Category: Market Action

Market Action

September 30, 2020

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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 %

Market Action

September 24, 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	-0.3650 %	1,625.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3650 %	2,982.5
Floater	5.24 %	5.25 %	54,953	15.08	3	-0.3650 %	1,718.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0622 %	3,533.9
SplitShare	4.81 %	4.60 %	42,166	3.63	7	-0.0622 %	4,220.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0622 %	3,292.7
Perpetual-Premium	5.35 %	4.69 %	78,734	3.74	17	0.2263 %	3,130.2
Perpetual-Discount	5.23 %	5.31 %	92,404	14.90	17	0.0966 %	3,513.4
FixedReset Disc	5.53 %	4.31 %	122,629	16.26	68	-0.5786 %	2,065.6
Deemed-Retractible	5.02 %	4.90 %	115,601	15.10	27	-0.0425 %	3,453.0
FloatingReset	2.87 %	2.44 %	45,066	1.33	3	0.2484 %	1,790.0
FixedReset Prem	5.26 %	4.45 %	248,102	0.89	11	-0.0144 %	2,617.1
FixedReset Bank Non	1.95 %	2.50 %	119,803	1.33	2	-0.2219 %	2,833.7
FixedReset Ins Non	5.71 %	4.40 %	81,422	16.05	22	0.1342 %	2,116.0

Performance Highlights
Issue	Index	Change	Notes
TD.PF.D	FixedReset Disc	-22.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 15.02 Evaluated at bid price : 15.02 Bid-YTW : 5.34 %
TD.PF.J	FixedReset Disc	-3.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 4.21 %
BAM.PF.G	FixedReset Disc	-2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 5.45 %
RY.PR.J	FixedReset Disc	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.06 %
IFC.PR.C	FixedReset Ins Non	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 4.71 %
RY.PR.M	FixedReset Disc	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 3.94 %
BMO.PR.W	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 17.59 Evaluated at bid price : 17.59 Bid-YTW : 4.08 %
TRP.PR.A	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 11.61 Evaluated at bid price : 11.61 Bid-YTW : 5.60 %
BAM.PF.E	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 5.34 %
BIP.PR.A	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.90 %
BAM.PR.X	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 10.88 Evaluated at bid price : 10.88 Bid-YTW : 5.10 %
BAM.PR.R	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 12.57 Evaluated at bid price : 12.57 Bid-YTW : 5.33 %
BAM.PF.F	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 15.79 Evaluated at bid price : 15.79 Bid-YTW : 5.41 %
SLF.PR.I	FixedReset Ins Non	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 4.33 %
BIK.PR.A	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 5.55 %
BIP.PR.B	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 23.19 Evaluated at bid price : 24.15 Bid-YTW : 5.68 %
TD.PF.E	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 4.10 %
TD.PF.I	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 4.05 %
BIP.PR.E	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.75 %
IAF.PR.G	FixedReset Ins Non	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 4.40 %
GWO.PR.N	FixedReset Ins Non	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 10.20 Evaluated at bid price : 10.20 Bid-YTW : 4.08 %
TRP.PR.C	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 8.95 Evaluated at bid price : 8.95 Bid-YTW : 5.39 %
BAM.PF.J	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 22.84 Evaluated at bid price : 23.50 Bid-YTW : 5.04 %
MFC.PR.L	FixedReset Ins Non	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 4.45 %
BIP.PR.D	FixedReset Disc	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 22.27 Evaluated at bid price : 22.64 Bid-YTW : 5.53 %
RY.PR.P	Perpetual-Premium	2.95 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 4.58 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CU.PR.D	Perpetual-Discount	101,481	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 24.18 Evaluated at bid price : 24.44 Bid-YTW : 5.05 %
SLF.PR.B	Deemed-Retractible	75,834	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 24.21 Evaluated at bid price : 24.47 Bid-YTW : 4.91 %
BMO.PR.C	FixedReset Disc	55,780	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 22.87 Evaluated at bid price : 23.26 Bid-YTW : 4.04 %
CM.PR.T	FixedReset Disc	54,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 22.78 Evaluated at bid price : 23.75 Bid-YTW : 4.17 %
SLF.PR.D	Deemed-Retractible	48,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 4.84 %
GWO.PR.Q	Deemed-Retractible	28,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 24.20 Evaluated at bid price : 24.67 Bid-YTW : 5.22 %
There were 26 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.D	FixedReset Disc	Quote: 15.02 – 19.75 Spot Rate : 4.7300 Average : 2.6780 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 15.02 Evaluated at bid price : 15.02 Bid-YTW : 5.34 %
MFC.PR.L	FixedReset Ins Non	Quote: 15.60 – 18.00 Spot Rate : 2.4000 Average : 1.3383 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 4.45 %
IFC.PR.C	FixedReset Ins Non	Quote: 16.15 – 23.99 Spot Rate : 7.8400 Average : 6.9124 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 4.71 %
MFC.PR.N	FixedReset Ins Non	Quote: 16.36 – 17.25 Spot Rate : 0.8900 Average : 0.5607 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 16.36 Evaluated at bid price : 16.36 Bid-YTW : 4.44 %
MFC.PR.Q	FixedReset Ins Non	Quote: 17.90 – 19.27 Spot Rate : 1.3700 Average : 1.1253 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.44 %
TRP.PR.G	FixedReset Disc	Quote: 14.26 – 15.40 Spot Rate : 1.1400 Average : 0.9106 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-24 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.87 %

Market Action

September 23, 2020

The Crown Speech was today:

As is common with most Throne Speeches, no dollar figures were announced alongside the promises of new spending. The speech notes that financial details will be released later this year in a fiscal update.
…
“Climate action will be a cornerstone of our plan to support and create a million jobs across the country,” the speech states. “This is where the world is going. Global consumers and investors are demanding and rewarding climate action. … We can create good jobs today and a globally competitive economy not just next year, but in 2030, 2040, and beyond.”

Wednesday’s speech does signal plans to raise tax revenue, stating that the government will “identify additional ways to tax extreme wealth inequality.” It says this will include limiting the stock-option deduction “for wealthy individuals at large, established corporations, and addressing corporate tax avoidance by digital giants.”
…
“Web giants are taking Canadians’ money while imposing their own priorities. Things must change, and will change,” it states. “The government will act to ensure their revenue is shared more fairly with our creators and media, and will also require them to contribute to the creation, production and distribution of our stories, on screen, in lyrics, in music and in writing.”
…
In recent weeks, several economists and policy experts have expressed concern that the federal government has not outlined a plan for dealing with the rapidly expanding federal debt resulting from this year’s emergency spending.

Wednesday’s Throne Speech pushed back at those concerns.

“This is not the time for austerity,” it states. “This COVID-19 emergency has had huge costs. But Canada would have had a deeper recession and a bigger long-term deficit if the government had done less.” The speech says the government will “do whatever it takes, using whatever fiscal firepower is needed to support people and businesses during the pandemic.”

It states that this borrowed spending can be managed by locking in the current historically low interest rates.

“This government will preserve Canada’s fiscal advantage and continue to be guided by values of sustainability and prudence,” it states.

The big problem is that there’s still no plan to pay back the current tidal wave of spending. With respect to ‘taxing the web giants’, I don’t see how this is such a big problem for things like advertising: simple legislation could be introduced such that if Company X is not taxable in Canada, then payments to Company X are not tax deductible by the Canadian paying company. This made a big difference in magazine publishing in days gone by and would be relatively easy to administer to boot. There would still be exceptions to look at – companies like Netflix, that sell services directly – but this would be a much more sharply focussed pool of companies than presently.

The ‘million jobs’ pledge seems to be attracting a lot of attention, but it’s worthwhile pointing out that a million new jobs created tomorrow will only take us back to employment levels of a year ago.

PerpetualDiscounts now yield 5.30%, equivalent to 6.89% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.85%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened slightly (and perhaps spuriously) to 405bp from the 400bp reported September 16.

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	-0.6847 %	1,631.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.6847 %	2,993.4
Floater	5.22 %	5.23 %	56,810	15.12	3	-0.6847 %	1,725.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1355 %	3,536.1
SplitShare	4.81 %	4.60 %	41,145	3.63	7	-0.1355 %	4,222.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1355 %	3,294.8
Perpetual-Premium	5.36 %	4.91 %	77,351	2.69	17	0.0332 %	3,123.1
Perpetual-Discount	5.23 %	5.30 %	92,271	14.90	17	0.1404 %	3,510.0
FixedReset Disc	5.50 %	4.26 %	124,103	16.30	68	-0.5057 %	2,077.6
Deemed-Retractible	5.02 %	4.89 %	114,097	15.21	27	0.0607 %	3,454.4
FloatingReset	2.87 %	2.95 %	46,917	1.33	3	-0.4719 %	1,785.6
FixedReset Prem	5.26 %	4.46 %	250,859	0.86	11	-0.0108 %	2,617.5
FixedReset Bank Non	1.95 %	2.40 %	121,135	1.33	2	0.0807 %	2,840.0
FixedReset Ins Non	5.72 %	4.42 %	82,574	16.21	22	0.2004 %	2,113.1

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.G	FixedReset Disc	-7.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.87 %
TD.PF.E	FixedReset Disc	-4.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 4.14 %
TD.PF.I	FixedReset Disc	-3.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 4.13 %
RY.PR.P	Perpetual-Premium	-2.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 24.56 Evaluated at bid price : 25.06 Bid-YTW : 5.27 %
BIP.PR.D	FixedReset Disc	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 21.74 Evaluated at bid price : 22.20 Bid-YTW : 5.64 %
BAM.PF.A	FixedReset Disc	-2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.33 %
BIP.PR.E	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.85 %
SLF.PR.J	FloatingReset	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 9.46 Evaluated at bid price : 9.46 Bid-YTW : 4.10 %
CU.PR.C	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 4.43 %
MFC.PR.K	FixedReset Ins Non	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 4.42 %
BAM.PF.J	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 22.57 Evaluated at bid price : 23.05 Bid-YTW : 5.15 %
TRP.PR.C	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 8.79 Evaluated at bid price : 8.79 Bid-YTW : 5.49 %
BMO.PR.C	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 22.87 Evaluated at bid price : 23.26 Bid-YTW : 4.04 %
BAM.PR.Z	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 5.34 %
IAF.PR.I	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.24 %
GWO.PR.N	FixedReset Ins Non	3.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 10.02 Evaluated at bid price : 10.02 Bid-YTW : 4.16 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Disc	62,736	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 22.87 Evaluated at bid price : 23.26 Bid-YTW : 4.04 %
PWF.PR.L	Perpetual-Discount	60,219	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 24.29 Evaluated at bid price : 24.60 Bid-YTW : 5.25 %
SLF.PR.I	FixedReset Ins Non	53,861	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 4.28 %
TD.PF.H	FixedReset Prem	29,795	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 23.96 Evaluated at bid price : 25.21 Bid-YTW : 4.44 %
TD.PF.E	FixedReset Disc	25,786	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 4.14 %
CM.PR.O	FixedReset Disc	24,657	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 4.26 %
There were 21 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: 16.45 – 23.99 Spot Rate : 7.5400 Average : 5.8953 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 4.62 %
IAF.PR.G	FixedReset Ins Non	Quote: 18.27 – 20.00 Spot Rate : 1.7300 Average : 1.0061 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 18.27 Evaluated at bid price : 18.27 Bid-YTW : 4.47 %
MFC.PR.Q	FixedReset Ins Non	Quote: 17.82 – 19.27 Spot Rate : 1.4500 Average : 0.8570 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 4.46 %
TRP.PR.G	FixedReset Disc	Quote: 14.26 – 15.40 Spot Rate : 1.1400 Average : 0.6590 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 5.87 %
RY.PR.P	Perpetual-Premium	Quote: 25.06 – 25.99 Spot Rate : 0.9300 Average : 0.5344 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 24.56 Evaluated at bid price : 25.06 Bid-YTW : 5.27 %
TD.PF.I	FixedReset Disc	Quote: 21.41 – 22.40 Spot Rate : 0.9900 Average : 0.6064 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-23 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 4.13 %

Market Action

September 22, 2020

CU Inc has announced:

that it will issue $150,000,000 of 2.609% Debentures maturing on September 28, 2050, at a price of $100.00 to yield 2.609%. This issue was sold by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., TD Securities Inc., Scotia Capital Inc., CIBC World Markets Inc. and MUFG Securities (Canada), Ltd. Proceeds from the issue will be used to finance capital expenditures, to repay existing indebtedness, and for other general corporate purposes.

At the close of 2020-9-21, CIU.PR.A (a Straight Perpetual) was quoted at 22.80-00 to yield 5.08-02%. At the standard equivalency factor of 1.3x, the bid-yield was equivalent to 6.60% interest; the Seniority Spread for this issue pair is therefore 399bp, compared to the 400bp measured on an index-to-index basis on September 16.

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	0.2422 %	1,642.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2422 %	3,014.1
Floater	5.18 %	5.19 %	55,936	15.18	3	0.2422 %	1,737.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1635 %	3,540.9
SplitShare	4.80 %	4.35 %	41,752	3.63	7	-0.1635 %	4,228.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1635 %	3,299.3
Perpetual-Premium	5.35 %	4.88 %	80,299	3.92	17	0.1212 %	3,122.1
Perpetual-Discount	5.23 %	5.28 %	92,881	14.91	17	0.1961 %	3,505.1
FixedReset Disc	5.47 %	4.25 %	128,704	16.26	68	0.3235 %	2,088.2
Deemed-Retractible	5.02 %	4.91 %	114,183	15.17	27	0.2603 %	3,452.3
FloatingReset	2.86 %	2.98 %	45,272	1.33	3	-0.1571 %	1,794.1
FixedReset Prem	5.26 %	4.51 %	252,444	0.87	11	0.1979 %	2,617.8
FixedReset Bank Non	1.95 %	2.58 %	122,122	1.33	2	0.2225 %	2,837.7
FixedReset Ins Non	5.73 %	4.44 %	85,665	16.25	22	-0.1448 %	2,108.9

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-4.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 4.39 %
GWO.PR.N	FixedReset Ins Non	-2.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 9.72 Evaluated at bid price : 9.72 Bid-YTW : 4.29 %
IFC.PR.G	FixedReset Ins Non	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 4.61 %
BIP.PR.C	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.81 Evaluated at bid price : 23.35 Bid-YTW : 5.73 %
BIP.PR.B	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.96 Evaluated at bid price : 23.90 Bid-YTW : 5.74 %
NA.PR.G	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 4.39 %
BMO.PR.Z	Perpetual-Premium	-1.13 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-08-25 Maturity Price : 25.25 Evaluated at bid price : 25.40 Bid-YTW : 4.91 %
TD.PF.D	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 4.10 %
BIP.PR.D	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.41 Evaluated at bid price : 22.80 Bid-YTW : 5.49 %
BMO.PR.S	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 4.13 %
TRP.PR.F	FloatingReset	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 10.33 Evaluated at bid price : 10.33 Bid-YTW : 4.99 %
IFC.PR.E	Deemed-Retractible	1.26 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2050-09-22 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 5.22 %
MFC.PR.H	FixedReset Ins Non	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 4.45 %
MFC.PR.M	FixedReset Ins Non	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 4.57 %
TRP.PR.G	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.45 %
BAM.PR.Z	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 5.28 %
TRP.PR.C	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 8.91 Evaluated at bid price : 8.91 Bid-YTW : 5.41 %
NA.PR.C	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 23.39 Evaluated at bid price : 23.70 Bid-YTW : 4.09 %
BIK.PR.A	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 23.32 Evaluated at bid price : 25.05 Bid-YTW : 5.78 %
TD.PF.J	FixedReset Disc	3.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 4.04 %
RY.PR.H	FixedReset Disc	10.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 3.93 %

Volume Highlights
Issue	Index	Shares Traded	Notes
W.PR.K	FixedReset Disc	42,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 24.36 Evaluated at bid price : 25.00 Bid-YTW : 5.32 %
BIP.PR.C	FixedReset Disc	38,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.81 Evaluated at bid price : 23.35 Bid-YTW : 5.73 %
SLF.PR.D	Deemed-Retractible	35,483	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.71 Evaluated at bid price : 22.95 Bid-YTW : 4.85 %
PWF.PR.F	Perpetual-Discount	31,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 24.67 Evaluated at bid price : 24.93 Bid-YTW : 5.34 %
PWF.PR.I	Perpetual-Premium	25,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-10-22 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 1.00 %
BIP.PR.D	FixedReset Disc	23,353	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 22.41 Evaluated at bid price : 22.80 Bid-YTW : 5.49 %
There were 16 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: 16.51 – 23.99 Spot Rate : 7.4800 Average : 4.0919 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 4.60 %
BMO.PR.Y	FixedReset Disc	Quote: 18.63 – 20.00 Spot Rate : 1.3700 Average : 0.8589 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 4.14 %
EIT.PR.B	SplitShare	Quote: 25.50 – 26.50 Spot Rate : 1.0000 Average : 0.7371 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.35 %
SLF.PR.G	FixedReset Ins Non	Quote: 10.15 – 10.75 Spot Rate : 0.6000 Average : 0.3910 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 4.39 %
BAM.PF.H	FixedReset Disc	Quote: 24.25 – 24.75 Spot Rate : 0.5000 Average : 0.3193 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 23.31 Evaluated at bid price : 24.25 Bid-YTW : 5.12 %
GWO.PR.N	FixedReset Ins Non	Quote: 9.72 – 10.39 Spot Rate : 0.6700 Average : 0.5111 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-22 Maturity Price : 9.72 Evaluated at bid price : 9.72 Bid-YTW : 4.29 %

Market Action

September 21, 2020

Click for Big

TXPR closed at 577.70, down 0.61% on the day. Volume today was 1.92-million, below the median of the past thirty days.

CPD closed at 11.53, down 0.77% on the day. Volume was 72,709, above the median of the past 30 trading days.

ZPR closed at 9.07, down 0.87% on the day. Volume of 145,118 was well below the median of the past 30 trading days.

Five-year Canada yields were down 1bp to 0.36% today.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.9596 %	1,638.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.9596 %	3,006.8
Floater	5.19 %	5.20 %	56,821	15.17	3	-0.9596 %	1,732.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.1242 %	3,546.7
SplitShare	4.79 %	4.35 %	43,467	3.64	7	0.1242 %	4,235.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1242 %	3,304.7
Perpetual-Premium	5.36 %	4.93 %	81,060	14.13	17	-0.1420 %	3,118.3
Perpetual-Discount	5.24 %	5.32 %	93,455	14.87	17	-0.4079 %	3,498.2
FixedReset Disc	5.49 %	4.27 %	131,915	16.25	68	-0.8133 %	2,081.4
Deemed-Retractible	5.04 %	4.93 %	115,768	15.13	27	-0.1216 %	3,443.4
FloatingReset	2.86 %	2.39 %	45,196	1.34	3	-0.7792 %	1,796.9
FixedReset Prem	5.27 %	4.50 %	252,200	0.87	11	-0.1796 %	2,612.6
FixedReset Bank Non	1.96 %	2.57 %	123,595	1.33	2	-0.3628 %	2,831.4
FixedReset Ins Non	5.72 %	4.46 %	86,160	16.22	22	-0.3517 %	2,112.0

Performance Highlights
Issue	Index	Change	Notes
RY.PR.H	FixedReset Disc	-10.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.33 Evaluated at bid price : 16.33 Bid-YTW : 4.37 %
TD.PF.J	FixedReset Disc	-3.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 4.18 %
SLF.PR.J	FloatingReset	-2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 9.61 Evaluated at bid price : 9.61 Bid-YTW : 4.03 %
BIK.PR.A	FixedReset Disc	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.14 Evaluated at bid price : 24.55 Bid-YTW : 5.92 %
IFC.PR.A	FixedReset Ins Non	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 4.67 %
BAM.PR.Z	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.38 %
TRP.PR.K	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.88 Evaluated at bid price : 24.23 Bid-YTW : 5.09 %
BAM.PF.H	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.26 Evaluated at bid price : 24.20 Bid-YTW : 5.13 %
BIP.PR.A	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.90 %
BAM.PR.T	FixedReset Disc	-1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 5.27 %
BMO.PR.D	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 21.70 Evaluated at bid price : 22.15 Bid-YTW : 4.07 %
MFC.PR.F	FixedReset Ins Non	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 4.46 %
MFC.PR.M	FixedReset Ins Non	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 4.63 %
TRP.PR.J	FixedReset Prem	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 24.37 Evaluated at bid price : 24.85 Bid-YTW : 5.57 %
BAM.PF.C	Perpetual-Discount	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 21.83 Evaluated at bid price : 22.26 Bid-YTW : 5.45 %
BAM.PF.B	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 15.59 Evaluated at bid price : 15.59 Bid-YTW : 5.31 %
TRP.PR.D	FixedReset Disc	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.52 %
TRP.PR.G	FixedReset Disc	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 15.15 Evaluated at bid price : 15.15 Bid-YTW : 5.52 %
BAM.PF.D	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 22.52 Evaluated at bid price : 22.81 Bid-YTW : 5.38 %
BAM.PR.B	Floater	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 8.26 Evaluated at bid price : 8.26 Bid-YTW : 5.20 %
BIP.PR.D	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 22.19 Evaluated at bid price : 22.55 Bid-YTW : 5.55 %
BAM.PF.E	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 14.71 Evaluated at bid price : 14.71 Bid-YTW : 5.26 %
BAM.PF.J	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.03 Evaluated at bid price : 23.33 Bid-YTW : 5.10 %
BAM.PR.M	Perpetual-Discount	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 21.69 Evaluated at bid price : 21.94 Bid-YTW : 5.42 %
BIP.PR.C	FixedReset Disc	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.20 Evaluated at bid price : 23.75 Bid-YTW : 5.63 %
TD.PF.L	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 22.80 Evaluated at bid price : 23.80 Bid-YTW : 4.10 %
BMO.PR.S	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 4.18 %
CM.PR.R	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 22.97 Evaluated at bid price : 23.33 Bid-YTW : 4.11 %
BAM.PR.N	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 5.45 %
RY.PR.M	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 3.88 %
IAF.PR.I	FixedReset Ins Non	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.30 %
IFC.PR.E	Deemed-Retractible	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 24.22 Evaluated at bid price : 24.70 Bid-YTW : 5.26 %
CCS.PR.C	Deemed-Retractible	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 24.06 Evaluated at bid price : 24.32 Bid-YTW : 5.15 %
TD.PF.D	FixedReset Disc	3.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 19.69 Evaluated at bid price : 19.69 Bid-YTW : 4.06 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.H	FixedReset Prem	59,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.86 Evaluated at bid price : 25.21 Bid-YTW : 4.51 %
TD.PF.H	FixedReset Prem	56,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.96 Evaluated at bid price : 25.20 Bid-YTW : 4.44 %
CM.PR.R	FixedReset Disc	54,403	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 22.97 Evaluated at bid price : 23.33 Bid-YTW : 4.11 %
TRP.PR.J	FixedReset Prem	52,905	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 24.37 Evaluated at bid price : 24.85 Bid-YTW : 5.57 %
RY.PR.E	Deemed-Retractible	47,400	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.08 Bid-YTW : 4.54 %
TD.PF.M	FixedReset Disc	43,848	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.23 Evaluated at bid price : 24.90 Bid-YTW : 4.11 %
There were 30 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
RY.PR.H	FixedReset Disc	Quote: 16.33 – 18.30 Spot Rate : 1.9700 Average : 1.0885 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.33 Evaluated at bid price : 16.33 Bid-YTW : 4.37 %
BIK.PR.A	FixedReset Disc	Quote: 24.55 – 25.50 Spot Rate : 0.9500 Average : 0.6090 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 23.14 Evaluated at bid price : 24.55 Bid-YTW : 5.92 %
TD.PF.J	FixedReset Disc	Quote: 19.90 – 20.73 Spot Rate : 0.8300 Average : 0.5013 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 4.18 %
BIP.PR.A	FixedReset Disc	Quote: 16.75 – 17.95 Spot Rate : 1.2000 Average : 0.9219 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.90 %
BAM.PR.Z	FixedReset Disc	Quote: 16.40 – 17.27 Spot Rate : 0.8700 Average : 0.5931 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.38 %
BAM.PF.E	FixedReset Disc	Quote: 14.71 – 15.45 Spot Rate : 0.7400 Average : 0.4979 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-21 Maturity Price : 14.71 Evaluated at bid price : 14.71 Bid-YTW : 5.26 %

Market Action

September 18, 2020

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.2003 %	1,654.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2003 %	3,035.9
Floater	5.14 %	5.15 %	56,895	15.26	3	0.2003 %	1,749.6
OpRet	0.00 %	0.00 %	0	0.00	0	0.0621 %	3,542.3
SplitShare	4.80 %	4.34 %	42,975	3.65	7	0.0621 %	4,230.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0621 %	3,300.6
Perpetual-Premium	5.35 %	4.88 %	81,346	3.93	17	0.0419 %	3,122.8
Perpetual-Discount	5.22 %	5.29 %	94,060	14.95	17	0.0817 %	3,512.5
FixedReset Disc	5.45 %	4.22 %	125,019	16.32	68	-0.2429 %	2,098.5
Deemed-Retractible	5.03 %	4.89 %	113,074	15.14	27	-0.1730 %	3,447.6
FloatingReset	2.85 %	2.18 %	47,049	1.35	3	0.6498 %	1,811.0
FixedReset Prem	5.26 %	4.46 %	253,884	0.82	11	0.0431 %	2,617.3
FixedReset Bank Non	1.95 %	2.44 %	127,864	1.34	2	-0.0403 %	2,841.7
FixedReset Ins Non	5.70 %	4.42 %	86,707	16.26	22	0.6073 %	2,119.4

Performance Highlights
Issue	Index	Change	Notes
TD.PF.D	FixedReset Disc	-4.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
TRP.PR.B	FixedReset Disc	-2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 8.65 Evaluated at bid price : 8.65 Bid-YTW : 4.80 %
MFC.PR.H	FixedReset Ins Non	-2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.52 %
BIP.PR.A	FixedReset Disc	-2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 17.13 Evaluated at bid price : 17.13 Bid-YTW : 5.77 %
TD.PF.E	FixedReset Disc	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 3.96 %
BAM.PR.X	FixedReset Disc	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 11.05 Evaluated at bid price : 11.05 Bid-YTW : 5.03 %
BIP.PR.E	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 5.71 %
TRP.PR.F	FloatingReset	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 10.20 Evaluated at bid price : 10.20 Bid-YTW : 5.08 %
RY.PR.J	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 3.95 %
TD.PF.L	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 22.94 Evaluated at bid price : 24.10 Bid-YTW : 4.04 %
IAF.PR.G	FixedReset Ins Non	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 18.22 Evaluated at bid price : 18.22 Bid-YTW : 4.49 %
MFC.PR.K	FixedReset Ins Non	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 4.39 %
PWF.PR.P	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 10.44 Evaluated at bid price : 10.44 Bid-YTW : 4.78 %
MFC.PR.Q	FixedReset Ins Non	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.45 %
IFC.PR.A	FixedReset Ins Non	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 4.57 %
SLF.PR.J	FloatingReset	3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 3.94 %
SLF.PR.G	FixedReset Ins Non	5.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 4.22 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Disc	98,062	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 4.02 %
TD.PF.H	FixedReset Prem	78,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 23.93 Evaluated at bid price : 25.15 Bid-YTW : 4.46 %
SLF.PR.J	FloatingReset	78,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 9.90 Evaluated at bid price : 9.90 Bid-YTW : 3.94 %
BNS.PR.E	FixedReset Prem	61,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 4.74 %
SLF.PR.B	Deemed-Retractible	53,888	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 24.22 Evaluated at bid price : 24.51 Bid-YTW : 4.90 %
RY.PR.E	Deemed-Retractible	52,425	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-10-18 Maturity Price : 25.00 Evaluated at bid price : 25.09 Bid-YTW : 3.88 %
There were 13 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
EIT.PR.B	SplitShare	Quote: 25.50 – 26.50 Spot Rate : 1.0000 Average : 0.6342 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.34 %
TD.PF.D	FixedReset Disc	Quote: 19.00 – 20.00 Spot Rate : 1.0000 Average : 0.7336 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.22 %
BIP.PR.A	FixedReset Disc	Quote: 17.13 – 17.90 Spot Rate : 0.7700 Average : 0.6169 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 17.13 Evaluated at bid price : 17.13 Bid-YTW : 5.77 %
SLF.PR.H	FixedReset Ins Non	Quote: 14.80 – 15.20 Spot Rate : 0.4000 Average : 0.3013 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 4.31 %
IAF.PR.B	Deemed-Retractible	Quote: 23.61 – 24.15 Spot Rate : 0.5400 Average : 0.4465 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 23.33 Evaluated at bid price : 23.61 Bid-YTW : 4.87 %
GWO.PR.N	FixedReset Ins Non	Quote: 10.01 – 10.27 Spot Rate : 0.2600 Average : 0.1801 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-18 Maturity Price : 10.01 Evaluated at bid price : 10.01 Bid-YTW : 4.18 %

Market Action

September 17, 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	-0.6369 %	1,651.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.6369 %	3,029.8
Floater	5.15 %	5.17 %	59,168	15.24	3	-0.6369 %	1,746.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.1188 %	3,540.1
SplitShare	4.80 %	4.35 %	44,636	3.65	7	0.1188 %	4,227.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1188 %	3,298.5
Perpetual-Premium	5.35 %	5.18 %	79,843	14.13	17	0.0210 %	3,121.4
Perpetual-Discount	5.22 %	5.28 %	94,043	14.95	17	0.1611 %	3,509.7
FixedReset Disc	5.43 %	4.24 %	123,065	16.38	68	-0.1168 %	2,103.6
Deemed-Retractible	5.02 %	4.87 %	113,149	15.15	27	0.1535 %	3,453.5
FloatingReset	2.87 %	2.47 %	48,976	1.35	3	-0.1343 %	1,799.3
FixedReset Prem	5.26 %	4.46 %	255,258	0.88	11	-0.0287 %	2,616.2
FixedReset Bank Non	1.95 %	2.38 %	125,525	1.35	2	0.1412 %	2,842.9
FixedReset Ins Non	5.74 %	4.44 %	89,960	16.20	22	-0.1345 %	2,106.6

Performance Highlights
Issue	Index	Change	Notes
BAM.PF.A	FixedReset Disc	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 5.20 %
MFC.PR.Q	FixedReset Ins Non	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 4.55 %
BAM.PR.R	FixedReset Disc	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.20 %
NA.PR.C	FixedReset Disc	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 22.99 Evaluated at bid price : 23.30 Bid-YTW : 4.17 %
BIP.PR.B	FixedReset Disc	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 23.38 Evaluated at bid price : 24.30 Bid-YTW : 5.63 %
RY.PR.J	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 3.99 %
IFC.PR.G	FixedReset Ins Non	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.57 %
TD.PF.L	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 22.83 Evaluated at bid price : 23.85 Bid-YTW : 4.10 %
PWF.PR.P	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.86 %
TRP.PR.C	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 8.81 Evaluated at bid price : 8.81 Bid-YTW : 5.50 %
BMO.PR.C	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 22.92 Evaluated at bid price : 23.31 Bid-YTW : 4.04 %
TD.PF.E	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 20.97 Evaluated at bid price : 20.97 Bid-YTW : 3.90 %
TD.PF.A	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 17.74 Evaluated at bid price : 17.74 Bid-YTW : 4.03 %
PWF.PR.S	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 22.91 Evaluated at bid price : 23.30 Bid-YTW : 5.20 %
SLF.PR.G	FixedReset Ins Non	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 10.10 Evaluated at bid price : 10.10 Bid-YTW : 4.43 %
BAM.PF.B	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 5.22 %
IFC.PR.E	Deemed-Retractible	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 24.49 Evaluated at bid price : 24.98 Bid-YTW : 5.20 %
BIP.PR.E	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 21.94 Evaluated at bid price : 22.20 Bid-YTW : 5.64 %
BMO.PR.Z	Perpetual-Premium	1.58 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.76 Bid-YTW : 4.27 %
BAM.PR.X	FixedReset Disc	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 11.21 Evaluated at bid price : 11.21 Bid-YTW : 4.96 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.O	FixedReset Ins Non	70,617	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 4.42 %
NA.PR.X	FixedReset Prem	63,478	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 4.76 %
TD.PF.A	FixedReset Disc	51,552	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 17.74 Evaluated at bid price : 17.74 Bid-YTW : 4.03 %
MFC.PR.G	FixedReset Ins Non	41,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 4.42 %
GWO.PR.S	Deemed-Retractible	28,150	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.94 %
BMO.PR.T	FixedReset Disc	27,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 4.14 %
There were 29 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.G	FixedReset Ins Non	Quote: 18.76 – 20.87 Spot Rate : 2.1100 Average : 1.1653 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 4.42 %
IAF.PR.G	FixedReset Ins Non	Quote: 18.02 – 20.00 Spot Rate : 1.9800 Average : 1.3195 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 4.54 %
TRP.PR.A	FixedReset Disc	Quote: 12.01 – 12.95 Spot Rate : 0.9400 Average : 0.5694 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 5.41 %
EIT.PR.A	SplitShare	Quote: 25.39 – 27.00 Spot Rate : 1.6100 Average : 1.3021 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.39 Bid-YTW : 4.35 %
BAM.PF.G	FixedReset Disc	Quote: 15.35 – 16.00 Spot Rate : 0.6500 Average : 0.4297 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.26 %
MFC.PR.I	FixedReset Ins Non	Quote: 19.05 – 20.00 Spot Rate : 0.9500 Average : 0.7518 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-09-17 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 4.40 %

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