain far apart over the next stimulus bill.

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	1.1067 %	1,660.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.1067 %	3,047.4
Floater	5.03 %	5.10 %	63,948	15.26	3	1.1067 %	1,756.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.0297 %	3,528.5
SplitShare	4.68 %	4.42 %	40,906	3.25	8	0.0297 %	4,213.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0297 %	3,287.8
Perpetual-Premium	5.54 %	4.68 %	85,546	3.99	4	0.1089 %	3,106.5
Perpetual-Discount	5.34 %	5.45 %	78,744	14.59	31	0.3259 %	3,415.4
FixedReset Disc	5.44 %	4.22 %	125,418	16.28	67	-0.0711 %	2,102.8
Deemed-Retractible	5.14 %	5.14 %	96,861	14.85	27	0.1146 %	3,351.0
FloatingReset	2.84 %	2.20 %	42,366	1.41	3	0.3781 %	1,810.5
FixedReset Prem	5.25 %	4.08 %	244,169	0.88	11	-0.1398 %	2,619.4
FixedReset Bank Non	1.96 %	2.47 %	127,429	1.40	2	0.1418 %	2,830.9
FixedReset Ins Non	5.73 %	4.46 %	85,979	16.02	22	-0.4942 %	2,100.2

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.N	FixedReset Ins Non	-4.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 9.97 Evaluated at bid price : 9.97 Bid-YTW : 4.32 %
SLF.PR.G	FixedReset Ins Non	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.39 %
NA.PR.W	FixedReset Disc	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.63 Evaluated at bid price : 16.63 Bid-YTW : 4.41 %
TD.PF.I	FixedReset Disc	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 4.12 %
BAM.PR.Z	FixedReset Disc	-2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 5.34 %
MFC.PR.N	FixedReset Ins Non	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.28 Evaluated at bid price : 16.28 Bid-YTW : 4.49 %
BAM.PF.B	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 5.29 %
BMO.PR.W	FixedReset Disc	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.00 %
SLF.PR.I	FixedReset Ins Non	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 4.34 %
BAM.PF.H	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 24.02 Evaluated at bid price : 24.75 Bid-YTW : 5.09 %
BAM.PF.A	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 5.23 %
IAF.PR.B	Deemed-Retractible	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 21.66 Evaluated at bid price : 21.91 Bid-YTW : 5.23 %
TRP.PR.A	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 5.25 %
BMO.PR.T	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.06 %
GWO.PR.S	Deemed-Retractible	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 24.07 Evaluated at bid price : 24.55 Bid-YTW : 5.41 %
BAM.PF.F	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 5.23 %
BAM.PF.E	FixedReset Disc	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 15.27 Evaluated at bid price : 15.27 Bid-YTW : 5.17 %
TD.PF.E	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 3.95 %
MFC.PR.R	FixedReset Ins Non	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 23.44 Evaluated at bid price : 23.85 Bid-YTW : 4.44 %
SLF.PR.H	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 4.50 %
MFC.PR.L	FixedReset Ins Non	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 4.57 %
BMO.PR.Y	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 4.11 %
CM.PR.P	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.14 Evaluated at bid price : 18.14 Bid-YTW : 4.07 %
TD.PF.B	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 3.97 %
MFC.PR.M	FixedReset Ins Non	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.51 %
MFC.PR.F	FixedReset Ins Non	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 10.13 Evaluated at bid price : 10.13 Bid-YTW : 4.46 %
TRP.PR.F	FloatingReset	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 4.95 %
CM.PR.S	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 4.02 %
RY.PR.M	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 3.86 %
BIP.PR.D	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 21.77 Evaluated at bid price : 22.25 Bid-YTW : 5.69 %
TRP.PR.C	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 5.35 %
BIP.PR.E	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 21.36 Evaluated at bid price : 21.68 Bid-YTW : 5.85 %
BAM.PR.B	Floater	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 8.55 Evaluated at bid price : 8.55 Bid-YTW : 5.09 %
BNS.PR.I	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 3.86 %
BIP.PR.F	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 21.81 Evaluated at bid price : 22.12 Bid-YTW : 5.85 %
CM.PR.O	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 4.12 %
IFC.PR.C	FixedReset Ins Non	2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.69 %
BAM.PR.R	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 13.22 Evaluated at bid price : 13.22 Bid-YTW : 5.19 %
TD.PF.C	FixedReset Disc	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 3.88 %
BIP.PR.A	FixedReset Disc	2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 5.64 %
BAM.PR.X	FixedReset Disc	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 11.45 Evaluated at bid price : 11.45 Bid-YTW : 4.97 %
SLF.PR.J	FloatingReset	2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 9.75 Evaluated at bid price : 9.75 Bid-YTW : 3.99 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.C	Deemed-Retractible	154,875	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-26 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 2.63 %
BMO.PR.T	FixedReset Disc	123,425	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.06 %
TD.PF.D	FixedReset Disc	108,058	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
TD.PF.A	FixedReset Disc	79,926	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 3.91 %
BAM.PR.K	Floater	79,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 8.53 Evaluated at bid price : 8.53 Bid-YTW : 5.10 %
BNS.PR.G	FixedReset Prem	59,178	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 4.47 %
There were 27 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.I	FixedReset Disc	Quote: 21.50 – 22.85 Spot Rate : 1.3500 Average : 0.9334 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 4.12 %
TRP.PR.A	FixedReset Disc	Quote: 12.65 – 13.55 Spot Rate : 0.9000 Average : 0.5463 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 12.65 Evaluated at bid price : 12.65 Bid-YTW : 5.25 %
TD.PF.D	FixedReset Disc	Quote: 19.00 – 20.69 Spot Rate : 1.6900 Average : 1.3598 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
BAM.PR.X	FixedReset Disc	Quote: 11.45 – 12.50 Spot Rate : 1.0500 Average : 0.7988 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 11.45 Evaluated at bid price : 11.45 Bid-YTW : 4.97 %
BMO.PR.W	FixedReset Disc	Quote: 18.00 – 18.58 Spot Rate : 0.5800 Average : 0.3736 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.00 %
BAM.PR.Z	FixedReset Disc	Quote: 16.90 – 17.46 Spot Rate : 0.5600 Average : 0.3698 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-27 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 5.34 %

Market Action

August 26, 2020

Click for Big

TXPR closed at 583.50, up 1.62% on the day. Volume today was 3.87-million, by far the highest of the past thirty days, well ahead of second-place July 29.

CPD closed at 11.63, up 1.22% on the day. Volume was 111,115, highest of the past 30 trading days, ahead of second-place August 12.

ZPR closed at 9.35, up 2.13% on the day. Volume of 894,959 was the highest of the past 30 trading days, more than double that of second-place August 4.

Five-year Canada yields were up 1bp to 0.42% today.

Today’s market pop is probably related to the announcement of a mass redemption of RY DeemedRetractibles.

PerpetualDiscounts now yield 5.46%, equivalent to 7.10% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.89%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed dramatically to 420bp from the 455bp reported August 12. We are now well below the pre-2020 record of 445bp briefly touched in 2008.

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	1.7699 %	1,642.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.7699 %	3,014.1
Floater	5.08 %	5.16 %	59,118	15.15	3	1.7699 %	1,737.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1340 %	3,527.5
SplitShare	4.68 %	4.38 %	41,268	3.26	8	0.1340 %	4,212.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1340 %	3,286.8
Perpetual-Premium	5.54 %	4.72 %	86,171	3.99	4	0.0297 %	3,103.1
Perpetual-Discount	5.36 %	5.46 %	78,613	14.56	31	0.8291 %	3,404.3
FixedReset Disc	5.43 %	4.22 %	121,615	16.29	67	1.3256 %	2,104.3
Deemed-Retractible	5.14 %	5.19 %	94,562	14.82	27	0.7849 %	3,347.2
FloatingReset	2.85 %	2.28 %	39,214	1.41	3	0.2900 %	1,803.7
FixedReset Prem	5.25 %	3.89 %	236,336	0.88	11	0.0466 %	2,623.1
FixedReset Bank Non	1.96 %	2.38 %	128,054	1.41	2	-0.1618 %	2,826.8
FixedReset Ins Non	5.70 %	4.44 %	85,280	16.05	22	0.9533 %	2,110.6

Performance Highlights
Issue	Index	Change	Notes
TD.PF.D	FixedReset Disc	-3.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
MFC.PR.I	FixedReset Ins Non	-2.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 4.63 %
MFC.PR.G	FixedReset Ins Non	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 4.57 %
TD.PF.I	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 4.00 %
TRP.PR.C	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 5.41 %
BIP.PR.B	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.16 Evaluated at bid price : 24.85 Bid-YTW : 5.59 %
POW.PR.B	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.06 Evaluated at bid price : 24.31 Bid-YTW : 5.57 %
BMO.PR.C	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.13 Evaluated at bid price : 23.51 Bid-YTW : 4.01 %
MFC.PR.K	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 4.39 %
SLF.PR.C	Deemed-Retractible	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.19 %
MFC.PR.R	FixedReset Ins Non	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.73 Evaluated at bid price : 24.12 Bid-YTW : 4.39 %
PWF.PR.R	Perpetual-Discount	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.62 Evaluated at bid price : 24.86 Bid-YTW : 5.58 %
BAM.PF.C	Perpetual-Discount	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.73 Evaluated at bid price : 22.16 Bid-YTW : 5.54 %
NA.PR.C	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.09 Evaluated at bid price : 23.40 Bid-YTW : 4.15 %
SLF.PR.A	Deemed-Retractible	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.76 Evaluated at bid price : 23.04 Bid-YTW : 5.14 %
PWF.PR.E	Perpetual-Discount	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.35 Evaluated at bid price : 24.66 Bid-YTW : 5.62 %
BAM.PR.M	Perpetual-Discount	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.52 Evaluated at bid price : 21.78 Bid-YTW : 5.53 %
IAF.PR.B	Deemed-Retractible	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.18 %
POW.PR.D	Perpetual-Discount	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.87 Evaluated at bid price : 23.14 Bid-YTW : 5.46 %
TRP.PR.D	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 13.99 Evaluated at bid price : 13.99 Bid-YTW : 5.43 %
SLF.PR.B	Deemed-Retractible	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.17 Evaluated at bid price : 23.43 Bid-YTW : 5.11 %
GWO.PR.I	Deemed-Retractible	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.35 %
GWO.PR.S	Deemed-Retractible	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.38 Evaluated at bid price : 24.85 Bid-YTW : 5.35 %
TRP.PR.G	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 15.56 Evaluated at bid price : 15.56 Bid-YTW : 5.40 %
BMO.PR.D	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.34 Evaluated at bid price : 22.65 Bid-YTW : 4.01 %
TD.PF.J	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 4.05 %
BAM.PR.N	Perpetual-Discount	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.48 Evaluated at bid price : 21.74 Bid-YTW : 5.54 %
NA.PR.E	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 4.18 %
NA.PR.S	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 4.28 %
CM.PR.T	FixedReset Disc	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.70 Evaluated at bid price : 23.61 Bid-YTW : 4.19 %
GWO.PR.R	Deemed-Retractible	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.63 Evaluated at bid price : 22.89 Bid-YTW : 5.32 %
GWO.PR.T	Deemed-Retractible	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.04 Evaluated at bid price : 24.51 Bid-YTW : 5.32 %
PWF.PR.S	Perpetual-Discount	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.90 Evaluated at bid price : 21.90 Bid-YTW : 5.54 %
SLF.PR.I	FixedReset Ins Non	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.27 %
BAM.PR.B	Floater	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 8.43 Evaluated at bid price : 8.43 Bid-YTW : 5.16 %
IAF.PR.G	FixedReset Ins Non	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 4.43 %
PWF.PR.Z	Perpetual-Discount	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.44 Evaluated at bid price : 23.84 Bid-YTW : 5.44 %
BAM.PR.K	Floater	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 5.15 %
BAM.PR.C	Floater	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 8.42 Evaluated at bid price : 8.42 Bid-YTW : 5.17 %
BMO.PR.E	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 4.07 %
RY.PR.M	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 3.91 %
GWO.PR.H	Deemed-Retractible	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.78 Evaluated at bid price : 23.06 Bid-YTW : 5.33 %
PWF.PR.F	Perpetual-Discount	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.49 Evaluated at bid price : 23.76 Bid-YTW : 5.57 %
TD.PF.B	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 3.92 %
RY.PR.Z	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 3.81 %
GWO.PR.G	Deemed-Retractible	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 24.46 Evaluated at bid price : 24.70 Bid-YTW : 5.34 %
BMO.PR.S	FixedReset Disc	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 4.04 %
GWO.PR.Q	Deemed-Retractible	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.96 Evaluated at bid price : 24.43 Bid-YTW : 5.33 %
RY.PR.H	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.43 Evaluated at bid price : 18.43 Bid-YTW : 3.87 %
TD.PF.C	FixedReset Disc	2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 3.96 %
IFC.PR.G	FixedReset Ins Non	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 4.55 %
MFC.PR.N	FixedReset Ins Non	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 4.38 %
MFC.PR.J	FixedReset Ins Non	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 4.50 %
BAM.PF.G	FixedReset Disc	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.30 %
PWF.PR.L	Perpetual-Discount	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.54 %
PWF.PR.K	Perpetual-Discount	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.31 Evaluated at bid price : 22.58 Bid-YTW : 5.53 %
PWF.PR.P	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 4.78 %
CM.PR.R	FixedReset Disc	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.78 Evaluated at bid price : 23.13 Bid-YTW : 4.16 %
TD.PF.K	FixedReset Disc	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 4.02 %
TD.PF.E	FixedReset Disc	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 3.90 %
TRP.PR.F	FloatingReset	2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 10.71 Evaluated at bid price : 10.71 Bid-YTW : 4.90 %
MFC.PR.F	FixedReset Ins Non	2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 10.24 Evaluated at bid price : 10.24 Bid-YTW : 4.41 %
CU.PR.C	FixedReset Disc	2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.16 Evaluated at bid price : 16.16 Bid-YTW : 4.41 %
MFC.PR.L	FixedReset Ins Non	2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 15.47 Evaluated at bid price : 15.47 Bid-YTW : 4.51 %
SLF.PR.G	FixedReset Ins Non	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 10.55 Evaluated at bid price : 10.55 Bid-YTW : 4.26 %
MFC.PR.M	FixedReset Ins Non	3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.73 Evaluated at bid price : 16.73 Bid-YTW : 4.46 %
TRP.PR.A	FixedReset Disc	3.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 5.18 %
TRP.PR.E	FixedReset Disc	3.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 14.04 Evaluated at bid price : 14.04 Bid-YTW : 5.36 %
BAM.PF.A	FixedReset Disc	3.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 5.15 %
BIP.PR.A	FixedReset Disc	3.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 5.76 %
BMO.PR.Y	FixedReset Disc	3.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 4.06 %
CM.PR.P	FixedReset Disc	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.34 Evaluated at bid price : 18.34 Bid-YTW : 4.02 %
BMO.PR.W	FixedReset Disc	3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.33 Evaluated at bid price : 18.33 Bid-YTW : 3.92 %
BMO.PR.T	FixedReset Disc	3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 4.01 %
BAM.PF.B	FixedReset Disc	4.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.31 Evaluated at bid price : 16.31 Bid-YTW : 5.19 %
BAM.PR.Z	FixedReset Disc	4.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 5.22 %
BAM.PR.T	FixedReset Disc	4.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 13.68 Evaluated at bid price : 13.68 Bid-YTW : 5.16 %
BAM.PF.F	FixedReset Disc	5.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 5.17 %
GWO.PR.N	FixedReset Ins Non	5.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 10.40 Evaluated at bid price : 10.40 Bid-YTW : 4.13 %
BAM.PF.E	FixedReset Disc	6.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 5.11 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.D	Deemed-Retractible	380,465	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.19 %
BMO.PR.C	FixedReset Disc	255,528	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 23.13 Evaluated at bid price : 23.51 Bid-YTW : 4.01 %
BNS.PR.Z	FixedReset Bank Non	203,875	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.85 Bid-YTW : 2.38 %
CM.PR.R	FixedReset Disc	111,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 22.78 Evaluated at bid price : 23.13 Bid-YTW : 4.16 %
RY.PR.M	FixedReset Disc	106,210	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 3.91 %
RY.PR.R	FixedReset Prem	80,026	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 3.87 %
There were 55 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.D	FixedReset Disc	Quote: 19.00 – 20.64 Spot Rate : 1.6400 Average : 0.9977 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
SLF.PR.J	FloatingReset	Quote: 9.50 – 10.50 Spot Rate : 1.0000 Average : 0.6211 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 9.50 Evaluated at bid price : 9.50 Bid-YTW : 4.09 %
MFC.PR.G	FixedReset Ins Non	Quote: 18.17 – 19.20 Spot Rate : 1.0300 Average : 0.6814 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 4.57 %
MFC.PR.I	FixedReset Ins Non	Quote: 18.15 – 19.24 Spot Rate : 1.0900 Average : 0.7434 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 4.63 %
MFC.PR.N	FixedReset Ins Non	Quote: 16.65 – 17.65 Spot Rate : 1.0000 Average : 0.6535 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 4.38 %
IAF.PR.G	FixedReset Ins Non	Quote: 18.83 – 25.00 Spot Rate : 6.1700 Average : 5.8243 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-26 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 4.43 %

Market Action

August 25, 2020

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	0.5257 %	1,614.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5257 %	2,961.7
Floater	5.17 %	5.25 %	58,793	15.01	3	0.5257 %	1,706.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0695 %	3,522.7
SplitShare	4.69 %	4.41 %	39,908	3.26	8	-0.0695 %	4,206.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0695 %	3,282.4
Perpetual-Premium	5.54 %	4.68 %	87,225	4.00	4	0.1587 %	3,102.2
Perpetual-Discount	5.41 %	5.54 %	78,554	14.41	31	0.1666 %	3,376.3
FixedReset Disc	5.50 %	4.27 %	121,665	16.20	67	0.6427 %	2,076.7
Deemed-Retractible	5.18 %	5.25 %	91,623	14.67	27	0.4671 %	3,321.1
FloatingReset	2.86 %	2.05 %	38,431	1.41	3	0.7609 %	1,798.5
FixedReset Prem	5.25 %	4.04 %	238,830	0.89	11	0.2156 %	2,621.8
FixedReset Bank Non	1.96 %	2.31 %	118,534	1.41	2	0.6721 %	2,831.4
FixedReset Ins Non	5.75 %	4.48 %	85,276	15.99	22	1.1500 %	2,090.7

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.R	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 5.34 %
TD.PF.C	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 4.05 %
MFC.PR.Q	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 17.83 Evaluated at bid price : 17.83 Bid-YTW : 4.48 %
TD.PF.A	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.04 Evaluated at bid price : 18.04 Bid-YTW : 3.97 %
MFC.PR.I	FixedReset Ins Non	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 4.51 %
BMO.PR.Y	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 4.21 %
MFC.PR.H	FixedReset Ins Non	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 19.79 Evaluated at bid price : 19.79 Bid-YTW : 4.52 %
TD.PF.E	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 4.00 %
MFC.PR.B	Deemed-Retractible	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 22.05 Evaluated at bid price : 22.28 Bid-YTW : 5.21 %
BMO.PR.Q	FixedReset Bank Non	1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.56 Bid-YTW : 2.98 %
CU.PR.C	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 4.52 %
BAM.PF.J	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 23.09 Evaluated at bid price : 24.01 Bid-YTW : 4.97 %
TRP.PR.D	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 5.51 %
SLF.PR.E	Deemed-Retractible	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 5.15 %
MFC.PR.C	Deemed-Retractible	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.17 %
TD.PF.I	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 22.12 Evaluated at bid price : 22.39 Bid-YTW : 3.93 %
MFC.PR.N	FixedReset Ins Non	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 4.48 %
SLF.PR.B	Deemed-Retractible	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 22.83 Evaluated at bid price : 23.11 Bid-YTW : 5.18 %
SLF.PR.G	FixedReset Ins Non	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.39 %
RY.PR.M	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 3.98 %
MFC.PR.G	FixedReset Ins Non	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 4.49 %
MFC.PR.F	FixedReset Ins Non	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 9.99 Evaluated at bid price : 9.99 Bid-YTW : 4.52 %
SLF.PR.H	FixedReset Ins Non	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 14.31 Evaluated at bid price : 14.31 Bid-YTW : 4.48 %
TRP.PR.B	FixedReset Disc	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 8.62 Evaluated at bid price : 8.62 Bid-YTW : 4.92 %
TD.PF.D	FixedReset Disc	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.06 %
GWO.PR.N	FixedReset Ins Non	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 4.34 %
BAM.PF.E	FixedReset Disc	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 5.44 %
MFC.PR.K	FixedReset Ins Non	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 4.44 %
SLF.PR.J	FloatingReset	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 9.55 Evaluated at bid price : 9.55 Bid-YTW : 4.07 %
CM.PR.Q	FixedReset Disc	3.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.82 Evaluated at bid price : 18.82 Bid-YTW : 4.24 %
SLF.PR.I	FixedReset Ins Non	4.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 4.34 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.Z	FixedReset Bank Non	154,686	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.87 Bid-YTW : 2.31 %
GWO.PR.T	Deemed-Retractible	150,220	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 23.68 Evaluated at bid price : 24.13 Bid-YTW : 5.40 %
IAF.PR.I	FixedReset Ins Non	102,494	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 4.34 %
BMO.PR.S	FixedReset Disc	78,127	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 4.12 %
BNS.PR.E	FixedReset Prem	60,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.28 Bid-YTW : 4.44 %
SLF.PR.B	Deemed-Retractible	55,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 22.83 Evaluated at bid price : 23.11 Bid-YTW : 5.18 %
There were 22 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IAF.PR.G	FixedReset Ins Non	Quote: 18.51 – 25.00 Spot Rate : 6.4900 Average : 5.4452 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 4.51 %
BIP.PR.A	FixedReset Disc	Quote: 16.85 – 18.00 Spot Rate : 1.1500 Average : 0.8010 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 5.97 %
TD.PF.A	FixedReset Disc	Quote: 18.04 – 18.50 Spot Rate : 0.4600 Average : 0.3335 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 18.04 Evaluated at bid price : 18.04 Bid-YTW : 3.97 %
CM.PR.T	FixedReset Disc	Quote: 23.25 – 23.50 Spot Rate : 0.2500 Average : 0.1725 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 22.51 Evaluated at bid price : 23.25 Bid-YTW : 4.27 %
TD.PF.K	FixedReset Disc	Quote: 19.98 – 20.24 Spot Rate : 0.2600 Average : 0.1887 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 4.12 %
MFC.PR.B	Deemed-Retractible	Quote: 22.28 – 22.47 Spot Rate : 0.1900 Average : 0.1329 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-25 Maturity Price : 22.05 Evaluated at bid price : 22.28 Bid-YTW : 5.21 %

Market Action

August 24, 2020

FAIR Canada continues to fulfill its role as a a superannuation scheme for ex-OSC staff:

The Canadian Foundation for the Advancement of Investor Rights, known as FAIR Canada, says Jean-Paul Bureaud will assume its top job. A lawyer by training, Mr. Bureaud worked for the Ontario Securities Commission for 19 years before leaving in October, 2018. Most recently, he’s been a consultant for the World Bank.

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	0.6512 %	1,605.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6512 %	2,946.2
Floater	5.20 %	5.28 %	59,599	14.96	3	0.6512 %	1,697.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.3934 %	3,525.2
SplitShare	4.68 %	4.25 %	40,147	3.27	8	0.3934 %	4,209.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3934 %	3,284.7
Perpetual-Premium	5.55 %	4.70 %	88,395	4.00	4	0.0397 %	3,097.3
Perpetual-Discount	5.42 %	5.56 %	78,510	14.39	31	0.1587 %	3,370.7
FixedReset Disc	5.55 %	4.30 %	122,253	16.16	67	0.2400 %	2,063.5
Deemed-Retractible	5.20 %	5.30 %	91,713	14.64	27	0.1510 %	3,305.7
FloatingReset	2.86 %	2.04 %	38,202	1.42	3	0.6080 %	1,784.9
FixedReset Prem	5.26 %	4.26 %	220,983	0.89	11	0.2161 %	2,616.2
FixedReset Bank Non	1.97 %	2.37 %	109,718	1.41	2	-0.1830 %	2,812.5
FixedReset Ins Non	5.81 %	4.56 %	84,168	15.87	22	0.6136 %	2,066.9

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.E	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 13.59 Evaluated at bid price : 13.59 Bid-YTW : 5.55 %
CM.PR.Q	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 18.21 Evaluated at bid price : 18.21 Bid-YTW : 4.38 %
SLF.PR.B	Deemed-Retractible	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 22.72 Evaluated at bid price : 23.01 Bid-YTW : 5.28 %
TRP.PR.C	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 8.90 Evaluated at bid price : 8.90 Bid-YTW : 5.47 %
TRP.PR.J	FixedReset Prem	1.07 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 3.00 %
BAM.PR.Z	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.48 %
IFC.PR.A	FixedReset Ins Non	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 12.04 Evaluated at bid price : 12.04 Bid-YTW : 4.84 %
IFC.PR.C	FixedReset Ins Non	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 15.99 Evaluated at bid price : 15.99 Bid-YTW : 4.86 %
TRP.PR.K	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 23.42 Evaluated at bid price : 24.45 Bid-YTW : 4.97 %
TD.PF.I	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 3.98 %
MFC.PR.H	FixedReset Ins Non	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 4.57 %
TRP.PR.A	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 12.36 Evaluated at bid price : 12.36 Bid-YTW : 5.38 %
MFC.PR.Q	FixedReset Ins Non	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 4.52 %
EIT.PR.B	SplitShare	1.44 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 4.40 %
SLF.PR.H	FixedReset Ins Non	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 14.21 Evaluated at bid price : 14.21 Bid-YTW : 4.59 %
NA.PR.E	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 4.26 %
SLF.PR.J	FloatingReset	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 9.45 Evaluated at bid price : 9.45 Bid-YTW : 4.17 %
MFC.PR.I	FixedReset Ins Non	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 18.44 Evaluated at bid price : 18.44 Bid-YTW : 4.56 %
TD.PF.D	FixedReset Disc	3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 4.14 %
SLF.PR.G	FixedReset Ins Non	3.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 10.18 Evaluated at bid price : 10.18 Bid-YTW : 4.48 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.C	FixedReset Disc	97,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 4.09 %
PWF.PR.I	Perpetual-Premium	91,950	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-23 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 2.52 %
TD.PF.A	FixedReset Disc	82,442	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 4.01 %
NA.PR.S	FixedReset Disc	79,080	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 17.42 Evaluated at bid price : 17.42 Bid-YTW : 4.36 %
SLF.PR.C	Deemed-Retractible	72,315	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.30 %
CM.PR.O	FixedReset Disc	62,450	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 4.20 %
There were 18 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IAF.PR.G	FixedReset Ins Non	Quote: 18.40 – 25.00 Spot Rate : 6.6000 Average : 4.2997 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 4.53 %
CM.PR.Q	FixedReset Disc	Quote: 18.21 – 18.90 Spot Rate : 0.6900 Average : 0.4395 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 18.21 Evaluated at bid price : 18.21 Bid-YTW : 4.38 %
RY.PR.H	FixedReset Disc	Quote: 17.90 – 18.49 Spot Rate : 0.5900 Average : 0.3838 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 3.99 %
W.PR.K	FixedReset Disc	Quote: 25.00 – 25.50 Spot Rate : 0.5000 Average : 0.3316 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 24.43 Evaluated at bid price : 25.00 Bid-YTW : 5.29 %
BAM.PF.B	FixedReset Disc	Quote: 15.45 – 16.00 Spot Rate : 0.5500 Average : 0.3946 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 5.49 %
BIP.PR.E	FixedReset Disc	Quote: 21.14 – 21.50 Spot Rate : 0.3600 Average : 0.2454 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-24 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 6.02 %

Market Action

August 21, 2020

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 %	1,595.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,927.1
Floater	5.24 %	5.32 %	59,309	14.90	3	0.0000 %	1,686.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2682 %	3,511.4
SplitShare	4.70 %	4.24 %	39,835	3.27	8	-0.2682 %	4,193.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2682 %	3,271.8
Perpetual-Premium	5.56 %	4.67 %	81,986	4.01	4	0.0298 %	3,096.1
Perpetual-Discount	5.42 %	5.59 %	78,773	14.39	31	0.1205 %	3,365.4
FixedReset Disc	5.57 %	4.36 %	123,913	16.08	67	0.2549 %	2,058.5
Deemed-Retractible	5.20 %	5.30 %	92,690	14.62	27	0.0031 %	3,300.7
FloatingReset	2.90 %	2.13 %	39,760	1.42	3	0.0225 %	1,774.1
FixedReset Prem	5.27 %	4.39 %	221,622	0.90	11	-0.1474 %	2,610.6
FixedReset Bank Non	1.97 %	2.38 %	111,296	1.42	2	-0.6263 %	2,817.7
FixedReset Ins Non	5.85 %	4.67 %	87,242	15.79	22	-0.0699 %	2,054.3

Performance Highlights
Issue	Index	Change	Notes
TD.PF.D	FixedReset Disc	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 4.31 %
TRP.PR.K	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 23.81 Evaluated at bid price : 24.15 Bid-YTW : 5.07 %
EIT.PR.B	SplitShare	-1.77 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.75 %
MFC.PR.F	FixedReset Ins Non	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 9.81 Evaluated at bid price : 9.81 Bid-YTW : 4.70 %
TRP.PR.A	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 12.19 Evaluated at bid price : 12.19 Bid-YTW : 5.52 %
MFC.PR.H	FixedReset Ins Non	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 4.68 %
BMO.PR.Q	FixedReset Bank Non	-1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.34 Bid-YTW : 3.61 %
IFC.PR.G	FixedReset Ins Non	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 4.75 %
TRP.PR.C	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 5.52 %
CM.PR.R	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 22.20 Evaluated at bid price : 22.50 Bid-YTW : 4.31 %
MFC.PR.M	FixedReset Ins Non	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 4.67 %
BAM.PR.R	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.34 %
TD.PF.E	FixedReset Disc	7.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 4.11 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.S	FixedReset Disc	57,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 4.44 %
BMO.PR.C	FixedReset Disc	41,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 22.78 Evaluated at bid price : 23.15 Bid-YTW : 4.11 %
BAM.PR.R	FixedReset Disc	37,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.34 %
GWO.PR.M	Deemed-Retractible	34,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 24.87 Evaluated at bid price : 25.18 Bid-YTW : 5.84 %
CM.PR.S	FixedReset Disc	30,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 4.14 %
CM.PR.Q	FixedReset Disc	21,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 4.36 %
There were 10 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.D	FixedReset Disc	Quote: 18.77 – 19.69 Spot Rate : 0.9200 Average : 0.6175 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 4.31 %
TRP.PR.A	FixedReset Disc	Quote: 12.19 – 12.59 Spot Rate : 0.4000 Average : 0.2558 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 12.19 Evaluated at bid price : 12.19 Bid-YTW : 5.52 %
BMO.PR.W	FixedReset Disc	Quote: 17.65 – 18.08 Spot Rate : 0.4300 Average : 0.2963 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 4.13 %
BMO.PR.Q	FixedReset Bank Non	Quote: 24.34 – 24.80 Spot Rate : 0.4600 Average : 0.3277 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.34 Bid-YTW : 3.61 %
BIK.PR.A	FixedReset Disc	Quote: 25.00 – 25.34 Spot Rate : 0.3400 Average : 0.2122 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-21 Maturity Price : 23.29 Evaluated at bid price : 25.00 Bid-YTW : 5.87 %
EIT.PR.A	SplitShare	Quote: 25.40 – 27.00 Spot Rate : 1.6000 Average : 1.4911 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.24 %

Market Action

August 19, 2020

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	-0.0408 %	1,591.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0408 %	2,920.0
Floater	5.25 %	5.32 %	62,386	14.90	3	-0.0408 %	1,682.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0099 %	3,512.1
SplitShare	4.65 %	4.30 %	40,676	3.24	8	0.0099 %	4,194.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0099 %	3,272.5
Perpetual-Premium	5.55 %	4.69 %	84,896	4.01	4	0.0695 %	3,096.7
Perpetual-Discount	5.43 %	5.64 %	80,456	14.38	31	0.0699 %	3,361.6
FixedReset Disc	5.58 %	4.39 %	129,774	16.07	67	1.0582 %	2,053.3
Deemed-Retractible	5.21 %	5.30 %	93,343	14.59	27	0.0915 %	3,295.2
FloatingReset	2.90 %	2.12 %	43,071	1.43	3	0.6795 %	1,775.7
FixedReset Prem	5.26 %	4.22 %	227,756	0.90	11	0.0792 %	2,615.0
FixedReset Bank Non	1.96 %	2.54 %	111,280	1.42	2	-0.5242 %	2,826.3
FixedReset Ins Non	5.83 %	4.62 %	88,405	15.80	22	0.4094 %	2,061.1

Performance Highlights
Issue	Index	Change	Notes
TD.PF.E	FixedReset Disc	-5.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.43 %
CU.PR.C	FixedReset Disc	-2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 15.43 Evaluated at bid price : 15.43 Bid-YTW : 4.67 %
GWO.PR.N	FixedReset Ins Non	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 9.60 Evaluated at bid price : 9.60 Bid-YTW : 4.58 %
BIK.PR.A	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 23.15 Evaluated at bid price : 24.62 Bid-YTW : 5.97 %
BAM.PF.J	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.92 Evaluated at bid price : 23.69 Bid-YTW : 5.04 %
BAM.PR.X	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 11.05 Evaluated at bid price : 11.05 Bid-YTW : 5.23 %
IFC.PR.C	FixedReset Ins Non	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 4.94 %
NA.PR.W	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 4.40 %
MFC.PR.H	FixedReset Ins Non	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 19.57 Evaluated at bid price : 19.57 Bid-YTW : 4.61 %
TD.PF.A	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 4.09 %
BMO.PR.W	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.14 %
NA.PR.S	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.39 %
CM.PR.O	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.47 Evaluated at bid price : 17.47 Bid-YTW : 4.26 %
BAM.PR.Z	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.52 %
BAM.PF.A	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 5.43 %
TRP.PR.C	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 8.90 Evaluated at bid price : 8.90 Bid-YTW : 5.58 %
BAM.PR.T	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 13.17 Evaluated at bid price : 13.17 Bid-YTW : 5.43 %
MFC.PR.K	FixedReset Ins Non	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 15.97 Evaluated at bid price : 15.97 Bid-YTW : 4.58 %
MFC.PR.J	FixedReset Ins Non	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.66 %
NA.PR.C	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.44 Evaluated at bid price : 22.85 Bid-YTW : 4.28 %
TD.PF.D	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 4.21 %
NA.PR.E	FixedReset Disc	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 4.31 %
RY.PR.Z	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 3.99 %
MFC.PR.F	FixedReset Ins Non	1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 9.80 Evaluated at bid price : 9.80 Bid-YTW : 4.70 %
SLF.PR.J	FloatingReset	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 9.30 Evaluated at bid price : 9.30 Bid-YTW : 4.27 %
SLF.PR.G	FixedReset Ins Non	3.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 10.21 Evaluated at bid price : 10.21 Bid-YTW : 4.54 %
TD.PF.L	FixedReset Disc	23.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.64 Evaluated at bid price : 23.50 Bid-YTW : 4.20 %
RY.PR.M	FixedReset Disc	54.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 4.14 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Disc	225,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.64 Evaluated at bid price : 23.01 Bid-YTW : 4.14 %
RY.PR.M	FixedReset Disc	118,570	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 4.14 %
BAM.PF.B	FixedReset Disc	85,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.56 %
BAM.PF.H	FixedReset Disc	84,302	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 24.57 Evaluated at bid price : 25.10 Bid-YTW : 5.02 %
MFC.PR.R	FixedReset Ins Non	58,350	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 23.30 Evaluated at bid price : 23.71 Bid-YTW : 4.50 %
RY.PR.F	Deemed-Retractible	48,063	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-18 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 1.76 %
There were 28 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: 18.72 – 20.21 Spot Rate : 1.4900 Average : 1.0281 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.43 %
BAM.PR.X	FixedReset Disc	Quote: 11.05 – 12.50 Spot Rate : 1.4500 Average : 1.0459 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 11.05 Evaluated at bid price : 11.05 Bid-YTW : 5.23 %
EIT.PR.A	SplitShare	Quote: 25.61 – 27.00 Spot Rate : 1.3900 Average : 1.1216 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 4.34 %
BAM.PF.J	FixedReset Disc	Quote: 23.69 – 24.48 Spot Rate : 0.7900 Average : 0.6088 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.92 Evaluated at bid price : 23.69 Bid-YTW : 5.04 %
PVS.PR.H	SplitShare	Quote: 24.56 – 24.93 Spot Rate : 0.3700 Average : 0.2791 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.56 Bid-YTW : 5.22 %
BMO.PR.Q	FixedReset Bank Non	Quote: 24.55 – 24.85 Spot Rate : 0.3000 Average : 0.2186 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 2.99 %

Market Action

August 18, 2020

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	-1.4865 %	1,592.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.4865 %	2,921.2
Floater	5.25 %	5.31 %	63,258	14.91	3	-1.4865 %	1,683.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.1678 %	3,511.7
SplitShare	4.65 %	4.30 %	42,338	3.24	8	0.1678 %	4,193.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1678 %	3,272.1
Perpetual-Premium	5.56 %	4.72 %	87,932	4.02	4	0.0199 %	3,094.5
Perpetual-Discount	5.43 %	5.65 %	78,074	14.36	31	-0.0192 %	3,359.2
FixedReset Disc	5.64 %	4.44 %	123,949	15.96	67	-0.0416 %	2,031.8
Deemed-Retractible	5.22 %	5.32 %	94,725	14.59	27	0.0394 %	3,292.2
FloatingReset	2.92 %	2.26 %	39,864	1.43	3	0.0907 %	1,763.8
FixedReset Prem	5.27 %	4.21 %	230,557	0.91	11	-0.1509 %	2,612.9
FixedReset Bank Non	1.95 %	2.45 %	106,465	1.43	2	-0.1610 %	2,841.2
FixedReset Ins Non	5.85 %	4.66 %	89,488	15.80	22	0.1997 %	2,052.7

Performance Highlights
Issue	Index	Change	Notes
TD.PF.L	FixedReset Disc	-19.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.33 %
MFC.PR.F	FixedReset Ins Non	-4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 9.62 Evaluated at bid price : 9.62 Bid-YTW : 4.79 %
GWO.PR.N	FixedReset Ins Non	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 9.73 Evaluated at bid price : 9.73 Bid-YTW : 4.52 %
IFC.PR.C	FixedReset Ins Non	-2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 15.73 Evaluated at bid price : 15.73 Bid-YTW : 4.99 %
BAM.PR.B	Floater	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 8.15 Evaluated at bid price : 8.15 Bid-YTW : 5.33 %
BAM.PR.T	FixedReset Disc	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 5.50 %
BAM.PR.C	Floater	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 8.18 Evaluated at bid price : 8.18 Bid-YTW : 5.31 %
SLF.PR.G	FixedReset Ins Non	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 9.91 Evaluated at bid price : 9.91 Bid-YTW : 4.68 %
TD.PF.G	FixedReset Prem	-1.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.11 %
TD.PF.D	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 4.28 %
BMO.PR.S	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.25 %
TD.PF.A	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.14 %
CM.PR.Q	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 18.27 Evaluated at bid price : 18.27 Bid-YTW : 4.41 %
TRP.PR.B	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 8.55 Evaluated at bid price : 8.55 Bid-YTW : 5.04 %
TD.PF.B	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 4.16 %
IFC.PR.G	FixedReset Ins Non	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 4.69 %
BMO.PR.T	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 16.81 Evaluated at bid price : 16.81 Bid-YTW : 4.27 %
MFC.PR.L	FixedReset Ins Non	2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 14.88 Evaluated at bid price : 14.88 Bid-YTW : 4.75 %
MFC.PR.J	FixedReset Ins Non	6.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 4.73 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PF.A	FixedReset Disc	165,181	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 16.84 Evaluated at bid price : 16.84 Bid-YTW : 5.50 %
TD.PF.M	FixedReset Disc	155,139	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 23.03 Evaluated at bid price : 24.40 Bid-YTW : 4.25 %
RY.PR.Q	FixedReset Prem	103,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 3.72 %
BNS.PR.H	FixedReset Prem	103,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.21 %
NA.PR.A	FixedReset Prem	66,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.74 %
CM.PR.P	FixedReset Disc	34,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 17.47 Evaluated at bid price : 17.47 Bid-YTW : 4.27 %
There were 13 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.L	FixedReset Disc	Quote: 19.00 – 23.81 Spot Rate : 4.8100 Average : 2.7886 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.33 %
RY.PR.M	FixedReset Disc	Quote: 11.98 – 18.83 Spot Rate : 6.8500 Average : 6.1464 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.39 %
GWO.PR.R	Deemed-Retractible	Quote: 22.20 – 23.10 Spot Rate : 0.9000 Average : 0.5013 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 21.81 Evaluated at bid price : 22.20 Bid-YTW : 5.47 %
BAM.PR.T	FixedReset Disc	Quote: 12.99 – 13.47 Spot Rate : 0.4800 Average : 0.2804 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 5.50 %
MFC.PR.F	FixedReset Ins Non	Quote: 9.62 – 10.16 Spot Rate : 0.5400 Average : 0.3750 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 9.62 Evaluated at bid price : 9.62 Bid-YTW : 4.79 %
BMO.PR.E	FixedReset Disc	Quote: 20.10 – 20.48 Spot Rate : 0.3800 Average : 0.2296 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-18 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.24 %

Market Action

August 17, 2020

I’m pleased to see that – after a long, long time – the G-20 protesters have been vindicated:

Roughly 1,100 protesters caught up in the largest mass arrests in Canadian history a decade ago are eligible to receive between $5,000 and $24,700 each in the proposed settlement of a class-action lawsuit against the Toronto Police Service.

They’ve come a long way and suffered serious indignities, as I mentioned on August 23, 2010:

The (alleged) G-20 protesters had their day in court today:

Over 300 people facing G20-related charges appeared at a Toronto courthouse Monday, a legal tidal wave resulting from the largest mass arrests in Canadian history.

The court’s hallways are only designed to hold 176 people. Officers have been tasked with regulating the intake of defendants to ensure the building doesn’t break fire code. The court’s legal aid office brought in extra staff, including French-speakers.

I don’t know the name of the petty, vindictive ratshit who decided to make the scheduling an extra-judicial punishment … but I have a message for him: You have held the courts in contempt, and you have done more damage to the rule of law than any of those charged. Asshole.

And the protesters were also poorly served by the politicians, as mentioned on August 31, 2010:

I’m still upset about police actions during the G-20 meeting. So are some others, but there are few who really couldn’t care less, one way or another:

The largest mass arrest of Canadians in history and the Grits primary concern is that the cops were overwhelmed.
…
At a wintry moment in the history of Canadian civil rights, the Liberal Party is AWOL.

We are poorly served by our politicians of all stripes. Still, with the pseudo-opposition being led by Torture Boy, I suppose we should be grateful nothing worse than vindictive time-wasting seems to have occurred. This time.

I still haven’t regained any of the respect for the police I lost during the G-20 police riot. There are too many clowns in the ranks, too hopped up on steroids to know or care what they’re doing. Management is extraordinarily weak … I’m sure everybody remembers that the police removed the identification from their uniforms prior to their G-20 frenzy and not a single sergeant and not a single higher-ranking officer either noticed or cared.

The first step is to set up a new organization to respond to mental health calls and welfare checks. Sure, have regular cops with their steroids and guns available to be called on short notice; but they don’t need to be there first, if at all.

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	0.8509 %	1,616.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.8509 %	2,965.2
Floater	5.17 %	5.23 %	63,601	15.05	3	0.8509 %	1,708.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.1632 %	3,505.9
SplitShare	4.66 %	4.49 %	42,881	3.25	8	0.1632 %	4,186.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1632 %	3,266.7
Perpetual-Premium	5.56 %	4.71 %	84,004	4.02	4	-0.1487 %	3,093.9
Perpetual-Discount	5.43 %	5.66 %	78,372	14.37	31	0.2541 %	3,359.9
FixedReset Disc	5.64 %	4.44 %	121,901	15.95	67	0.3096 %	2,032.7
Deemed-Retractible	5.22 %	5.32 %	90,369	14.60	27	0.1817 %	3,290.9
FloatingReset	2.92 %	2.25 %	41,491	1.43	3	-0.7649 %	1,762.2
FixedReset Prem	5.26 %	4.20 %	233,535	0.91	11	0.1655 %	2,616.9
FixedReset Bank Non	1.95 %	2.22 %	105,753	1.43	2	0.2219 %	2,845.7
FixedReset Ins Non	5.86 %	4.65 %	92,695	15.78	22	-0.1859 %	2,048.6

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.J	FixedReset Ins Non	-4.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 16.17 Evaluated at bid price : 16.17 Bid-YTW : 5.05 %
MFC.PR.L	FixedReset Ins Non	-2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 4.88 %
SLF.PR.J	FloatingReset	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 9.06 Evaluated at bid price : 9.06 Bid-YTW : 4.38 %
SLF.PR.G	FixedReset Ins Non	-1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 10.05 Evaluated at bid price : 10.05 Bid-YTW : 4.61 %
NA.PR.G	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.50 %
SLF.PR.I	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.65 %
BIP.PR.D	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 21.44 Evaluated at bid price : 21.77 Bid-YTW : 5.82 %
GWO.PR.N	FixedReset Ins Non	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 4.39 %
CM.PR.P	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 4.32 %
PWF.PR.P	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 10.21 Evaluated at bid price : 10.21 Bid-YTW : 5.00 %
BAM.PR.B	Floater	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 8.33 Evaluated at bid price : 8.33 Bid-YTW : 5.22 %
PVS.PR.H	SplitShare	1.22 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 5.04 %
BAM.PR.X	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 11.04 Evaluated at bid price : 11.04 Bid-YTW : 5.23 %
CU.PR.C	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 4.58 %
BAM.PR.R	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.47 %
BMO.PR.W	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 4.19 %
MFC.PR.F	FixedReset Ins Non	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 10.03 Evaluated at bid price : 10.03 Bid-YTW : 4.59 %
CCS.PR.C	Deemed-Retractible	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.46 %
TRP.PR.A	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 12.48 Evaluated at bid price : 12.48 Bid-YTW : 5.38 %
MFC.PR.G	FixedReset Ins Non	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 4.60 %
IFC.PR.C	FixedReset Ins Non	3.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 4.88 %
TD.PF.E	FixedReset Disc	5.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 19.79 Evaluated at bid price : 19.79 Bid-YTW : 4.19 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.R	FixedReset Ins Non	111,255	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 23.23 Evaluated at bid price : 23.64 Bid-YTW : 4.52 %
SLF.PR.C	Deemed-Retractible	79,285	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 5.31 %
TD.PF.H	FixedReset Prem	52,690	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 23.88 Evaluated at bid price : 25.10 Bid-YTW : 4.50 %
TD.PF.K	FixedReset Disc	50,170	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 4.23 %
CM.PR.P	FixedReset Disc	41,460	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 4.32 %
TD.PF.D	FixedReset Disc	41,375	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 4.32 %
There were 19 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
RY.PR.M	FixedReset Disc	Quote: 11.98 – 18.84 Spot Rate : 6.8600 Average : 5.3751 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.39 %
MFC.PR.J	FixedReset Ins Non	Quote: 16.17 – 17.70 Spot Rate : 1.5300 Average : 1.1640 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 16.17 Evaluated at bid price : 16.17 Bid-YTW : 5.05 %
CU.PR.C	FixedReset Disc	Quote: 15.75 – 16.55 Spot Rate : 0.8000 Average : 0.5010 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 4.58 %
BAM.PR.X	FixedReset Disc	Quote: 11.04 – 11.69 Spot Rate : 0.6500 Average : 0.4417 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 11.04 Evaluated at bid price : 11.04 Bid-YTW : 5.23 %
MFC.PR.L	FixedReset Ins Non	Quote: 14.50 – 15.20 Spot Rate : 0.7000 Average : 0.5127 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 4.88 %
TRP.PR.E	FixedReset Disc	Quote: 13.71 – 14.48 Spot Rate : 0.7700 Average : 0.6061 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-17 Maturity Price : 13.71 Evaluated at bid price : 13.71 Bid-YTW : 5.55 %

Market Action

August 14, 2020

Inflation expectations are normalizing:

The U.S. bond market’s gauge of investor inflation expectations this week rose to six-month highs, bolstered in part by data showing higher producer and consumer prices in July.

The yield spread, or inflation breakeven rate, between five-year Treasury Inflation Protected Securities (TIPS) and regular five-year Treasuries hit 1.565% on Thursday, the highest since February.

U.S. 10-year and 30-year breakevens touched 1.6618% and 1.7105% on Wednesday and Thursday, respectively. Both levels were six-month peaks.

Breakeven rates pared some of that move Friday as they came off their highs.

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	0.0405 %	1,602.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0405 %	2,940.2
Floater	5.21 %	5.28 %	63,075	14.98	3	0.0405 %	1,694.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0988 %	3,500.1
SplitShare	4.67 %	4.48 %	42,124	3.25	8	-0.0988 %	4,179.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0988 %	3,261.3
Perpetual-Premium	5.55 %	4.70 %	84,317	4.03	4	0.0992 %	3,098.5
Perpetual-Discount	5.45 %	5.64 %	77,754	14.38	31	-0.0508 %	3,351.4
FixedReset Disc	5.66 %	4.45 %	122,886	15.96	67	-0.1238 %	2,026.4
Deemed-Retractible	5.23 %	5.32 %	90,184	14.58	27	-0.0108 %	3,285.0
FloatingReset	2.90 %	2.01 %	42,122	1.44	3	-0.0450 %	1,775.7
FixedReset Prem	5.27 %	4.18 %	229,891	0.92	11	0.1597 %	2,612.5
FixedReset Bank Non	1.95 %	2.46 %	107,266	1.44	2	-0.3618 %	2,839.4
FixedReset Ins Non	5.85 %	4.63 %	95,872	15.79	22	-0.3161 %	2,052.4

Performance Highlights
Issue	Index	Change	Notes
RY.PR.M	FixedReset Disc	-35.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.38 %
MFC.PR.J	FixedReset Ins Non	-4.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 4.83 %
IFC.PR.C	FixedReset Ins Non	-4.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.06 %
IFC.PR.G	FixedReset Ins Non	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 4.72 %
TD.PF.D	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 4.32 %
MFC.PR.G	FixedReset Ins Non	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.69 %
MFC.PR.B	Deemed-Retractible	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.37 %
TRP.PR.C	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 8.74 Evaluated at bid price : 8.74 Bid-YTW : 5.68 %
BAM.PF.F	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 5.64 %
IFC.PR.A	FixedReset Ins Non	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 11.86 Evaluated at bid price : 11.86 Bid-YTW : 4.98 %
TRP.PR.A	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 12.26 Evaluated at bid price : 12.26 Bid-YTW : 5.48 %
NA.PR.G	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.45 %
RY.PR.H	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.13 %
TRP.PR.G	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.53 %
TRP.PR.B	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 5.10 %
MFC.PR.R	FixedReset Ins Non	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 23.24 Evaluated at bid price : 23.65 Bid-YTW : 4.51 %
RY.PR.S	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.00 %
MFC.PR.H	FixedReset Ins Non	2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.63 %
TD.PF.L	FixedReset Disc	19.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 22.67 Evaluated at bid price : 23.55 Bid-YTW : 4.19 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.C	FixedReset Disc	104,840	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 22.20 Evaluated at bid price : 22.50 Bid-YTW : 4.36 %
CM.PR.S	FixedReset Disc	73,105	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 4.19 %
CM.PR.R	FixedReset Disc	51,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 21.49 Evaluated at bid price : 21.85 Bid-YTW : 4.44 %
RY.PR.S	FixedReset Disc	34,941	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.00 %
BAM.PF.D	Perpetual-Discount	26,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 22.10 Evaluated at bid price : 22.35 Bid-YTW : 5.55 %
TD.PF.A	FixedReset Disc	25,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 4.21 %
There were 18 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
RY.PR.M	FixedReset Disc	Quote: 11.98 – 18.91 Spot Rate : 6.9300 Average : 3.7469 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.38 %
MFC.PR.J	FixedReset Ins Non	Quote: 16.87 – 18.05 Spot Rate : 1.1800 Average : 0.7627 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 4.83 %
TD.PF.E	FixedReset Disc	Quote: 18.72 – 20.37 Spot Rate : 1.6500 Average : 1.2969 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.43 %
CCS.PR.C	Deemed-Retractible	Quote: 22.80 – 23.50 Spot Rate : 0.7000 Average : 0.4656 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.55 %
MFC.PR.G	FixedReset Ins Non	Quote: 17.90 – 18.59 Spot Rate : 0.6900 Average : 0.5075 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.69 %
IFC.PR.C	FixedReset Ins Non	Quote: 15.50 – 16.25 Spot Rate : 0.7500 Average : 0.5912 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-14 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.06 %

PrefBlog

Category: Market Action

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