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The S&P/TSX Preferred Share Index earned 1.12% in August. Ongoing demand for the relatively high yield of preferred shares, combined with a shortage of new issues, pushed share prices higher and yields lower early in the month. The new issues that did come to market enjoyed robust investor interest, but pushed the prices of existing issues lower. Institutional participation in preferred shares continued to increase, with one of the new issues having a record number of institutional buyers. (more…)