Category: Market Action

Market Action

January 30, 2019

Information received since the Federal Open Market Committee met in December indicates that the labor market has continued to strengthen and that economic activity has been rising at a solid rate. Job gains have been strong, on average, in recent months, and the unemployment rate has remained low. Household spending has continued to grow strongly, while growth of business fixed investment has moderated from its rapid pace earlier last year. On a 12-month basis, both overall inflation and inflation for items other than food and energy remain near 2 percent. Although market-based measures of inflation compensation have moved lower in recent months, survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.

Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michelle W. Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans; Esther L. George; Randal K. Quarles; and Eric S. Rosengren.

No changes were expected, so no surprises there – but notably:

While the Fed said continued U.S. economic and job growth were still “the most likely outcomes,” it removed language from its December policy statement that risks to the outlook were “roughly balanced” and struck language that projected “some further” rate hikes would be appropriate in 2019.

They also issued a Statement Regarding Monetary Policy Implementation and Balance Sheet Normalization:

After extensive deliberations and thorough review of experience to date, the Committee judges that it is appropriate at this time to provide additional information regarding its plans to implement monetary policy over the longer run. Additionally, the Committee is revising its earlier guidance regarding the conditions under which it could adjust the details of its balance sheet normalization program. Accordingly, all participants agreed to the following:

•The Committee intends to continue to implement monetary policy in a regime in which an ample supply of reserves ensures that control over the level of the federal funds rate and other short-term interest rates is exercised primarily through the setting of the Federal Reserve’s administered rates, and in which active management of the supply of reserves is not required.

•The Committee continues to view changes in the target range for the federal funds rate as its primary means of adjusting the stance of monetary policy. The Committee is prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments. Moreover, the Committee would be prepared to use its full range of tools, including altering the size and composition of its balance sheet, if future economic conditions were to warrant a more accommodative monetary policy than can be achieved solely by reducing the federal funds rate.

Finally, they updated their Statement on Longer-Run Goals and Monetary Policy Strategy, reaffirming the 2% symmetrical inflation target and stating that their current estimates of the longer-run normal rate of unemployment is 4.4%, down from last year’s figure of 4.6%.

The IAIS (International Association of Insurance Supervisors) issued its January 2019 newsletter today, with a reminder that:

The IAIS is hosting an ICS stakeholder event. The meeting will provide Members and stakeholders with the opportunity to provide feedback on the ICS prior to the finalisation of ICS Version 2.0 for the monitoring period. The IAIS published the ICS Version 2.0 consultation document on 31 July 2018. The event will take place between 09.00 and 15.00 CET (Basel time) on 1 February 2019, at the BIS Tower in Basel, Switzerland.

Assiduous Readers will rememeber that the Comment Period Expired 2018-10-30 for IAIS Public Consultation on ICS 2.0; ICS 2.0 is the set of global insurance guidelines that, we hope, will include tighter rules on the going-concern loss-absorption ability of insurance company preferred shares … even if OSFI takes the lowest-trigger-possible approach with NVCC rules similar to banks.

I also note there is an “ICS Task Force” meeting in Basel on February 26.

PerpetualDiscounts now yield 5.72%, equivalent to 7.44% interest at the standard equivalency factor of 1.3x. Long corporates now yield a little over 3.95%, so the pre-tax interest-equivalent spread is now about 345bp, a slight (and perhaps spurious) narrowing from the 350bp reported January 23.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-0.0911 %	2,325.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0911 %	4,267.6
Floater	5.04 %	5.38 %	32,787	14.84	4	-0.0911 %	2,459.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0803 %	3,205.3
SplitShare	4.93 %	4.74 %	65,683	3.98	8	-0.0803 %	3,827.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0803 %	2,986.6
Perpetual-Premium	5.91 %	-5.49 %	148,213	0.08	2	0.1990 %	2,886.9
Perpetual-Discount	5.63 %	5.72 %	77,078	14.21	33	0.1321 %	2,953.2
FixedReset Disc	5.14 %	5.60 %	221,907	14.60	65	0.1489 %	2,199.9
Deemed-Retractible	5.41 %	6.35 %	94,977	8.15	27	-0.0604 %	2,935.5
FloatingReset	4.29 %	5.29 %	63,793	8.51	6	-0.1870 %	2,433.4
FixedReset Prem	5.13 %	4.39 %	255,819	2.18	17	0.0786 %	2,525.0
FixedReset Bank Non	2.81 %	4.24 %	149,353	2.88	5	-0.0250 %	2,578.5
FixedReset Ins Non	5.09 %	7.16 %	134,153	8.22	22	0.3334 %	2,184.7

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.D	FixedReset Disc	-3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 6.39 %
PWF.PR.P	FixedReset Disc	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.88 %
CCS.PR.C	Deemed-Retractible	-2.43 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.08 Bid-YTW : 6.60 %
GWO.PR.R	Deemed-Retractible	-2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.38 Bid-YTW : 6.78 %
IFC.PR.C	FixedReset Ins Non	-2.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.61 Bid-YTW : 7.76 %
BAM.PR.B	Floater	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 5.38 %
TRP.PR.K	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 22.93 Evaluated at bid price : 24.00 Bid-YTW : 5.85 %
ELF.PR.H	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 23.37 Evaluated at bid price : 23.67 Bid-YTW : 5.85 %
RY.PR.S	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.09 %
EMA.PR.F	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.82 %
BIP.PR.A	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.80 %
BAM.PF.F	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.04 %
IFC.PR.G	FixedReset Ins Non	1.21 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.95 Bid-YTW : 6.87 %
TD.PF.J	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.69 Evaluated at bid price : 22.02 Bid-YTW : 5.25 %
SLF.PR.E	Deemed-Retractible	1.25 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.30 Bid-YTW : 7.08 %
MFC.PR.L	FixedReset Ins Non	1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.68 Bid-YTW : 8.25 %
BAM.PF.D	Perpetual-Discount	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.77 %
MFC.PR.J	FixedReset Ins Non	1.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.41 Bid-YTW : 7.16 %
RY.PR.J	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 5.32 %
TD.PF.E	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.56 Evaluated at bid price : 21.94 Bid-YTW : 5.31 %
SLF.PR.I	FixedReset Ins Non	1.44 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.39 Bid-YTW : 6.85 %
NA.PR.C	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 22.07 Evaluated at bid price : 22.53 Bid-YTW : 5.69 %
RY.PR.M	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.32 %
MFC.PR.K	FixedReset Ins Non	1.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 7.64 %
BAM.PF.C	Perpetual-Discount	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.85 %
VNR.PR.A	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 22.10 Evaluated at bid price : 22.57 Bid-YTW : 5.21 %
PWF.PR.T	FixedReset Disc	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.60 %
NA.PR.G	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.65 Evaluated at bid price : 22.00 Bid-YTW : 5.38 %
BAM.PR.R	FixedReset Disc	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 16.82 Evaluated at bid price : 16.82 Bid-YTW : 6.04 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.H	FixedReset Prem	331,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 4.31 %
TD.PF.L	FixedReset Disc	171,816	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 23.17 Evaluated at bid price : 25.06 Bid-YTW : 5.08 %
RY.PR.L	FixedReset Bank Non	164,310	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-26 Maturity Price : 25.00 Evaluated at bid price : 24.94 Bid-YTW : 3.95 %
CM.PR.T	FixedReset Disc	116,871	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 23.13 Evaluated at bid price : 24.94 Bid-YTW : 5.15 %
RY.PR.H	FixedReset Disc	64,520	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 5.38 %
BNS.PR.I	FixedReset Disc	61,101	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 22.16 Evaluated at bid price : 22.80 Bid-YTW : 4.89 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.Q	FixedReset Ins Non	Quote: 20.13 – 20.68 Spot Rate : 0.5500 Average : 0.3738 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.13 Bid-YTW : 7.28 %
BIP.PR.D	FixedReset Disc	Quote: 21.90 – 22.31 Spot Rate : 0.4100 Average : 0.2749 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 21.52 Evaluated at bid price : 21.90 Bid-YTW : 6.39 %
IFC.PR.E	Deemed-Retractible	Quote: 22.98 – 23.50 Spot Rate : 0.5200 Average : 0.3941 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.98 Bid-YTW : 6.33 %
GWO.PR.R	Deemed-Retractible	Quote: 21.38 – 21.90 Spot Rate : 0.5200 Average : 0.3975 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.38 Bid-YTW : 6.78 %
IFC.PR.C	FixedReset Ins Non	Quote: 18.61 – 19.00 Spot Rate : 0.3900 Average : 0.2679 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.61 Bid-YTW : 7.76 %
PWF.PR.P	FixedReset Disc	Quote: 14.35 – 14.89 Spot Rate : 0.5400 Average : 0.4219 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-30 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.88 %

Market Action

January 29, 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	-0.2363 %	2,327.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2363 %	4,271.5
Floater	5.04 %	5.28 %	34,253	15.01	4	-0.2363 %	2,461.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1403 %	3,207.8
SplitShare	4.93 %	4.58 %	67,962	3.98	8	-0.1403 %	3,830.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1403 %	2,989.0
Perpetual-Premium	5.92 %	-2.84 %	150,407	0.08	2	0.1595 %	2,881.1
Perpetual-Discount	5.64 %	5.73 %	79,985	14.22	33	-0.0066 %	2,949.3
FixedReset Disc	5.15 %	5.60 %	217,912	14.60	65	0.2995 %	2,196.7
Deemed-Retractible	5.40 %	6.37 %	91,928	8.15	27	0.1030 %	2,937.3
FloatingReset	4.29 %	5.24 %	60,696	8.51	6	0.2279 %	2,438.0
FixedReset Prem	5.13 %	4.43 %	258,640	2.32	17	0.2131 %	2,523.0
FixedReset Bank Non	2.81 %	4.08 %	154,452	2.88	5	0.0552 %	2,579.2
FixedReset Ins Non	5.11 %	7.23 %	135,888	8.23	22	0.1962 %	2,177.4

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.F	FixedReset Disc	-2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 21.75 Evaluated at bid price : 22.15 Bid-YTW : 5.81 %
PWF.PR.A	Floater	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 4.39 %
PWF.PR.T	FixedReset Disc	-2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.72 %
BAM.PR.R	FixedReset Disc	-2.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 16.43 Evaluated at bid price : 16.43 Bid-YTW : 6.18 %
BAM.PR.Z	FixedReset Disc	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.83 %
BIP.PR.A	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.87 %
HSE.PR.E	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 6.69 %
BIP.PR.D	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 22.17 Evaluated at bid price : 22.60 Bid-YTW : 6.19 %
W.PR.H	Perpetual-Discount	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.86 %
IFC.PR.A	FixedReset Ins Non	-1.54 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.00 Bid-YTW : 8.75 %
BIP.PR.C	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 6.40 %
IFC.PR.G	FixedReset Ins Non	-1.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.70 Bid-YTW : 7.02 %
BIP.PR.B	FixedReset Prem	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 23.49 Evaluated at bid price : 24.70 Bid-YTW : 6.42 %
BAM.PR.N	Perpetual-Discount	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 5.92 %
MFC.PR.H	FixedReset Ins Non	1.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.45 Bid-YTW : 6.73 %
BMO.PR.D	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 22.32 Evaluated at bid price : 22.90 Bid-YTW : 5.43 %
BAM.PR.B	Floater	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 13.24 Evaluated at bid price : 13.24 Bid-YTW : 5.28 %
EMA.PR.F	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 5.75 %
POW.PR.D	Perpetual-Discount	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 21.72 Evaluated at bid price : 21.97 Bid-YTW : 5.73 %
CCS.PR.C	Deemed-Retractible	1.25 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.63 Bid-YTW : 6.30 %
NA.PR.S	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.70 %
PWF.PR.Q	FloatingReset	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 5.24 %
BMO.PR.W	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 18.97 Evaluated at bid price : 18.97 Bid-YTW : 5.50 %
BAM.PR.K	Floater	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.38 %
BAM.PF.G	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.03 %
TD.PF.C	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 5.49 %
HSE.PR.C	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.48 %
TD.PF.J	FixedReset Disc	2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.32 %
TD.PF.I	FixedReset Disc	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 22.24 Evaluated at bid price : 22.80 Bid-YTW : 5.28 %
BMO.PR.E	FixedReset Disc	3.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 22.24 Evaluated at bid price : 22.92 Bid-YTW : 5.19 %
RY.PR.S	FixedReset Disc	3.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 21.58 Evaluated at bid price : 21.92 Bid-YTW : 5.02 %
BNS.PR.I	FixedReset Disc	4.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 22.19 Evaluated at bid price : 22.85 Bid-YTW : 4.88 %
TD.PF.K	FixedReset Disc	4.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 21.48 Evaluated at bid price : 21.77 Bid-YTW : 5.24 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.L	FixedReset Disc	499,072	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 23.13 Evaluated at bid price : 24.95 Bid-YTW : 5.11 %
CM.PR.T	FixedReset Disc	148,361	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 23.08 Evaluated at bid price : 24.82 Bid-YTW : 5.18 %
TRP.PR.K	FixedReset Disc	126,078	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 23.08 Evaluated at bid price : 24.35 Bid-YTW : 5.75 %
TD.PF.H	FixedReset Prem	94,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 4.42 %
BMO.PR.T	FixedReset Disc	77,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 18.97 Evaluated at bid price : 18.97 Bid-YTW : 5.53 %
TRP.PR.B	FixedReset Disc	77,343	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 12.91 Evaluated at bid price : 12.91 Bid-YTW : 6.05 %
There were 40 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: 20.00 – 20.93 Spot Rate : 0.9300 Average : 0.5745 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 7.11 %
BAM.PR.R	FixedReset Disc	Quote: 16.43 – 17.50 Spot Rate : 1.0700 Average : 0.7658 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 16.43 Evaluated at bid price : 16.43 Bid-YTW : 6.18 %
BAM.PF.D	Perpetual-Discount	Quote: 21.24 – 22.02 Spot Rate : 0.7800 Average : 0.4810 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.84 %
BAM.PR.Z	FixedReset Disc	Quote: 20.90 – 21.59 Spot Rate : 0.6900 Average : 0.4471 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.83 %
PWF.PR.T	FixedReset Disc	Quote: 18.75 – 19.28 Spot Rate : 0.5300 Average : 0.3325 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.72 %
ELF.PR.H	Perpetual-Discount	Quote: 24.00 – 24.49 Spot Rate : 0.4900 Average : 0.3143 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-29 Maturity Price : 23.65 Evaluated at bid price : 24.00 Bid-YTW : 5.77 %

Market Action

January 28, 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	1.5129 %	2,333.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.5129 %	4,281.7
Floater	5.03 %	5.34 %	34,746	14.91	4	1.5129 %	2,467.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0752 %	3,212.3
SplitShare	4.92 %	4.57 %	68,625	3.98	8	0.0752 %	3,836.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0752 %	2,993.2
Perpetual-Premium	5.93 %	-0.64 %	151,221	0.08	2	0.0998 %	2,876.6
Perpetual-Discount	5.64 %	5.73 %	83,313	14.24	33	0.0092 %	2,949.5
FixedReset Disc	5.17 %	5.57 %	221,601	14.54	65	-0.4640 %	2,190.1
Deemed-Retractible	5.41 %	6.45 %	89,292	8.15	27	-0.0539 %	2,934.2
FloatingReset	4.15 %	4.37 %	47,009	2.87	7	-0.3029 %	2,432.4
FixedReset Prem	5.14 %	4.63 %	255,130	2.18	17	-0.0440 %	2,517.7
FixedReset Bank Non	2.97 %	3.82 %	178,008	2.83	6	-0.0207 %	2,577.7
FixedReset Ins Non	5.12 %	7.28 %	128,919	8.22	22	-0.2725 %	2,173.2

Performance Highlights
Issue	Index	Change	Notes
TD.PF.K	FixedReset Disc	-3.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.51 %
BIP.PR.E	FixedReset Disc	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.54 Evaluated at bid price : 21.81 Bid-YTW : 5.79 %
PWF.PR.P	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 14.77 Evaluated at bid price : 14.77 Bid-YTW : 5.71 %
MFC.PR.L	FixedReset Ins Non	-2.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.49 Bid-YTW : 8.38 %
BAM.PR.X	FixedReset Disc	-2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 5.86 %
BAM.PR.R	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 16.86 Evaluated at bid price : 16.86 Bid-YTW : 6.03 %
MFC.PR.Q	FixedReset Ins Non	-1.96 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.01 Bid-YTW : 7.35 %
BMO.PR.D	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 22.16 Evaluated at bid price : 22.65 Bid-YTW : 5.50 %
PWF.PR.Q	FloatingReset	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.31 %
RY.PR.S	FixedReset Disc	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.24 %
BMO.PR.Y	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.42 %
TRP.PR.B	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 6.07 %
MFC.PR.M	FixedReset Ins Non	-1.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.01 Bid-YTW : 8.23 %
TD.PF.I	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.79 Evaluated at bid price : 22.12 Bid-YTW : 5.45 %
MFC.PR.N	FixedReset Ins Non	-1.44 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.76 Bid-YTW : 8.31 %
HSE.PR.C	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.60 %
CU.PR.F	Perpetual-Discount	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.72 %
BMO.PR.E	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.72 Evaluated at bid price : 22.10 Bid-YTW : 5.40 %
TRP.PR.G	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 19.81 Evaluated at bid price : 19.81 Bid-YTW : 6.07 %
MFC.PR.J	FixedReset Ins Non	-1.27 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.19 Bid-YTW : 7.29 %
CM.PR.P	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 5.62 %
MFC.PR.G	FixedReset Ins Non	-1.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 7.27 %
NA.PR.W	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 17.97 Evaluated at bid price : 17.97 Bid-YTW : 5.77 %
BNS.PR.I	FixedReset Disc	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.53 Evaluated at bid price : 21.85 Bid-YTW : 5.13 %
NA.PR.S	FixedReset Disc	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 5.77 %
CU.PR.G	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.04 Evaluated at bid price : 20.04 Bid-YTW : 5.72 %
CU.PR.H	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 23.26 Evaluated at bid price : 23.65 Bid-YTW : 5.63 %
TD.PF.C	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.57 %
HSE.PR.G	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 6.59 %
EMA.PR.F	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.81 %
HSE.PR.E	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 6.58 %
BMO.PR.C	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 22.76 Evaluated at bid price : 23.65 Bid-YTW : 5.41 %
CM.PR.S	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 5.50 %
TRP.PR.C	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 6.04 %
MFC.PR.R	FixedReset Ins Non	-1.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.33 Bid-YTW : 5.87 %
CM.PR.Q	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.64 Evaluated at bid price : 20.64 Bid-YTW : 5.57 %
NA.PR.G	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 5.47 %
SLF.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 : 14.65 Bid-YTW : 9.27 %
BAM.PR.M	Perpetual-Discount	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.94 %
TD.PF.D	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.37 %
BAM.PR.T	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 6.05 %
VNR.PR.A	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.89 Evaluated at bid price : 22.26 Bid-YTW : 5.28 %
RY.PR.M	FixedReset Disc	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.40 %
MFC.PR.K	FixedReset Ins Non	2.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.59 Bid-YTW : 7.90 %
MFC.PR.I	FixedReset Ins Non	2.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.17 Bid-YTW : 7.28 %
PWF.PR.A	Floater	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 4.26 %
BAM.PR.B	Floater	2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 13.09 Evaluated at bid price : 13.09 Bid-YTW : 5.34 %
CM.PR.O	FixedReset Disc	6.68 %	Just a reversal of Friday‘s nonsense. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 5.65 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.L	FixedReset Disc	688,942	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 23.09 Evaluated at bid price : 24.85 Bid-YTW : 5.13 %
RY.PR.L	FixedReset Bank Non	200,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-26 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 3.55 %
CM.PR.T	FixedReset Disc	74,520	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 23.04 Evaluated at bid price : 24.70 Bid-YTW : 5.21 %
TD.PF.A	FixedReset Disc	59,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 5.40 %
BNS.PR.F	FloatingReset	44,300	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.03 Bid-YTW : 4.37 %
BNS.PR.G	FixedReset Prem	42,520	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 4.26 %
There were 22 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.J	FixedReset Disc	Quote: 21.16 – 23.30 Spot Rate : 2.1400 Average : 1.7039 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.49 %
BAM.PR.R	FixedReset Disc	Quote: 16.86 – 17.48 Spot Rate : 0.6200 Average : 0.4322 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 16.86 Evaluated at bid price : 16.86 Bid-YTW : 6.03 %
TD.PF.I	FixedReset Disc	Quote: 22.12 – 22.70 Spot Rate : 0.5800 Average : 0.4290 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 21.79 Evaluated at bid price : 22.12 Bid-YTW : 5.45 %
MFC.PR.G	FixedReset Ins Non	Quote: 20.00 – 20.53 Spot Rate : 0.5300 Average : 0.3914 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.00 Bid-YTW : 7.27 %
HSE.PR.C	FixedReset Disc	Quote: 19.15 – 19.66 Spot Rate : 0.5100 Average : 0.3836 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.60 %
CU.PR.F	Perpetual-Discount	Quote: 20.02 – 20.42 Spot Rate : 0.4000 Average : 0.2927 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-28 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 5.72 %

Market Action

January 25, 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	-0.5140 %	2,298.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.5140 %	4,217.8
Floater	5.10 %	5.42 %	35,115	14.78	4	-0.5140 %	2,430.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.2867 %	3,209.9
SplitShare	4.93 %	4.50 %	71,467	3.99	8	0.2867 %	3,833.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2867 %	2,990.9
Perpetual-Premium	5.94 %	-1.24 %	153,105	0.08	2	-0.2587 %	2,873.7
Perpetual-Discount	5.64 %	5.75 %	84,829	14.27	33	0.0806 %	2,949.2
FixedReset Disc	5.14 %	5.64 %	223,686	14.51	64	0.3862 %	2,200.3
Deemed-Retractible	5.40 %	6.46 %	88,766	8.16	27	0.1210 %	2,935.8
FloatingReset	4.12 %	4.40 %	48,947	2.88	7	0.2277 %	2,439.8
FixedReset Prem	5.14 %	4.44 %	257,731	2.19	17	0.3322 %	2,518.8
FixedReset Bank Non	2.98 %	3.91 %	164,825	2.84	6	0.1936 %	2,578.3
FixedReset Ins Non	5.11 %	7.16 %	131,061	8.21	22	0.4634 %	2,179.1

Performance Highlights
Issue	Index	Change	Notes
CM.PR.O	FixedReset Disc	-7.59 %	A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 10,050 shares today in a range of 18.80-01 before being quoted at 17.52-19.30. The closing price was 18.93. 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 : 2049-01-25 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 6.13 %
RY.PR.M	FixedReset Disc	-3.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.59 %
BNS.PR.I	FixedReset Disc	-2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.72 Evaluated at bid price : 22.11 Bid-YTW : 5.12 %
RY.PR.S	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.20 %
BAM.PR.T	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 6.24 %
BAM.PF.E	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.05 %
RY.PR.Z	FixedReset Disc	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.44 %
CCS.PR.C	Deemed-Retractible	-1.77 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.16 Bid-YTW : 6.55 %
BAM.PR.B	Floater	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 5.50 %
IFC.PR.F	Deemed-Retractible	-1.42 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.85 Bid-YTW : 6.49 %
MFC.PR.M	FixedReset Ins Non	-1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.30 Bid-YTW : 8.10 %
EMA.PR.H	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 22.45 Evaluated at bid price : 23.26 Bid-YTW : 5.32 %
BAM.PF.A	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.83 %
IAF.PR.G	FixedReset Ins Non	-1.14 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.02 Bid-YTW : 7.14 %
CU.PR.E	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.85 Evaluated at bid price : 21.85 Bid-YTW : 5.71 %
BAM.PF.J	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 22.97 Evaluated at bid price : 24.25 Bid-YTW : 5.13 %
BAM.PR.R	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.99 %
TRP.PR.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 6.18 %
CU.PR.G	Perpetual-Discount	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 20.27 Evaluated at bid price : 20.27 Bid-YTW : 5.65 %
BAM.PF.H	FixedReset Prem	1.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.82 Bid-YTW : 3.43 %
NA.PR.G	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.55 Evaluated at bid price : 21.87 Bid-YTW : 5.47 %
GWO.PR.Q	Deemed-Retractible	1.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.81 Bid-YTW : 6.35 %
TRP.PR.B	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 13.07 Evaluated at bid price : 13.07 Bid-YTW : 6.09 %
BMO.PR.Q	FixedReset Bank Non	1.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.93 Bid-YTW : 5.13 %
BMO.PR.T	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 5.60 %
IFC.PR.E	Deemed-Retractible	1.46 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.95 Bid-YTW : 6.33 %
HSE.PR.C	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 6.58 %
BMO.PR.W	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.63 %
TD.PF.B	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 5.48 %
PWF.PR.P	FixedReset Disc	2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 15.08 Evaluated at bid price : 15.08 Bid-YTW : 5.69 %
BAM.PR.X	FixedReset Disc	2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 15.39 Evaluated at bid price : 15.39 Bid-YTW : 5.83 %
TRP.PR.C	FixedReset Disc	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 6.09 %
IFC.PR.C	FixedReset Ins Non	2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 7.55 %
RY.PR.H	FixedReset Disc	3.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.44 %
HSE.PR.A	FixedReset Disc	3.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 6.57 %
BAM.PR.Z	FixedReset Disc	4.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 5.72 %
TD.PF.E	FixedReset Disc	5.64 %	Just a reversal of yesterday‘s nonsense. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.55 Evaluated at bid price : 21.93 Bid-YTW : 5.39 %
MFC.PR.K	FixedReset Ins Non	6.26 %	Just a reversal of yesterday‘s nonsense. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.17 Bid-YTW : 8.23 %
TD.PF.D	FixedReset Disc	11.40 %	Just a reversal of yesterday‘s nonsense. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.52 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.T	FixedReset Disc	78,608	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 23.03 Evaluated at bid price : 24.68 Bid-YTW : 5.26 %
RY.PR.L	FixedReset Bank Non	71,052	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 1.96 %
RY.PR.J	FixedReset Disc	70,960	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.48 %
IFC.PR.G	FixedReset Ins Non	69,590	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.10 Bid-YTW : 6.81 %
RY.PR.H	FixedReset Disc	59,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.44 %
RY.PR.C	Deemed-Retractible	56,740	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : -2.90 %
There were 35 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CM.PR.O	FixedReset Disc	Quote: 17.52 – 19.30 Spot Rate : 1.7800 Average : 1.1823 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 6.13 %
BAM.PF.A	FixedReset Disc	Quote: 21.35 – 22.50 Spot Rate : 1.1500 Average : 0.6885 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.83 %
CM.PR.S	FixedReset Disc	Quote: 20.25 – 21.30 Spot Rate : 1.0500 Average : 0.6724 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.51 %
RY.PR.M	FixedReset Disc	Quote: 20.06 – 21.00 Spot Rate : 0.9400 Average : 0.5819 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.59 %
TD.PF.A	FixedReset Disc	Quote: 19.20 – 20.60 Spot Rate : 1.4000 Average : 1.0539 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.49 %
TD.PF.J	FixedReset Disc	Quote: 21.14 – 22.70 Spot Rate : 1.5600 Average : 1.2258 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-25 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 5.56 %

Market Action

January 24, 2019

Click for Big

TXPR closed at 622.78, down 0.51% on the day. Volume of 3.13-million was second only to January 18 in the past thirty days. I note that yesterday the TXPR Total Return index turned negative for the month-to-date … well, it’s more negative now!

CPD closed at 12.52, down 0.08% on the day. Volume of 124,907 was mid-range in the context of the past thirty days.

ZPR closed at 10.16, down 0.20% on the day. Volume of 166,964 was mid-range in the context of the past thirty days.

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	-0.3990 %	2,310.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.3990 %	4,239.6
Floater	5.08 %	5.40 %	35,647	14.82	4	-0.3990 %	2,443.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0804 %	3,200.8
SplitShare	4.94 %	4.68 %	72,088	4.00	8	-0.0804 %	3,822.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0804 %	2,982.4
Perpetual-Premium	5.92 %	-2.87 %	152,740	0.08	2	0.1195 %	2,881.1
Perpetual-Discount	5.64 %	5.76 %	85,635	14.25	33	-0.0053 %	2,946.8
FixedReset Disc	5.16 %	5.67 %	225,161	14.49	64	-1.0828 %	2,191.9
Deemed-Retractible	5.41 %	6.41 %	88,401	8.16	27	-0.1029 %	2,932.3
FloatingReset	4.13 %	4.50 %	50,966	2.88	7	-0.0379 %	2,434.3
FixedReset Prem	5.16 %	4.67 %	257,744	2.19	17	-0.1438 %	2,510.4
FixedReset Bank Non	2.99 %	3.86 %	152,613	2.84	6	0.1315 %	2,573.3
FixedReset Ins Non	5.13 %	7.16 %	135,773	8.21	22	-0.7756 %	2,169.1

Performance Highlights
Issue	Index	Change	Notes
TD.PF.D	FixedReset Disc	-13.03 %	A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 63,100 shares today in a range of 21.67-93 before being quoted at 19.03-21.70. The closing price was 21.69. 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 : 2049-01-24 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 6.14 %
MFC.PR.K	FixedReset Ins Non	-8.31 %	A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 6,955 shares today in a range of 18.96-48 before being quoted at 17.10-19.26. The closing price was 18.96. 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 : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.10 Bid-YTW : 8.99 %
TD.PF.E	FixedReset Disc	-6.19 %	A nonsensical quote provided at high cost by Nonsense Central, as the issue traded 1,920 shares today in a range of 21.90-13 before being quoted at 20.76-22.01. The closing price was 21.95. 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 : 2049-01-24 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.71 %
TD.PF.J	FixedReset Disc	-4.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.56 %
RY.PR.H	FixedReset Disc	-4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 5.63 %
BAM.PR.Z	FixedReset Disc	-3.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.96 %
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 : 19.70 Bid-YTW : 7.61 %
BAM.PF.F	FixedReset Disc	-3.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 6.27 %
BIP.PR.A	FixedReset Disc	-2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.79 %
NA.PR.G	FixedReset Disc	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.32 Evaluated at bid price : 21.60 Bid-YTW : 5.54 %
RY.PR.M	FixedReset Disc	-2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 5.38 %
BAM.PF.E	FixedReset Disc	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.93 %
BAM.PR.K	Floater	-2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 5.44 %
BAM.PR.T	FixedReset Disc	-2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 6.12 %
BAM.PF.A	FixedReset Disc	-2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.33 Evaluated at bid price : 21.61 Bid-YTW : 5.74 %
GWO.PR.R	Deemed-Retractible	-2.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.64 Bid-YTW : 6.62 %
TD.PF.K	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.41 %
BAM.PR.X	FixedReset Disc	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 15.07 Evaluated at bid price : 15.07 Bid-YTW : 5.95 %
BNS.PR.I	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 22.12 Evaluated at bid price : 22.74 Bid-YTW : 4.96 %
BMO.PR.E	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 22.03 Evaluated at bid price : 22.58 Bid-YTW : 5.33 %
BAM.PF.B	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.93 %
TD.PF.I	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 22.15 Evaluated at bid price : 22.65 Bid-YTW : 5.37 %
IFC.PR.C	FixedReset Ins Non	-1.43 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.60 Bid-YTW : 7.81 %
PWF.PR.S	Perpetual-Discount	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.76 %
VNR.PR.A	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.59 Evaluated at bid price : 21.85 Bid-YTW : 5.45 %
CM.PR.R	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 22.26 Evaluated at bid price : 22.80 Bid-YTW : 5.63 %
BAM.PR.R	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 17.02 Evaluated at bid price : 17.02 Bid-YTW : 6.05 %
MFC.PR.M	FixedReset Ins Non	-1.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.55 Bid-YTW : 7.93 %
NA.PR.S	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 5.83 %
MFC.PR.G	FixedReset Ins Non	-1.22 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.25 Bid-YTW : 7.16 %
GRP.PR.A	SplitShare	-1.18 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-23 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 2.77 %
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 : 18.05 Bid-YTW : 8.17 %
EMA.PR.F	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.81 %
CM.PR.S	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.48 %
SLF.PR.H	FixedReset Ins Non	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.51 Bid-YTW : 7.93 %
BAM.PR.M	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.95 %
PWF.PR.T	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.67 %
BMO.PR.Y	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.35 Evaluated at bid price : 21.65 Bid-YTW : 5.37 %
BAM.PR.B	Floater	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 12.93 Evaluated at bid price : 12.93 Bid-YTW : 5.40 %
CCS.PR.C	Deemed-Retractible	1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.56 Bid-YTW : 6.32 %
MFC.PR.R	FixedReset Ins Non	1.40 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 24.59 Bid-YTW : 5.63 %
IFC.PR.F	Deemed-Retractible	1.44 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.18 Bid-YTW : 6.31 %
CU.PR.E	Perpetual-Discount	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.63 %
BAM.PF.I	FixedReset Prem	1.87 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 4.91 %
HSE.PR.G	FixedReset Disc	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.62 %
HSE.PR.E	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 6.63 %
HSE.PR.C	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.68 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.L	FixedReset Bank Non	566,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-24 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 1.90 %
BMO.PR.B	FixedReset Prem	231,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-02-25 Maturity Price : 25.00 Evaluated at bid price : 25.53 Bid-YTW : 4.41 %
RY.PR.Q	FixedReset Prem	204,686	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.52 Bid-YTW : 4.37 %
TD.PF.H	FixedReset Prem	156,990	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 4.67 %
CM.PR.T	FixedReset Disc	103,646	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 23.04 Evaluated at bid price : 24.70 Bid-YTW : 5.26 %
TRP.PR.K	FixedReset Disc	76,233	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 23.03 Evaluated at bid price : 24.23 Bid-YTW : 5.84 %
There were 43 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: 19.03 – 21.70 Spot Rate : 2.6700 Average : 1.5085 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 6.14 %
MFC.PR.K	FixedReset Ins Non	Quote: 17.10 – 19.26 Spot Rate : 2.1600 Average : 1.4424 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.10 Bid-YTW : 8.99 %
TRP.PR.G	FixedReset Disc	Quote: 20.00 – 21.50 Spot Rate : 1.5000 Average : 0.8940 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.09 %
TD.PF.J	FixedReset Disc	Quote: 21.10 – 22.50 Spot Rate : 1.4000 Average : 0.8594 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.56 %
TD.PF.E	FixedReset Disc	Quote: 20.76 – 22.01 Spot Rate : 1.2500 Average : 0.7975 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.71 %
TD.PF.A	FixedReset Disc	Quote: 19.02 – 20.07 Spot Rate : 1.0500 Average : 0.6744 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-24 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 5.54 %

Market Action

December 31, 2018

Click for Big

TXPR closed at 628.87, up an impressive 1.45% on the day. Volume of 1.45-million was the lowest of the past thirty days.

CPD closed at 12.53, up 1.54% on the day. Volume of 94,041 was the lowest of the past thirty days.

ZPR closed at 10.17, up 3.19% on the day. Volume of 323,170 was more or less average in the context of the past thirty days.

It was a marvellous finish to the year, but the TXPR Total Return Index is still down 1.58% on the month and a very nasty 10.01% on the quarter.

But here’s to better things next year!

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	2.0490 %	2,465.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	2.0490 %	4,523.7
Floater	4.75 %	4.95 %	43,872	15.58	4	2.0490 %	2,607.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.8928 %	3,171.6
SplitShare	4.64 %	5.27 %	92,185	4.56	7	0.8928 %	3,787.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.8928 %	2,955.2
Perpetual-Premium	5.60 %	2.11 %	152,263	0.08	2	0.8230 %	2,855.9
Perpetual-Discount	5.70 %	5.88 %	74,546	14.09	33	2.1640 %	2,912.3
FixedReset Disc	5.07 %	5.54 %	214,755	14.61	66	2.7765 %	2,217.9
Deemed-Retractible	5.44 %	6.48 %	92,817	8.20	27	2.1118 %	2,907.9
FloatingReset	4.13 %	4.77 %	44,883	2.95	7	1.6928 %	2,457.6
FixedReset Prem	5.19 %	4.68 %	282,906	2.24	14	-0.3790 %	2,506.0
FixedReset Bank Non	2.98 %	3.78 %	138,886	0.15	6	0.2768 %	2,574.4
FixedReset Ins Non	5.05 %	6.96 %	149,266	8.35	22	2.3060 %	2,204.8

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.N	FixedReset Ins Non	-2.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.00 Bid-YTW : 8.06 %
BAM.PR.K	Floater	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 12.97 Evaluated at bid price : 12.97 Bid-YTW : 5.35 %
BNS.PR.E	FixedReset Prem	-1.56 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.88 %
TRP.PR.J	FixedReset Prem	-1.21 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 5.11 %
MFC.PR.M	FixedReset Ins Non	-1.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.24 Bid-YTW : 7.99 %
RY.PR.Q	FixedReset Prem	-1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 25.61 Bid-YTW : 4.68 %
RY.PR.M	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.30 %
IFC.PR.A	FixedReset Ins Non	1.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.00 Bid-YTW : 8.66 %
HSE.PR.A	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 6.51 %
TD.PF.I	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.77 Evaluated at bid price : 22.11 Bid-YTW : 5.51 %
TD.PF.E	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 5.45 %
BAM.PF.I	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.16 %
RY.PR.N	Perpetual-Discount	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 22.83 Evaluated at bid price : 23.18 Bid-YTW : 5.33 %
BMO.PR.W	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.03 Evaluated at bid price : 19.03 Bid-YTW : 5.44 %
CU.PR.D	Perpetual-Discount	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.82 Evaluated at bid price : 21.82 Bid-YTW : 5.69 %
PWF.PR.S	Perpetual-Discount	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 5.87 %
RY.PR.W	Perpetual-Discount	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.83 Evaluated at bid price : 24.08 Bid-YTW : 5.14 %
BIP.PR.F	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.85 Evaluated at bid price : 22.30 Bid-YTW : 5.73 %
TD.PF.A	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.43 %
W.PR.J	Perpetual-Discount	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.84 Evaluated at bid price : 24.09 Bid-YTW : 5.83 %
EMA.PR.H	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.03 Evaluated at bid price : 24.55 Bid-YTW : 4.97 %
POW.PR.C	Perpetual-Discount	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.89 %
GWO.PR.F	Deemed-Retractible	1.50 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 4.97 %
SLF.PR.I	FixedReset Ins Non	1.53 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.95 Bid-YTW : 7.04 %
W.PR.H	Perpetual-Discount	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.72 Evaluated at bid price : 24.03 Bid-YTW : 5.73 %
PWF.PR.I	Perpetual-Premium	1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.33 Bid-YTW : 2.11 %
TD.PF.K	FixedReset Disc	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.65 Evaluated at bid price : 22.00 Bid-YTW : 5.28 %
BIP.PR.A	FixedReset Disc	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.33 Evaluated at bid price : 20.33 Bid-YTW : 6.64 %
MFC.PR.C	Deemed-Retractible	1.70 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.69 Bid-YTW : 7.40 %
BMO.PR.D	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.71 Evaluated at bid price : 22.00 Bid-YTW : 5.64 %
IAG.PR.A	Deemed-Retractible	1.83 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.64 Bid-YTW : 6.92 %
GWO.PR.M	Deemed-Retractible	1.85 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 0.92 %
MFC.PR.G	FixedReset Ins Non	1.90 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.88 Bid-YTW : 7.27 %
RY.PR.H	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.35 %
IFC.PR.E	Deemed-Retractible	2.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.45 Bid-YTW : 6.55 %
TRP.PR.G	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.13 Evaluated at bid price : 20.13 Bid-YTW : 5.94 %
TRP.PR.D	FixedReset Disc	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 5.81 %
GWO.PR.H	Deemed-Retractible	2.14 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.98 Bid-YTW : 7.00 %
RY.PR.S	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.84 Evaluated at bid price : 22.30 Bid-YTW : 5.00 %
MFC.PR.R	FixedReset Ins Non	2.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.13 Bid-YTW : 5.91 %
GWO.PR.P	Deemed-Retractible	2.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.31 Bid-YTW : 6.30 %
PVS.PR.G	SplitShare	2.20 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.17 Bid-YTW : 5.57 %
PWF.PR.Q	FloatingReset	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 15.33 Evaluated at bid price : 15.33 Bid-YTW : 5.38 %
SLF.PR.C	Deemed-Retractible	2.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.10 Bid-YTW : 7.07 %
CU.PR.F	Perpetual-Discount	2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 5.71 %
PVS.PR.F	SplitShare	2.32 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.75 Bid-YTW : 5.10 %
NA.PR.W	FixedReset Disc	2.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 5.64 %
PWF.PR.R	Perpetual-Discount	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.43 Evaluated at bid price : 23.75 Bid-YTW : 5.88 %
SLF.PR.A	Deemed-Retractible	2.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.08 Bid-YTW : 6.83 %
MFC.PR.K	FixedReset Ins Non	2.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.26 Bid-YTW : 7.39 %
SLF.PR.B	Deemed-Retractible	2.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.39 Bid-YTW : 6.71 %
BMO.PR.T	FixedReset Disc	2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.45 %
CU.PR.E	Perpetual-Discount	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.60 Evaluated at bid price : 21.60 Bid-YTW : 5.75 %
BMO.PR.E	FixedReset Disc	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.93 Evaluated at bid price : 22.42 Bid-YTW : 5.28 %
GWO.PR.L	Deemed-Retractible	2.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 5.94 %
TD.PF.C	FixedReset Disc	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.43 %
BAM.PF.D	Perpetual-Discount	2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 5.90 %
MFC.PR.B	Deemed-Retractible	2.42 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.31 Bid-YTW : 7.20 %
BAM.PF.C	Perpetual-Discount	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.93 %
CU.PR.H	Perpetual-Discount	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.74 Evaluated at bid price : 24.20 Bid-YTW : 5.47 %
TD.PF.B	FixedReset Disc	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 5.39 %
IFC.PR.F	Deemed-Retractible	2.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.85 Bid-YTW : 6.44 %
BAM.PF.A	FixedReset Disc	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.56 Evaluated at bid price : 21.56 Bid-YTW : 5.67 %
BAM.PF.J	FixedReset Disc	2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.01 Evaluated at bid price : 24.35 Bid-YTW : 5.01 %
POW.PR.A	Perpetual-Discount	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.53 Evaluated at bid price : 23.80 Bid-YTW : 5.90 %
CCS.PR.C	Deemed-Retractible	2.63 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.99 Bid-YTW : 6.04 %
BAM.PR.N	Perpetual-Discount	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.92 %
TRP.PR.K	FixedReset Disc	2.67 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 5.52 %
MFC.PR.J	FixedReset Ins Non	2.72 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.76 Bid-YTW : 6.87 %
MFC.PR.H	FixedReset Ins Non	2.73 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.83 Bid-YTW : 6.44 %
GWO.PR.Q	Deemed-Retractible	2.76 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.35 Bid-YTW : 6.55 %
PWF.PR.P	FixedReset Disc	2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 5.68 %
TD.PF.D	FixedReset Disc	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.13 Evaluated at bid price : 21.13 Bid-YTW : 5.50 %
PWF.PR.G	Perpetual-Discount	2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 24.85 Evaluated at bid price : 25.06 Bid-YTW : 5.99 %
CU.PR.C	FixedReset Disc	2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 18.44 Evaluated at bid price : 18.44 Bid-YTW : 5.63 %
TRP.PR.F	FloatingReset	2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 5.48 %
PWF.PR.L	Perpetual-Discount	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.96 %
PWF.PR.T	FixedReset Disc	3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.66 %
PWF.PR.Z	Perpetual-Discount	3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.84 Evaluated at bid price : 22.15 Bid-YTW : 5.91 %
SLF.PR.J	FloatingReset	3.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.14 Bid-YTW : 8.69 %
POW.PR.G	Perpetual-Discount	3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.78 Evaluated at bid price : 24.28 Bid-YTW : 5.77 %
PWF.PR.O	Perpetual-Discount	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 24.64 Evaluated at bid price : 24.90 Bid-YTW : 5.92 %
PWF.PR.K	Perpetual-Discount	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.95 %
BAM.PR.M	Perpetual-Discount	3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.07 Evaluated at bid price : 20.07 Bid-YTW : 5.96 %
TRP.PR.B	FixedReset Disc	3.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 13.43 Evaluated at bid price : 13.43 Bid-YTW : 5.76 %
CM.PR.S	FixedReset Disc	3.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.21 %
BMO.PR.Y	FixedReset Disc	3.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 5.40 %
MFC.PR.F	FixedReset Ins Non	3.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.69 Bid-YTW : 8.95 %
GWO.PR.T	Deemed-Retractible	3.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.35 Bid-YTW : 6.55 %
GWO.PR.G	Deemed-Retractible	3.25 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.58 Bid-YTW : 6.48 %
SLF.PR.D	Deemed-Retractible	3.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.15 Bid-YTW : 7.04 %
CM.PR.Q	FixedReset Disc	3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.46 Evaluated at bid price : 20.46 Bid-YTW : 5.58 %
VNR.PR.A	FixedReset Disc	3.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.63 %
CU.PR.G	Perpetual-Discount	3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 5.67 %
GWO.PR.S	Deemed-Retractible	3.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.26 Bid-YTW : 6.17 %
TD.PF.J	FixedReset Disc	3.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.84 Evaluated at bid price : 22.25 Bid-YTW : 5.24 %
GWO.PR.I	Deemed-Retractible	3.49 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.86 Bid-YTW : 7.27 %
MFC.PR.Q	FixedReset Ins Non	3.53 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.84 Bid-YTW : 6.78 %
PWF.PR.F	Perpetual-Discount	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 22.38 Evaluated at bid price : 22.64 Bid-YTW : 5.89 %
BMO.PR.S	FixedReset Disc	3.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.72 Evaluated at bid price : 19.72 Bid-YTW : 5.40 %
HSE.PR.G	FixedReset Disc	3.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.39 Evaluated at bid price : 20.39 Bid-YTW : 6.58 %
GWO.PR.R	Deemed-Retractible	3.82 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.45 Bid-YTW : 6.67 %
NA.PR.G	FixedReset Disc	3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.54 Evaluated at bid price : 21.86 Bid-YTW : 5.48 %
POW.PR.B	Perpetual-Discount	3.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.88 %
SLF.PR.E	Deemed-Retractible	3.99 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.06 Bid-YTW : 7.15 %
RY.PR.Z	FixedReset Disc	4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 5.24 %
BAM.PR.C	Floater	4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 4.95 %
POW.PR.D	Perpetual-Discount	4.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 5.81 %
IAG.PR.G	FixedReset Ins Non	4.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 6.74 %
IAG.PR.I	FixedReset Ins Non	4.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.90 Bid-YTW : 6.32 %
SLF.PR.G	FixedReset Ins Non	4.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.21 Bid-YTW : 8.74 %
NA.PR.S	FixedReset Disc	4.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.54 %
TRP.PR.A	FixedReset Disc	4.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 16.56 Evaluated at bid price : 16.56 Bid-YTW : 5.73 %
BAM.PR.T	FixedReset Disc	4.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 5.68 %
TRP.PR.C	FixedReset Disc	4.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 14.18 Evaluated at bid price : 14.18 Bid-YTW : 5.80 %
BAM.PF.E	FixedReset Disc	5.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.70 %
NA.PR.C	FixedReset Disc	5.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.80 Evaluated at bid price : 22.15 Bid-YTW : 5.84 %
EMA.PR.F	FixedReset Disc	5.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 5.89 %
BAM.PR.B	Floater	5.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 13.90 Evaluated at bid price : 13.90 Bid-YTW : 4.99 %
BAM.PR.Z	FixedReset Disc	5.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.68 Evaluated at bid price : 22.00 Bid-YTW : 5.48 %
GWO.PR.N	FixedReset Ins Non	5.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.83 Bid-YTW : 8.80 %
HSE.PR.E	FixedReset Disc	5.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 6.62 %
BAM.PR.R	FixedReset Disc	5.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 5.65 %
BAM.PF.F	FixedReset Disc	6.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.71 %
NA.PR.E	FixedReset Disc	6.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.41 %
BAM.PF.B	FixedReset Disc	6.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.64 Evaluated at bid price : 20.64 Bid-YTW : 5.50 %
BNS.PR.I	FixedReset Disc	6.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.87 Evaluated at bid price : 22.34 Bid-YTW : 4.97 %
TRP.PR.H	FloatingReset	6.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 5.40 %
PWF.PR.E	Perpetual-Discount	6.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 23.40 Evaluated at bid price : 23.69 Bid-YTW : 5.90 %
BAM.PR.X	FixedReset Disc	7.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 15.98 Evaluated at bid price : 15.98 Bid-YTW : 5.49 %
IFC.PR.C	FixedReset Ins Non	7.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 7.42 %
BAM.PF.G	FixedReset Disc	7.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.65 %
IFC.PR.G	FixedReset Ins Non	8.42 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 6.62 %
HSE.PR.C	FixedReset Disc	9.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.35 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.R	FixedReset Bank Non	92,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-25 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 3.05 %
BNS.PR.I	FixedReset Disc	42,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.87 Evaluated at bid price : 22.34 Bid-YTW : 4.97 %
BNS.PR.C	FloatingReset	30,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-02-25 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 1.31 %
TD.PF.A	FixedReset Disc	30,198	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.43 %
GWO.PR.I	Deemed-Retractible	26,242	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.86 Bid-YTW : 7.27 %
TD.PF.C	FixedReset Disc	21,498	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.43 %
There were 32 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.A	FixedReset Ins Non	Quote: 16.00 – 17.05 Spot Rate : 1.0500 Average : 0.6600 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.00 Bid-YTW : 8.66 %
IFC.PR.C	FixedReset Ins Non	Quote: 19.00 – 19.90 Spot Rate : 0.9000 Average : 0.5539 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 7.42 %
BAM.PR.K	Floater	Quote: 12.97 – 14.24 Spot Rate : 1.2700 Average : 1.0175 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 12.97 Evaluated at bid price : 12.97 Bid-YTW : 5.35 %
SLF.PR.H	FixedReset Ins Non	Quote: 17.59 – 18.44 Spot Rate : 0.8500 Average : 0.6005 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.59 Bid-YTW : 7.74 %
BIP.PR.E	FixedReset Disc	Quote: 22.00 – 22.75 Spot Rate : 0.7500 Average : 0.5035 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.67 Evaluated at bid price : 22.00 Bid-YTW : 5.70 %
BAM.PF.A	FixedReset Disc	Quote: 21.56 – 22.26 Spot Rate : 0.7000 Average : 0.4844 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-12-31 Maturity Price : 21.56 Evaluated at bid price : 21.56 Bid-YTW : 5.67 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BIK.PR.A	FixedReset Prem	327,789	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-05 Maturity Price : 23.17 Evaluated at bid price : 25.06 Bid-YTW : 5.78 %
BAM.PF.J	FixedReset Disc	121,610	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-05 Maturity Price : 23.08 Evaluated at bid price : 24.50 Bid-YTW : 5.00 %
MFC.PR.O	FixedReset Ins Non	74,055	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.99 Bid-YTW : 4.19 %
TD.PF.G	FixedReset Prem	64,680	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.81 Bid-YTW : 4.02 %
CM.PR.R	FixedReset Disc	54,019	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-02-05 Maturity Price : 22.59 Evaluated at bid price : 23.35 Bid-YTW : 5.43 %
RY.PR.A	Deemed-Retractible	43,340	YTW SCENARIO Maturity Type : Call Maturity Date : 2019-03-07 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 0.17 %
There were 26 other index-included issues trading in excess of 10,000 shares.

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