PrefBlog

Globalism is getting a kicking. It began with export prohibitions of N-95 masks:

[Chaun] Powell, [vice president of strategic supplier engagement at North Carolina-based healthcare company] … Premier Inc., says that although China has not formally announced any embargoes on exports of personal protective equipment, he believes that no such gear has shipped out of China since mid-January. Other places, like Thailand, Taiwan and India have also restricted exports of masks to protect their domestic supply.

And then the anti-globalists in the White House got going, with Trump reportedly wanting exclusive rights to a vaccine:

German ministers have reacted angrily following reports US president Donald Trump offered a German medical company “large sums of money” for exclusive rights to a Covid-19 vaccine.

“Germany is not for sale,” economy minister Peter Altmaier told broadcaster ARD, reacting to a front page report in Welt am Sonntag newspaper headlined “Trump vs Berlin”.

The newspaper reported Trump offered $1bn to Tübingen-based biopharmaceutical company CureVac to secure the vaccine “only for the United States”.

… after which he banned export of N-95 masks and other material himself:

President Donald Trump said Friday the U.S. would ban export of critical N95 masks and other precious medical gear – as he blasted a manufacturer who criticized the administration for halting its shipment to Canada.

‘It includes everything,’ Trump said of a ban he has described of export of masks, gowns and other equipment.

Trump also tore into 3M Co, saying he was ‘not happy’ with the company after its CEO called the ban short-sighted and would harm the U.S. on a net basis. Trump had threatened the company with use of a defense production law earlier this week.

We’re also seeing plans for a more protectionist world:

As much of the rest of Canada has focused on immediate responses, Quebec has in recent days been talking more about its future once the health crisis subsides. Mr. Legault’s government says it has begun working on plans to increase the province’s self-sufficiency in health care and food, to make sure it has enough locally made medical equipment, medication and other supplies needed to weather a future crisis.

More broadly, Quebec has begun a detailed analysis of its trade balance in an attempt to prepare for a new economic reality once the peak of the global coronavirus pandemic has passed. The Premier is even evoking the possibility of using the province’s plentiful hydro power to warm indoor greenhouses in the winter and grow fruit and vegetables all year round instead of importing them.

… and now WHO, like the World Trade Organization, is under attack:

World leaders are putting the World Health Organization on notice if they don’t shape up. President Trump is threatening to cut 40 percent of U.S. funding from international organizations, while the United Kingdom released a report this week in which they say WHO must reform quickly or it “will result in decreased U.K. funding.”

Even with public health focus on threats such as the Zika and Ebola viruses, vaccines, and mental health, critics have accused the WHO of mission creep, putting resources into too many issues and not focusing enough on the important ones.

The journal Nature even took the unprecedented step of issuing an editorial demanding reform at the WHO, which they see as too bloated to tackle essential global health issues.

These are worrisome developments for Canada, as a small trading nation that has to gain whatever clout it can through participation in international bodies.

Don’t get me wrong; I’m not suggesting we place all our trust in open borders and hugs. By all means, let’s have a federal stockpile of equipment for forseeable disasters, backed up by an official body that would approve and publish open-source plans for things like 3-D printed ventilators; let’s have open tenders for contracts that would give companies an annual payment for a fixed term in exchange for the maintenance of an ability to manufacture X items per month on Y weeks notice. But if the isolationists win the coming battles, we will all lose.

Update, 2020-4-15 : I’m very pleased to see that the first part of my plan is being implemented in the States:

And it’s not just large universities and corporations who are getting involved in the effort. America Makes, a national accelerator for 3D printing (also known as additive manufacturing), has partnered with the Food and Drug Administration, Department of Veterans’ Affairs, and the National Institutes of Health to build a repository where manufacturers can upload their 3D-printable designs. The designs are reviewed and then fast-tracked to the NIH 3D Print Exchange, which is an open site for sharing designs.

This has allowed individuals and small-batch manufacturers to start producing protective face shields too. People like former Autodesk CEO Carl Bass have started producing face shields on their own, with the goal of making more than 20,000 to deliver to healthcare providers.

TXPR closed at 482.72, up 1.09% on the day. Volume today was 3.62-million, low in the context of the past thirty days but highest since March 26.

CPD closed at 9.71, up 1.68% on the day. Volume was 155,861, low in the context of the past 30 trading days but the highest since March 31.

ZPR closed at 7.53, up 1.62% on the day. Volume of 472,081 was below average in the context of the past 30 trading days.

Five-year Canada yields were up 3bp to 0.68% today.

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	-3.8986 %	1,359.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-3.8986 %	2,494.7
Floater	5.66 %	5.80 %	44,428	14.22	4	-3.8986 %	1,437.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.6905 %	3,160.6
SplitShare	5.25 %	7.24 %	85,748	3.95	7	0.6905 %	3,774.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.6905 %	2,944.9
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	1.3106 %	2,666.8
Perpetual-Discount	6.25 %	6.52 %	92,035	13.17	35	1.3106 %	2,860.5
FixedReset Disc	6.93 %	6.10 %	201,101	13.42	83	1.3969 %	1,631.5
Deemed-Retractible	5.96 %	6.46 %	105,088	13.24	27	2.2203 %	2,837.0
FloatingReset	3.17 %	4.79 %	33,576	14.30	4	-0.6323 %	1,670.0
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	1.3969 %	2,256.3
FixedReset Bank Non	1.97 %	4.87 %	118,375	1.77	3	0.1390 %	2,700.3
FixedReset Ins Non	7.46 %	6.50 %	116,592	12.83	22	1.3546 %	1,580.4

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.I	FixedReset Ins Non	-13.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 7.67 %
TD.PF.E	FixedReset Disc	-8.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 6.66 %
PWF.PR.A	Floater	-7.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.10 Evaluated at bid price : 8.10 Bid-YTW : 5.37 %
TRP.PR.H	FloatingReset	-6.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 7.68 Evaluated at bid price : 7.68 Bid-YTW : 4.82 %
TRP.PR.G	FixedReset Disc	-4.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 7.39 %
BAM.PR.C	Floater	-3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 7.36 Evaluated at bid price : 7.36 Bid-YTW : 5.87 %
BNS.PR.G	FixedReset Disc	-3.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 6.10 %
BAM.PR.T	FixedReset Disc	-2.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 6.93 %
BAM.PR.B	Floater	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 7.41 Evaluated at bid price : 7.41 Bid-YTW : 5.83 %
BIK.PR.A	FixedReset Disc	-2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.52 Evaluated at bid price : 21.52 Bid-YTW : 6.86 %
NA.PR.G	FixedReset Disc	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.09 Evaluated at bid price : 14.09 Bid-YTW : 6.67 %
BAM.PR.K	Floater	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 7.45 Evaluated at bid price : 7.45 Bid-YTW : 5.80 %
RY.PR.Z	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.31 Evaluated at bid price : 13.31 Bid-YTW : 5.85 %
HSE.PR.A	FixedReset Disc	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 5.40 Evaluated at bid price : 5.40 Bid-YTW : 11.16 %
BMO.PR.C	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.11 Evaluated at bid price : 16.11 Bid-YTW : 6.38 %
BAM.PF.A	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 6.66 %
BAM.PF.J	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.52 Evaluated at bid price : 20.52 Bid-YTW : 5.84 %
CU.PR.H	Perpetual-Discount	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.18 %
EIT.PR.A	SplitShare	1.05 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 23.00 Bid-YTW : 7.31 %
BMO.PR.T	FixedReset Disc	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.16 Evaluated at bid price : 13.16 Bid-YTW : 5.94 %
MFC.PR.J	FixedReset Ins Non	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.37 %
PWF.PR.S	Perpetual-Discount	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.61 Evaluated at bid price : 18.61 Bid-YTW : 6.59 %
BAM.PF.H	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.62 Evaluated at bid price : 22.00 Bid-YTW : 5.71 %
IFC.PR.G	FixedReset Ins Non	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.50 %
RY.PR.C	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.63 Bid-YTW : 5.82 %
RY.PR.Q	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 22.10 Evaluated at bid price : 22.77 Bid-YTW : 5.75 %
CM.PR.Q	FixedReset Disc	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 6.55 %
RY.PR.S	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.44 Evaluated at bid price : 16.44 Bid-YTW : 5.28 %
CU.PR.D	Perpetual-Discount	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.06 %
MFC.PR.R	FixedReset Ins Non	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 6.77 %
BAM.PR.Z	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 6.72 %
CM.PR.Y	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.19 %
TD.PF.B	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.97 Evaluated at bid price : 13.97 Bid-YTW : 5.70 %
POW.PR.B	Perpetual-Discount	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.62 %
NA.PR.W	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.76 Evaluated at bid price : 12.76 Bid-YTW : 6.20 %
PWF.PR.K	Perpetual-Discount	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.04 Evaluated at bid price : 19.04 Bid-YTW : 6.65 %
PVS.PR.F	SplitShare	1.32 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 6.95 %
SLF.PR.G	FixedReset Ins Non	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.41 Evaluated at bid price : 8.41 Bid-YTW : 6.15 %
BMO.PR.F	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 6.20 %
SLF.PR.B	Deemed-Retractible	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 6.22 %
BIP.PR.D	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.86 %
BAM.PF.F	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.94 Evaluated at bid price : 13.94 Bid-YTW : 6.61 %
PWF.PR.E	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.54 %
BNS.PR.I	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.18 Evaluated at bid price : 16.18 Bid-YTW : 5.35 %
IFC.PR.E	Deemed-Retractible	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.25 %
RY.PR.E	Deemed-Retractible	1.46 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 6.51 %
BAM.PF.D	Perpetual-Discount	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 6.48 %
GWO.PR.N	FixedReset Ins Non	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.78 Evaluated at bid price : 8.78 Bid-YTW : 5.59 %
RY.PR.F	Deemed-Retractible	1.51 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.21 Bid-YTW : 6.67 %
SLF.PR.H	FixedReset Ins Non	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 11.17 Evaluated at bid price : 11.17 Bid-YTW : 6.35 %
GWO.PR.G	Deemed-Retractible	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.56 %
CM.PR.R	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 6.36 %
RY.PR.M	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.46 Evaluated at bid price : 13.46 Bid-YTW : 6.18 %
TD.PF.C	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 5.84 %
IFC.PR.F	Deemed-Retractible	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.26 %
BIP.PR.C	FixedReset Disc	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 6.64 %
MFC.PR.C	Deemed-Retractible	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.47 %
RY.PR.P	Perpetual-Discount	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 22.89 Evaluated at bid price : 23.30 Bid-YTW : 5.70 %
BAM.PF.E	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.48 Evaluated at bid price : 12.48 Bid-YTW : 6.70 %
BIP.PR.A	FixedReset Disc	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 7.87 %
NA.PR.E	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 6.20 %
RY.PR.G	Deemed-Retractible	1.84 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.30 Bid-YTW : 6.51 %
CU.PR.C	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 5.71 %
RY.PR.W	Perpetual-Discount	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 22.25 Evaluated at bid price : 22.52 Bid-YTW : 5.51 %
BMO.PR.E	FixedReset Disc	1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.81 %
CM.PR.S	FixedReset Disc	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.23 Evaluated at bid price : 14.23 Bid-YTW : 5.90 %
PWF.PR.I	Perpetual-Discount	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 6.51 %
PWF.PR.L	Perpetual-Discount	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.60 %
SLF.PR.E	Deemed-Retractible	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.27 %
SLF.PR.C	Deemed-Retractible	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.27 %
IFC.PR.A	FixedReset Ins Non	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 10.20 Evaluated at bid price : 10.20 Bid-YTW : 6.27 %
TD.PF.I	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.02 Evaluated at bid price : 16.02 Bid-YTW : 6.06 %
MFC.PR.N	FixedReset Ins Non	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.95 %
TD.PF.G	FixedReset Disc	2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 22.07 Evaluated at bid price : 22.71 Bid-YTW : 5.94 %
CU.PR.G	Perpetual-Discount	2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.11 %
EML.PR.A	FixedReset Ins Non	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.83 Evaluated at bid price : 20.83 Bid-YTW : 6.81 %
BNS.PR.H	FixedReset Disc	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.83 %
RY.PR.O	Perpetual-Discount	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.62 Evaluated at bid price : 21.96 Bid-YTW : 5.64 %
RY.PR.N	Perpetual-Discount	2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.86 Evaluated at bid price : 22.14 Bid-YTW : 5.60 %
PWF.PR.O	Perpetual-Discount	2.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 6.71 %
MFC.PR.G	FixedReset Ins Non	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 6.65 %
BAM.PR.N	Perpetual-Discount	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 6.52 %
TD.PF.H	FixedReset Disc	2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 5.95 %
IAF.PR.G	FixedReset Ins Non	2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.86 %
BAM.PF.C	Perpetual-Discount	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.84 Evaluated at bid price : 18.84 Bid-YTW : 6.50 %
PWF.PR.H	Perpetual-Discount	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.52 Evaluated at bid price : 21.78 Bid-YTW : 6.74 %
BAM.PR.X	FixedReset Disc	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 9.63 Evaluated at bid price : 9.63 Bid-YTW : 6.50 %
GWO.PR.P	Deemed-Retractible	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 6.55 %
BAM.PR.M	Perpetual-Discount	2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 6.48 %
ELF.PR.H	Perpetual-Discount	2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.77 Evaluated at bid price : 20.77 Bid-YTW : 6.66 %
CIU.PR.A	Perpetual-Discount	2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.14 %
BMO.PR.Z	Perpetual-Discount	2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 22.07 Evaluated at bid price : 22.39 Bid-YTW : 5.65 %
TD.PF.K	FixedReset Disc	2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 5.64 %
NA.PR.S	FixedReset Disc	2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.27 %
HSE.PR.E	FixedReset Disc	2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 10.37 Evaluated at bid price : 10.37 Bid-YTW : 10.70 %
PWF.PR.T	FixedReset Disc	2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.95 Evaluated at bid price : 12.95 Bid-YTW : 6.58 %
NA.PR.A	FixedReset Disc	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.19 Evaluated at bid price : 21.19 Bid-YTW : 6.26 %
TD.PF.L	FixedReset Disc	2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 5.91 %
ELF.PR.G	Perpetual-Discount	2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.21 Evaluated at bid price : 18.21 Bid-YTW : 6.56 %
GWO.PR.R	Deemed-Retractible	2.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.34 %
BIP.PR.E	FixedReset Disc	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 6.71 %
GWO.PR.S	Deemed-Retractible	3.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.59 %
MFC.PR.M	FixedReset Ins Non	3.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.73 Evaluated at bid price : 12.73 Bid-YTW : 6.42 %
HSE.PR.C	FixedReset Disc	3.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 9.60 Evaluated at bid price : 9.60 Bid-YTW : 10.93 %
TD.PF.J	FixedReset Disc	3.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 5.55 %
MFC.PR.Q	FixedReset Ins Non	3.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 6.26 %
GWO.PR.L	Deemed-Retractible	3.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 6.68 %
TRP.PR.A	FixedReset Disc	3.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 11.40 Evaluated at bid price : 11.40 Bid-YTW : 6.25 %
TRP.PR.K	FixedReset Disc	3.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.41 Evaluated at bid price : 21.74 Bid-YTW : 5.70 %
GWO.PR.T	Deemed-Retractible	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.48 %
IFC.PR.C	FixedReset Ins Non	3.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.54 Evaluated at bid price : 12.54 Bid-YTW : 6.65 %
GWO.PR.I	Deemed-Retractible	3.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.40 %
MFC.PR.H	FixedReset Ins Non	3.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.36 Evaluated at bid price : 14.36 Bid-YTW : 6.77 %
BMO.PR.Y	FixedReset Disc	3.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.09 %
SLF.PR.J	FloatingReset	3.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.40 Evaluated at bid price : 8.40 Bid-YTW : 4.79 %
BAM.PR.R	FixedReset Disc	3.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 11.06 Evaluated at bid price : 11.06 Bid-YTW : 6.72 %
GWO.PR.H	Deemed-Retractible	3.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.34 %
GWO.PR.Q	Deemed-Retractible	3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.06 Evaluated at bid price : 20.06 Bid-YTW : 6.48 %
CCS.PR.C	Deemed-Retractible	3.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 6.05 %
HSE.PR.G	FixedReset Disc	4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 9.50 Evaluated at bid price : 9.50 Bid-YTW : 11.12 %
GWO.PR.F	Deemed-Retractible	4.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.46 %
RY.PR.R	FixedReset Disc	4.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 23.41 Evaluated at bid price : 23.86 Bid-YTW : 5.77 %
TD.PF.M	FixedReset Disc	4.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.02 %
TRP.PR.C	FixedReset Disc	4.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.61 Evaluated at bid price : 8.61 Bid-YTW : 6.36 %
TRP.PR.D	FixedReset Disc	4.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 6.35 %
GWO.PR.M	Deemed-Retractible	4.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.97 Evaluated at bid price : 22.20 Bid-YTW : 6.58 %
W.PR.K	FixedReset Disc	5.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.36 Evaluated at bid price : 21.65 Bid-YTW : 6.08 %
W.PR.M	FixedReset Disc	6.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 5.92 %
TD.PF.D	FixedReset Disc	7.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 5.92 %
BIP.PR.F	FixedReset Disc	7.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 6.82 %
PWF.PR.P	FixedReset Disc	10.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 9.15 Evaluated at bid price : 9.15 Bid-YTW : 6.27 %
SLF.PR.I	FixedReset Ins Non	10.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.38 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.B	FixedReset Disc	116,274	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.97 Evaluated at bid price : 13.97 Bid-YTW : 5.70 %
TD.PF.H	FixedReset Disc	93,644	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 20.47 Evaluated at bid price : 20.47 Bid-YTW : 5.95 %
HSE.PR.A	FixedReset Disc	70,790	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 5.40 Evaluated at bid price : 5.40 Bid-YTW : 11.16 %
TD.PF.K	FixedReset Disc	64,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 5.64 %
MFC.PR.H	FixedReset Ins Non	61,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 14.36 Evaluated at bid price : 14.36 Bid-YTW : 6.77 %
NA.PR.S	FixedReset Disc	49,450	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.27 %
There were 77 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
IFC.PR.G	FixedReset Ins Non	Quote: 13.75 – 17.60 Spot Rate : 3.8500 Average : 2.1699 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.50 %
PWF.PR.A	Floater	Quote: 8.10 – 12.00 Spot Rate : 3.9000 Average : 2.3416 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.10 Evaluated at bid price : 8.10 Bid-YTW : 5.37 %
MFC.PR.G	FixedReset Ins Non	Quote: 13.61 – 19.17 Spot Rate : 5.5600 Average : 4.5731 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 6.65 %
MFC.PR.I	FixedReset Ins Non	Quote: 12.05 – 14.36 Spot Rate : 2.3100 Average : 1.3753 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 7.67 %
SLF.PR.J	FloatingReset	Quote: 8.40 – 10.25 Spot Rate : 1.8500 Average : 1.1452 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 8.40 Evaluated at bid price : 8.40 Bid-YTW : 4.79 %
BAM.PF.B	FixedReset Disc	Quote: 13.65 – 15.95 Spot Rate : 2.3000 Average : 1.8041 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-07 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 6.59 %

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