Category: Market Action

Market Action

December 9, 2020

The year’s final scheduled BoC rate decision was announced today:

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the Bank Rate at ½ percent and the deposit rate at ¼ percent. The Bank is maintaining its extraordinary forward guidance, reinforced and supplemented by its quantitative easing (QE) program, which continues at its current pace of at least $4 billion per week.

The rebound in the global and Canadian economies has unfolded largely as the Bank had anticipated in its October Monetary Policy Report (MPR). More recently, news on the development of effective vaccines is providing reassurance that the pandemic will end and more normal activities will resume, although the pace and breadth of the global rollout of vaccinations remain uncertain. Near term, new waves of infections are expected to set back recoveries in many parts of the world. Accommodative policy and financial conditions are continuing to provide support across most regions. Stronger demand is pushing up prices for most commodities, including oil. A broad-based decline in the US exchange rate has contributed to a further appreciation of the Canadian dollar.

In Canada, national accounts data for the third quarter were consistent with the Bank’s expectations of a sharp economic rebound following the precipitous decline in the second quarter. The labour market continues to recoup the jobs that were lost at the start of the pandemic, albeit at a slower pace. However, activity remains highly uneven across different sectors and groups of workers. Economic momentum heading into the fourth quarter appears to be stronger than was expected in October but, in recent weeks, record high cases of COVID-19 in many parts of Canada are forcing re-imposition of restrictions. This can be expected to weigh on growth in the first quarter of 2021 and contribute to a choppy trajectory until a vaccine is widely available. The federal government’s recently announced measures should help maintain business and household incomes during this second wave of the pandemic and support the recovery.

CPI inflation in October picked up to 0.7 percent, largely reflecting higher prices for fresh fruits and vegetables. While this suggests a slightly firmer track for inflation in the fourth quarter, the outlook for inflation remains in line with the October MPR projection. Measures of core inflation are all below 2 percent, and considerable economic slack is expected to continue to weigh on inflation for some time.

Canada’s economic recovery will continue to require extraordinary monetary policy support. The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In our October projection, this does not happen until into 2023. To reinforce this commitment and keep interest rates low across the yield curve, the Bank will continue its QE program until the recovery is well underway and will adjust it as required to help bring inflation back to target on a sustainable basis. We remain committed to providing the monetary policy stimulus needed to support the recovery and achieve the inflation objective.

It strikes me that their objective to “keep interest rates low across the yield curve” is not particularly compatible with the government’s objective to extend the average maturity of its debt, which is not going all that well:

Through to mid-November, 61 per cent of gross issuances were treasury bills, higher than the government’s goal of 47 per cent for the year as a whole. Conversely, long-term debt issues, with a maturity of 10 years or more, are running behind plan. Just 9 per cent of debt issued so far this fiscal year is long term; the debt-management plan calls for 15 per cent of gross debt issued this year (including treasury bills) to be long term.
…
“Market participants indicated that the Bank of Canada’s Government Bond Purchase Program (GBPP) was the key factor in raising the unprecedented amount of long-term federal government debt in an orderly manner, since the GBPP absorbed a significant portion of the extra issuance,” the summary said.

Translated from the deliberately bland language of central banking, that statement hints that the central bank’s interventions have been needed to allow the government to issue as many long-term bonds as it had.

Click for Big

Meanwhile, Fitch Ratings is making sounds of disapproval:

Canada’s recently released medium-term financial roadmap reinforces the likelihood of a rising public debt burden and expansionary fiscal policy without precise details of a return to a fiscal anchor and consolidation, says Fitch Ratings. Canada’s public financial profile would weaken relative to its ‘AA’ category peers if the federal budgets for fiscal years 2021-22 and 2022-23 adhere to the government’s medium-term operational forecasts and stimulus plans as outlined in the Fall Economic Statement (FES) without new revenue-raising measures.
…
Large general government deficits will translate into a significant spike in consolidated general government debt to 117% of GDP for 2020, slightly higher than the 115% estimate when Canada was downgraded to ‘AA+’ in June. We continue to expect the debt level to rise to 125% in 2022. The government did note that ‘fiscal guardrails’ would be applied to guide an eventual winddown of stimulus upon hitting certain data-driven triggers. However, the precise nature of any long-term fiscal anchor has not yet been disclosed.

PerpetualDiscounts now yield 5.04%, equivalent to 6.55% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.80%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has remained steady at the 375bp reported December 2.

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	0.2646 %	1,892.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2646 %	3,471.8
Floater	4.53 %	4.58 %	61,913	16.18	2	0.2646 %	2,000.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0218 %	3,608.2
SplitShare	4.80 %	4.37 %	43,196	3.85	9	0.0218 %	4,309.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0218 %	3,362.0
Perpetual-Premium	5.33 %	2.80 %	80,527	0.08	19	-0.0103 %	3,199.7
Perpetual-Discount	4.98 %	5.04 %	80,957	15.37	12	-0.7748 %	3,673.0
FixedReset Disc	5.06 %	3.97 %	139,128	17.10	56	0.3950 %	2,302.4
Insurance Straight	5.00 %	4.55 %	89,918	4.06	22	-0.0346 %	3,590.7
FloatingReset	1.95 %	1.86 %	48,919	1.13	3	0.0164 %	1,851.2
FixedReset Prem	5.16 %	3.49 %	217,572	0.87	22	-0.0574 %	2,668.7
FixedReset Bank Non	1.93 %	1.89 %	194,581	1.13	2	0.1201 %	2,879.7
FixedReset Ins Non	5.09 %	3.98 %	83,177	17.13	22	0.0844 %	2,398.8

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.M	Perpetual-Discount	-4.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.29 %
CU.PR.F	Perpetual-Discount	-4.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.98 Evaluated at bid price : 23.40 Bid-YTW : 4.82 %
BNS.PR.I	FixedReset Disc	-3.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 3.82 %
PWF.PR.P	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 11.58 Evaluated at bid price : 11.58 Bid-YTW : 4.55 %
IFC.PR.C	FixedReset Ins Non	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 4.11 %
MFC.PR.H	FixedReset Ins Non	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.55 Evaluated at bid price : 23.00 Bid-YTW : 3.95 %
CU.PR.I	FixedReset Prem	-1.10 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 4.35 %
TRP.PR.E	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 5.15 %
TD.PF.K	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 21.46 Evaluated at bid price : 21.81 Bid-YTW : 3.81 %
IAF.PR.G	FixedReset Ins Non	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.48 Evaluated at bid price : 20.48 Bid-YTW : 4.11 %
BIP.PR.E	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.97 Evaluated at bid price : 23.75 Bid-YTW : 5.23 %
IFC.PR.A	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 14.83 Evaluated at bid price : 14.83 Bid-YTW : 4.00 %
BAM.PR.X	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 4.72 %
TD.PF.I	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.50 Evaluated at bid price : 23.85 Bid-YTW : 3.77 %
NA.PR.W	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 3.98 %
TD.PF.J	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 21.69 Evaluated at bid price : 22.15 Bid-YTW : 3.80 %
MFC.PR.N	FixedReset Ins Non	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 3.93 %
TRP.PR.C	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 4.87 %
TD.PF.A	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 3.67 %
BMO.PR.W	FixedReset Disc	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 3.67 %
TRP.PR.D	FixedReset Disc	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 15.18 Evaluated at bid price : 15.18 Bid-YTW : 5.11 %
BAM.PR.R	FixedReset Disc	5.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 4.78 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Disc	899,872	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.10 Evaluated at bid price : 24.46 Bid-YTW : 3.94 %
TD.PF.B	FixedReset Disc	835,007	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 3.69 %
CM.PR.R	FixedReset Disc	598,720	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.85 Evaluated at bid price : 24.21 Bid-YTW : 4.06 %
GWO.PR.I	Insurance Straight	454,415	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.12 Evaluated at bid price : 24.37 Bid-YTW : 4.61 %
TD.PF.G	FixedReset Prem	449,956	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 2.30 %
CM.PR.S	FixedReset Disc	412,840	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 3.80 %
BMO.PR.T	FixedReset Disc	411,091	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 3.80 %
TD.PF.A	FixedReset Disc	375,837	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 3.67 %
TD.PF.H	FixedReset Prem	348,588	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.43 Bid-YTW : 3.49 %
MFC.PR.R	FixedReset Ins Non	344,523	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.79 Evaluated at bid price : 24.95 Bid-YTW : 4.29 %
BMO.PR.S	FixedReset Disc	332,162	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 3.74 %
SLF.PR.D	Insurance Straight	314,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.29 Evaluated at bid price : 24.60 Bid-YTW : 4.51 %
TRP.PR.K	FixedReset Disc	302,425	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.68 Evaluated at bid price : 24.85 Bid-YTW : 4.90 %
RY.PR.M	FixedReset Disc	289,996	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 3.87 %
TRP.PR.J	FixedReset Prem	275,850	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.27 Bid-YTW : 3.47 %
RY.PR.Q	FixedReset Prem	274,896	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 2.43 %
W.PR.M	FixedReset Prem	248,720	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.08 Evaluated at bid price : 25.20 Bid-YTW : 5.18 %
BMO.PR.D	FixedReset Disc	235,068	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.70 Evaluated at bid price : 24.06 Bid-YTW : 3.86 %
RY.PR.J	FixedReset Disc	233,045	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 3.83 %
BMO.PR.B	FixedReset Prem	232,962	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.58 Bid-YTW : 3.06 %
MFC.PR.B	Insurance Straight	231,846	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.60 Evaluated at bid price : 24.85 Bid-YTW : 4.68 %
BNS.PR.G	FixedReset Prem	231,272	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 2.68 %
MFC.PR.N	FixedReset Ins Non	228,728	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 3.93 %
RY.PR.H	FixedReset Disc	223,425	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 3.65 %
TD.PF.D	FixedReset Disc	221,178	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 3.92 %
PWF.PR.O	Perpetual-Premium	218,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-08 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : -8.28 %
BMO.PR.W	FixedReset Disc	202,455	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 3.67 %
BAM.PF.J	FixedReset Disc	185,550	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.61 Evaluated at bid price : 25.12 Bid-YTW : 4.72 %
SLF.PR.A	Insurance Straight	173,690	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.65 Evaluated at bid price : 24.91 Bid-YTW : 4.76 %
BNS.PR.H	FixedReset Prem	169,020	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 3.54 %
BNS.PR.Z	FixedReset Bank Non	150,600	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 1.89 %
BAM.PF.F	FixedReset Disc	145,748	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 4.82 %
RY.PR.N	Perpetual-Premium	122,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-11-24 Maturity Price : 25.75 Evaluated at bid price : 26.07 Bid-YTW : 3.67 %
RY.PR.R	FixedReset Prem	118,911	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 25.58 Bid-YTW : 2.54 %
TD.PF.C	FixedReset Disc	116,662	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 3.74 %
BAM.PF.I	FixedReset Prem	116,654	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.89 Evaluated at bid price : 25.23 Bid-YTW : 4.76 %
IAF.PR.B	Insurance Straight	100,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 24.23 Evaluated at bid price : 24.52 Bid-YTW : 4.68 %
There were 33 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.M	Perpetual-Discount	Quote: 22.80 – 24.17 Spot Rate : 1.3700 Average : 0.8284 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.29 %
BNS.PR.I	FixedReset Disc	Quote: 21.31 – 22.24 Spot Rate : 0.9300 Average : 0.5684 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 3.82 %
CU.PR.F	Perpetual-Discount	Quote: 23.40 – 24.53 Spot Rate : 1.1300 Average : 0.7914 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.98 Evaluated at bid price : 23.40 Bid-YTW : 4.82 %
CU.PR.G	Perpetual-Discount	Quote: 24.18 – 24.80 Spot Rate : 0.6200 Average : 0.3689 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 23.66 Evaluated at bid price : 24.18 Bid-YTW : 4.65 %
RY.PR.M	FixedReset Disc	Quote: 20.01 – 21.00 Spot Rate : 0.9900 Average : 0.7444 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 3.87 %
MFC.PR.H	FixedReset Ins Non	Quote: 23.00 – 23.63 Spot Rate : 0.6300 Average : 0.3848 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-09 Maturity Price : 22.55 Evaluated at bid price : 23.00 Bid-YTW : 3.95 %

Market Action

December 8, 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	-0.9434 %	1,887.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.9434 %	3,462.6
Floater	4.54 %	4.60 %	47,370	16.13	2	-0.9434 %	1,995.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0786 %	3,607.4
SplitShare	4.80 %	4.43 %	41,554	3.85	9	0.0786 %	4,308.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0786 %	3,361.3
Perpetual-Premium	5.32 %	1.33 %	77,239	0.08	19	-0.0247 %	3,200.0
Perpetual-Discount	4.94 %	5.04 %	77,771	15.37	12	0.3547 %	3,701.7
FixedReset Disc	5.08 %	3.97 %	135,492	17.11	56	-0.3121 %	2,293.3
Insurance Straight	5.00 %	4.54 %	90,847	4.19	22	0.1714 %	3,591.9
FloatingReset	1.95 %	1.86 %	48,518	1.13	3	0.4446 %	1,850.9
FixedReset Prem	5.16 %	3.48 %	206,822	0.69	22	-0.0699 %	2,670.2
FixedReset Bank Non	1.94 %	1.92 %	180,140	1.13	2	0.2206 %	2,876.3
FixedReset Ins Non	5.09 %	3.98 %	82,906	17.11	22	0.2799 %	2,396.8

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.D	FixedReset Disc	-2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 5.30 %
TD.PF.I	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 23.14 Evaluated at bid price : 23.50 Bid-YTW : 3.83 %
BIP.PR.E	FixedReset Disc	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 22.83 Evaluated at bid price : 23.50 Bid-YTW : 5.29 %
BMO.PR.W	FixedReset Disc	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 3.77 %
NA.PR.W	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 4.04 %
TD.PF.C	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 3.76 %
MFC.PR.N	FixedReset Ins Non	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 4.00 %
CM.PR.O	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 3.89 %
IAF.PR.B	Insurance Straight	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 24.05 Evaluated at bid price : 24.30 Bid-YTW : 4.73 %
MFC.PR.M	FixedReset Ins Non	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.01 %
RY.PR.M	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 3.88 %
BAM.PR.B	Floater	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 9.45 Evaluated at bid price : 9.45 Bid-YTW : 4.60 %
GWO.PR.N	FixedReset Ins Non	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 11.11 Evaluated at bid price : 11.11 Bid-YTW : 4.01 %
IAF.PR.G	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 4.15 %
TRP.PR.F	FloatingReset	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 4.55 %
BAM.PF.I	FixedReset Prem	1.24 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 4.51 %
BAM.PR.T	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 4.74 %
SLF.PR.H	FixedReset Ins Non	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 3.79 %
TRP.PR.C	FixedReset Disc	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 10.32 Evaluated at bid price : 10.32 Bid-YTW : 4.96 %
IFC.PR.C	FixedReset Ins Non	2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 4.06 %
IFC.PR.A	FixedReset Ins Non	2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 14.67 Evaluated at bid price : 14.67 Bid-YTW : 4.04 %
CU.PR.C	FixedReset Disc	2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 4.14 %
SLF.PR.G	FixedReset Ins Non	4.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 11.96 Evaluated at bid price : 11.96 Bid-YTW : 3.93 %
SLF.PR.C	Insurance Straight	4.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 24.22 Evaluated at bid price : 24.51 Bid-YTW : 4.53 %
CU.PR.F	Perpetual-Discount	4.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 24.13 Evaluated at bid price : 24.42 Bid-YTW : 4.62 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.H	FixedReset Ins Non	163,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 3.79 %
TD.PF.G	FixedReset Prem	141,693	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.44 Bid-YTW : 2.38 %
GWO.PR.G	Insurance Straight	122,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-07 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : -3.61 %
PWF.PR.F	Perpetual-Premium	102,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-07 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : -2.66 %
NA.PR.C	FixedReset Disc	65,031	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 23.46 Evaluated at bid price : 24.64 Bid-YTW : 3.97 %
SLF.PR.A	Insurance Straight	62,320	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 4.78 %
There were 47 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.D	Perpetual-Discount	Quote: 24.90 – 27.00 Spot Rate : 2.1000 Average : 1.1503 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 24.65 Evaluated at bid price : 24.90 Bid-YTW : 4.94 %
BAM.PR.R	FixedReset Disc	Quote: 14.10 – 15.95 Spot Rate : 1.8500 Average : 1.5822 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 5.03 %
CCS.PR.C	Insurance Straight	Quote: 25.06 – 25.48 Spot Rate : 0.4200 Average : 0.2706 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-07 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : -1.74 %
NA.PR.W	FixedReset Disc	Quote: 18.52 – 19.05 Spot Rate : 0.5300 Average : 0.4134 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 4.04 %
IAF.PR.B	Insurance Straight	Quote: 24.30 – 24.65 Spot Rate : 0.3500 Average : 0.2383 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-08 Maturity Price : 24.05 Evaluated at bid price : 24.30 Bid-YTW : 4.73 %
IFC.PR.F	Insurance Straight	Quote: 25.65 – 25.98 Spot Rate : 0.3300 Average : 0.2222 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-09-30 Maturity Price : 25.25 Evaluated at bid price : 25.65 Bid-YTW : 5.14 %

Market Action

December 7, 2020

Quadravest has announced:

Financial 15 Split Corp. (“Financial 15”) is pleased to announce it has reinstated Class A share dividends at a monthly distribution rate of $0.1257 for each post-consolidation FTN Class A share ($1.5084 annually) and declares $0.05625 for each FTN.PR.A Preferred share ($0.675 annually). The current rate for the Class A shares of $1.5084 is a post-consolidation yield of 17% based on Friday’s pre-consolidation closing price of $3.65. This is an increase in the dividend for the Class A shares from previous guidance. Distributions are payable January 8, 2021 to shareholders on record as at December 31, 2020.

Note that FTN will be trading on a pre-consolidation basis until ‘on or about December 17’.

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	0.6329 %	1,905.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6329 %	3,495.6
Floater	4.49 %	4.55 %	59,475	16.23	2	0.6329 %	2,014.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.2189 %	3,604.6
SplitShare	4.80 %	4.31 %	40,300	3.85	9	0.2189 %	4,304.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2189 %	3,358.6
Perpetual-Premium	5.32 %	1.42 %	76,948	0.22	19	0.0783 %	3,200.8
Perpetual-Discount	4.96 %	5.04 %	82,069	15.39	12	-0.3128 %	3,688.6
FixedReset Disc	5.06 %	3.95 %	133,032	17.11	56	0.1208 %	2,300.5
Insurance Straight	5.01 %	4.62 %	91,125	4.94	22	-0.0346 %	3,585.8
FloatingReset	1.96 %	2.06 %	45,750	1.14	3	0.0659 %	1,842.7
FixedReset Prem	5.16 %	3.15 %	200,665	0.70	22	-0.0787 %	2,672.1
FixedReset Bank Non	1.94 %	2.09 %	182,737	1.13	2	0.0803 %	2,870.0
FixedReset Ins Non	5.11 %	3.96 %	80,856	17.13	22	0.3730 %	2,390.1

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-4.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 4.08 %
SLF.PR.C	Insurance Straight	-4.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 4.72 %
CU.PR.F	Perpetual-Discount	-4.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 22.97 Evaluated at bid price : 23.40 Bid-YTW : 4.81 %
CU.PR.C	FixedReset Disc	-2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 4.25 %
BMO.PR.T	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 3.81 %
BAM.PF.B	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 4.88 %
IFC.PR.G	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 4.24 %
MFC.PR.L	FixedReset Ins Non	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 4.06 %
IFC.PR.C	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 4.17 %
MFC.PR.F	FixedReset Ins Non	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 3.96 %
BAM.PF.E	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 4.86 %
BIP.PR.E	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 23.04 Evaluated at bid price : 23.90 Bid-YTW : 5.19 %
TRP.PR.G	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.25 %
GWO.PR.R	Insurance Straight	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 24.61 Evaluated at bid price : 24.91 Bid-YTW : 4.81 %
IAF.PR.I	FixedReset Ins Non	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 4.08 %
SLF.PR.I	FixedReset Ins Non	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 3.94 %
TRP.PR.E	FixedReset Disc	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 14.92 Evaluated at bid price : 14.92 Bid-YTW : 5.16 %
BIP.PR.F	FixedReset Disc	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 22.92 Evaluated at bid price : 23.91 Bid-YTW : 5.29 %
PWF.PR.P	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 4.46 %
NA.PR.G	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 21.98 Evaluated at bid price : 22.30 Bid-YTW : 3.93 %
BIP.PR.A	FixedReset Disc	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.39 %
GWO.PR.N	FixedReset Ins Non	3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 4.05 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PWF.PR.P	FixedReset Disc	64,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 4.46 %
NA.PR.G	FixedReset Disc	54,308	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 21.98 Evaluated at bid price : 22.30 Bid-YTW : 3.93 %
TD.PF.I	FixedReset Disc	48,674	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 23.61 Evaluated at bid price : 23.95 Bid-YTW : 3.76 %
BAM.PF.G	FixedReset Disc	47,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 4.84 %
RY.PR.J	FixedReset Disc	45,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 3.80 %
MFC.PR.H	FixedReset Ins Non	42,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 22.92 Evaluated at bid price : 23.40 Bid-YTW : 3.88 %
There were 27 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.F	Perpetual-Discount	Quote: 23.40 – 24.70 Spot Rate : 1.3000 Average : 0.7930 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 22.97 Evaluated at bid price : 23.40 Bid-YTW : 4.81 %
SLF.PR.C	Insurance Straight	Quote: 23.50 – 24.70 Spot Rate : 1.2000 Average : 0.7625 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 4.72 %
GWO.PR.N	FixedReset Ins Non	Quote: 11.00 – 12.00 Spot Rate : 1.0000 Average : 0.7193 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 4.05 %
CM.PR.Q	FixedReset Disc	Quote: 20.80 – 21.51 Spot Rate : 0.7100 Average : 0.4741 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 3.93 %
CU.PR.C	FixedReset Disc	Quote: 17.26 – 18.00 Spot Rate : 0.7400 Average : 0.5434 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 4.25 %
SLF.PR.G	FixedReset Ins Non	Quote: 11.50 – 12.18 Spot Rate : 0.6800 Average : 0.5226 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-07 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 4.08 %

Market Action

December 4, 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	0.3175 %	1,893.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3175 %	3,473.6
Floater	4.52 %	4.58 %	58,541	16.19	2	0.3175 %	2,001.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1421 %	3,596.7
SplitShare	4.82 %	4.40 %	40,448	3.86	9	-0.1421 %	4,295.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1421 %	3,351.3
Perpetual-Premium	5.33 %	1.54 %	76,921	0.22	19	0.0309 %	3,198.3
Perpetual-Discount	4.95 %	5.01 %	77,344	15.43	12	0.3651 %	3,700.2
FixedReset Disc	5.07 %	3.92 %	131,657	17.22	56	-0.0681 %	2,297.7
Insurance Straight	5.01 %	4.67 %	94,310	4.95	22	-0.0164 %	3,587.0
FloatingReset	1.95 %	2.04 %	43,687	1.15	3	0.0165 %	1,841.5
FixedReset Prem	5.15 %	2.82 %	202,467	0.71	22	-0.1769 %	2,674.2
FixedReset Bank Non	1.94 %	2.07 %	180,361	1.14	2	-0.0602 %	2,867.7
FixedReset Ins Non	5.13 %	3.91 %	80,520	17.18	22	0.6678 %	2,381.2

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.F	FixedReset Disc	-2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 22.73 Evaluated at bid price : 23.53 Bid-YTW : 5.38 %
TRP.PR.B	FixedReset Disc	-1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 4.69 %
BAM.PR.X	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 12.44 Evaluated at bid price : 12.44 Bid-YTW : 4.65 %
TD.PF.C	FixedReset Disc	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 3.66 %
GWO.PR.R	Insurance Straight	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 24.32 Evaluated at bid price : 24.59 Bid-YTW : 4.87 %
BMO.PR.W	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 3.66 %
BAM.PR.N	Perpetual-Discount	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 23.58 Evaluated at bid price : 23.85 Bid-YTW : 5.05 %
BAM.PF.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 4.70 %
SLF.PR.H	FixedReset Ins Non	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 3.77 %
MFC.PR.N	FixedReset Ins Non	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 3.89 %
SLF.PR.D	Insurance Straight	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 4.53 %
BAM.PF.B	FixedReset Disc	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.74 %
MFC.PR.J	FixedReset Ins Non	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 3.95 %
MFC.PR.M	FixedReset Ins Non	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 19.13 Evaluated at bid price : 19.13 Bid-YTW : 3.92 %
MFC.PR.I	FixedReset Ins Non	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 3.82 %
BAM.PF.F	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 4.79 %
BAM.PR.Z	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 4.77 %
MFC.PR.K	FixedReset Ins Non	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 3.90 %
TRP.PR.A	FixedReset Disc	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 5.01 %
IFC.PR.A	FixedReset Ins Non	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 4.11 %
RY.PR.J	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 3.73 %
BAM.PF.E	FixedReset Disc	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 4.86 %
IFC.PR.C	FixedReset Ins Non	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 18.98 Evaluated at bid price : 18.98 Bid-YTW : 4.15 %
BAM.PF.C	Perpetual-Discount	2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 23.74 Evaluated at bid price : 24.17 Bid-YTW : 5.08 %
BAM.PF.G	FixedReset Disc	3.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 17.42 Evaluated at bid price : 17.42 Bid-YTW : 4.77 %
TD.PF.D	FixedReset Disc	4.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 3.82 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.C	FixedReset Disc	199,258	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 10.10 Evaluated at bid price : 10.10 Bid-YTW : 4.94 %
NA.PR.A	FixedReset Prem	165,127	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 2.82 %
TRP.PR.B	FixedReset Disc	103,661	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 4.69 %
NA.PR.C	FixedReset Disc	65,245	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 23.57 Evaluated at bid price : 24.91 Bid-YTW : 3.86 %
NA.PR.E	FixedReset Disc	47,545	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 20.48 Evaluated at bid price : 20.48 Bid-YTW : 3.94 %
TD.PF.B	FixedReset Disc	46,462	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 3.65 %
There were 33 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.J	FixedReset Disc	Quote: 21.84 – 22.50 Spot Rate : 0.6600 Average : 0.4071 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 21.48 Evaluated at bid price : 21.84 Bid-YTW : 3.81 %
BIP.PR.F	FixedReset Disc	Quote: 23.53 – 24.20 Spot Rate : 0.6700 Average : 0.4617 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 22.73 Evaluated at bid price : 23.53 Bid-YTW : 5.38 %
PVS.PR.F	SplitShare	Quote: 25.36 – 25.90 Spot Rate : 0.5400 Average : 0.3803 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 4.40 %
TRP.PR.C	FixedReset Disc	Quote: 10.10 – 10.57 Spot Rate : 0.4700 Average : 0.3219 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 10.10 Evaluated at bid price : 10.10 Bid-YTW : 4.94 %
PWF.PR.T	FixedReset Disc	Quote: 18.13 – 18.49 Spot Rate : 0.3600 Average : 0.2300 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 4.23 %
CM.PR.P	FixedReset Disc	Quote: 19.75 – 20.40 Spot Rate : 0.6500 Average : 0.5210 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-04 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 3.76 %

Market Action

December 3, 2020

Click for Big

TXPR closed at 614.22, up 1.21% on the day. Volume today was 2.79-million, behind only November 24 and November 20 in the past 20 trading days.

CPD closed at 12.225, up 0.78% on the day. Volume was 86,780, a little above the median of the past 20 trading days.

ZPR closed at 9.73, up 0.83% on the day. Volume of 122,016 was below the median of the past 20 trading days.

Five-year Canada yields were down 1bp to 0.46% 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	-0.2639 %	1,887.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2639 %	3,462.6
Floater	4.54 %	4.58 %	58,193	16.19	2	-0.2639 %	1,995.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0284 %	3,601.8
SplitShare	4.81 %	4.41 %	40,502	3.86	9	0.0284 %	4,301.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0284 %	3,356.1
Perpetual-Premium	5.33 %	1.86 %	79,456	0.23	19	-0.0433 %	3,197.3
Perpetual-Discount	4.96 %	5.01 %	82,943	15.43	12	0.7321 %	3,686.7
FixedReset Disc	5.06 %	3.91 %	130,817	17.26	56	1.5619 %	2,299.3
Insurance Straight	5.00 %	4.67 %	94,957	4.07	22	0.3328 %	3,587.6
FloatingReset	1.95 %	2.04 %	43,813	1.15	3	0.4137 %	1,841.2
FixedReset Prem	5.15 %	2.69 %	204,109	0.84	22	0.2095 %	2,678.9
FixedReset Bank Non	1.94 %	1.96 %	173,074	1.14	2	0.1809 %	2,869.4
FixedReset Ins Non	5.16 %	3.94 %	76,076	17.05	22	1.4857 %	2,365.4

Performance Highlights
Issue	Index	Change	Notes
TD.PF.D	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 4.01 %
TD.PF.I	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.93 Evaluated at bid price : 24.24 Bid-YTW : 3.66 %
BIP.PR.B	FixedReset Prem	1.01 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 0.07 %
BAM.PF.D	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.74 Evaluated at bid price : 24.25 Bid-YTW : 5.11 %
RY.PR.S	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.48 Evaluated at bid price : 21.84 Bid-YTW : 3.56 %
BIP.PR.A	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.52 %
CM.PR.O	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 3.78 %
MFC.PR.L	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 4.03 %
BAM.PF.G	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 4.92 %
MFC.PR.J	FixedReset Ins Non	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 4.01 %
BIP.PR.E	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 22.96 Evaluated at bid price : 23.75 Bid-YTW : 5.22 %
BAM.PR.N	Perpetual-Discount	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.10 %
MFC.PR.I	FixedReset Ins Non	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.35 Evaluated at bid price : 21.65 Bid-YTW : 3.89 %
BIP.PR.D	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.79 Evaluated at bid price : 24.22 Bid-YTW : 5.14 %
SLF.PR.E	Insurance Straight	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 24.44 Evaluated at bid price : 24.68 Bid-YTW : 4.55 %
BMO.PR.D	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.45 Evaluated at bid price : 24.48 Bid-YTW : 3.69 %
TRP.PR.C	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 10.14 Evaluated at bid price : 10.14 Bid-YTW : 4.92 %
TD.PF.A	FixedReset Disc	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 3.62 %
TD.PF.C	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 3.61 %
RY.PR.M	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.29 Evaluated at bid price : 20.29 Bid-YTW : 3.77 %
NA.PR.S	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 3.91 %
PWF.PR.T	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 17.99 Evaluated at bid price : 17.99 Bid-YTW : 4.26 %
CU.PR.I	FixedReset Prem	1.58 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 3.91 %
BMO.PR.S	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 3.72 %
BMO.PR.E	FixedReset Disc	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 22.03 Evaluated at bid price : 22.37 Bid-YTW : 3.75 %
GWO.PR.R	Insurance Straight	1.71 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.92 Bid-YTW : 4.78 %
RY.PR.Z	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 3.56 %
NA.PR.G	FixedReset Disc	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.79 Evaluated at bid price : 22.04 Bid-YTW : 3.93 %
CU.PR.D	Perpetual-Discount	1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 24.67 Evaluated at bid price : 24.93 Bid-YTW : 4.93 %
MFC.PR.H	FixedReset Ins Non	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 22.72 Evaluated at bid price : 23.18 Bid-YTW : 3.86 %
BIP.PR.F	FixedReset Disc	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.01 Evaluated at bid price : 24.10 Bid-YTW : 5.24 %
TRP.PR.D	FixedReset Disc	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 14.93 Evaluated at bid price : 14.93 Bid-YTW : 5.12 %
GWO.PR.I	Insurance Straight	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.97 Evaluated at bid price : 24.22 Bid-YTW : 4.63 %
CM.PR.S	FixedReset Disc	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 3.76 %
TD.PF.K	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.46 Evaluated at bid price : 21.82 Bid-YTW : 3.76 %
MFC.PR.F	FixedReset Ins Non	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 3.94 %
SLF.PR.G	FixedReset Ins Non	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 3.83 %
RY.PR.H	FixedReset Disc	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 3.59 %
TD.PF.J	FixedReset Disc	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.57 Evaluated at bid price : 21.97 Bid-YTW : 3.78 %
TRP.PR.F	FloatingReset	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 11.05 Evaluated at bid price : 11.05 Bid-YTW : 4.59 %
TRP.PR.E	FixedReset Disc	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 14.72 Evaluated at bid price : 14.72 Bid-YTW : 5.16 %
MFC.PR.Q	FixedReset Ins Non	2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 3.91 %
BAM.PF.F	FixedReset Disc	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.88 %
NA.PR.C	FixedReset Disc	2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.58 Evaluated at bid price : 24.96 Bid-YTW : 3.85 %
MFC.PR.N	FixedReset Ins Non	2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 3.94 %
NA.PR.E	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 3.90 %
NA.PR.W	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.78 Evaluated at bid price : 18.78 Bid-YTW : 3.92 %
MFC.PR.G	FixedReset Ins Non	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.45 Evaluated at bid price : 21.78 Bid-YTW : 3.83 %
TD.PF.B	FixedReset Disc	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.07 Evaluated at bid price : 20.07 Bid-YTW : 3.62 %
TRP.PR.G	FixedReset Disc	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 16.22 Evaluated at bid price : 16.22 Bid-YTW : 5.25 %
BAM.PR.M	Perpetual-Discount	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.04 %
BAM.PF.A	FixedReset Disc	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 4.76 %
IFC.PR.A	FixedReset Ins Non	2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 4.20 %
PWF.PR.P	FixedReset Disc	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 11.69 Evaluated at bid price : 11.69 Bid-YTW : 4.39 %
BAM.PR.Z	FixedReset Disc	2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 4.88 %
BMO.PR.T	FixedReset Disc	2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 3.66 %
IAF.PR.G	FixedReset Ins Non	2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 4.18 %
IAF.PR.I	FixedReset Ins Non	2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 4.04 %
IFC.PR.G	FixedReset Ins Non	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 4.23 %
SLF.PR.H	FixedReset Ins Non	3.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 3.81 %
BMO.PR.W	FixedReset Disc	3.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 3.62 %
TRP.PR.B	FixedReset Disc	3.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 9.28 Evaluated at bid price : 9.28 Bid-YTW : 4.60 %
BAM.PR.T	FixedReset Disc	3.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 4.76 %
BMO.PR.Y	FixedReset Disc	3.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 3.69 %
BAM.PF.B	FixedReset Disc	3.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 4.81 %
CU.PR.C	FixedReset Disc	3.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 4.05 %
BAM.PR.X	FixedReset Disc	4.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 12.63 Evaluated at bid price : 12.63 Bid-YTW : 4.58 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.O	FixedReset Disc	191,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 3.78 %
TD.PF.M	FixedReset Prem	107,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.40 Evaluated at bid price : 25.34 Bid-YTW : 4.05 %
TD.PF.C	FixedReset Disc	96,548	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 3.61 %
BIP.PR.D	FixedReset Disc	92,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.79 Evaluated at bid price : 24.22 Bid-YTW : 5.14 %
CM.PR.S	FixedReset Disc	83,291	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 3.76 %
BIP.PR.A	FixedReset Disc	71,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.52 %
There were 41 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.X	FixedReset Disc	Quote: 12.63 – 17.27 Spot Rate : 4.6400 Average : 2.5377 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 12.63 Evaluated at bid price : 12.63 Bid-YTW : 4.58 %
BAM.PR.R	FixedReset Disc	Quote: 14.06 – 16.95 Spot Rate : 2.8900 Average : 1.7100 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 14.06 Evaluated at bid price : 14.06 Bid-YTW : 4.96 %
BAM.PR.K	Floater	Quote: 9.40 – 12.00 Spot Rate : 2.6000 Average : 1.4684 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 9.40 Evaluated at bid price : 9.40 Bid-YTW : 4.62 %
MFC.PR.N	FixedReset Ins Non	Quote: 18.66 – 19.84 Spot Rate : 1.1800 Average : 0.7319 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 3.94 %
BAM.PR.M	Perpetual-Discount	Quote: 23.90 – 24.99 Spot Rate : 1.0900 Average : 0.6801 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.04 %
TD.PF.B	FixedReset Disc	Quote: 20.07 – 21.00 Spot Rate : 0.9300 Average : 0.5253 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-03 Maturity Price : 20.07 Evaluated at bid price : 20.07 Bid-YTW : 3.62 %

Market Action

December 2, 2020

PerpetualDiscounts now yield 5.06%, equivalent to 6.58% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.84%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 375bp from the 380bp reported November 25.

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	0.8515 %	1,892.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.8515 %	3,471.8
Floater	4.53 %	4.57 %	55,546	16.20	2	0.8515 %	2,000.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0262 %	3,600.8
SplitShare	4.81 %	4.18 %	37,489	3.87	9	0.0262 %	4,300.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0262 %	3,355.1
Perpetual-Premium	5.33 %	1.34 %	74,916	0.23	19	0.1589 %	3,198.7
Perpetual-Discount	5.00 %	5.06 %	81,406	15.36	12	0.1963 %	3,659.9
FixedReset Disc	5.14 %	3.96 %	131,916	17.15	56	0.5600 %	2,263.9
Insurance Straight	5.02 %	4.69 %	92,668	4.96	22	0.1931 %	3,575.7
FloatingReset	1.96 %	2.21 %	42,025	1.15	3	0.4655 %	1,833.6
FixedReset Prem	5.16 %	3.05 %	205,908	0.84	22	0.1973 %	2,673.3
FixedReset Bank Non	1.94 %	2.13 %	172,832	1.15	2	-0.0402 %	2,864.2
FixedReset Ins Non	5.24 %	4.02 %	74,487	16.94	22	0.6250 %	2,330.8

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.E	Insurance Straight	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 24.09 Evaluated at bid price : 24.35 Bid-YTW : 4.61 %
CU.PR.D	Perpetual-Discount	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 24.17 Evaluated at bid price : 24.48 Bid-YTW : 5.02 %
POW.PR.D	Perpetual-Premium	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 24.92 Evaluated at bid price : 25.15 Bid-YTW : 5.03 %
BAM.PF.A	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 4.88 %
PWF.PR.S	Perpetual-Discount	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 4.94 %
MFC.PR.I	FixedReset Ins Non	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 3.97 %
NA.PR.S	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 3.96 %
BAM.PF.B	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 4.99 %
GWO.PR.Q	Insurance Straight	1.09 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.69 %
BIP.PR.A	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.58 %
BAM.PF.F	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 4.99 %
BAM.PR.K	Floater	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 9.45 Evaluated at bid price : 9.45 Bid-YTW : 4.60 %
IFC.PR.A	FixedReset Ins Non	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 4.31 %
BIP.PR.B	FixedReset Prem	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 23.93 Evaluated at bid price : 24.86 Bid-YTW : 5.49 %
GWO.PR.N	FixedReset Ins Non	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 10.51 Evaluated at bid price : 10.51 Bid-YTW : 4.12 %
TRP.PR.A	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 12.62 Evaluated at bid price : 12.62 Bid-YTW : 5.17 %
RY.PR.M	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 3.82 %
IFC.PR.C	FixedReset Ins Non	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 4.26 %
TRP.PR.D	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 5.23 %
CU.PR.G	Perpetual-Discount	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 23.67 Evaluated at bid price : 24.19 Bid-YTW : 4.65 %
GWO.PR.S	Insurance Straight	1.50 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.78 %
MFC.PR.G	FixedReset Ins Non	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 21.27 Evaluated at bid price : 21.27 Bid-YTW : 3.95 %
BMO.PR.Y	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 3.82 %
TRP.PR.G	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 15.84 Evaluated at bid price : 15.84 Bid-YTW : 5.37 %
TD.PF.C	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 3.66 %
BIP.PR.F	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 22.79 Evaluated at bid price : 23.65 Bid-YTW : 5.35 %
CM.PR.Q	FixedReset Disc	1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 20.73 Evaluated at bid price : 20.73 Bid-YTW : 3.90 %
TRP.PR.F	FloatingReset	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 10.81 Evaluated at bid price : 10.81 Bid-YTW : 4.69 %
BAM.PF.E	FixedReset Disc	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 5.00 %
MFC.PR.F	FixedReset Ins Non	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 11.51 Evaluated at bid price : 11.51 Bid-YTW : 4.02 %
SLF.PR.H	FixedReset Ins Non	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 16.57 Evaluated at bid price : 16.57 Bid-YTW : 3.94 %
MFC.PR.M	FixedReset Ins Non	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 4.00 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.S	FixedReset Disc	183,182	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 21.30 Evaluated at bid price : 21.60 Bid-YTW : 3.60 %
BMO.PR.B	FixedReset Prem	139,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 3.05 %
TD.PF.M	FixedReset Prem	126,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 23.40 Evaluated at bid price : 25.35 Bid-YTW : 4.05 %
BNS.PR.G	FixedReset Prem	95,525	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 3.04 %
TRP.PR.D	FixedReset Disc	78,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 5.23 %
BAM.PR.K	Floater	71,715	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 9.45 Evaluated at bid price : 9.45 Bid-YTW : 4.60 %
There were 28 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: 20.00 – 25.50 Spot Rate : 5.5000 Average : 4.3477 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 3.82 %
TRP.PR.G	FixedReset Disc	Quote: 15.84 – 17.00 Spot Rate : 1.1600 Average : 0.6782 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 15.84 Evaluated at bid price : 15.84 Bid-YTW : 5.37 %
BAM.PF.E	FixedReset Disc	Quote: 15.95 – 17.00 Spot Rate : 1.0500 Average : 0.6558 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 5.00 %
IFC.PR.G	FixedReset Ins Non	Quote: 18.95 – 19.44 Spot Rate : 0.4900 Average : 0.2873 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 4.36 %
CU.PR.D	Perpetual-Discount	Quote: 24.48 – 24.99 Spot Rate : 0.5100 Average : 0.3469 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 24.17 Evaluated at bid price : 24.48 Bid-YTW : 5.02 %
GWO.PR.R	Insurance Straight	Quote: 24.50 – 25.05 Spot Rate : 0.5500 Average : 0.3919 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-02 Maturity Price : 24.24 Evaluated at bid price : 24.50 Bid-YTW : 4.89 %

Market Action

December 1, 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	2.3420 %	1,876.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	2.3420 %	3,442.4
Floater	4.56 %	4.60 %	57,488	16.15	2	2.3420 %	1,983.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.3071 %	3,599.9
SplitShare	4.81 %	4.29 %	37,731	3.87	9	0.3071 %	4,299.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3071 %	3,354.2
Perpetual-Premium	5.34 %	2.31 %	75,317	0.23	19	-0.0083 %	3,193.6
Perpetual-Discount	5.01 %	5.05 %	77,109	15.37	12	0.3629 %	3,652.8
FixedReset Disc	5.17 %	3.98 %	126,156	17.09	56	0.6251 %	2,251.3
Insurance Straight	5.00 %	4.76 %	92,926	15.15	22	0.3928 %	3,568.8
FloatingReset	1.97 %	2.49 %	39,997	1.15	3	0.1499 %	1,825.1
FixedReset Prem	5.17 %	3.20 %	203,122	0.84	22	-0.0556 %	2,668.0
FixedReset Bank Non	1.94 %	2.06 %	175,331	1.15	2	-0.0402 %	2,865.4
FixedReset Ins Non	5.27 %	4.04 %	77,089	16.84	22	0.3799 %	2,316.3

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.B	FixedReset Prem	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.28 Evaluated at bid price : 24.55 Bid-YTW : 5.54 %
SLF.PR.H	FixedReset Ins Non	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 4.03 %
TRP.PR.D	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 5.30 %
PWF.PR.S	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.97 Evaluated at bid price : 24.25 Bid-YTW : 4.99 %
MFC.PR.K	FixedReset Ins Non	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.03 %
MFC.PR.B	Insurance Straight	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 24.46 Evaluated at bid price : 24.70 Bid-YTW : 4.71 %
GWO.PR.N	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 10.51 Evaluated at bid price : 10.51 Bid-YTW : 4.18 %
TD.PF.J	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 3.92 %
BIP.PR.A	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.64 %
MFC.PR.Q	FixedReset Ins Non	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 4.01 %
NA.PR.W	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 4.01 %
BAM.PR.M	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 5.17 %
BAM.PF.A	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 4.93 %
MFC.PR.H	FixedReset Ins Non	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 22.34 Evaluated at bid price : 22.76 Bid-YTW : 3.94 %
MFC.PR.L	FixedReset Ins Non	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 4.11 %
BAM.PR.T	FixedReset Disc	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 4.92 %
CM.PR.S	FixedReset Disc	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 3.84 %
CM.PR.O	FixedReset Disc	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 19.24 Evaluated at bid price : 19.24 Bid-YTW : 3.86 %
NA.PR.S	FixedReset Disc	1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 4.01 %
NA.PR.E	FixedReset Disc	2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 4.01 %
BAM.PR.B	Floater	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 9.45 Evaluated at bid price : 9.45 Bid-YTW : 4.60 %
BNS.PR.I	FixedReset Disc	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 21.70 Evaluated at bid price : 21.95 Bid-YTW : 3.63 %
SLF.PR.G	FixedReset Ins Non	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 11.75 Evaluated at bid price : 11.75 Bid-YTW : 3.91 %
TRP.PR.C	FixedReset Disc	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 10.01 Evaluated at bid price : 10.01 Bid-YTW : 4.98 %
BAM.PR.K	Floater	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 9.34 Evaluated at bid price : 9.34 Bid-YTW : 4.65 %
CU.PR.F	Perpetual-Discount	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.87 Evaluated at bid price : 24.15 Bid-YTW : 4.67 %
BAM.PF.F	FixedReset Disc	3.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.05 %
SLF.PR.C	Insurance Straight	3.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 24.16 Evaluated at bid price : 24.41 Bid-YTW : 4.54 %
BAM.PF.B	FixedReset Disc	5.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 5.05 %
TRP.PR.G	FixedReset Disc	Not Calc!	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 15.59 Evaluated at bid price : 15.59 Bid-YTW : 5.46 %
CU.PR.I	FixedReset Prem	Not Calc!	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.12 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.K	FixedReset Disc	71,379	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.71 Evaluated at bid price : 24.95 Bid-YTW : 4.86 %
TD.PF.J	FixedReset Disc	70,109	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 3.92 %
RY.PR.R	FixedReset Prem	52,995	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 2.74 %
TRP.PR.D	FixedReset Disc	48,419	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 5.30 %
BAM.PF.J	FixedReset Disc	40,650	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.57 Evaluated at bid price : 25.00 Bid-YTW : 4.74 %
RY.PR.Z	FixedReset Disc	38,663	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 3.63 %
There were 21 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: 19.73 – 25.50 Spot Rate : 5.7700 Average : 3.0843 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 3.87 %
GWO.PR.N	FixedReset Ins Non	Quote: 10.51 – 13.00 Spot Rate : 2.4900 Average : 1.3637 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 10.51 Evaluated at bid price : 10.51 Bid-YTW : 4.18 %
SLF.PR.H	FixedReset Ins Non	Quote: 16.20 – 17.00 Spot Rate : 0.8000 Average : 0.5112 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 4.03 %
TD.PF.C	FixedReset Disc	Quote: 19.81 – 20.48 Spot Rate : 0.6700 Average : 0.4193 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 3.73 %
CM.PR.Q	FixedReset Disc	Quote: 20.35 – 20.95 Spot Rate : 0.6000 Average : 0.3818 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 3.97 %
BIP.PR.B	FixedReset Prem	Quote: 24.55 – 25.25 Spot Rate : 0.7000 Average : 0.5032 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-12-01 Maturity Price : 23.28 Evaluated at bid price : 24.55 Bid-YTW : 5.54 %

PrefBlog

Category: Market Action

December 14, 2020

December 11, 2020

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