PrefBlog

It was one of those Mondays:

The S&P 500 fell 12 percent, its biggest drop since the coronavirus outbreak began to roil markets in the United States last month — and its worst daily decline since October 1987, when stocks plunged about 20 percent in what came to be known as Black Monday. For the technology heavy Nasdaq, the drop was its worst on record.
…
Global oil prices plunged to below $30 a barrel, the lowest level in more than four years. Oil has fallen by half since the start of the year, and some analysts predict that oil prices could drop below $20 a barrel in the coming weeks.

… and … :

The S&P 500 fell 12 per cent, marking its worst day since the month-long crisis began and bringing its overall decline to nearly 30 per cent since Feb. 19. The Dow Jones Industrial Average shed a record 3,000 points, or nearly 13 per cent.

The selloff accelerated toward the end of the day’s trading session after U.S. President Donald Trump released more restrictive guidelines in response to the outbreak and suggested that the reaction to the pandemic, which is smothering economic activity, could easily last through July.

Canada’s S&P/TSX Composite Index fell 9.9 per cent. Since Feb. 20, the index has fallen a total of 31.2 per cent.

Airline stocks were exceptionally volatile as unprecedented travel restrictions devastate capacity. Centre for Aviation, a consultancy, warned on Sunday that many airlines have probably already breached their debt covenants and most of the world’s airlines will be bankrupt by the end of May.

The Wall Street Journal reported that U.S. airlines are seeking as much as US$50-billion in financial assistance. During a press conference, Mr. Trump said: “We’re going to back the airlines 100 per cent.”
…
U.S. preliminary numbers for factory activity in March, seen in the New York Fed’s Empire index, registered its largest monthly decline on record, according to National Bank Financial.
…
Commodity prices are reflecting the weaker numbers. West Texas Intermediate crude, the U.S. benchmark for oil, fell 9.7 per cent on Monday to US$28.66 per barrel. The S&P/TSX energy index fell 18 per cent, escalating concerns about bank exposure to the energy sector’s loans even as a key credit-rating agency has argued that the exposure is manageable.

Mohamed el-Erian is not impressed by the Fed, which slashed rates on Sunday.

But at least we can still go to the States:

President Donald Trump says he has thought about closing the border to Canada amid efforts to contain the coronavirus epidemic, but is hoping not to take such a step, as a wave of increasingly dire public health measures crashes across the United States.

At a White House press conference unveiling new social distancing guidelines on Monday, Mr. Trump said he had the power to shut either the Canadian or Mexican borders.

“We think about it. If we don’t have to do it, that would be good,” he said. “We are talking about different things. But we’ll see. Right now, we have not decided to do that.”

… even though Ottawa has adopted a Fortress Canada mentality:

Canada will close its borders to people who are not Canadian citizens or permanent residents with the exception of U.S. citizens, diplomats and “essential workers” in an effort to stop the spread of the novel coronavirus, effective Wednesday, Prime Minister Justin Trudeau said Monday.

When asked about the science behind the government’s rationale, Mr. Trudeau said Ottawa recognizes the level of integration between the Canadian and U.S. economies puts the United States in a “separate category.”

I suspect that this was the price of keeping the border with the US open.:

The federal Liberal government imposed its own limits on incoming flights from overseas Friday — nothing as severe as Donald Trump’s ban on foreign nationals arriving from Europe, but enough to signal to the United States that it need not erect a viral firewall along the Canada-U.S. border.

International flights arriving from parts of the world where the COVID-19 outbreak is at its most severe will be directed to a select handful of Canadian airports, where passengers can be more readily screened for signs of illness, Transport Minister Marc Garneau told a news conference.

The move came just hours before the U.S. president declared the crisis a national emergency, and before his proclamation banning foreign visitors who recently visited any of 26 countries in Europe was scheduled to take effect at midnight.

TXPR closed at 431.89, down 8.83% on the day. Volume today was 3.84-million, the lowest since March 6.

CPD closed at 8.56, down 9.42% on the day. Volume of 680,269 was the highest of the past thirty days, comfortably ahead of second-place March 13.

ZPR closed at 6.60, down 9.84% on the day. Volume of 1,124,668 was the lowest since March 6

Five-year Canada yields were down 5bp to 0.62% today.

There are plenty of candidates for bad-quote mockery today, but again, there are just too many for me to address. However, special mention is appropriate for ALA.PR.H, which tripped a firewall in HIMIPref with its TSX-supplied quote of 8.70-20.00.

And as for what the market is really doing … I will point out that the four HSE FixedResets are bid to yield in a range of 11.03%-12.16%, while AIM.PR.A is bid to yield 9.78%; AIM.PR.C at 8.46%. Make of that what you will.

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	-12.8646 %	1,272.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-12.8646 %	2,335.0
Floater	8.51 %	8.66 %	56,703	10.76	4	-12.8646 %	1,345.7
OpRet	0.00 %	0.00 %	0	0.00	0	-5.3525 %	3,179.9
SplitShare	5.22 %	7.05 %	71,397	4.02	7	-5.3525 %	3,797.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-5.3525 %	2,962.9
Perpetual-Premium	6.92 %	7.12 %	90,589	12.34	12	-9.3370 %	2,461.0
Perpetual-Discount	6.53 %	6.37 %	81,080	13.32	24	-7.1275 %	2,683.8
FixedReset Disc	8.51 %	7.03 %	204,731	11.95	64	-9.2776 %	1,415.8
Deemed-Retractible	6.38 %	6.92 %	88,044	12.71	27	-6.8177 %	2,648.2
FloatingReset	6.73 %	6.47 %	67,693	13.19	3	-15.2888 %	1,405.9
FixedReset Prem	6.66 %	6.47 %	174,343	13.18	22	-8.5247 %	2,037.5
FixedReset Bank Non	2.27 %	13.78 %	109,953	1.78	3	-4.8089 %	2,343.5
FixedReset Ins Non	9.02 %	7.96 %	121,869	11.23	22	-14.5531 %	1,317.5

Performance Highlights
Issue	Index	Change	Notes
IFC.PR.C	FixedReset Ins Non	-22.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.05 Evaluated at bid price : 10.05 Bid-YTW : 8.18 %
SLF.PR.H	FixedReset Ins Non	-22.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 7.67 %
SLF.PR.G	FixedReset Ins Non	-21.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.02 Evaluated at bid price : 7.02 Bid-YTW : 7.20 %
MFC.PR.G	FixedReset Ins Non	-20.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.34 Evaluated at bid price : 10.34 Bid-YTW : 8.67 %
W.PR.M	FixedReset Prem	-19.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 7.71 %
TRP.PR.B	FixedReset Disc	-19.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 6.31 Evaluated at bid price : 6.31 Bid-YTW : 7.49 %
IAF.PR.I	FixedReset Ins Non	-19.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.76 Evaluated at bid price : 10.76 Bid-YTW : 8.60 %
GWO.PR.N	FixedReset Ins Non	-19.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.48 Evaluated at bid price : 7.48 Bid-YTW : 6.42 %
SLF.PR.J	FloatingReset	-18.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 6.90 Evaluated at bid price : 6.90 Bid-YTW : 6.47 %
SLF.PR.I	FixedReset Ins Non	-18.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.45 Evaluated at bid price : 10.45 Bid-YTW : 8.16 %
TRP.PR.D	FixedReset Disc	-17.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.70 Evaluated at bid price : 9.70 Bid-YTW : 8.61 %
MFC.PR.H	FixedReset Ins Non	-17.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.22 Evaluated at bid price : 11.22 Bid-YTW : 8.59 %
W.PR.K	FixedReset Prem	-16.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.46 %
CM.PR.Q	FixedReset Disc	-16.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.40 Evaluated at bid price : 10.40 Bid-YTW : 8.35 %
EMA.PR.F	FixedReset Disc	-16.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.20 %
EIT.PR.B	SplitShare	-16.01 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 8.61 %
IAF.PR.G	FixedReset Ins Non	-15.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 8.16 %
MFC.PR.F	FixedReset Ins Non	-15.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 6.60 Evaluated at bid price : 6.60 Bid-YTW : 7.73 %
EMA.PR.C	FixedReset Disc	-15.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 7.34 %
BAM.PF.J	FixedReset Prem	-15.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 6.47 %
TRP.PR.G	FixedReset Disc	-14.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.16 Evaluated at bid price : 11.16 Bid-YTW : 8.13 %
MFC.PR.J	FixedReset Ins Non	-14.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.20 Evaluated at bid price : 11.20 Bid-YTW : 7.97 %
MFC.PR.Q	FixedReset Ins Non	-14.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.09 Evaluated at bid price : 11.09 Bid-YTW : 7.99 %
MFC.PR.N	FixedReset Ins Non	-14.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.75 Evaluated at bid price : 9.75 Bid-YTW : 7.50 %
PWF.PR.E	Perpetual-Premium	-14.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.24 Evaluated at bid price : 18.24 Bid-YTW : 7.69 %
BMO.PR.S	FixedReset Disc	-14.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.71 Evaluated at bid price : 10.71 Bid-YTW : 7.57 %
BAM.PR.B	Floater	-14.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.00 Evaluated at bid price : 7.00 Bid-YTW : 8.67 %
TRP.PR.A	FixedReset Disc	-13.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.04 Evaluated at bid price : 9.04 Bid-YTW : 7.89 %
MFC.PR.L	FixedReset Ins Non	-13.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.42 Evaluated at bid price : 9.42 Bid-YTW : 8.23 %
PWF.PR.Q	FloatingReset	-13.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.75 Evaluated at bid price : 7.75 Bid-YTW : 6.46 %
MFC.PR.M	FixedReset Ins Non	-13.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 8.05 %
MFC.PR.K	FixedReset Ins Non	-13.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.20 Evaluated at bid price : 10.20 Bid-YTW : 7.96 %
TRP.PR.K	FixedReset Prem	-13.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.54 Evaluated at bid price : 17.54 Bid-YTW : 7.07 %
TRP.PR.E	FixedReset Disc	-13.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.50 Evaluated at bid price : 9.50 Bid-YTW : 8.69 %
TRP.PR.F	FloatingReset	-13.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.79 Evaluated at bid price : 7.79 Bid-YTW : 7.38 %
IFC.PR.A	FixedReset Ins Non	-13.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 8.73 Evaluated at bid price : 8.73 Bid-YTW : 7.26 %
IFC.PR.E	Deemed-Retractible	-13.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 7.12 %
MFC.PR.I	FixedReset Ins Non	-13.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 8.36 %
BAM.PR.K	Floater	-12.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.01 Evaluated at bid price : 7.01 Bid-YTW : 8.66 %
ELF.PR.H	Perpetual-Premium	-12.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.94 %
BAM.PR.X	FixedReset Disc	-12.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 8.28 Evaluated at bid price : 8.28 Bid-YTW : 7.44 %
BAM.PF.E	FixedReset Disc	-12.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.02 Evaluated at bid price : 11.02 Bid-YTW : 7.19 %
BAM.PR.C	Floater	-12.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 6.99 Evaluated at bid price : 6.99 Bid-YTW : 8.68 %
BAM.PR.T	FixedReset Disc	-12.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 7.51 %
BAM.PF.I	FixedReset Prem	-12.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 6.26 %
BAM.PF.H	FixedReset Prem	-12.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.37 %
HSE.PR.A	FixedReset Disc	-12.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 5.34 Evaluated at bid price : 5.34 Bid-YTW : 11.03 %
BAM.PF.F	FixedReset Disc	-12.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.27 Evaluated at bid price : 12.27 Bid-YTW : 7.44 %
IAF.PR.B	Deemed-Retractible	-12.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.58 %
IFC.PR.G	FixedReset Ins Non	-12.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 7.48 %
PWF.PR.L	Perpetual-Discount	-12.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 7.51 %
BAM.PR.Z	FixedReset Disc	-11.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 7.29 %
PWF.PR.A	Floater	-11.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 7.38 Evaluated at bid price : 7.38 Bid-YTW : 8.32 %
MFC.PR.R	FixedReset Ins Non	-11.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 7.73 %
BAM.PR.R	FixedReset Disc	-10.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.63 Evaluated at bid price : 9.63 Bid-YTW : 7.60 %
BIP.PR.A	FixedReset Disc	-10.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 8.37 %
PWF.PR.H	Perpetual-Premium	-10.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.14 Evaluated at bid price : 20.14 Bid-YTW : 7.27 %
NA.PR.S	FixedReset Disc	-10.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.91 Evaluated at bid price : 10.91 Bid-YTW : 7.69 %
GWO.PR.L	Deemed-Retractible	-10.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 7.15 %
HSE.PR.E	FixedReset Disc	-10.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 8.75 Evaluated at bid price : 8.75 Bid-YTW : 12.03 %
BMO.PR.T	FixedReset Disc	-10.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 6.97 %
RY.PR.Z	FixedReset Disc	-10.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.28 Evaluated at bid price : 11.28 Bid-YTW : 6.86 %
POW.PR.C	Perpetual-Premium	-10.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.74 Evaluated at bid price : 20.74 Bid-YTW : 7.15 %
ELF.PR.G	Perpetual-Discount	-10.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.74 %
TD.PF.D	FixedReset Disc	-9.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.11 Evaluated at bid price : 13.11 Bid-YTW : 6.59 %
TD.PF.K	FixedReset Disc	-9.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.03 Evaluated at bid price : 13.03 Bid-YTW : 6.98 %
NA.PR.E	FixedReset Disc	-9.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.80 Evaluated at bid price : 11.80 Bid-YTW : 7.53 %
CM.PR.O	FixedReset Disc	-9.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.62 Evaluated at bid price : 10.62 Bid-YTW : 7.62 %
PWF.PR.T	FixedReset Disc	-9.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.02 Evaluated at bid price : 11.02 Bid-YTW : 7.67 %
TD.PF.A	FixedReset Disc	-9.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.06 Evaluated at bid price : 11.06 Bid-YTW : 7.12 %
GWO.PR.M	Deemed-Retractible	-9.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 7.15 %
BMO.PR.D	FixedReset Disc	-9.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 14.56 Evaluated at bid price : 14.56 Bid-YTW : 6.73 %
NA.PR.C	FixedReset Disc	-9.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 7.49 %
PWF.PR.F	Perpetual-Discount	-9.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.32 Evaluated at bid price : 18.32 Bid-YTW : 7.30 %
NA.PR.W	FixedReset Disc	-9.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 7.48 %
PWF.PR.K	Perpetual-Discount	-9.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.47 Evaluated at bid price : 17.47 Bid-YTW : 7.22 %
CM.PR.P	FixedReset Disc	-9.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.77 Evaluated at bid price : 10.77 Bid-YTW : 7.61 %
PWF.PR.R	Perpetual-Premium	-9.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 7.28 %
BNS.PR.H	FixedReset Prem	-9.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.06 Evaluated at bid price : 19.06 Bid-YTW : 6.41 %
CU.PR.C	FixedReset Disc	-9.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.17 %
BMO.PR.Y	FixedReset Disc	-9.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 6.72 %
BMO.PR.Z	Perpetual-Discount	-9.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.17 %
MFC.PR.B	Deemed-Retractible	-9.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.67 %
TD.PF.J	FixedReset Disc	-9.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.31 Evaluated at bid price : 13.31 Bid-YTW : 6.88 %
CU.PR.H	Perpetual-Discount	-9.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.37 %
PWF.PR.I	Perpetual-Premium	-9.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 7.08 %
TD.PF.B	FixedReset Disc	-9.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.33 Evaluated at bid price : 11.33 Bid-YTW : 6.98 %
TD.PF.C	FixedReset Disc	-8.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 7.08 %
POW.PR.D	Perpetual-Discount	-8.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.22 Evaluated at bid price : 18.22 Bid-YTW : 7.01 %
NA.PR.A	FixedReset Prem	-8.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.99 %
TD.PF.E	FixedReset Disc	-8.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.26 Evaluated at bid price : 13.26 Bid-YTW : 6.68 %
GWO.PR.F	Deemed-Retractible	-8.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 7.06 %
POW.PR.A	Perpetual-Premium	-8.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 7.19 %
RY.PR.H	FixedReset Disc	-8.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.65 Evaluated at bid price : 11.65 Bid-YTW : 6.70 %
POW.PR.G	Perpetual-Premium	-8.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 7.25 %
BMO.PR.W	FixedReset Disc	-8.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 7.03 %
PWF.PR.Z	Perpetual-Discount	-8.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.17 %
TD.PF.I	FixedReset Disc	-8.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 6.80 %
BNS.PR.I	FixedReset Disc	-8.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.58 %
CM.PR.R	FixedReset Disc	-8.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 7.64 %
BMO.PR.F	FixedReset Disc	-8.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 6.67 %
PWF.PR.S	Perpetual-Discount	-8.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.19 Evaluated at bid price : 17.19 Bid-YTW : 7.11 %
MFC.PR.C	Deemed-Retractible	-8.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.49 Evaluated at bid price : 16.49 Bid-YTW : 6.88 %
TD.PF.F	Perpetual-Discount	-8.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.37 %
NA.PR.X	FixedReset Prem	-8.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 7.02 %
RY.PR.W	Perpetual-Discount	-8.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.14 %
RY.PR.J	FixedReset Disc	-8.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.51 Evaluated at bid price : 13.51 Bid-YTW : 6.26 %
TRP.PR.J	FixedReset Prem	-8.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.07 Evaluated at bid price : 20.07 Bid-YTW : 6.94 %
RY.PR.P	Perpetual-Premium	-7.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.32 %
MFC.PR.O	FixedReset Ins Non	-7.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.18 %
CM.PR.S	FixedReset Disc	-7.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 7.02 %
GWO.PR.T	Deemed-Retractible	-7.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 6.94 %
IFC.PR.F	Deemed-Retractible	-7.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.83 %
SLF.PR.A	Deemed-Retractible	-7.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.43 Evaluated at bid price : 17.43 Bid-YTW : 6.85 %
BMO.PR.B	FixedReset Prem	-7.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.48 %
PWF.PR.G	Perpetual-Premium	-7.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 6.89 %
BNS.PR.G	FixedReset Prem	-7.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 6.59 %
HSE.PR.C	FixedReset Disc	-7.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.05 Evaluated at bid price : 9.05 Bid-YTW : 11.50 %
TD.PF.L	FixedReset Disc	-7.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 6.62 %
BIP.PR.D	FixedReset Disc	-7.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.28 Evaluated at bid price : 16.28 Bid-YTW : 7.72 %
RY.PR.M	FixedReset Disc	-7.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 6.29 %
RY.PR.S	FixedReset Disc	-7.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 6.38 %
GWO.PR.Q	Deemed-Retractible	-7.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 6.93 %
CM.PR.Y	FixedReset Disc	-7.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.55 Evaluated at bid price : 16.55 Bid-YTW : 6.93 %
CIU.PR.A	Perpetual-Discount	-7.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 6.28 %
PWF.PR.O	Perpetual-Premium	-7.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.12 %
RY.PR.O	Perpetual-Discount	-7.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 6.19 %
SLF.PR.C	Deemed-Retractible	-6.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 6.78 %
RY.PR.N	Perpetual-Discount	-6.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.20 %
BIP.PR.C	FixedReset Prem	-6.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 7.75 %
CCS.PR.C	Deemed-Retractible	-6.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.33 Evaluated at bid price : 19.33 Bid-YTW : 6.50 %
SLF.PR.D	Deemed-Retractible	-6.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 6.78 %
BMO.PR.C	FixedReset Disc	-6.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 15.55 Evaluated at bid price : 15.55 Bid-YTW : 6.53 %
GWO.PR.S	Deemed-Retractible	-6.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 6.92 %
GWO.PR.P	Deemed-Retractible	-6.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 6.90 %
BAM.PF.A	FixedReset Disc	-6.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.93 %
POW.PR.B	Perpetual-Discount	-6.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 7.18 %
TD.PF.H	FixedReset Prem	-6.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.09 Evaluated at bid price : 19.09 Bid-YTW : 6.30 %
SLF.PR.B	Deemed-Retractible	-6.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 6.76 %
PVS.PR.G	SplitShare	-6.64 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 7.05 %
GWO.PR.I	Deemed-Retractible	-6.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.79 %
TRP.PR.C	FixedReset Disc	-6.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 6.61 Evaluated at bid price : 6.61 Bid-YTW : 8.30 %
GWO.PR.H	Deemed-Retractible	-6.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.81 %
BMO.PR.Q	FixedReset Bank Non	-6.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.30 Bid-YTW : 16.50 %
BAM.PF.G	FixedReset Disc	-6.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.92 %
GWO.PR.G	Deemed-Retractible	-6.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.78 Evaluated at bid price : 18.78 Bid-YTW : 6.96 %
BIK.PR.A	FixedReset Prem	-6.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.97 %
BAM.PR.N	Perpetual-Discount	-6.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 7.06 %
CM.PR.T	FixedReset Disc	-6.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 15.51 Evaluated at bid price : 15.51 Bid-YTW : 7.01 %
BAM.PR.M	Perpetual-Discount	-5.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.02 %
BIP.PR.E	FixedReset Disc	-5.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 7.37 %
TD.PF.G	FixedReset Prem	-5.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 6.39 %
BIP.PR.F	FixedReset Disc	-5.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 7.48 %
IFC.PR.I	Perpetual-Premium	-5.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.59 %
BAM.PF.B	FixedReset Disc	-5.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.99 %
SLF.PR.E	Deemed-Retractible	-5.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 6.79 %
RY.PR.R	FixedReset Prem	-5.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 6.41 %
BAM.PF.D	Perpetual-Discount	-5.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.92 %
BNS.PR.E	FixedReset Prem	-5.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 6.46 %
HSE.PR.G	FixedReset Disc	-5.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 8.55 Evaluated at bid price : 8.55 Bid-YTW : 12.16 %
CU.PR.G	Perpetual-Discount	-5.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 6.07 %
BNS.PR.Z	FixedReset Bank Non	-5.44 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.35 Bid-YTW : 13.78 %
BAM.PF.C	Perpetual-Discount	-5.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 7.04 %
BMO.PR.E	FixedReset Disc	-5.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.87 %
TD.PF.M	FixedReset Disc	-5.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.40 %
PVS.PR.H	SplitShare	-5.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.00 Bid-YTW : 6.19 %
EMA.PR.E	Perpetual-Discount	-5.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 6.02 %
GWO.PR.R	Deemed-Retractible	-4.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.70 %
BIP.PR.B	FixedReset Prem	-4.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 7.62 %
RY.PR.Q	FixedReset Prem	-4.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 6.30 %
CU.PR.D	Perpetual-Discount	-4.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.11 %
PVS.PR.E	SplitShare	-3.79 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.10 Bid-YTW : 7.13 %
RY.PR.G	Deemed-Retractible	-3.72 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.01 Bid-YTW : 9.43 %
CU.PR.F	Perpetual-Discount	-3.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 19.07 Evaluated at bid price : 19.07 Bid-YTW : 5.96 %
RY.PR.A	Deemed-Retractible	-3.32 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.00 Bid-YTW : 9.40 %
CU.PR.I	FixedReset Prem	-3.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 21.82 Evaluated at bid price : 22.30 Bid-YTW : 5.06 %
PVS.PR.D	SplitShare	-3.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 23.75 Bid-YTW : 8.08 %
BNS.PR.Y	FixedReset Bank Non	-2.82 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 6.08 %
RY.PR.C	Deemed-Retractible	-2.58 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.38 Bid-YTW : 8.62 %
EML.PR.A	FixedReset Ins Non	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 6.82 %
RY.PR.E	Deemed-Retractible	-2.19 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.18 Bid-YTW : 9.00 %
RY.PR.F	Deemed-Retractible	-1.89 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 8.65 %
PVS.PR.F	SplitShare	-1.55 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.41 %
NA.PR.G	FixedReset Disc	3.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 7.49 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.S	FixedReset Disc	131,794	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 6.38 %
MFC.PR.F	FixedReset Ins Non	101,712	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 6.60 Evaluated at bid price : 6.60 Bid-YTW : 7.73 %
BAM.PF.E	FixedReset Disc	62,941	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 11.02 Evaluated at bid price : 11.02 Bid-YTW : 7.19 %
RY.PR.J	FixedReset Disc	60,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 13.51 Evaluated at bid price : 13.51 Bid-YTW : 6.26 %
MFC.PR.B	Deemed-Retractible	59,492	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.67 %
RY.PR.Q	FixedReset Prem	54,968	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 6.30 %
There were 78 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
EIT.PR.B	SplitShare	Quote: 21.25 – 25.15 Spot Rate : 3.9000 Average : 2.2237 YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 8.61 %
IAF.PR.B	Deemed-Retractible	Quote: 17.56 – 20.00 Spot Rate : 2.4400 Average : 1.4398 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 6.58 %
IAF.PR.I	FixedReset Ins Non	Quote: 10.76 – 12.50 Spot Rate : 1.7400 Average : 1.1237 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 10.76 Evaluated at bid price : 10.76 Bid-YTW : 8.60 %
EMA.PR.C	FixedReset Disc	Quote: 12.45 – 14.43 Spot Rate : 1.9800 Average : 1.3693 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 7.34 %
BAM.PR.R	FixedReset Disc	Quote: 9.63 – 11.72 Spot Rate : 2.0900 Average : 1.4837 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 9.63 Evaluated at bid price : 9.63 Bid-YTW : 7.60 %
W.PR.M	FixedReset Prem	Quote: 17.26 – 18.61 Spot Rate : 1.3500 Average : 0.8205 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-03-16 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 7.71 %

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