Category: Market Action

Market Action

August 31, 2020

Here’s what Britain is talking about by way of paying the coronavirus debt:

Treasury officials in Britain are pushing for tax hikes to plug holes blown in public finances by the coronavirus pandemic, two leading British newspapers said.

Such hikes will enable the Exchequer to raise at least £20-billion ($35-billion) a year, and some could be introduced in https://www.theglobeandmail.com/business/article-liberals-revised-covid-19-emergency-benefits-resemble-a-national/#commentsthe November budget, the Sunday Telegraph said.

The Sunday Times newspaper said officials were drawing up plans for a £30-billion “tax raid” on the wealthy, businesses, pensions and foreign aid.

In its budget, the government also plans to raise both capital gains tax and corporation tax, the Sunday Times added.

Finance Minister Rishi Sunak is considering a proposal to boost corporation tax to 24 per cent from 19 per cent, a move that would raise £12-billion next year, rising to £17-billion in 2023-24, the paper said.

I was infuriated by a recent article about the new coronavirus supports and their similarity to Guaranteed Annual Income:

According to the tenets of a guaranteed basic income program, all adults are eligible for government benefits that establish a floor for income, but those payments decline as earnings from wages rise. That gradual reduction, or clawback, means that the basic income benefit is eliminated entirely for higher earners.

Wrong, wrong, wrong!

A ‘clawback’ implies that there is a higher marginal rate on low earnings that is hidden from obvious view. This leads to such things as welfare recipients facing a marginal tax rate in excess of 50% on earnings which is often claimed to be a disincentive to work.

You want guaranteed basic income? Fine. Good. But it must work as follows:
i) Cut everybody a cheque for $X.
ii) This $X is included in taxable income
iii) Then tax the taxable income in the usual way.

The Bank of Canada has published its 2019 Cash Alternative Survey Results:

The role of cash in Canadians’ lives has been evolving, as innovations in digital payments have become more widely adopted over the past decade. The emergence of privately issued digital currencies has motivated many central banks to conduct research into central bank digital currencies (CBDCs). We contribute to the Bank of Canada’s research on CBDC by monitoring Canadians’ use of cash and their adoption of digital payment methods.

The Bank conducted the 2019 Cash Alternative Survey (CAS) in August and September 2019. The 2019 CAS asked respondents to report their cash holdings, adoption of cryptocurrencies, and views regarding the potential impact of cash disappearing from the Canadian economy.

We find that Canadians’ cash holdings remain stable, and cryptocurrency adoption remains limited and concentrated among few demographics. Looking ahead, we find few Canadians plan to stop using cash and a significant share report they would find the disappearance of cash problematic. We plan to conduct further iterations of the Cash Alternative Study to further analyze Canadians’ cash use, including their withdrawal and spending behaviour.

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	0.1168 %	1,669.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1168 %	3,064.1
Floater	5.00 %	5.08 %	63,879	15.27	3	0.1168 %	1,765.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.0694 %	3,532.3
SplitShare	4.68 %	4.39 %	40,851	3.24	8	0.0694 %	4,218.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0694 %	3,291.3
Perpetual-Premium	5.51 %	4.60 %	82,252	2.76	4	0.4152 %	3,119.7
Perpetual-Discount	5.30 %	5.14 %	79,410	14.68	31	0.6930 %	3,445.0
FixedReset Disc	5.45 %	4.30 %	120,354	16.26	67	0.0008 %	2,102.5
Deemed-Retractible	5.11 %	5.09 %	102,778	14.91	27	0.5886 %	3,373.7
FloatingReset	2.82 %	2.29 %	40,730	1.40	3	0.7143 %	1,819.1
FixedReset Prem	5.26 %	4.39 %	234,013	0.87	11	-0.1328 %	2,615.9
FixedReset Bank Non	1.95 %	2.33 %	126,911	1.39	2	0.0604 %	2,845.7
FixedReset Ins Non	5.68 %	4.43 %	90,299	16.19	22	0.1966 %	2,119.4

Performance Highlights
Issue	Index	Change	Notes
BMO.PR.Y	FixedReset Disc	-4.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.35 %
MFC.PR.M	FixedReset Ins Non	-4.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 4.74 %
BAM.PR.R	FixedReset Disc	-3.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.44 %
BAM.PF.A	FixedReset Disc	-2.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 5.42 %
TD.PF.I	FixedReset Disc	-2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 4.25 %
MFC.PR.F	FixedReset Ins Non	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 10.05 Evaluated at bid price : 10.05 Bid-YTW : 4.54 %
CM.PR.S	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 4.11 %
PWF.PR.P	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 4.95 %
TRP.PR.K	FixedReset Disc	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 23.98 Evaluated at bid price : 24.31 Bid-YTW : 5.05 %
RY.PR.S	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 3.87 %
TRP.PR.E	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 13.77 Evaluated at bid price : 13.77 Bid-YTW : 5.51 %
PWF.PR.E	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 3.89 %
GWO.PR.T	Deemed-Retractible	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 24.35 Evaluated at bid price : 24.83 Bid-YTW : 5.25 %
IFC.PR.C	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 4.66 %
CU.PR.E	Perpetual-Discount	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 23.67 Evaluated at bid price : 23.97 Bid-YTW : 5.12 %
PWF.PR.L	Perpetual-Discount	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 23.56 Evaluated at bid price : 23.83 Bid-YTW : 5.40 %
RY.PR.M	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 19.59 Evaluated at bid price : 19.59 Bid-YTW : 3.88 %
GWO.PR.I	Deemed-Retractible	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 21.62 Evaluated at bid price : 21.87 Bid-YTW : 5.22 %
CU.PR.F	Perpetual-Discount	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 22.40 Evaluated at bid price : 22.68 Bid-YTW : 4.97 %
BAM.PF.B	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 5.29 %
GWO.PR.N	FixedReset Ins Non	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 4.29 %
CU.PR.G	Perpetual-Discount	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 22.15 Evaluated at bid price : 22.44 Bid-YTW : 5.03 %
GWO.PR.P	Deemed-Retractible	1.32 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.33 Bid-YTW : 0.48 %
GWO.PR.R	Deemed-Retractible	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 22.91 Evaluated at bid price : 23.32 Bid-YTW : 5.21 %
CU.PR.H	Perpetual-Premium	1.40 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-09-01 Maturity Price : 25.25 Evaluated at bid price : 25.38 Bid-YTW : 5.05 %
CIU.PR.A	Perpetual-Discount	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 22.10 Evaluated at bid price : 22.38 Bid-YTW : 5.15 %
GWO.PR.H	Deemed-Retractible	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 23.24 Evaluated at bid price : 23.54 Bid-YTW : 5.22 %
PWF.PR.K	Perpetual-Discount	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 22.81 Evaluated at bid price : 23.09 Bid-YTW : 5.41 %
TD.PF.D	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 3.94 %
PWF.PR.F	Perpetual-Discount	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 24.17 Evaluated at bid price : 24.43 Bid-YTW : 5.42 %
CU.PR.D	Perpetual-Discount	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 23.65 Evaluated at bid price : 23.95 Bid-YTW : 5.13 %
MFC.PR.C	Deemed-Retractible	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 21.88 Evaluated at bid price : 22.12 Bid-YTW : 5.09 %
BAM.PR.T	FixedReset Disc	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 5.22 %
BAM.PR.M	Perpetual-Discount	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 21.64 Evaluated at bid price : 21.89 Bid-YTW : 5.51 %
GWO.PR.S	Deemed-Retractible	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 24.79 Evaluated at bid price : 25.09 Bid-YTW : 5.31 %
TRP.PR.D	FixedReset Disc	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 5.46 %
RY.PR.Z	FixedReset Disc	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 3.86 %
MFC.PR.N	FixedReset Ins Non	2.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 4.38 %
BIP.PR.A	FixedReset Disc	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 5.53 %
TRP.PR.F	FloatingReset	2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 10.82 Evaluated at bid price : 10.82 Bid-YTW : 4.75 %
TRP.PR.A	FixedReset Disc	2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 12.61 Evaluated at bid price : 12.61 Bid-YTW : 5.18 %
CM.PR.R	FixedReset Disc	2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 23.05 Evaluated at bid price : 23.40 Bid-YTW : 4.13 %
MFC.PR.G	FixedReset Ins Non	4.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 4.39 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.G	FixedReset Ins Non	165,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 4.39 %
SLF.PR.I	FixedReset Ins Non	154,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 18.43 Evaluated at bid price : 18.43 Bid-YTW : 4.32 %
BAM.PR.R	FixedReset Disc	102,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.44 %
RY.PR.M	FixedReset Disc	83,658	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 19.59 Evaluated at bid price : 19.59 Bid-YTW : 3.88 %
BMO.PR.D	FixedReset Disc	81,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 22.34 Evaluated at bid price : 22.65 Bid-YTW : 4.03 %
PWF.PR.F	Perpetual-Discount	69,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 24.17 Evaluated at bid price : 24.43 Bid-YTW : 5.42 %
There were 29 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.G	FixedReset Disc	Quote: 15.60 – 22.00 Spot Rate : 6.4000 Average : 3.5282 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 5.42 %
MFC.PR.M	FixedReset Ins Non	Quote: 15.85 – 16.81 Spot Rate : 0.9600 Average : 0.6318 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 4.74 %
BAM.PF.A	FixedReset Disc	Quote: 17.04 – 18.00 Spot Rate : 0.9600 Average : 0.6350 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 5.42 %
TD.PF.I	FixedReset Disc	Quote: 21.00 – 22.74 Spot Rate : 1.7400 Average : 1.4467 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 4.25 %
BMO.PR.Y	FixedReset Disc	Quote: 18.00 – 19.20 Spot Rate : 1.2000 Average : 0.9774 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 4.35 %
BAM.PR.R	FixedReset Disc	Quote: 12.70 – 13.54 Spot Rate : 0.8400 Average : 0.7012 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-31 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.44 %

Market Action

August 28, 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	0.4300 %	1,667.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4300 %	3,060.5
Floater	5.01 %	5.10 %	63,951	15.25	3	0.4300 %	1,763.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0369 %	3,529.8
SplitShare	4.68 %	4.41 %	41,155	3.25	8	0.0369 %	4,215.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0369 %	3,289.0
Perpetual-Premium	5.54 %	4.67 %	82,498	3.99	4	0.0099 %	3,106.8
Perpetual-Discount	5.34 %	5.39 %	78,074	14.63	31	0.1725 %	3,421.3
FixedReset Disc	5.45 %	4.27 %	121,648	16.32	67	-0.0124 %	2,102.5
Deemed-Retractible	5.14 %	5.16 %	99,115	14.84	27	0.0885 %	3,354.0
FloatingReset	2.86 %	2.20 %	40,701	1.40	3	-0.2412 %	1,806.2
FixedReset Prem	5.25 %	4.10 %	235,435	0.88	11	0.0000 %	2,619.4
FixedReset Bank Non	1.95 %	2.38 %	131,498	1.40	2	0.4654 %	2,844.0
FixedReset Ins Non	5.69 %	4.45 %	90,602	16.11	22	0.7154 %	2,115.2

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.X	FixedReset Disc	-2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 11.13 Evaluated at bid price : 11.13 Bid-YTW : 5.12 %
SLF.PR.J	FloatingReset	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 9.50 Evaluated at bid price : 9.50 Bid-YTW : 4.09 %
TRP.PR.D	FixedReset Disc	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 5.56 %
RY.PR.Z	FixedReset Disc	-2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 3.93 %
NA.PR.G	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 4.39 %
BAM.PR.M	Perpetual-Discount	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.62 %
BAM.PR.T	FixedReset Disc	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 13.37 Evaluated at bid price : 13.37 Bid-YTW : 5.28 %
CM.PR.Q	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 4.27 %
TRP.PR.A	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 5.31 %
CM.PR.R	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 22.40 Evaluated at bid price : 22.72 Bid-YTW : 4.24 %
SLF.PR.E	Deemed-Retractible	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.16 %
MFC.PR.C	Deemed-Retractible	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.17 %
TD.PF.C	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 3.92 %
BAM.PF.I	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 24.17 Evaluated at bid price : 24.50 Bid-YTW : 4.96 %
CM.PR.O	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 4.16 %
BAM.PF.H	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 24.39 Evaluated at bid price : 25.00 Bid-YTW : 5.05 %
SLF.PR.H	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 4.45 %
MFC.PR.J	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 4.46 %
PWF.PR.L	Perpetual-Discount	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 5.46 %
BAM.PR.B	Floater	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 8.65 Evaluated at bid price : 8.65 Bid-YTW : 5.03 %
IAF.PR.I	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 19.93 Evaluated at bid price : 19.93 Bid-YTW : 4.22 %
BIK.PR.A	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 5.72 %
BAM.PR.Z	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.27 %
TRP.PR.F	FloatingReset	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 10.52 Evaluated at bid price : 10.52 Bid-YTW : 4.91 %
SLF.PR.A	Deemed-Retractible	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 22.89 Evaluated at bid price : 23.16 Bid-YTW : 5.11 %
TD.PF.E	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 3.89 %
SLF.PR.G	FixedReset Ins Non	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 10.40 Evaluated at bid price : 10.40 Bid-YTW : 4.32 %
MFC.PR.R	FixedReset Ins Non	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 23.83 Evaluated at bid price : 24.21 Bid-YTW : 4.38 %
POW.PR.D	Perpetual-Discount	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.33 %
IAF.PR.B	Deemed-Retractible	2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.12 %
NA.PR.W	FixedReset Disc	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 4.30 %
TRP.PR.B	FixedReset Disc	3.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 8.65 Evaluated at bid price : 8.65 Bid-YTW : 4.82 %
MFC.PR.I	FixedReset Ins Non	5.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 4.40 %
TD.PF.D	FixedReset Disc	6.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 3.98 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.H	FixedReset Prem	69,060	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.31 %
MFC.PR.M	FixedReset Ins Non	56,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 4.49 %
PWF.PR.H	Perpetual-Discount	50,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-27 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : -1.05 %
MFC.PR.N	FixedReset Ins Non	50,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 16.37 Evaluated at bid price : 16.37 Bid-YTW : 4.46 %
BNS.PR.H	FixedReset Prem	28,570	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 3.98 %
BAM.PR.Z	FixedReset Disc	26,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.27 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
POW.PR.D	Perpetual-Discount	Quote: 23.70 – 24.80 Spot Rate : 1.1000 Average : 0.6413 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.33 %
POW.PR.A	Perpetual-Discount	Quote: 25.23 – 26.23 Spot Rate : 1.0000 Average : 0.6091 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-27 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 2.60 %
BMO.PR.Y	FixedReset Disc	Quote: 18.90 – 20.00 Spot Rate : 1.1000 Average : 0.7333 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 4.11 %
CU.PR.G	Perpetual-Discount	Quote: 22.15 – 23.00 Spot Rate : 0.8500 Average : 0.5161 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 22.15 Evaluated at bid price : 22.15 Bid-YTW : 5.11 %
BAM.PR.M	Perpetual-Discount	Quote: 21.50 – 22.13 Spot Rate : 0.6300 Average : 0.3782 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.62 %
BAM.PF.E	FixedReset Disc	Quote: 15.16 – 15.85 Spot Rate : 0.6900 Average : 0.4738 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-28 Maturity Price : 15.16 Evaluated at bid price : 15.16 Bid-YTW : 5.21 %

Market Action

August 27, 2020

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

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

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

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

This had a moderate effect on the market:

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

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.1067 %	1,660.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.1067 %	3,047.4
Floater	5.03 %	5.10 %	63,948	15.26	3	1.1067 %	1,756.3
OpRet	0.00 %	0.00 %	0	0.00	0	0.0297 %	3,528.5
SplitShare	4.68 %	4.42 %	40,906	3.25	8	0.0297 %	4,213.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0297 %	3,287.8
Perpetual-Premium	5.54 %	4.68 %	85,546	3.99	4	0.1089 %	3,106.5
Perpetual-Discount	5.34 %	5.45 %	78,744	14.59	31	0.3259 %	3,415.4
FixedReset Disc	5.44 %	4.22 %	125,418	16.28	67	-0.0711 %	2,102.8
Deemed-Retractible	5.14 %	5.14 %	96,861	14.85	27	0.1146 %	3,351.0
FloatingReset	2.84 %	2.20 %	42,366	1.41	3	0.3781 %	1,810.5
FixedReset Prem	5.25 %	4.08 %	244,169	0.88	11	-0.1398 %	2,619.4
FixedReset Bank Non	1.96 %	2.47 %	127,429	1.40	2	0.1418 %	2,830.9
FixedReset Ins Non	5.73 %	4.46 %	85,979	16.02	22	-0.4942 %	2,100.2

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

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

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

Market Action

August 26, 2020

Click for Big

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

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

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

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

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.7699 %	1,642.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.7699 %	3,014.1
Floater	5.08 %	5.16 %	59,118	15.15	3	1.7699 %	1,737.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1340 %	3,527.5
SplitShare	4.68 %	4.38 %	41,268	3.26	8	0.1340 %	4,212.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1340 %	3,286.8
Perpetual-Premium	5.54 %	4.72 %	86,171	3.99	4	0.0297 %	3,103.1
Perpetual-Discount	5.36 %	5.46 %	78,613	14.56	31	0.8291 %	3,404.3
FixedReset Disc	5.43 %	4.22 %	121,615	16.29	67	1.3256 %	2,104.3
Deemed-Retractible	5.14 %	5.19 %	94,562	14.82	27	0.7849 %	3,347.2
FloatingReset	2.85 %	2.28 %	39,214	1.41	3	0.2900 %	1,803.7
FixedReset Prem	5.25 %	3.89 %	236,336	0.88	11	0.0466 %	2,623.1
FixedReset Bank Non	1.96 %	2.38 %	128,054	1.41	2	-0.1618 %	2,826.8
FixedReset Ins Non	5.70 %	4.44 %	85,280	16.05	22	0.9533 %	2,110.6

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

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

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

Market Action

August 25, 2020

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.5257 %	1,614.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5257 %	2,961.7
Floater	5.17 %	5.25 %	58,793	15.01	3	0.5257 %	1,706.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0695 %	3,522.7
SplitShare	4.69 %	4.41 %	39,908	3.26	8	-0.0695 %	4,206.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0695 %	3,282.4
Perpetual-Premium	5.54 %	4.68 %	87,225	4.00	4	0.1587 %	3,102.2
Perpetual-Discount	5.41 %	5.54 %	78,554	14.41	31	0.1666 %	3,376.3
FixedReset Disc	5.50 %	4.27 %	121,665	16.20	67	0.6427 %	2,076.7
Deemed-Retractible	5.18 %	5.25 %	91,623	14.67	27	0.4671 %	3,321.1
FloatingReset	2.86 %	2.05 %	38,431	1.41	3	0.7609 %	1,798.5
FixedReset Prem	5.25 %	4.04 %	238,830	0.89	11	0.2156 %	2,621.8
FixedReset Bank Non	1.96 %	2.31 %	118,534	1.41	2	0.6721 %	2,831.4
FixedReset Ins Non	5.75 %	4.48 %	85,276	15.99	22	1.1500 %	2,090.7

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

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

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

Market Action

August 24, 2020

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

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

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.6512 %	1,605.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6512 %	2,946.2
Floater	5.20 %	5.28 %	59,599	14.96	3	0.6512 %	1,697.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.3934 %	3,525.2
SplitShare	4.68 %	4.25 %	40,147	3.27	8	0.3934 %	4,209.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.3934 %	3,284.7
Perpetual-Premium	5.55 %	4.70 %	88,395	4.00	4	0.0397 %	3,097.3
Perpetual-Discount	5.42 %	5.56 %	78,510	14.39	31	0.1587 %	3,370.7
FixedReset Disc	5.55 %	4.30 %	122,253	16.16	67	0.2400 %	2,063.5
Deemed-Retractible	5.20 %	5.30 %	91,713	14.64	27	0.1510 %	3,305.7
FloatingReset	2.86 %	2.04 %	38,202	1.42	3	0.6080 %	1,784.9
FixedReset Prem	5.26 %	4.26 %	220,983	0.89	11	0.2161 %	2,616.2
FixedReset Bank Non	1.97 %	2.37 %	109,718	1.41	2	-0.1830 %	2,812.5
FixedReset Ins Non	5.81 %	4.56 %	84,168	15.87	22	0.6136 %	2,066.9

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

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

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

Market Action

August 21, 2020

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	0.0000 %	1,595.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0000 %	2,927.1
Floater	5.24 %	5.32 %	59,309	14.90	3	0.0000 %	1,686.9
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2682 %	3,511.4
SplitShare	4.70 %	4.24 %	39,835	3.27	8	-0.2682 %	4,193.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2682 %	3,271.8
Perpetual-Premium	5.56 %	4.67 %	81,986	4.01	4	0.0298 %	3,096.1
Perpetual-Discount	5.42 %	5.59 %	78,773	14.39	31	0.1205 %	3,365.4
FixedReset Disc	5.57 %	4.36 %	123,913	16.08	67	0.2549 %	2,058.5
Deemed-Retractible	5.20 %	5.30 %	92,690	14.62	27	0.0031 %	3,300.7
FloatingReset	2.90 %	2.13 %	39,760	1.42	3	0.0225 %	1,774.1
FixedReset Prem	5.27 %	4.39 %	221,622	0.90	11	-0.1474 %	2,610.6
FixedReset Bank Non	1.97 %	2.38 %	111,296	1.42	2	-0.6263 %	2,817.7
FixedReset Ins Non	5.85 %	4.67 %	87,242	15.79	22	-0.0699 %	2,054.3

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

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

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

Market Action

August 19, 2020

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.0408 %	1,591.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0408 %	2,920.0
Floater	5.25 %	5.32 %	62,386	14.90	3	-0.0408 %	1,682.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0099 %	3,512.1
SplitShare	4.65 %	4.30 %	40,676	3.24	8	0.0099 %	4,194.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0099 %	3,272.5
Perpetual-Premium	5.55 %	4.69 %	84,896	4.01	4	0.0695 %	3,096.7
Perpetual-Discount	5.43 %	5.64 %	80,456	14.38	31	0.0699 %	3,361.6
FixedReset Disc	5.58 %	4.39 %	129,774	16.07	67	1.0582 %	2,053.3
Deemed-Retractible	5.21 %	5.30 %	93,343	14.59	27	0.0915 %	3,295.2
FloatingReset	2.90 %	2.12 %	43,071	1.43	3	0.6795 %	1,775.7
FixedReset Prem	5.26 %	4.22 %	227,756	0.90	11	0.0792 %	2,615.0
FixedReset Bank Non	1.96 %	2.54 %	111,280	1.42	2	-0.5242 %	2,826.3
FixedReset Ins Non	5.83 %	4.62 %	88,405	15.80	22	0.4094 %	2,061.1

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

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Disc	225,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.64 Evaluated at bid price : 23.01 Bid-YTW : 4.14 %
RY.PR.M	FixedReset Disc	118,570	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 4.14 %
BAM.PF.B	FixedReset Disc	85,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.56 %
BAM.PF.H	FixedReset Disc	84,302	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 24.57 Evaluated at bid price : 25.10 Bid-YTW : 5.02 %
MFC.PR.R	FixedReset Ins Non	58,350	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 23.30 Evaluated at bid price : 23.71 Bid-YTW : 4.50 %
RY.PR.F	Deemed-Retractible	48,063	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-09-18 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 1.76 %
There were 28 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.E	FixedReset Disc	Quote: 18.72 – 20.21 Spot Rate : 1.4900 Average : 1.0281 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 4.43 %
BAM.PR.X	FixedReset Disc	Quote: 11.05 – 12.50 Spot Rate : 1.4500 Average : 1.0459 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 11.05 Evaluated at bid price : 11.05 Bid-YTW : 5.23 %
EIT.PR.A	SplitShare	Quote: 25.61 – 27.00 Spot Rate : 1.3900 Average : 1.1216 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 4.34 %
BAM.PF.J	FixedReset Disc	Quote: 23.69 – 24.48 Spot Rate : 0.7900 Average : 0.6088 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-08-19 Maturity Price : 22.92 Evaluated at bid price : 23.69 Bid-YTW : 5.04 %
PVS.PR.H	SplitShare	Quote: 24.56 – 24.93 Spot Rate : 0.3700 Average : 0.2791 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.56 Bid-YTW : 5.22 %
BMO.PR.Q	FixedReset Bank Non	Quote: 24.55 – 24.85 Spot Rate : 0.3000 Average : 0.2186 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 2.99 %

Market Action

August 18, 2020

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-1.4865 %	1,592.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.4865 %	2,921.2
Floater	5.25 %	5.31 %	63,258	14.91	3	-1.4865 %	1,683.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.1678 %	3,511.7
SplitShare	4.65 %	4.30 %	42,338	3.24	8	0.1678 %	4,193.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1678 %	3,272.1
Perpetual-Premium	5.56 %	4.72 %	87,932	4.02	4	0.0199 %	3,094.5
Perpetual-Discount	5.43 %	5.65 %	78,074	14.36	31	-0.0192 %	3,359.2
FixedReset Disc	5.64 %	4.44 %	123,949	15.96	67	-0.0416 %	2,031.8
Deemed-Retractible	5.22 %	5.32 %	94,725	14.59	27	0.0394 %	3,292.2
FloatingReset	2.92 %	2.26 %	39,864	1.43	3	0.0907 %	1,763.8
FixedReset Prem	5.27 %	4.21 %	230,557	0.91	11	-0.1509 %	2,612.9
FixedReset Bank Non	1.95 %	2.45 %	106,465	1.43	2	-0.1610 %	2,841.2
FixedReset Ins Non	5.85 %	4.66 %	89,488	15.80	22	0.1997 %	2,052.7

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

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

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

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