PrefBlog – Page 162

Market Action

May 13, 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	0.6158 %	2,536.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.6158 %	4,655.2
Floater	3.42 %	3.44 %	74,237	18.61	3	0.6158 %	2,682.8
OpRet	0.00 %	0.00 %	0	0.00	0	0.0820 %	3,708.0
SplitShare	4.76 %	3.94 %	36,371	3.47	8	0.0820 %	4,428.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0820 %	3,455.0
Perpetual-Premium	5.25 %	-8.90 %	70,316	0.09	24	-0.2030 %	3,274.6
Perpetual-Discount	4.80 %	4.86 %	100,246	15.69	10	-0.0527 %	3,844.8
FixedReset Disc	4.26 %	3.63 %	204,366	17.92	47	-0.1033 %	2,738.5
Insurance Straight	4.93 %	4.54 %	86,416	3.68	22	0.0287 %	3,693.4
FloatingReset	2.85 %	3.10 %	66,940	19.44	2	1.0427 %	2,497.8
FixedReset Prem	4.88 %	3.36 %	215,000	1.25	29	0.1156 %	2,744.8
FixedReset Bank Non	1.80 %	1.46 %	131,118	0.28	1	0.2405 %	2,893.1
FixedReset Ins Non	4.21 %	3.57 %	162,881	17.77	21	0.1275 %	2,874.6

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.A	FixedReset Disc	-3.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 4.30 %
SLF.PR.H	FixedReset Ins Non	-2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 3.65 %
PWF.PR.P	FixedReset Disc	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 3.94 %
IFC.PR.I	Perpetual-Premium	-1.85 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 4.61 %
RY.PR.M	FixedReset Disc	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.57 Evaluated at bid price : 23.50 Bid-YTW : 3.54 %
TD.PF.A	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.37 Evaluated at bid price : 22.97 Bid-YTW : 3.47 %
TD.PF.E	FixedReset Disc	-1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.81 Evaluated at bid price : 24.00 Bid-YTW : 3.72 %
BNS.PR.I	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 23.37 Evaluated at bid price : 24.83 Bid-YTW : 3.44 %
POW.PR.C	Perpetual-Premium	-1.01 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-12 Maturity Price : 25.00 Evaluated at bid price : 25.54 Bid-YTW : -14.32 %
MFC.PR.J	FixedReset Ins Non	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 23.51 Evaluated at bid price : 24.70 Bid-YTW : 3.61 %
PWF.PR.T	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.36 Evaluated at bid price : 22.83 Bid-YTW : 3.70 %
GWO.PR.N	FixedReset Ins Non	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 15.62 Evaluated at bid price : 15.62 Bid-YTW : 3.36 %
BAM.PR.B	Floater	2.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 3.47 %
IFC.PR.A	FixedReset Ins Non	2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 19.32 Evaluated at bid price : 19.32 Bid-YTW : 3.50 %
TRP.PR.F	FloatingReset	2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 16.41 Evaluated at bid price : 16.41 Bid-YTW : 3.10 %

Volume Highlights
Issue	Index	Shares Traded	Notes
PWF.PR.S	Perpetual-Discount	280,051	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 24.62 Evaluated at bid price : 24.91 Bid-YTW : 4.84 %
TD.PF.D	FixedReset Disc	188,089	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.84 Evaluated at bid price : 24.00 Bid-YTW : 3.65 %
CM.PR.T	FixedReset Prem	56,279	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.09 Bid-YTW : 3.73 %
BAM.PF.G	FixedReset Disc	49,661	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 4.26 %
SLF.PR.A	Insurance Straight	48,782	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-12 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : -0.45 %
CM.PR.S	FixedReset Disc	41,812	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 23.46 Evaluated at bid price : 24.50 Bid-YTW : 3.45 %
There were 29 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.H	FixedReset Ins Non	Quote: 21.10 – 22.00 Spot Rate : 0.9000 Average : 0.5470 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 3.65 %
TRP.PR.A	FixedReset Disc	Quote: 17.31 – 18.08 Spot Rate : 0.7700 Average : 0.4933 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 4.30 %
TD.PF.E	FixedReset Disc	Quote: 24.00 – 24.70 Spot Rate : 0.7000 Average : 0.4406 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.81 Evaluated at bid price : 24.00 Bid-YTW : 3.72 %
RY.PR.M	FixedReset Disc	Quote: 23.50 – 24.00 Spot Rate : 0.5000 Average : 0.3173 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.57 Evaluated at bid price : 23.50 Bid-YTW : 3.54 %
PWF.PR.T	FixedReset Disc	Quote: 22.83 – 23.99 Spot Rate : 1.1600 Average : 1.0040 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.36 Evaluated at bid price : 22.83 Bid-YTW : 3.70 %
TD.PF.A	FixedReset Disc	Quote: 22.97 – 23.53 Spot Rate : 0.5600 Average : 0.4077 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-13 Maturity Price : 22.37 Evaluated at bid price : 22.97 Bid-YTW : 3.47 %

Market Action

May 12, 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	0.4572 %	2,521.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4572 %	4,626.7
Floater	3.44 %	3.44 %	74,546	18.62	3	0.4572 %	2,666.4
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0434 %	3,705.0
SplitShare	4.76 %	3.95 %	37,864	3.48	8	-0.0434 %	4,424.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0434 %	3,452.2
Perpetual-Premium	5.24 %	-10.03 %	68,682	0.09	24	0.1920 %	3,281.2
Perpetual-Discount	4.80 %	4.85 %	101,241	15.67	10	0.1949 %	3,846.8
FixedReset Disc	4.25 %	3.61 %	204,524	18.00	47	-0.0692 %	2,741.3
Insurance Straight	4.93 %	4.53 %	89,765	3.69	22	-0.0610 %	3,692.4
FloatingReset	2.88 %	3.18 %	67,499	19.24	2	0.2286 %	2,472.1
FixedReset Prem	4.88 %	3.45 %	216,303	1.25	29	-0.1959 %	2,741.7
FixedReset Bank Non	1.81 %	2.15 %	132,654	0.72	1	0.1204 %	2,886.2
FixedReset Ins Non	4.22 %	3.59 %	164,201	17.77	21	-0.4081 %	2,870.9

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 3.70 %
BIP.PR.B	FixedReset Prem	-2.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.18 Bid-YTW : 4.54 %
BAM.PF.G	FixedReset Disc	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 4.23 %
GWO.PR.N	FixedReset Ins Non	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 3.41 %
MFC.PR.F	FixedReset Ins Non	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 3.37 %
BAM.PR.B	Floater	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 3.56 %
MFC.PR.J	FixedReset Ins Non	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 23.40 Evaluated at bid price : 24.45 Bid-YTW : 3.66 %
PWF.PR.T	FixedReset Disc	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 22.18 Evaluated at bid price : 22.55 Bid-YTW : 3.75 %
CU.PR.I	FixedReset Prem	-1.28 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 3.27 %
BAM.PF.B	FixedReset Disc	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 21.44 Evaluated at bid price : 21.79 Bid-YTW : 4.23 %
TRP.PR.C	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 14.41 Evaluated at bid price : 14.41 Bid-YTW : 4.03 %
TRP.PR.A	FixedReset Disc	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 4.15 %
CIU.PR.A	Perpetual-Discount	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 24.19 Evaluated at bid price : 24.45 Bid-YTW : 4.70 %
BAM.PR.K	Floater	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 12.55 Evaluated at bid price : 12.55 Bid-YTW : 3.44 %
IFC.PR.I	Perpetual-Premium	3.65 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.00 Bid-YTW : 4.31 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.Z	FixedReset Disc	92,275	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 22.56 Evaluated at bid price : 23.21 Bid-YTW : 3.38 %
TD.PF.L	FixedReset Prem	57,850	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.22 Bid-YTW : 3.53 %
TD.PF.C	FixedReset Disc	43,251	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 22.65 Evaluated at bid price : 23.52 Bid-YTW : 3.43 %
MFC.PR.Q	FixedReset Ins Non	42,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 23.42 Evaluated at bid price : 24.65 Bid-YTW : 3.57 %
NA.PR.W	FixedReset Disc	42,111	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 22.50 Evaluated at bid price : 23.25 Bid-YTW : 3.45 %
BAM.PR.M	Perpetual-Discount	41,743	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 24.29 Evaluated at bid price : 24.60 Bid-YTW : 4.87 %
There were 27 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.T	FixedReset Disc	Quote: 22.55 – 23.99 Spot Rate : 1.4400 Average : 0.8329 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 22.18 Evaluated at bid price : 22.55 Bid-YTW : 3.75 %
CU.PR.C	FixedReset Disc	Quote: 22.02 – 22.78 Spot Rate : 0.7600 Average : 0.5749 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 21.62 Evaluated at bid price : 22.02 Bid-YTW : 3.70 %
BIP.PR.B	FixedReset Prem	Quote: 26.18 – 27.00 Spot Rate : 0.8200 Average : 0.6708 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.18 Bid-YTW : 4.54 %
BAM.PR.Z	FixedReset Disc	Quote: 23.14 – 23.56 Spot Rate : 0.4200 Average : 0.2719 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 22.75 Evaluated at bid price : 23.14 Bid-YTW : 4.26 %
IFC.PR.C	FixedReset Ins Non	Quote: 24.00 – 24.47 Spot Rate : 0.4700 Average : 0.3268 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 23.15 Evaluated at bid price : 24.00 Bid-YTW : 3.66 %
SLF.PR.G	FixedReset Ins Non	Quote: 15.00 – 15.50 Spot Rate : 0.5000 Average : 0.3669 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-12 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 3.70 %

Market Action

May 11, 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	-1.1959 %	2,509.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.1959 %	4,605.6
Floater	3.46 %	3.50 %	77,085	18.49	3	-1.1959 %	2,654.2
OpRet	0.00 %	0.00 %	0	0.00	0	0.0434 %	3,706.6
SplitShare	4.76 %	3.90 %	37,689	3.48	8	0.0434 %	4,426.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0434 %	3,453.7
Perpetual-Premium	5.25 %	-13.67 %	68,828	0.09	24	-0.1170 %	3,274.9
Perpetual-Discount	4.81 %	4.85 %	102,325	15.70	10	-0.2147 %	3,839.3
FixedReset Disc	4.25 %	3.62 %	196,859	18.00	47	-0.1429 %	2,743.2
Insurance Straight	4.93 %	4.55 %	90,865	3.70	22	-0.0287 %	3,694.6
FloatingReset	2.88 %	3.18 %	70,117	19.24	2	-1.3531 %	2,466.4
FixedReset Prem	4.87 %	3.41 %	219,754	1.25	29	-0.0831 %	2,747.1
FixedReset Bank Non	1.81 %	2.31 %	134,238	0.72	1	-0.1603 %	2,882.7
FixedReset Ins Non	4.20 %	3.57 %	158,746	17.79	21	-0.2202 %	2,882.7

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.K	Floater	-3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 3.53 %
CIU.PR.A	Perpetual-Discount	-2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 4.78 %
CU.PR.C	FixedReset Disc	-2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 21.62 Evaluated at bid price : 22.01 Bid-YTW : 3.70 %
IFC.PR.I	Perpetual-Premium	-2.43 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 4.88 %
TRP.PR.C	FixedReset Disc	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 14.23 Evaluated at bid price : 14.23 Bid-YTW : 4.08 %
BIP.PR.B	FixedReset Prem	-2.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 4.03 %
TRP.PR.B	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 13.28 Evaluated at bid price : 13.28 Bid-YTW : 3.93 %
TRP.PR.F	FloatingReset	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 15.99 Evaluated at bid price : 15.99 Bid-YTW : 3.18 %
IFC.PR.A	FixedReset Ins Non	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 3.57 %
BMO.PR.T	FixedReset Disc	-1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 22.41 Evaluated at bid price : 23.00 Bid-YTW : 3.43 %
SLF.PR.G	FixedReset Ins Non	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 3.60 %
PWF.PR.T	FixedReset Disc	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 22.38 Evaluated at bid price : 22.85 Bid-YTW : 3.69 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BNS.PR.H	FixedReset Prem	225,230	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.62 Bid-YTW : 1.60 %
NA.PR.S	FixedReset Disc	127,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 22.72 Evaluated at bid price : 23.50 Bid-YTW : 3.56 %
POW.PR.D	Perpetual-Premium	75,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-10 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : -14.72 %
CM.PR.T	FixedReset Prem	70,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.08 Bid-YTW : 3.74 %
TD.PF.L	FixedReset Prem	47,407	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 3.38 %
CM.PR.S	FixedReset Disc	42,160	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 24.14 Evaluated at bid price : 24.45 Bid-YTW : 3.51 %
There were 24 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.F	FixedReset Ins Non	Quote: 17.48 – 23.00 Spot Rate : 5.5200 Average : 2.9485 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 17.48 Evaluated at bid price : 17.48 Bid-YTW : 3.31 %
PWF.PR.E	Perpetual-Premium	Quote: 25.60 – 26.30 Spot Rate : 0.7000 Average : 0.3972 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-10 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : -20.28 %
CIU.PR.A	Perpetual-Discount	Quote: 24.00 – 24.82 Spot Rate : 0.8200 Average : 0.5644 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 4.78 %
CU.PR.H	Perpetual-Premium	Quote: 25.66 – 26.92 Spot Rate : 1.2600 Average : 1.0144 YTW SCENARIO Maturity Type : Call Maturity Date : 2023-09-01 Maturity Price : 25.25 Evaluated at bid price : 25.66 Bid-YTW : 4.35 %
BIP.PR.B	FixedReset Prem	Quote: 26.72 – 27.45 Spot Rate : 0.7300 Average : 0.5073 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 4.03 %
GWO.PR.H	Insurance Straight	Quote: 25.06 – 25.57 Spot Rate : 0.5100 Average : 0.3096 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-11 Maturity Price : 24.85 Evaluated at bid price : 25.06 Bid-YTW : 4.89 %

Market Action

May 10, 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	-1.6466 %	2,540.3
FixedFloater	0.00 %	0.00 %	0	0.00	0	-1.6466 %	4,661.3
Floater	3.42 %	3.42 %	77,691	18.68	3	-1.6466 %	2,686.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.0483 %	3,705.0
SplitShare	4.76 %	4.04 %	42,405	3.99	8	0.0483 %	4,424.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0483 %	3,452.2
Perpetual-Premium	5.24 %	-8.50 %	70,643	0.09	24	0.0960 %	3,278.8
Perpetual-Discount	4.80 %	4.85 %	102,201	15.72	10	0.1460 %	3,847.6
FixedReset Disc	4.24 %	3.61 %	196,063	17.97	47	0.4180 %	2,747.1
Insurance Straight	4.93 %	4.52 %	92,131	3.69	22	0.0036 %	3,695.7
FloatingReset	2.84 %	3.12 %	70,807	19.39	2	1.4711 %	2,500.3
FixedReset Prem	4.87 %	3.35 %	220,172	1.26	29	0.1248 %	2,749.3
FixedReset Bank Non	1.81 %	2.08 %	139,538	0.72	1	-0.0400 %	2,887.3
FixedReset Ins Non	4.19 %	3.54 %	158,885	17.82	21	0.4886 %	2,889.0

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.B	Floater	-4.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 3.51 %
TD.PF.B	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.59 Evaluated at bid price : 23.30 Bid-YTW : 3.43 %
TRP.PR.D	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 4.16 %
SLF.PR.J	FloatingReset	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 14.76 Evaluated at bid price : 14.76 Bid-YTW : 2.57 %
TD.PF.A	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.56 Evaluated at bid price : 23.30 Bid-YTW : 3.41 %
NA.PR.W	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.47 Evaluated at bid price : 23.19 Bid-YTW : 3.46 %
MFC.PR.F	FixedReset Ins Non	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 3.31 %
TRP.PR.E	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 4.16 %
MFC.PR.N	FixedReset Ins Non	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.55 Evaluated at bid price : 23.36 Bid-YTW : 3.48 %
BMO.PR.T	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.56 Evaluated at bid price : 23.27 Bid-YTW : 3.38 %
TRP.PR.F	FloatingReset	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 16.28 Evaluated at bid price : 16.28 Bid-YTW : 3.12 %
IFC.PR.I	Perpetual-Premium	2.50 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.70 Bid-YTW : 4.49 %
CU.PR.C	FixedReset Disc	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.00 Evaluated at bid price : 22.59 Bid-YTW : 3.59 %
GWO.PR.N	FixedReset Ins Non	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 15.80 Evaluated at bid price : 15.80 Bid-YTW : 3.32 %
SLF.PR.G	FixedReset Ins Non	3.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 15.59 Evaluated at bid price : 15.59 Bid-YTW : 3.56 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.J	FixedReset Prem	85,900	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 4.55 %
TD.PF.M	FixedReset Prem	57,509	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 3.39 %
BAM.PF.J	FixedReset Prem	39,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.09 %
PWF.PR.S	Perpetual-Discount	38,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 24.61 Evaluated at bid price : 24.90 Bid-YTW : 4.84 %
TRP.PR.E	FixedReset Disc	31,101	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 4.16 %
TRP.PR.G	FixedReset Disc	29,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.36 Evaluated at bid price : 23.10 Bid-YTW : 4.03 %
There were 16 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: 23.75 – 24.96 Spot Rate : 1.2100 Average : 0.7772 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.73 Evaluated at bid price : 23.75 Bid-YTW : 4.55 %
CU.PR.H	Perpetual-Premium	Quote: 25.80 – 26.92 Spot Rate : 1.1200 Average : 0.7452 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-01 Maturity Price : 25.75 Evaluated at bid price : 25.80 Bid-YTW : 3.50 %
BAM.PR.B	Floater	Quote: 12.32 – 13.14 Spot Rate : 0.8200 Average : 0.5392 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 3.51 %
MFC.PR.L	FixedReset Ins Non	Quote: 22.35 – 23.00 Spot Rate : 0.6500 Average : 0.4360 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.00 Evaluated at bid price : 22.35 Bid-YTW : 3.54 %
TRP.PR.E	FixedReset Disc	Quote: 20.12 – 20.75 Spot Rate : 0.6300 Average : 0.4430 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 20.12 Evaluated at bid price : 20.12 Bid-YTW : 4.16 %
TD.PF.D	FixedReset Disc	Quote: 24.19 – 24.85 Spot Rate : 0.6600 Average : 0.4863 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-10 Maturity Price : 22.92 Evaluated at bid price : 24.19 Bid-YTW : 3.61 %

Market Action

May 7, 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	1.0832 %	2,582.8
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.0832 %	4,739.4
Floater	3.36 %	3.41 %	77,327	18.71	3	1.0832 %	2,731.3
OpRet	0.00 %	0.00 %	0	0.00	0	-0.0482 %	3,703.2
SplitShare	4.77 %	3.94 %	39,403	3.49	8	-0.0482 %	4,422.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.0482 %	3,450.5
Perpetual-Premium	5.25 %	-14.89 %	71,630	0.09	24	0.0309 %	3,275.6
Perpetual-Discount	4.80 %	4.88 %	103,543	15.65	10	0.1951 %	3,841.9
FixedReset Disc	4.26 %	3.66 %	187,985	17.89	47	0.0504 %	2,735.7
Insurance Straight	4.93 %	4.52 %	95,441	3.70	22	0.2157 %	3,695.5
FloatingReset	2.88 %	3.18 %	71,377	19.25	2	0.2951 %	2,464.0
FixedReset Prem	4.87 %	3.49 %	222,779	1.26	29	0.1223 %	2,745.9
FixedReset Bank Non	1.81 %	1.91 %	140,700	0.30	1	0.0000 %	2,888.5
FixedReset Ins Non	4.21 %	3.61 %	160,000	17.72	21	0.1212 %	2,875.0

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.G	FixedReset Ins Non	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 3.76 %
BNS.PR.I	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 23.45 Evaluated at bid price : 25.05 Bid-YTW : 3.44 %
MFC.PR.J	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 23.59 Evaluated at bid price : 24.92 Bid-YTW : 3.61 %
BAM.PR.X	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 4.19 %
CU.PR.I	FixedReset Prem	1.34 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 3.03 %
TRP.PR.D	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 20.08 Evaluated at bid price : 20.08 Bid-YTW : 4.26 %
BAM.PR.T	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 4.24 %
BAM.PR.C	Floater	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 12.63 Evaluated at bid price : 12.63 Bid-YTW : 3.42 %
BIP.PR.B	FixedReset Prem	2.09 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 27.31 Bid-YTW : 3.49 %
SLF.PR.H	FixedReset Ins Non	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 21.58 Evaluated at bid price : 21.58 Bid-YTW : 3.62 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.J	FixedReset Prem	102,774	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 4.01 %
CM.PR.Y	FixedReset Prem	82,011	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 3.56 %
BAM.PR.R	FixedReset Disc	64,825	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 4.29 %
BNS.PR.H	FixedReset Prem	60,500	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-01-26 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 1.41 %
POW.PR.D	Perpetual-Premium	52,873	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-06 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -14.89 %
SLF.PR.D	Insurance Straight	50,065	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 4.52 %
There were 23 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.K	Floater	Quote: 12.68 – 25.00 Spot Rate : 12.3200 Average : 6.6472 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 12.68 Evaluated at bid price : 12.68 Bid-YTW : 3.41 %
TRP.PR.F	FloatingReset	Quote: 15.99 – 17.50 Spot Rate : 1.5100 Average : 0.9256 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 15.99 Evaluated at bid price : 15.99 Bid-YTW : 3.18 %
BIP.PR.D	FixedReset Prem	Quote: 25.25 – 26.00 Spot Rate : 0.7500 Average : 0.5034 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.48 %
BIK.PR.A	FixedReset Prem	Quote: 26.26 – 26.80 Spot Rate : 0.5400 Average : 0.3801 YTW SCENARIO Maturity Type : Call Maturity Date : 2024-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.26 Bid-YTW : 4.24 %
TD.PF.A	FixedReset Disc	Quote: 23.03 – 23.50 Spot Rate : 0.4700 Average : 0.3157 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-07 Maturity Price : 22.40 Evaluated at bid price : 23.03 Bid-YTW : 3.50 %
CM.PR.Y	FixedReset Prem	Quote: 26.25 – 26.80 Spot Rate : 0.5500 Average : 0.4080 YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 3.56 %

Market Action

May 6, 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	2.8812 %	2,555.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	2.8812 %	4,688.6
Floater	3.40 %	3.43 %	77,539	18.66	3	2.8812 %	2,702.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.0145 %	3,705.0
SplitShare	4.76 %	4.03 %	41,021	4.00	8	0.0145 %	4,424.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0145 %	3,452.2
Perpetual-Premium	5.25 %	-14.50 %	71,994	0.09	24	-0.0407 %	3,274.6
Perpetual-Discount	4.81 %	4.85 %	105,043	15.64	10	0.1873 %	3,834.5
FixedReset Disc	4.26 %	3.67 %	183,747	17.89	47	0.0656 %	2,734.3
Insurance Straight	4.94 %	4.54 %	99,255	3.70	22	0.0432 %	3,687.6
FloatingReset	2.89 %	3.20 %	70,651	19.21	2	0.3620 %	2,456.8
FixedReset Prem	4.88 %	3.49 %	229,123	1.27	29	-0.1007 %	2,742.6
FixedReset Bank Non	1.81 %	1.90 %	145,361	0.30	1	0.0401 %	2,888.5
FixedReset Ins Non	4.22 %	3.66 %	159,602	17.74	21	-0.0355 %	2,871.5

Performance Highlights
Issue	Index	Change	Notes
CU.PR.C	FixedReset Disc	-2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 21.71 Evaluated at bid price : 22.15 Bid-YTW : 3.73 %
IFC.PR.I	Perpetual-Premium	-2.32 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 4.87 %
CU.PR.I	FixedReset Prem	-1.32 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 3.35 %
MFC.PR.G	FixedReset Ins Non	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 24.55 Evaluated at bid price : 25.00 Bid-YTW : 3.85 %
SLF.PR.J	FloatingReset	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 2.60 %
CM.PR.Q	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 22.81 Evaluated at bid price : 23.95 Bid-YTW : 3.69 %
IFC.PR.G	FixedReset Ins Non	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 23.22 Evaluated at bid price : 24.20 Bid-YTW : 3.72 %
MFC.PR.L	FixedReset Ins Non	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 22.19 Evaluated at bid price : 22.63 Bid-YTW : 3.54 %
GWO.PR.N	FixedReset Ins Non	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 3.46 %
TRP.PR.F	FloatingReset	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 3.20 %
TRP.PR.E	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.28 %
BAM.PR.K	Floater	2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 3.43 %
TRP.PR.C	FixedReset Disc	3.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 4.04 %
BAM.PR.B	Floater	4.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 12.85 Evaluated at bid price : 12.85 Bid-YTW : 3.36 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PR.K	Floater	158,530	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 3.43 %
TRP.PR.J	FixedReset Prem	109,435	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 4.21 %
TRP.PR.E	FixedReset Disc	105,352	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 4.28 %
TD.PF.E	FixedReset Disc	67,020	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 23.01 Evaluated at bid price : 24.47 Bid-YTW : 3.66 %
PWF.PR.P	FixedReset Disc	55,725	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 3.97 %
RY.PR.H	FixedReset Disc	51,661	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 22.60 Evaluated at bid price : 23.34 Bid-YTW : 3.44 %
There were 32 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.M	Perpetual-Discount	Quote: 24.43 – 25.25 Spot Rate : 0.8200 Average : 0.5256 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 24.17 Evaluated at bid price : 24.43 Bid-YTW : 4.91 %
MFC.PR.K	FixedReset Ins Non	Quote: 22.95 – 24.00 Spot Rate : 1.0500 Average : 0.7675 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 22.49 Evaluated at bid price : 22.95 Bid-YTW : 3.60 %
IFC.PR.I	Perpetual-Premium	Quote: 26.05 – 27.25 Spot Rate : 1.2000 Average : 0.9550 YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.05 Bid-YTW : 4.87 %
CU.PR.I	FixedReset Prem	Quote: 26.15 – 26.90 Spot Rate : 0.7500 Average : 0.5285 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 3.35 %
BAM.PR.C	Floater	Quote: 12.40 – 13.00 Spot Rate : 0.6000 Average : 0.4246 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-06 Maturity Price : 12.40 Evaluated at bid price : 12.40 Bid-YTW : 3.48 %
BIP.PR.B	FixedReset Prem	Quote: 26.75 – 27.55 Spot Rate : 0.8000 Average : 0.6326 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.75 Bid-YTW : 3.99 %

Market Action

May 5, 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	0.7393 %	2,483.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.7393 %	4,557.3
Floater	3.50 %	3.53 %	71,569	18.44	3	0.7393 %	2,626.4
OpRet	0.00 %	0.00 %	0	0.00	0	0.0000 %	3,704.4
SplitShare	4.77 %	4.02 %	42,706	4.01	8	0.0000 %	4,423.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0000 %	3,451.7
Perpetual-Premium	5.24 %	-7.53 %	71,170	0.09	24	-0.0406 %	3,275.9
Perpetual-Discount	4.82 %	4.88 %	108,433	15.66	10	0.1346 %	3,827.3
FixedReset Disc	4.27 %	3.65 %	170,455	17.83	47	0.7311 %	2,732.5
Insurance Straight	4.94 %	4.55 %	100,592	3.71	22	-0.0539 %	3,686.0
FloatingReset	2.90 %	3.25 %	70,610	19.08	2	1.1651 %	2,447.9
FixedReset Prem	4.88 %	3.33 %	231,085	1.27	29	0.1156 %	2,745.3
FixedReset Bank Non	1.81 %	2.01 %	147,096	0.31	1	0.0401 %	2,887.3
FixedReset Ins Non	4.22 %	3.60 %	155,598	17.75	21	0.6372 %	2,872.5

Performance Highlights
Issue	Index	Change	Notes
CM.PR.Q	FixedReset Disc	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.69 Evaluated at bid price : 23.70 Bid-YTW : 3.74 %
GWO.PR.N	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 15.27 Evaluated at bid price : 15.27 Bid-YTW : 3.50 %
BAM.PF.F	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.14 Evaluated at bid price : 22.60 Bid-YTW : 4.25 %
CU.PR.F	Perpetual-Discount	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 23.75 Evaluated at bid price : 24.00 Bid-YTW : 4.68 %
MFC.PR.L	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.01 Evaluated at bid price : 22.37 Bid-YTW : 3.59 %
RY.PR.M	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.78 Evaluated at bid price : 23.93 Bid-YTW : 3.50 %
IFC.PR.I	Perpetual-Premium	1.41 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.67 Bid-YTW : 4.50 %
NA.PR.S	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.68 Evaluated at bid price : 23.43 Bid-YTW : 3.61 %
MFC.PR.N	FixedReset Ins Non	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.43 Evaluated at bid price : 23.14 Bid-YTW : 3.56 %
BAM.PF.A	FixedReset Disc	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 23.07 Evaluated at bid price : 24.00 Bid-YTW : 4.13 %
BAM.PF.E	FixedReset Disc	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 20.21 Evaluated at bid price : 20.21 Bid-YTW : 4.38 %
TD.PF.E	FixedReset Disc	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.98 Evaluated at bid price : 24.40 Bid-YTW : 3.68 %
BAM.PR.C	Floater	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 3.51 %
BAM.PR.Z	FixedReset Disc	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.88 Evaluated at bid price : 23.28 Bid-YTW : 4.28 %
BAM.PF.B	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 21.53 Evaluated at bid price : 21.91 Bid-YTW : 4.25 %
BAM.PF.G	FixedReset Disc	1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 21.60 Evaluated at bid price : 21.90 Bid-YTW : 4.20 %
IAF.PR.G	FixedReset Ins Non	1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 24.57 Evaluated at bid price : 24.90 Bid-YTW : 3.81 %
TRP.PR.A	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 4.30 %
TRP.PR.G	FixedReset Disc	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.23 Evaluated at bid price : 22.88 Bid-YTW : 4.12 %
TRP.PR.F	FloatingReset	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 15.64 Evaluated at bid price : 15.64 Bid-YTW : 3.25 %
MFC.PR.M	FixedReset Ins Non	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.65 Evaluated at bid price : 23.50 Bid-YTW : 3.57 %
BAM.PR.T	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 4.29 %
CU.PR.I	FixedReset Prem	2.26 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 3.02 %
TRP.PR.B	FixedReset Disc	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 13.33 Evaluated at bid price : 13.33 Bid-YTW : 3.98 %
MFC.PR.F	FixedReset Ins Non	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 3.42 %
BAM.PR.X	FixedReset Disc	3.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 4.22 %
CU.PR.C	FixedReset Disc	6.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.13 Evaluated at bid price : 22.82 Bid-YTW : 3.60 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.J	FixedReset Prem	150,548	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.31 Bid-YTW : 4.13 %
TRP.PR.K	FixedReset Prem	124,865	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.70 Bid-YTW : 3.12 %
RY.PR.S	FixedReset Disc	64,840	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 23.35 Evaluated at bid price : 24.83 Bid-YTW : 3.42 %
RY.PR.J	FixedReset Disc	57,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.98 Evaluated at bid price : 24.30 Bid-YTW : 3.58 %
BAM.PF.A	FixedReset Disc	49,305	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 23.07 Evaluated at bid price : 24.00 Bid-YTW : 4.13 %
TD.PF.I	FixedReset Prem	38,305	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 3.73 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.K	Floater	Quote: 12.24 – 13.24 Spot Rate : 1.0000 Average : 0.5670 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 12.24 Evaluated at bid price : 12.24 Bid-YTW : 3.53 %
IFC.PR.G	FixedReset Ins Non	Quote: 23.93 – 24.92 Spot Rate : 0.9900 Average : 0.6822 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 23.09 Evaluated at bid price : 23.93 Bid-YTW : 3.77 %
PWF.PR.P	FixedReset Disc	Quote: 15.06 – 15.80 Spot Rate : 0.7400 Average : 0.4996 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 4.00 %
CM.PR.Q	FixedReset Disc	Quote: 23.70 – 24.38 Spot Rate : 0.6800 Average : 0.4563 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 22.69 Evaluated at bid price : 23.70 Bid-YTW : 3.74 %
TRP.PR.C	FixedReset Disc	Quote: 14.05 – 14.77 Spot Rate : 0.7200 Average : 0.5099 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 4.20 %
GWO.PR.N	FixedReset Ins Non	Quote: 15.27 – 16.00 Spot Rate : 0.7300 Average : 0.5292 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-05 Maturity Price : 15.27 Evaluated at bid price : 15.27 Bid-YTW : 3.50 %

Market Action

May 4, 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	0.7726 %	2,465.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.7726 %	4,523.8
Floater	3.52 %	3.57 %	70,704	18.35	3	0.7726 %	2,607.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.1208 %	3,704.4
SplitShare	4.77 %	3.98 %	39,536	3.50	8	0.1208 %	4,423.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1208 %	3,451.7
Perpetual-Premium	5.24 %	-9.72 %	71,149	0.09	24	0.1221 %	3,277.3
Perpetual-Discount	4.83 %	4.91 %	83,825	15.62	10	-0.1262 %	3,822.2
FixedReset Disc	4.30 %	3.68 %	171,709	17.80	47	0.5172 %	2,712.7
Insurance Straight	4.94 %	4.54 %	104,327	0.64	22	0.1368 %	3,688.0
FloatingReset	2.94 %	3.32 %	70,823	18.93	2	0.3005 %	2,419.7
FixedReset Prem	4.88 %	3.41 %	220,534	1.27	29	0.2169 %	2,742.1
FixedReset Bank Non	1.81 %	2.12 %	149,275	0.74	1	0.2008 %	2,886.2
FixedReset Ins Non	4.24 %	3.66 %	155,436	17.68	21	0.3863 %	2,854.4

Performance Highlights
Issue	Index	Change	Notes
CU.PR.F	Perpetual-Discount	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 23.76 Evaluated at bid price : 24.01 Bid-YTW : 4.75 %
IAF.PR.G	FixedReset Ins Non	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 24.02 Evaluated at bid price : 24.45 Bid-YTW : 3.87 %
IFC.PR.C	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 23.17 Evaluated at bid price : 24.00 Bid-YTW : 3.71 %
RY.PR.S	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 23.36 Evaluated at bid price : 24.86 Bid-YTW : 3.41 %
IFC.PR.F	Insurance Straight	1.12 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-09-30 Maturity Price : 25.25 Evaluated at bid price : 26.10 Bid-YTW : 4.55 %
PWF.PR.T	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 21.96 Evaluated at bid price : 22.25 Bid-YTW : 3.86 %
TRP.PR.D	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 4.38 %
BIP.PR.D	FixedReset Prem	1.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : 3.98 %
BAM.PR.B	Floater	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 3.51 %
RY.PR.J	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 22.98 Evaluated at bid price : 24.30 Bid-YTW : 3.58 %
TRP.PR.G	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 21.96 Evaluated at bid price : 22.45 Bid-YTW : 4.21 %
BAM.PF.E	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 19.89 Evaluated at bid price : 19.89 Bid-YTW : 4.45 %
SLF.PR.G	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 15.23 Evaluated at bid price : 15.23 Bid-YTW : 3.70 %
BAM.PR.X	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 4.35 %
BAM.PF.G	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 4.30 %
PWF.PR.P	FixedReset Disc	1.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 15.13 Evaluated at bid price : 15.13 Bid-YTW : 3.99 %
CM.PR.Q	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 22.88 Evaluated at bid price : 24.10 Bid-YTW : 3.66 %
BAM.PF.F	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 21.97 Evaluated at bid price : 22.35 Bid-YTW : 4.31 %
BIP.PR.B	FixedReset Prem	1.95 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.65 Bid-YTW : 4.08 %
BAM.PR.Z	FixedReset Disc	2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 22.52 Evaluated at bid price : 22.90 Bid-YTW : 4.36 %
IFC.PR.A	FixedReset Ins Non	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 3.58 %
BAM.PR.R	FixedReset Disc	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 4.34 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.M	FixedReset Prem	136,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.35 Bid-YTW : 3.37 %
BMO.PR.F	FixedReset Prem	97,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.25 Bid-YTW : 3.28 %
BMO.PR.C	FixedReset Prem	91,050	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 3.08 %
MFC.PR.J	FixedReset Ins Non	79,830	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 23.42 Evaluated at bid price : 24.51 Bid-YTW : 3.69 %
PWF.PR.P	FixedReset Disc	61,100	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 15.13 Evaluated at bid price : 15.13 Bid-YTW : 3.99 %
MFC.PR.L	FixedReset Ins Non	51,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 21.82 Evaluated at bid price : 22.10 Bid-YTW : 3.64 %
There were 38 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IAF.PR.I	FixedReset Ins Non	Quote: 25.01 – 26.01 Spot Rate : 1.0000 Average : 0.5918 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 23.61 Evaluated at bid price : 25.01 Bid-YTW : 3.73 %
MFC.PR.K	FixedReset Ins Non	Quote: 22.95 – 24.00 Spot Rate : 1.0500 Average : 0.6526 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 22.49 Evaluated at bid price : 22.95 Bid-YTW : 3.60 %
TD.PF.E	FixedReset Disc	Quote: 24.01 – 24.75 Spot Rate : 0.7400 Average : 0.5422 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 22.82 Evaluated at bid price : 24.01 Bid-YTW : 3.75 %
IAF.PR.G	FixedReset Ins Non	Quote: 24.45 – 24.99 Spot Rate : 0.5400 Average : 0.3596 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 24.02 Evaluated at bid price : 24.45 Bid-YTW : 3.87 %
SLF.PR.H	FixedReset Ins Non	Quote: 21.20 – 21.70 Spot Rate : 0.5000 Average : 0.3440 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-04 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 3.69 %
NA.PR.C	FixedReset Prem	Quote: 25.32 – 25.80 Spot Rate : 0.4800 Average : 0.3291 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.32 Bid-YTW : 3.51 %

Market Action

May 3, 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	0.2767 %	2,446.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2767 %	4,489.2
Floater	3.55 %	3.58 %	67,016	18.32	3	0.2767 %	2,587.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.1209 %	3,700.0
SplitShare	4.77 %	3.98 %	40,023	3.50	8	0.1209 %	4,418.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1209 %	3,447.5
Perpetual-Premium	5.25 %	-6.03 %	69,801	0.09	24	0.1663 %	3,273.3
Perpetual-Discount	4.82 %	4.86 %	82,191	15.74	10	1.0411 %	3,827.0
FixedReset Disc	4.32 %	3.68 %	176,360	17.74	47	0.3596 %	2,698.7
Insurance Straight	4.94 %	4.55 %	104,922	0.65	22	0.3431 %	3,682.9
FloatingReset	2.95 %	3.34 %	73,447	18.89	2	0.6723 %	2,412.5
FixedReset Prem	4.89 %	3.43 %	221,281	1.44	29	0.1376 %	2,736.2
FixedReset Bank Non	1.81 %	2.38 %	149,159	0.74	1	0.0804 %	2,880.4
FixedReset Ins Non	4.26 %	3.68 %	152,574	17.69	21	0.4538 %	2,843.4

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.C	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 4.20 %
PWF.PR.P	FixedReset Disc	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 4.05 %
SLF.PR.G	FixedReset Ins Non	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 15.01 Evaluated at bid price : 15.01 Bid-YTW : 3.76 %
MIC.PR.A	Perpetual-Premium	1.00 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2030-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.21 Bid-YTW : 4.91 %
BAM.PF.B	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 4.39 %
TRP.PR.E	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 4.39 %
BIP.PR.A	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 22.72 Evaluated at bid price : 23.75 Bid-YTW : 4.59 %
IFC.PR.C	FixedReset Ins Non	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 22.93 Evaluated at bid price : 23.75 Bid-YTW : 3.75 %
BAM.PR.X	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 15.62 Evaluated at bid price : 15.62 Bid-YTW : 4.42 %
SLF.PR.I	FixedReset Ins Non	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 23.90 Evaluated at bid price : 24.50 Bid-YTW : 3.73 %
SLF.PR.J	FloatingReset	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 2.58 %
TD.PF.K	FixedReset Disc	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 23.40 Evaluated at bid price : 24.80 Bid-YTW : 3.62 %
MFC.PR.Q	FixedReset Ins Non	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 23.36 Evaluated at bid price : 24.50 Bid-YTW : 3.64 %
BAM.PR.N	Perpetual-Discount	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 4.94 %
BAM.PF.F	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 21.68 Evaluated at bid price : 21.95 Bid-YTW : 4.39 %
IFC.PR.I	Perpetual-Premium	1.54 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2029-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.45 Bid-YTW : 4.62 %
BAM.PR.T	FixedReset Disc	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 4.42 %
BAM.PF.C	Perpetual-Discount	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 24.25 Evaluated at bid price : 24.51 Bid-YTW : 4.99 %
BAM.PR.Z	FixedReset Disc	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 21.88 Evaluated at bid price : 22.43 Bid-YTW : 4.44 %
IFC.PR.A	FixedReset Ins Non	2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 18.76 Evaluated at bid price : 18.76 Bid-YTW : 3.66 %
CIU.PR.A	Perpetual-Discount	3.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 24.68 Evaluated at bid price : 24.94 Bid-YTW : 4.67 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PF.J	FixedReset Prem	85,726	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 4.54 %
TD.PF.M	FixedReset Prem	61,800	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.17 Bid-YTW : 3.60 %
NA.PR.A	FixedReset Prem	42,000	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-15 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 1.53 %
IAF.PR.G	FixedReset Ins Non	33,621	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 24.35 Evaluated at bid price : 24.72 Bid-YTW : 3.83 %
NA.PR.S	FixedReset Disc	32,565	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 22.62 Evaluated at bid price : 23.32 Bid-YTW : 3.63 %
BMO.PR.F	FixedReset Prem	31,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 26.21 Bid-YTW : 3.33 %
There were 26 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.E	Perpetual-Premium	Quote: 25.50 – 26.30 Spot Rate : 0.8000 Average : 0.4576 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-02 Maturity Price : 25.00 Evaluated at bid price : 25.50 Bid-YTW : -17.28 %
BAM.PR.R	FixedReset Disc	Quote: 18.35 – 19.25 Spot Rate : 0.9000 Average : 0.5627 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 4.45 %
MFC.PR.B	Insurance Straight	Quote: 24.92 – 26.00 Spot Rate : 1.0800 Average : 0.7467 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 24.66 Evaluated at bid price : 24.92 Bid-YTW : 4.71 %
BIP.PR.D	FixedReset Prem	Quote: 25.05 – 25.69 Spot Rate : 0.6400 Average : 0.4563 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 24.72 Evaluated at bid price : 25.05 Bid-YTW : 5.03 %
TRP.PR.F	FloatingReset	Quote: 15.25 – 16.00 Spot Rate : 0.7500 Average : 0.5918 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-05-03 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 3.34 %
CCS.PR.C	Insurance Straight	Quote: 25.12 – 25.50 Spot Rate : 0.3800 Average : 0.2335 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-06-02 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 4.85 %

Market Action

April 30, 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	-0.1790 %	2,439.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.1790 %	4,476.8
Floater	3.56 %	3.59 %	69,266	18.29	3	-0.1790 %	2,580.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0920 %	3,695.5
SplitShare	4.78 %	3.97 %	34,703	3.51	8	0.0920 %	4,413.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0920 %	3,443.4
Perpetual-Premium	5.26 %	-13.26 %	69,967	0.09	24	0.0051 %	3,267.8
Perpetual-Discount	4.87 %	4.97 %	97,878	15.55	10	-0.2121 %	3,787.6
FixedReset Disc	4.37 %	3.72 %	181,913	17.70	48	0.2421 %	2,689.1
Insurance Straight	4.96 %	4.59 %	104,116	3.72	22	0.0253 %	3,670.3
FloatingReset	2.95 %	3.32 %	72,732	18.93	2	-0.2013 %	2,396.4
FixedReset Prem	4.90 %	3.48 %	204,857	1.45	29	-0.1335 %	2,732.5
FixedReset Bank Non	1.81 %	2.48 %	155,259	0.75	1	-0.5198 %	2,878.1
FixedReset Ins Non	4.28 %	3.73 %	153,931	17.61	21	0.1146 %	2,830.5

Performance Highlights
Issue	Index	Change	Notes
CIU.PR.A	Perpetual-Discount	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 4.85 %
BAM.PR.Z	FixedReset Disc	-1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.56 Evaluated at bid price : 21.95 Bid-YTW : 4.57 %
BAM.PF.C	Perpetual-Discount	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 23.80 Evaluated at bid price : 24.10 Bid-YTW : 5.07 %
TD.PF.I	FixedReset Prem	-1.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.24 Bid-YTW : 3.86 %
BAM.PR.N	Perpetual-Discount	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.01 %
BAM.PR.R	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 18.19 Evaluated at bid price : 18.19 Bid-YTW : 4.51 %
BAM.PF.A	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 22.84 Evaluated at bid price : 23.55 Bid-YTW : 4.24 %
BAM.PF.E	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 4.56 %
CM.PR.P	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 22.39 Evaluated at bid price : 23.05 Bid-YTW : 3.57 %
BAM.PF.G	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 4.42 %
BAM.PF.D	Perpetual-Discount	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 24.31 Evaluated at bid price : 24.61 Bid-YTW : 5.02 %
BMO.PR.W	FixedReset Disc	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 22.44 Evaluated at bid price : 23.10 Bid-YTW : 3.50 %
SLF.PR.H	FixedReset Ins Non	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 3.73 %
TRP.PR.C	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 4.16 %
PWF.PR.P	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 15.11 Evaluated at bid price : 15.11 Bid-YTW : 4.01 %
PWF.PR.T	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.85 Evaluated at bid price : 22.10 Bid-YTW : 3.91 %
TRP.PR.G	FixedReset Disc	2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.73 Evaluated at bid price : 22.10 Bid-YTW : 4.30 %
GWO.PR.N	FixedReset Ins Non	4.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 3.51 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.J	FixedReset Prem	177,678	YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 2.58 %
NA.PR.S	FixedReset Disc	92,728	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 22.57 Evaluated at bid price : 23.23 Bid-YTW : 3.67 %
CM.PR.R	FixedReset Prem	71,486	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 3.13 %
TD.PF.J	FixedReset Disc	64,333	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 23.51 Evaluated at bid price : 24.80 Bid-YTW : 3.70 %
TD.PF.K	FixedReset Disc	51,824	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 23.26 Evaluated at bid price : 24.45 Bid-YTW : 3.72 %
CM.PR.Y	FixedReset Prem	43,372	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 3.67 %
There were 37 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.C	FixedReset Disc	Quote: 21.71 – 25.00 Spot Rate : 3.2900 Average : 1.9175 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.40 Evaluated at bid price : 21.71 Bid-YTW : 3.89 %
MFC.PR.M	FixedReset Ins Non	Quote: 23.05 – 24.91 Spot Rate : 1.8600 Average : 1.0536 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 22.40 Evaluated at bid price : 23.05 Bid-YTW : 3.67 %
IFC.PR.C	FixedReset Ins Non	Quote: 23.45 – 24.45 Spot Rate : 1.0000 Average : 0.5581 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 22.50 Evaluated at bid price : 23.45 Bid-YTW : 3.81 %
POW.PR.A	Perpetual-Premium	Quote: 25.65 – 26.65 Spot Rate : 1.0000 Average : 0.5856 YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-30 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : -21.62 %
BAM.PR.Z	FixedReset Disc	Quote: 21.95 – 22.62 Spot Rate : 0.6700 Average : 0.3906 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 21.56 Evaluated at bid price : 21.95 Bid-YTW : 4.57 %
MFC.PR.B	Insurance Straight	Quote: 24.80 – 25.45 Spot Rate : 0.6500 Average : 0.3812 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2051-04-30 Maturity Price : 24.55 Evaluated at bid price : 24.80 Bid-YTW : 4.73 %