Category: Market Action

Market Action

PerpetualDiscounts now yield 5.04%, equivalent to 6.55% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.95%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed dramatically to 360bp from the 395bp reported September 30.

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	-0.4792 %	1,648.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4792 %	3,025.0
Floater	5.16 %	5.22 %	50,103	15.15	3	-0.4792 %	1,743.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.1545 %	3,518.5
SplitShare	4.82 %	4.76 %	55,016	3.59	8	0.1545 %	4,201.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1545 %	3,278.4
Perpetual-Premium	5.27 %	-0.02 %	84,868	0.09	17	0.2864 %	3,187.5
Perpetual-Discount	5.06 %	5.04 %	91,584	15.10	17	0.6173 %	3,625.3
FixedReset Disc	5.47 %	4.18 %	125,752	16.50	65	1.0959 %	2,108.8
Deemed-Retractible	5.01 %	4.73 %	105,601	4.36	22	0.5877 %	3,540.2
FloatingReset	1.98 %	2.11 %	40,620	1.30	3	0.2698 %	1,796.9
FixedReset Prem	5.21 %	3.46 %	255,423	0.78	14	0.1777 %	2,640.4
FixedReset Bank Non	1.94 %	2.21 %	104,001	1.29	2	0.0805 %	2,857.1
FixedReset Ins Non	5.60 %	4.29 %	78,738	16.34	22	2.0067 %	2,157.2

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.H	FixedReset Ins Non	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 4.51 %
SLF.PR.G	FixedReset Ins Non	-2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 4.29 %
TRP.PR.F	FloatingReset	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 9.99 Evaluated at bid price : 9.99 Bid-YTW : 5.09 %
BAM.PR.K	Floater	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 8.22 Evaluated at bid price : 8.22 Bid-YTW : 5.26 %
BAM.PR.T	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 5.33 %
SLF.PR.E	Deemed-Retractible	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.68 Evaluated at bid price : 23.95 Bid-YTW : 4.71 %
NA.PR.W	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.72 Evaluated at bid price : 16.72 Bid-YTW : 4.31 %
BAM.PF.G	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 15.28 Evaluated at bid price : 15.28 Bid-YTW : 5.31 %
TD.PF.B	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 4.10 %
BMO.PR.A	FloatingReset	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.72 Bid-YTW : 2.06 %
POW.PR.B	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-06 Maturity Price : 25.00 Evaluated at bid price : 25.58 Bid-YTW : -22.62 %
GWO.PR.N	FixedReset Ins Non	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 10.01 Evaluated at bid price : 10.01 Bid-YTW : 4.22 %
PWF.PR.L	Perpetual-Discount	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 24.88 Evaluated at bid price : 25.11 Bid-YTW : 5.16 %
BAM.PF.F	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 5.25 %
BAM.PF.A	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.23 %
MFC.PR.F	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 4.18 %
TD.PF.A	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.77 Evaluated at bid price : 17.77 Bid-YTW : 4.05 %
BAM.PF.I	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.48 %
BAM.PF.J	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.55 Evaluated at bid price : 25.07 Bid-YTW : 4.68 %
CU.PR.F	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.93 Evaluated at bid price : 24.22 Bid-YTW : 4.68 %
SLF.PR.C	Deemed-Retractible	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.84 Evaluated at bid price : 24.09 Bid-YTW : 4.63 %
BAM.PR.N	Perpetual-Discount	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 22.61 Evaluated at bid price : 22.86 Bid-YTW : 5.22 %
TD.PF.E	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 4.18 %
IAF.PR.I	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 4.33 %
MFC.PR.C	Deemed-Retractible	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 4.73 %
MFC.PR.Q	FixedReset Ins Non	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 4.25 %
PWF.PR.K	Perpetual-Discount	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 24.27 Evaluated at bid price : 24.57 Bid-YTW : 5.11 %
BIP.PR.D	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 22.38 Evaluated at bid price : 22.77 Bid-YTW : 5.51 %
BMO.PR.W	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 4.08 %
BMO.PR.E	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 4.14 %
SLF.PR.D	Deemed-Retractible	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.71 Evaluated at bid price : 23.98 Bid-YTW : 4.65 %
MFC.PR.M	FixedReset Ins Non	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 4.25 %
GWO.PR.H	Deemed-Retractible	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 24.69 Evaluated at bid price : 24.97 Bid-YTW : 4.87 %
RY.PR.M	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 4.05 %
CM.PR.P	FixedReset Disc	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 4.07 %
CU.PR.C	FixedReset Disc	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 4.32 %
TD.PF.I	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 21.78 Evaluated at bid price : 22.28 Bid-YTW : 3.95 %
GWO.PR.R	Deemed-Retractible	1.75 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 4.81 %
MFC.PR.J	FixedReset Ins Non	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 18.74 Evaluated at bid price : 18.74 Bid-YTW : 4.31 %
BIP.PR.F	FixedReset Disc	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 22.04 Evaluated at bid price : 22.42 Bid-YTW : 5.71 %
BMO.PR.Y	FixedReset Disc	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 4.12 %
CM.PR.O	FixedReset Disc	2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 4.20 %
BNS.PR.I	FixedReset Disc	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 3.90 %
BIP.PR.E	FixedReset Disc	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 5.70 %
NA.PR.E	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 18.54 Evaluated at bid price : 18.54 Bid-YTW : 4.26 %
GWO.PR.I	Deemed-Retractible	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.49 Evaluated at bid price : 23.76 Bid-YTW : 4.75 %
BAM.PR.X	FixedReset Disc	2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 11.12 Evaluated at bid price : 11.12 Bid-YTW : 5.03 %
BIP.PR.A	FixedReset Disc	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.78 %
NA.PR.C	FixedReset Disc	2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.44 Evaluated at bid price : 23.76 Bid-YTW : 4.04 %
IFC.PR.C	FixedReset Ins Non	2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 4.54 %
IFC.PR.A	FixedReset Ins Non	3.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 12.43 Evaluated at bid price : 12.43 Bid-YTW : 4.58 %
TD.PF.D	FixedReset Disc	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.18 Evaluated at bid price : 19.18 Bid-YTW : 4.20 %
MFC.PR.N	FixedReset Ins Non	4.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.22 Evaluated at bid price : 17.22 Bid-YTW : 4.25 %
MFC.PR.L	FixedReset Ins Non	4.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 4.23 %
IAF.PR.G	FixedReset Ins Non	4.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 18.22 Evaluated at bid price : 18.22 Bid-YTW : 4.52 %
RY.PR.J	FixedReset Disc	17.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.08 %
MFC.PR.G	FixedReset Ins Non	23.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 4.36 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PWF.PR.P	FixedReset Disc	359,807	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 10.35 Evaluated at bid price : 10.35 Bid-YTW : 4.86 %
CM.PR.T	FixedReset Disc	161,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.11 Evaluated at bid price : 24.48 Bid-YTW : 3.96 %
PVS.PR.I	SplitShare	148,200	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.76 %
IFC.PR.C	FixedReset Ins Non	94,215	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 4.54 %
TD.PF.B	FixedReset Disc	70,429	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 4.10 %
TD.PF.M	FixedReset Disc	69,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.33 Evaluated at bid price : 25.18 Bid-YTW : 4.08 %
There were 44 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.I	Perpetual-Premium	Quote: 25.73 – 27.00 Spot Rate : 1.2700 Average : 0.7685 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.73 Bid-YTW : 5.02 %
MFC.PR.C	Deemed-Retractible	Quote: 23.92 – 24.90 Spot Rate : 0.9800 Average : 0.5595 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 4.73 %
MFC.PR.K	FixedReset Ins Non	Quote: 16.85 – 17.90 Spot Rate : 1.0500 Average : 0.7345 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 4.29 %
MFC.PR.H	FixedReset Ins Non	Quote: 19.92 – 20.74 Spot Rate : 0.8200 Average : 0.5544 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 4.51 %
BNS.PR.I	FixedReset Disc	Quote: 20.12 – 20.88 Spot Rate : 0.7600 Average : 0.5304 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 3.90 %
BAM.PF.D	Perpetual-Discount	Quote: 23.31 – 23.70 Spot Rate : 0.3900 Average : 0.2414 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-07 Maturity Price : 23.02 Evaluated at bid price : 23.31 Bid-YTW : 5.28 %

Market Action

October 6, 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	1.0492 %	1,656.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.0492 %	3,039.6
Floater	5.14 %	5.17 %	50,765	15.24	3	1.0492 %	1,751.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.2053 %	3,513.1
SplitShare	4.83 %	4.82 %	55,626	3.59	8	0.2053 %	4,195.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2053 %	3,273.4
Perpetual-Premium	5.29 %	3.47 %	84,731	0.15	17	-0.0023 %	3,178.4
Perpetual-Discount	5.09 %	5.08 %	92,067	15.08	17	0.1168 %	3,603.1
FixedReset Disc	5.53 %	4.35 %	127,359	16.36	65	-0.3944 %	2,085.9
Deemed-Retractible	5.04 %	4.79 %	106,942	15.29	22	0.5225 %	3,519.5
FloatingReset	1.99 %	2.90 %	40,714	1.30	3	-0.1179 %	1,792.1
FixedReset Prem	5.22 %	3.77 %	250,550	0.84	14	0.2489 %	2,635.7
FixedReset Bank Non	1.95 %	2.29 %	100,981	1.30	2	-0.1406 %	2,854.8
FixedReset Ins Non	5.71 %	4.38 %	79,005	16.13	22	-1.3620 %	2,114.8

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.G	FixedReset Ins Non	-18.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.39 %
RY.PR.J	FixedReset Disc	-14.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.80 %
IAF.PR.G	FixedReset Ins Non	-5.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 4.73 %
MFC.PR.I	FixedReset Ins Non	-3.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 4.50 %
TD.PF.D	FixedReset Disc	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 4.35 %
MFC.PR.N	FixedReset Ins Non	-3.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 4.44 %
BNS.PR.I	FixedReset Disc	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 3.99 %
BIP.PR.A	FixedReset Disc	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 5.93 %
NA.PR.G	FixedReset Disc	-2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.41 %
NA.PR.E	FixedReset Disc	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 4.35 %
IFC.PR.G	FixedReset Ins Non	-2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 4.73 %
NA.PR.C	FixedReset Disc	-2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 22.83 Evaluated at bid price : 23.15 Bid-YTW : 4.15 %
SLF.PR.H	FixedReset Ins Non	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 4.28 %
BIP.PR.E	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 5.83 %
BAM.PR.X	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 10.85 Evaluated at bid price : 10.85 Bid-YTW : 5.16 %
IFC.PR.A	FixedReset Ins Non	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 12.02 Evaluated at bid price : 12.02 Bid-YTW : 4.74 %
CM.PR.O	FixedReset Disc	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 4.29 %
IAF.PR.I	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 4.39 %
BMO.PR.W	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.14 %
SLF.PR.B	Deemed-Retractible	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 24.69 Evaluated at bid price : 25.01 Bid-YTW : 4.81 %
SLF.PR.A	Deemed-Retractible	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 24.51 Evaluated at bid price : 24.76 Bid-YTW : 4.81 %
GWO.PR.H	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 24.29 Evaluated at bid price : 24.59 Bid-YTW : 4.95 %
BAM.PR.C	Floater	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 8.35 Evaluated at bid price : 8.35 Bid-YTW : 5.17 %
BAM.PR.T	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 13.18 Evaluated at bid price : 13.18 Bid-YTW : 5.27 %
SLF.PR.D	Deemed-Retractible	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 23.35 Evaluated at bid price : 23.64 Bid-YTW : 4.72 %
POW.PR.D	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-05 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 3.52 %
GWO.PR.I	Deemed-Retractible	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 22.92 Evaluated at bid price : 23.19 Bid-YTW : 4.87 %
TRP.PR.D	FixedReset Disc	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 13.78 Evaluated at bid price : 13.78 Bid-YTW : 5.42 %
SLF.PR.C	Deemed-Retractible	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 23.51 Evaluated at bid price : 23.78 Bid-YTW : 4.69 %
BIK.PR.A	FixedReset Prem	1.86 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 5.66 %
MFC.PR.M	FixedReset Ins Non	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 4.31 %
MFC.PR.H	FixedReset Ins Non	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 20.43 Evaluated at bid price : 20.43 Bid-YTW : 4.39 %
SLF.PR.I	FixedReset Ins Non	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 4.26 %
BAM.PF.J	FixedReset Disc	2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 23.43 Evaluated at bid price : 24.75 Bid-YTW : 4.75 %
BIP.PR.F	FixedReset Disc	2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 21.73 Evaluated at bid price : 22.00 Bid-YTW : 5.83 %
SLF.PR.G	FixedReset Ins Non	3.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 10.74 Evaluated at bid price : 10.74 Bid-YTW : 4.19 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PVS.PR.I	SplitShare	367,425	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.80 %
GWO.PR.H	Deemed-Retractible	88,376	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 24.29 Evaluated at bid price : 24.59 Bid-YTW : 4.95 %
GWO.PR.I	Deemed-Retractible	56,822	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 22.92 Evaluated at bid price : 23.19 Bid-YTW : 4.87 %
TD.PF.M	FixedReset Disc	56,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 23.28 Evaluated at bid price : 25.02 Bid-YTW : 4.11 %
SLF.PR.E	Deemed-Retractible	47,385	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 23.42 Evaluated at bid price : 23.71 Bid-YTW : 4.76 %
RY.PR.J	FixedReset Disc	44,885	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.80 %
There were 41 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.C	FixedReset Ins Non	Quote: 16.42 – 23.99 Spot Rate : 7.5700 Average : 4.0966 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 4.67 %
IAF.PR.G	FixedReset Ins Non	Quote: 17.40 – 25.00 Spot Rate : 7.6000 Average : 4.2271 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 4.73 %
MFC.PR.G	FixedReset Ins Non	Quote: 15.50 – 19.30 Spot Rate : 3.8000 Average : 2.3919 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.39 %
RY.PR.J	FixedReset Disc	Quote: 16.55 – 19.55 Spot Rate : 3.0000 Average : 1.6927 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 4.80 %
MFC.PR.L	FixedReset Ins Non	Quote: 15.81 – 18.00 Spot Rate : 2.1900 Average : 1.2472 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 4.42 %
MFC.PR.I	FixedReset Ins Non	Quote: 18.75 – 20.00 Spot Rate : 1.2500 Average : 0.7192 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-06 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 4.50 %

Market Action

October 5, 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	0.1212 %	1,639.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1212 %	3,008.0
Floater	5.19 %	5.23 %	52,795	15.14	3	0.1212 %	1,733.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1026 %	3,505.9
SplitShare	4.85 %	4.84 %	55,646	3.59	7	-0.1026 %	4,186.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1026 %	3,266.7
Perpetual-Premium	5.29 %	2.54 %	79,669	0.09	17	-0.0275 %	3,178.5
Perpetual-Discount	5.10 %	5.10 %	90,111	15.05	17	0.1877 %	3,598.9
FixedReset Disc	5.50 %	4.24 %	126,174	16.43	65	0.5835 %	2,094.2
Deemed-Retractible	5.07 %	4.80 %	105,754	15.30	22	0.6803 %	3,501.2
FloatingReset	1.98 %	2.90 %	39,546	1.31	3	-0.3938 %	1,794.2
FixedReset Prem	5.23 %	3.64 %	248,252	0.84	14	-0.0287 %	2,629.2
FixedReset Bank Non	1.94 %	2.04 %	101,458	1.30	2	0.1182 %	2,858.9
FixedReset Ins Non	5.64 %	4.36 %	79,176	16.24	22	0.7264 %	2,144.0

Performance Highlights
Issue	Index	Change	Notes
BAM.PF.J	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.17 Evaluated at bid price : 24.14 Bid-YTW : 4.89 %
BIK.PR.A	FixedReset Prem	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.22 Evaluated at bid price : 24.75 Bid-YTW : 5.88 %
GWO.PR.N	FixedReset Ins Non	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 4.26 %
RY.PR.H	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 3.95 %
BMO.PR.T	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 4.19 %
CU.PR.F	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.44 Evaluated at bid price : 23.95 Bid-YTW : 4.72 %
TD.PF.L	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.19 Evaluated at bid price : 24.70 Bid-YTW : 3.93 %
TRP.PR.C	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 8.72 Evaluated at bid price : 8.72 Bid-YTW : 5.49 %
MFC.PR.L	FixedReset Ins Non	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 4.40 %
GWO.PR.H	Deemed-Retractible	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 24.06 Evaluated at bid price : 24.32 Bid-YTW : 5.01 %
CM.PR.S	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 4.09 %
SLF.PR.D	Deemed-Retractible	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.04 Evaluated at bid price : 23.31 Bid-YTW : 4.79 %
MFC.PR.M	FixedReset Ins Non	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 4.40 %
CM.PR.Y	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.40 Evaluated at bid price : 25.40 Bid-YTW : 4.03 %
MFC.PR.G	FixedReset Ins Non	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 4.40 %
CM.PR.T	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.07 Evaluated at bid price : 24.40 Bid-YTW : 3.97 %
BAM.PF.B	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 5.27 %
IAF.PR.B	Deemed-Retractible	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 24.06 Evaluated at bid price : 24.32 Bid-YTW : 4.74 %
MFC.PR.C	Deemed-Retractible	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.14 Evaluated at bid price : 23.40 Bid-YTW : 4.83 %
MFC.PR.I	FixedReset Ins Non	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.34 %
CM.PR.R	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 22.83 Evaluated at bid price : 23.20 Bid-YTW : 4.09 %
IFC.PR.A	FixedReset Ins Non	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 4.67 %
PWF.PR.T	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 4.61 %
BNS.PR.I	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 3.86 %
NA.PR.C	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.33 Evaluated at bid price : 23.65 Bid-YTW : 4.06 %
BAM.PR.R	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 12.67 Evaluated at bid price : 12.67 Bid-YTW : 5.33 %
SLF.PR.A	Deemed-Retractible	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 4.86 %
SLF.PR.C	Deemed-Retractible	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.11 Evaluated at bid price : 23.37 Bid-YTW : 4.78 %
GWO.PR.P	Deemed-Retractible	1.39 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-04 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -17.05 %
TD.PF.J	FixedReset Disc	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 4.13 %
GWO.PR.I	Deemed-Retractible	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 4.94 %
IAF.PR.G	FixedReset Ins Non	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.47 Evaluated at bid price : 18.47 Bid-YTW : 4.45 %
NA.PR.E	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 4.24 %
MFC.PR.Q	FixedReset Ins Non	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 4.35 %
MFC.PR.N	FixedReset Ins Non	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 4.30 %
CU.PR.C	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.35 %
BMO.PR.D	FixedReset Disc	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 21.80 Evaluated at bid price : 22.30 Bid-YTW : 4.07 %
PWF.PR.P	FixedReset Disc	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 10.35 Evaluated at bid price : 10.35 Bid-YTW : 4.86 %
RY.PR.S	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 3.83 %
SLF.PR.H	FixedReset Ins Non	2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 15.31 Evaluated at bid price : 15.31 Bid-YTW : 4.19 %
BIP.PR.E	FixedReset Disc	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 21.57 Evaluated at bid price : 21.97 Bid-YTW : 5.71 %
MFC.PR.F	FixedReset Ins Non	4.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 10.68 Evaluated at bid price : 10.68 Bid-YTW : 4.23 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.T	FixedReset Disc	115,098	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.07 Evaluated at bid price : 24.40 Bid-YTW : 3.97 %
TD.PF.L	FixedReset Disc	84,894	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.19 Evaluated at bid price : 24.70 Bid-YTW : 3.93 %
SLF.PR.A	Deemed-Retractible	75,328	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 4.86 %
CM.PR.R	FixedReset Disc	67,422	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 22.83 Evaluated at bid price : 23.20 Bid-YTW : 4.09 %
TD.PF.M	FixedReset Disc	55,670	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.27 Evaluated at bid price : 25.00 Bid-YTW : 4.11 %
CM.PR.O	FixedReset Disc	30,958	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 4.24 %
There were 31 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.A	FixedReset Disc	Quote: 11.80 – 12.99 Spot Rate : 1.1900 Average : 0.8653 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 5.54 %
CM.PR.Q	FixedReset Disc	Quote: 18.87 – 20.00 Spot Rate : 1.1300 Average : 0.8243 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 18.87 Evaluated at bid price : 18.87 Bid-YTW : 4.19 %
RY.PR.P	Perpetual-Premium	Quote: 26.41 – 26.99 Spot Rate : 0.5800 Average : 0.3712 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-02-24 Maturity Price : 26.00 Evaluated at bid price : 26.41 Bid-YTW : 2.45 %
BAM.PF.J	FixedReset Disc	Quote: 24.14 – 24.75 Spot Rate : 0.6100 Average : 0.4549 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 23.17 Evaluated at bid price : 24.14 Bid-YTW : 4.89 %
BIP.PR.C	FixedReset Disc	Quote: 23.21 – 23.75 Spot Rate : 0.5400 Average : 0.3969 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 22.67 Evaluated at bid price : 23.21 Bid-YTW : 5.78 %
BIP.PR.F	FixedReset Disc	Quote: 21.39 – 22.29 Spot Rate : 0.9000 Average : 0.7817 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-05 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 6.01 %

Market Action

October 2, 2020

It’s a bit odd calling +661,000 a bad jobs number but here we are:

Job growth slowed further in September, as fading government support and the failure to contain the coronavirus threatened to short-circuit the once-promising economic recovery.

Employers brought back 661,000 jobs in September, the Labor Department said Friday. That is down from 1.5 million in August, and far below the 4.8 million jobs added in June. The unemployment rate fell to 7.9 percent, in part because nearly 700,000 people left the labor force.

The monthly report, the last before the presidential election, is the latest sign that the recovery is losing steam. Government data released on Thursday showed that personal income fell in August and that consumer spending grew more slowly as supplemental unemployment benefits expired.

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	-0.4825 %	1,637.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4825 %	3,004.4
Floater	5.20 %	5.23 %	53,179	15.14	3	-0.4825 %	1,731.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.1884 %	3,509.5
SplitShare	4.84 %	4.81 %	55,755	3.60	7	0.1884 %	4,191.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1884 %	3,270.0
Perpetual-Premium	5.29 %	0.36 %	78,792	0.09	17	0.4441 %	3,179.3
Perpetual-Discount	5.11 %	5.13 %	88,131	15.12	17	0.9350 %	3,592.1
FixedReset Disc	5.53 %	4.22 %	125,523	16.38	65	0.0724 %	2,082.0
Deemed-Retractible	5.10 %	4.84 %	105,044	15.34	22	0.3451 %	3,477.5
FloatingReset	2.02 %	2.29 %	39,298	1.31	3	0.2349 %	1,801.3
FixedReset Prem	5.21 %	4.01 %	249,847	0.78	14	0.0591 %	2,629.9
FixedReset Bank Non	1.94 %	2.23 %	139,830	1.31	2	0.2413 %	2,855.5
FixedReset Ins Non	5.68 %	4.37 %	80,201	16.17	22	0.3409 %	2,128.5

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.F	FixedReset Disc	-4.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 6.01 %
TRP.PR.C	FixedReset Disc	-4.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 8.63 Evaluated at bid price : 8.63 Bid-YTW : 5.48 %
IAF.PR.G	FixedReset Ins Non	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 4.50 %
MFC.PR.H	FixedReset Ins Non	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.97 Evaluated at bid price : 19.97 Bid-YTW : 4.47 %
GWO.PR.N	FixedReset Ins Non	-2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 4.17 %
PWF.PR.T	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.65 %
MFC.PR.Q	FixedReset Ins Non	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 4.40 %
BIP.PR.C	FixedReset Disc	-2.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.62 Evaluated at bid price : 23.15 Bid-YTW : 5.79 %
BIP.PR.D	FixedReset Disc	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 21.77 Evaluated at bid price : 22.25 Bid-YTW : 5.63 %
BAM.PR.R	FixedReset Disc	-2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.36 %
BIP.PR.B	FixedReset Disc	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.63 Evaluated at bid price : 23.71 Bid-YTW : 5.79 %
PWF.PR.P	FixedReset Disc	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 4.90 %
TD.PF.E	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.21 %
BAM.PF.G	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 15.05 Evaluated at bid price : 15.05 Bid-YTW : 5.37 %
RY.PR.S	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 3.88 %
BMO.PR.D	FixedReset Disc	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 21.51 Evaluated at bid price : 21.88 Bid-YTW : 4.14 %
MFC.PR.R	FixedReset Ins Non	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.80 Evaluated at bid price : 24.20 Bid-YTW : 4.37 %
TD.PF.K	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 4.15 %
MFC.PR.I	FixedReset Ins Non	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 4.37 %
IFC.PR.A	FixedReset Ins Non	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 12.04 Evaluated at bid price : 12.04 Bid-YTW : 4.69 %
NA.PR.E	FixedReset Disc	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 4.32 %
TD.PF.B	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.12 %
BIP.PR.E	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.86 %
SLF.PR.H	FixedReset Ins Non	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 4.25 %
TRP.PR.G	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 5.51 %
TD.PF.D	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
BAM.PR.T	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 12.91 Evaluated at bid price : 12.91 Bid-YTW : 5.34 %
RY.PR.J	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 4.09 %
TRP.PR.D	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 5.48 %
IAF.PR.I	FixedReset Ins Non	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.33 %
CU.PR.G	Perpetual-Discount	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.17 Evaluated at bid price : 23.59 Bid-YTW : 4.80 %
IAF.PR.B	Deemed-Retractible	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.70 Evaluated at bid price : 24.01 Bid-YTW : 4.80 %
TRP.PR.B	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 4.90 %
BAM.PF.D	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.14 Evaluated at bid price : 23.43 Bid-YTW : 5.25 %
MFC.PR.M	FixedReset Ins Non	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 4.42 %
CU.PR.E	Perpetual-Discount	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 24.77 Evaluated at bid price : 25.08 Bid-YTW : 4.92 %
TD.PF.L	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.09 Evaluated at bid price : 24.45 Bid-YTW : 3.97 %
CM.PR.T	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.95 Evaluated at bid price : 24.10 Bid-YTW : 4.02 %
BAM.PF.C	Perpetual-Discount	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.60 Evaluated at bid price : 22.87 Bid-YTW : 5.32 %
BAM.PR.N	Perpetual-Discount	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.30 %
TRP.PR.K	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.62 Evaluated at bid price : 24.84 Bid-YTW : 4.92 %
BAM.PF.A	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.27 %
CU.PR.F	Perpetual-Discount	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.24 Evaluated at bid price : 23.71 Bid-YTW : 4.77 %
BAM.PR.M	Perpetual-Discount	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.41 Evaluated at bid price : 22.67 Bid-YTW : 5.26 %
GWO.PR.R	Deemed-Retractible	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 24.11 Evaluated at bid price : 24.38 Bid-YTW : 4.94 %
POW.PR.D	Perpetual-Discount	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 5.05 %
POW.PR.B	Perpetual-Discount	2.54 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-01 Maturity Price : 25.00 Evaluated at bid price : 25.48 Bid-YTW : -19.15 %
MFC.PR.K	FixedReset Ins Non	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 16.71 Evaluated at bid price : 16.71 Bid-YTW : 4.30 %
IFC.PR.G	FixedReset Ins Non	3.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 4.55 %
MFC.PR.G	FixedReset Ins Non	20.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.42 %
RY.PR.M	FixedReset Disc	55.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 4.04 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.C	FixedReset Disc	131,271	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 4.01 %
TD.PF.L	FixedReset Disc	125,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.09 Evaluated at bid price : 24.45 Bid-YTW : 3.97 %
SLF.PR.A	Deemed-Retractible	102,265	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.93 Evaluated at bid price : 24.17 Bid-YTW : 4.93 %
CM.PR.P	FixedReset Disc	91,080	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 4.09 %
TD.PF.M	FixedReset Disc	78,040	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.23 Evaluated at bid price : 24.90 Bid-YTW : 4.12 %
BMO.PR.C	FixedReset Disc	54,397	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 23.00 Evaluated at bid price : 23.40 Bid-YTW : 4.02 %
There were 44 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.T	FixedReset Disc	Quote: 16.40 – 17.98 Spot Rate : 1.5800 Average : 1.0711 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.65 %
CU.PR.C	FixedReset Disc	Quote: 16.10 – 18.00 Spot Rate : 1.9000 Average : 1.5208 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 4.41 %
GWO.PR.G	Deemed-Retractible	Quote: 25.12 – 25.99 Spot Rate : 0.8700 Average : 0.4971 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-01 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : -0.30 %
BIP.PR.F	FixedReset Disc	Quote: 21.38 – 22.30 Spot Rate : 0.9200 Average : 0.6520 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 21.38 Evaluated at bid price : 21.38 Bid-YTW : 6.01 %
BIP.PR.B	FixedReset Disc	Quote: 23.71 – 24.45 Spot Rate : 0.7400 Average : 0.5418 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 22.63 Evaluated at bid price : 23.71 Bid-YTW : 5.79 %
NA.PR.E	FixedReset Disc	Quote: 18.55 – 18.99 Spot Rate : 0.4400 Average : 0.2676 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-02 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 4.32 %

Market Action

October 1, 2020

Sorry, this report will be delayed until the evening of October 2.

Update, 2020-10-3:

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	0.6883 %	1,645.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6883 %	3,018.9
Floater	5.17 %	5.20 %	53,502	15.20	3	0.6883 %	1,739.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0057 %	3,502.9
SplitShare	4.85 %	4.96 %	54,255	3.60	7	0.0057 %	4,183.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0057 %	3,263.9
Perpetual-Premium	5.31 %	2.98 %	78,175	0.08	17	0.3428 %	3,165.3
Perpetual-Discount	5.16 %	5.18 %	88,341	15.09	17	0.7412 %	3,558.8
FixedReset Disc	5.53 %	4.26 %	119,124	16.38	65	-0.0436 %	2,080.5
Deemed-Retractible	5.12 %	4.93 %	100,838	15.33	22	0.2335 %	3,465.6
FloatingReset	2.03 %	2.88 %	38,735	1.31	3	0.1008 %	1,797.1
FixedReset Prem	5.21 %	4.02 %	244,048	0.79	14	-0.0225 %	2,628.4
FixedReset Bank Non	1.94 %	2.28 %	133,721	1.31	2	0.1611 %	2,848.6
FixedReset Ins Non	5.70 %	4.31 %	81,327	16.25	22	-0.4178 %	2,121.3

Performance Highlights
Issue	Index	Change	Notes
RY.PR.M	FixedReset Disc	-35.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.30 %
MFC.PR.G	FixedReset Ins Non	-17.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.36 %
IFC.PR.G	FixedReset Ins Non	-4.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 4.71 %
TRP.PR.B	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 8.36 Evaluated at bid price : 8.36 Bid-YTW : 4.96 %
TRP.PR.A	FixedReset Disc	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.56 %
BAM.PF.A	FixedReset Disc	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 5.34 %
BIP.PR.E	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.76 %
NA.PR.C	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 23.09 Evaluated at bid price : 23.41 Bid-YTW : 4.15 %
PWF.PR.K	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 23.99 Evaluated at bid price : 24.24 Bid-YTW : 5.18 %
RY.PR.Z	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 3.87 %
PWF.PR.T	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 4.53 %
BAM.PR.T	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 5.28 %
CM.PR.O	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 4.21 %
TRP.PR.G	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.44 %
BAM.PF.C	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 22.30 Evaluated at bid price : 22.57 Bid-YTW : 5.39 %
BAM.PR.B	Floater	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 8.30 Evaluated at bid price : 8.30 Bid-YTW : 5.20 %
CM.PR.Q	FixedReset Disc	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 18.62 Evaluated at bid price : 18.62 Bid-YTW : 4.22 %
SLF.PR.I	FixedReset Ins Non	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.26 %
BAM.PR.R	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 12.77 Evaluated at bid price : 12.77 Bid-YTW : 5.25 %
BAM.PR.N	Perpetual-Discount	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 5.37 %
MFC.PR.L	FixedReset Ins Non	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 15.68 Evaluated at bid price : 15.68 Bid-YTW : 4.43 %
BIP.PR.D	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 22.36 Evaluated at bid price : 22.75 Bid-YTW : 5.51 %
MFC.PR.H	FixedReset Ins Non	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 4.35 %
PWF.PR.S	Perpetual-Discount	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 23.22 Evaluated at bid price : 23.70 Bid-YTW : 5.12 %
BAM.PR.M	Perpetual-Discount	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 22.08 Evaluated at bid price : 22.31 Bid-YTW : 5.35 %
SLF.PR.H	FixedReset Ins Non	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 4.19 %
TRP.PR.F	FloatingReset	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 10.33 Evaluated at bid price : 10.33 Bid-YTW : 5.02 %
MFC.PR.N	FixedReset Ins Non	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 16.86 Evaluated at bid price : 16.86 Bid-YTW : 4.31 %
MFC.PR.I	FixedReset Ins Non	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 4.31 %
BAM.PF.I	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 24.22 Evaluated at bid price : 24.56 Bid-YTW : 4.90 %
TD.PF.K	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.09 %
RY.PR.J	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 4.05 %
TD.PF.D	FixedReset Disc	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 19.22 Evaluated at bid price : 19.22 Bid-YTW : 4.17 %
RY.PR.S	FixedReset Disc	1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 3.81 %
BAM.PF.D	Perpetual-Discount	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 22.88 Evaluated at bid price : 23.17 Bid-YTW : 5.31 %
BAM.PF.J	FixedReset Disc	2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 23.31 Evaluated at bid price : 24.45 Bid-YTW : 4.82 %
BIP.PR.A	FixedReset Disc	2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 17.16 Evaluated at bid price : 17.16 Bid-YTW : 5.76 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.A	Deemed-Retractible	109,006	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 23.92 Evaluated at bid price : 24.18 Bid-YTW : 4.93 %
RY.PR.Q	FixedReset Prem	79,145	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 3.54 %
TRP.PR.D	FixedReset Disc	63,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 5.42 %
GWO.PR.I	Deemed-Retractible	57,858	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 22.18 Evaluated at bid price : 22.46 Bid-YTW : 5.02 %
CM.PR.P	FixedReset Disc	51,690	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.14 %
TD.PF.H	FixedReset Prem	38,175	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 4.20 %
There were 26 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 – 19.25 Spot Rate : 7.2700 Average : 4.9945 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.30 %
MFC.PR.G	FixedReset Ins Non	Quote: 15.50 – 19.29 Spot Rate : 3.7900 Average : 2.5730 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.36 %
CU.PR.C	FixedReset Disc	Quote: 16.10 – 18.00 Spot Rate : 1.9000 Average : 1.1050 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 4.40 %
IFC.PR.G	FixedReset Ins Non	Quote: 17.04 – 18.14 Spot Rate : 1.1000 Average : 0.6851 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 4.71 %
EIT.PR.A	SplitShare	Quote: 25.20 – 26.20 Spot Rate : 1.0000 Average : 0.6519 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.64 %
MFC.PR.F	FixedReset Ins Non	Quote: 10.25 – 11.04 Spot Rate : 0.7900 Average : 0.5200 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-10-01 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.36 %

Market Action

September 30, 2020

Click for Big

TXPR closed at 582.42, up 1.42% on the day. Volume today was 3.48-million, highest of the past thirty days and well ahead of second-place September 9.

CPD closed at 11.58, up 1.14% on the day. Volume was 74,620, well above the median of the past 30 trading days.

ZPR closed at 9.12, up 1.56% on the day. Volume of 155,437 was well below the median of the past 30 trading days.

Five-year Canada yields were up 1bp to 0.35% today.

PerpetualDiscounts now yield 5.24%, equivalent to 6.81% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.86%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed to 395bp from the 405bp reported September 23.

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 %	1,634.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,998.3
Floater	5.21 %	5.21 %	53,678	15.13	3	0.0000 %	1,727.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.0514 %	3,502.7
SplitShare	4.85 %	4.80 %	52,527	3.61	7	0.0514 %	4,182.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0514 %	3,263.7
Perpetual-Premium	5.31 %	4.25 %	77,382	3.52	17	0.3244 %	3,154.5
Perpetual-Discount	5.21 %	5.24 %	94,438	14.96	17	0.2448 %	3,532.7
FixedReset Disc	5.51 %	4.25 %	119,803	16.35	68	1.3536 %	2,081.4
Deemed-Retractible	5.02 %	4.90 %	121,274	15.20	27	0.2386 %	3,457.5
FloatingReset	2.86 %	2.13 %	49,756	1.31	3	0.6328 %	1,795.3
FixedReset Prem	5.23 %	4.19 %	282,098	0.79	11	0.3121 %	2,629.0
FixedReset Bank Non	1.95 %	2.25 %	138,142	1.31	2	-0.0201 %	2,844.0
FixedReset Ins Non	5.67 %	4.39 %	82,273	16.20	22	1.5754 %	2,130.2

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.A	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 16.73 Evaluated at bid price : 16.73 Bid-YTW : 5.91 %
EML.PR.A	FixedReset Ins Non	-1.07 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.89 %
MFC.PR.I	FixedReset Ins Non	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 4.38 %
IFC.PR.C	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 16.34 Evaluated at bid price : 16.34 Bid-YTW : 4.66 %
W.PR.M	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 24.55 Evaluated at bid price : 24.90 Bid-YTW : 5.22 %
NA.PR.C	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.33 Evaluated at bid price : 23.65 Bid-YTW : 4.10 %
TD.PF.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.06 %
IFC.PR.G	FixedReset Ins Non	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.49 %
TD.PF.B	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 4.10 %
NA.PR.G	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 4.35 %
BMO.PR.Y	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.13 %
BMO.PR.F	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.35 Evaluated at bid price : 25.20 Bid-YTW : 3.97 %
NA.PR.S	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 17.46 Evaluated at bid price : 17.46 Bid-YTW : 4.35 %
MFC.PR.N	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 16.58 Evaluated at bid price : 16.58 Bid-YTW : 4.39 %
BIP.PR.C	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 22.98 Evaluated at bid price : 23.54 Bid-YTW : 5.69 %
CM.PR.T	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 22.81 Evaluated at bid price : 23.80 Bid-YTW : 4.08 %
GWO.PR.N	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.07 %
NA.PR.E	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 18.87 Evaluated at bid price : 18.87 Bid-YTW : 4.25 %
MFC.PR.H	FixedReset Ins Non	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 4.42 %
BAM.PF.B	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 15.57 Evaluated at bid price : 15.57 Bid-YTW : 5.32 %
BAM.PF.G	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 5.31 %
BAM.PF.I	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.74 Evaluated at bid price : 24.14 Bid-YTW : 4.98 %
PWF.PR.T	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 4.58 %
BAM.PR.R	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 12.59 Evaluated at bid price : 12.59 Bid-YTW : 5.32 %
TD.PF.L	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 22.90 Evaluated at bid price : 24.00 Bid-YTW : 4.06 %
BAM.PF.J	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.06 Evaluated at bid price : 23.91 Bid-YTW : 4.94 %
TRP.PR.A	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 11.87 Evaluated at bid price : 11.87 Bid-YTW : 5.48 %
SLF.PR.G	FixedReset Ins Non	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 10.24 Evaluated at bid price : 10.24 Bid-YTW : 4.36 %
BAM.PF.H	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.98 Evaluated at bid price : 24.80 Bid-YTW : 5.02 %
BAM.PF.E	FixedReset Disc	2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.31 %
TRP.PR.E	FixedReset Disc	2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 13.59 Evaluated at bid price : 13.59 Bid-YTW : 5.42 %
MFC.PR.Q	FixedReset Ins Non	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 4.32 %
SLF.PR.J	FloatingReset	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 9.52 Evaluated at bid price : 9.52 Bid-YTW : 4.07 %
BAM.PF.F	FixedReset Disc	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 5.29 %
IFC.PR.I	Perpetual-Premium	2.48 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 5.06 %
IFC.PR.A	FixedReset Ins Non	3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 4.60 %
TRP.PR.G	FixedReset Disc	6.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 5.51 %
MFC.PR.G	FixedReset Ins Non	21.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 4.39 %
RY.PR.M	FixedReset Disc	56.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 4.01 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.G	FixedReset Prem	213,450	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.49 Bid-YTW : 4.29 %
BNS.PR.Z	FixedReset Bank Non	103,144	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.94 Bid-YTW : 2.25 %
BMO.PR.F	FixedReset Disc	78,986	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.35 Evaluated at bid price : 25.20 Bid-YTW : 3.97 %
TD.PF.M	FixedReset Disc	66,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.20 Evaluated at bid price : 24.80 Bid-YTW : 4.14 %
TD.PF.A	FixedReset Disc	60,101	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.06 %
BNS.PR.H	FixedReset Prem	58,871	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 23.91 Evaluated at bid price : 25.33 Bid-YTW : 4.49 %
There were 77 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.I	FixedReset Ins Non	Quote: 18.24 – 19.46 Spot Rate : 1.2200 Average : 0.7805 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 4.32 %
BMO.PR.Q	FixedReset Bank Non	Quote: 24.71 – 25.66 Spot Rate : 0.9500 Average : 0.5487 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.71 Bid-YTW : 2.72 %
MFC.PR.N	FixedReset Ins Non	Quote: 16.58 – 17.50 Spot Rate : 0.9200 Average : 0.6288 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 16.58 Evaluated at bid price : 16.58 Bid-YTW : 4.39 %
PWF.PR.R	Perpetual-Premium	Quote: 25.20 – 25.91 Spot Rate : 0.7100 Average : 0.4330 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 24.92 Evaluated at bid price : 25.20 Bid-YTW : 5.54 %
TRP.PR.D	FixedReset Disc	Quote: 13.63 – 14.44 Spot Rate : 0.8100 Average : 0.5522 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 13.63 Evaluated at bid price : 13.63 Bid-YTW : 5.45 %
BNS.PR.I	FixedReset Disc	Quote: 20.20 – 20.89 Spot Rate : 0.6900 Average : 0.4391 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-30 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 3.95 %

Market Action

September 29, 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	0.3249 %	1,634.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3249 %	2,998.3
Floater	5.21 %	5.22 %	53,850	15.11	3	0.3249 %	1,727.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.3415 %	3,500.9
SplitShare	4.86 %	4.87 %	48,980	3.61	7	-0.3415 %	4,180.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.3415 %	3,262.0
Perpetual-Premium	5.33 %	4.30 %	75,962	3.52	17	0.5311 %	3,144.3
Perpetual-Discount	5.22 %	5.23 %	91,140	14.89	17	0.2363 %	3,524.0
FixedReset Disc	5.58 %	4.31 %	118,004	16.30	68	-0.5084 %	2,053.6
Deemed-Retractible	5.03 %	4.92 %	114,276	15.15	27	0.0669 %	3,449.3
FloatingReset	2.88 %	2.21 %	46,509	1.32	3	-0.0903 %	1,784.0
FixedReset Prem	5.25 %	4.43 %	264,361	0.85	11	0.1365 %	2,620.8
FixedReset Bank Non	1.95 %	2.27 %	127,884	1.31	2	0.0000 %	2,844.6
FixedReset Ins Non	5.76 %	4.42 %	81,285	16.01	22	-0.8468 %	2,097.2

Performance Highlights
Issue	Index	Change	Notes
RY.PR.M	FixedReset Disc	-36.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.29 %
MFC.PR.G	FixedReset Ins Non	-17.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.35 %
TRP.PR.G	FixedReset Disc	-5.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.88 %
IFC.PR.I	Perpetual-Premium	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 24.63 Evaluated at bid price : 25.03 Bid-YTW : 5.41 %
BIP.PR.C	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 22.71 Evaluated at bid price : 23.25 Bid-YTW : 5.76 %
IFC.PR.A	FixedReset Ins Non	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 4.76 %
BIP.PR.D	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 21.87 Evaluated at bid price : 22.40 Bid-YTW : 5.59 %
TD.PF.B	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 17.36 Evaluated at bid price : 17.36 Bid-YTW : 4.14 %
BAM.PF.E	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.42 %
BMO.PR.F	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 23.25 Evaluated at bid price : 24.90 Bid-YTW : 4.04 %
BAM.PR.X	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 5.04 %
BIP.PR.F	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 21.95 Evaluated at bid price : 22.30 Bid-YTW : 5.74 %
MFC.PR.Q	FixedReset Ins Non	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 17.99 Evaluated at bid price : 17.99 Bid-YTW : 4.42 %
BMO.PR.Z	Perpetual-Premium	1.66 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.77 Bid-YTW : 4.30 %
RY.PR.N	Perpetual-Premium	1.66 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-11-24 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 4.30 %
RY.PR.O	Perpetual-Premium	1.74 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-11-24 Maturity Price : 25.00 Evaluated at bid price : 25.69 Bid-YTW : 4.32 %
BAM.PR.Z	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 5.38 %
BAM.PR.T	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 5.39 %
BMO.PR.Y	FixedReset Disc	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.18 %
TD.PF.F	Perpetual-Premium	4.13 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-10-31 Maturity Price : 26.00 Evaluated at bid price : 26.23 Bid-YTW : 3.44 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.G	FixedReset Prem	101,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.68 %
BMO.PR.B	FixedReset Prem	99,707	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 4.12 %
TD.PF.M	FixedReset Disc	55,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 23.21 Evaluated at bid price : 24.85 Bid-YTW : 4.12 %
BMO.PR.Y	FixedReset Disc	51,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.18 %
BMO.PR.T	FixedReset Disc	51,246	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 4.17 %
TD.PF.F	Perpetual-Premium	46,615	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-10-31 Maturity Price : 26.00 Evaluated at bid price : 26.23 Bid-YTW : 3.44 %
There were 23 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 – 18.85 Spot Rate : 6.8700 Average : 4.5383 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.29 %
MFC.PR.G	FixedReset Ins Non	Quote: 15.50 – 18.87 Spot Rate : 3.3700 Average : 1.8184 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.35 %
CM.PR.R	FixedReset Disc	Quote: 22.74 – 23.58 Spot Rate : 0.8400 Average : 0.5941 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 22.40 Evaluated at bid price : 22.74 Bid-YTW : 4.15 %
IFC.PR.I	Perpetual-Premium	Quote: 25.03 – 25.70 Spot Rate : 0.6700 Average : 0.4607 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 24.63 Evaluated at bid price : 25.03 Bid-YTW : 5.41 %
TRP.PR.G	FixedReset Disc	Quote: 14.26 – 15.40 Spot Rate : 1.1400 Average : 0.9430 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.88 %
POW.PR.B	Perpetual-Discount	Quote: 24.70 – 25.02 Spot Rate : 0.3200 Average : 0.2006 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-29 Maturity Price : 24.46 Evaluated at bid price : 24.70 Bid-YTW : 5.42 %

Market Action

September 28, 2020

A crazy idea regarding bank regulation has gained traction in Europe and adherents in Canada:

An additional measure could be for the Bank of Canada to follow Europe and evaluate the impact of introducing a “Green Supporting Factor” and a “Brown Penalty.” The idea is simple: due to capital reserve requirements, banks will be able to make more money when they lend to firms in green industries.

Fortunately, there is widespread opposition to the idea:

European banking regulators are sounding the alarm over a proposal from the European Commission and the European Parliament to stimulate more eco-investments by cutting capital requirements for banks that make green loans. The concept is known as the “green supporting factor,” and the politicians touting it want banks to finance more initiatives such as renewable energy projects and eco-friendly homes.
…
“We’re not going to get to a green economy if, in the process, we end up encouraging banks to be insolvent and get into another financial crisis,” José Manuel Campa, the chairperson of the European Banking Authority (EBA), told EURACTIV, a pan-European media network, in an interview.

That’s why the EBA wants to analyze “the evidence” before deciding whether green exposures on bank balance sheets should be given preferential capital treatment. The regulator is also developing a climate change stress test, among other initiatives, as part of its action plan on sustainable finance. Final recommendations are expected in 2025.
…
Trouble is, our federal politicians have already shown they’re not above meddling with the OSFI’s banking regulations for political gain. Earlier this year, the Trudeau government did just that when it announced plans to relax stress tests for mortgages. It was an obvious ploy to curry favour with millennial voters by making it easier to qualify for bigger loans. But when the pandemic hit, Ottawa was forced to suspend those ill-conceived changes.

Let’s face it, Canada tends to adopt ideas from other countries. Given this government’s infatuation with environmental policy, it’s easy for legislators to be seduced by foreign narratives about green discounts.

Fiddling with capital requirements to encourage morally pure enterprises has to be one of the most stupid ideas heard in the past twenty years, but is also one of the most understandable. ‘Hey!’ say the politicians, trying not to drool while on camera ‘We can Do Good and accomplish Great Things … and it won’t cost anybody anything!’

The only way to make a significant dent in carbon emissions is to jack-up the carbon tax to the point where it makes a difference in people’s day-to-day lives. Yes, I want everybody who drives a car to pay for their share. I want everybody who heats a home to pay their share. I want everybody who buys goods made on the other side of the world to pay their share. Because that is the only way to change lifestyles.

In other news, Canada lost rankings in the Global Financial Centres Index:

The latest edition of the Global Financial Centres Index (GFCI) from London-based think-tank Z/Yen Group has Vancouver ranked highest among Canadian cities, but down two spots from its previous ranking to 24th overall.

Montreal held on to the 26th position, while Toronto dropped eight places to 31st and Calgary fell to 51st after being 40th in the previous ranking.

While three of the cities dropped in the rankings, all four of them saw their competitiveness score fall.

But who cares? The banks’ hegemony over the Canadian financial system (vigorously encouraged by the regulators) doesn’t need to be globally competitive – they’ve got lots of clients to screw right in this country.

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	0.0406 %	1,628.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0406 %	2,988.6
Floater	5.22 %	5.24 %	54,383	15.08	3	0.0406 %	1,722.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1194 %	3,512.9
SplitShare	4.84 %	4.78 %	45,353	3.62	7	-0.1194 %	4,195.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1194 %	3,273.2
Perpetual-Premium	5.36 %	4.89 %	77,812	6.80	17	0.0256 %	3,127.6
Perpetual-Discount	5.22 %	5.30 %	91,023	14.87	17	0.2058 %	3,515.7
FixedReset Disc	5.55 %	4.28 %	122,884	16.33	68	0.7938 %	2,064.1
Deemed-Retractible	5.03 %	4.92 %	115,392	15.12	27	0.0167 %	3,447.0
FloatingReset	2.87 %	2.46 %	48,415	1.32	3	-0.1353 %	1,785.6
FixedReset Prem	5.26 %	4.51 %	244,586	0.88	11	-0.0503 %	2,617.2
FixedReset Bank Non	1.95 %	2.24 %	124,151	1.32	2	0.1210 %	2,844.6
FixedReset Ins Non	5.71 %	4.41 %	82,439	16.04	22	0.0053 %	2,115.1

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.B	FixedReset Disc	-3.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 8.40 Evaluated at bid price : 8.40 Bid-YTW : 4.93 %
BAM.PR.Z	FixedReset Disc	-2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 5.49 %
BAM.PR.T	FixedReset Disc	-2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 12.53 Evaluated at bid price : 12.53 Bid-YTW : 5.51 %
BAM.PF.F	FixedReset Disc	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 15.76 Evaluated at bid price : 15.76 Bid-YTW : 5.43 %
BMO.PR.Y	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 4.28 %
PWF.PR.P	FixedReset Disc	-1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 4.90 %
BIK.PR.A	FixedReset Disc	-1.18 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.76 %
SLF.PR.J	FloatingReset	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 9.35 Evaluated at bid price : 9.35 Bid-YTW : 4.15 %
CM.PR.S	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 4.13 %
MFC.PR.Q	FixedReset Ins Non	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 4.49 %
TD.PF.J	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.21 %
MFC.PR.J	FixedReset Ins Non	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 17.99 Evaluated at bid price : 17.99 Bid-YTW : 4.46 %
BIP.PR.D	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 22.28 Evaluated at bid price : 22.66 Bid-YTW : 5.53 %
TRP.PR.K	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 23.50 Evaluated at bid price : 24.55 Bid-YTW : 4.98 %
BIP.PR.A	FixedReset Disc	3.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.82 %
TRP.PR.C	FixedReset Disc	3.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 9.05 Evaluated at bid price : 9.05 Bid-YTW : 5.33 %
TRP.PR.G	FixedReset Disc	5.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 15.05 Evaluated at bid price : 15.05 Bid-YTW : 5.57 %
TD.PF.D	FixedReset Disc	24.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 18.73 Evaluated at bid price : 18.73 Bid-YTW : 4.27 %
RY.PR.M	FixedReset Disc	56.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 4.00 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PF.B	FixedReset Disc	138,024	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.42 %
BNS.PR.G	FixedReset Prem	101,150	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.71 %
PWF.PR.S	Perpetual-Discount	95,975	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 22.89 Evaluated at bid price : 23.28 Bid-YTW : 5.22 %
SLF.PR.A	Deemed-Retractible	88,615	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 4.94 %
MFC.PR.B	Deemed-Retractible	51,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 23.44 Evaluated at bid price : 23.73 Bid-YTW : 4.92 %
RY.PR.H	FixedReset Disc	38,660	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 3.98 %
There were 18 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CM.PR.S	FixedReset Disc	Quote: 18.25 – 18.79 Spot Rate : 0.5400 Average : 0.3530 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 4.13 %
BAM.PR.Z	FixedReset Disc	Quote: 16.10 – 16.62 Spot Rate : 0.5200 Average : 0.3639 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 5.49 %
CM.PR.R	FixedReset Disc	Quote: 22.73 – 23.20 Spot Rate : 0.4700 Average : 0.3244 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 22.39 Evaluated at bid price : 22.73 Bid-YTW : 4.15 %
MFC.PR.K	FixedReset Ins Non	Quote: 16.40 – 17.00 Spot Rate : 0.6000 Average : 0.4839 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.38 %
CM.PR.T	FixedReset Disc	Quote: 23.27 – 23.70 Spot Rate : 0.4300 Average : 0.3198 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 22.53 Evaluated at bid price : 23.27 Bid-YTW : 4.20 %
NA.PR.S	FixedReset Disc	Quote: 17.35 – 17.68 Spot Rate : 0.3300 Average : 0.2302 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-28 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 4.38 %

Market Action

September 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	0.1628 %	1,628.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1628 %	2,987.4
Floater	5.23 %	5.24 %	55,152	15.09	3	0.1628 %	1,721.6
OpRet	0.00 %	0.00 %	0	0.00	0	-0.4753 %	3,517.1
SplitShare	4.83 %	4.76 %	45,004	3.62	7	-0.4753 %	4,200.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.4753 %	3,277.1
Perpetual-Premium	5.36 %	4.88 %	78,093	3.92	17	-0.1071 %	3,126.8
Perpetual-Discount	5.23 %	5.31 %	92,287	14.86	17	-0.1386 %	3,508.5
FixedReset Disc	5.59 %	4.38 %	122,724	16.31	68	-0.8585 %	2,047.9
Deemed-Retractible	5.03 %	4.91 %	116,036	15.13	27	-0.1898 %	3,446.4
FloatingReset	2.87 %	2.44 %	45,890	1.33	3	-0.1126 %	1,788.0
FixedReset Prem	5.26 %	4.51 %	246,113	0.88	11	0.0539 %	2,618.5
FixedReset Bank Non	1.95 %	2.20 %	124,092	1.32	2	0.2628 %	2,841.2
FixedReset Ins Non	5.71 %	4.40 %	82,093	16.07	22	-0.0473 %	2,115.0

Performance Highlights
Issue	Index	Change	Notes
RY.PR.M	FixedReset Disc	-37.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.29 %
TD.PF.E	FixedReset Disc	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.21 %
TRP.PR.C	FixedReset Disc	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 8.77 Evaluated at bid price : 8.77 Bid-YTW : 5.50 %
MFC.PR.L	FixedReset Ins Non	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 4.54 %
NA.PR.W	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 16.64 Evaluated at bid price : 16.64 Bid-YTW : 4.39 %
BAM.PF.B	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 5.47 %
SLF.PR.G	FixedReset Ins Non	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 10.03 Evaluated at bid price : 10.03 Bid-YTW : 4.45 %
TD.PF.C	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 4.09 %
BAM.PR.R	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 12.37 Evaluated at bid price : 12.37 Bid-YTW : 5.41 %
BIP.PR.A	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.99 %
CM.PR.P	FixedReset Disc	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 4.18 %
CM.PR.R	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 22.36 Evaluated at bid price : 22.69 Bid-YTW : 4.16 %
MFC.PR.J	FixedReset Ins Non	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 4.51 %
IFC.PR.E	Deemed-Retractible	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 24.51 Evaluated at bid price : 25.00 Bid-YTW : 5.20 %
TD.PF.L	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 22.70 Evaluated at bid price : 23.58 Bid-YTW : 4.15 %
CM.PR.O	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 4.27 %
BIP.PR.D	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 21.87 Evaluated at bid price : 22.40 Bid-YTW : 5.58 %
TRP.PR.B	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 8.66 Evaluated at bid price : 8.66 Bid-YTW : 4.78 %
TD.PF.J	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 4.15 %
BIP.PR.E	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 21.65 Evaluated at bid price : 22.08 Bid-YTW : 5.67 %
EML.PR.A	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 1.86 %
BAM.PF.F	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 16.06 Evaluated at bid price : 16.06 Bid-YTW : 5.32 %
BAM.PF.G	FixedReset Disc	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 15.13 Evaluated at bid price : 15.13 Bid-YTW : 5.33 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.M	FixedReset Disc	57,727	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 23.20 Evaluated at bid price : 24.81 Bid-YTW : 4.13 %
TD.PF.L	FixedReset Disc	52,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 22.70 Evaluated at bid price : 23.58 Bid-YTW : 4.15 %
RY.PR.H	FixedReset Disc	28,641	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 17.74 Evaluated at bid price : 17.74 Bid-YTW : 4.01 %
RY.PR.Z	FixedReset Disc	25,650	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 3.91 %
CM.PR.Y	FixedReset Disc	24,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 23.19 Evaluated at bid price : 24.80 Bid-YTW : 4.13 %
TD.PF.B	FixedReset Disc	23,724	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 4.09 %
There were 24 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 – 19.17 Spot Rate : 7.1900 Average : 3.8806 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.29 %
TD.PF.D	FixedReset Disc	Quote: 15.02 – 19.30 Spot Rate : 4.2800 Average : 3.5158 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 15.02 Evaluated at bid price : 15.02 Bid-YTW : 5.34 %
IFC.PR.C	FixedReset Ins Non	Quote: 16.20 – 23.99 Spot Rate : 7.7900 Average : 7.3714 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 4.69 %
NA.PR.W	FixedReset Disc	Quote: 16.64 – 17.50 Spot Rate : 0.8600 Average : 0.5110 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 16.64 Evaluated at bid price : 16.64 Bid-YTW : 4.39 %
BIP.PR.F	FixedReset Disc	Quote: 22.20 – 22.91 Spot Rate : 0.7100 Average : 0.4725 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 21.88 Evaluated at bid price : 22.20 Bid-YTW : 5.76 %
BIP.PR.B	FixedReset Disc	Quote: 24.05 – 24.79 Spot Rate : 0.7400 Average : 0.5575 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-25 Maturity Price : 23.09 Evaluated at bid price : 24.05 Bid-YTW : 5.70 %

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