January 6, 2008 2009

Yet another banner day for preferreds, although Fixed-Resets are (not surprisingly) reacting poorly to the flood of new issuance (RY, 6.25%+419, NA, 6.60%+463, TD, 6.25%+437) at higher coupons.

Formatting of the tables is horrible today. Yesterday’s fiddling may be on the right track programatically, but definitely a step backward esthetically. Sorry, guys! I’d like to write more (especially with Spend-Every-Penny mumbling about putting Canada into a permanent structural deficit, just like Mr. Bush) … but I have to do some more fiddling …

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	6.99 %	7.70 %	30,538	13.31	2	0.7266 %	877.3
FixedFloater	7.56 %	7.42 %	151,663	13.32	8	1.5785 %	1,351.9
Floater	5.51 %	5.37 %	34,332	14.91	4	0.8161 %	1,107.4
OpRet	5.36 %	4.61 %	126,570	3.88	15	0.6845 %	2,000.5
SplitShare	6.08 %	9.47 %	75,681	4.18	15	1.8066 %	1,827.4
InterestBearing	7.10 %	11.47 %	46,538	0.94	2	4.1667 %	1,992.0
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	1.3189 %	1,549.4
Perpetual-Discount	6.89 %	7.01 %	237,528	12.54	71	1.3189 %	1,427.0
FixedReset	5.94 %	5.04 %	753,731	14.85	18	-0.2694 %	1,795.4

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.B	Perpetual-Discount	-3.11 %	Yield-to-Worst (at Bid) : 6.52 % Evaluated at bid price : 18.0400 Limit Maturity 2039-01-06 YTM: 6.52 % [Restricted: 6.52 %] (Prob: 100.00 %) Yield to Worst : 6.5218 %
RY.PR.L	FixedReset	-2.55 %	Yield-to-Worst (at Bid) : 5.09 % Evaluated at bid price : 24.1200 Call 2014-03-26 YTM: 6.64 % [Restricted: 6.64 %] (Prob: 28.03 %) Call 2019-03-26 YTM: 5.74 % [Restricted: 5.74 %] (Prob: 0.19 %) Limit Maturity 2039-01-06 YTM: 5.09 % [Restricted: 5.09 %] (Prob: 71.77 %) Yield to Worst : 5.0876 %
PWF.PR.F	Perpetual-Discount	-2.54 %	Yield-to-Worst (at Bid) : 6.99 % Evaluated at bid price : 19.2000 Limit Maturity 2039-01-06 YTM: 6.99 % [Restricted: 6.99 %] (Prob: 100.00 %) Yield to Worst : 6.9945 %
BNS.PR.N	Perpetual-Discount	-2.44 %	Yield-to-Worst (at Bid) : 6.59 % Evaluated at bid price : 20.0000 Limit Maturity 2039-01-06 YTM: 6.59 % [Restricted: 6.59 %] (Prob: 100.00 %) Yield to Worst : 6.5864 %
CM.PR.K	FixedReset	-2.22 %	Yield-to-Worst (at Bid) : 5.03 % Evaluated at bid price : 22.0000 Call 2014-08-30 YTM: 8.02 % [Restricted: 8.02 %] (Prob: 7.32 %) Limit Maturity 2039-01-06 YTM: 5.03 % [Restricted: 5.03 %] (Prob: 92.68 %) Yield to Worst : 5.0268 %
RY.PR.N	FixedReset	-1.92 %	Yield-to-Worst (at Bid) : 5.67 % Evaluated at bid price : 25.0200 Call 2014-03-26 YTM: 6.35 % [Restricted: 6.35 %] (Prob: 40.08 %) Call 2019-03-26 YTM: 5.94 % [Restricted: 5.94 %] (Prob: 0.10 %) Limit Maturity 2039-01-06 YTM: 5.67 % [Restricted: 5.67 %] (Prob: 59.82 %) Yield to Worst : 5.6744 %
BNS.PR.Q	FixedReset	-1.77 %	Yield-to-Worst (at Bid) : 4.40 % Evaluated at bid price : 22.2000 Call 2013-11-24 YTM: 7.71 % [Restricted: 7.71 %] (Prob: 8.22 %) Call 2018-11-24 YTM: 5.82 % [Restricted: 5.82 %] (Prob: 0.53 %) Limit Maturity 2039-01-06 YTM: 4.40 % [Restricted: 4.40 %] (Prob: 91.25 %) Yield to Worst : 4.3984 %
BNA.PR.B	SplitShare	-1.23 %	Yield-to-Worst (at Bid) : 8.90 % Evaluated at bid price : 20.0000 Hard Maturity 2016-03-25 YTM: 8.90 % [Restricted: 8.90 %] (Prob: 100.00 %) Yield to Worst : 8.9015 %
GWO.PR.J	FixedReset	-1.01 %	Yield-to-Worst (at Bid) : 5.40 % Evaluated at bid price : 24.5000 Call 2014-01-30 YTM: 6.62 % [Restricted: 6.62 %] (Prob: 32.96 %) Call 2019-01-30 YTM: 5.90 % [Restricted: 5.90 %] (Prob: 0.26 %) Limit Maturity 2039-01-06 YTM: 5.40 % [Restricted: 5.40 %] (Prob: 66.78 %) Yield to Worst : 5.3987 %
BNS.PR.J	Perpetual-Discount	1.00 %	Yield-to-Worst (at Bid) : 6.53 % Evaluated at bid price : 20.1600 Limit Maturity 2039-01-06 YTM: 6.53 % [Restricted: 6.53 %] (Prob: 100.00 %) Yield to Worst : 6.5339 %
PWF.PR.J	OpRet	1.01 %	Yield-to-Worst (at Bid) : 4.84 % Evaluated at bid price : 25.1000 Call 2009-04-06 YTM: 23.48 % [Restricted: 5.79 %] (Prob: 7.08 %) Call 2009-05-30 YTM: 13.71 % [Restricted: 5.40 %] (Prob: 6.56 %) Call 2010-05-30 YTM: 6.49 % [Restricted: 6.49 %] (Prob: 8.27 %) Call 2011-05-30 YTM: 5.34 % [Restricted: 5.34 %] (Prob: 0.66 %) Soft Maturity 2013-07-30 YTM: 4.84 % [Restricted: 4.84 %] (Prob: 77.43 %) Yield to Worst : 4.8432 %
BCE.PR.R	FixedFloater	1.01 %	Yield-to-Worst (at Bid) : 7.64 % Evaluated at bid price : 15.0000 Limit Maturity 2039-01-06 YTM: 7.64 % [Restricted: 7.64 %] (Prob: 100.00 %) Yield to Worst : 7.6367 %
CM.PR.P	Perpetual-Discount	1.05 %	Yield-to-Worst (at Bid) : 7.14 % Evaluated at bid price : 19.3300 Limit Maturity 2039-01-06 YTM: 7.14 % [Restricted: 7.14 %] (Prob: 100.00 %) Yield to Worst : 7.1438 %
CM.PR.I	Perpetual-Discount	1.07 %	Yield-to-Worst (at Bid) : 6.92 % Evaluated at bid price : 17.0500 Limit Maturity 2039-01-06 YTM: 6.92 % [Restricted: 6.92 %] (Prob: 100.00 %) Yield to Worst : 6.9199 %
LBS.PR.A	SplitShare	1.10 %	Yield-to-Worst (at Bid) : 9.88 % Evaluated at bid price : 8.2500 Hard Maturity 2013-11-29 YTM: 9.88 % [Restricted: 9.88 %] (Prob: 100.00 %) Yield to Worst : 9.8799 %
POW.PR.B	Perpetual-Discount	1.11 %	Yield-to-Worst (at Bid) : 7.01 % Evaluated at bid price : 19.2100 Limit Maturity 2039-01-06 YTM: 7.01 % [Restricted: 7.01 %] (Prob: 100.00 %) Yield to Worst : 7.0113 %
TD.PR.N	OpRet	1.11 %	Yield-to-Worst (at Bid) : 3.55 % Evaluated at bid price : 26.0000 Call 2009-05-30 YTM: 3.71 % [Restricted: 1.46 %] (Prob: 26.43 %) Call 2010-05-30 YTM: 3.55 % [Restricted: 3.55 %] (Prob: 5.03 %) Soft Maturity 2014-01-30 YTM: 3.68 % [Restricted: 3.68 %] (Prob: 68.54 %) Yield to Worst : 3.5548 %
TD.PR.O	Perpetual-Discount	1.23 %	Yield-to-Worst (at Bid) : 6.43 % Evaluated at bid price : 18.9100 Limit Maturity 2039-01-06 YTM: 6.43 % [Restricted: 6.43 %] (Prob: 100.00 %) Yield to Worst : 6.4318 %
GWO.PR.F	Perpetual-Discount	1.25 %	Yield-to-Worst (at Bid) : 7.36 % Evaluated at bid price : 20.2600 Limit Maturity 2039-01-06 YTM: 7.36 % [Restricted: 7.36 %] (Prob: 100.00 %) Yield to Worst : 7.3584 %
CM.PR.D	Perpetual-Discount	1.27 %	Yield-to-Worst (at Bid) : 7.22 % Evaluated at bid price : 20.0000 Limit Maturity 2039-01-06 YTM: 7.22 % [Restricted: 7.22 %] (Prob: 100.00 %) Yield to Worst : 7.2188 %
SLF.PR.E	Perpetual-Discount	1.31 %	Yield-to-Worst (at Bid) : 7.33 % Evaluated at bid price : 15.5100 Limit Maturity 2039-01-06 YTM: 7.33 % [Restricted: 7.33 %] (Prob: 100.00 %) Yield to Worst : 7.3309 %
PWF.PR.H	Perpetual-Discount	1.31 %	Yield-to-Worst (at Bid) : 7.32 % Evaluated at bid price : 20.1100 Limit Maturity 2039-01-06 YTM: 7.32 % [Restricted: 7.32 %] (Prob: 100.00 %) Yield to Worst : 7.3202 %
CM.PR.G	Perpetual-Discount	1.33 %	Yield-to-Worst (at Bid) : 7.14 % Evaluated at bid price : 19.0000 Limit Maturity 2039-01-06 YTM: 7.14 % [Restricted: 7.14 %] (Prob: 100.00 %) Yield to Worst : 7.1357 %
BNS.PR.P	FixedReset	1.33 %	Yield-to-Worst (at Bid) : 4.54 % Evaluated at bid price : 22.8000 Call 2013-05-25 YTM: 7.29 % [Restricted: 7.29 %] (Prob: 12.60 %) Call 2018-05-25 YTM: 5.66 % [Restricted: 5.66 %] (Prob: 1.18 %) Limit Maturity 2039-01-06 YTM: 4.54 % [Restricted: 4.54 %] (Prob: 86.22 %) Yield to Worst : 4.5434 %
PWF.PR.E	Perpetual-Discount	1.37 %	Yield-to-Worst (at Bid) : 7.31 % Evaluated at bid price : 19.2600 Limit Maturity 2039-01-06 YTM: 7.31 % [Restricted: 7.31 %] (Prob: 100.00 %) Yield to Worst : 7.3108 %
RY.PR.F	Perpetual-Discount	1.37 %	Yield-to-Worst (at Bid) : 6.37 % Evaluated at bid price : 17.7600 Limit Maturity 2039-01-06 YTM: 6.37 % [Restricted: 6.37 %] (Prob: 100.00 %) Yield to Worst : 6.3707 %
TD.PR.A	FixedReset	1.41 %	Yield-to-Worst (at Bid) : 4.68 % Evaluated at bid price : 22.0500 Call 2014-03-02 YTM: 7.74 % [Restricted: 7.74 %] (Prob: 7.39 %) Call 2019-03-02 YTM: 6.03 % [Restricted: 6.03 %] (Prob: 0.26 %) Limit Maturity 2039-01-06 YTM: 4.68 % [Restricted: 4.68 %] (Prob: 92.35 %) Yield to Worst : 4.6754 %
RY.PR.C	Perpetual-Discount	1.45 %	Yield-to-Worst (at Bid) : 6.44 % Evaluated at bid price : 18.1600 Limit Maturity 2039-01-06 YTM: 6.44 % [Restricted: 6.44 %] (Prob: 100.00 %) Yield to Worst : 6.4414 %
TCA.PR.Y	Perpetual-Discount	1.47 %	Yield-to-Worst (at Bid) : 6.35 % Evaluated at bid price : 44.1000 Call 2014-04-04 YTM: 8.40 % [Restricted: 8.40 %] (Prob: 7.44 %) Limit Maturity 2039-01-06 YTM: 6.35 % [Restricted: 6.35 %] (Prob: 92.56 %) Yield to Worst : 6.3484 %
HSB.PR.D	Perpetual-Discount	1.47 %	Yield-to-Worst (at Bid) : 7.35 % Evaluated at bid price : 17.2000 Limit Maturity 2039-01-06 YTM: 7.35 % [Restricted: 7.35 %] (Prob: 100.00 %) Yield to Worst : 7.3452 %
BCE.PR.I	FixedFloater	1.58 %	Yield-to-Worst (at Bid) : 7.42 % Evaluated at bid price : 15.3900 Limit Maturity 2039-01-06 YTM: 7.42 % [Restricted: 7.42 %] (Prob: 100.00 %) Yield to Worst : 7.4171 %
NA.PR.K	Perpetual-Discount	1.63 %	Yield-to-Worst (at Bid) : 7.24 % Evaluated at bid price : 20.6100 Limit Maturity 2039-01-06 YTM: 7.24 % [Restricted: 7.24 %] (Prob: 100.00 %) Yield to Worst : 7.2416 %
TD.PR.S	FixedReset	1.64 %	Yield-to-Worst (at Bid) : 4.28 % Evaluated at bid price : 22.2000 Call 2013-08-30 YTM: 7.81 % [Restricted: 7.81 %] (Prob: 8.05 %) Call 2018-08-30 YTM: 5.77 % [Restricted: 5.77 %] (Prob: 0.77 %) Limit Maturity 2039-01-06 YTM: 4.28 % [Restricted: 4.28 %] (Prob: 91.18 %) Yield to Worst : 4.2844 %
BCE.PR.G	FixedFloater	1.64 %	Yield-to-Worst (at Bid) : 7.28 % Evaluated at bid price : 15.5000 Limit Maturity 2039-01-06 YTM: 7.28 % [Restricted: 7.28 %] (Prob: 100.00 %) Yield to Worst : 7.2815 %
BAM.PR.J	OpRet	1.68 %	Yield-to-Worst (at Bid) : 10.64 % Evaluated at bid price : 17.5400 Soft Maturity 2018-03-30 YTM: 10.64 % [Restricted: 10.64 %] (Prob: 100.00 %) Yield to Worst : 10.6445 %
PWF.PR.I	Perpetual-Discount	1.69 %	Yield-to-Worst (at Bid) : 7.28 % Evaluated at bid price : 21.1100 Limit Maturity 2039-01-06 YTM: 7.28 % [Restricted: 7.28 %] (Prob: 100.00 %) Yield to Worst : 7.2758 %
TRI.PR.B	Floater	1.77 %	Yield-to-Worst (at Bid) : 5.37 % Evaluated at bid price : 11.5000 Limit Maturity 2039-01-06 YTM: 5.37 % [Restricted: 5.37 %] (Prob: 100.00 %) Yield to Worst : 5.3674 %
RY.PR.H	Perpetual-Discount	1.83 %	Yield-to-Worst (at Bid) : 6.78 % Evaluated at bid price : 21.2000 Limit Maturity 2039-01-06 YTM: 6.78 % [Restricted: 6.78 %] (Prob: 100.00 %) Yield to Worst : 6.7792 %
TD.PR.Y	FixedReset	1.93 %	Yield-to-Worst (at Bid) : 4.48 % Evaluated at bid price : 21.8500 Call 2013-11-30 YTM: 8.17 % [Restricted: 8.17 %] (Prob: 6.04 %) Call 2018-11-30 YTM: 6.07 % [Restricted: 6.07 %] (Prob: 0.46 %) Limit Maturity 2039-01-06 YTM: 4.48 % [Restricted: 4.48 %] (Prob: 93.50 %) Yield to Worst : 4.4819 %
PWF.PR.L	Perpetual-Discount	1.94 %	Yield-to-Worst (at Bid) : 7.32 % Evaluated at bid price : 17.8400 Limit Maturity 2039-01-06 YTM: 7.32 % [Restricted: 7.32 %] (Prob: 100.00 %) Yield to Worst : 7.3189 %
SLF.PR.D	Perpetual-Discount	1.99 %	Yield-to-Worst (at Bid) : 7.30 % Evaluated at bid price : 15.4100 Limit Maturity 2039-01-06 YTM: 7.30 % [Restricted: 7.30 %] (Prob: 100.00 %) Yield to Worst : 7.2961 %
PWF.PR.K	Perpetual-Discount	2.05 %	Yield-to-Worst (at Bid) : 7.06 % Evaluated at bid price : 17.9400 Limit Maturity 2039-01-06 YTM: 7.06 % [Restricted: 7.06 %] (Prob: 100.00 %) Yield to Worst : 7.0592 %
CM.PR.J	Perpetual-Discount	2.07 %	Yield-to-Worst (at Bid) : 6.93 % Evaluated at bid price : 16.2900 Limit Maturity 2039-01-06 YTM: 6.93 % [Restricted: 6.93 %] (Prob: 100.00 %) Yield to Worst : 6.9346 %
GWO.PR.H	Perpetual-Discount	2.10 %	Yield-to-Worst (at Bid) : 7.19 % Evaluated at bid price : 17.0500 Limit Maturity 2039-01-06 YTM: 7.19 % [Restricted: 7.19 %] (Prob: 100.00 %) Yield to Worst : 7.1860 %
BNA.PR.C	SplitShare	2.15 %	Yield-to-Worst (at Bid) : 19.04 % Evaluated at bid price : 9.0400 Hard Maturity 2019-01-10 YTM: 19.04 % [Restricted: 19.04 %] (Prob: 100.00 %) Yield to Worst : 19.0370 %
PWF.PR.A	Floater	2.17 %	Yield-to-Worst (at Bid) : 5.06 % Evaluated at bid price : 12.2600 Limit Maturity 2039-01-06 YTM: 5.06 % [Restricted: 5.06 %] (Prob: 100.00 %) Yield to Worst : 5.0629 %
BMO.PR.K	Perpetual-Discount	2.18 %	Yield-to-Worst (at Bid) : 6.94 % Evaluated at bid price : 19.2500 Limit Maturity 2039-01-06 YTM: 6.94 % [Restricted: 6.94 %] (Prob: 100.00 %) Yield to Worst : 6.9382 %
W.PR.J	Perpetual-Discount	2.21 %	Yield-to-Worst (at Bid) : 7.84 % Evaluated at bid price : 18.0000 Limit Maturity 2039-01-06 YTM: 7.84 % [Restricted: 7.84 %] (Prob: 100.00 %) Yield to Worst : 7.8391 %
BCE.PR.Z	FixedFloater	2.40 %	Yield-to-Worst (at Bid) : 7.93 % Evaluated at bid price : 14.5100 Limit Maturity 2039-01-06 YTM: 7.93 % [Restricted: 7.93 %] (Prob: 100.00 %) Yield to Worst : 7.9293 %
BMO.PR.J	Perpetual-Discount	2.46 %	Yield-to-Worst (at Bid) : 6.69 % Evaluated at bid price : 17.1100 Limit Maturity 2039-01-06 YTM: 6.69 % [Restricted: 6.69 %] (Prob: 100.00 %) Yield to Worst : 6.6874 %
PWF.PR.G	Perpetual-Discount	2.47 %	Yield-to-Worst (at Bid) : 7.28 % Evaluated at bid price : 20.7600 Limit Maturity 2039-01-06 YTM: 7.28 % [Restricted: 7.28 %] (Prob: 100.00 %) Yield to Worst : 7.2752 %
BCE.PR.A	FixedFloater	2.50 %	Yield-to-Worst (at Bid) : 7.13 % Evaluated at bid price : 16.4100 Limit Maturity 2039-01-06 YTM: 7.13 % [Restricted: 7.13 %] (Prob: 100.00 %) Yield to Worst : 7.1266 %
NA.PR.L	Perpetual-Discount	2.59 %	Yield-to-Worst (at Bid) : 7.08 % Evaluated at bid price : 17.4600 Limit Maturity 2039-01-06 YTM: 7.08 % [Restricted: 7.08 %] (Prob: 100.00 %) Yield to Worst : 7.0843 %
STW.PR.A	InterestBearing	2.59 %	Yield-to-Worst (at Bid) : 11.47 % Evaluated at bid price : 9.5000 Hard Maturity 2009-12-31 YTM: 11.47 % [Restricted: 11.27 %] (Prob: 100.00 %) Yield to Worst : 11.4674 %
CU.PR.B	Perpetual-Discount	2.68 %	Yield-to-Worst (at Bid) : 6.62 % Evaluated at bid price : 23.0000 Call 2011-07-01 YTM: 10.47 % [Restricted: 10.47 %] (Prob: 9.42 %) Call 2012-07-01 YTM: 9.00 % [Restricted: 9.00 %] (Prob: 3.96 %) Limit Maturity 2039-01-06 YTM: 6.62 % [Restricted: 6.62 %] (Prob: 86.61 %) Yield to Worst : 6.6159 %
BNA.PR.A	SplitShare	2.70 %	Yield-to-Worst (at Bid) : 12.50 % Evaluated at bid price : 22.8000 Hard Maturity 2010-09-30 YTM: 12.50 % [Restricted: 12.50 %] (Prob: 100.00 %) Yield to Worst : 12.5006 %
LFE.PR.A	SplitShare	2.78 %	Yield-to-Worst (at Bid) : 6.48 % Evaluated at bid price : 9.6000 Hard Maturity 2012-12-01 YTM: 6.48 % [Restricted: 6.48 %] (Prob: 100.00 %) Yield to Worst : 6.4803 %
PPL.PR.A	SplitShare	2.81 %	Yield-to-Worst (at Bid) : 7.55 % Evaluated at bid price : 9.1500 Hard Maturity 2012-12-01 YTM: 7.55 % [Restricted: 7.55 %] (Prob: 100.00 %) Yield to Worst : 7.5529 %
BAM.PR.H	OpRet	2.93 %	Yield-to-Worst (at Bid) : 11.82 % Evaluated at bid price : 21.1000 Soft Maturity 2012-03-30 YTM: 11.82 % [Restricted: 11.82 %] (Prob: 100.00 %) Yield to Worst : 11.8242 %
POW.PR.D	Perpetual-Discount	3.00 %	Yield-to-Worst (at Bid) : 7.06 % Evaluated at bid price : 17.8300 Limit Maturity 2039-01-06 YTM: 7.06 % [Restricted: 7.06 %] (Prob: 100.00 %) Yield to Worst : 7.0602 %
ALB.PR.A	SplitShare	3.03 %	Yield-to-Worst (at Bid) : 14.05 % Evaluated at bid price : 20.7300 Hard Maturity 2011-02-28 YTM: 14.05 % [Restricted: 14.05 %] (Prob: 100.00 %) Yield to Worst : 14.0550 %
BAM.PR.G	FixedFloater	3.11 %	Yield-to-Worst (at Bid) : 9.95 % Evaluated at bid price : 11.6000 Limit Maturity 2039-01-06 YTM: 9.95 % [Restricted: 9.95 %] (Prob: 100.00 %) Yield to Worst : 9.9491 %
CIU.PR.A	Perpetual-Discount	3.20 %	Yield-to-Worst (at Bid) : 7.26 % Evaluated at bid price : 16.1100 Limit Maturity 2039-01-06 YTM: 7.26 % [Restricted: 7.26 %] (Prob: 100.00 %) Yield to Worst : 7.2622 %
FFN.PR.A	SplitShare	3.29 %	Yield-to-Worst (at Bid) : 10.28 % Evaluated at bid price : 7.8600 Hard Maturity 2014-12-01 YTM: 10.28 % [Restricted: 10.28 %] (Prob: 100.00 %) Yield to Worst : 10.2752 %
TD.PR.P	Perpetual-Discount	3.37 %	Yield-to-Worst (at Bid) : 6.44 % Evaluated at bid price : 20.4500 Limit Maturity 2039-01-06 YTM: 6.44 % [Restricted: 6.44 %] (Prob: 100.00 %) Yield to Worst : 6.4379 %
BAM.PR.O	OpRet	3.48 %	Yield-to-Worst (at Bid) : 13.90 % Evaluated at bid price : 17.8500 Option Certainty 2013-06-30 YTM: 13.90 % [Restricted: 13.90 %] (Prob: 100.00 %) Yield to Worst : 13.9048 %
RY.PR.B	Perpetual-Discount	3.54 %	Yield-to-Worst (at Bid) : 6.29 % Evaluated at bid price : 19.0000 Limit Maturity 2039-01-06 YTM: 6.29 % [Restricted: 6.29 %] (Prob: 100.00 %) Yield to Worst : 6.2858 %
BMO.PR.H	Perpetual-Discount	3.83 %	Yield-to-Worst (at Bid) : 6.80 % Evaluated at bid price : 19.8100 Limit Maturity 2039-01-06 YTM: 6.80 % [Restricted: 6.80 %] (Prob: 100.00 %) Yield to Worst : 6.8044 %
TCA.PR.X	Perpetual-Discount	4.00 %	Yield-to-Worst (at Bid) : 6.37 % Evaluated at bid price : 43.9500 Call 2013-11-14 YTM: 8.67 % [Restricted: 8.67 %] (Prob: 6.75 %) Limit Maturity 2039-01-06 YTM: 6.37 % [Restricted: 6.37 %] (Prob: 93.25 %) Yield to Worst : 6.3721 %
FTN.PR.A	SplitShare	4.14 %	Yield-to-Worst (at Bid) : 8.11 % Evaluated at bid price : 8.5500 Hard Maturity 2015-12-01 YTM: 8.11 % [Restricted: 8.11 %] (Prob: 100.00 %) Yield to Worst : 8.1137 %
SBC.PR.A	SplitShare	4.21 %	Yield-to-Worst (at Bid) : 9.47 % Evaluated at bid price : 8.6600 Hard Maturity 2012-11-30 YTM: 9.47 % [Restricted: 9.47 %] (Prob: 100.00 %) Yield to Worst : 9.4662 %
CU.PR.A	Perpetual-Discount	4.26 %	Yield-to-Worst (at Bid) : 6.39 % Evaluated at bid price : 23.0000 Call 2011-03-31 YTM: 10.73 % [Restricted: 10.73 %] (Prob: 8.80 %) Call 2012-03-31 YTM: 8.99 % [Restricted: 8.99 %] (Prob: 4.18 %) Limit Maturity 2039-01-06 YTM: 6.39 % [Restricted: 6.39 %] (Prob: 87.01 %) Yield to Worst : 6.3914 %
FBS.PR.B	SplitShare	4.36 %	Yield-to-Worst (at Bid) : 9.50 % Evaluated at bid price : 8.8500 Hard Maturity 2011-12-15 YTM: 9.50 % [Restricted: 9.50 %] (Prob: 100.00 %) Yield to Worst : 9.4998 %
SLF.PR.A	Perpetual-Discount	4.41 %	Yield-to-Worst (at Bid) : 6.93 % Evaluated at bid price : 17.3000 Limit Maturity 2039-01-06 YTM: 6.93 % [Restricted: 6.93 %] (Prob: 100.00 %) Yield to Worst : 6.9337 %
ELF.PR.F	Perpetual-Discount	4.59 %	Yield-to-Worst (at Bid) : 8.14 % Evaluated at bid price : 16.4000 Limit Maturity 2039-01-06 YTM: 8.14 % [Restricted: 8.14 %] (Prob: 100.00 %) Yield to Worst : 8.1417 %
FIG.PR.A	InterestBearing	6.16 %	Yield-to-Worst (at Bid) : 11.70 % Evaluated at bid price : 7.7500 Hard Maturity 2014-12-31 YTM: 11.70 % [Restricted: 11.70 %] (Prob: 100.00 %) Yield to Worst : 11.7020 %
BAM.PR.M	Perpetual-Discount	6.21 %	Yield-to-Worst (at Bid) : 9.91 % Evaluated at bid price : 12.1500 Limit Maturity 2039-01-06 YTM: 9.91 % [Restricted: 9.91 %] (Prob: 100.00 %) Yield to Worst : 9.9133 %
BAM.PR.N	Perpetual-Discount	7.08 %	Yield-to-Worst (at Bid) : 9.95 % Evaluated at bid price : 12.1000 Limit Maturity 2039-01-06 YTM: 9.95 % [Restricted: 9.95 %] (Prob: 100.00 %) Yield to Worst : 9.9549 %
IAG.PR.A	Perpetual-Discount	7.11 %	Yield-to-Worst (at Bid) : 6.95 % Evaluated at bid price : 16.7200 Limit Maturity 2039-01-06 YTM: 6.95 % [Restricted: 6.95 %] (Prob: 100.00 %) Yield to Worst : 6.9478 %

Volume Highlights
Issue	Index	Shares Traded	Notes
LBS.PR.A	SplitShare	111,572
BCE.PR.Z	FixedFloater	86,931
SLF.PR.B	Perpetual-Discount	61,463
CL.PR.B	Perpetual-Discount	49,100
RY.PR.N	FixedReset	46,510
W.PR.J	Perpetual-Discount	45,230
CM.PR.A	OpRet	43,975
SLF.PR.D	Perpetual-Discount	34,857
CM.PR.D	Perpetual-Discount	33,200
SLF.PR.C	Perpetual-Discount	30,746
RY.PR.F	Perpetual-Discount	28,900
BNA.PR.C	SplitShare	28,850
MFC.PR.A	OpRet	26,315
BNS.PR.M	Perpetual-Discount	24,625
BAM.PR.N	Perpetual-Discount	24,625
BMO.PR.J	Perpetual-Discount	24,572
BAM.PR.M	Perpetual-Discount	24,064
POW.PR.D	Perpetual-Discount	22,275
CM.PR.J	Perpetual-Discount	21,425
RY.PR.E	Perpetual-Discount	21,011
BNA.PR.A	SplitShare	20,700
PWF.PR.F	Perpetual-Discount	19,490
POW.PR.B	Perpetual-Discount	19,180
BNS.PR.L	Perpetual-Discount	18,200
WFS.PR.A	SplitShare	17,900
RY.PR.H	Perpetual-Discount	16,928
LFE.PR.A	SplitShare	16,300
CM.PR.E	Perpetual-Discount	16,300
TD.PR.O	Perpetual-Discount	15,828
IGM.PR.A	OpRet	15,819
RY.PR.D	Perpetual-Discount	15,724
FIG.PR.A	InterestBearing	15,511
CM.PR.G	Perpetual-Discount	15,320
PPL.PR.A	SplitShare	15,266
RY.PR.I	FixedReset	15,035
FBS.PR.B	SplitShare	14,816
BNS.PR.R	FixedReset	14,375
CM.PR.I	Perpetual-Discount	14,270
CM.PR.H	Perpetual-Discount	14,037
HSB.PR.C	Perpetual-Discount	13,480
SBN.PR.A	SplitShare	12,400
RY.PR.W	Perpetual-Discount	12,305
BNS.PR.O	Perpetual-Discount	12,300
BAM.PR.O	OpRet	12,222
GWO.PR.G	Perpetual-Discount	12,153
NA.PR.M	Perpetual-Discount	12,105
BAM.PR.B	Floater	11,911
PWF.PR.I	Perpetual-Discount	11,406
BMO.PR.N	FixedReset	10,700
BAM.PR.K	Floater	10,550
BCE.PR.C	FixedFloater	10,315
BNS.PR.N	Perpetual-Discount	10,015

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January 6, 2008 2009

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