Category: Market Action

Market Action

July 17, 2019

Inflation does not appear to be a problem:

Although two of the Bank of Canada’s measures of core inflation remained above 2 per cent, CPI common – which the central bank says is the best gauge of the economy’s underperformance – was unchanged at 1.8 per cent.

Energy prices fell 4.1 per cent year-over-year in June as Canadians paid less for gasoline and other fuels. Oil prices dipped amid rising U.S. fuel inventories and the elimination of carbon pricing in Alberta.

But consumers are paying more for other products – notably fresh vegetables, where prices jumped 17.3 per cent, the largest increase seen since January, 2016. The rise, which follows a similar gain in May, was owing in part to inclement weather in agricultural regions.

But bond prices were up:

At 3:16 p.m., the Canadian dollar was trading 0.3 per cent higher at 1.3045 to the greenback, or 76.66 U.S. cents. The currency, which last Friday notched a near nine-month high at 1.3018, traded in a range of 1.3035 and 1.3093.

The gain for the loonie came even as the price of oil, one of Canada’s major exports, fell for the third straight day after U.S. government data showed large builds in refined product stockpiles. U.S. crude futures settled 1.5 per cent lower at $56.78 a barrel.

Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries after data showed weakness in the U.S. housing market and as concerns about the trade war between the United States and China boosted demand for safe-haven debt.

The two-year rose 6 cents to yield 1.527 per cent and the 10-year was up 48 cents to yield 1.535 per cent.

The 10-year yield touched its lowest intraday since July 5 at 1.532 per cent.

The Canada 5-Year yield was down 6bp to 1.45%.

PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.43%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 380bp, a slight (and perhaps spurious) widening from the 375bp reported July 10.

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	-0.1314 %	1,964.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1314 %	3,603.9
Floater	6.06 %	6.24 %	37,529	13.56	4	-0.1314 %	2,076.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.1070 %	3,350.6
SplitShare	4.65 %	4.63 %	76,585	4.15	7	0.1070 %	4,001.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1070 %	3,122.0
Perpetual-Premium	5.62 %	-15.84 %	52,786	0.09	7	0.0169 %	2,978.8
Perpetual-Discount	5.45 %	5.57 %	59,129	14.57	25	0.0365 %	3,118.0
FixedReset Disc	5.40 %	5.44 %	157,898	14.68	69	0.1576 %	2,128.7
Deemed-Retractible	5.22 %	5.78 %	64,401	7.98	27	0.1106 %	3,111.5
FloatingReset	4.04 %	4.37 %	38,372	2.45	4	-0.2095 %	2,366.4
FixedReset Prem	5.14 %	4.01 %	169,773	1.92	17	0.0711 %	2,593.1
FixedReset Bank Non	1.98 %	4.00 %	95,059	2.46	3	0.4469 %	2,655.7
FixedReset Ins Non	5.24 %	7.39 %	88,547	8.01	22	0.3070 %	2,178.7

Performance Highlights
Issue	Index	Change	Notes
BAM.PF.F	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.31 %
IFC.PR.A	FixedReset Ins Non	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.45 Bid-YTW : 9.10 %
CM.PR.O	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 17.42 Evaluated at bid price : 17.42 Bid-YTW : 5.59 %
NA.PR.E	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 5.44 %
CM.PR.S	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 5.52 %
BAM.PF.G	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.26 %
MFC.PR.J	FixedReset Ins Non	1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.43 Bid-YTW : 7.61 %
MFC.PR.K	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.41 Bid-YTW : 7.90 %
IAF.PR.I	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.90 Bid-YTW : 6.80 %
CM.PR.Q	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.64 %
TRP.PR.C	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 12.47 Evaluated at bid price : 12.47 Bid-YTW : 6.09 %
TRP.PR.D	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 5.92 %
CCS.PR.C	Deemed-Retractible	1.43 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.10 Bid-YTW : 5.52 %
BAM.PR.Z	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.09 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.R	FixedReset Disc	279,524	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 21.51 Evaluated at bid price : 21.89 Bid-YTW : 5.53 %
TD.PF.M	FixedReset Disc	106,066	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 23.14 Evaluated at bid price : 24.95 Bid-YTW : 5.09 %
BMO.PR.D	FixedReset Disc	77,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 21.46 Evaluated at bid price : 21.81 Bid-YTW : 5.42 %
CU.PR.C	FixedReset Disc	76,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.57 %
TRP.PR.C	FixedReset Disc	51,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 12.47 Evaluated at bid price : 12.47 Bid-YTW : 6.09 %
BAM.PF.F	FixedReset Disc	39,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.31 %
There were 19 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.F	FixedReset Disc	Quote: 17.72 – 18.51 Spot Rate : 0.7900 Average : 0.5421 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 6.31 %
IFC.PR.C	FixedReset Ins Non	Quote: 18.16 – 18.60 Spot Rate : 0.4400 Average : 0.3146 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.16 Bid-YTW : 7.93 %
SLF.PR.G	FixedReset Ins Non	Quote: 13.81 – 14.19 Spot Rate : 0.3800 Average : 0.2617 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.81 Bid-YTW : 9.87 %
PWF.PR.O	Perpetual-Premium	Quote: 25.51 – 25.81 Spot Rate : 0.3000 Average : 0.1903 YTW SCENARIO Maturity Type : Call Maturity Date : 2019-08-16 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : -20.38 %
MFC.PR.H	FixedReset Ins Non	Quote: 20.55 – 20.91 Spot Rate : 0.3600 Average : 0.2516 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.55 Bid-YTW : 7.08 %
BMO.PR.D	FixedReset Disc	Quote: 21.81 – 22.18 Spot Rate : 0.3700 Average : 0.2621 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-17 Maturity Price : 21.46 Evaluated at bid price : 21.81 Bid-YTW : 5.42 %

Market Action

July 16, 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	-0.7175 %	1,966.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.7175 %	3,608.6
Floater	6.06 %	6.23 %	37,997	13.57	4	-0.7175 %	2,079.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0619 %	3,347.0
SplitShare	4.65 %	4.63 %	79,630	4.15	7	-0.0619 %	3,997.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0619 %	3,118.7
Perpetual-Premium	5.62 %	-16.02 %	54,956	0.09	7	0.0900 %	2,978.3
Perpetual-Discount	5.46 %	5.56 %	61,369	14.59	25	0.0000 %	3,116.8
FixedReset Disc	5.41 %	5.43 %	159,167	14.68	69	-0.5216 %	2,125.4
Deemed-Retractible	5.23 %	5.82 %	65,918	7.99	27	0.0696 %	3,108.0
FloatingReset	4.03 %	4.37 %	39,650	2.45	4	0.2099 %	2,371.3
FixedReset Prem	5.14 %	4.01 %	166,973	1.92	17	0.0252 %	2,591.3
FixedReset Bank Non	1.99 %	4.29 %	95,980	2.46	3	-0.1951 %	2,643.9
FixedReset Ins Non	5.25 %	7.41 %	87,502	8.02	22	-0.0288 %	2,172.0

Performance Highlights
Issue	Index	Change	Notes
TD.PF.J	FixedReset Disc	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.32 %
BMO.PR.S	FixedReset Disc	-2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.40 %
TRP.PR.G	FixedReset Disc	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 6.21 %
MFC.PR.K	FixedReset Ins Non	-2.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.21 Bid-YTW : 8.04 %
CM.PR.Q	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.93 Evaluated at bid price : 18.93 Bid-YTW : 5.70 %
BAM.PF.F	FixedReset Disc	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 6.20 %
HSE.PR.G	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 6.61 %
BNS.PR.I	FixedReset Disc	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 20.49 Evaluated at bid price : 20.49 Bid-YTW : 5.15 %
RY.PR.Z	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 5.29 %
BAM.PF.G	FixedReset Disc	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 17.62 Evaluated at bid price : 17.62 Bid-YTW : 6.32 %
CM.PR.S	FixedReset Disc	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.47 %
PWF.PR.L	Perpetual-Discount	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 22.45 Evaluated at bid price : 22.71 Bid-YTW : 5.62 %
BIP.PR.E	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 5.95 %
BAM.PR.Z	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.21 %
NA.PR.C	FixedReset Disc	-1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 21.29 Evaluated at bid price : 21.58 Bid-YTW : 5.65 %
TD.PF.D	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 5.39 %
CU.PR.C	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 5.55 %
BAM.PR.B	Floater	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 6.24 %
BMO.PR.D	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 21.43 Evaluated at bid price : 21.77 Bid-YTW : 5.43 %
IFC.PR.A	FixedReset Ins Non	1.04 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.61 Bid-YTW : 8.97 %
MFC.PR.N	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.39 Bid-YTW : 8.33 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.G	FixedReset Prem	178,653	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.76 Bid-YTW : 3.60 %
TD.PF.A	FixedReset Disc	157,110	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 5.31 %
SLF.PR.A	Deemed-Retractible	79,736	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.10 Bid-YTW : 6.34 %
IAF.PR.G	FixedReset Ins Non	71,850	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.45 Bid-YTW : 6.69 %
BMO.PR.T	FixedReset Disc	71,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 5.41 %
CM.PR.R	FixedReset Disc	69,261	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 21.41 Evaluated at bid price : 21.75 Bid-YTW : 5.56 %
There were 33 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.J	FixedReset Disc	Quote: 20.55 – 21.07 Spot Rate : 0.5200 Average : 0.3112 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.32 %
MFC.PR.K	FixedReset Ins Non	Quote: 18.21 – 18.83 Spot Rate : 0.6200 Average : 0.4692 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.21 Bid-YTW : 8.04 %
SLF.PR.A	Deemed-Retractible	Quote: 22.10 – 22.49 Spot Rate : 0.3900 Average : 0.2421 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.10 Bid-YTW : 6.34 %
PWF.PR.L	Perpetual-Discount	Quote: 22.71 – 23.07 Spot Rate : 0.3600 Average : 0.2427 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 22.45 Evaluated at bid price : 22.71 Bid-YTW : 5.62 %
TD.PF.D	FixedReset Disc	Quote: 20.09 – 20.48 Spot Rate : 0.3900 Average : 0.2754 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 20.09 Evaluated at bid price : 20.09 Bid-YTW : 5.39 %
BAM.PF.F	FixedReset Disc	Quote: 18.01 – 18.39 Spot Rate : 0.3800 Average : 0.2704 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-16 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 6.20 %

Market Action

July 15, 2019

Some great news about drones:

In April, Google’s parent company Alphabet got the green light from the FAA to start delivering goods via drone in Virginia. The company’s service is already underway in Australia and includes foodservice establishments.

Amazon unveiled its Prime Air delivery drone in early June, with plans to deliver packages from the Amazon platform “in the coming months.”

Also in June, Uber received permission from the FAA to test drone delivery in San Diego. Its initial test phase included Uber Eats’ partner McDonald’s, and the company plans to test the service with other restaurant partners later this year, according to TechCrunch.

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	0.3929 %	1,980.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.3929 %	3,634.7
Floater	6.01 %	6.17 %	38,041	13.66	4	0.3929 %	2,094.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.1861 %	3,349.1
SplitShare	4.65 %	4.59 %	78,371	4.15	7	0.1861 %	3,999.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1861 %	3,120.6
Perpetual-Premium	5.62 %	-16.20 %	54,666	0.09	7	-0.0618 %	2,975.6
Perpetual-Discount	5.46 %	5.54 %	60,163	14.57	25	0.1060 %	3,116.8
FixedReset Disc	5.38 %	5.40 %	160,316	14.69	69	-0.1640 %	2,136.5
Deemed-Retractible	5.23 %	5.86 %	68,088	7.99	27	0.0079 %	3,105.9
FloatingReset	4.04 %	4.36 %	39,411	2.45	4	-0.1572 %	2,366.4
FixedReset Prem	5.14 %	4.02 %	168,552	1.92	17	-0.0229 %	2,590.6
FixedReset Bank Non	1.98 %	4.22 %	95,691	2.46	3	0.0279 %	2,649.1
FixedReset Ins Non	5.25 %	7.45 %	88,185	8.03	22	-0.3727 %	2,172.6

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.M	FixedReset Ins Non	-1.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.46 Bid-YTW : 8.36 %
MFC.PR.N	FixedReset Ins Non	-1.66 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.17 Bid-YTW : 8.49 %
BMO.PR.Y	FixedReset Disc	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 19.48 Evaluated at bid price : 19.48 Bid-YTW : 5.53 %
MFC.PR.J	FixedReset Ins Non	-1.59 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.21 Bid-YTW : 7.75 %
BAM.PF.B	FixedReset Disc	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.12 %
RY.PR.M	FixedReset Disc	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 5.39 %
SLF.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 : 16.00 Bid-YTW : 8.87 %
RY.PR.J	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.40 %
TRP.PR.A	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 6.24 %
BMO.PR.S	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 5.26 %
MFC.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 : 20.73 Bid-YTW : 6.88 %
IFC.PR.A	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.45 Bid-YTW : 9.10 %
BIP.PR.D	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 22.08 Evaluated at bid price : 22.41 Bid-YTW : 5.93 %
CU.PR.I	FixedReset Prem	-1.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 3.86 %
BAM.PF.J	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 22.98 Evaluated at bid price : 24.15 Bid-YTW : 4.89 %
CCS.PR.C	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.76 Bid-YTW : 5.69 %
HSE.PR.C	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.33 %
CM.PR.O	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 17.61 Evaluated at bid price : 17.61 Bid-YTW : 5.53 %
BAM.PR.X	FixedReset Disc	2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 13.22 Evaluated at bid price : 13.22 Bid-YTW : 6.20 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.S	FixedReset Disc	68,213	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 5.26 %
MFC.PR.O	FixedReset Ins Non	56,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 4.41 %
TD.PF.M	FixedReset Disc	42,787	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 23.15 Evaluated at bid price : 24.98 Bid-YTW : 5.08 %
TRP.PR.B	FixedReset Disc	37,930	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 11.76 Evaluated at bid price : 11.76 Bid-YTW : 6.02 %
SLF.PR.C	Deemed-Retractible	36,022	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.88 Bid-YTW : 6.72 %
TD.PF.C	FixedReset Disc	34,609	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 17.91 Evaluated at bid price : 17.91 Bid-YTW : 5.34 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Deemed-Retractible	Quote: 23.71 – 24.36 Spot Rate : 0.6500 Average : 0.4332 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.71 Bid-YTW : 5.93 %
MFC.PR.N	FixedReset Ins Non	Quote: 17.17 – 17.59 Spot Rate : 0.4200 Average : 0.3156 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.17 Bid-YTW : 8.49 %
PWF.PR.Z	Perpetual-Discount	Quote: 23.00 – 23.35 Spot Rate : 0.3500 Average : 0.2465 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.60 %
RY.PR.J	FixedReset Disc	Quote: 20.06 – 20.36 Spot Rate : 0.3000 Average : 0.2046 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 5.40 %
MFC.PR.C	Deemed-Retractible	Quote: 20.73 – 21.09 Spot Rate : 0.3600 Average : 0.2651 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.73 Bid-YTW : 6.88 %
CU.PR.D	Perpetual-Discount	Quote: 22.85 – 23.25 Spot Rate : 0.4000 Average : 0.3293 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-15 Maturity Price : 22.56 Evaluated at bid price : 22.85 Bid-YTW : 5.42 %

Market Action

July 2, 2019

Floater 6.16 % 6.25 % 37,274 13.58 4 0.2456 % 2,045.0 OpRet 0.00 % 0.00 % 0 0.00 0 0.1363 % 3,323.1 SplitShare 4.69 % 4.69 % 84,865 4.18 7 0.1363 % 3,968.5 Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1363 % 3,096.4 Perpetual-Premium 5.60 % -12.21 % 67,827 0.09 7 0.0729 % 2,956.6 Perpetual-Discount 5.48 % 5.58 % 61,652 14.46 25 0.3518 % 3,090.4 FixedReset Disc 5.44 % 5.33 % 180,789 14.86 69 0.3318 % 2,105.4 Deemed-Retractible 5.26 % 6.02 % 76,210 8.00 27 -0.0302 % 3,088.7 FloatingReset 4.07 % 4.64 % 48,542 2.49 4 0.4255 % 2,345.3 FixedReset Prem 5.13 % 3.80 % 177,941 1.96 17 -0.1027 % 2,591.6 FixedReset Bank Non 1.98 % 3.96 % 127,775 2.50 3 -0.2777 % 2,651.7 FixedReset Ins Non 5.32 % 7.50 % 89,943 8.07 22 0.1512 % 2,139.6

Performance Highlights
Issue	Index	Change	Notes
CU.PR.C	FixedReset Disc	-2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 5.33 %
SLF.PR.I	FixedReset Ins Non	-2.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.48 %
TRP.PR.G	FixedReset Disc	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 6.11 %
HSE.PR.C	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 6.26 %
BAM.PR.B	Floater	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 6.45 %
RY.PR.W	Perpetual-Discount	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 24.22 Evaluated at bid price : 24.51 Bid-YTW : 5.05 %
SLF.PR.B	Deemed-Retractible	-1.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.16 Bid-YTW : 6.33 %
SLF.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 : 13.65 Bid-YTW : 9.77 %
NA.PR.E	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 5.23 %
HSE.PR.G	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 19.61 Evaluated at bid price : 19.61 Bid-YTW : 6.31 %
TD.PF.A	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.64 Evaluated at bid price : 17.64 Bid-YTW : 5.28 %
BAM.PR.M	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.95 %
MFC.PR.L	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.60 Bid-YTW : 8.50 %
EMA.PR.H	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 23.01 Evaluated at bid price : 24.40 Bid-YTW : 5.01 %
NA.PR.W	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 5.64 %
MFC.PR.G	FixedReset Ins Non	1.32 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.13 Bid-YTW : 7.50 %
BMO.PR.D	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 21.78 Evaluated at bid price : 22.05 Bid-YTW : 5.21 %
NA.PR.C	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 21.75 Evaluated at bid price : 22.04 Bid-YTW : 5.47 %
BMO.PR.T	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 5.37 %
BAM.PR.C	Floater	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 6.25 %
BAM.PF.J	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 22.72 Evaluated at bid price : 23.60 Bid-YTW : 5.01 %
BMO.PR.W	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.08 Evaluated at bid price : 17.08 Bid-YTW : 5.39 %
PWF.PR.A	Floater	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 5.85 %
TRP.PR.F	FloatingReset	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.64 %
HSE.PR.E	FixedReset Disc	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.37 %
PWF.PR.S	Perpetual-Discount	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 21.84 Evaluated at bid price : 22.10 Bid-YTW : 5.51 %
HSE.PR.A	FixedReset Disc	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.03 %
NA.PR.G	FixedReset Disc	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.22 %
CM.PR.P	FixedReset Disc	2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 16.74 Evaluated at bid price : 16.74 Bid-YTW : 5.46 %
TRP.PR.E	FixedReset Disc	3.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 5.96 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.B	FixedReset Disc	58,739	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 5.28 %
BAM.PF.B	FixedReset Disc	55,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.09 %
CM.PR.P	FixedReset Disc	53,734	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 16.74 Evaluated at bid price : 16.74 Bid-YTW : 5.46 %
TD.PF.M	FixedReset Disc	50,650	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 23.07 Evaluated at bid price : 24.75 Bid-YTW : 5.01 %
BAM.PR.Z	FixedReset Disc	50,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 6.03 %
TRP.PR.K	FixedReset Disc	49,854	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 23.36 Evaluated at bid price : 24.91 Bid-YTW : 5.19 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
HSE.PR.C	FixedReset Disc	Quote: 18.26 – 19.05 Spot Rate : 0.7900 Average : 0.5154 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 6.26 %
BAM.PR.B	Floater	Quote: 10.80 – 11.39 Spot Rate : 0.5900 Average : 0.4336 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 6.45 %
BAM.PF.A	FixedReset Disc	Quote: 19.11 – 19.46 Spot Rate : 0.3500 Average : 0.2266 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 19.11 Evaluated at bid price : 19.11 Bid-YTW : 5.93 %
SLF.PR.I	FixedReset Ins Non	Quote: 18.85 – 19.25 Spot Rate : 0.4000 Average : 0.2825 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.85 Bid-YTW : 7.48 %
RY.PR.W	Perpetual-Discount	Quote: 24.51 – 24.81 Spot Rate : 0.3000 Average : 0.1888 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-07-02 Maturity Price : 24.22 Evaluated at bid price : 24.51 Bid-YTW : 5.05 %
IFC.PR.E	Deemed-Retractible	Quote: 23.40 – 23.99 Spot Rate : 0.5900 Average : 0.4793 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.40 Bid-YTW : 6.07 %

Market Action

June 28, 2019

Click for Big

TXPR closed at 606.31, up 0.98% on the day. Volume was 1.72-million, relatively light in the context of the past thirty days.

CPD closed at 12.10, up 0.83% on the day. Volume of 46,515 was quite low, but not record-setting, in the context of the past thirty days.

ZPR closed at 9.72, up 1.14% on the day. Volume of 111,451 was the third-lowest of the past thirty days, exceeding only June 25 and June 14.

Five-year Canada yields were up 2bp to 1.40% today.

There was a boat-load of MOC buy orders today, which certainly had an effect on the reported closing level; we’ll see how much of it sticks next week!

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	-1.0252 %	1,929.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.0252 %	3,539.8
Floater	6.14 %	6.31 %	77,263	13.45	3	-1.0252 %	2,040.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0284 %	3,318.6
SplitShare	4.69 %	4.74 %	87,725	4.19	7	0.0284 %	3,963.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0284 %	3,092.2
Perpetual-Premium	5.61 %	-11.45 %	70,206	0.09	7	-0.0112 %	2,954.4
Perpetual-Discount	5.50 %	5.62 %	60,476	14.46	26	0.1250 %	3,079.6
FixedReset Disc	5.46 %	5.24 %	162,222	14.88	70	1.1576 %	2,098.4
Deemed-Retractible	5.26 %	6.00 %	72,985	8.01	27	0.2982 %	3,089.7
FloatingReset	4.09 %	4.65 %	49,269	2.50	4	-0.4770 %	2,335.3
FixedReset Prem	5.11 %	3.74 %	185,659	1.82	16	0.3372 %	2,594.2
FixedReset Bank Non	1.97 %	3.85 %	132,637	2.51	3	0.3370 %	2,659.0
FixedReset Ins Non	5.32 %	7.51 %	91,036	8.11	22	0.8808 %	2,136.3

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.A	Floater	-3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 11.83 Evaluated at bid price : 11.83 Bid-YTW : 5.93 %
MFC.PR.L	FixedReset Ins Non	-1.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.41 Bid-YTW : 8.55 %
SLF.PR.J	FloatingReset	-1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.51 Bid-YTW : 10.33 %
TRP.PR.E	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 15.32 Evaluated at bid price : 15.32 Bid-YTW : 6.03 %
PWF.PR.S	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 21.75 Evaluated at bid price : 21.75 Bid-YTW : 5.62 %
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 : 13.51 Bid-YTW : 9.79 %
HSE.PR.G	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.29 %
MFC.PR.O	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.98 Bid-YTW : 3.63 %
BMO.PR.C	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 22.20 Evaluated at bid price : 22.61 Bid-YTW : 5.17 %
BMO.PR.W	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 16.84 Evaluated at bid price : 16.84 Bid-YTW : 5.36 %
RY.PR.S	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 4.80 %
BMO.PR.E	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.72 Evaluated at bid price : 20.72 Bid-YTW : 5.16 %
RY.PR.Z	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.71 Evaluated at bid price : 17.71 Bid-YTW : 5.13 %
BMO.PR.Y	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 5.32 %
CM.PR.R	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 21.44 Evaluated at bid price : 21.78 Bid-YTW : 5.33 %
MFC.PR.C	Deemed-Retractible	1.30 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.96 Bid-YTW : 6.71 %
TD.PF.J	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 5.13 %
BMO.PR.D	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 21.42 Evaluated at bid price : 21.76 Bid-YTW : 5.20 %
BAM.PF.B	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.23 Evaluated at bid price : 17.23 Bid-YTW : 6.00 %
SLF.PR.B	Deemed-Retractible	1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.40 Bid-YTW : 6.18 %
MFC.PR.R	FixedReset Ins Non	1.36 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.83 Bid-YTW : 5.72 %
BIP.PR.C	FixedReset Disc	1.37 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.19 Bid-YTW : 5.01 %
MFC.PR.M	FixedReset Ins Non	1.39 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.74 Bid-YTW : 8.57 %
PWF.PR.T	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.37 Evaluated at bid price : 18.37 Bid-YTW : 5.33 %
TRP.PR.C	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 12.04 Evaluated at bid price : 12.04 Bid-YTW : 5.87 %
CU.PR.G	Perpetual-Discount	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.78 Evaluated at bid price : 20.78 Bid-YTW : 5.48 %
TD.PF.K	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 5.14 %
BAM.PF.F	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 6.18 %
BIP.PR.D	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 22.39 Evaluated at bid price : 22.87 Bid-YTW : 5.58 %
RY.PR.H	FixedReset Disc	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.09 %
BAM.PF.E	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 16.06 Evaluated at bid price : 16.06 Bid-YTW : 6.14 %
TRP.PR.D	FixedReset Disc	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 5.78 %
BAM.PF.G	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.21 Evaluated at bid price : 17.21 Bid-YTW : 6.14 %
BMO.PR.T	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 16.98 Evaluated at bid price : 16.98 Bid-YTW : 5.34 %
NA.PR.C	FixedReset Disc	1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 5.47 %
CM.PR.Q	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.98 Evaluated at bid price : 18.98 Bid-YTW : 5.40 %
IFC.PR.A	FixedReset Ins Non	1.92 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.90 Bid-YTW : 9.33 %
BAM.PR.Z	FixedReset Disc	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 5.97 %
BNS.PR.I	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 4.84 %
CM.PR.S	FixedReset Disc	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 19.23 Evaluated at bid price : 19.23 Bid-YTW : 5.12 %
SLF.PR.I	FixedReset Ins Non	2.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.35 Bid-YTW : 7.09 %
IAF.PR.G	FixedReset Ins Non	2.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.64 Bid-YTW : 6.98 %
MFC.PR.H	FixedReset Ins Non	2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.44 Bid-YTW : 6.93 %
TRP.PR.G	FixedReset Disc	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.89 %
TD.PF.D	FixedReset Disc	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 5.14 %
RY.PR.J	FixedReset Disc	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 19.97 Evaluated at bid price : 19.97 Bid-YTW : 5.14 %
CM.PR.O	FixedReset Disc	2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 5.33 %
RY.PR.M	FixedReset Disc	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 19.39 Evaluated at bid price : 19.39 Bid-YTW : 5.13 %
TD.PF.E	FixedReset Disc	2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.44 Evaluated at bid price : 20.44 Bid-YTW : 5.18 %
TRP.PR.B	FixedReset Disc	2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 11.54 Evaluated at bid price : 11.54 Bid-YTW : 5.66 %
MFC.PR.I	FixedReset Ins Non	2.67 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.23 Bid-YTW : 7.51 %
EMA.PR.F	FixedReset Disc	2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 5.81 %
HSE.PR.C	FixedReset Disc	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.05 %
CU.PR.C	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 5.10 %
BAM.PF.A	FixedReset Disc	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.98 Evaluated at bid price : 18.98 Bid-YTW : 5.90 %
BAM.PR.R	FixedReset Disc	3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 14.97 Evaluated at bid price : 14.97 Bid-YTW : 5.99 %
BAM.PR.T	FixedReset Disc	4.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 15.03 Evaluated at bid price : 15.03 Bid-YTW : 6.06 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.B	FixedReset Disc	65,980	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.69 Evaluated at bid price : 17.69 Bid-YTW : 5.19 %
IFC.PR.E	Deemed-Retractible	51,565	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.01 %
CM.PR.O	FixedReset Disc	41,616	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 5.33 %
CU.PR.D	Perpetual-Discount	36,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 22.24 Evaluated at bid price : 22.55 Bid-YTW : 5.48 %
TD.PF.J	FixedReset Disc	31,825	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 5.13 %
MFC.PR.R	FixedReset Ins Non	31,566	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.83 Bid-YTW : 5.72 %
There were 28 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TRP.PR.E	FixedReset Disc	Quote: 15.32 – 15.99 Spot Rate : 0.6700 Average : 0.4103 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 15.32 Evaluated at bid price : 15.32 Bid-YTW : 6.03 %
BIP.PR.A	FixedReset Disc	Quote: 18.91 – 19.64 Spot Rate : 0.7300 Average : 0.5044 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 18.91 Evaluated at bid price : 18.91 Bid-YTW : 6.50 %
HSE.PR.G	FixedReset Disc	Quote: 19.40 – 19.92 Spot Rate : 0.5200 Average : 0.3649 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.29 %
MFC.PR.G	FixedReset Ins Non	Quote: 18.88 – 19.59 Spot Rate : 0.7100 Average : 0.5552 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.88 Bid-YTW : 7.60 %
TD.PF.D	FixedReset Disc	Quote: 20.23 – 20.65 Spot Rate : 0.4200 Average : 0.2717 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-28 Maturity Price : 20.23 Evaluated at bid price : 20.23 Bid-YTW : 5.14 %
SLF.PR.H	FixedReset Ins Non	Quote: 15.94 – 16.50 Spot Rate : 0.5600 Average : 0.4131 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.94 Bid-YTW : 8.66 %

Market Action

June 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	1.4562 %	1,949.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.4562 %	3,576.5
Floater	6.07 %	6.31 %	76,480	13.45	3	1.4562 %	2,061.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.2963 %	3,317.6
SplitShare	4.69 %	4.71 %	84,386	4.19	7	0.2963 %	3,962.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.2963 %	3,091.3
Perpetual-Premium	5.61 %	-11.63 %	70,867	0.09	7	-0.0056 %	2,954.8
Perpetual-Discount	5.50 %	5.58 %	60,741	14.53	26	-0.1797 %	3,075.8
FixedReset Disc	5.52 %	5.31 %	164,096	14.78	70	0.3189 %	2,074.4
Deemed-Retractible	5.28 %	6.01 %	72,525	8.01	27	-0.1322 %	3,080.5
FloatingReset	4.06 %	4.61 %	49,624	2.48	4	0.4108 %	2,346.5
FixedReset Prem	5.11 %	3.88 %	188,203	1.82	16	0.1632 %	2,585.5
FixedReset Bank Non	1.97 %	4.03 %	137,215	2.50	3	0.1391 %	2,650.1
FixedReset Ins Non	5.37 %	7.63 %	91,841	8.08	22	-0.1866 %	2,117.7

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-2.08 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.66 Bid-YTW : 9.66 %
GWO.PR.R	Deemed-Retractible	-1.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.90 Bid-YTW : 6.47 %
MFC.PR.I	FixedReset Ins Non	-1.68 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.73 Bid-YTW : 7.84 %
BAM.PR.R	FixedReset Disc	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.19 %
TRP.PR.C	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 5.98 %
SLF.PR.B	Deemed-Retractible	-1.12 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.10 Bid-YTW : 6.35 %
BIP.PR.A	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 18.75 Evaluated at bid price : 18.75 Bid-YTW : 6.55 %
TD.PF.A	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 5.25 %
CM.PR.Q	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 18.63 Evaluated at bid price : 18.63 Bid-YTW : 5.50 %
CM.PR.T	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 22.89 Evaluated at bid price : 24.25 Bid-YTW : 4.87 %
RY.PR.H	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.18 %
IFC.PR.G	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.99 Bid-YTW : 7.09 %
TRP.PR.E	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 5.97 %
CM.PR.P	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 16.34 Evaluated at bid price : 16.34 Bid-YTW : 5.49 %
NA.PR.E	FixedReset Disc	1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 19.71 Evaluated at bid price : 19.71 Bid-YTW : 5.24 %
NA.PR.S	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.51 %
HSE.PR.A	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 12.48 Evaluated at bid price : 12.48 Bid-YTW : 6.03 %
SLF.PR.J	FloatingReset	1.48 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.70 Bid-YTW : 10.15 %
BAM.PR.Z	FixedReset Disc	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 6.09 %
BAM.PR.K	Floater	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 6.31 %
BAM.PF.I	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 23.14 Evaluated at bid price : 24.29 Bid-YTW : 5.24 %
BAM.PR.B	Floater	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 10.93 Evaluated at bid price : 10.93 Bid-YTW : 6.35 %
CU.PR.C	FixedReset Disc	2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.72 Evaluated at bid price : 17.72 Bid-YTW : 5.25 %
BAM.PR.X	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 12.63 Evaluated at bid price : 12.63 Bid-YTW : 6.11 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.A	Deemed-Retractible	332,090	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.05 Bid-YTW : 6.33 %
CGI.PR.D	SplitShare	140,000	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2023-06-14 Maturity Price : 25.00 Evaluated at bid price : 24.78 Bid-YTW : 4.05 %
TD.PF.C	FixedReset Disc	78,513	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 5.26 %
TD.PF.A	FixedReset Disc	72,374	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.38 Evaluated at bid price : 17.38 Bid-YTW : 5.25 %
BMO.PR.T	FixedReset Disc	63,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 5.44 %
BAM.PF.G	FixedReset Disc	62,153	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 6.25 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
HSE.PR.A	FixedReset Disc	Quote: 12.48 – 15.00 Spot Rate : 2.5200 Average : 1.4808 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 12.48 Evaluated at bid price : 12.48 Bid-YTW : 6.03 %
GWO.PR.N	FixedReset Ins Non	Quote: 14.15 – 14.72 Spot Rate : 0.5700 Average : 0.3936 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.15 Bid-YTW : 9.01 %
NA.PR.S	FixedReset Disc	Quote: 17.60 – 17.97 Spot Rate : 0.3700 Average : 0.2562 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 5.51 %
BAM.PR.T	FixedReset Disc	Quote: 14.41 – 14.87 Spot Rate : 0.4600 Average : 0.3506 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 14.41 Evaluated at bid price : 14.41 Bid-YTW : 6.32 %
NA.PR.G	FixedReset Disc	Quote: 20.74 – 21.09 Spot Rate : 0.3500 Average : 0.2438 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 20.74 Evaluated at bid price : 20.74 Bid-YTW : 5.28 %
PWF.PR.E	Perpetual-Discount	Quote: 24.55 – 24.85 Spot Rate : 0.3000 Average : 0.1944 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-27 Maturity Price : 24.25 Evaluated at bid price : 24.55 Bid-YTW : 5.69 %

Market Action

June 26, 2019

PerpetualDiscounts now yield 5.60%, equivalent to 7.28% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.42%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now 385bp, a slight (and perhaps spurious) narrowing from the 390bp reported June 19.

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	1.9079 %	1,921.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.9079 %	3,525.2
Floater	6.16 %	6.43 %	75,160	13.29	3	1.9079 %	2,031.6
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1252 %	3,307.8
SplitShare	4.71 %	4.81 %	80,115	4.20	7	-0.1252 %	3,950.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1252 %	3,082.1
Perpetual-Premium	5.61 %	-11.81 %	71,746	0.09	7	0.1628 %	2,954.9
Perpetual-Discount	5.49 %	5.60 %	60,372	14.46	26	0.1367 %	3,081.3
FixedReset Disc	5.53 %	5.37 %	165,128	14.71	70	0.2518 %	2,067.8
Deemed-Retractible	5.27 %	5.95 %	72,560	8.01	27	0.1835 %	3,084.6
FloatingReset	4.08 %	4.61 %	51,562	2.49	4	0.0530 %	2,336.9
FixedReset Prem	5.11 %	3.92 %	183,812	1.82	16	-0.0921 %	2,581.3
FixedReset Bank Non	1.98 %	4.08 %	142,363	2.51	3	-0.1666 %	2,646.4
FixedReset Ins Non	5.36 %	7.56 %	91,824	8.08	22	0.4316 %	2,121.6

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.X	FixedReset Disc	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 12.27 Evaluated at bid price : 12.27 Bid-YTW : 6.28 %
BAM.PF.I	FixedReset Disc	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 22.91 Evaluated at bid price : 23.80 Bid-YTW : 5.36 %
BAM.PR.Z	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.19 %
HSE.PR.C	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.25 %
MFC.PR.C	Deemed-Retractible	1.07 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.79 Bid-YTW : 6.80 %
BAM.PF.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.02 %
BIP.PR.F	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 21.49 Evaluated at bid price : 21.49 Bid-YTW : 5.97 %
TRP.PR.G	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 6.04 %
PWF.PR.S	Perpetual-Discount	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 21.84 Evaluated at bid price : 22.10 Bid-YTW : 5.51 %
BMO.PR.W	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.44 %
PWF.PR.P	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.61 %
NA.PR.C	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.56 %
HSE.PR.A	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 6.11 %
NA.PR.E	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.31 %
TD.PF.B	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.24 %
MFC.PR.N	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.61 Bid-YTW : 8.59 %
TRP.PR.D	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 5.91 %
NA.PR.G	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 5.25 %
BMO.PR.Y	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 5.37 %
BAM.PF.G	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 6.27 %
CU.PR.C	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 5.40 %
TRP.PR.A	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 5.99 %
SLF.PR.A	Deemed-Retractible	1.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.15 Bid-YTW : 6.27 %
MFC.PR.L	FixedReset Ins Non	1.83 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.70 Bid-YTW : 8.32 %
PWF.PR.T	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.38 %
SLF.PR.I	FixedReset Ins Non	1.88 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.95 Bid-YTW : 7.34 %
IFC.PR.A	FixedReset Ins Non	1.88 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 9.58 %
PWF.PR.A	Floater	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 5.77 %
BAM.PR.K	Floater	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 6.43 %
TRP.PR.B	FixedReset Disc	3.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 11.35 Evaluated at bid price : 11.35 Bid-YTW : 5.75 %
SLF.PR.G	FixedReset Ins Non	3.33 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.95 Bid-YTW : 9.40 %
TRP.PR.C	FixedReset Disc	3.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 5.90 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.K	FixedReset Ins Non	106,400	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.02 Bid-YTW : 7.97 %
BMO.PR.W	FixedReset Disc	70,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.44 %
CM.PR.O	FixedReset Disc	66,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.89 Evaluated at bid price : 16.89 Bid-YTW : 5.52 %
BAM.PF.E	FixedReset Disc	54,699	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 15.69 Evaluated at bid price : 15.69 Bid-YTW : 6.29 %
MFC.PR.O	FixedReset Ins Non	54,300	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 4.18 %
IFC.PR.A	FixedReset Ins Non	50,700	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.60 Bid-YTW : 9.58 %
There were 39 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.Z	FixedReset Disc	Quote: 17.86 – 18.49 Spot Rate : 0.6300 Average : 0.3695 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 17.86 Evaluated at bid price : 17.86 Bid-YTW : 6.19 %
BAM.PF.I	FixedReset Disc	Quote: 23.80 – 24.44 Spot Rate : 0.6400 Average : 0.3875 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 22.91 Evaluated at bid price : 23.80 Bid-YTW : 5.36 %
BIP.PR.D	FixedReset Disc	Quote: 22.45 – 22.95 Spot Rate : 0.5000 Average : 0.3414 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 22.10 Evaluated at bid price : 22.45 Bid-YTW : 5.69 %
BMO.PR.T	FixedReset Disc	Quote: 16.55 – 16.90 Spot Rate : 0.3500 Average : 0.2279 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 5.48 %
TRP.PR.D	FixedReset Disc	Quote: 16.26 – 16.60 Spot Rate : 0.3400 Average : 0.2194 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 5.91 %
BMO.PR.Y	FixedReset Disc	Quote: 19.02 – 19.40 Spot Rate : 0.3800 Average : 0.2646 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-26 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 5.37 %

Market Action

June 25, 2019

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	-2.5671 %	1,885.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.5671 %	3,459.2
Floater	6.28 %	6.54 %	72,646	13.14	3	-2.5671 %	1,993.5
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0569 %	3,312.0
SplitShare	4.70 %	4.79 %	77,817	4.20	7	-0.0569 %	3,955.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0569 %	3,086.0
Perpetual-Premium	5.62 %	-10.19 %	72,645	0.09	7	0.0225 %	2,950.1
Perpetual-Discount	5.50 %	5.60 %	60,969	14.49	26	0.1758 %	3,077.1
FixedReset Disc	5.54 %	5.39 %	163,225	14.70	70	-0.0173 %	2,062.6
Deemed-Retractible	5.28 %	5.97 %	74,749	8.01	27	-0.0112 %	3,078.9
FloatingReset	4.08 %	4.62 %	53,335	2.49	4	0.0796 %	2,335.7
FixedReset Prem	5.11 %	3.91 %	188,672	1.82	16	-0.0048 %	2,583.7
FixedReset Bank Non	1.97 %	4.05 %	147,435	2.51	3	0.3763 %	2,650.8
FixedReset Ins Non	5.38 %	7.57 %	94,974	8.10	22	0.0025 %	2,112.5

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.A	Floater	-3.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 11.91 Evaluated at bid price : 11.91 Bid-YTW : 5.88 %
BAM.PR.B	Floater	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 10.61 Evaluated at bid price : 10.61 Bid-YTW : 6.54 %
PWF.PR.T	FixedReset Disc	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 5.48 %
NA.PR.G	FixedReset Disc	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.32 %
BAM.PR.K	Floater	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 6.61 %
BIP.PR.D	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 22.11 Evaluated at bid price : 22.46 Bid-YTW : 5.69 %
TRP.PR.F	FloatingReset	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 13.38 Evaluated at bid price : 13.38 Bid-YTW : 6.72 %
BAM.PF.A	FixedReset Disc	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.09 %
MFC.PR.M	FixedReset Ins Non	-1.13 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.58 Bid-YTW : 8.68 %
MFC.PR.O	FixedReset Ins Non	-1.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-19 Maturity Price : 25.00 Evaluated at bid price : 25.77 Bid-YTW : 4.05 %
MFC.PR.F	FixedReset Ins Non	-1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.50 Bid-YTW : 9.68 %
IAF.PR.I	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.04 Bid-YTW : 7.14 %
SLF.PR.H	FixedReset Ins Non	1.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.96 Bid-YTW : 8.63 %
RY.PR.M	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.29 %
CU.PR.D	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 22.24 Evaluated at bid price : 22.55 Bid-YTW : 5.47 %
BIP.PR.E	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.92 %
MFC.PR.J	FixedReset Ins Non	1.21 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.21 Bid-YTW : 7.54 %
RY.PR.J	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 5.24 %
EMA.PR.F	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.89 %
CM.PR.S	FixedReset Disc	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 5.26 %
CIU.PR.A	Perpetual-Discount	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.47 %
HSE.PR.C	FixedReset Disc	2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.15 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.G	Deemed-Retractible	312,800	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.37 Bid-YTW : 6.07 %
BMO.PR.T	FixedReset Disc	57,338	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 5.49 %
CM.PR.R	FixedReset Disc	45,127	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.24 Evaluated at bid price : 21.52 Bid-YTW : 5.48 %
TD.PF.M	FixedReset Disc	41,103	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 23.04 Evaluated at bid price : 24.66 Bid-YTW : 4.98 %
TD.PF.C	FixedReset Disc	37,778	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 5.32 %
HSE.PR.C	FixedReset Disc	29,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.15 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PVS.PR.G	SplitShare	Quote: 25.15 – 25.56 Spot Rate : 0.4100 Average : 0.2401 YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 4.86 %
MFC.PR.G	FixedReset Ins Non	Quote: 18.81 – 19.31 Spot Rate : 0.5000 Average : 0.3357 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 %
PWF.PR.T	FixedReset Disc	Quote: 17.87 – 18.30 Spot Rate : 0.4300 Average : 0.2754 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 17.87 Evaluated at bid price : 17.87 Bid-YTW : 5.48 %
CCS.PR.C	Deemed-Retractible	Quote: 23.85 – 24.20 Spot Rate : 0.3500 Average : 0.2378 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.85 Bid-YTW : 5.61 %
IFC.PR.C	FixedReset Ins Non	Quote: 17.98 – 18.33 Spot Rate : 0.3500 Average : 0.2397 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.98 Bid-YTW : 7.79 %
PWF.PR.K	Perpetual-Discount	Quote: 22.13 – 22.39 Spot Rate : 0.2600 Average : 0.1613 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-25 Maturity Price : 21.89 Evaluated at bid price : 22.13 Bid-YTW : 5.68 %

Market Action

June 24, 2019

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.1038 %	1,934.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.1038 %	3,550.3
Floater	6.12 %	6.38 %	70,349	13.37	3	1.1038 %	2,046.1
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1930 %	3,313.9
SplitShare	4.70 %	4.81 %	73,159	4.20	7	-0.1930 %	3,957.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1930 %	3,087.8
Perpetual-Premium	5.62 %	-9.20 %	71,558	0.09	7	-0.1162 %	2,949.5
Perpetual-Discount	5.51 %	5.62 %	61,090	14.47	26	0.1211 %	3,071.7
FixedReset Disc	5.54 %	5.37 %	162,474	14.72	70	0.1656 %	2,062.9
Deemed-Retractible	5.28 %	5.97 %	75,871	8.01	27	0.2078 %	3,079.3
FloatingReset	4.08 %	4.92 %	51,144	2.49	4	-0.2515 %	2,333.8
FixedReset Prem	5.11 %	3.73 %	190,664	1.83	16	-0.0121 %	2,583.8
FixedReset Bank Non	1.98 %	4.32 %	148,000	2.51	3	0.0976 %	2,640.9
FixedReset Ins Non	5.38 %	7.64 %	94,545	8.10	22	0.0395 %	2,112.5

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.C	FixedReset Disc	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 11.66 Evaluated at bid price : 11.66 Bid-YTW : 6.15 %
SLF.PR.J	FloatingReset	-1.97 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.45 Bid-YTW : 10.37 %
TD.PF.I	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 21.39 Evaluated at bid price : 21.71 Bid-YTW : 5.11 %
CU.PR.D	Perpetual-Discount	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 22.06 Evaluated at bid price : 22.31 Bid-YTW : 5.54 %
MFC.PR.I	FixedReset Ins Non	-1.47 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.81 Bid-YTW : 7.78 %
RY.PR.M	FixedReset Disc	-1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 5.35 %
IAF.PR.G	FixedReset Ins Non	-1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.86 Bid-YTW : 7.47 %
BAM.PR.Z	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 18.18 Evaluated at bid price : 18.18 Bid-YTW : 6.07 %
CM.PR.Q	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.62 %
PWF.PR.L	Perpetual-Discount	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 22.73 Evaluated at bid price : 23.02 Bid-YTW : 5.62 %
HSE.PR.A	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 6.16 %
MFC.PR.F	FixedReset Ins Non	1.49 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.65 Bid-YTW : 9.54 %
BAM.PR.X	FixedReset Disc	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 12.69 Evaluated at bid price : 12.69 Bid-YTW : 6.07 %
GWO.PR.N	FixedReset Ins Non	1.98 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.90 Bid-YTW : 9.21 %
BAM.PR.B	Floater	2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 10.88 Evaluated at bid price : 10.88 Bid-YTW : 6.38 %
BIP.PR.F	FixedReset Disc	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.99 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Disc	152,046	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 22.11 Evaluated at bid price : 22.48 Bid-YTW : 5.20 %
CM.PR.S	FixedReset Disc	61,207	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 5.37 %
TRP.PR.D	FixedReset Disc	37,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.00 %
TD.PF.J	FixedReset Disc	33,770	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 5.21 %
HSE.PR.A	FixedReset Disc	33,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 6.16 %
EIT.PR.B	SplitShare	29,600	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.85 %
There were 16 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: 19.09 – 20.50 Spot Rate : 1.4100 Average : 1.0158 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 6.44 %
CU.PR.D	Perpetual-Discount	Quote: 22.31 – 22.68 Spot Rate : 0.3700 Average : 0.2346 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 22.06 Evaluated at bid price : 22.31 Bid-YTW : 5.54 %
CIU.PR.A	Perpetual-Discount	Quote: 20.80 – 21.47 Spot Rate : 0.6700 Average : 0.5375 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.59 %
TRP.PR.G	FixedReset Disc	Quote: 17.65 – 18.12 Spot Rate : 0.4700 Average : 0.3454 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 17.65 Evaluated at bid price : 17.65 Bid-YTW : 6.10 %
TD.PF.L	FixedReset Disc	Quote: 24.51 – 24.80 Spot Rate : 0.2900 Average : 0.1885 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 23.00 Evaluated at bid price : 24.51 Bid-YTW : 4.85 %
PWF.PR.P	FixedReset Disc	Quote: 12.90 – 13.34 Spot Rate : 0.4400 Average : 0.3404 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-24 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.65 %

Market Action

June 21, 2019

The federal NDP released its platform:

NDP leader Jagmeet Singh said his party would raise corporate taxes to 18% (from 15%) and tax capital gains at a [inclusion] rate of 75%.
…
The party would maintain the current small business tax rate of 9%.

The NDP would also increase the top marginal tax rate for those making more than $210,000 to 35% from 33%, and implement a 1% wealth tax on “super-rich multi-millionaires with wealth over $20 million.”
…
Other tax components of the NDP platform include:

A 15% foreign buyers tax on purchases of residential property by foreign corporations or people who are not citizens or permanent residents.
Doubling the Home Buyer’s Tax Credit to a maximum credit of $1,500 from $750.
Allowing income tax averaging for artists and cultural workers.
Ending the stock option deduction.
Ending “the unfair tax treatment of family farm transfers.”
Making the Canada Caregiver Tax Credit refundable.
Expanding the Volunteer Firefighters Tax Credit.

Changing the capital gains inclusion rate is a silly idea; it will simply provide even more encouragement for investors to retain their holdings forever and pay taxes only after death. I have long advocated a change whereby the capital gains and dividends are taxed the same way they are now, but with a cap: allocations into this bucket capped at some high figure, non-cumulative, annually. Say, $1-million a year. This won’t affect Joe Lunchbucket in the slightest, but – in addition to being a more effective tax on the super-rich than a wealth tax – will have the salutary effect of encouraging the super-rich to realize capital gains, in order to fill up their bucket every year of their lives, rather than grossly exceeding the cap upon death.

However, I was pleased to see that they are afraid to propose fiddling with the Dividend Tax credit and Gross-Up!

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	0.5097 %	1,913.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.5097 %	3,511.6
Floater	6.19 %	6.52 %	69,589	13.18	3	0.5097 %	2,023.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0454 %	3,320.3
SplitShare	4.69 %	4.70 %	73,814	4.21	7	-0.0454 %	3,965.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0454 %	3,093.7
Perpetual-Premium	5.60 %	-9.56 %	71,323	0.09	7	0.1963 %	2,952.9
Perpetual-Discount	5.50 %	5.62 %	59,690	14.40	26	0.0608 %	3,068.0
FixedReset Disc	5.55 %	5.38 %	161,956	14.67	70	0.5433 %	2,059.5
Deemed-Retractible	5.29 %	5.97 %	76,370	8.02	27	0.0800 %	3,072.9
FloatingReset	4.06 %	4.93 %	47,356	2.50	4	0.7735 %	2,339.7
FixedReset Prem	5.11 %	3.84 %	193,196	1.84	16	0.0242 %	2,584.1
FixedReset Bank Non	1.98 %	4.14 %	153,221	2.52	3	0.0000 %	2,638.3
FixedReset Ins Non	5.38 %	7.56 %	95,540	8.10	22	0.6806 %	2,111.6

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.N	FixedReset Ins Non	-2.64 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.63 Bid-YTW : 9.44 %
CU.PR.E	Perpetual-Discount	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 22.02 Evaluated at bid price : 22.25 Bid-YTW : 5.55 %
MFC.PR.I	FixedReset Ins Non	1.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.09 Bid-YTW : 7.58 %
PWF.PR.P	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 5.60 %
BAM.PF.E	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 15.60 Evaluated at bid price : 15.60 Bid-YTW : 6.32 %
TD.PF.K	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.17 %
IFC.PR.A	FixedReset Ins Non	1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.45 Bid-YTW : 9.69 %
SLF.PR.H	FixedReset Ins Non	1.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.70 Bid-YTW : 8.82 %
BIP.PR.B	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.16 %
MFC.PR.G	FixedReset Ins Non	1.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.95 Bid-YTW : 7.53 %
IAF.PR.G	FixedReset Ins Non	1.54 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.10 Bid-YTW : 7.30 %
BIP.PR.F	FixedReset Disc	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 6.14 %
RY.PR.S	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 21.19 Evaluated at bid price : 21.19 Bid-YTW : 4.76 %
TD.PF.B	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 17.48 Evaluated at bid price : 17.48 Bid-YTW : 5.25 %
IFC.PR.G	FixedReset Ins Non	1.80 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.75 Bid-YTW : 7.23 %
TRP.PR.A	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.07 %
TRP.PR.D	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 5.94 %
TRP.PR.C	FixedReset Disc	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 6.02 %
BAM.PR.K	Floater	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 10.63 Evaluated at bid price : 10.63 Bid-YTW : 6.53 %
TRP.PR.B	FixedReset Disc	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 5.93 %
SLF.PR.J	FloatingReset	2.24 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.72 Bid-YTW : 10.10 %
BIP.PR.E	FixedReset Disc	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.99 %
BIP.PR.A	FixedReset Disc	2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.46 %
BIP.PR.D	FixedReset Disc	2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 22.29 Evaluated at bid price : 22.72 Bid-YTW : 5.61 %
MFC.PR.Q	FixedReset Ins Non	2.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.34 Bid-YTW : 7.42 %
MFC.PR.F	FixedReset Ins Non	2.67 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.45 Bid-YTW : 9.71 %
CU.PR.C	FixedReset Disc	2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 5.47 %
BAM.PR.R	FixedReset Disc	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 6.16 %
TRP.PR.F	FloatingReset	3.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 13.49 Evaluated at bid price : 13.49 Bid-YTW : 6.64 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.R	FixedReset Disc	194,205	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 21.25 Evaluated at bid price : 21.53 Bid-YTW : 5.48 %
BMO.PR.W	FixedReset Disc	148,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 5.51 %
BMO.PR.D	FixedReset Disc	139,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.30 %
CM.PR.O	FixedReset Disc	71,614	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 16.64 Evaluated at bid price : 16.64 Bid-YTW : 5.60 %
TD.PF.C	FixedReset Disc	52,001	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.34 %
BAM.PR.K	Floater	50,513	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 10.63 Evaluated at bid price : 10.63 Bid-YTW : 6.53 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BIP.PR.A	FixedReset Disc	Quote: 19.00 – 19.60 Spot Rate : 0.6000 Average : 0.4556 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.46 %
RY.PR.Z	FixedReset Disc	Quote: 17.35 – 17.75 Spot Rate : 0.4000 Average : 0.2599 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 5.23 %
PWF.PR.A	Floater	Quote: 12.25 – 12.73 Spot Rate : 0.4800 Average : 0.3453 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 5.71 %
HSE.PR.C	FixedReset Disc	Quote: 17.81 – 18.19 Spot Rate : 0.3800 Average : 0.2548 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 17.81 Evaluated at bid price : 17.81 Bid-YTW : 6.31 %
TD.PF.C	FixedReset Disc	Quote: 17.12 – 17.47 Spot Rate : 0.3500 Average : 0.2354 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 5.34 %
EMA.PR.H	FixedReset Disc	Quote: 23.95 – 24.30 Spot Rate : 0.3500 Average : 0.2479 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-06-21 Maturity Price : 22.82 Evaluated at bid price : 23.95 Bid-YTW : 5.11 %

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