PrefBlog

TXPR closed at 528.14, up 0.82% on the day. Volume today was 1.57-million, third-lowest of the past thirty days, ahead of only May 19 and May 21.

CPD closed at 10.59, up 1.34% on the day. Volume was 157,697, above the median of the past 30 trading days.

ZPR closed at 8.22, up 0.74% on the day. Volume of 318,788 was above the median of the past 30 trading days.

Five-year Canada yields were unchanged at 0.37% today.

DBRS downgraded Cenovus:

DBRS Limited (DBRS Morningstar) downgraded Cenovus Energy Inc.’s (Cenovus or the Company) Issuer Rating and Senior Unsecured Debt rating to BBB (low) from BBB and removed the ratings from Under Review with Negative Implications, where they were placed on March 26, 2020. Both trends are Negative. On March 26, 2020, DBRS Morningstar placed Cenovus’s ratings Under Review with Negative Implications in response to the extreme price declines and heightened volatility in crude oil markets largely caused by the rapid spread of the Coronavirus Disease (COVID-19) and the concurrent crude oil-price war between OPEC (led by Saudi Arabia) and Russia. Subsequently, DBRS Morningstar revised its commodity price assumptions to factor in (1) the impact of the coronavirus pandemic on crude oil demand as lockdowns ease, (2) the significant buildup in global oil inventories, and (3) the impact of production cuts recently implemented by OPEC +. The downgrade follows DBRS Morningstar’s expectation that the Company’s key credit metrics will remain below the threshold for a BBB rating over the next three years under the revised commodity price assumptions (see DBRS Morningstar’s May 15, 2020, commentary titled “As Coronavirus Lockdowns Ease, DBRS Morningstar Resets Outlook for Oil and Natural Gas Prices”). The Negative trend reflects the dependence of the key credit metrics on higher commodity prices, especially in 2022 to support the current rating.

And now it’s time for PrefLetter!

HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly
Index	Mean Current Yield (at bid)	Median YTW	Median Average Trading Value	Median Mod Dur (YTW)	Issues	Day’s Perf.	Index Value
Ratchet	0.00 %	0.00 %	0	0.00	0	1.6321 %	1,449.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.6321 %	2,659.1
Floater	5.41 %	5.62 %	42,494	14.50	4	1.6321 %	1,532.5
OpRet	0.00 %	0.00 %	0	0.00	0	1.0434 %	3,445.6
SplitShare	4.88 %	4.93 %	64,770	3.86	7	1.0434 %	4,114.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	1.0434 %	3,210.5
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.5635 %	2,998.2
Perpetual-Discount	5.63 %	5.79 %	81,023	14.22	35	0.5635 %	3,215.8
FixedReset Disc	6.31 %	5.21 %	172,535	14.71	83	1.2042 %	1,810.4
Deemed-Retractible	5.37 %	5.58 %	90,630	14.32	27	1.2900 %	3,189.1
FloatingReset	4.92 %	4.90 %	48,150	15.71	3	1.7107 %	1,769.1
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	1.2042 %	2,503.7
FixedReset Bank Non	1.99 %	3.59 %	138,729	1.60	2	0.0411 %	2,771.9
FixedReset Ins Non	6.55 %	5.22 %	123,972	14.84	22	0.9692 %	1,825.5

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.Q	FixedReset Ins Non	-9.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 5.82 %
BIP.PR.F	FixedReset Disc	-2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.57 %
BIP.PR.C	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.46 Evaluated at bid price : 21.80 Bid-YTW : 6.14 %
BIP.PR.D	FixedReset Disc	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.34 %
IAF.PR.G	FixedReset Ins Non	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 5.33 %
RY.PR.S	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 4.60 %
PWF.PR.R	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 23.31 Evaluated at bid price : 23.60 Bid-YTW : 5.90 %
BAM.PR.N	Perpetual-Discount	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.70 %
SLF.PR.H	FixedReset Ins Non	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 12.39 Evaluated at bid price : 12.39 Bid-YTW : 5.18 %
BMO.PR.F	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.05 %
NA.PR.A	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 23.05 Evaluated at bid price : 23.56 Bid-YTW : 5.40 %
BAM.PF.J	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.79 Evaluated at bid price : 23.50 Bid-YTW : 5.02 %
CM.PR.T	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.24 %
CU.PR.E	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.12 Evaluated at bid price : 22.55 Bid-YTW : 5.45 %
CM.PR.Q	FixedReset Disc	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 5.45 %
HSE.PR.C	FixedReset Disc	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 10.84 Evaluated at bid price : 10.84 Bid-YTW : 9.11 %
CIU.PR.A	Perpetual-Discount	1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 20.89 Evaluated at bid price : 20.89 Bid-YTW : 5.55 %
CM.PR.P	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 5.21 %
MFC.PR.K	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.14 %
RY.PR.Z	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 4.74 %
IAF.PR.I	FixedReset Ins Non	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 5.00 %
BMO.PR.S	FixedReset Disc	1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.73 Evaluated at bid price : 14.73 Bid-YTW : 5.06 %
IFC.PR.C	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.15 Evaluated at bid price : 14.15 Bid-YTW : 5.41 %
TD.PF.J	FixedReset Disc	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 4.98 %
MFC.PR.I	FixedReset Ins Non	1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 5.20 %
IFC.PR.A	FixedReset Ins Non	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 11.41 Evaluated at bid price : 11.41 Bid-YTW : 5.03 %
GWO.PR.P	Deemed-Retractible	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 23.09 Evaluated at bid price : 23.35 Bid-YTW : 5.79 %
PWF.PR.K	Perpetual-Discount	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 5.89 %
IFC.PR.G	FixedReset Ins Non	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 5.28 %
MFC.PR.L	FixedReset Ins Non	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 13.42 Evaluated at bid price : 13.42 Bid-YTW : 5.27 %
BMO.PR.W	FixedReset Disc	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 4.98 %
BIP.PR.A	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 6.62 %
CM.PR.Y	FixedReset Disc	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.21 %
TRP.PR.D	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.91 %
TD.PF.I	FixedReset Disc	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 5.00 %
MFC.PR.M	FixedReset Ins Non	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.45 Evaluated at bid price : 14.45 Bid-YTW : 5.22 %
TRP.PR.G	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 5.91 %
CM.PR.S	FixedReset Disc	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.38 Evaluated at bid price : 15.38 Bid-YTW : 5.11 %
GWO.PR.I	Deemed-Retractible	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 19.84 Evaluated at bid price : 19.84 Bid-YTW : 5.69 %
TD.PF.E	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.52 Evaluated at bid price : 16.52 Bid-YTW : 4.99 %
GWO.PR.H	Deemed-Retractible	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.34 Evaluated at bid price : 21.34 Bid-YTW : 5.70 %
TD.PF.D	FixedReset Disc	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 4.99 %
NA.PR.E	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 5.20 %
BAM.PR.Z	FixedReset Disc	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.94 Evaluated at bid price : 14.94 Bid-YTW : 5.98 %
TRP.PR.E	FixedReset Disc	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.90 %
BMO.PR.B	FixedReset Disc	1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.35 Evaluated at bid price : 22.70 Bid-YTW : 4.94 %
TRP.PR.F	FloatingReset	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 9.76 Evaluated at bid price : 9.76 Bid-YTW : 5.38 %
BMO.PR.T	FixedReset Disc	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 5.02 %
BAM.PR.C	Floater	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 5.72 %
GWO.PR.G	Deemed-Retractible	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.68 %
SLF.PR.J	FloatingReset	2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 8.95 Evaluated at bid price : 8.95 Bid-YTW : 4.44 %
RY.PR.M	FixedReset Disc	2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.65 Evaluated at bid price : 15.65 Bid-YTW : 4.84 %
BAM.PR.K	Floater	2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 7.53 Evaluated at bid price : 7.53 Bid-YTW : 5.70 %
TD.PF.K	FixedReset Disc	2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.94 Evaluated at bid price : 16.94 Bid-YTW : 4.98 %
BAM.PR.B	Floater	2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 7.63 Evaluated at bid price : 7.63 Bid-YTW : 5.62 %
CCS.PR.C	Deemed-Retractible	2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.58 %
BAM.PR.X	FixedReset Disc	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 9.70 Evaluated at bid price : 9.70 Bid-YTW : 5.78 %
TRP.PR.C	FixedReset Disc	2.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 8.75 Evaluated at bid price : 8.75 Bid-YTW : 5.58 %
MFC.PR.C	Deemed-Retractible	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.07 Evaluated at bid price : 21.07 Bid-YTW : 5.37 %
SLF.PR.B	Deemed-Retractible	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.55 Evaluated at bid price : 22.81 Bid-YTW : 5.26 %
MFC.PR.B	Deemed-Retractible	3.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.36 %
SLF.PR.C	Deemed-Retractible	3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 20.94 Evaluated at bid price : 20.94 Bid-YTW : 5.33 %
SLF.PR.E	Deemed-Retractible	3.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 5.34 %
SLF.PR.A	Deemed-Retractible	3.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.06 Evaluated at bid price : 22.29 Bid-YTW : 5.33 %
CM.PR.R	FixedReset Disc	3.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 5.48 %
BAM.PF.B	FixedReset Disc	3.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.48 Evaluated at bid price : 14.48 Bid-YTW : 5.79 %
HSE.PR.E	FixedReset Disc	3.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 11.90 Evaluated at bid price : 11.90 Bid-YTW : 8.83 %
BAM.PF.F	FixedReset Disc	3.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 5.78 %
HSE.PR.G	FixedReset Disc	3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 11.10 Evaluated at bid price : 11.10 Bid-YTW : 8.82 %
SLF.PR.D	Deemed-Retractible	3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.04 Evaluated at bid price : 21.04 Bid-YTW : 5.30 %
BAM.PF.E	FixedReset Disc	4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 5.92 %
BAM.PF.A	FixedReset Disc	4.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 5.65 %
TD.PF.A	FixedReset Disc	4.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.85 Evaluated at bid price : 14.85 Bid-YTW : 4.92 %
BAM.PR.T	FixedReset Disc	4.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 5.78 %
MFC.PR.G	FixedReset Ins Non	4.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.09 Evaluated at bid price : 16.09 Bid-YTW : 5.19 %
MFC.PR.H	FixedReset Ins Non	5.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.89 Evaluated at bid price : 16.89 Bid-YTW : 5.33 %
MFC.PR.J	FixedReset Ins Non	5.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.77 Evaluated at bid price : 15.77 Bid-YTW : 5.18 %
PVS.PR.G	SplitShare	6.47 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 4.93 %
BAM.PR.R	FixedReset Disc	6.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 12.08 Evaluated at bid price : 12.08 Bid-YTW : 5.58 %
BAM.PF.G	FixedReset Disc	7.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 5.68 %
PWF.PR.P	FixedReset Disc	13.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 9.27 Evaluated at bid price : 9.27 Bid-YTW : 5.44 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.B	Deemed-Retractible	224,990	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 5.36 %
TRP.PR.E	FixedReset Disc	102,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.90 %
TRP.PR.D	FixedReset Disc	47,768	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 5.91 %
RY.PR.H	FixedReset Disc	41,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 15.12 Evaluated at bid price : 15.12 Bid-YTW : 4.78 %
PWF.PR.L	Perpetual-Discount	36,490	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 21.80 Evaluated at bid price : 22.04 Bid-YTW : 5.86 %
GWO.PR.G	Deemed-Retractible	27,002	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.66 Evaluated at bid price : 22.90 Bid-YTW : 5.68 %
There were 20 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.Q	FixedReset Ins Non	Quote: 14.01 – 15.89 Spot Rate : 1.8800 Average : 1.1974 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 5.82 %
CCS.PR.C	Deemed-Retractible	Quote: 22.40 – 24.80 Spot Rate : 2.4000 Average : 1.7571 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 5.58 %
MFC.PR.F	FixedReset Ins Non	Quote: 9.31 – 11.00 Spot Rate : 1.6900 Average : 1.0894 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 9.31 Evaluated at bid price : 9.31 Bid-YTW : 4.86 %
TRP.PR.G	FixedReset Disc	Quote: 14.25 – 15.50 Spot Rate : 1.2500 Average : 0.8478 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 14.25 Evaluated at bid price : 14.25 Bid-YTW : 5.91 %
NA.PR.C	FixedReset Disc	Quote: 17.75 – 18.64 Spot Rate : 0.8900 Average : 0.5498 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 5.55 %
NA.PR.G	FixedReset Disc	Quote: 16.40 – 17.18 Spot Rate : 0.7800 Average : 0.4881 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-12 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 5.40 %

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