PrefBlog

PerpetualDiscounts now yield 4.24%, equivalent to 5.51% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.99%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 250bp, a dramatic narrowing from the 300bp reported August 11.

The dramatic change in the PerpetualDiscount reported yield is due to a few of the remaining elements of the PerpetualDiscount subindex going to sufficient premia to trigger a change in the YTW scenario with significant effects on the calculated YTW.

Ticker	Bid 8/11	YTW 8/11	Bid 8/18	YTW 8/18
BAM.PF.C	25.15	4.83%	25.23	4.45%
BAM.PF.D	25.22	4.64%	25.35	4.24%
BAM.PR.M	25.00	4.79%	25.25	0.33%
BAM.PR.N	25.09	4.78	25.15	4.78%
CIU.PR.A	24.75	4.64%	25.00	2.46%
CU.PR.F	25.25	1.34%	25.20	3.28%
CU.PR.G	25.28	1.77%	25.20	3.57%
ELF.PR.G	24.90	4.80%	25.00	4.78%

With so few constituents in the sub-index (and all of them near-par), small changes can have disproportionate effects!

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	0.4105 %	2,642.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4105 %	4,848.4
Floater	3.29 %	3.33 %	74,714	18.88	3	0.4105 %	2,794.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.1654 %	3,714.2
SplitShare	4.56 %	3.92 %	27,527	3.77	7	0.1654 %	4,435.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1654 %	3,460.7
Perpetual-Premium	5.14 %	-21.73 %	55,157	0.09	25	0.1003 %	3,315.6
Perpetual-Discount	4.67 %	4.24 %	81,206	1.01	8	0.1891 %	3,993.2
FixedReset Disc	3.99 %	3.46 %	118,060	18.22	40	-0.1778 %	2,812.7
Insurance Straight	4.86 %	-2.93 %	69,900	0.09	22	0.0797 %	3,745.6
FloatingReset	2.87 %	3.20 %	33,583	19.20	2	-0.3454 %	2,556.6
FixedReset Prem	4.78 %	2.92 %	140,825	1.54	31	0.1313 %	2,761.1
FixedReset Bank Non	1.81 %	1.87 %	107,501	0.10	1	0.0000 %	2,890.8
FixedReset Ins Non	4.04 %	3.27 %	109,442	18.28	20	-0.1457 %	2,950.7

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-11.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.87 %
MFC.PR.F	FixedReset Ins Non	-8.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 3.51 %
TRP.PR.G	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 22.38 Evaluated at bid price : 23.10 Bid-YTW : 3.98 %
NA.PR.S	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.15 Evaluated at bid price : 24.30 Bid-YTW : 3.38 %
MFC.PR.N	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 22.82 Evaluated at bid price : 23.84 Bid-YTW : 3.32 %
IFC.PR.I	Perpetual-Premium	1.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.41 Bid-YTW : 3.81 %
TRP.PR.B	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 3.95 %
IFC.PR.F	Insurance Straight	1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 26.00 Evaluated at bid price : 26.75 Bid-YTW : 3.10 %
BIP.PR.A	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.10 Evaluated at bid price : 24.55 Bid-YTW : 4.37 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.J	FixedReset Disc	66,640	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.08 Evaluated at bid price : 24.48 Bid-YTW : 3.51 %
TD.PF.D	FixedReset Disc	56,229	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.05 Evaluated at bid price : 24.45 Bid-YTW : 3.56 %
PVS.PR.J	SplitShare	46,760	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.22 %
IFC.PR.E	Insurance Straight	38,467	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.65 Bid-YTW : 2.88 %
RY.PR.R	FixedReset Prem	28,938	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-23 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 5.04 %
SLF.PR.B	Insurance Straight	27,330	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-17 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : -0.02 %
There were 18 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.P	FixedReset Disc	Quote: 15.35 – 17.20 Spot Rate : 1.8500 Average : 1.0866 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 3.87 %
MFC.PR.F	FixedReset Ins Non	Quote: 16.30 – 17.85 Spot Rate : 1.5500 Average : 0.8711 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 3.51 %
BAM.PR.N	Perpetual-Discount	Quote: 25.15 – 25.52 Spot Rate : 0.3700 Average : 0.2512 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 24.92 Evaluated at bid price : 25.15 Bid-YTW : 4.78 %
RY.PR.J	FixedReset Disc	Quote: 24.48 – 24.79 Spot Rate : 0.3100 Average : 0.2121 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.08 Evaluated at bid price : 24.48 Bid-YTW : 3.51 %
NA.PR.S	FixedReset Disc	Quote: 24.30 – 24.58 Spot Rate : 0.2800 Average : 0.1881 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-18 Maturity Price : 23.15 Evaluated at bid price : 24.30 Bid-YTW : 3.38 %
CU.PR.I	FixedReset Prem	Quote: 26.80 – 27.16 Spot Rate : 0.3600 Average : 0.2681 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.80 Bid-YTW : 2.68 %

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August 17, 2021

August 18th, 2021

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	-0.8899 %	2,631.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.8899 %	4,828.6
Floater	3.30 %	3.33 %	74,399	18.88	3	-0.8899 %	2,782.7
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0220 %	3,708.0
SplitShare	4.57 %	3.97 %	28,660	3.77	7	-0.0220 %	4,428.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0220 %	3,455.0
Perpetual-Premium	5.15 %	-18.42 %	52,858	0.09	25	-0.0216 %	3,312.3
Perpetual-Discount	4.68 %	4.56 %	81,401	1.08	8	-0.0547 %	3,985.7
FixedReset Disc	3.98 %	3.47 %	116,006	18.20	40	-0.0397 %	2,817.7
Insurance Straight	4.86 %	-2.08 %	69,612	0.08	22	0.0248 %	3,742.7
FloatingReset	2.86 %	3.20 %	34,972	19.20	2	0.4732 %	2,565.5
FixedReset Prem	4.79 %	2.93 %	137,407	1.54	31	0.0461 %	2,757.5
FixedReset Bank Non	1.81 %	1.82 %	109,081	0.10	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.28 %	113,134	18.24	20	0.0300 %	2,955.0

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.A	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 22.92 Evaluated at bid price : 24.12 Bid-YTW : 4.46 %
SLF.PR.J	FloatingReset	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 2.56 %
BAM.PR.C	Floater	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 3.33 %
BAM.PF.G	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 22.49 Evaluated at bid price : 23.25 Bid-YTW : 3.87 %
TRP.PR.F	FloatingReset	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 3.20 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.H	FixedReset Prem	67,702	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.24 Bid-YTW : 1.26 %
NA.PR.E	FixedReset Disc	34,645	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 23.61 Evaluated at bid price : 24.88 Bid-YTW : 3.47 %
RY.PR.S	FixedReset Prem	28,405	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 23.62 Evaluated at bid price : 25.45 Bid-YTW : 3.23 %
BMO.PR.F	FixedReset Prem	23,050	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 2.59 %
PVS.PR.J	SplitShare	22,300	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.41 Bid-YTW : 4.28 %
BIP.PR.E	FixedReset Prem	19,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.17 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Insurance Straight	Quote: 26.56 – 29.36 Spot Rate : 2.8000 Average : 2.1996 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.56 Bid-YTW : 3.27 %
BIP.PR.A	FixedReset Disc	Quote: 24.12 – 24.74 Spot Rate : 0.6200 Average : 0.3920 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 22.92 Evaluated at bid price : 24.12 Bid-YTW : 4.46 %
TRP.PR.B	FixedReset Disc	Quote: 12.99 – 13.44 Spot Rate : 0.4500 Average : 0.3022 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 12.99 Evaluated at bid price : 12.99 Bid-YTW : 4.00 %
IFC.PR.I	Perpetual-Premium	Quote: 27.10 – 28.00 Spot Rate : 0.9000 Average : 0.7649 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.10 Bid-YTW : 4.15 %
CIU.PR.A	Perpetual-Discount	Quote: 24.88 – 25.20 Spot Rate : 0.3200 Average : 0.2001 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-17 Maturity Price : 24.62 Evaluated at bid price : 24.88 Bid-YTW : 4.62 %
CU.PR.D	Perpetual-Premium	Quote: 25.50 – 26.00 Spot Rate : 0.5000 Average : 0.3837 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-01 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -12.41 %

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August 16, 2021

August 16th, 2021

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	-0.2030 %	2,655.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2030 %	4,871.9
Floater	3.27 %	3.29 %	75,049	18.97	3	-0.2030 %	2,807.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,708.8
SplitShare	4.57 %	3.96 %	28,679	3.78	7	0.0386 %	4,429.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,455.8
Perpetual-Premium	5.15 %	-16.90 %	53,576	0.09	25	0.1530 %	3,313.0
Perpetual-Discount	4.67 %	4.22 %	84,224	1.02	8	-0.0149 %	3,987.9
FixedReset Disc	3.98 %	3.49 %	116,276	18.21	40	0.3679 %	2,818.8
Insurance Straight	4.86 %	-3.70 %	70,321	0.09	22	0.0159 %	3,741.7
FloatingReset	2.88 %	3.27 %	36,418	19.03	2	-1.7359 %	2,553.4
FixedReset Prem	4.81 %	2.92 %	134,982	2.21	32	0.1641 %	2,756.2
FixedReset Bank Non	1.81 %	1.77 %	110,439	0.11	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.29 %	114,786	18.25	20	-0.2502 %	2,954.2

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.F	FloatingReset	-4.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 3.27 %
SLF.PR.G	FixedReset Ins Non	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 3.25 %
BAM.PF.A	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.38 Evaluated at bid price : 24.55 Bid-YTW : 3.94 %
BAM.PR.T	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 3.95 %
MFC.PR.J	FixedReset Ins Non	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.78 Evaluated at bid price : 25.22 Bid-YTW : 3.41 %
TRP.PR.G	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 22.54 Evaluated at bid price : 23.40 Bid-YTW : 3.91 %
IFC.PR.A	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 3.23 %
SLF.PR.J	FloatingReset	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 2.52 %
BAM.PR.X	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 3.85 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.T	Insurance Straight	369,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.52 Bid-YTW : 3.38 %
BMO.PR.C	FixedReset Prem	111,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 2.24 %
CM.PR.R	FixedReset Prem	101,425	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 1.90 %
TD.PF.K	FixedReset Disc	38,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.64 Evaluated at bid price : 25.30 Bid-YTW : 3.44 %
SLF.PR.A	Insurance Straight	30,570	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-15 Maturity Price : 25.00 Evaluated at bid price : 25.26 Bid-YTW : -0.47 %
CM.PR.S	FixedReset Disc	28,595	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 23.71 Evaluated at bid price : 24.90 Bid-YTW : 3.35 %
There were 9 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.E	Insurance Straight	Quote: 26.56 – 29.07 Spot Rate : 2.5100 Average : 1.5414 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-06-30 Maturity Price : 26.00 Evaluated at bid price : 26.56 Bid-YTW : 3.26 %
TRP.PR.F	FloatingReset	Quote: 16.05 – 17.10 Spot Rate : 1.0500 Average : 0.6514 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 3.27 %
IFC.PR.I	Perpetual-Premium	Quote: 27.10 – 28.00 Spot Rate : 0.9000 Average : 0.6168 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.10 Bid-YTW : 4.15 %
IFC.PR.F	Insurance Straight	Quote: 26.40 – 27.40 Spot Rate : 1.0000 Average : 0.7732 YTW SCENARIO Maturity Type : Call Maturity Date : 2024-09-30 Maturity Price : 25.50 Evaluated at bid price : 26.40 Bid-YTW : 4.23 %
BAM.PF.B	FixedReset Disc	Quote: 23.10 – 23.61 Spot Rate : 0.5100 Average : 0.3479 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-16 Maturity Price : 22.55 Evaluated at bid price : 23.10 Bid-YTW : 3.94 %
MFC.PR.B	Insurance Straight	Quote: 25.10 – 25.60 Spot Rate : 0.5000 Average : 0.3482 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-15 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : -5.41 %

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August PrefLetter Released!

August 16th, 2021

The August, 2021, edition of PrefLetter has been released and is now available for purchase as the “Previous edition”. Those who subscribe for a full year receive the “Previous edition” as a bonus.

The August edition is somewhat foreshortened, but contains the most critical elements.

There is a problem with the site certificate; this is being updated but takes a surprising amount of time. If your browser warns you the link may not be private, just check that the domain is prefletter.com and you may proceed. A new problem this month is that the https: in the link emailed to you should be replaced with http:.

I do apologize for this. Everything happens at once!

PrefLetter may now be purchased by all Canadian residents.

Until further notice, the “Previous Edition” will refer to the August, 2021, issue, while the “Next Edition” will be the September, 2021, issue, scheduled to be prepared as of the close September 10, 2021, and eMailed to subscribers prior to market-opening on September 13.

PrefLetter is intended for long term investors seeking issues to buy-and-hold. At least one recommendation from each of the major preferred share sectors is included and discussed.

Note: My verbosity has grown by such leaps and bounds that it is no longer possible to deliver PrefLetter as an eMail attachment – it’s just too big for my software! Instead, I have sent passwords – click on the link in your eMail and your copy will download.

Note: There have been problems lately with corporate eMail protection systems that substitute “safe” links for the links sent in the eMails; the problem being that the “safe” links do not work and an error is generated by my software. To avoid possible problems and delays, please subscribe through an eMail account that is not “protected” by such software.

Note: The PrefLetter website has a Subscriber Download Feature. If you have not received your copy, try it!

Note: PrefLetter eMails sometimes runs afoul of spam filters. If you have not received your copy within fifteen minutes of a release notice such as this one, please double check your (company’s) spam filtering policy and your spam repository – there are some hints in the post Sympatico Spam Filters out of Control. If it’s not there, contact me and I’ll get you your copy … somehow!

Note: There have been scattered complaints regarding inability to open PrefLetter in Acrobat Reader, despite my practice of including myself on the subscription list and immediately checking the copy received. I have had the occasional difficulty reading US Government documents, which I was able to resolve by downloading and installing the latest version of Adobe Reader. Also, note that so far, all complaints have been from users of Yahoo Mail. Try saving it to disk first, before attempting to open it.

Note: There have been other scattered complaints that double-clicking on the links in the “PrefLetter Download” email results in a message that the password has already been used. I have been able to reproduce this problem in my own eMail software … the problem is double-clicking. What happens is the first click opens the link and the second click finds that the password has already been used and refuses to work properly. So the moral of the story is: Don’t be a dick! Single Click!

Note: Assiduous Reader DG informs me:

In case you have any other Apple users: you need to install a free App from the apple store called “FileApp”. It comes with it’s own tutorial and allows you to download and save a PDF file.

However, Assiduous Reader Adrian informs me in the comments to the January 2015 release:

Some nitpicking for DG:
FileApp costs $1.19 in the Apple Store.

But Adrian2 now advises:

Well, as of now, FileApp is free (again?).

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MAPF Performance : July, 2021

August 14th, 2021

Malachite Aggressive Preferred Fund’s Net Asset Value per Unit as of the close July 30, 2021, was $10.4212.

Returns to July 30, 2021
Period	MAPF	TXPR* Total Return	CPD – according to RBC Global Asset Management
One Month	+0.48%	+0.80%	+0.80%
Three Months	+7.18%	+3.72%	+3.6%
One Year	+54.42%	+29.47%	+28.7%
Two Years (annualized)	+20.19%	+12.30%	N/A
Three Years (annualized)	+5.87%	+4.60%	+3.9%
Four Years (annualized)	+7.03%	+4.76%	N/A
Five Years (annualized)	+10.90%	+7.09%	+6.5%
Six Years (annualized)	+7.83%	+5.44%	N/A
Seven Years (annualized)	+4.97%	+2.84%	N/A
Eight Years (annualized)	+5.51%	+3.08%	N/A
Nine Years (annualized)	+5.11%	+2.78%	N/A
Ten Years (annualized)	+4.88%	+2.93%	+2.4%
Eleven Years (annualized)	+5.83%	+3.59%
Twelve Years (annualized)	+6.60%	+3.95%
Thirteen Years (annualized)	+9.80%	+4.10%
Fourteen Years (annualized)	+8.50%	+3.16%
Fifteen Years (annualized)	+8.30%
Sixteen Years (annualized)	+8.06%
Seventeen Years (annualized)	+8.02%
Eighteen Years (annualized)	+8.61%
Nineteen Years (annualized)	+8.86%
Twenty Years (annualized)	+8.98%
MAPF returns assume reinvestment of distributions, and are shown after expenses but before fees.
The BMO Capital Markets “50” Preferred Share Index is no longer being calculated. The final performance report incorporating this venerable index was published as of December, 2020.
“TXPR” is the S&P/TSX Preferred Share Index. It is calculated without accounting for fees, but does assume reinvestment of dividends.
CPD Returns are for the NAV and are after all fees and expenses. Reinvestment of dividends is assumed.
Figures for National Bank Preferred Equity Income Fund (formerly Omega Preferred Equity) (which are after all fees and expenses) for 1-, 3- and 12-months are +0.91%, +5.01% and +36.23%, respectively, according to Globe & Mail / Fundata after all fees & expenses. Three year performance is +6.77%; five year is +8.04%; ten year is +3.98% Figures from Morningstar are no longer conveniently available.
Manulife Preferred Income Class Adv has been terminated by Manulife. The performance of this fund was last reported here in March, 2018.
Figures for Horizons Active Preferred Share ETF (HPR) (which are after all fees and expenses) for 1-, 3- and 12-months are +1.15%, +4.50% & +37.47%, respectively. Three year performance is +4.61%, five-year is +7.71%
Figures for National Bank Preferred Equity Fund (formerly Altamira Preferred Equity Fund) are +1.16%, +4.78% and +37.85% for one-, three- and twelve months, respectively. Three year performance is +4.92%; five-year is +7.99%. Acccording to the fund’s fact sheet as of June 30, 2016, the fund’s inception date was October 30, 2015. I do not know how they justify this nonsensical statement, but will assume that prior performance is being suppressed in some perfectly legal manner that somebody at National considers ethical. The last time Altamira Preferred Equity Fund’s performance was reported here was April, 2014; performance under the National Bank banner was first reported here May, 2014.
The figures for the NAV of BMO S&P/TSX Laddered Preferred Share Index ETF (ZPR) is +35.77% for the past twelve months. Two year performance is +13.88%, three year is +4.54%, five year is +7.98%.
Figures for Fiera Canadian Preferred Share Class Cg Series F, (formerly Natixis Canadian Preferred Share Class Series F) (formerly NexGen Canadian Preferred Share Tax Managed Fund) are no longer available as the Fund is now the property of Canoe Financial. The last reported performance for the merged fund was May 2020.
Figures for BMO Preferred Share Fund (advisor series) according to BMO are +0.87%, +2.89% and +27.46% for the past one-, three- and twelve-months, respectively. Two year performance is +10.41%; three year is +1.80%; five-year is +4.14%.
Figures for PowerShares Canadian Preferred Share Index Class, Series F (PPS) are +31.66% for the past twelve months. The three-year figure is +3.96%; five years is +7.56%; ten-year is +2.55%
Figures for the First Asset Preferred Share Investment Trust (PSF.UN) are no longer available since the fund has merged with First Asset Preferred Share ETF (FPR). Performance for the fund was last reported here in September, 2016; the first report of unavailability was in October, 2016.
Figures for Lysander-Slater Preferred Share Dividend Fund (Class F) according to the company are +0.89%, +5.23% and +41.74% for the past one, three and twelve months, respectively. Three year performance is +3.17%, five-year is +6.03%.
Figures for the Desjardins Canadian Preferred Share Fund A Class (A Class), as reported by the company are +0.74%, +4.01% and +29.14% for the past one, three and twelve months, respectively. Two year performance is +11.20%, three-year is +2.75%, five-year is +5.63%
Figures for the RBC Canadian Preferred Share ETF (RPF) as reported by Morningstar are +1.17%, +4.50% and +36.24% for the past one, three and twelve months, respectively. Three-year performance is +4.05%
Figures for the Dynamic Active Preferred Shares ETF (DXP) are +1.0%, +5.2% and +41.3% for the past one, three and twelve months, respectively. Three-year performance is +5.9%

Calculation of MAPF Sustainable Income Per Unit
Month	NAVPU	Portfolio Average YTW	Leverage Divisor	Securities Average YTW	Capital Gains Multiplier	Sustainable Income per current Unit
June, 2007	9.3114	5.16%	1.03	5.01%	1.3240	0.3524
September	9.1489	5.35%	0.98	5.46%	1.3240	0.3773
December, 2007	9.0070	5.53%	0.942	5.87%	1.3240	0.3993
March, 2008	8.8512	6.17%	1.047	5.89%	1.3240	0.3938
June	8.3419	6.034%	0.952	6.338%	1.3240	$0.3993
September	8.1886	7.108%	0.969	7.335%	1.3240	$0.4537
December, 2008	8.0464	9.24%	1.008	9.166%	1.3240	$0.5571
March 2009	$8.8317	8.60%	0.995	8.802%	1.3240	$0.5872
June	10.9846	7.05%	0.999	7.057%	1.3240	$0.5855
September	12.3462	6.03%	0.998	6.042%	1.3240	$0.5634
December 2009	10.5662	5.74%	0.981	5.851%	1.1141	$0.5549
March 2010	10.2497	6.03%	0.992	6.079%	1.1141	$0.5593
June	10.5770	5.96%	0.996	5.984%	1.1141	$0.5681
September	11.3901	5.43%	0.980	5.540%	1.1141	$0.5664
December 2010	10.7659	5.37%	0.993	5.408%	1.0298	$0.5654
March, 2011	11.0560	6.00%	0.994	5.964%	1.0298	$0.6403
June	11.1194	5.87%	1.018	5.976%	1.0298	$0.6453
September	10.2709	6.10% Note	1.001	6.106%	1.0298	$0.6090
December, 2011	10.0793	5.63% Note	1.031	5.805%	1.0000	$0.5851
March, 2012	10.3944	5.13% Note	0.996	5.109%	1.0000	$0.5310
June	10.2151	5.32% Note	1.012	5.384%	1.0000	$0.5500
September	10.6703	4.61% Note	0.997	4.624%	1.0000	$0.4934
December, 2012	10.8307	4.24%	0.989	4.287%	1.0000	$0.4643
March, 2013	10.9033	3.87%	0.996	3.886%	1.0000	$0.4237
June	10.3261	4.81%	0.998	4.80%	1.0000	$0.4957
September	10.0296	5.62%	0.996	5.643%	1.0000	$0.5660
December, 2013	9.8717	6.02%	1.008	5.972%	1.0000	$0.5895
March, 2014	10.2233	5.55%	0.998	5.561%	1.0000	$0.5685
June	10.5877	5.09%	0.998	5.100%	1.0000	$0.5395
September	10.4601	5.28%	0.997	5.296%	1.0000	$0.5540
December, 2014	10.5701	4.83%	1.009	4.787%	1.0000	$0.5060
March, 2015	9.9573	4.99%	1.001	4.985%	1.0000	$0.4964
June, 2015	9.4181	5.55%	1.002	5.539%	1.0000	$0.5217
September	7.8140	6.98%	0.999	6.987%	1.0000	$0.5460
December, 2015	8.1379	6.85%	0.997	6.871%	1.0000	$0.5592
March, 2016	7.4416	7.79%	0.998	7.805%	1.0000	$0.5808
June	7.6704	7.67%	1.011	7.587%	1.0000	$0.5819
September	8.0590	7.35%	0.993	7.402%	1.0000	$0.5965
December, 2016	8.5844	7.24%	0.990	7.313%	1.0000	$0.6278
March, 2017	9.3984	6.26%	0.994	6.298%	1.0000	$0.5919
June	9.5313	6.41%	0.998	6.423%	1.0000	$0.6122
September	9.7129	6.56%	0.998	6.573%	1.0000	$0.6384
December, 2017	10.0566	6.06%	1.004	6.036%	1.0000	$0.6070
March, 2018	10.2701	6.22%	1.007	6.177%	1.0000	$0.6344
June	10.2518	6.22%	0.995	6.251%	1.0000	$0.6408
September	10.2965	6.62%	1.018	6.503%	1.0000	$0.6696
December, 2018	8.6875	7.16%	0.997	7.182%	1.0000	$0.6240
March, 2019	8.4778	7.09%	1.007	7.041%	1.0000	$0.5969
June	8.0896	7.33%	0.996	7.359%	1.0000	$0.5953
September	7.7948	7.96%	0.998	7.976%	1.0000	$0.6217
December, 2019	8.0900	6.03%	0.995	6.060%	1.0000	$0.4903
March	5.5596	7.04%	1.006	6.998%	1.0000	$0.3891
June	6.3568	6.10%	0.9900	6.162%	1.0000	$0.3917
September	7.2852	5.32%	1.00	5.320%	1.0000	$0.3876
December, 2020	8.3947	4.46%	0.999	4.464%	1.0000	$0.3747
March, 2021	9.6473	4.48%	0.996	4.498%	1.0000	$0.4339
June	10.3712	3.92%	0.985	3.980%	1.0000	$0.4127
July, 2021	10.4212	3.72%	1.004	3.705%	1.0000	$0.3861
NAVPU is shown after quarterly distributions of dividend income and annual distribution of capital gains. Portfolio YTW includes cash (or margin borrowing), with an assumed interest rate of 0.00% The Leverage Divisor indicates the level of cash in the account: if the portfolio is 1% in cash, the Leverage Divisor will be 0.99 Securities YTW divides “Portfolio YTW” by the “Leverage Divisor” to show the average YTW on the securities held; this assumes that the cash is invested in (or raised from) all securities held, in proportion to their holdings. The Capital Gains Multiplier adjusts for the effects of Capital Gains Dividends. On 2009-12-31, there was a capital gains distribution of $1.989262 which is assumed for this purpose to have been reinvested at the final price of $10.5662. Thus, a holder of one unit pre-distribution would have held 1.1883 units post-distribution; the CG Multiplier reflects this to make the time-series comparable. Note that Dividend Distributions are not assumed to be reinvested. Sustainable Income is the resultant estimate of the fund’s dividend income per current unit, before fees and expenses. Note that a “current unit” includes reinvestment of prior capital gains; a unitholder would have had the calculated sustainable income with only, say, 0.9 units in the past which, with reinvestment of capital gains, would become 1.0 current units.
DeemedRetractibles are comprised of all Straight Perpetuals (both PerpetualDiscount and PerpetualPremium) issued by BMO, BNS, CM, ELF, GWO, HSB, IAG, MFC, NA, RY, SLF and TD, which are not exchangable into common at the option of the company or the regulator (definition refined in May, 2011). These issues are analyzed as if their prospectuses included a requirement to redeem at par on or prior to 2022-1-31 (banks) or the Deemed Maturity date for insurers and insurance holding companies (see below)), in addition to the call schedule explicitly defined. See the Deemed Retractible Review: September 2016 for the rationale behind this analysis. The same reasoning is also applied to FixedResets from these issuers, other than explicitly defined NVCC from banks. In November, 2019, the assumption of DeemedRetraction for insurance issues was cancelled in the wake of the IAIS decision included in ICS 2.0. This resulted in a large drop in the yield calculated for these issues
The Deemed Maturity date for insurers was set at 2022-1-31 at the commencement of the process in February, 2011. It was extended to 2025-1-31 in April, 2013 and to 2030-1-31 in December, 2018. In November, 2019, the assumption of DeemedRetraction was cancelled in the wake of the IAIS decision included in ICS 2.0.
Yields for September, 2011, to January, 2012, were calculated by imposing a cap of 10% on the yields of YLO issues held, in order to avoid their extremely high calculated yields distorting the calculation and to reflect the uncertainty in the marketplace that these yields will be realized. From February to September 2012, yields on these issues have been set to zero. All YLO issues held were sold in October 2012.

These calculations were performed assuming constant contemporary GOC-5 and 3-Month Bill rates, as follows:

Canada Yields Assumed in Calculations
Month-end	GOC-5	3-Month Bill
September, 2015	0.78%	0.40%
December, 2015	0.71%	0.46%
March, 2016	0.70%	0.44%
June	0.57%	0.47%
September	0.58%	0.53%
December, 2016	1.16%	0.47%
March, 2017	1.08%	0.55%
June	1.35%	0.69%
September	1.79%	0.97%
December, 2017	1.83%	1.00%
March, 2018	2.06%	1.08%
June	1.95%	1.22%
September	2.33%	1.55%
December, 2018	1.88%	1.65%
March, 2019	1.46%	1.66%
June	1.34%	1.66%
September	1.41%	1.66%
December, 2019	1.68%	1.68%
March, 2020	0.57%	0.21%
June	0.37%	0.21%
September	0.35%	0.14%
December, 2020	0.42%	0.08%
March, 2021	0.94%	0.09%
June	0.93%	0.13%
July, 2021	0.80%	0.16%

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NA.PR.A To Be Redeemed

August 13th, 2021

National Bank of Canada has announced (on 2021-6-15):

its intention, subject to the approval of the Office of the Superintendent of Financial Institutions, to redeem all of its 16,000,000 issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 36 (Non-Viability Contingent Capital (NVCC)) (the “Preferred Shares Series 36”) on August 15, 2021, for cash at a redemption price of $25.00 per share, together with all declared and unpaid dividends.

On May 28, 2021, National Bank announced that the quarterly dividend of $0.3375 per Preferred Shares Series 36 had been declared. This will be the final dividend on the Preferred Shares Series 36, and will be payable in the usual manner on August 15, 2021 to shareholders of record on July 6, 2021, as previously announced.

Since August 15, 2021 is not a business day, amounts due to holders of Preferred Shares 36 on that date will be paid on the first business day following that date, being Monday, August 16, 2021.

Formal notice will be given to holders of Preferred Shares Series 36 in accordance with the terms thereof.

The redemption of the Preferred Shares Series 36 is part of National Bank’s ongoing management of its regulatory capital.

NA.PR.A was a FixedReset, 5.40%+466, NVCC issue that commenced trading 2016-6-13 after announced 2016-6-2.

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August 13, 2021

August 13th, 2021

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	0.1270 %	2,660.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.1270 %	4,881.8
Floater	3.26 %	3.29 %	77,481	18.97	3	0.1270 %	2,813.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,707.4
SplitShare	4.57 %	3.96 %	26,555	3.78	7	0.0386 %	4,427.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0386 %	3,454.5
Perpetual-Premium	5.15 %	-14.82 %	55,531	0.09	25	0.0773 %	3,307.9
Perpetual-Discount	4.67 %	3.52 %	84,635	1.03	8	0.0199 %	3,988.4
FixedReset Disc	4.00 %	3.50 %	120,112	18.18	40	0.1165 %	2,808.5
Insurance Straight	4.87 %	-1.77 %	73,109	0.09	22	0.1704 %	3,741.1
FloatingReset	2.83 %	3.11 %	34,106	19.42	2	-0.1548 %	2,598.5
FixedReset Prem	4.82 %	2.92 %	135,788	2.22	32	0.0109 %	2,751.7
FixedReset Bank Non	1.81 %	1.64 %	114,991	0.11	1	0.0000 %	2,890.8
FixedReset Ins Non	4.02 %	3.30 %	119,349	18.11	20	0.1285 %	2,961.6

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.A	FixedReset Ins Non	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 3.27 %
MIC.PR.A	Perpetual-Premium	-1.84 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.70 Bid-YTW : 4.56 %
BIP.PR.B	FixedReset Prem	-1.04 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 3.97 %
BAM.PR.Z	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 23.90 Evaluated at bid price : 24.30 Bid-YTW : 4.02 %
MFC.PR.I	FixedReset Ins Non	1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-19 Maturity Price : 25.00 Evaluated at bid price : 25.46 Bid-YTW : 3.27 %
GWO.PR.S	Insurance Straight	1.53 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.50 Evaluated at bid price : 26.60 Bid-YTW : -35.26 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.J	FixedReset Ins Non	29,683	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 23.79 Evaluated at bid price : 25.24 Bid-YTW : 3.47 %
NA.PR.S	FixedReset Disc	19,151	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 23.19 Evaluated at bid price : 24.40 Bid-YTW : 3.36 %
TRP.PR.K	FixedReset Prem	18,446	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 2.08 %
MFC.PR.N	FixedReset Ins Non	18,160	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 22.76 Evaluated at bid price : 23.70 Bid-YTW : 3.39 %
BMO.PR.F	FixedReset Prem	15,072	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 2.58 %
SLF.PR.C	Insurance Straight	12,663	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 3.18 %
There were 5 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: 23.00 – 25.00 Spot Rate : 2.0000 Average : 1.0943 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 22.35 Evaluated at bid price : 23.00 Bid-YTW : 3.92 %
POW.PR.A	Perpetual-Premium	Quote: 25.93 – 26.93 Spot Rate : 1.0000 Average : 0.5660 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.00 Evaluated at bid price : 25.93 Bid-YTW : -30.85 %
IFC.PR.A	FixedReset Ins Non	Quote: 20.40 – 21.24 Spot Rate : 0.8400 Average : 0.5727 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 3.27 %
CU.PR.C	FixedReset Disc	Quote: 21.70 – 22.48 Spot Rate : 0.7800 Average : 0.6026 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-13 Maturity Price : 21.40 Evaluated at bid price : 21.70 Bid-YTW : 3.74 %
IFC.PR.I	Perpetual-Premium	Quote: 26.92 – 27.40 Spot Rate : 0.4800 Average : 0.3063 YTW SCENARIO Maturity Type : Call Maturity Date : 2028-03-31 Maturity Price : 25.25 Evaluated at bid price : 26.92 Bid-YTW : 4.33 %
POW.PR.C	Perpetual-Premium	Quote: 26.04 – 26.50 Spot Rate : 0.4600 Average : 0.2916 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-12 Maturity Price : 25.00 Evaluated at bid price : 26.04 Bid-YTW : -34.83 %

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August 12, 2021

August 13th, 2021

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	-0.5558 %	2,657.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.5558 %	4,875.6
Floater	3.27 %	3.30 %	80,624	18.96	3	-0.5558 %	2,809.9
OpRet	0.00 %	0.00 %	0	0.00	0	0.0939 %	3,706.0
SplitShare	4.57 %	4.06 %	27,495	3.78	7	0.0939 %	4,425.7
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0939 %	3,453.1
Perpetual-Premium	5.16 %	-14.55 %	54,860	0.09	25	0.1812 %	3,305.4
Perpetual-Discount	4.67 %	4.14 %	85,111	0.79	8	0.2293 %	3,987.7
FixedReset Disc	4.00 %	3.53 %	121,885	18.17	40	0.5241 %	2,805.2
Insurance Straight	4.87 %	-1.57 %	71,434	0.09	22	0.0835 %	3,734.8
FloatingReset	2.82 %	3.11 %	35,422	19.43	2	-0.1236 %	2,602.6
FixedReset Prem	4.82 %	3.17 %	135,169	1.55	32	-0.0049 %	2,751.4
FixedReset Bank Non	1.81 %	1.60 %	116,238	0.12	1	0.0000 %	2,890.8
FixedReset Ins Non	4.03 %	3.41 %	117,065	18.03	20	0.1029 %	2,957.8

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 3.23 %
BAM.PR.B	Floater	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 13.16 Evaluated at bid price : 13.16 Bid-YTW : 3.28 %
BMO.PR.W	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 22.82 Evaluated at bid price : 23.75 Bid-YTW : 3.32 %
IFC.PR.A	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 3.23 %
BAM.PF.F	FixedReset Disc	4.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 22.97 Evaluated at bid price : 24.03 Bid-YTW : 3.92 %
PWF.PR.P	FixedReset Disc	11.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 3.52 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.H	FixedReset Ins Non	175,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 22.54 Evaluated at bid price : 23.50 Bid-YTW : 3.21 %
BMO.PR.E	FixedReset Prem	51,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.60 Evaluated at bid price : 25.25 Bid-YTW : 3.56 %
IFC.PR.G	FixedReset Ins Non	43,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.79 Evaluated at bid price : 25.50 Bid-YTW : 3.41 %
IAF.PR.I	FixedReset Ins Non	30,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.81 Evaluated at bid price : 25.33 Bid-YTW : 3.63 %
CM.PR.S	FixedReset Disc	29,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 23.70 Evaluated at bid price : 24.90 Bid-YTW : 3.37 %
TRP.PR.K	FixedReset Prem	29,076	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 2.65 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.F	Insurance Straight	Quote: 26.15 – 26.88 Spot Rate : 0.7300 Average : 0.4746 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-09-30 Maturity Price : 25.25 Evaluated at bid price : 26.15 Bid-YTW : 4.49 %
BAM.PR.T	FixedReset Disc	Quote: 20.17 – 21.50 Spot Rate : 1.3300 Average : 1.1356 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 20.17 Evaluated at bid price : 20.17 Bid-YTW : 4.03 %
CU.PR.I	FixedReset Prem	Quote: 26.51 – 27.16 Spot Rate : 0.6500 Average : 0.5109 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.51 Bid-YTW : 2.95 %
TRP.PR.C	FixedReset Disc	Quote: 14.48 – 15.00 Spot Rate : 0.5200 Average : 0.3931 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 14.48 Evaluated at bid price : 14.48 Bid-YTW : 4.04 %
POW.PR.G	Perpetual-Premium	Quote: 25.90 – 26.24 Spot Rate : 0.3400 Average : 0.2201 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-11 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : -29.81 %
BAM.PR.X	FixedReset Disc	Quote: 17.15 – 18.00 Spot Rate : 0.8500 Average : 0.7340 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-12 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 3.97 %

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Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.R	FixedReset Prem	102,415	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 2.13 %
MFC.PR.H	FixedReset Ins Non	52,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-19 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 1.96 %
BMO.PR.F	FixedReset Prem	36,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 2.59 %
BIP.PR.D	FixedReset Prem	30,325	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 3.93 %
W.PR.M	FixedReset Prem	30,195	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 2.79 %
PWF.PR.Z	Perpetual-Premium	25,470	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 26.00 Evaluated at bid price : 26.30 Bid-YTW : 4.01 %
There were 11 other index-included issues trading in excess of 10,000 shares.

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.R	FixedReset Disc	-4.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 19.31 Evaluated at bid price : 19.31 Bid-YTW : 4.17 %
GWO.PR.N	FixedReset Ins Non	-3.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 3.39 %
BAM.PR.B	Floater	-2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 3.38 %
BIP.PR.A	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 22.91 Evaluated at bid price : 24.10 Bid-YTW : 4.47 %
TRP.PR.E	FixedReset Disc	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 4.14 %
BAM.PF.A	FixedReset Disc	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 23.21 Evaluated at bid price : 24.17 Bid-YTW : 4.02 %
BAM.PR.K	Floater	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 12.79 Evaluated at bid price : 12.79 Bid-YTW : 3.38 %
IFC.PR.A	FixedReset Ins Non	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 3.28 %
BMO.PR.Y	FixedReset Disc	-1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 22.97 Evaluated at bid price : 24.26 Bid-YTW : 3.49 %
TD.PF.J	FixedReset Prem	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 23.71 Evaluated at bid price : 25.10 Bid-YTW : 3.56 %
MFC.PR.N	FixedReset Ins Non	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 22.68 Evaluated at bid price : 23.55 Bid-YTW : 3.37 %
BAM.PR.X	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 3.93 %
PVS.PR.H	SplitShare	-1.20 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : 4.51 %
CM.PR.P	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 22.90 Evaluated at bid price : 23.96 Bid-YTW : 3.32 %
PVS.PR.J	SplitShare	-1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.44 %
PVS.PR.I	SplitShare	-1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 4.23 %
BAM.PR.C	Floater	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 3.37 %
TRP.PR.F	FloatingReset	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 3.14 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.J	FixedReset Disc	110,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 23.01 Evaluated at bid price : 24.31 Bid-YTW : 3.54 %
SLF.PR.I	FixedReset Ins Non	60,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 3.04 %
RY.PR.H	FixedReset Disc	52,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 22.90 Evaluated at bid price : 23.85 Bid-YTW : 3.28 %
MFC.PR.G	FixedReset Ins Non	37,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-12-19 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 2.55 %
TRP.PR.D	FixedReset Disc	32,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-08-19 Maturity Price : 20.45 Evaluated at bid price : 20.45 Bid-YTW : 4.11 %
BIP.PR.C	FixedReset Prem	26,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 1.27 %
There were 10 other index-included issues trading in excess of 10,000 shares.

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