Category: Market Action

Market Action

PerpetualDiscounts now yield 5.43%, equivalent to 7.06% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.47%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 360bp from the 375bp reported November 6.

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	0.2435 %	1,978.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2435 %	3,631.2
Floater	6.11 %	6.30 %	47,122	13.41	4	0.2435 %	2,092.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0168 %	3,404.1
SplitShare	4.63 %	4.54 %	48,678	3.87	7	0.0168 %	4,065.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0168 %	3,171.9
Perpetual-Premium	5.56 %	-18.34 %	51,484	0.09	10	0.1060 %	3,034.9
Perpetual-Discount	5.32 %	5.43 %	69,866	14.75	25	0.0121 %	3,245.0
FixedReset Disc	5.57 %	5.75 %	176,255	14.31	66	-0.0637 %	2,110.3
Deemed-Retractible	5.17 %	5.58 %	62,001	7.79	27	-0.0094 %	3,195.0
FloatingReset	6.10 %	10.39 %	68,418	7.89	2	-0.8677 %	2,506.5
FixedReset Prem	5.10 %	3.71 %	146,907	1.62	20	-0.0195 %	2,626.3
FixedReset Bank Non	1.96 %	4.24 %	80,811	2.15	3	0.1383 %	2,690.8
FixedReset Ins Non	5.39 %	8.24 %	114,116	7.79	22	-0.5119 %	2,148.7

Performance Highlights
Issue	Index	Change	Notes
CU.PR.C	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.81 %
TRP.PR.A	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.52 %
MFC.PR.I	FixedReset Ins Non	-1.60 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.09 Bid-YTW : 7.96 %
MFC.PR.F	FixedReset Ins Non	-1.52 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.98 Bid-YTW : 10.77 %
TD.PF.E	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.80 %
MFC.PR.L	FixedReset Ins Non	-1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.76 Bid-YTW : 8.85 %
SLF.PR.G	FixedReset Ins Non	-1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.67 Bid-YTW : 10.27 %
SLF.PR.H	FixedReset Ins Non	-1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.31 Bid-YTW : 8.86 %
IFC.PR.A	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.55 Bid-YTW : 10.08 %
PWF.PR.A	Floater	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 11.94 Evaluated at bid price : 11.94 Bid-YTW : 5.81 %
BIP.PR.A	FixedReset Disc	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 20.17 Evaluated at bid price : 20.17 Bid-YTW : 6.42 %
TRP.PR.B	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 11.33 Evaluated at bid price : 11.33 Bid-YTW : 6.31 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.M	FixedReset Disc	260,201	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 23.02 Evaluated at bid price : 24.55 Bid-YTW : 5.16 %
BMO.PR.D	FixedReset Disc	99,878	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.57 %
BAM.PF.B	FixedReset Disc	79,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 5.96 %
CU.PR.I	FixedReset Prem	55,936	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : 3.28 %
TD.PF.I	FixedReset Disc	50,706	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 21.08 Evaluated at bid price : 21.08 Bid-YTW : 5.45 %
RY.PR.H	FixedReset Disc	48,847	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 5.47 %
There were 46 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.L	Perpetual-Discount	Quote: 23.51 – 24.20 Spot Rate : 0.6900 Average : 0.4749 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 23.21 Evaluated at bid price : 23.51 Bid-YTW : 5.45 %
BMO.PR.C	FixedReset Disc	Quote: 22.01 – 22.45 Spot Rate : 0.4400 Average : 0.2996 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 21.60 Evaluated at bid price : 22.01 Bid-YTW : 5.49 %
BNS.PR.I	FixedReset Disc	Quote: 19.35 – 19.93 Spot Rate : 0.5800 Average : 0.4542 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.48 %
CU.PR.D	Perpetual-Discount	Quote: 23.00 – 23.35 Spot Rate : 0.3500 Average : 0.2294 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 22.72 Evaluated at bid price : 23.00 Bid-YTW : 5.33 %
TRP.PR.A	FixedReset Disc	Quote: 13.56 – 13.94 Spot Rate : 0.3800 Average : 0.2668 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.52 %
BAM.PF.G	FixedReset Disc	Quote: 18.00 – 18.36 Spot Rate : 0.3600 Average : 0.2738 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-13 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.22 %

Market Action

November 12, 2019

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	0.3109 %	1,974.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3109 %	3,622.4
Floater	6.12 %	6.28 %	43,607	13.44	4	0.3109 %	2,087.6
OpRet	0.00 %	0.00 %	0	0.00	0	0.2528 %	3,403.6
SplitShare	4.63 %	4.54 %	49,306	3.87	7	0.2528 %	4,064.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2528 %	3,171.3
Perpetual-Premium	5.57 %	-17.64 %	52,173	0.09	10	-0.0745 %	3,031.7
Perpetual-Discount	5.32 %	5.41 %	70,263	14.78	25	0.0191 %	3,244.6
FixedReset Disc	5.57 %	5.73 %	173,476	14.33	66	0.1505 %	2,111.6
Deemed-Retractible	5.17 %	5.64 %	62,983	7.79	27	0.0484 %	3,195.3
FloatingReset	6.05 %	10.29 %	69,143	7.90	2	0.2901 %	2,528.5
FixedReset Prem	5.10 %	3.54 %	148,335	1.62	20	0.0409 %	2,626.8
FixedReset Bank Non	1.97 %	4.30 %	82,064	2.15	3	-0.2070 %	2,687.1
FixedReset Ins Non	5.36 %	8.15 %	113,971	7.80	22	0.4923 %	2,159.8

Performance Highlights
Issue	Index	Change	Notes
HSE.PR.A	FixedReset Disc	-2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 11.26 Evaluated at bid price : 11.26 Bid-YTW : 7.21 %
NA.PR.G	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.90 %
TRP.PR.B	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 11.14 Evaluated at bid price : 11.14 Bid-YTW : 6.42 %
BIK.PR.A	FixedReset Prem	-1.70 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 5.04 %
BAM.PF.F	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 6.06 %
TD.PF.E	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.73 %
MFC.PR.G	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.20 Bid-YTW : 7.77 %
CM.PR.O	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.77 %
SLF.PR.J	FloatingReset	1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.91 Bid-YTW : 10.29 %
BAM.PR.T	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 6.27 %
MFC.PR.J	FixedReset Ins Non	1.51 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.82 Bid-YTW : 8.15 %
MFC.PR.I	FixedReset Ins Non	1.57 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.40 Bid-YTW : 7.74 %
RY.PR.M	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.71 %
IFC.PR.C	FixedReset Ins Non	2.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.90 Bid-YTW : 8.29 %
BAM.PR.R	FixedReset Disc	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 6.18 %

Volume Highlights
Issue	Index	Shares Traded	Notes
EMA.PR.C	FixedReset Disc	57,920	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 6.07 %
BMO.PR.T	FixedReset Disc	50,194	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 16.97 Evaluated at bid price : 16.97 Bid-YTW : 5.55 %
CM.PR.O	FixedReset Disc	48,732	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.77 %
CM.PR.S	FixedReset Disc	45,330	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.67 %
TD.PF.K	FixedReset Disc	44,977	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.70 %
CM.PR.T	FixedReset Disc	38,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 22.72 Evaluated at bid price : 23.79 Bid-YTW : 5.19 %
There were 43 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.A	Floater	Quote: 11.77 – 12.16 Spot Rate : 0.3900 Average : 0.2568 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 11.77 Evaluated at bid price : 11.77 Bid-YTW : 5.89 %
EIT.PR.A	SplitShare	Quote: 25.47 – 25.87 Spot Rate : 0.4000 Average : 0.2726 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.47 Bid-YTW : 4.54 %
BNS.PR.I	FixedReset Disc	Quote: 19.30 – 19.74 Spot Rate : 0.4400 Average : 0.3163 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.49 %
BAM.PF.G	FixedReset Disc	Quote: 17.91 – 18.21 Spot Rate : 0.3000 Average : 0.1792 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 6.25 %
HSE.PR.E	FixedReset Disc	Quote: 18.45 – 18.89 Spot Rate : 0.4400 Average : 0.3280 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 7.04 %
PWF.PR.T	FixedReset Disc	Quote: 17.40 – 17.66 Spot Rate : 0.2600 Average : 0.1686 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-12 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.80 %

Market Action

November 7, 2019

Here’s a phrase you don’t see very often: hard-working traders!

A proposal to shorten trading hours on Europe’s stock exchanges could help to boost liquidity and would have far-reaching benefits for the industry’s hard-working traders.

But a proposed 90 minute reduction in the trading day could also drive some business away from Europe’s main stock exchanges into so-called dark pools, trading venues which are less transparent and which regulators have been trying to curb.

Banks and fund managers on Thursday have proposed shortening the trading day in Europe to 7 hours from current 8-1/2 — one of the longest in the world.

I don’t understand why exchanges ever close in this day and age, frankly.

Ontario is going to review the Securities Act:

The fall statement acknowledged that the Securities Act is “outdated, and should support modern capital markets.”

“Ontario will undertake measures to create a modernized securities regulatory framework that is responsive to innovation and changes in a rapidly evolving marketplace,” the statement said. “Accordingly, the government will establish a securities modernization task force.”
…
The Securities Act requires that the Minister of Finance appoint an advisory committee to review securities legislation every five years. However, the most recent such review finished in March 2003, when a committee chaired by Purdy Crawford released a comprehensive report.

The act also requires that the finance minister and the OSC review their memorandum of understanding (MOU), which sets out both parties’ respective roles and responsibilities, every five years. The parties have not formally reviewed the current MOU since November 2009.

Yields popped:

U.S. Treasury yields surged to more than three-month highs on Thursday, exaggerated by technical factors, as reports that a U.S.-China agreement to roll back trade tariffs boosted global economic growth expectations.

Tariffs imposed during the months-long bilateral trade war will be phased out, the Chinese commerce ministry said on Thursday, without specifying a timetable.

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	0.7084 %	1,988.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.7084 %	3,648.0
Floater	6.08 %	6.24 %	46,889	13.50	4	0.7084 %	2,102.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.1405 %	3,397.5
SplitShare	4.64 %	4.56 %	51,807	3.88	7	0.1405 %	4,057.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1405 %	3,165.7
Perpetual-Premium	5.56 %	-18.51 %	51,709	0.09	10	0.0353 %	3,034.6
Perpetual-Discount	5.33 %	5.43 %	70,749	14.75	25	-0.1421 %	3,240.1
FixedReset Disc	5.58 %	5.72 %	175,955	14.30	66	0.7753 %	2,107.8
Deemed-Retractible	5.17 %	5.64 %	64,298	7.80	27	0.0861 %	3,191.1
FloatingReset	6.13 %	6.69 %	93,310	12.88	2	1.2213 %	2,500.1
FixedReset Prem	5.11 %	3.78 %	153,368	1.63	20	0.1444 %	2,622.9
FixedReset Bank Non	1.96 %	4.10 %	89,570	2.16	3	0.0000 %	2,695.7
FixedReset Ins Non	5.40 %	8.24 %	112,549	7.79	22	0.4364 %	2,143.0

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.M	Perpetual-Discount	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.65 %
CU.PR.D	Perpetual-Discount	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 22.72 Evaluated at bid price : 23.00 Bid-YTW : 5.32 %
TRP.PR.G	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 6.33 %
NA.PR.G	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.74 %
RY.PR.J	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.79 %
BNS.PR.I	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.51 %
NA.PR.W	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.22 Evaluated at bid price : 16.22 Bid-YTW : 5.87 %
BAM.PF.E	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.25 %
BAM.PF.B	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.92 %
SLF.PR.H	FixedReset Ins Non	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.35 Bid-YTW : 8.79 %
RY.PR.M	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 5.74 %
CU.PR.C	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 5.69 %
MFC.PR.N	FixedReset Ins Non	1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.70 Bid-YTW : 8.99 %
CM.PR.Q	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 5.97 %
SLF.PR.J	FloatingReset	1.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.66 Bid-YTW : 10.52 %
HSE.PR.C	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.98 %
NA.PR.E	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 5.78 %
TRP.PR.F	FloatingReset	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.69 Evaluated at bid price : 13.69 Bid-YTW : 6.69 %
BIP.PR.A	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.56 %
PWF.PR.P	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.21 Evaluated at bid price : 13.21 Bid-YTW : 5.88 %
TRP.PR.D	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.27 Evaluated at bid price : 16.27 Bid-YTW : 6.07 %
TD.PF.E	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.76 %
HSE.PR.E	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 7.13 %
EMA.PR.F	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.59 Evaluated at bid price : 16.59 Bid-YTW : 6.32 %
BMO.PR.Y	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.56 %
HSE.PR.G	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.10 %
RY.PR.S	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.22 Evaluated at bid price : 19.22 Bid-YTW : 5.40 %
BAM.PF.F	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.98 %
IFC.PR.A	FixedReset Ins Non	1.99 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.85 Bid-YTW : 9.78 %
MFC.PR.F	FixedReset Ins Non	2.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.20 Bid-YTW : 10.51 %
BAM.PR.X	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.98 %
SLF.PR.G	FixedReset Ins Non	2.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.67 Bid-YTW : 10.23 %
TRP.PR.E	FixedReset Disc	2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.07 %
TRP.PR.C	FixedReset Disc	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.35 %
BAM.PR.K	Floater	2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 11.23 Evaluated at bid price : 11.23 Bid-YTW : 6.24 %
HSE.PR.A	FixedReset Disc	4.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 11.66 Evaluated at bid price : 11.66 Bid-YTW : 6.92 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CU.PR.C	FixedReset Disc	104,367	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 5.69 %
TD.PF.I	FixedReset Disc	62,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.50 %
PWF.PR.P	FixedReset Disc	41,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.21 Evaluated at bid price : 13.21 Bid-YTW : 5.88 %
TD.PF.J	FixedReset Disc	34,255	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.67 %
BMO.PR.C	FixedReset Disc	32,577	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 21.90 Evaluated at bid price : 22.14 Bid-YTW : 5.44 %
TRP.PR.C	FixedReset Disc	32,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.35 %
There were 44 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.H	FixedReset Ins Non	Quote: 16.35 – 16.95 Spot Rate : 0.6000 Average : 0.4010 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.35 Bid-YTW : 8.79 %
MFC.PR.G	FixedReset Ins Non	Quote: 18.82 – 19.24 Spot Rate : 0.4200 Average : 0.2760 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.82 Bid-YTW : 8.00 %
CU.PR.F	Perpetual-Discount	Quote: 21.25 – 21.74 Spot Rate : 0.4900 Average : 0.3677 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.31 %
BAM.PF.E	FixedReset Disc	Quote: 16.66 – 16.97 Spot Rate : 0.3100 Average : 0.1907 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.25 %
TD.PF.C	FixedReset Disc	Quote: 16.96 – 17.29 Spot Rate : 0.3300 Average : 0.2114 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 5.63 %
SLF.PR.G	FixedReset Ins Non	Quote: 13.67 – 14.06 Spot Rate : 0.3900 Average : 0.2728 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.67 Bid-YTW : 10.23 %

Market Action

November 6, 2019

Another bubble has burst:

A real estate developer who raised tens of millions of dollars from dozens of individual investors bundled into syndicated mortgages to fund Toronto-area condominium buildings is facing an investor revolt on one project and insolvency on another.

Dimitrios (Jim) Neilas, chief executive officer of Storey Living Inc., is facing legal fights on two fronts as projects he has pushed – known as the Adelaide Lofts in downtown Toronto and the OpArt condos in Oakville – are now subject to court actions from creditors seeking to sell land parcels that he had hoped to make into condominium or rental properties. At stake are millions of dollars for small investors whose loans are not registered and not protected in an insolvency process, or in the settlement deals proposed by the debtors.
…
Noor Al-Awqati, the chief operating officer of Hi-Rise Capital Ltd. and principal mortgage broker for the company, denied some of [Ontario’s Superintendent of Financial Services’] claims in an April 3, 2019 affidavit, saying Hi-Rise has received no fees from the Adelaide project since at least September, 2017. He admits to the 14 per cent commission paid on the initial investments, but said Hi-Rise transferred 10 or 12 per cent of each commission to third-parties who referred the investors.

What a great business, eh? 14% commission!

The Ontario Ministry of Finance has announced:

As dividends are paid out of after‐tax corporate earnings, individual shareholders receive dividend tax credits, the rate of which approximates the CIT rate paid by the corporation. Corresponding to the reduction in the small business CIT rate, Ontario’s small business (non‐eligible) dividend tax credit rate would be reduced from 3.2863 per cent to 2.9863 per cent, effective January 1, 2020. As a result, recipients of non‐eligible dividends would receive reduced dividend tax credits.

Apparently (see the Annex) this will raise 55-million annually once it’s running, about 60% of the cost of reducing the small business CIT rate.

PerpetualDiscounts now yield 5.44%, equivalent to 7.07% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.34%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened sharply to 375bp from the 355bp reported October 30.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.1327 %	1,974.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1327 %	3,622.4
Floater	6.12 %	6.26 %	48,406	13.48	4	-0.1327 %	2,087.6
OpRet	0.00 %	0.00 %	0	0.00	0	0.1689 %	3,392.7
SplitShare	4.64 %	4.64 %	51,675	3.89	7	0.1689 %	4,051.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1689 %	3,161.2
Perpetual-Premium	5.56 %	-18.68 %	52,086	0.09	10	0.2045 %	3,033.5
Perpetual-Discount	5.32 %	5.44 %	67,719	14.74	25	0.0727 %	3,244.7
FixedReset Disc	5.62 %	5.76 %	173,571	14.24	66	-0.2244 %	2,091.6
Deemed-Retractible	5.18 %	5.64 %	64,089	7.81	27	0.0626 %	3,188.4
FloatingReset	6.21 %	6.78 %	94,392	12.78	2	-0.2216 %	2,470.0
FixedReset Prem	5.12 %	3.75 %	152,371	1.63	20	-0.0407 %	2,619.1
FixedReset Bank Non	1.96 %	3.94 %	90,929	2.16	3	-0.2064 %	2,695.7
FixedReset Ins Non	5.43 %	8.21 %	111,656	7.80	22	-0.0966 %	2,133.7

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.C	FixedReset Disc	-3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 11.71 Evaluated at bid price : 11.71 Bid-YTW : 6.51 %
BAM.PR.K	Floater	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 10.92 Evaluated at bid price : 10.92 Bid-YTW : 6.42 %
TRP.PR.E	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 15.62 Evaluated at bid price : 15.62 Bid-YTW : 6.22 %
IFC.PR.A	FixedReset Ins Non	-1.95 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.56 Bid-YTW : 10.03 %
TD.PF.I	FixedReset Disc	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 20.68 Evaluated at bid price : 20.68 Bid-YTW : 5.53 %
MFC.PR.R	FixedReset Ins Non	-1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.31 Bid-YTW : 5.71 %
PWF.PR.P	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 13.03 Evaluated at bid price : 13.03 Bid-YTW : 5.96 %
NA.PR.S	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 17.14 Evaluated at bid price : 17.14 Bid-YTW : 5.81 %
TD.PF.E	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 18.87 Evaluated at bid price : 18.87 Bid-YTW : 5.84 %
TRP.PR.D	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 16.04 Evaluated at bid price : 16.04 Bid-YTW : 6.16 %
BAM.PR.B	Floater	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 6.26 %
IFC.PR.E	Deemed-Retractible	1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 5.62 %
NA.PR.G	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.80 %
BMO.PR.Y	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.65 %
CU.PR.C	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.76 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CU.PR.E	Perpetual-Discount	330,524	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 22.62 Evaluated at bid price : 22.90 Bid-YTW : 5.34 %
BAM.PR.X	FixedReset Disc	223,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 13.46 Evaluated at bid price : 13.46 Bid-YTW : 6.10 %
SLF.PR.D	Deemed-Retractible	53,386	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.10 Bid-YTW : 6.68 %
IFC.PR.G	FixedReset Ins Non	53,200	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.43 Bid-YTW : 8.45 %
EMA.PR.H	FixedReset Disc	42,420	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 23.26 Evaluated at bid price : 24.95 Bid-YTW : 4.83 %
GWO.PR.S	Deemed-Retractible	39,920	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 5.59 %
There were 31 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
GWO.PR.I	Deemed-Retractible	Quote: 21.23 – 21.65 Spot Rate : 0.4200 Average : 0.2829 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.23 Bid-YTW : 6.65 %
CCS.PR.C	Deemed-Retractible	Quote: 23.91 – 24.58 Spot Rate : 0.6700 Average : 0.5369 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.91 Bid-YTW : 5.67 %
TRP.PR.E	FixedReset Disc	Quote: 15.62 – 16.11 Spot Rate : 0.4900 Average : 0.3624 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 15.62 Evaluated at bid price : 15.62 Bid-YTW : 6.22 %
PWF.PR.L	Perpetual-Discount	Quote: 23.42 – 23.83 Spot Rate : 0.4100 Average : 0.3007 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 23.16 Evaluated at bid price : 23.42 Bid-YTW : 5.47 %
TRP.PR.F	FloatingReset	Quote: 13.52 – 13.95 Spot Rate : 0.4300 Average : 0.3245 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 6.78 %
BIP.PR.E	FixedReset Disc	Quote: 22.66 – 22.94 Spot Rate : 0.2800 Average : 0.1805 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-06 Maturity Price : 22.18 Evaluated at bid price : 22.66 Bid-YTW : 5.57 %

Market Action

November 5, 2019

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	1.5036 %	1,976.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.5036 %	3,627.2
Floater	6.11 %	6.28 %	46,103	13.45	4	1.5036 %	2,090.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.0225 %	3,387.0
SplitShare	4.65 %	4.68 %	51,907	3.89	7	0.0225 %	4,044.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0225 %	3,155.9
Perpetual-Premium	5.57 %	-19.29 %	54,016	0.09	10	-0.1217 %	3,027.3
Perpetual-Discount	5.31 %	5.42 %	64,140	14.73	25	-0.0017 %	3,242.3
FixedReset Disc	5.61 %	5.74 %	172,927	14.28	66	0.6259 %	2,096.3
Deemed-Retractible	5.18 %	5.65 %	65,479	7.81	27	0.0235 %	3,186.4
FloatingReset	6.19 %	6.72 %	95,852	12.85	2	1.0448 %	2,475.4
FixedReset Prem	5.11 %	3.77 %	129,102	1.64	20	0.1914 %	2,620.2
FixedReset Bank Non	1.96 %	3.92 %	91,622	2.17	3	0.3036 %	2,701.2
FixedReset Ins Non	5.42 %	8.27 %	113,118	7.81	22	0.2707 %	2,135.8

Performance Highlights
Issue	Index	Change	Notes
BAM.PF.J	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 23.28 Evaluated at bid price : 24.80 Bid-YTW : 4.75 %
BAM.PR.X	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 6.06 %
PWF.PR.A	Floater	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 11.86 Evaluated at bid price : 11.86 Bid-YTW : 5.84 %
BMO.PR.E	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 5.56 %
BIK.PR.A	FixedReset Prem	1.15 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.40 Bid-YTW : 4.61 %
IAF.PR.G	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.12 Bid-YTW : 7.64 %
TRP.PR.B	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 11.13 Evaluated at bid price : 11.13 Bid-YTW : 6.37 %
BAM.PR.R	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 6.22 %
HSE.PR.C	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 16.69 Evaluated at bid price : 16.69 Bid-YTW : 7.11 %
HSE.PR.G	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 7.18 %
TRP.PR.A	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 13.79 Evaluated at bid price : 13.79 Bid-YTW : 6.36 %
BIP.PR.D	FixedReset Disc	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 22.64 Evaluated at bid price : 23.20 Bid-YTW : 5.73 %
BAM.PF.B	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.98 %
HSE.PR.E	FixedReset Disc	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 7.24 %
BAM.PR.T	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 15.44 Evaluated at bid price : 15.44 Bid-YTW : 6.22 %
BAM.PR.K	Floater	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 11.16 Evaluated at bid price : 11.16 Bid-YTW : 6.28 %
BAM.PR.B	Floater	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 11.08 Evaluated at bid price : 11.08 Bid-YTW : 6.33 %
MFC.PR.L	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.56 Bid-YTW : 8.97 %
TRP.PR.G	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.36 %
TRP.PR.F	FloatingReset	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 13.63 Evaluated at bid price : 13.63 Bid-YTW : 6.72 %
BAM.PR.Z	FixedReset Disc	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 5.99 %
PWF.PR.T	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 5.88 %
BAM.PF.A	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.95 %
BAM.PR.C	Floater	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 11.13 Evaluated at bid price : 11.13 Bid-YTW : 6.30 %
PWF.PR.P	FixedReset Disc	2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 13.19 Evaluated at bid price : 13.19 Bid-YTW : 5.89 %
IFC.PR.A	FixedReset Ins Non	2.56 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.85 Bid-YTW : 9.77 %
TRP.PR.C	FixedReset Disc	3.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 12.09 Evaluated at bid price : 12.09 Bid-YTW : 6.30 %

Volume Highlights
Issue	Index	Shares Traded	Notes
EMA.PR.H	FixedReset Disc	91,814	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 23.22 Evaluated at bid price : 24.85 Bid-YTW : 4.85 %
GWO.PR.H	Deemed-Retractible	89,643	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.74 Bid-YTW : 6.15 %
CM.PR.T	FixedReset Disc	55,381	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 22.73 Evaluated at bid price : 23.81 Bid-YTW : 5.16 %
BAM.PR.B	Floater	48,359	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 11.08 Evaluated at bid price : 11.08 Bid-YTW : 6.33 %
PWF.PR.P	FixedReset Disc	39,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 13.19 Evaluated at bid price : 13.19 Bid-YTW : 5.89 %
IFC.PR.G	FixedReset Ins Non	35,678	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.41 Bid-YTW : 8.46 %
There were 42 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BNS.PR.I	FixedReset Disc	Quote: 19.00 – 19.41 Spot Rate : 0.4100 Average : 0.2828 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.55 %
CM.PR.Y	FixedReset Disc	Quote: 24.64 – 24.95 Spot Rate : 0.3100 Average : 0.1939 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 23.05 Evaluated at bid price : 24.64 Bid-YTW : 5.18 %
CU.PR.C	FixedReset Disc	Quote: 16.76 – 17.27 Spot Rate : 0.5100 Average : 0.4171 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 16.76 Evaluated at bid price : 16.76 Bid-YTW : 5.86 %
BAM.PF.F	FixedReset Disc	Quote: 17.72 – 18.20 Spot Rate : 0.4800 Average : 0.3890 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.14 %
BNS.PR.Z	FixedReset Bank Non	Quote: 24.22 – 24.49 Spot Rate : 0.2700 Average : 0.1879 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.22 Bid-YTW : 3.92 %
CM.PR.Q	FixedReset Disc	Quote: 17.97 – 18.22 Spot Rate : 0.2500 Average : 0.1705 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-05 Maturity Price : 17.97 Evaluated at bid price : 17.97 Bid-YTW : 6.02 %

Market Action

November 4, 2019

Click for Big

TXPR closed at 602.55, up 0.55% on the day. Volume was 2.70-million, behind only October 18 and October 11 in the past thirty days.

CPD closed at 12.05, up 0.42% on the day. Volume of 165,979 was the highest of the past 30 days, well ahead of second-place October 21.

ZPR closed at 9.62, up 0.63% on the day. Volume of 303,104 was second-highest of the past 30 days, just a whisker behind October 30.

Five-year Canada yields were up 8bp to 1.54% today.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.5265 %	1,947.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.5265 %	3,573.4
Floater	6.21 %	6.37 %	46,330	13.33	4	1.5265 %	2,059.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.1410 %	3,386.2
SplitShare	4.65 %	4.68 %	51,758	3.89	7	0.1410 %	4,043.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1410 %	3,155.2
Perpetual-Premium	5.57 %	-17.73 %	55,517	0.09	10	0.0354 %	3,031.0
Perpetual-Discount	5.31 %	5.42 %	64,619	14.73	25	0.1941 %	3,242.4
FixedReset Disc	5.64 %	5.79 %	175,522	14.24	66	0.6173 %	2,083.2
Deemed-Retractible	5.18 %	5.67 %	64,591	7.81	27	0.1302 %	3,185.6
FloatingReset	6.26 %	6.84 %	73,469	7.86	2	-0.1862 %	2,449.8
FixedReset Prem	5.12 %	3.84 %	156,480	1.64	20	0.2271 %	2,615.2
FixedReset Bank Non	1.96 %	4.11 %	91,140	2.17	3	-0.0276 %	2,693.1
FixedReset Ins Non	5.44 %	8.20 %	113,687	7.78	22	0.9781 %	2,130.0

Performance Highlights
Issue	Index	Change	Notes
TD.PF.E	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.80 %
PWF.PR.A	Floater	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 11.73 Evaluated at bid price : 11.73 Bid-YTW : 5.91 %
SLF.PR.G	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.34 Bid-YTW : 10.53 %
BAM.PR.R	FixedReset Disc	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 15.11 Evaluated at bid price : 15.11 Bid-YTW : 6.30 %
IFC.PR.F	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 5.64 %
RY.PR.M	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 5.80 %
TD.PF.C	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.88 Evaluated at bid price : 16.88 Bid-YTW : 5.66 %
NA.PR.S	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 5.78 %
NA.PR.W	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 5.93 %
BAM.PR.T	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 15.22 Evaluated at bid price : 15.22 Bid-YTW : 6.31 %
CU.PR.C	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 5.85 %
TD.PF.D	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 5.79 %
BAM.PR.C	Floater	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 10.91 Evaluated at bid price : 10.91 Bid-YTW : 6.43 %
TRP.PR.G	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.47 %
MFC.PR.J	FixedReset Ins Non	1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.70 Bid-YTW : 8.20 %
BAM.PF.F	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 6.10 %
IFC.PR.G	FixedReset Ins Non	1.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.40 Bid-YTW : 8.46 %
MFC.PR.R	FixedReset Ins Non	1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.64 Bid-YTW : 5.53 %
EMA.PR.F	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.39 %
TRP.PR.E	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 6.03 %
HSE.PR.A	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 7.26 %
PWF.PR.P	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 6.02 %
BAM.PR.X	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 13.41 Evaluated at bid price : 13.41 Bid-YTW : 6.12 %
BAM.PF.G	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.73 Evaluated at bid price : 17.73 Bid-YTW : 6.27 %
IAF.PR.G	FixedReset Ins Non	1.72 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.90 Bid-YTW : 7.79 %
MFC.PR.F	FixedReset Ins Non	1.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.84 Bid-YTW : 10.85 %
IFC.PR.A	FixedReset Ins Non	1.83 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.48 Bid-YTW : 10.10 %
BAM.PR.K	Floater	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 6.37 %
BAM.PR.Z	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.10 %
BAM.PF.E	FixedReset Disc	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.34 Evaluated at bid price : 16.34 Bid-YTW : 6.37 %
BAM.PR.B	Floater	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 10.92 Evaluated at bid price : 10.92 Bid-YTW : 6.42 %
SLF.PR.H	FixedReset Ins Non	1.97 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.07 Bid-YTW : 9.00 %
BNS.PR.I	FixedReset Disc	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 5.59 %
MFC.PR.N	FixedReset Ins Non	2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.60 Bid-YTW : 9.06 %
HSE.PR.C	FixedReset Disc	2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 7.20 %
HSE.PR.G	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 7.28 %
MFC.PR.I	FixedReset Ins Non	3.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.10 Bid-YTW : 7.91 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.A	Deemed-Retractible	93,400	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.36 Bid-YTW : 6.26 %
EMA.PR.H	FixedReset Disc	87,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 23.24 Evaluated at bid price : 24.90 Bid-YTW : 4.84 %
MFC.PR.F	FixedReset Ins Non	69,720	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.84 Bid-YTW : 10.85 %
SLF.PR.D	Deemed-Retractible	42,242	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.07 Bid-YTW : 6.69 %
GWO.PR.N	FixedReset Ins Non	39,100	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.79 Bid-YTW : 9.84 %
CM.PR.R	FixedReset Disc	37,322	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 5.76 %
There were 55 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.X	FixedReset Disc	Quote: 13.41 – 13.97 Spot Rate : 0.5600 Average : 0.3550 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 13.41 Evaluated at bid price : 13.41 Bid-YTW : 6.12 %
BAM.PF.A	FixedReset Disc	Quote: 19.20 – 19.75 Spot Rate : 0.5500 Average : 0.3597 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.06 %
IFC.PR.A	FixedReset Ins Non	Quote: 14.48 – 14.99 Spot Rate : 0.5100 Average : 0.3397 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.48 Bid-YTW : 10.10 %
IAF.PR.G	FixedReset Ins Non	Quote: 18.90 – 19.39 Spot Rate : 0.4900 Average : 0.3230 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.90 Bid-YTW : 7.79 %
CU.PR.C	FixedReset Disc	Quote: 16.77 – 17.20 Spot Rate : 0.4300 Average : 0.3153 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 16.77 Evaluated at bid price : 16.77 Bid-YTW : 5.85 %
EMA.PR.C	FixedReset Disc	Quote: 17.53 – 17.99 Spot Rate : 0.4600 Average : 0.3523 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-04 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 6.18 %

Market Action

November 1, 2019

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	0.3200 %	1,918.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3200 %	3,519.7
Floater	6.30 %	6.49 %	45,695	13.17	4	0.3200 %	2,028.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1070 %	3,381.4
SplitShare	4.66 %	4.72 %	50,082	3.90	7	-0.1070 %	4,038.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1070 %	3,150.7
Perpetual-Premium	5.50 %	-20.78 %	55,761	0.09	8	0.0343 %	3,029.9
Perpetual-Discount	5.36 %	5.40 %	63,098	14.72	25	-0.0120 %	3,236.1
FixedReset Disc	5.68 %	5.70 %	177,819	14.32	66	0.2053 %	2,070.4
Deemed-Retractible	5.19 %	5.73 %	64,474	7.81	27	0.1303 %	3,181.5
FloatingReset	6.23 %	6.76 %	90,827	12.81	2	0.7505 %	2,454.4
FixedReset Prem	5.13 %	3.96 %	125,211	1.65	20	0.1255 %	2,609.3
FixedReset Bank Non	1.96 %	4.08 %	91,914	2.18	3	-0.0138 %	2,693.8
FixedReset Ins Non	5.48 %	8.28 %	114,313	7.83	21	-0.0966 %	2,109.4

Performance Highlights
Issue	Index	Change	Notes
BNS.PR.I	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.58 %
IAF.PR.G	FixedReset Ins Non	-1.69 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.58 Bid-YTW : 7.90 %
CU.PR.C	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 16.56 Evaluated at bid price : 16.56 Bid-YTW : 5.77 %
IFC.PR.A	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.22 Bid-YTW : 10.22 %
TD.PF.E	FixedReset Disc	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 5.70 %
PWF.PR.T	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 5.82 %
BIP.PR.E	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 22.11 Evaluated at bid price : 22.55 Bid-YTW : 5.59 %
TD.PF.I	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 5.36 %
BIP.PR.A	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.42 %
TRP.PR.A	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.24 %
PWF.PR.P	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 5.89 %
MFC.PR.J	FixedReset Ins Non	1.21 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.45 Bid-YTW : 8.28 %
BAM.PR.C	Floater	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 10.77 Evaluated at bid price : 10.77 Bid-YTW : 6.51 %
TD.PF.A	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 5.48 %
BAM.PR.T	FixedReset Disc	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 15.03 Evaluated at bid price : 15.03 Bid-YTW : 6.22 %
TRP.PR.C	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 11.66 Evaluated at bid price : 11.66 Bid-YTW : 6.29 %
HSE.PR.A	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 10.93 Evaluated at bid price : 10.93 Bid-YTW : 7.12 %
BAM.PR.R	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 6.18 %
EMA.PR.E	Perpetual-Discount	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.35 %
HSE.PR.E	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 7.21 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PF.I	FixedReset Prem	100,633	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.37 Bid-YTW : 4.36 %
TRP.PR.K	FixedReset Prem	77,428	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.45 Bid-YTW : 4.53 %
TD.PF.M	FixedReset Disc	49,675	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 22.99 Evaluated at bid price : 24.47 Bid-YTW : 5.06 %
TRP.PR.J	FixedReset Prem	42,756	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.17 Bid-YTW : 3.07 %
BAM.PF.C	Perpetual-Discount	30,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 21.80 Evaluated at bid price : 21.80 Bid-YTW : 5.63 %
HSE.PR.A	FixedReset Disc	30,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 10.93 Evaluated at bid price : 10.93 Bid-YTW : 7.12 %
There were 39 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BNS.PR.I	FixedReset Disc	Quote: 18.50 – 18.93 Spot Rate : 0.4300 Average : 0.2785 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.58 %
MFC.PR.R	FixedReset Ins Non	Quote: 24.30 – 24.70 Spot Rate : 0.4000 Average : 0.2568 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 5.62 %
BNS.PR.Y	FixedReset Bank Non	Quote: 24.63 – 24.99 Spot Rate : 0.3600 Average : 0.2347 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.63 Bid-YTW : 3.05 %
IFC.PR.G	FixedReset Ins Non	Quote: 18.15 – 18.48 Spot Rate : 0.3300 Average : 0.2135 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.15 Bid-YTW : 8.55 %
MFC.PR.I	FixedReset Ins Non	Quote: 18.50 – 18.98 Spot Rate : 0.4800 Average : 0.3729 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.50 Bid-YTW : 8.23 %
BAM.PR.R	FixedReset Disc	Quote: 14.95 – 15.34 Spot Rate : 0.3900 Average : 0.2939 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-01 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 6.18 %

Market Action

October 31, 2019

Click for Big

TXPR closed at 599.07, down 0.61% on the day. Volume was 1.89-million, well below average in the context of the past thirty days.

CPD closed at 11.97, down 0.50% on the day. Volume of 96,361 was above the median in the context of the past 30 days.

ZPR closed at 9.56, down 0.42% on the day. Volume of 266,063 was third-highest of the past 30 days, behind only October 30 and October 2.

Five-year Canada yields were down 4bp to 1.42% today.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-2.2346 %	1,912.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.2346 %	3,508.5
Floater	6.32 %	6.49 %	47,254	13.18	4	-2.2346 %	2,022.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0507 %	3,385.1
SplitShare	4.65 %	4.67 %	48,598	3.90	7	-0.0507 %	4,042.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0507 %	3,154.1
Perpetual-Premium	5.51 %	-19.67 %	56,577	0.09	8	0.0245 %	3,028.9
Perpetual-Discount	5.36 %	5.44 %	64,642	14.73	25	0.0006 %	3,236.5
FixedReset Disc	5.69 %	5.68 %	183,746	14.36	66	-1.3757 %	2,066.2
Deemed-Retractible	5.20 %	5.73 %	63,973	7.81	27	0.0440 %	3,177.3
FloatingReset	6.28 %	6.81 %	91,350	12.74	2	-0.8188 %	2,436.1
FixedReset Prem	5.14 %	4.07 %	157,342	1.65	20	-0.1930 %	2,606.0
FixedReset Bank Non	1.96 %	4.17 %	95,681	2.19	3	-0.0650 %	2,694.2
FixedReset Ins Non	5.47 %	8.44 %	114,804	7.83	21	-0.9084 %	2,111.4

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-5.43 %	A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 732 shares today in a range of 12.76-18 before being quoted at 12.55-95. The closing price was 12.76, reached at 12:40pm. I have not checked whether the lamentable state of the quote is due to inadequate Toronto Stock Exchange reporting or inadequate Toronto Stock Exchange supervision of market-makers. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 12.55 Evaluated at bid price : 12.55 Bid-YTW : 5.96 %
PWF.PR.A	Floater	-4.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 11.52 Evaluated at bid price : 11.52 Bid-YTW : 6.01 %
TRP.PR.B	FixedReset Disc	-3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 10.90 Evaluated at bid price : 10.90 Bid-YTW : 6.23 %
BAM.PR.Z	FixedReset Disc	-3.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.08 %
NA.PR.C	FixedReset Disc	-3.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.73 %
HSE.PR.E	FixedReset Disc	-2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 7.35 %
EMA.PR.F	FixedReset Disc	-2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.12 Evaluated at bid price : 16.12 Bid-YTW : 6.30 %
TRP.PR.C	FixedReset Disc	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 11.49 Evaluated at bid price : 11.49 Bid-YTW : 6.38 %
RY.PR.M	FixedReset Disc	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 5.71 %
TRP.PR.A	FixedReset Disc	-2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 6.32 %
TD.PF.I	FixedReset Disc	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 20.64 Evaluated at bid price : 20.64 Bid-YTW : 5.42 %
BAM.PR.C	Floater	-2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 10.63 Evaluated at bid price : 10.63 Bid-YTW : 6.59 %
CM.PR.Q	FixedReset Disc	-2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.79 Evaluated at bid price : 17.79 Bid-YTW : 5.92 %
SLF.PR.H	FixedReset Ins Non	-2.48 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.75 Bid-YTW : 9.12 %
SLF.PR.G	FixedReset Ins Non	-2.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.13 Bid-YTW : 10.55 %
TD.PF.J	FixedReset Disc	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.56 %
CM.PR.P	FixedReset Disc	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 15.93 Evaluated at bid price : 15.93 Bid-YTW : 5.79 %
TRP.PR.G	FixedReset Disc	-2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.38 %
TD.PF.D	FixedReset Disc	-2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 5.68 %
TD.PF.A	FixedReset Disc	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.55 %
RY.PR.J	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.32 Evaluated at bid price : 18.32 Bid-YTW : 5.68 %
IFC.PR.A	FixedReset Ins Non	-1.98 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.38 Bid-YTW : 10.08 %
MFC.PR.F	FixedReset Ins Non	-1.95 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.55 Bid-YTW : 10.98 %
CU.PR.C	FixedReset Disc	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.70 %
BAM.PR.R	FixedReset Disc	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 14.72 Evaluated at bid price : 14.72 Bid-YTW : 6.28 %
BAM.PR.T	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 14.82 Evaluated at bid price : 14.82 Bid-YTW : 6.31 %
BNS.PR.I	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 5.45 %
NA.PR.S	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.94 Evaluated at bid price : 16.94 Bid-YTW : 5.74 %
BAM.PR.X	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 13.08 Evaluated at bid price : 13.08 Bid-YTW : 6.08 %
BAM.PF.G	FixedReset Disc	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 6.22 %
GWO.PR.N	FixedReset Ins Non	-1.86 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.75 Bid-YTW : 9.72 %
PWF.PR.T	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 5.88 %
HSE.PR.G	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 7.34 %
CM.PR.R	FixedReset Disc	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.64 %
BAM.PF.E	FixedReset Disc	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.32 %
RY.PR.H	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.92 Evaluated at bid price : 16.92 Bid-YTW : 5.44 %
IAF.PR.G	FixedReset Ins Non	-1.61 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.90 Bid-YTW : 7.68 %
RY.PR.S	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.33 %
TRP.PR.D	FixedReset Disc	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 15.96 Evaluated at bid price : 15.96 Bid-YTW : 6.04 %
EMA.PR.E	Perpetual-Discount	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.44 %
BAM.PR.K	Floater	-1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 6.49 %
BMO.PR.D	FixedReset Disc	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.47 %
TD.PF.E	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.64 %
IAF.PR.I	FixedReset Ins Non	-1.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.57 Bid-YTW : 7.63 %
TD.PF.K	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 5.56 %
MFC.PR.J	FixedReset Ins Non	-1.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.23 Bid-YTW : 8.44 %
HSE.PR.C	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.09 Evaluated at bid price : 16.09 Bid-YTW : 7.18 %
BAM.PF.A	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 19.22 Evaluated at bid price : 19.22 Bid-YTW : 5.93 %
TD.PF.C	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 5.53 %
BMO.PR.E	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.50 %
CM.PR.O	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 5.78 %
MFC.PR.K	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.50 Bid-YTW : 8.57 %
TD.PF.B	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.52 %
BAM.PF.B	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 5.94 %
CM.PR.S	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.82 Evaluated at bid price : 17.82 Bid-YTW : 5.65 %
TD.PF.M	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 22.93 Evaluated at bid price : 24.32 Bid-YTW : 5.10 %
NA.PR.G	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.98 Evaluated at bid price : 18.98 Bid-YTW : 5.78 %
BMO.PR.Y	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 5.54 %
NA.PR.W	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 5.81 %
MFC.PR.N	FixedReset Ins Non	-1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.24 Bid-YTW : 9.18 %
IFC.PR.G	FixedReset Ins Non	-1.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.25 Bid-YTW : 8.48 %
TD.PF.F	Perpetual-Discount	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 24.37 Evaluated at bid price : 24.85 Bid-YTW : 4.93 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.F	FixedReset Disc	52,705	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 22.87 Evaluated at bid price : 24.15 Bid-YTW : 5.08 %
BMO.PR.S	FixedReset Disc	42,192	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.44 %
RY.PR.S	FixedReset Disc	41,392	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.33 %
RY.PR.M	FixedReset Disc	32,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 5.71 %
RY.PR.Z	FixedReset Disc	30,276	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.83 Evaluated at bid price : 16.83 Bid-YTW : 5.43 %
CM.PR.R	FixedReset Disc	28,784	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 5.64 %
There were 42 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.Z	FixedReset Disc	Quote: 18.52 – 19.15 Spot Rate : 0.6300 Average : 0.4053 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.08 %
CU.PR.C	FixedReset Disc	Quote: 16.75 – 17.30 Spot Rate : 0.5500 Average : 0.3537 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 5.70 %
EMA.PR.E	Perpetual-Discount	Quote: 20.76 – 21.27 Spot Rate : 0.5100 Average : 0.3294 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.44 %
TD.PF.A	FixedReset Disc	Quote: 16.60 – 16.95 Spot Rate : 0.3500 Average : 0.2034 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.55 %
IFC.PR.C	FixedReset Ins Non	Quote: 17.30 – 17.72 Spot Rate : 0.4200 Average : 0.2801 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.30 Bid-YTW : 8.56 %
PWF.PR.P	FixedReset Disc	Quote: 12.55 – 12.95 Spot Rate : 0.4000 Average : 0.2621 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-31 Maturity Price : 12.55 Evaluated at bid price : 12.55 Bid-YTW : 5.96 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.E	FixedReset Prem	96,732	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 3.70 %
PWF.PR.S	Perpetual-Discount	76,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-14 Maturity Price : 22.09 Evaluated at bid price : 22.09 Bid-YTW : 5.48 %
MFC.PR.O	FixedReset Ins Non	68,754	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.89 Bid-YTW : 3.87 %
BAM.PR.B	Floater	63,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-14 Maturity Price : 11.08 Evaluated at bid price : 11.08 Bid-YTW : 6.34 %
TRP.PR.J	FixedReset Prem	62,383	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 3.35 %
MFC.PR.M	FixedReset Ins Non	60,712	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.00 Bid-YTW : 8.88 %
There were 52 other index-included issues trading in excess of 10,000 shares.

PrefBlog

Category: Market Action

November 19, 2019

November 14, 2019

November 13, 2019

November 12, 2019

November 7, 2019

November 6, 2019

November 5, 2019

November 4, 2019

November 1, 2019

October 31, 2019

Archives

Of Interest