Category: Market Action

Market Action

September 7, 2018

Does anybody know what has happened to the Perimeter Financial website at www.pfin.ca? It’s been down for three days now and I have been unable to find any information about it … or to have various eMails returned …

Jobs, jobs, jobs!

The American economy’s stamina was showcased Friday as the government reported that wages in August sprinted forward at their fastest pace since the recession ended and that the job creation streak extended to 95 months.
…
Employers fattened payrolls by 201,000 jobs; the jobless rate remained under 4 percent, near territory not seen since the 1960s; and average hourly earnings rose by 10 cents, up 2.9 percent from a year earlier.

The manufacturing sector, however, which Mr. Trump has made a centerpiece of his economic and trade policies, registered fewer gains than had been previously thought. The combined addition of 93,000 jobs that the government originally reported for May, June and July was revised down to 62,000. And in August, the sector shed 3,000 jobs. The auto industry, which is particularly exposed to trade, eliminated 4,900 jobs last month after cutting 3,500 in July.

In Canada, not so much:

Canada’s seesawing employment report posted particularly volatile numbers last month that showed big, mid-summer gains had essentially been wiped out by August.

The economy lost 51,600 net jobs last month in a decrease that helped drive the national unemployment rate to six per cent, up from 5.8 per cent in July, Statistics Canada reported Friday in its monthly labour force survey.

Last month’s drop, fuelled by the loss of 92,000 part-time positions, largely eliminated July’s healthy net increase of 54,100 positions.

However, August also featured a notable bright spot: full-time jobs rose by 40,400.
…
Ontario lost 80,100 jobs last month after gaining 60,600 in July — with both data points almost entirely driven by swings in part time work.
…
The report showed that average hourly wage growth, which is closely watched by the Bank of Canada ahead of rate decisions, continued its gradual slide last month to 2.9 per cent after expanding 3.2 per cent in July and 3.6 per cent in June.

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	0.3694 %	3,061.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3694 %	5,617.3
Floater	3.53 %	3.74 %	38,878	17.89	4	0.3694 %	3,237.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0712 %	3,234.5
SplitShare	4.60 %	4.45 %	51,445	4.83	5	-0.0712 %	3,862.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0712 %	3,013.9
Perpetual-Premium	5.53 %	-2.30 %	50,950	0.09	12	0.0360 %	2,922.3
Perpetual-Discount	5.40 %	5.52 %	57,387	14.57	22	0.0589 %	3,002.2
FixedReset Disc	4.10 %	4.88 %	131,015	15.80	39	-0.0348 %	2,581.4
Deemed-Retractible	5.16 %	5.99 %	64,671	5.40	27	-0.1002 %	2,992.3
FloatingReset	3.42 %	4.09 %	40,582	5.68	5	-0.1088 %	2,843.8
FixedReset Prem	4.83 %	4.10 %	177,861	2.90	35	-0.0212 %	2,564.3
FixedReset Bank Non	3.19 %	3.74 %	67,534	0.46	9	-0.0677 %	2,572.2
FixedReset Ins Non	4.28 %	5.16 %	98,456	5.49	22	0.6285 %	2,572.5

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.E	Deemed-Retractible	-2.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 6.19 %
IFC.PR.G	FixedReset Ins Non	-1.48 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.62 Bid-YTW : 5.44 %
TRP.PR.B	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 4.90 %
PWF.PR.Q	FloatingReset	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 3.74 %
IFC.PR.A	FixedReset Ins Non	-1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.85 Bid-YTW : 7.84 %
W.PR.M	FixedReset Prem	1.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.92 Bid-YTW : 4.21 %
W.PR.H	Perpetual-Discount	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 24.68 Evaluated at bid price : 24.99 Bid-YTW : 5.58 %
BAM.PR.K	Floater	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 17.32 Evaluated at bid price : 17.32 Bid-YTW : 3.78 %
MFC.PR.Q	FixedReset Ins Non	6.66 %	Reversing almost all of yesterday’s nonsense. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.50 Bid-YTW : 5.07 %
IAG.PR.I	FixedReset Ins Non	10.22 %	Reversing almost all of yesterday’s nonsense. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.81 Bid-YTW : 4.94 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset Disc	152,299	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 22.57 Evaluated at bid price : 23.10 Bid-YTW : 4.74 %
BMO.PR.D	FixedReset Prem	59,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.30 %
EMA.PR.F	FixedReset Disc	53,368	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 23.59 Evaluated at bid price : 24.01 Bid-YTW : 4.96 %
GWO.PR.F	Deemed-Retractible	51,805	YTW SCENARIO Maturity Type : Call Maturity Date : 2018-10-07 Maturity Price : 25.00 Evaluated at bid price : 25.69 Bid-YTW : -29.38 %
TRP.PR.G	FixedReset Disc	51,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 23.25 Evaluated at bid price : 24.31 Bid-YTW : 5.07 %
NA.PR.G	FixedReset Prem	50,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 23.26 Evaluated at bid price : 25.36 Bid-YTW : 4.84 %
There were 29 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.H	FixedReset Ins Non	Quote: 25.15 – 26.15 Spot Rate : 1.0000 Average : 0.5484 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 5.04 %
MFC.PR.K	FixedReset Ins Non	Quote: 22.56 – 23.50 Spot Rate : 0.9400 Average : 0.5653 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.56 Bid-YTW : 6.25 %
PWF.PR.Q	FloatingReset	Quote: 21.30 – 22.08 Spot Rate : 0.7800 Average : 0.5146 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 3.74 %
GWO.PR.H	Deemed-Retractible	Quote: 22.25 – 22.82 Spot Rate : 0.5700 Average : 0.3517 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 6.99 %
PWF.PR.A	Floater	Quote: 21.15 – 21.75 Spot Rate : 0.6000 Average : 0.4226 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-07 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 3.08 %
GWO.PR.G	Deemed-Retractible	Quote: 23.93 – 24.40 Spot Rate : 0.4700 Average : 0.3003 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.93 Bid-YTW : 5.99 %

Market Action

September 6, 2018

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	-0.8007 %	3,050.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.8007 %	5,596.7
Floater	3.54 %	3.74 %	40,394	17.89	4	-0.8007 %	3,225.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1500 %	3,236.8
SplitShare	4.60 %	4.44 %	53,252	4.83	5	-0.1500 %	3,865.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1500 %	3,016.0
Perpetual-Premium	5.54 %	-2.00 %	52,947	0.09	12	-0.0164 %	2,921.3
Perpetual-Discount	5.41 %	5.54 %	57,789	14.53	22	-0.0530 %	3,000.4
FixedReset Disc	4.10 %	4.88 %	128,738	15.79	39	-0.5214 %	2,582.3
Deemed-Retractible	5.16 %	5.80 %	65,061	5.40	27	0.0000 %	2,995.3
FloatingReset	3.41 %	4.15 %	41,204	5.69	5	-0.5319 %	2,846.9
FixedReset Prem	4.83 %	4.22 %	184,238	2.90	35	-0.3667 %	2,564.8
FixedReset Bank Non	3.19 %	3.38 %	67,227	0.46	9	-0.0631 %	2,574.0
FixedReset Ins Non	4.31 %	5.42 %	93,926	5.50	22	-1.4320 %	2,556.4

Performance Highlights
Issue	Index	Change	Notes
IAG.PR.I	FixedReset Ins Non	-11.03 %	A nonsensical quote from Nonsense Central, as this issue traded 17,020 shares in a range of 24.95-31 before being quoted at 22.51-24.97 by the Exchange. I have not checked whether this lamentable state of affairs 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 : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.51 Bid-YTW : 6.75 %
MFC.PR.Q	FixedReset Ins Non	-7.75 %	Another nonsensical quote from Nonsense Central (well done, guys!), as this issue traded 22,531 shares in a range of 24.81-98 before being quoted at 22.97-24.92 by the Exchange. I have not checked whether this lamentable state of affairs 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 : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.97 Bid-YTW : 6.27 %
BAM.PR.K	Floater	-2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 3.85 %
GWO.PR.N	FixedReset Ins Non	-2.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.54 Bid-YTW : 8.17 %
IAG.PR.G	FixedReset Ins Non	-2.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.57 Bid-YTW : 5.31 %
W.PR.H	Perpetual-Discount	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 24.26 Evaluated at bid price : 24.56 Bid-YTW : 5.68 %
NA.PR.E	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 22.76 Evaluated at bid price : 23.92 Bid-YTW : 4.89 %
BAM.PF.B	FixedReset Disc	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 23.02 Evaluated at bid price : 23.75 Bid-YTW : 5.06 %
CU.PR.C	FixedReset Disc	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 21.90 Evaluated at bid price : 22.28 Bid-YTW : 4.86 %
MFC.PR.L	FixedReset Ins Non	-1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.49 Bid-YTW : 6.20 %
RY.PR.H	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 22.76 Evaluated at bid price : 23.32 Bid-YTW : 4.71 %
TRP.PR.F	FloatingReset	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 4.24 %
W.PR.M	FixedReset Prem	-1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 4.58 %
MFC.PR.G	FixedReset Ins Non	-1.17 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-19 Maturity Price : 25.00 Evaluated at bid price : 24.41 Bid-YTW : 4.65 %
BAM.PR.T	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 21.32 Evaluated at bid price : 21.32 Bid-YTW : 5.07 %
PWF.PR.Q	FloatingReset	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 3.67 %
TRP.PR.D	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 21.95 Evaluated at bid price : 22.50 Bid-YTW : 5.05 %
BAM.PF.J	FixedReset Prem	-1.01 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.38 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.W	Perpetual-Discount	179,198	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 4.97 %
RY.PR.J	FixedReset Disc	142,547	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 24.09 Evaluated at bid price : 24.41 Bid-YTW : 4.92 %
BAM.PF.F	FixedReset Disc	92,608	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.06 %
NA.PR.G	FixedReset Prem	87,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 23.29 Evaluated at bid price : 25.45 Bid-YTW : 4.82 %
EMA.PR.H	FixedReset Prem	78,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 23.21 Evaluated at bid price : 25.15 Bid-YTW : 4.80 %
MFC.PR.J	FixedReset Ins Non	77,316	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-19 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 4.74 %
There were 30 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IAG.PR.I	FixedReset Ins Non	Quote: 22.51 – 24.97 Spot Rate : 2.4600 Average : 1.3153 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.51 Bid-YTW : 6.75 %
MFC.PR.Q	FixedReset Ins Non	Quote: 22.97 – 24.90 Spot Rate : 1.9300 Average : 1.0679 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.97 Bid-YTW : 6.27 %
BAM.PR.K	Floater	Quote: 17.00 – 17.88 Spot Rate : 0.8800 Average : 0.5637 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 3.85 %
W.PR.H	Perpetual-Discount	Quote: 24.56 – 25.00 Spot Rate : 0.4400 Average : 0.2556 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 24.26 Evaluated at bid price : 24.56 Bid-YTW : 5.68 %
BAM.PR.B	Floater	Quote: 17.50 – 17.88 Spot Rate : 0.3800 Average : 0.2324 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 3.74 %
TRP.PR.F	FloatingReset	Quote: 20.49 – 20.97 Spot Rate : 0.4800 Average : 0.3334 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-06 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 4.24 %

Market Action

September 5, 2018

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard conversion factor of 1.3x. Long corporates now yield about 3.90%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 325bp, unchanged from the figure reported August 29.

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	-0.0407 %	3,074.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0407 %	5,641.8
Floater	3.51 %	3.74 %	40,658	17.89	4	-0.0407 %	3,251.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.1661 %	3,241.7
SplitShare	4.59 %	4.43 %	52,699	4.84	5	0.1661 %	3,871.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1661 %	3,020.5
Perpetual-Premium	5.54 %	-0.76 %	53,300	0.09	12	-0.0131 %	2,921.8
Perpetual-Discount	5.40 %	5.51 %	57,963	14.58	22	-0.2505 %	3,002.0
FixedReset Disc	4.08 %	4.79 %	129,790	15.84	39	-0.2128 %	2,595.8
Deemed-Retractible	5.16 %	5.76 %	64,313	5.40	27	-0.0031 %	2,995.3
FloatingReset	3.40 %	4.12 %	41,154	5.69	5	-0.1530 %	2,862.1
FixedReset Prem	4.81 %	4.01 %	185,358	2.91	35	-0.1730 %	2,574.3
FixedReset Bank Non	3.19 %	3.34 %	62,232	0.46	9	-0.0316 %	2,575.6
FixedReset Ins Non	4.25 %	4.83 %	93,795	5.39	22	-0.0656 %	2,593.6

Performance Highlights
Issue	Index	Change	Notes
CU.PR.E	Perpetual-Discount	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 22.41 Evaluated at bid price : 22.67 Bid-YTW : 5.43 %
BAM.PR.X	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 19.34 Evaluated at bid price : 19.34 Bid-YTW : 4.86 %
BIP.PR.E	FixedReset Prem	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 23.16 Evaluated at bid price : 24.89 Bid-YTW : 5.05 %
BIP.PR.A	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 23.77 Evaluated at bid price : 24.11 Bid-YTW : 5.80 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.C	FixedReset Disc	245,906	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 17.74 Evaluated at bid price : 17.74 Bid-YTW : 5.00 %
RY.PR.W	Perpetual-Discount	127,410	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 24.57 Evaluated at bid price : 24.83 Bid-YTW : 4.96 %
BMO.PR.Q	FixedReset Bank Non	109,191	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.65 Bid-YTW : 3.74 %
MFC.PR.J	FixedReset Ins Non	104,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 4.69 %
PWF.PR.L	Perpetual-Discount	103,770	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 22.92 Evaluated at bid price : 23.19 Bid-YTW : 5.56 %
IFC.PR.C	FixedReset Ins Non	78,082	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.41 Bid-YTW : 5.41 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.E	Deemed-Retractible	Quote: 21.46 – 21.96 Spot Rate : 0.5000 Average : 0.3659 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.46 Bid-YTW : 7.29 %
CM.PR.Q	FixedReset Disc	Quote: 24.41 – 24.82 Spot Rate : 0.4100 Average : 0.2849 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 23.37 Evaluated at bid price : 24.41 Bid-YTW : 4.90 %
SLF.PR.H	FixedReset Ins Non	Quote: 21.90 – 22.35 Spot Rate : 0.4500 Average : 0.3320 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.90 Bid-YTW : 5.93 %
MFC.PR.N	FixedReset Ins Non	Quote: 23.32 – 24.00 Spot Rate : 0.6800 Average : 0.5707 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.32 Bid-YTW : 5.56 %
CU.PR.E	Perpetual-Discount	Quote: 22.67 – 23.05 Spot Rate : 0.3800 Average : 0.2783 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 22.41 Evaluated at bid price : 22.67 Bid-YTW : 5.43 %
BAM.PR.K	Floater	Quote: 17.43 – 17.72 Spot Rate : 0.2900 Average : 0.2170 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-05 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 3.76 %

Market Action

September 4, 2018

Something new today!

The old FixedReset subindex has been divided into:

FixedReset Discount
FixedReset Premium
FixedReset Bank NVCC Non-Compliant
FixedReset Insurance NVCC Non-Compliant

It will be noted that there are no NVCC-compliant insurance issues because the NVCC rules don’t apply to them. However, as I have been repeating until everybody’s tired of hearing it, I expect insurance NVCC rules similar (if not identical) to those imposed on banks to become applicable in the future.

I’ve been pondering such a split in the FixedReset subindex for quite some time, but have implemented it now because I’ve (finally!) programmed Attribution Analysis into HIMIPref™, which aims to provide some insight into the sources of differences between account return and index return. I’ll be publishing the MAPF Attribution Analysis for August, 2018, soon … stay tuned!

Each of the four FixedReset subindices was set to the same value as of May 31, 2018.

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	0.1630 %	3,075.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1630 %	5,644.1
Floater	3.51 %	3.74 %	42,248	17.90	4	0.1630 %	3,252.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.1505 %	3,236.3
SplitShare	4.60 %	4.43 %	53,084	4.84	5	0.1505 %	3,864.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1505 %	3,015.5
Perpetual-Premium	5.54 %	-0.46 %	53,042	0.09	12	0.0328 %	2,922.1
Perpetual-Discount	5.39 %	5.51 %	58,525	14.59	22	0.0960 %	3,009.5
FixedReset Disc	4.07 %	4.73 %	131,875	15.81	39	-0.0546 %	2,601.3
Deemed-Retractible	5.16 %	5.76 %	63,172	5.41	27	-0.0344 %	2,995.4
FloatingReset	3.39 %	4.12 %	41,584	5.70	5	0.1262 %	2,866.5
FixedReset Prem	4.81 %	3.94 %	176,568	2.91	35	-0.0621 %	2,578.7
FixedReset Bank Non	3.19 %	3.32 %	62,756	0.47	9	0.0857 %	2,576.4
FixedReset Ins Non	4.25 %	4.81 %	93,089	5.39	22	-0.0328 %	2,595.3

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.N	FixedReset Ins Non	-1.60 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.32 Bid-YTW : 5.56 %
BAM.PR.K	Floater	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 3.76 %
SLF.PR.C	Deemed-Retractible	-1.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.20 Bid-YTW : 7.46 %
CM.PR.O	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 22.98 Evaluated at bid price : 23.57 Bid-YTW : 4.73 %
NA.PR.E	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 22.89 Evaluated at bid price : 24.22 Bid-YTW : 4.82 %
BAM.PF.C	Perpetual-Discount	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 21.75 Evaluated at bid price : 21.75 Bid-YTW : 5.68 %
SLF.PR.I	FixedReset Ins Non	1.42 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.35 Bid-YTW : 4.59 %
BAM.PR.X	FixedReset Disc	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 4.79 %
BAM.PR.C	Floater	2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 3.77 %
BAM.PR.R	FixedReset Disc	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 21.51 Evaluated at bid price : 21.51 Bid-YTW : 4.99 %

Volume Highlights
Issue	Index	Shares Traded	Notes
NA.PR.G	FixedReset Prem	61,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 4.73 %
MFC.PR.J	FixedReset Ins Non	56,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.70 %
PWF.PR.K	Perpetual-Discount	53,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 22.17 Evaluated at bid price : 22.45 Bid-YTW : 5.57 %
EMA.PR.H	FixedReset Prem	49,050	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 4.66 %
MFC.PR.R	FixedReset Ins Non	41,309	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.84 Bid-YTW : 3.79 %
TD.PF.J	FixedReset Prem	41,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.43 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.B	FixedReset Disc	Quote: 24.01 – 24.74 Spot Rate : 0.7300 Average : 0.4613 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 23.28 Evaluated at bid price : 24.01 Bid-YTW : 5.00 %
MFC.PR.N	FixedReset Ins Non	Quote: 23.32 – 23.96 Spot Rate : 0.6400 Average : 0.4508 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.32 Bid-YTW : 5.56 %
NA.PR.S	FixedReset Disc	Quote: 23.55 – 23.98 Spot Rate : 0.4300 Average : 0.2662 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 22.89 Evaluated at bid price : 23.55 Bid-YTW : 4.83 %
MFC.PR.C	Deemed-Retractible	Quote: 21.15 – 21.59 Spot Rate : 0.4400 Average : 0.3189 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.15 Bid-YTW : 7.58 %
EIT.PR.B	SplitShare	Quote: 25.02 – 25.30 Spot Rate : 0.2800 Average : 0.1839 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 4.79 %
NA.PR.E	FixedReset Disc	Quote: 24.22 – 24.50 Spot Rate : 0.2800 Average : 0.1870 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-09-04 Maturity Price : 22.89 Evaluated at bid price : 24.22 Bid-YTW : 4.82 %

Market Action

August 31, 2018

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	-0.9155 %	3,070.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.9155 %	5,635.0
Floater	3.52 %	3.70 %	42,308	18.01	4	-0.9155 %	3,247.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0238 %	3,230.0
SplitShare	4.60 %	4.47 %	53,513	4.85	5	0.0238 %	3,857.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0238 %	3,009.6
Perpetual-Premium	5.60 %	-10.55 %	51,791	0.09	10	0.0668 %	2,921.2
Perpetual-Discount	5.38 %	5.52 %	56,667	14.57	25	-0.0155 %	3,006.6
FixedReset	4.30 %	4.65 %	128,349	3.77	106	-0.0563 %	2,590.9
Deemed-Retractible	5.15 %	5.82 %	64,004	5.42	26	-0.0906 %	2,996.5
FloatingReset	3.50 %	3.64 %	42,172	5.71	6	0.0542 %	2,862.9

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.C	Floater	-3.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 3.85 %
BAM.PR.R	FixedReset	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.16 %
MFC.PR.L	FixedReset	-1.51 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 5.99 %
SLF.PR.I	FixedReset	-1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.01 Bid-YTW : 5.00 %
SLF.PR.A	Deemed-Retractible	-1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.13 Bid-YTW : 6.96 %
TRP.PR.C	FixedReset	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 5.07 %
BAM.PF.E	FixedReset	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 23.55 Evaluated at bid price : 23.95 Bid-YTW : 5.00 %

Volume Highlights
Issue	Index	Shares Traded	Notes
POW.PR.G	Perpetual-Premium	21,573	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-15 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 5.34 %
PWF.PR.R	Perpetual-Premium	21,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 5.22 %
RY.PR.W	Perpetual-Discount	19,515	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 24.60 Evaluated at bid price : 24.85 Bid-YTW : 4.95 %
NA.PR.X	FixedReset	18,890	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 3.83 %
CM.PR.R	FixedReset	13,809	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 3.97 %
IFC.PR.G	FixedReset	12,770	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 5.12 %
There were 1 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.J	FloatingReset	Quote: 20.04 – 21.04 Spot Rate : 1.0000 Average : 0.6069 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.04 Bid-YTW : 6.74 %
BAM.PR.C	Floater	Quote: 17.00 – 17.80 Spot Rate : 0.8000 Average : 0.5274 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 3.85 %
BAM.PR.R	FixedReset	Quote: 21.03 – 21.68 Spot Rate : 0.6500 Average : 0.3913 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-31 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.16 %
GWO.PR.G	Deemed-Retractible	Quote: 23.91 – 24.50 Spot Rate : 0.5900 Average : 0.3830 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.91 Bid-YTW : 5.99 %
EIT.PR.A	SplitShare	Quote: 25.18 – 25.59 Spot Rate : 0.4100 Average : 0.2672 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.64 %
MFC.PR.L	FixedReset	Quote: 22.80 – 23.20 Spot Rate : 0.4000 Average : 0.2592 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 5.99 %

Market Action

August 30, 2018

Well, we’re moving closer to a surveillance society:

For the past year, select Google advertisers have had access to a potent new tool to track whether the ads they ran online led to a sale at a physical store in the U.S. That insight came thanks in part to a stockpile of Mastercard transactions that Google paid for.

But most of the two billion Mastercard holders aren’t aware of this behind-the-scenes tracking. That’s because the companies never told the public about the arrangement.

I’ve been assuming this was happening already, so I’ve been using my credit cards sparingly for the past while. I’ve recently started using DuckDuckGo as my search engine … it has one of world’s stupider names, but they did attract $10-million in OMERS-led financing:

The Ontario Municipal Employees Retirement System is leading a US$10-million investment in the profitable U.S. firm, which handles about 24 million searches a day and generates more than US$25-million in annual revenue. DuckDuckGo has steadily grown following a rash of disclosures in recent years about how much personal data is harvested online and used by Google, Facebook and the U.S. National Security Agency.

It’s a small but symbolic investment by the pension giant. OMERS Ventures, the pension plan’s venture capital arm, recently stated it believes emerging blockchain technologies will empower a “decentralized web” where users will regain greater control over their own data, potentially disrupting the business models of internet giants that extensively collect and mine user information.

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	0.0539 %	3,099.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.0539 %	5,687.0
Floater	3.49 %	3.70 %	42,875	18.01	4	0.0539 %	3,277.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0950 %	3,229.2
SplitShare	4.61 %	4.41 %	53,996	4.85	5	-0.0950 %	3,856.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0950 %	3,008.9
Perpetual-Premium	5.61 %	-9.83 %	53,926	0.08	10	0.0275 %	2,919.2
Perpetual-Discount	5.38 %	5.52 %	58,883	14.56	25	0.1514 %	3,007.1
FixedReset	4.29 %	4.66 %	127,901	3.82	106	0.1336 %	2,592.4
Deemed-Retractible	5.15 %	5.81 %	62,186	5.42	26	0.1391 %	2,999.2
FloatingReset	3.50 %	3.66 %	42,779	5.71	6	0.2554 %	2,861.4

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.C	FixedReset	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.13 %
BAM.PR.T	FixedReset	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.12 %
BAM.PR.X	FixedReset	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 4.88 %
IAG.PR.I	FixedReset	1.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.59 Bid-YTW : 4.45 %
BAM.PR.N	Perpetual-Discount	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 5.69 %
TRP.PR.B	FixedReset	2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 4.91 %

Volume Highlights
Issue	Index	Shares Traded	Notes
EMA.PR.C	FixedReset	50,913	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 22.84 Evaluated at bid price : 24.13 Bid-YTW : 4.97 %
PWF.PR.K	Perpetual-Discount	46,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 22.19 Evaluated at bid price : 22.47 Bid-YTW : 5.56 %
MFC.PR.Q	FixedReset	45,143	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.67 %
TRP.PR.C	FixedReset	34,561	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.13 %
BNS.PR.Z	FixedReset	32,500	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.74 Bid-YTW : 4.14 %
TD.PF.A	FixedReset	30,484	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 23.26 Evaluated at bid price : 23.77 Bid-YTW : 4.67 %
There were 14 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.G	FixedReset	Quote: 24.98 – 26.20 Spot Rate : 1.2200 Average : 0.6807 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 23.62 Evaluated at bid price : 24.98 Bid-YTW : 5.01 %
SLF.PR.E	Deemed-Retractible	Quote: 21.50 – 21.96 Spot Rate : 0.4600 Average : 0.2688 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 7.23 %
BAM.PR.Z	FixedReset	Quote: 25.12 – 25.50 Spot Rate : 0.3800 Average : 0.2411 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 4.79 %
SLF.PR.G	FixedReset	Quote: 19.95 – 20.25 Spot Rate : 0.3000 Average : 0.1882 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.95 Bid-YTW : 7.20 %
BAM.PF.E	FixedReset	Quote: 23.55 – 24.19 Spot Rate : 0.6400 Average : 0.5289 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-30 Maturity Price : 23.14 Evaluated at bid price : 23.55 Bid-YTW : 5.08 %
MFC.PR.K	FixedReset	Quote: 22.88 – 23.50 Spot Rate : 0.6200 Average : 0.5135 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.88 Bid-YTW : 6.03 %

Market Action

August 28, 2018

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	-0.0671 %	3,106.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0671 %	5,700.0
Floater	3.48 %	3.70 %	43,780	18.01	4	-0.0671 %	3,285.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1421 %	3,246.9
SplitShare	4.58 %	3.72 %	49,713	2.90	5	0.1421 %	3,877.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1421 %	3,025.4
Perpetual-Premium	5.61 %	-10.19 %	55,998	0.09	10	0.0197 %	2,916.4
Perpetual-Discount	5.39 %	5.53 %	57,270	14.54	25	0.1224 %	3,000.4
FixedReset	4.30 %	4.69 %	122,575	3.83	106	0.1484 %	2,585.5
Deemed-Retractible	5.13 %	5.81 %	61,253	5.35	26	0.0345 %	2,992.0
FloatingReset	3.51 %	3.58 %	39,947	5.72	6	-0.0226 %	2,851.2

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.M	FixedReset	-1.44 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.32 Bid-YTW : 5.69 %
GWO.PR.T	Deemed-Retractible	-1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.77 Bid-YTW : 6.29 %
IFC.PR.F	Deemed-Retractible	1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.17 Bid-YTW : 5.37 %
BAM.PR.K	Floater	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-28 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 3.70 %
BAM.PR.X	FixedReset	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-28 Maturity Price : 19.42 Evaluated at bid price : 19.42 Bid-YTW : 4.89 %

Volume Highlights
Issue	Index	Shares Traded	Notes
IFC.PR.E	Deemed-Retractible	271,200	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 5.81 %
TD.PF.I	FixedReset	117,049	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 4.21 %
TD.PF.G	FixedReset	101,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.43 Bid-YTW : 3.42 %
BMO.PR.T	FixedReset	68,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-28 Maturity Price : 22.67 Evaluated at bid price : 23.21 Bid-YTW : 4.77 %
NA.PR.E	FixedReset	62,883	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-28 Maturity Price : 23.01 Evaluated at bid price : 24.52 Bid-YTW : 4.79 %
GWO.PR.N	FixedReset	62,001	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.10 Bid-YTW : 7.77 %
There were 25 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.M	FixedReset	Quote: 23.32 – 23.87 Spot Rate : 0.5500 Average : 0.3640 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.32 Bid-YTW : 5.69 %
PVS.PR.B	SplitShare	Quote: 25.06 – 25.35 Spot Rate : 0.2900 Average : 0.1670 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 25.06 Bid-YTW : 3.40 %
GWO.PR.T	Deemed-Retractible	Quote: 23.77 – 24.05 Spot Rate : 0.2800 Average : 0.1626 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.77 Bid-YTW : 6.29 %
TD.PF.J	FixedReset	Quote: 25.34 – 25.59 Spot Rate : 0.2500 Average : 0.1587 YTW SCENARIO Maturity Type : Call Maturity Date : 2023-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 4.48 %
PWF.PR.Q	FloatingReset	Quote: 21.80 – 22.08 Spot Rate : 0.2800 Average : 0.1915 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-28 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 3.58 %
TD.PF.I	FixedReset	Quote: 25.38 – 25.58 Spot Rate : 0.2000 Average : 0.1206 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 4.21 %

Market Action

August 27, 2018

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	0.2557 %	3,108.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2557 %	5,703.9
Floater	3.48 %	3.69 %	43,345	18.04	4	0.2557 %	3,287.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.0237 %	3,242.3
SplitShare	4.59 %	4.16 %	48,982	4.86	5	0.0237 %	3,872.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0237 %	3,021.1
Perpetual-Premium	5.61 %	-10.37 %	57,993	0.09	10	-0.0039 %	2,915.8
Perpetual-Discount	5.40 %	5.55 %	55,816	14.54	25	0.0621 %	2,996.7
FixedReset	4.31 %	4.72 %	123,282	3.83	106	0.1613 %	2,581.6
Deemed-Retractible	5.12 %	5.88 %	62,191	5.36	26	0.0290 %	2,991.0
FloatingReset	3.50 %	3.58 %	39,673	5.67	6	0.0909 %	2,851.8

Performance Highlights
Issue	Index	Change	Notes
CM.PR.Q	FixedReset	1.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.67 Bid-YTW : 4.49 %
PWF.PR.P	FixedReset	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-27 Maturity Price : 19.57 Evaluated at bid price : 19.57 Bid-YTW : 4.67 %
TRP.PR.G	FixedReset	1.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-11-30 Maturity Price : 25.00 Evaluated at bid price : 24.39 Bid-YTW : 4.95 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.R	FixedReset	205,013	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.95 Bid-YTW : 3.63 %
BMO.PR.C	FixedReset	67,203	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 4.13 %
BMO.PR.D	FixedReset	30,815	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-08-25 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 4.06 %
MFC.PR.J	FixedReset	28,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-19 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 4.76 %
NA.PR.X	FixedReset	24,932	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-15 Maturity Price : 25.00 Evaluated at bid price : 26.20 Bid-YTW : 3.81 %
MFC.PR.G	FixedReset	19,269	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-19 Maturity Price : 25.00 Evaluated at bid price : 24.48 Bid-YTW : 4.52 %
There were 6 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
HSE.PR.E	FixedReset	Quote: 25.11 – 26.79 Spot Rate : 1.6800 Average : 0.9664 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 3.97 %
IFC.PR.A	FixedReset	Quote: 19.88 – 20.25 Spot Rate : 0.3700 Average : 0.2190 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.88 Bid-YTW : 7.79 %
IFC.PR.F	Deemed-Retractible	Quote: 24.91 – 25.24 Spot Rate : 0.3300 Average : 0.2052 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.91 Bid-YTW : 5.56 %
PVS.PR.F	SplitShare	Quote: 25.85 – 26.25 Spot Rate : 0.4000 Average : 0.2965 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.85 Bid-YTW : 4.16 %
W.PR.K	FixedReset	Quote: 26.00 – 26.35 Spot Rate : 0.3500 Average : 0.2736 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 3.77 %
PWF.PR.O	Perpetual-Premium	Quote: 25.70 – 25.90 Spot Rate : 0.2000 Average : 0.1251 YTW SCENARIO Maturity Type : Call Maturity Date : 2018-09-26 Maturity Price : 25.25 Evaluated at bid price : 25.70 Bid-YTW : -10.37 %

Market Action

August 24, 2018

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	-0.7480 %	3,100.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.7480 %	5,689.3
Floater	3.49 %	3.69 %	43,711	18.02	4	-0.7480 %	3,278.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0079 %	3,241.5
SplitShare	4.59 %	4.12 %	50,582	4.87	5	0.0079 %	3,871.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0079 %	3,020.4
Perpetual-Premium	5.61 %	-11.35 %	58,348	0.09	10	0.0315 %	2,915.9
Perpetual-Discount	5.40 %	5.54 %	58,105	14.55	25	0.0345 %	2,994.9
FixedReset	4.30 %	4.69 %	120,167	4.06	107	0.0702 %	2,577.5
Deemed-Retractible	5.12 %	5.80 %	62,852	5.37	26	0.1968 %	2,990.1
FloatingReset	3.42 %	3.56 %	38,896	5.68	7	0.0390 %	2,849.3

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.K	Floater	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 17.36 Evaluated at bid price : 17.36 Bid-YTW : 3.77 %
PWF.PR.P	FixedReset	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 4.69 %
BMO.PR.Q	FixedReset	1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.29 Bid-YTW : 4.18 %
TD.PF.A	FixedReset	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 23.17 Evaluated at bid price : 23.67 Bid-YTW : 4.65 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset	60,097	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 22.63 Evaluated at bid price : 23.16 Bid-YTW : 4.73 %
HSE.PR.A	FixedReset	19,017	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 17.69 Evaluated at bid price : 17.69 Bid-YTW : 5.19 %
MFC.PR.J	FixedReset	17,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 4.68 %
BMO.PR.C	FixedReset	17,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.29 Bid-YTW : 4.18 %
CU.PR.C	FixedReset	17,103	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 22.05 Evaluated at bid price : 22.50 Bid-YTW : 4.81 %
SLF.PR.I	FixedReset	15,210	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.39 Bid-YTW : 4.81 %
There were 8 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CM.PR.Q	FixedReset	Quote: 24.40 – 25.00 Spot Rate : 0.6000 Average : 0.3552 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 23.36 Evaluated at bid price : 24.40 Bid-YTW : 4.91 %
BAM.PR.K	Floater	Quote: 17.36 – 17.89 Spot Rate : 0.5300 Average : 0.3636 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 17.36 Evaluated at bid price : 17.36 Bid-YTW : 3.77 %
EMA.PR.F	FixedReset	Quote: 23.96 – 24.47 Spot Rate : 0.5100 Average : 0.3624 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 23.54 Evaluated at bid price : 23.96 Bid-YTW : 4.98 %
RY.PR.M	FixedReset	Quote: 24.10 – 24.60 Spot Rate : 0.5000 Average : 0.3535 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-24 Maturity Price : 23.15 Evaluated at bid price : 24.10 Bid-YTW : 4.79 %
MFC.PR.N	FixedReset	Quote: 23.40 – 23.96 Spot Rate : 0.5600 Average : 0.4220 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.40 Bid-YTW : 5.48 %
BAM.PF.I	FixedReset	Quote: 26.05 – 26.40 Spot Rate : 0.3500 Average : 0.2249 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 3.78 %

Market Action

August 23, 2018

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	0.2410 %	3,123.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2410 %	5,732.2
Floater	3.46 %	3.68 %	44,152	18.05	4	0.2410 %	3,303.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.0158 %	3,241.3
SplitShare	4.59 %	4.11 %	51,352	4.87	5	0.0158 %	3,870.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0158 %	3,020.1
Perpetual-Premium	5.61 %	-11.08 %	60,439	0.09	10	0.0590 %	2,915.0
Perpetual-Discount	5.40 %	5.54 %	55,960	14.56	25	0.0673 %	2,993.8
FixedReset	4.31 %	4.71 %	120,615	4.10	107	0.0128 %	2,575.7
Deemed-Retractible	5.13 %	5.87 %	63,533	5.37	26	-0.1353 %	2,984.2
FloatingReset	3.42 %	3.57 %	39,620	5.68	7	0.2410 %	2,848.1

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.B	FixedReset	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 16.96 Evaluated at bid price : 16.96 Bid-YTW : 4.97 %
PWF.PR.Q	FloatingReset	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 3.57 %
PWF.PR.P	FixedReset	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.64 %
GWO.PR.N	FixedReset	3.71 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.01 Bid-YTW : 7.81 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.E	FixedReset	283,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 22.01 Evaluated at bid price : 22.62 Bid-YTW : 5.00 %
PWF.PR.K	Perpetual-Discount	128,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 22.14 Evaluated at bid price : 22.42 Bid-YTW : 5.56 %
TRP.PR.A	FixedReset	102,328	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.01 %
MFC.PR.J	FixedReset	68,175	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-19 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 4.71 %
RY.PR.W	Perpetual-Discount	60,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 24.50 Evaluated at bid price : 24.73 Bid-YTW : 4.97 %
RY.PR.Z	FixedReset	60,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 22.86 Evaluated at bid price : 23.50 Bid-YTW : 4.64 %
There were 18 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	Quote: 19.05 – 19.60 Spot Rate : 0.5500 Average : 0.3783 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 4.94 %
MFC.PR.N	FixedReset	Quote: 23.37 – 23.79 Spot Rate : 0.4200 Average : 0.2707 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.37 Bid-YTW : 5.50 %
HSE.PR.G	FixedReset	Quote: 25.18 – 25.63 Spot Rate : 0.4500 Average : 0.3096 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 4.60 %
TD.PF.A	FixedReset	Quote: 23.41 – 23.78 Spot Rate : 0.3700 Average : 0.2500 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-08-23 Maturity Price : 22.91 Evaluated at bid price : 23.41 Bid-YTW : 4.70 %
HSE.PR.E	FixedReset	Quote: 25.30 – 25.57 Spot Rate : 0.2700 Average : 0.1554 YTW SCENARIO Maturity Type : Call Maturity Date : 2020-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.18 %
MFC.PR.I	FixedReset	Quote: 24.80 – 25.05 Spot Rate : 0.2500 Average : 0.1581 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-19 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.51 %

PrefBlog

Category: Market Action

September 7, 2018

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