Category: Market Action

Market Action

October 2, 2019

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Stocks slid on Wednesday, a second day of selling that has shattered a relatively calm period for Wall Street, as investors faced new evidence that the world’s industrial sector is weakening in the face of the trade war.

The S&P 500 dropped 1.8 percent, its worst day since late August. Stocks in Europe tumbled.

The selling this week began after a report on manufacturing activity showed that factory output in the United States slowed in September to levels last seen at the end of the financial crisis a decade ago. The data was fresh indication that the trade conflict between Washington and Beijing is chipping away at the industrial base in the United States, after having already dented factories in China, Japan and Germany.
…
The primary culprit for the economic slowdown is the trade war between the United States and China. On Tuesday, the World Trade Organization cut its forecast for growth in trade.
…
In Europe, where manufacturing accounts for a larger share of economic output, the selling on Wednesday was sharper than in the United States. Britain’s FTSE 100 dropped more than 3 percent, its worst decline this year, while Germany’s Dax index dropped 2.8 percent.

TXPR closed at 594.70, down 0.79% on the day. Volume was 2.06-million, slightly below average in the context of the past thirty days.

CPD closed at 11.86, down 0.84% on the day. Volume of 63,003 was below average in the context of the past 30 days.

ZPR closed at 9.47, down 0.94% on the day. Volume of 419,698 was second-highest of the past 30 days, behind only September 6.

Five-year Canada yields were down 4bp to 1.33% today.

PerpetualDiscounts now yield 5.51%, equivalent to 7.16% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed slightly (and perhaps spuriously) to 385bp from the 390bp reported September 25.

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-2.7208 %	1,838.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.7208 %	3,373.5
Floater	6.55 %	6.79 %	45,468	12.84	4	-2.7208 %	1,944.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0787 %	3,388.1
SplitShare	4.65 %	4.55 %	51,372	3.98	7	-0.0787 %	4,046.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0787 %	3,156.9
Perpetual-Premium	5.59 %	-20.19 %	59,222	0.09	6	-0.1424 %	3,001.0
Perpetual-Discount	5.41 %	5.51 %	69,014	14.52	28	-0.1524 %	3,173.5
FixedReset Disc	5.59 %	5.55 %	175,182	14.36	72	-0.8678 %	2,059.4
Deemed-Retractible	5.24 %	5.78 %	65,359	7.89	27	-0.2401 %	3,144.3
FloatingReset	4.68 %	7.01 %	59,128	7.85	3	-1.6231 %	2,303.2
FixedReset Prem	5.25 %	3.95 %	123,361	1.56	14	-0.4001 %	2,591.7
FixedReset Bank Non	1.98 %	4.47 %	86,271	2.26	3	-0.5124 %	2,665.9
FixedReset Ins Non	5.58 %	8.27 %	99,965	7.84	21	-0.9676 %	2,071.2

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.B	FixedReset Disc	-4.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.56 %
SLF.PR.J	FloatingReset	-4.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.35 Bid-YTW : 11.65 %
BAM.PR.K	Floater	-3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 6.80 %
BAM.PR.C	Floater	-3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.79 %
CU.PR.C	FixedReset Disc	-3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.08 Evaluated at bid price : 16.08 Bid-YTW : 5.90 %
BAM.PR.B	Floater	-3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.79 %
TRP.PR.C	FixedReset Disc	-2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 11.12 Evaluated at bid price : 11.12 Bid-YTW : 6.53 %
TRP.PR.A	FixedReset Disc	-2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 12.76 Evaluated at bid price : 12.76 Bid-YTW : 6.58 %
RY.PR.M	FixedReset Disc	-2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.56 %
MFC.PR.M	FixedReset Ins Non	-2.31 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.07 Bid-YTW : 9.29 %
MFC.PR.K	FixedReset Ins Non	-2.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.13 Bid-YTW : 8.76 %
RY.PR.H	FixedReset Disc	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.40 %
HSE.PR.E	FixedReset Disc	-2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.19 %
TD.PF.D	FixedReset Disc	-2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.59 %
TRP.PR.F	FloatingReset	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 12.89 Evaluated at bid price : 12.89 Bid-YTW : 7.01 %
RY.PR.J	FixedReset Disc	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.94 Evaluated at bid price : 18.94 Bid-YTW : 5.53 %
PWF.PR.P	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.09 %
MFC.PR.G	FixedReset Ins Non	-2.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.86 Bid-YTW : 8.46 %
BAM.PF.G	FixedReset Disc	-1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.24 %
SLF.PR.H	FixedReset Ins Non	-1.92 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.34 Bid-YTW : 9.35 %
BMO.PR.T	FixedReset Disc	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.50 %
BMO.PR.S	FixedReset Disc	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.45 %
SLF.PR.I	FixedReset Ins Non	-1.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.07 Bid-YTW : 8.09 %
TD.PF.A	FixedReset Disc	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.06 Evaluated at bid price : 17.06 Bid-YTW : 5.45 %
IFC.PR.A	FixedReset Ins Non	-1.77 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.30 Bid-YTW : 10.98 %
HSE.PR.C	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 7.11 %
SLF.PR.G	FixedReset Ins Non	-1.71 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.66 Bid-YTW : 10.89 %
TRP.PR.G	FixedReset Disc	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.34 %
TD.PF.J	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.45 %
TD.PF.E	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.55 %
BMO.PR.W	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 5.59 %
BMO.PR.Y	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.62 %
MFC.PR.F	FixedReset Ins Non	-1.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.12 Bid-YTW : 11.30 %
BNS.PR.I	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 20.41 Evaluated at bid price : 20.41 Bid-YTW : 5.00 %
IFC.PR.G	FixedReset Ins Non	-1.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.40 Bid-YTW : 8.27 %
IAF.PR.G	FixedReset Ins Non	-1.17 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.55 Bid-YTW : 7.84 %
MFC.PR.J	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.30 Bid-YTW : 8.29 %
TD.PF.K	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 19.63 Evaluated at bid price : 19.63 Bid-YTW : 5.42 %
EMA.PR.C	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 5.97 %
SLF.PR.C	Deemed-Retractible	-1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.67 Bid-YTW : 6.86 %
ELF.PR.G	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.44 %
PWF.PR.T	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 5.73 %
BAM.PR.Z	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.99 %
RY.PR.Z	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.18 Evaluated at bid price : 17.18 Bid-YTW : 5.37 %
HSE.PR.A	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.67 Evaluated at bid price : 10.67 Bid-YTW : 7.23 %
MFC.PR.N	FixedReset Ins Non	-1.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.65 Bid-YTW : 9.55 %
BAM.PF.F	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.10 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.M	FixedReset Disc	45,925	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 23.02 Evaluated at bid price : 24.57 Bid-YTW : 5.15 %
CM.PR.R	FixedReset Disc	42,392	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 5.59 %
BAM.PF.G	FixedReset Disc	37,783	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.24 %
BAM.PF.F	FixedReset Disc	37,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.10 %
RY.PR.M	FixedReset Disc	30,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.56 %
TD.PF.L	FixedReset Disc	27,178	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 22.92 Evaluated at bid price : 24.26 Bid-YTW : 4.96 %
There were 33 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 Disc	Quote: 17.40 – 18.10 Spot Rate : 0.7000 Average : 0.4906 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.19 %
CU.PR.C	FixedReset Disc	Quote: 16.08 – 16.62 Spot Rate : 0.5400 Average : 0.3806 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 16.08 Evaluated at bid price : 16.08 Bid-YTW : 5.90 %
MFC.PR.K	FixedReset Ins Non	Quote: 17.13 – 17.56 Spot Rate : 0.4300 Average : 0.2844 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.13 Bid-YTW : 8.76 %
BAM.PR.C	Floater	Quote: 10.27 – 10.66 Spot Rate : 0.3900 Average : 0.2471 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 10.27 Evaluated at bid price : 10.27 Bid-YTW : 6.79 %
BNS.PR.Z	FixedReset Bank Non	Quote: 23.81 – 24.15 Spot Rate : 0.3400 Average : 0.2323 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.81 Bid-YTW : 4.47 %
ELF.PR.G	Perpetual-Discount	Quote: 21.86 – 22.30 Spot Rate : 0.4400 Average : 0.3423 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-02 Maturity Price : 21.61 Evaluated at bid price : 21.86 Bid-YTW : 5.44 %

Market Action

October 1, 2019

Schwab is eliminating brokerage commissions:

Discount brokerage Charles Schwab Corp said on Tuesday it is eliminating commissions for online trading of stocks, ETFs and options listed on U.S. or Canadian exchanges.

Schwab’s latest move is likely to have a knock-on effect across the sector, forcing rivals to follow suit and eliminate commissions, experts warned.
…
The decision marks an inflection point for online brokers, as newer, nimbler rivals such as Menlo Park, California-based startup brokerage Robinhood have been capturing market share in recent years by offering commission-free stock trades.

The firms are able to offer the free trading by selling their customers’ orders to so-called wholesale market makers, such as Citadel Securities and Virtu Financial, which aim to make a profit on the spread between the bid and the offer on the shares.
…
“Stocks commissions long ago stopped being a primary revenue item for Schwab, dropping to 8 per cent of revenues last year and currently under 5 per cent. Net interest income from customer deposits and asset management fees are far more important,” added [director of financial institutions research at Argus Research Stephen] Biggar in an email to Reuters.

Schwab made $139 million from selling its customers’ orders in 2018, up 22 per cent from the previous year, according to a regulatory filing.

TD Ameritrade was paid $458 million for customer orders in its last fiscal year, up from $320 million the year before, according to a filing.

Asset Management fees? Yes, Schwab offers ETFs and mutual funds.

Investors will be pleased to remember that there isn’t much chance of such a thing happening here. Why should the bank-owned market-makers pay the bank-owned brokerages for order flow? They get it already! Why should they use asset management to subsidize commission trading? They’ve got it already! Thank you, securities regulators and Competition Bureau for the fine job you’ve done over the years.

Meanwhile, some distraction from impeachment proceedings has been found necessary:

As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected. Fed Rate too high. They are their own worst enemies, they don’t have a clue. Pathetic!

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	-0.1841 %	1,889.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1841 %	3,467.8
Floater	6.38 %	6.55 %	47,245	13.16	4	-0.1841 %	1,998.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.1690 %	3,390.8
SplitShare	4.65 %	4.59 %	53,381	3.99	7	0.1690 %	4,049.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1690 %	3,159.4
Perpetual-Premium	5.58 %	-19.38 %	59,240	0.09	6	-0.0259 %	3,005.3
Perpetual-Discount	5.41 %	5.48 %	69,879	14.53	28	-0.1415 %	3,178.3
FixedReset Disc	5.55 %	5.47 %	168,965	14.36	72	-0.3116 %	2,077.5
Deemed-Retractible	5.23 %	5.79 %	65,015	7.89	27	-0.1908 %	3,151.8
FloatingReset	4.61 %	6.85 %	56,305	7.92	3	-0.1778 %	2,341.2
FixedReset Prem	5.23 %	3.57 %	123,949	1.56	14	-0.0888 %	2,602.1
FixedReset Bank Non	1.97 %	4.09 %	85,818	2.26	3	-0.0554 %	2,679.6
FixedReset Ins Non	5.52 %	8.14 %	100,250	7.86	21	-0.7303 %	2,091.4

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.N	FixedReset Ins Non	-3.27 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.89 Bid-YTW : 9.48 %
TRP.PR.D	FixedReset Disc	-3.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 15.48 Evaluated at bid price : 15.48 Bid-YTW : 6.18 %
HSE.PR.A	FixedReset Disc	-2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 10.78 Evaluated at bid price : 10.78 Bid-YTW : 7.15 %
IFC.PR.A	FixedReset Ins Non	-2.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.54 Bid-YTW : 10.74 %
MFC.PR.J	FixedReset Ins Non	-2.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.51 Bid-YTW : 8.14 %
TD.PF.D	FixedReset Disc	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 5.46 %
MFC.PR.N	FixedReset Ins Non	-1.92 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.81 Bid-YTW : 9.42 %
MFC.PR.F	FixedReset Ins Non	-1.84 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.29 Bid-YTW : 11.12 %
HSE.PR.G	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.13 %
MFC.PR.B	Deemed-Retractible	-1.51 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.48 Bid-YTW : 6.61 %
TD.PF.C	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.04 Evaluated at bid price : 17.04 Bid-YTW : 5.47 %
CM.PR.Q	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 5.85 %
TD.PF.A	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.37 Evaluated at bid price : 17.37 Bid-YTW : 5.35 %
TRP.PR.B	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 10.77 Evaluated at bid price : 10.77 Bid-YTW : 6.25 %
BMO.PR.Y	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 18.78 Evaluated at bid price : 18.78 Bid-YTW : 5.54 %
CU.PR.F	Perpetual-Discount	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.33 %
SLF.PR.J	FloatingReset	-1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.89 Bid-YTW : 11.09 %
TRP.PR.E	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 15.51 Evaluated at bid price : 15.51 Bid-YTW : 6.07 %
CM.PR.S	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 5.61 %
PWF.PR.A	Floater	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 11.51 Evaluated at bid price : 11.51 Bid-YTW : 6.10 %
BIP.PR.A	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.90 %
CGI.PR.D	SplitShare	1.20 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 3.35 %
PWF.PR.T	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 5.67 %
BAM.PR.Z	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 5.93 %
BMO.PR.T	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.11 Evaluated at bid price : 17.11 Bid-YTW : 5.39 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.H	FixedReset Disc	106,689	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.27 %
POW.PR.G	Perpetual-Discount	78,223	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 24.61 Evaluated at bid price : 24.87 Bid-YTW : 5.64 %
EMA.PR.C	FixedReset Disc	75,130	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 5.90 %
TRP.PR.C	FixedReset Disc	55,963	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 11.45 Evaluated at bid price : 11.45 Bid-YTW : 6.34 %
TRP.PR.J	FixedReset Prem	40,245	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 3.30 %
RY.PR.M	FixedReset Disc	37,655	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.42 %
There were 39 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.D	FixedReset Disc	Quote: 15.48 – 15.99 Spot Rate : 0.5100 Average : 0.3421 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 15.48 Evaluated at bid price : 15.48 Bid-YTW : 6.18 %
IAF.PR.B	Deemed-Retractible	Quote: 21.87 – 22.53 Spot Rate : 0.6600 Average : 0.5504 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.87 Bid-YTW : 6.30 %
GWO.PR.N	FixedReset Ins Non	Quote: 13.89 – 14.32 Spot Rate : 0.4300 Average : 0.3224 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.89 Bid-YTW : 9.48 %
CU.PR.F	Perpetual-Discount	Quote: 21.35 – 21.79 Spot Rate : 0.4400 Average : 0.3325 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.33 %
MFC.PR.O	FixedReset Ins Non	Quote: 25.65 – 25.95 Spot Rate : 0.3000 Average : 0.1971 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 4.16 %
CM.PR.S	FixedReset Disc	Quote: 17.80 – 18.15 Spot Rate : 0.3500 Average : 0.2493 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-10-01 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 5.61 %

Market Action

September 30, 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	0.1614 %	1,893.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1614 %	3,474.2
Floater	6.36 %	6.54 %	47,664	13.13	4	0.1614 %	2,002.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.0846 %	3,385.1
SplitShare	4.65 %	4.61 %	53,950	3.99	7	0.0846 %	4,042.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0846 %	3,154.1
Perpetual-Premium	5.58 %	-21.67 %	60,173	0.09	6	0.2010 %	3,006.1
Perpetual-Discount	5.40 %	5.46 %	68,768	14.53	28	0.1987 %	3,182.8
FixedReset Disc	5.51 %	5.47 %	166,113	14.42	73	0.2546 %	2,084.0
Deemed-Retractible	5.22 %	5.78 %	68,625	7.89	27	-0.0079 %	3,157.8
FloatingReset	4.60 %	6.76 %	56,535	7.95	3	0.0074 %	2,345.4
FixedReset Prem	5.23 %	3.44 %	127,624	1.57	14	0.2330 %	2,604.4
FixedReset Bank Non	1.97 %	3.99 %	85,985	2.27	3	0.0451 %	2,681.1
FixedReset Ins Non	5.48 %	8.02 %	100,958	7.90	21	0.2624 %	2,106.8

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.A	FixedReset Disc	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 17.89 Evaluated at bid price : 17.89 Bid-YTW : 6.98 %
CM.PR.O	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 5.68 %
CM.PR.P	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 15.91 Evaluated at bid price : 15.91 Bid-YTW : 5.75 %
NA.PR.W	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 15.92 Evaluated at bid price : 15.92 Bid-YTW : 5.85 %
CM.PR.S	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.55 %
CM.PR.Q	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 18.09 Evaluated at bid price : 18.09 Bid-YTW : 5.77 %
RY.PR.M	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 5.42 %
BAM.PR.Z	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.01 %
TD.PF.A	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 5.28 %
SLF.PR.J	FloatingReset	1.09 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.04 Bid-YTW : 10.94 %
MFC.PR.M	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.56 Bid-YTW : 8.89 %
EMA.PR.C	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.92 %
TRP.PR.B	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 10.90 Evaluated at bid price : 10.90 Bid-YTW : 6.17 %
CU.PR.F	Perpetual-Discount	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 21.60 Evaluated at bid price : 21.60 Bid-YTW : 5.27 %
TD.PF.I	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.31 %
BAM.PF.A	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 5.93 %
IFC.PR.G	FixedReset Ins Non	1.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.75 Bid-YTW : 8.02 %
GWO.PR.N	FixedReset Ins Non	1.77 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.36 Bid-YTW : 9.08 %
BMO.PR.Y	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 5.47 %
HSE.PR.A	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 11.04 Evaluated at bid price : 11.04 Bid-YTW : 6.98 %
TD.PF.D	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 5.35 %
BAM.PF.F	FixedReset Disc	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.04 %
RY.PR.J	FixedReset Disc	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.44 %

Volume Highlights
Issue	Index	Shares Traded	Notes
EIT.PR.B	SplitShare	80,200	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 4.61 %
CM.PR.Y	FixedReset Disc	42,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 22.89 Evaluated at bid price : 24.25 Bid-YTW : 5.15 %
HSE.PR.A	FixedReset Disc	39,083	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 11.04 Evaluated at bid price : 11.04 Bid-YTW : 6.98 %
PWF.PR.P	FixedReset Disc	30,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 12.72 Evaluated at bid price : 12.72 Bid-YTW : 5.91 %
BMO.PR.D	FixedReset Disc	30,280	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 21.37 Evaluated at bid price : 21.69 Bid-YTW : 5.29 %
CM.PR.R	FixedReset Disc	30,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 21.29 Evaluated at bid price : 21.29 Bid-YTW : 5.55 %
There were 29 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 Disc	Quote: 17.38 – 17.88 Spot Rate : 0.5000 Average : 0.3277 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 6.17 %
CGI.PR.D	SplitShare	Quote: 25.10 – 25.50 Spot Rate : 0.4000 Average : 0.2292 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 3.70 %
IAF.PR.B	Deemed-Retractible	Quote: 21.87 – 22.46 Spot Rate : 0.5900 Average : 0.4302 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.87 Bid-YTW : 6.30 %
CM.PR.T	FixedReset Disc	Quote: 23.64 – 23.99 Spot Rate : 0.3500 Average : 0.2334 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 22.64 Evaluated at bid price : 23.64 Bid-YTW : 5.07 %
BAM.PF.D	Perpetual-Discount	Quote: 21.15 – 21.53 Spot Rate : 0.3800 Average : 0.2636 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 21.15 Evaluated at bid price : 21.15 Bid-YTW : 5.83 %
EMA.PR.C	FixedReset Disc	Quote: 18.10 – 18.49 Spot Rate : 0.3900 Average : 0.2785 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-30 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.92 %

Market Action

September 27, 2019

Due to other commitments, the Market Action report for September 27 may be delayed a bit, maybe ’til Monday.

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	-0.8920 %	1,888.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.8920 %	3,464.6
Floater	6.38 %	6.55 %	47,975	13.12	4	-0.8920 %	1,996.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0282 %	3,377.8
SplitShare	4.66 %	4.61 %	54,099	4.00	7	0.0282 %	4,033.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0282 %	3,147.4
Perpetual-Premium	5.59 %	-17.70 %	62,230	0.09	6	0.0974 %	2,999.5
Perpetual-Discount	5.41 %	5.50 %	65,955	14.51	28	0.0786 %	3,173.4
FixedReset Disc	5.56 %	5.50 %	166,584	14.45	73	0.2353 %	2,067.2
Deemed-Retractible	5.22 %	5.80 %	69,893	7.90	27	0.0600 %	3,153.2
FloatingReset	4.55 %	6.72 %	56,755	7.96	3	0.1978 %	2,342.9
FixedReset Prem	5.24 %	3.89 %	130,350	1.58	14	0.1812 %	2,588.8
FixedReset Bank Non	1.97 %	4.20 %	86,958	2.27	3	0.6406 %	2,672.8
FixedReset Ins Non	5.51 %	8.18 %	103,361	7.91	21	0.1397 %	2,095.1

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.B	Floater	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 6.55 %
MFC.PR.G	FixedReset Ins Non	-1.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.21 Bid-YTW : 8.18 %
BAM.PF.E	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 6.37 %
BAM.PR.C	Floater	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 6.55 %
MFC.PR.B	Deemed-Retractible	1.03 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.68 Bid-YTW : 6.48 %
TRP.PR.E	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 6.09 %
BAM.PR.Z	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.08 %
CM.PR.T	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 22.78 Evaluated at bid price : 23.95 Bid-YTW : 4.97 %
BNS.PR.Y	FixedReset Bank Non	1.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 3.25 %
BAM.PR.X	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 12.91 Evaluated at bid price : 12.91 Bid-YTW : 6.07 %
CM.PR.O	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.59 %
BNS.PR.I	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 20.13 Evaluated at bid price : 20.13 Bid-YTW : 5.15 %
BAM.PR.T	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 6.23 %
NA.PR.G	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 19.82 Evaluated at bid price : 19.82 Bid-YTW : 5.57 %
IFC.PR.C	FixedReset Ins Non	1.61 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.99 Bid-YTW : 8.66 %
BMO.PR.E	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 5.38 %
IFC.PR.A	FixedReset Ins Non	2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.80 Bid-YTW : 10.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CU.PR.C	FixedReset Disc	302,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 5.68 %
BNS.PR.H	FixedReset Disc	283,348	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.51 %
BMO.PR.T	FixedReset Disc	85,927	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 5.50 %
IFC.PR.A	FixedReset Ins Non	76,371	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.80 Bid-YTW : 10.46 %
POW.PR.D	Perpetual-Discount	73,860	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 22.03 Evaluated at bid price : 22.26 Bid-YTW : 5.62 %
MFC.PR.R	FixedReset Ins Non	49,584	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 5.66 %
There were 36 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 Disc	Quote: 17.70 – 18.36 Spot Rate : 0.6600 Average : 0.4828 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 7.03 %
BMO.PR.F	FixedReset Disc	Quote: 24.27 – 24.65 Spot Rate : 0.3800 Average : 0.2319 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 22.91 Evaluated at bid price : 24.27 Bid-YTW : 5.08 %
HSE.PR.A	FixedReset Disc	Quote: 10.54 – 11.25 Spot Rate : 0.7100 Average : 0.5632 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 10.54 Evaluated at bid price : 10.54 Bid-YTW : 7.26 %
TD.PF.D	FixedReset Disc	Quote: 19.32 – 19.72 Spot Rate : 0.4000 Average : 0.2868 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-26 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.46 %
IAF.PR.G	FixedReset Ins Non	Quote: 18.81 – 19.32 Spot Rate : 0.5100 Average : 0.4205 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.81 Bid-YTW : 7.63 %
EML.PR.A	FixedReset Ins Non	Quote: 25.50 – 25.84 Spot Rate : 0.3400 Average : 0.2515 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.21 %

Market Action

September 27, 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	0.1154 %	1,890.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1154 %	3,468.6
Floater	6.37 %	6.54 %	48,180	13.14	4	0.1154 %	1,999.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.1298 %	3,382.2
SplitShare	4.66 %	4.53 %	53,348	4.00	7	0.1298 %	4,039.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1298 %	3,151.4
Perpetual-Premium	5.59 %	-18.81 %	60,077	0.09	6	0.0195 %	3,000.1
Perpetual-Discount	5.41 %	5.45 %	67,688	14.51	28	0.0972 %	3,176.5
FixedReset Disc	5.53 %	5.46 %	166,675	14.49	73	0.5549 %	2,078.7
Deemed-Retractible	5.22 %	5.80 %	67,141	7.89	27	0.1547 %	3,158.1
FloatingReset	4.55 %	6.71 %	56,469	7.96	3	0.0987 %	2,345.2
FixedReset Prem	5.22 %	3.70 %	128,344	1.58	14	0.3701 %	2,598.4
FixedReset Bank Non	1.96 %	3.98 %	89,513	2.27	3	0.2629 %	2,679.9
FixedReset Ins Non	5.50 %	8.08 %	102,109	7.92	21	0.2974 %	2,101.3

Performance Highlights
Issue	Index	Change	Notes
CM.PR.Q	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 5.80 %
BAM.PF.B	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 17.33 Evaluated at bid price : 17.33 Bid-YTW : 6.01 %
ELF.PR.H	Perpetual-Discount	1.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-17 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.46 %
TRP.PR.D	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 5.95 %
TD.PF.A	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.31 %
TD.PF.E	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 5.40 %
MFC.PR.Q	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.37 Bid-YTW : 8.18 %
MFC.PR.J	FixedReset Ins Non	1.23 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.90 Bid-YTW : 7.84 %
NA.PR.W	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 5.75 %
BAM.PF.I	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 3.97 %
NA.PR.C	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.67 %
HSE.PR.G	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 17.73 Evaluated at bid price : 17.73 Bid-YTW : 6.96 %
NA.PR.G	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 5.50 %
RY.PR.M	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 5.45 %
PWF.PR.P	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 12.79 Evaluated at bid price : 12.79 Bid-YTW : 5.83 %
MFC.PR.G	FixedReset Ins Non	1.43 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.47 Bid-YTW : 8.00 %
TRP.PR.E	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 15.61 Evaluated at bid price : 15.61 Bid-YTW : 6.00 %
TD.PF.K	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 19.89 Evaluated at bid price : 19.89 Bid-YTW : 5.32 %
W.PR.K	FixedReset Prem	1.53 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-01-15 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 3.38 %
BMO.PR.C	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 22.08 Evaluated at bid price : 22.40 Bid-YTW : 5.27 %
BAM.PF.E	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 6.27 %
BAM.PF.G	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 17.44 Evaluated at bid price : 17.44 Bid-YTW : 6.12 %
BIP.PR.A	FixedReset Disc	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 18.23 Evaluated at bid price : 18.23 Bid-YTW : 6.82 %
HSE.PR.A	FixedReset Disc	2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 10.83 Evaluated at bid price : 10.83 Bid-YTW : 7.07 %
BNS.PR.I	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.00 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PWF.PR.P	FixedReset Disc	197,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 12.79 Evaluated at bid price : 12.79 Bid-YTW : 5.83 %
TD.PF.J	FixedReset Disc	152,910	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 5.30 %
CM.PR.T	FixedReset Disc	151,402	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 22.73 Evaluated at bid price : 23.84 Bid-YTW : 5.00 %
CU.PR.C	FixedReset Disc	132,326	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 5.67 %
BMO.PR.F	FixedReset Disc	102,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 22.91 Evaluated at bid price : 24.27 Bid-YTW : 5.08 %
CM.PR.S	FixedReset Disc	94,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 18.19 Evaluated at bid price : 18.19 Bid-YTW : 5.46 %
There were 31 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 Disc	Quote: 17.91 – 18.42 Spot Rate : 0.5100 Average : 0.3738 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 5.80 %
IFC.PR.G	FixedReset Ins Non	Quote: 18.43 – 18.85 Spot Rate : 0.4200 Average : 0.3163 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.43 Bid-YTW : 8.22 %
IAF.PR.I	FixedReset Ins Non	Quote: 18.75 – 19.29 Spot Rate : 0.5400 Average : 0.4505 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.75 Bid-YTW : 8.08 %
IFC.PR.C	FixedReset Ins Non	Quote: 16.90 – 17.28 Spot Rate : 0.3800 Average : 0.2943 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.90 Bid-YTW : 8.73 %
ELF.PR.G	Perpetual-Discount	Quote: 22.05 – 22.36 Spot Rate : 0.3100 Average : 0.2272 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.39 %
RY.PR.S	FixedReset Disc	Quote: 20.11 – 20.37 Spot Rate : 0.2600 Average : 0.1839 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-27 Maturity Price : 20.11 Evaluated at bid price : 20.11 Bid-YTW : 5.06 %

Market Action

September 25, 2019

PerpetualDiscounts now yield 5.55%, equivalent to 7.22% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has vigorously bounced to 390bp from the 375bp reported September 18.

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	-0.2054 %	1,905.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2054 %	3,495.8
Floater	6.32 %	6.45 %	48,249	13.26	4	-0.2054 %	2,014.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0056 %	3,376.9
SplitShare	4.67 %	4.61 %	54,894	4.00	7	-0.0056 %	4,032.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0056 %	3,146.5
Perpetual-Premium	5.60 %	-17.87 %	64,784	0.09	6	0.1235 %	2,996.6
Perpetual-Discount	5.41 %	5.55 %	64,942	14.51	28	0.0293 %	3,170.9
FixedReset Disc	5.56 %	5.50 %	167,721	14.36	73	-0.0180 %	2,062.4
Deemed-Retractible	5.23 %	5.80 %	72,438	7.90	27	0.0174 %	3,151.3
FloatingReset	4.56 %	6.74 %	57,545	7.95	3	0.2976 %	2,338.2
FixedReset Prem	5.25 %	4.00 %	128,681	1.58	14	-0.1086 %	2,584.1
FixedReset Bank Non	1.98 %	4.29 %	80,506	2.27	3	-0.3746 %	2,655.8
FixedReset Ins Non	5.52 %	8.10 %	102,996	7.91	21	0.0871 %	2,092.2

Performance Highlights
Issue	Index	Change	Notes
HSE.PR.A	FixedReset Disc	-4.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 10.56 Evaluated at bid price : 10.56 Bid-YTW : 7.24 %
IFC.PR.A	FixedReset Ins Non	-3.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.51 Bid-YTW : 10.73 %
IAF.PR.I	FixedReset Ins Non	-1.89 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.72 Bid-YTW : 8.10 %
BAM.PR.Z	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.15 %
BAM.PF.B	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 17.09 Evaluated at bid price : 17.09 Bid-YTW : 6.10 %
CM.PR.O	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 16.62 Evaluated at bid price : 16.62 Bid-YTW : 5.68 %
BAM.PR.K	Floater	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 10.55 Evaluated at bid price : 10.55 Bid-YTW : 6.58 %
IFC.PR.G	FixedReset Ins Non	-1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.11 Bid-YTW : 8.45 %
MFC.PR.J	FixedReset Ins Non	1.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.87 %
MFC.PR.F	FixedReset Ins Non	1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.69 Bid-YTW : 10.68 %
MFC.PR.H	FixedReset Ins Non	1.42 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.70 Bid-YTW : 6.86 %
BAM.PF.F	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 6.15 %
MFC.PR.G	FixedReset Ins Non	1.93 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.45 Bid-YTW : 8.00 %
PWF.PR.P	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 12.66 Evaluated at bid price : 12.66 Bid-YTW : 5.89 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.M	FixedReset Ins Non	86,925	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.30 Bid-YTW : 9.05 %
CU.PR.C	FixedReset Disc	56,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 5.68 %
TD.PF.H	FixedReset Disc	44,250	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.64 %
MFC.PR.R	FixedReset Ins Non	41,890	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 5.65 %
BAM.PF.C	Perpetual-Discount	38,971	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 20.98 Evaluated at bid price : 20.98 Bid-YTW : 5.82 %
TRP.PR.K	FixedReset Disc	37,462	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.11 Bid-YTW : 4.89 %
There were 30 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.I	FixedReset Ins Non	Quote: 18.25 – 18.78 Spot Rate : 0.5300 Average : 0.3169 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.25 Bid-YTW : 7.93 %
BAM.PF.A	FixedReset Disc	Quote: 18.75 – 19.20 Spot Rate : 0.4500 Average : 0.2876 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.01 %
SLF.PR.H	FixedReset Ins Non	Quote: 15.56 – 16.05 Spot Rate : 0.4900 Average : 0.3346 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.56 Bid-YTW : 9.13 %
EIT.PR.A	SplitShare	Quote: 25.36 – 25.73 Spot Rate : 0.3700 Average : 0.2429 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.36 Bid-YTW : 4.50 %
NA.PR.C	FixedReset Disc	Quote: 20.78 – 21.12 Spot Rate : 0.3400 Average : 0.2161 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-25 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 5.80 %
IAF.PR.B	Deemed-Retractible	Quote: 21.90 – 22.32 Spot Rate : 0.4200 Average : 0.2970 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.90 Bid-YTW : 6.27 %

Market Action

September 24, 2019

I admired Jody Wilson-Raybould and her stand on principle regarding SNC-Lavalin and its legal problems.

Not because I think Trudeau and the rest of Cabinet did much wrong, though! It should be clear that in government, the boss can say something like ‘Gee, you know, it sure would be nice if such-and-such a decision was made on this issue”, and the next day, like magic, a memo appears on his desk to the effect that a completely independent assessment of the issue, based solely on the evidence, has resulted in a decision of such-and-such. This happens most of the time in private industry, too.

In politics, you’re continually subject to testing. Are you loyal? We know you disagree with us on this issue, but you’re going to vote with us, aren’t you, buddy? Right? Every single vote, whether in Parliament or committee represents a test and if the party should decide that War Is Peace, Freedom Is Slavery, and Ignorance Is Strength, well then, stick your hand up. Trudeau’s mistake was that he gave the nod-and-wink to somebody who hadn’t been sufficiently tested for such a senior position, given that she was first elected in 2015. He thought she was a normal cabinet minister:

I grew so rich that I was sent
By a pocket borough into Parliament.
I always voted at my party’s call,
And I never thought of thinking for myself at all.
….
I thought so little, they rewarded me
By making me the Ruler of the Queen’s Navee!

So anyway, I decided to donate some money to her campaign … just in an attempt to give the next guy placed in the position she was in a little backbone. And what do I find?

Thank you to everyone who has donated to the 2019 Campaign to Re-Elect Jody Wilson-Raybould. With your support for a different way of doing politics and your generosity we have now exceeded our fundraising targets and will no longer be accepting monetary contributions.

I’m astonished.

Jane Philpott still needs money, though!

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	-1.1953 %	1,909.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.1953 %	3,503.0
Floater	6.31 %	6.46 %	49,916	13.25	4	-1.1953 %	2,018.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0056 %	3,377.1
SplitShare	4.67 %	4.62 %	55,498	4.01	7	-0.0056 %	4,032.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0056 %	3,146.6
Perpetual-Premium	5.61 %	-18.05 %	67,445	0.09	6	0.0911 %	2,992.9
Perpetual-Discount	5.42 %	5.50 %	63,979	14.55	28	-0.0308 %	3,170.0
FixedReset Disc	5.56 %	5.52 %	169,400	14.36	73	0.0051 %	2,062.7
Deemed-Retractible	5.23 %	5.80 %	72,847	7.90	27	-0.0663 %	3,150.8
FloatingReset	4.57 %	6.76 %	59,969	7.94	3	-0.2375 %	2,331.3
FixedReset Prem	5.24 %	3.93 %	128,864	1.58	14	0.0167 %	2,586.9
FixedReset Bank Non	1.97 %	4.21 %	81,669	2.27	3	0.1528 %	2,665.8
FixedReset Ins Non	5.53 %	8.25 %	104,660	7.91	21	-0.2552 %	2,090.3

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.C	FixedReset Ins Non	-3.75 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.70 Bid-YTW : 8.88 %
CCS.PR.C	Deemed-Retractible	-2.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.82 Bid-YTW : 5.63 %
GWO.PR.N	FixedReset Ins Non	-1.69 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.97 Bid-YTW : 9.37 %
PWF.PR.A	Floater	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 11.70 Evaluated at bid price : 11.70 Bid-YTW : 5.99 %
IFC.PR.A	FixedReset Ins Non	-1.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.95 Bid-YTW : 10.31 %
PWF.PR.T	FixedReset Disc	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 17.14 Evaluated at bid price : 17.14 Bid-YTW : 5.76 %
BAM.PR.B	Floater	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 10.70 Evaluated at bid price : 10.70 Bid-YTW : 6.49 %
HSE.PR.C	FixedReset Disc	-1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 6.95 %
MFC.PR.G	FixedReset Ins Non	-1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.10 Bid-YTW : 8.25 %
BAM.PR.K	Floater	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 10.67 Evaluated at bid price : 10.67 Bid-YTW : 6.51 %
MFC.PR.F	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.52 Bid-YTW : 10.84 %
GWO.PR.R	Deemed-Retractible	-1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.55 Bid-YTW : 6.12 %
BAM.PR.Z	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.05 %
BAM.PR.R	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.28 %
CU.PR.F	Perpetual-Discount	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.30 %
BMO.PR.T	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 5.52 %
SLF.PR.G	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.90 Bid-YTW : 10.60 %
RY.PR.M	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 5.49 %
GWO.PR.T	Deemed-Retractible	1.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 5.80 %
TD.PF.I	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 5.33 %
NA.PR.G	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 5.66 %
CM.PR.Q	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.77 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.B	FixedReset Disc	736,315	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 10.89 Evaluated at bid price : 10.89 Bid-YTW : 6.12 %
TD.PF.J	FixedReset Disc	96,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.34 %
TD.PF.D	FixedReset Disc	68,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 5.46 %
CM.PR.Y	FixedReset Disc	56,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 23.08 Evaluated at bid price : 24.75 Bid-YTW : 5.14 %
TRP.PR.D	FixedReset Disc	44,810	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 15.99 Evaluated at bid price : 15.99 Bid-YTW : 6.06 %
CM.PR.S	FixedReset Disc	40,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 5.47 %
There were 26 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 Disc	Quote: 17.80 – 18.50 Spot Rate : 0.7000 Average : 0.4951 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.99 %
GWO.PR.N	FixedReset Ins Non	Quote: 13.97 – 14.44 Spot Rate : 0.4700 Average : 0.3333 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.97 Bid-YTW : 9.37 %
BNS.PR.I	FixedReset Disc	Quote: 19.96 – 20.35 Spot Rate : 0.3900 Average : 0.2572 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 5.20 %
SLF.PR.J	FloatingReset	Quote: 12.71 – 13.13 Spot Rate : 0.4200 Average : 0.2972 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.71 Bid-YTW : 11.20 %
IFC.PR.C	FixedReset Ins Non	Quote: 16.70 – 17.00 Spot Rate : 0.3000 Average : 0.2071 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.70 Bid-YTW : 8.88 %
PWF.PR.T	FixedReset Disc	Quote: 17.14 – 17.45 Spot Rate : 0.3100 Average : 0.2172 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-24 Maturity Price : 17.14 Evaluated at bid price : 17.14 Bid-YTW : 5.76 %

Market Action

September 23, 2019

A nice piece in the Globe today about Canada’s rentier economy:

We have to think about what most people rely on nowadays to support themselves and secure their futures. And the answer is assets – housing assets in particular. It’s no longer our salaries or incomes, nor even our pensions. Rather, Canada has become an asset-based economy in which it’s now a viable choice to buy a house far above your income threshold and sit tight – renting out rooms to pay the mortgage you can’t afford on your own income alone – waiting for its value to appreciate.

But there are perils to relying on this sort of economy for our future. An asset-based economy is underpinned by continuous asset price inflation alongside the suppression of income inflation, meaning a rising debt-to-income ratio is built in.

Another example of the asset based nature of our economy is the banks.

The banks now basically control the entire Canadian financial system – rather than simply being an important part of it – with their oligopoly protected from foreign competition by legislation and, to a slightly lesser extent, from new domestic competition by regulation.

A huge chunk of the Toronto Stock Exchange index is comprised of banks. with over 35% of the S&P/TSX 60 index being financial players; compared to less than 15% of the S&P 500.

And, I suggest, any attempt to introduce any real competition to the Canadian financial system – loosening Bank Act restrictions of foreign ownership and restricting bank encroachment on asset management and insurance – would be met by howls of outrage from the rent-seekers who invest in them.

And it appears that Mohamed A. El-Erian is as concerned as I am (see September 20) about the Fed response to the repo blip (from his Facebook page):

The longer this continues, and it will for now, the more it will be seen by investors as (pick your term):

stealth QE,
QE lite,
backdoor QE,
etc….

The big question is whether, for markets conditioned and empowered to believe they can force the hands of the Federal Reserve, this will be seen as a prelude to the formal resumption of a QE program.

Click for Big

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	1.5575 %	1,932.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.5575 %	3,545.4
Floater	6.24 %	6.39 %	51,847	13.35	4	1.5575 %	2,043.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1297 %	3,377.2
SplitShare	4.67 %	4.61 %	55,914	4.01	7	-0.1297 %	4,033.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1297 %	3,146.8
Perpetual-Premium	5.61 %	-18.22 %	67,565	0.09	6	0.1772 %	2,990.1
Perpetual-Discount	5.41 %	5.56 %	65,088	14.50	28	0.0950 %	3,171.0
FixedReset Disc	5.56 %	5.51 %	175,427	14.39	73	0.0672 %	2,062.6
Deemed-Retractible	5.22 %	5.80 %	75,332	7.90	27	0.0047 %	3,152.9
FloatingReset	4.56 %	6.73 %	60,503	7.95	3	-0.4924 %	2,336.9
FixedReset Prem	5.24 %	3.92 %	127,961	1.58	14	0.0028 %	2,586.5
FixedReset Bank Non	1.98 %	4.28 %	84,939	2.28	3	0.0974 %	2,661.7
FixedReset Ins Non	5.51 %	8.07 %	105,684	7.91	21	-0.2886 %	2,095.7

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.J	FloatingReset	-1.84 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.77 Bid-YTW : 11.13 %
IAF.PR.G	FixedReset Ins Non	-1.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.70 Bid-YTW : 7.69 %
SLF.PR.G	FixedReset Ins Non	-1.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.76 Bid-YTW : 10.73 %
MFC.PR.H	FixedReset Ins Non	-1.40 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.41 Bid-YTW : 7.03 %
IAF.PR.I	FixedReset Ins Non	-1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.90 Bid-YTW : 7.96 %
PWF.PR.P	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 12.36 Evaluated at bid price : 12.36 Bid-YTW : 6.03 %
BAM.PR.X	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 6.16 %
MFC.PR.C	Deemed-Retractible	-1.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.75 Bid-YTW : 6.87 %
CU.PR.D	Perpetual-Discount	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 22.93 Evaluated at bid price : 23.22 Bid-YTW : 5.31 %
BAM.PR.B	Floater	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 10.86 Evaluated at bid price : 10.86 Bid-YTW : 6.39 %
GWO.PR.R	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 5.98 %
CM.PR.R	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.58 %
SLF.PR.I	FixedReset Ins Non	1.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.25 Bid-YTW : 7.93 %
HSE.PR.C	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 6.85 %
TD.PF.A	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.38 %
BAM.PF.J	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 23.20 Evaluated at bid price : 24.62 Bid-YTW : 4.76 %
BAM.PR.K	Floater	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 6.43 %
PWF.PR.A	Floater	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 5.89 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.M	FixedReset Disc	95,395	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 5.55 %
PVS.PR.E	SplitShare	69,750	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.46 Bid-YTW : 4.97 %
CU.PR.I	FixedReset Prem	66,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 2.31 %
TD.PF.E	FixedReset Disc	45,650	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.52 %
BNS.PR.Y	FixedReset Bank Non	39,200	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.44 Bid-YTW : 3.43 %
HSE.PR.G	FixedReset Disc	35,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.05 %
There were 23 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 Disc	Quote: 17.93 – 18.49 Spot Rate : 0.5600 Average : 0.3832 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 5.87 %
CM.PR.P	FixedReset Disc	Quote: 16.14 – 16.61 Spot Rate : 0.4700 Average : 0.3103 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 16.14 Evaluated at bid price : 16.14 Bid-YTW : 5.73 %
BNS.PR.Y	FixedReset Bank Non	Quote: 24.44 – 24.86 Spot Rate : 0.4200 Average : 0.3041 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.44 Bid-YTW : 3.43 %
BMO.PR.C	FixedReset Disc	Quote: 22.00 – 22.30 Spot Rate : 0.3000 Average : 0.1983 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 5.36 %
MFC.PR.H	FixedReset Ins Non	Quote: 20.41 – 20.74 Spot Rate : 0.3300 Average : 0.2305 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.41 Bid-YTW : 7.03 %
TRP.PR.F	FloatingReset	Quote: 13.25 – 13.51 Spot Rate : 0.2600 Average : 0.1724 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-09-23 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.73 %

PrefBlog

Category: Market Action

October 4, 2019

October 3, 2019

October 2, 2019

October 1, 2019

September 30, 2019

September 27, 2019

September 27, 2019

September 25, 2019

September 24, 2019

September 23, 2019

Archives

Of Interest