Category: Market Action

Market Action

April 8, 2022

TXPR closed at 650.53, up 0.96% on the day. Volume today was 3.07-million, second only to March 31 in the past 21 trading days, which shows just how anemic trade has been lately.

CPD closed at 12.92, up 0.62% on the day. Volume was 274,190, behind March 22 and April 7 in the past 21 trading days.

ZPR closed at 10.75, up 0.09% on the day. Volume of 288,360 was near the median of the past 21 trading days.

Five-year Canada yields were up 7bp to 2.61% today.

Apparently there will be a tax change with respect to shorting dividend-paying stocks:

The budget released Thursday calls it the “double-deduction loophole,” which allows some Canadian financial institutions to use “hedging and short selling arrangements in aggressive tax planning strategies.” By closing the loophole, the government says, it can add $635-million to federal coffers over five years starting in 2022-23, and $150-million annually afterward.

Here’s what happens: A financial institution shorts a stock, which means they borrow it, sell the shares, and keep the proceeds with a promise to repay the shares later. At the same time, the financial institution owns the same number of shares and collects the dividends.

An entity that shorts a stock can deduct the interest it pays for borrowing as an expense. And a corporation that collects dividends from another corporation can offset its income with those dividends.

Budget 2022 proposes to amend the Income Tax Act to deny the deduction for a dividend received where the taxpayer has entered into these paired short-sale transactions.

I didn’t understand that, so I looked at the budget itself:

Some Canadian financial institutions have been using hedging and short selling arrangements in aggressive tax planning strategies. Put simply, two different parts of an institution take different positions in relation to a Canadian dividend-paying stock—one short, or betting against the stock; one long, or betting on the stock—to take advantage of special treatment that those Canadian stocks receive.

Budget 2022 proposes to amend the Income Tax Act to deny the deduction for a dividend received where the taxpayer has entered into such transactions.

This measure would increase federal revenues by $635 million over five years starting in 2022-23, and by $150 million ongoing.

So I don’t think this will have any effect on market efficiency, since market-makers will still be able to short stock without any changes to the tax treatment – but if anybody thinks differently, let me know in the comments!

Meanwhile, in the real world of working for a living:

Canada’s unemployment rate hit a record low in March as employers bulked up their staffing levels, the latest sign of rapid expansion in the country’s labour market.

The economy added 73,000 positions last month, following a blowout return of 337,000 in February, Statistics Canada said Friday. The unemployment rate fell to 5.3 per cent, which is the lowest in nearly five decades of comparable data from the country’s Labour Force Survey.

The job gains in March were entirely in full-time positions, paced by Ontario (35,000) and Quebec (27,000), and with the private sector accounting for more than half the increase.

Several analysts said the upbeat job numbers reinforced their view that the Bank of Canada will raise its benchmark interest rate by 50 basis points next week. (A basis point is 1/100th of a percentage point.) The central bank has not hiked rates by that magnitude since 2000.
…
Those tight conditions are leading to better pay for employees. Average hourly wages rose 3.4 per cent in March on an annual basis, accelerating from 3.1 per cent in February. That said, the country’s inflation rate recently hit a three-decade high of 5.7 per cent, meaning the average worker is effectively seeing a pay cut and the loss of purchasing power.

Huge volume in EMA.PR.L today was driven by a cross done through Scotia of 1,797,200 shares. It looks like somebody somewhere panicked and really really really wanted to sell. Trades in sequence reported by the Toronto Exchange are:

RBC sold 500 shares to Anonymous at 21.45, time 1:41pm
Scotia sold 100 shares to TD at 21.28, time 2:25pm
Scotia sold 500 shares to RBC at 21.01, time 2:25pm
Scotia crossed 1,797,200 shares at 20.50, time 2:25pm

So, transaction costs on the trade amounted to about 1.8-million + commission; but at a nickel a share, commission is a mere bagatelle. On Monday, before all the excitement started, EMA.PR.L traded 5,500 shares at a VWAP of about 22.50, so Assiduous Readers are welcome to do their own complicated calculations of just what the transaction cost for this monster actually was. According to HIMIPref™ EMA.PR.L now has an Average Daily Trading Value (which dampens the effect of isolated large trading days) of about $140,000; up from Monday’s $127,000.

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	3.39 %	3.99 %	25,369	19.32	1	-0.4764 %	2,678.1
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.9950 %	5,161.7
Floater	3.33 %	3.38 %	39,892	18.83	4	1.9950 %	2,974.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0661 %	3,631.1
SplitShare	4.63 %	4.50 %	49,516	3.52	6	0.0661 %	4,336.3
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0661 %	3,383.4
Perpetual-Premium	5.51 %	5.28 %	65,471	14.55	16	0.3891 %	3,100.3
Perpetual-Discount	5.46 %	5.47 %	57,449	14.66	18	1.5307 %	3,401.8
FixedReset Disc	4.37 %	5.54 %	130,851	14.88	49	0.9131 %	2,628.9
Insurance Straight	5.39 %	5.37 %	87,055	14.83	20	0.9012 %	3,330.6
FloatingReset	3.57 %	3.90 %	51,809	17.67	2	1.3325 %	2,777.5
FixedReset Prem	4.86 %	4.58 %	149,536	1.95	19	0.4890 %	2,654.3
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.9131 %	2,687.3
FixedReset Ins Non	4.37 %	5.54 %	84,341	14.64	15	1.6913 %	2,744.4

Performance Highlights
Issue	Index	Change	Notes
CM.PR.Q	FixedReset Disc	-11.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.16 %
BAM.PR.T	FixedReset Disc	-5.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.24 %
EMA.PR.L	Perpetual-Discount	-2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 5.61 %
BAM.PF.G	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.17 %
CU.PR.F	Perpetual-Discount	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.35 %
ELF.PR.H	Perpetual-Premium	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 24.25 Evaluated at bid price : 24.55 Bid-YTW : 5.61 %
POW.PR.D	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.51 %
SLF.PR.C	Insurance Straight	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.32 Evaluated at bid price : 21.32 Bid-YTW : 5.26 %
CU.PR.C	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.12 Evaluated at bid price : 22.75 Bid-YTW : 5.54 %
TD.PF.C	FixedReset Disc	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.30 Evaluated at bid price : 21.60 Bid-YTW : 5.42 %
POW.PR.G	Perpetual-Premium	1.13 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-08 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.33 %
BAM.PF.J	FixedReset Prem	1.13 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.98 Bid-YTW : 5.01 %
TD.PF.D	FixedReset Disc	1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.91 Evaluated at bid price : 22.25 Bid-YTW : 5.56 %
BIP.PR.B	FixedReset Prem	1.15 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 4.04 %
BAM.PF.B	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.28 Evaluated at bid price : 21.56 Bid-YTW : 6.00 %
PVS.PR.I	SplitShare	1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 3.98 %
NA.PR.E	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.30 Evaluated at bid price : 23.82 Bid-YTW : 5.38 %
IFC.PR.E	Insurance Straight	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.94 Evaluated at bid price : 24.22 Bid-YTW : 5.39 %
FTS.PR.H	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 6.04 %
TD.PF.A	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.29 Evaluated at bid price : 21.58 Bid-YTW : 5.40 %
GWO.PR.T	Insurance Straight	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 5.41 %
FTS.PR.M	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.89 %
GWO.PR.G	Insurance Straight	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.56 %
BAM.PR.Z	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.35 Evaluated at bid price : 24.00 Bid-YTW : 5.79 %
PWF.PR.R	Perpetual-Premium	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 24.34 Evaluated at bid price : 24.65 Bid-YTW : 5.58 %
TD.PF.E	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.29 Evaluated at bid price : 22.85 Bid-YTW : 5.45 %
MFC.PR.C	Insurance Straight	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.27 Evaluated at bid price : 21.54 Bid-YTW : 5.26 %
TD.PF.B	FixedReset Disc	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 5.42 %
MFC.PR.I	FixedReset Ins Non	1.67 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-19 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.36 %
RY.PR.S	FixedReset Disc	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.88 Evaluated at bid price : 24.20 Bid-YTW : 5.19 %
BAM.PF.C	Perpetual-Discount	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 5.72 %
TD.PF.J	FixedReset Disc	1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.76 Evaluated at bid price : 24.25 Bid-YTW : 5.43 %
PWF.PR.P	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.77 %
SLF.PR.J	FloatingReset	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 3.27 %
GWO.PR.P	Insurance Straight	1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 24.09 Evaluated at bid price : 24.35 Bid-YTW : 5.58 %
BAM.PF.I	FixedReset Prem	1.92 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.00 Bid-YTW : 4.54 %
FTS.PR.J	Perpetual-Discount	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.46 Evaluated at bid price : 22.72 Bid-YTW : 5.28 %
CU.PR.D	Perpetual-Discount	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.38 %
FTS.PR.K	FixedReset Disc	2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 19.92 Evaluated at bid price : 19.92 Bid-YTW : 5.82 %
IFC.PR.F	Insurance Straight	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 24.25 Evaluated at bid price : 24.75 Bid-YTW : 5.37 %
RY.PR.J	FixedReset Disc	2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.27 Evaluated at bid price : 22.75 Bid-YTW : 5.49 %
RY.PR.Z	FixedReset Disc	2.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.65 Evaluated at bid price : 22.08 Bid-YTW : 5.35 %
RY.PR.H	FixedReset Disc	2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 5.39 %
IAF.PR.I	FixedReset Ins Non	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.75 Evaluated at bid price : 24.27 Bid-YTW : 5.51 %
MFC.PR.B	Insurance Straight	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.74 Evaluated at bid price : 21.99 Bid-YTW : 5.32 %
GWO.PR.Y	Insurance Straight	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.27 Evaluated at bid price : 21.55 Bid-YTW : 5.24 %
MFC.PR.J	FixedReset Ins Non	2.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.18 Evaluated at bid price : 23.75 Bid-YTW : 5.49 %
PWF.PR.Z	Perpetual-Premium	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.80 Evaluated at bid price : 23.20 Bid-YTW : 5.54 %
TRP.PR.E	FixedReset Disc	2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 19.16 Evaluated at bid price : 19.16 Bid-YTW : 6.25 %
TRP.PR.C	FixedReset Disc	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 14.26 Evaluated at bid price : 14.26 Bid-YTW : 6.39 %
IAF.PR.B	Insurance Straight	2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 5.11 %
NA.PR.W	FixedReset Disc	2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.88 Evaluated at bid price : 22.15 Bid-YTW : 5.29 %
BMO.PR.T	FixedReset Disc	2.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.31 Evaluated at bid price : 21.61 Bid-YTW : 5.47 %
BMO.PR.Y	FixedReset Disc	2.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.18 Evaluated at bid price : 22.65 Bid-YTW : 5.42 %
IFC.PR.A	FixedReset Ins Non	3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 18.95 Evaluated at bid price : 18.95 Bid-YTW : 5.72 %
BAM.PR.B	Floater	3.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 3.39 %
BAM.PR.X	FixedReset Disc	3.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 6.14 %
TRP.PR.B	FixedReset Disc	3.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 13.58 Evaluated at bid price : 13.58 Bid-YTW : 6.40 %
PWF.PR.T	FixedReset Disc	3.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 5.55 %
PWF.PR.A	Floater	4.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 3.20 %
MFC.PR.M	FixedReset Ins Non	4.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.69 %
MFC.PR.Q	FixedReset Ins Non	4.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.81 Evaluated at bid price : 23.30 Bid-YTW : 5.53 %
BNS.PR.I	FixedReset Disc	5.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.87 Evaluated at bid price : 24.20 Bid-YTW : 5.18 %
MFC.PR.N	FixedReset Ins Non	5.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.64 %
PWF.PF.A	Perpetual-Discount	37.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.46 %

Volume Highlights
Issue	Index	Shares Traded	Notes
EMA.PR.L	Perpetual-Discount	1,807,540	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 5.61 %
CM.PR.R	FixedReset Prem	54,279	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 3.65 %
IFC.PR.K	Perpetual-Premium	41,187	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 24.61 Evaluated at bid price : 25.01 Bid-YTW : 5.28 %
TRP.PR.K	FixedReset Prem	40,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 2.65 %
TRP.PR.B	FixedReset Disc	24,275	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 13.58 Evaluated at bid price : 13.58 Bid-YTW : 6.40 %
NA.PR.G	FixedReset Prem	23,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 23.88 Evaluated at bid price : 24.24 Bid-YTW : 5.49 %
There were 7 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PVS.PR.I	SplitShare	Quote: 25.75 – 30.00 Spot Rate : 4.2500 Average : 2.7631 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.75 Bid-YTW : 3.98 %
CM.PR.Q	FixedReset Disc	Quote: 20.00 – 22.89 Spot Rate : 2.8900 Average : 1.6446 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.16 %
BAM.PF.G	FixedReset Disc	Quote: 20.50 – 23.50 Spot Rate : 3.0000 Average : 1.8918 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 6.17 %
BAM.PR.T	FixedReset Disc	Quote: 18.52 – 20.35 Spot Rate : 1.8300 Average : 1.1175 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.24 %
PWF.PR.L	Perpetual-Discount	Quote: 22.97 – 24.23 Spot Rate : 1.2600 Average : 0.7433 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 22.68 Evaluated at bid price : 22.97 Bid-YTW : 5.55 %
EMA.PR.L	Perpetual-Discount	Quote: 20.86 – 21.93 Spot Rate : 1.0700 Average : 0.6898 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-08 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 5.61 %

Market Action

April 7, 2022

TXPR closed at 644.34, down 2.61% on the day. Volume today was 2.87-million, second only to March 31 in the past 21 trading days, which shows just how anemic trade has been lately.

CPD closed at 12.84, down 1.53% on the day. Volume was 261,300, second only to March 22 in the past 21 trading days.

ZPR closed at 10.74, down 1.47% on the day. Volume of 791,770 was the highest of the past 20 trading days.

Five-year Canada yields were up 2bp to 2.54% today.

I am at a loss to explain this collapse, which is affecting FixedReset Discounts in the same mannner as PerpetualDiscounts. Rising rates have been fingered in the comments as the culprit, but we blamed declining rates for the awful period of late 2018 to early 2020. We can’t have it both ways, can we?

But Holy Smokes, you can now get about 5.50% on investment-grade FixedReset Discounts (admittedly on what seem to be very poor quality quotes). It’s true that the 5.50% figure depends on five-year bonds remaining at current levels in the 2.50% area forever, but frankly that isn’t an assumption that bothers me too much. Have people forgotten that FixedResets are so-called because they Reset?

It is interesting, however, that the Median YTW of the PerpetualDiscount and FixedReset Discount subindices remain very close to each other, a phenomenon briefly discussed in the post MAPF Performance: March 20022. It would be rational to expect that the yield on FixedReset Discounts would move in accordance with the GOC-5 yield, without prices moving too much, while the yield on PerpetualDiscounts would move in lockstep with prices moving a lot … but we haven’t actually observed this behaviour yet!

Another possibility is that investors are assuming that the BoC is so far behind the inflation curve that it will never catch up; therefore they are marking down FixedReset Discount prices in order to boost their real yield from recent levels. That seems credible in light of the recent jump in long-term real yields, but we’re not seeing much of that mindset in long-term nominal yields.

The federal budget came out today, much as expected – everything was pretty well telegraphed. The only significant new taxes were:

The planned bank tax has been altered from the initial proposal outlined in the Liberal Party’s 2021 election platform. Rather than a three percentage point surtax on earnings over $1-billion, the budget announces a 1.5 percentage point increase on taxable income over $100-million. That brings the tax rate on those earnings from 15 per cent to 16.5 per cent.

While that tax increase will be permanent, the budget also includes a temporary Canada Recovery Dividend, in the form of a one time 15 per cent tax on taxable income for the 2021 tax year, payable over five years. The two budgeted tax hikes are projected to bring in a little over $6-billion, down from the roughly $11-billion estimated in the Liberal platform.

Nice to see that the tax man is sticking it to the common shareholders and leaving us coupon-clippers alone!

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	3.37 %	3.97 %	25,497	19.36	1	-1.5633 %	2,691.0
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.8462 %	5,060.7
Floater	3.40 %	3.41 %	41,276	18.76	4	-2.8462 %	2,916.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.1258 %	3,628.7
SplitShare	4.63 %	4.45 %	51,446	3.52	6	0.1258 %	4,333.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1258 %	3,381.1
Perpetual-Premium	5.53 %	5.28 %	60,749	14.45	16	-2.1305 %	3,088.3
Perpetual-Discount	5.54 %	5.48 %	57,912	14.71	18	-4.0787 %	3,350.5
FixedReset Disc	4.41 %	5.46 %	135,883	14.99	49	-3.1814 %	2,605.1
Insurance Straight	5.43 %	5.46 %	87,652	14.72	20	-1.2074 %	3,300.8
FloatingReset	3.40 %	3.71 %	52,202	18.08	2	-2.8201 %	2,741.0
FixedReset Prem	4.88 %	4.98 %	146,630	2.00	19	-1.3865 %	2,641.4
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-3.1814 %	2,663.0
FixedReset Ins Non	4.45 %	5.48 %	85,303	14.71	15	-3.3773 %	2,698.7

Performance Highlights
Issue	Index	Change	Notes
PWF.PF.A	Perpetual-Discount	-32.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 7.53 %
MFC.PR.Q	FixedReset Ins Non	-7.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.75 Evaluated at bid price : 22.21 Bid-YTW : 5.66 %
BNS.PR.I	FixedReset Disc	-7.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.64 Evaluated at bid price : 23.00 Bid-YTW : 5.31 %
PWF.PR.T	FixedReset Disc	-6.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.23 Evaluated at bid price : 21.23 Bid-YTW : 5.63 %
MFC.PR.N	FixedReset Ins Non	-6.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 5.82 %
FTS.PR.H	FixedReset Disc	-6.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.94 %
PWF.PR.A	Floater	-5.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 3.33 %
IFC.PR.A	FixedReset Ins Non	-5.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 18.36 Evaluated at bid price : 18.36 Bid-YTW : 5.72 %
PWF.PR.Z	Perpetual-Premium	-5.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.34 Evaluated at bid price : 22.66 Bid-YTW : 5.68 %
BMO.PR.T	FixedReset Disc	-5.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.50 %
BAM.PF.C	Perpetual-Discount	-4.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.82 %
BAM.PR.X	FixedReset Disc	-4.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.14 %
GWO.PR.N	FixedReset Ins Non	-4.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.46 %
IAF.PR.I	FixedReset Ins Non	-4.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.19 Evaluated at bid price : 23.75 Bid-YTW : 5.48 %
BAM.PF.G	FixedReset Disc	-4.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.90 %
TRP.PR.C	FixedReset Disc	-4.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 13.92 Evaluated at bid price : 13.92 Bid-YTW : 6.35 %
MFC.PR.J	FixedReset Ins Non	-4.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.65 Evaluated at bid price : 23.20 Bid-YTW : 5.48 %
PWF.PR.S	Perpetual-Discount	-4.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 5.48 %
TD.PF.D	FixedReset Disc	-4.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.73 Evaluated at bid price : 22.00 Bid-YTW : 5.50 %
BMO.PR.Y	FixedReset Disc	-4.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.73 Evaluated at bid price : 22.01 Bid-YTW : 5.46 %
FTS.PR.K	FixedReset Disc	-4.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 19.53 Evaluated at bid price : 19.53 Bid-YTW : 5.78 %
BAM.PF.E	FixedReset Disc	-4.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 19.54 Evaluated at bid price : 19.54 Bid-YTW : 6.14 %
MFC.PR.M	FixedReset Ins Non	-4.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 5.80 %
BAM.PF.I	FixedReset Prem	-4.06 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.51 Bid-YTW : 4.98 %
GWO.PR.P	Insurance Straight	-3.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.64 Evaluated at bid price : 23.91 Bid-YTW : 5.68 %
FTS.PR.J	Perpetual-Discount	-3.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.05 Evaluated at bid price : 22.28 Bid-YTW : 5.39 %
BAM.PR.Z	FixedReset Disc	-3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.99 Evaluated at bid price : 23.64 Bid-YTW : 5.73 %
PWF.PR.L	Perpetual-Discount	-3.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.60 Evaluated at bid price : 22.85 Bid-YTW : 5.58 %
BAM.PF.B	FixedReset Disc	-3.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.94 %
BAM.PF.H	FixedReset Prem	-3.78 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.21 Bid-YTW : 4.80 %
FTS.PR.G	FixedReset Disc	-3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.64 %
MFC.PR.F	FixedReset Ins Non	-3.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 5.41 %
BAM.PR.B	Floater	-3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 3.50 %
RY.PR.Z	FixedReset Disc	-3.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.31 Evaluated at bid price : 21.61 Bid-YTW : 5.33 %
TRP.PR.E	FixedReset Disc	-3.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 6.24 %
FTS.PR.F	Perpetual-Discount	-3.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.88 Evaluated at bid price : 23.15 Bid-YTW : 5.35 %
GWO.PR.G	Insurance Straight	-3.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.89 Evaluated at bid price : 23.16 Bid-YTW : 5.64 %
RY.PR.S	FixedReset Disc	-3.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.44 Evaluated at bid price : 23.79 Bid-YTW : 5.14 %
TRP.PR.D	FixedReset Disc	-3.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 19.21 Evaluated at bid price : 19.21 Bid-YTW : 6.18 %
GWO.PR.S	Insurance Straight	-3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.59 Evaluated at bid price : 23.85 Bid-YTW : 5.53 %
SLF.PR.J	FloatingReset	-3.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 3.10 %
GWO.PR.R	Insurance Straight	-3.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.83 Evaluated at bid price : 22.07 Bid-YTW : 5.47 %
TRP.PR.A	FixedReset Disc	-3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.21 %
BAM.PF.A	FixedReset Disc	-3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.04 Evaluated at bid price : 23.47 Bid-YTW : 5.72 %
RY.PR.J	FixedReset Disc	-3.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.95 Evaluated at bid price : 22.29 Bid-YTW : 5.48 %
GWO.PR.H	Insurance Straight	-3.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.53 %
POW.PR.D	Perpetual-Discount	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 5.45 %
IFC.PR.F	Insurance Straight	-3.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.76 Evaluated at bid price : 24.25 Bid-YTW : 5.48 %
CM.PR.Y	FixedReset Prem	-2.98 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 4.99 %
BAM.PR.T	FixedReset Disc	-2.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.79 %
GWO.PR.Y	Insurance Straight	-2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.06 Evaluated at bid price : 21.06 Bid-YTW : 5.38 %
SLF.PR.H	FixedReset Ins Non	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.28 Evaluated at bid price : 20.28 Bid-YTW : 5.24 %
BMO.PR.S	FixedReset Disc	-2.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.70 Evaluated at bid price : 22.15 Bid-YTW : 5.33 %
BAM.PR.N	Perpetual-Discount	-2.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.72 %
FTS.PR.M	FixedReset Disc	-2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.80 Evaluated at bid price : 20.80 Bid-YTW : 5.83 %
PWF.PR.R	Perpetual-Premium	-2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 24.03 Evaluated at bid price : 24.28 Bid-YTW : 5.66 %
CM.PR.S	FixedReset Disc	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.83 Evaluated at bid price : 23.44 Bid-YTW : 5.20 %
CU.PR.H	Perpetual-Premium	-2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 24.03 Evaluated at bid price : 24.37 Bid-YTW : 5.44 %
BAM.PR.M	Perpetual-Discount	-2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 5.62 %
IFC.PR.C	FixedReset Disc	-2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.53 %
BAM.PR.R	FixedReset Disc	-2.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.93 %
TD.PF.C	FixedReset Disc	-2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.37 %
RY.PR.M	FixedReset Disc	-2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 5.41 %
BAM.PF.D	Perpetual-Discount	-2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.34 Evaluated at bid price : 21.61 Bid-YTW : 5.70 %
TD.PF.B	FixedReset Disc	-2.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.39 %
RY.PR.N	Perpetual-Premium	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.73 Evaluated at bid price : 24.25 Bid-YTW : 5.09 %
RY.PR.O	Perpetual-Premium	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.73 Evaluated at bid price : 24.25 Bid-YTW : 5.09 %
GWO.PR.I	Insurance Straight	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.94 Evaluated at bid price : 20.94 Bid-YTW : 5.41 %
TRP.PR.G	FixedReset Disc	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.42 Evaluated at bid price : 21.75 Bid-YTW : 5.74 %
CM.PR.O	FixedReset Disc	-2.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.44 Evaluated at bid price : 21.44 Bid-YTW : 5.42 %
BAM.PF.F	FixedReset Disc	-2.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.54 Evaluated at bid price : 21.93 Bid-YTW : 5.88 %
TD.PF.A	FixedReset Disc	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.35 %
PWF.PR.F	Perpetual-Premium	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.47 %
CU.PR.E	Perpetual-Discount	-2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.44 %
TRP.PR.F	FloatingReset	-2.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 3.71 %
PWF.PR.K	Perpetual-Discount	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.31 Evaluated at bid price : 22.58 Bid-YTW : 5.48 %
TRP.PR.B	FixedReset Disc	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 13.14 Evaluated at bid price : 13.14 Bid-YTW : 6.40 %
CM.PR.P	FixedReset Disc	-2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.30 Evaluated at bid price : 21.60 Bid-YTW : 5.29 %
TD.PF.J	FixedReset Disc	-2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.30 Evaluated at bid price : 23.83 Bid-YTW : 5.38 %
NA.PR.E	FixedReset Disc	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.00 Evaluated at bid price : 23.53 Bid-YTW : 5.31 %
BMO.PR.F	FixedReset Prem	-2.14 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.10 Bid-YTW : 5.22 %
BMO.PR.E	FixedReset Disc	-2.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.68 Evaluated at bid price : 24.06 Bid-YTW : 5.38 %
NA.PR.G	FixedReset Prem	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.66 Evaluated at bid price : 24.04 Bid-YTW : 5.40 %
POW.PR.B	Perpetual-Premium	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.59 %
CU.PR.J	Perpetual-Discount	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.78 Evaluated at bid price : 22.10 Bid-YTW : 5.43 %
TD.PF.K	FixedReset Disc	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.18 Evaluated at bid price : 23.60 Bid-YTW : 5.32 %
NA.PR.S	FixedReset Disc	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.10 Evaluated at bid price : 22.35 Bid-YTW : 5.32 %
MFC.PR.L	FixedReset Ins Non	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.54 %
CM.PR.T	FixedReset Prem	-1.88 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 4.97 %
SLF.PR.G	FixedReset Ins Non	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 5.54 %
CM.PR.Q	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.15 Evaluated at bid price : 22.60 Bid-YTW : 5.34 %
POW.PR.G	Perpetual-Premium	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 24.49 Evaluated at bid price : 24.72 Bid-YTW : 5.68 %
MFC.PR.I	FixedReset Ins Non	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.82 Evaluated at bid price : 24.54 Bid-YTW : 5.43 %
BIP.PR.A	FixedReset Disc	-1.67 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-30 Maturity Price : 25.00 Evaluated at bid price : 23.60 Bid-YTW : 5.96 %
BAM.PF.J	FixedReset Prem	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 24.19 Evaluated at bid price : 24.70 Bid-YTW : 5.63 %
PWF.PR.P	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.72 Evaluated at bid price : 15.72 Bid-YTW : 5.71 %
BAM.PR.E	Ratchet	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 25.00 Evaluated at bid price : 18.89 Bid-YTW : 3.97 %
TD.PF.L	FixedReset Prem	-1.50 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.06 %
IFC.PR.E	Insurance Straight	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.65 Evaluated at bid price : 23.92 Bid-YTW : 5.46 %
IFC.PR.G	FixedReset Ins Non	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.55 Evaluated at bid price : 23.01 Bid-YTW : 5.46 %
MFC.PR.C	Insurance Straight	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 5.36 %
ELF.PR.F	Perpetual-Discount	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.41 Evaluated at bid price : 23.70 Bid-YTW : 5.60 %
SLF.PR.D	Insurance Straight	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.31 %
CU.PR.C	FixedReset Disc	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.97 Evaluated at bid price : 22.50 Bid-YTW : 5.45 %
MFC.PR.B	Insurance Straight	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.46 %
IAF.PR.G	FixedReset Ins Non	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.67 Evaluated at bid price : 24.60 Bid-YTW : 5.40 %
BAM.PR.C	Floater	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 13.86 Evaluated at bid price : 13.86 Bid-YTW : 3.43 %
CU.PR.D	Perpetual-Discount	2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.28 Evaluated at bid price : 22.55 Bid-YTW : 5.49 %
CU.PR.F	Perpetual-Discount	3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 5.25 %
GWO.PR.Q	Insurance Straight	11.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.51 %

Volume Highlights
Issue	Index	Shares Traded	Notes
CM.PR.R	FixedReset Prem	151,600	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 3.75 %
TRP.PR.K	FixedReset Prem	120,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 2.60 %
EMA.PR.L	Perpetual-Discount	38,166	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 5.45 %
TD.PF.C	FixedReset Disc	35,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.36 Evaluated at bid price : 21.36 Bid-YTW : 5.37 %
TRP.PR.E	FixedReset Disc	30,090	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 6.24 %
SLF.PR.G	FixedReset Ins Non	28,678	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 5.54 %
There were 60 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PF.A	Perpetual-Discount	Quote: 15.00 – 22.54 Spot Rate : 7.5400 Average : 4.1437 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 7.53 %
BAM.PF.B	FixedReset Disc	Quote: 21.31 – 23.95 Spot Rate : 2.6400 Average : 1.6686 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.94 %
IFC.PR.G	FixedReset Ins Non	Quote: 23.01 – 24.80 Spot Rate : 1.7900 Average : 1.1106 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.55 Evaluated at bid price : 23.01 Bid-YTW : 5.46 %
BNS.PR.I	FixedReset Disc	Quote: 23.00 – 24.50 Spot Rate : 1.5000 Average : 0.8427 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 22.64 Evaluated at bid price : 23.00 Bid-YTW : 5.31 %
BAM.PR.K	Floater	Quote: 13.92 – 15.50 Spot Rate : 1.5800 Average : 0.9610 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 13.92 Evaluated at bid price : 13.92 Bid-YTW : 3.41 %
RY.PR.J	FixedReset Disc	Quote: 22.29 – 23.90 Spot Rate : 1.6100 Average : 1.0150 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-07 Maturity Price : 21.95 Evaluated at bid price : 22.29 Bid-YTW : 5.48 %

Market Action

April 6, 2022

PerpetualDiscounts now yield 5.36%, equivalent to 6.97% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.24%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened dramatically to 275bp from the 230bp reported March 30.

I’m not quite sure what to make of today’s collapse – volume was still fairly low and there were quite a few ‘disappearing bids’ in the not-very-good data supplied at great expense by the Toronto Exchange. While the yields of PerpetualDiscounts have unquestionably increased from the 5.19% recorded March 30, spreads on issues included in the PerpetualDiscount index that might be the ‘median’ issue used for measurement are in the 20bp range, mostly, so this week’s data point is not exactly of the most reliable quality.

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	3.32 %	3.88 %	26,574	19.47	1	-0.8781 %	2,733.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.4000 %	5,209.0
Floater	3.30 %	3.37 %	41,132	18.85	4	-0.4000 %	3,002.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0199 %	3,624.2
SplitShare	4.63 %	4.46 %	52,022	3.52	6	0.0199 %	4,328.0
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0199 %	3,376.9
Perpetual-Premium	5.41 %	1.75 %	56,258	0.08	16	-0.4485 %	3,155.6
Perpetual-Discount	5.31 %	5.36 %	72,159	14.78	18	-1.7413 %	3,493.0
FixedReset Disc	4.27 %	5.30 %	127,409	15.16	49	-1.1190 %	2,690.7
Insurance Straight	5.37 %	5.30 %	87,836	14.91	20	-1.5752 %	3,341.2
FloatingReset	3.30 %	3.62 %	48,399	18.28	2	-0.5722 %	2,820.5
FixedReset Prem	4.82 %	4.12 %	138,296	1.96	19	-0.0434 %	2,678.6
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-1.1190 %	2,750.5
FixedReset Ins Non	4.30 %	5.35 %	84,255	15.06	15	-0.7231 %	2,793.1

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.Q	Insurance Straight	-14.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.15 %
CU.PR.D	Perpetual-Discount	-8.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.63 %
CU.PR.F	Perpetual-Discount	-5.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.43 %
TRP.PR.E	FixedReset Disc	-4.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 19.41 Evaluated at bid price : 19.41 Bid-YTW : 6.02 %
TD.PF.E	FixedReset Disc	-4.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.06 Evaluated at bid price : 22.50 Bid-YTW : 5.47 %
GWO.PR.T	Insurance Straight	-4.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.28 Evaluated at bid price : 23.75 Bid-YTW : 5.44 %
IAF.PR.B	Insurance Straight	-3.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.25 %
FTS.PR.M	FixedReset Disc	-3.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.66 %
SLF.PR.G	FixedReset Ins Non	-3.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 5.44 %
BAM.PR.M	Perpetual-Discount	-3.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 5.45 %
BAM.PR.N	Perpetual-Discount	-3.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.29 Evaluated at bid price : 21.56 Bid-YTW : 5.53 %
RY.PR.H	FixedReset Disc	-3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.40 Evaluated at bid price : 21.73 Bid-YTW : 5.32 %
TRP.PR.D	FixedReset Disc	-3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 19.88 Evaluated at bid price : 19.88 Bid-YTW : 5.97 %
NA.PR.W	FixedReset Disc	-2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.32 %
BAM.PF.C	Perpetual-Discount	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.51 %
BAM.PF.D	Perpetual-Discount	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.94 Evaluated at bid price : 22.20 Bid-YTW : 5.55 %
BMO.PR.W	FixedReset Disc	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.28 %
MFC.PR.K	FixedReset Ins Non	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.51 Evaluated at bid price : 21.87 Bid-YTW : 5.37 %
NA.PR.S	FixedReset Disc	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.50 Evaluated at bid price : 22.80 Bid-YTW : 5.21 %
BMO.PR.Y	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.40 Evaluated at bid price : 23.00 Bid-YTW : 5.21 %
MFC.PR.C	Insurance Straight	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.28 %
RY.PR.M	FixedReset Disc	-2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.92 Evaluated at bid price : 22.30 Bid-YTW : 5.26 %
CU.PR.C	FixedReset Disc	-2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.12 Evaluated at bid price : 22.75 Bid-YTW : 5.38 %
CU.PR.J	Perpetual-Discount	-2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.19 Evaluated at bid price : 22.55 Bid-YTW : 5.31 %
PWF.PR.T	FixedReset Disc	-2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.64 Evaluated at bid price : 23.00 Bid-YTW : 5.25 %
TRP.PR.G	FixedReset Disc	-2.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.94 Evaluated at bid price : 22.33 Bid-YTW : 5.60 %
TRP.PR.B	FixedReset Disc	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 13.46 Evaluated at bid price : 13.46 Bid-YTW : 6.25 %
IFC.PR.A	FixedReset Ins Non	-2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.41 %
SLF.PR.D	Insurance Straight	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.34 Evaluated at bid price : 21.34 Bid-YTW : 5.25 %
SLF.PR.E	Insurance Straight	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.30 %
FTS.PR.K	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.53 %
FTS.PR.H	FixedReset Disc	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.58 %
FTS.PR.G	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.43 %
CM.PR.O	FixedReset Disc	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 5.26 %
GWO.PR.H	Insurance Straight	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.49 Evaluated at bid price : 22.75 Bid-YTW : 5.35 %
TD.PF.A	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.63 Evaluated at bid price : 22.06 Bid-YTW : 5.20 %
POW.PR.D	Perpetual-Discount	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.43 Evaluated at bid price : 23.72 Bid-YTW : 5.28 %
SLF.PR.C	Insurance Straight	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.27 %
GWO.PR.I	Insurance Straight	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.27 %
GWO.PR.Y	Insurance Straight	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 5.20 %
POW.PR.B	Perpetual-Premium	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 24.21 Evaluated at bid price : 24.50 Bid-YTW : 5.47 %
CM.PR.Q	FixedReset Disc	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.40 Evaluated at bid price : 23.00 Bid-YTW : 5.24 %
SLF.PR.J	FloatingReset	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 17.05 Evaluated at bid price : 17.05 Bid-YTW : 3.00 %
GWO.PR.G	Insurance Straight	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.70 Evaluated at bid price : 24.01 Bid-YTW : 5.44 %
IFC.PR.G	FixedReset Ins Non	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.84 Evaluated at bid price : 23.33 Bid-YTW : 5.38 %
BIP.PR.F	FixedReset Prem	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.56 Evaluated at bid price : 24.76 Bid-YTW : 5.39 %
BMO.PR.F	FixedReset Prem	-1.35 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 4.12 %
BAM.PR.C	Floater	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 3.39 %
PWF.PR.K	Perpetual-Discount	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.15 Evaluated at bid price : 23.45 Bid-YTW : 5.36 %
IFC.PR.C	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.66 Evaluated at bid price : 22.00 Bid-YTW : 5.37 %
GWO.PR.R	Insurance Straight	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.29 %
FTS.PR.F	Perpetual-Discount	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.15 %
POW.PR.A	Perpetual-Premium	-1.19 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-06 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 3.95 %
MFC.PR.N	FixedReset Ins Non	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 5.46 %
TRP.PR.C	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 14.58 Evaluated at bid price : 14.58 Bid-YTW : 6.08 %
IFC.PR.E	Insurance Straight	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.98 Evaluated at bid price : 24.27 Bid-YTW : 5.38 %
RY.PR.J	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.42 Evaluated at bid price : 23.00 Bid-YTW : 5.30 %
BAM.PF.B	FixedReset Disc	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.70 Evaluated at bid price : 22.15 Bid-YTW : 5.69 %
BMO.PR.T	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.67 Evaluated at bid price : 22.11 Bid-YTW : 5.20 %
TD.PF.B	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.70 Evaluated at bid price : 22.16 Bid-YTW : 5.23 %
BIP.PR.A	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-30 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.38 %
EMA.PR.L	Perpetual-Discount	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.34 Evaluated at bid price : 21.65 Bid-YTW : 5.38 %
RY.PR.S	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.48 Evaluated at bid price : 24.65 Bid-YTW : 4.91 %
TRP.PR.A	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.02 %
CU.PR.I	FixedReset Prem	1.60 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 4.17 %
BAM.PR.R	FixedReset Disc	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 19.17 Evaluated at bid price : 19.17 Bid-YTW : 5.77 %
BAM.PF.I	FixedReset Prem	2.23 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.59 Bid-YTW : 4.02 %
PWF.PR.S	Perpetual-Discount	5.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.25 %
TD.PF.D	FixedReset Disc	7.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.52 Evaluated at bid price : 23.20 Bid-YTW : 5.25 %
MFC.PR.B	Insurance Straight	12.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.47 Evaluated at bid price : 21.73 Bid-YTW : 5.39 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.K	FixedReset Prem	272,854	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 2.28 %
FTS.PR.F	Perpetual-Discount	55,070	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.15 %
TD.PF.K	FixedReset Disc	30,714	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 24.03 Evaluated at bid price : 24.38 Bid-YTW : 5.23 %
RY.PR.S	FixedReset Disc	30,350	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 23.48 Evaluated at bid price : 24.65 Bid-YTW : 4.91 %
PWF.PR.E	Perpetual-Premium	30,323	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-06 Maturity Price : 25.00 Evaluated at bid price : 25.34 Bid-YTW : 1.27 %
BAM.PF.F	FixedReset Disc	26,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.17 Evaluated at bid price : 22.50 Bid-YTW : 5.74 %
There were 23 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
GWO.PR.Q	Insurance Straight	Quote: 21.12 – 24.76 Spot Rate : 3.6400 Average : 1.9798 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.15 %
TD.PF.E	FixedReset Disc	Quote: 22.50 – 24.25 Spot Rate : 1.7500 Average : 1.1427 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 22.06 Evaluated at bid price : 22.50 Bid-YTW : 5.47 %
CU.PR.D	Perpetual-Discount	Quote: 22.00 – 23.99 Spot Rate : 1.9900 Average : 1.3849 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.63 %
CU.PR.F	Perpetual-Discount	Quote: 21.00 – 22.25 Spot Rate : 1.2500 Average : 0.7088 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.43 %
RY.PR.M	FixedReset Disc	Quote: 22.30 – 23.60 Spot Rate : 1.3000 Average : 0.8041 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.92 Evaluated at bid price : 22.30 Bid-YTW : 5.26 %
MFC.PR.C	Insurance Straight	Quote: 21.50 – 22.49 Spot Rate : 0.9900 Average : 0.6276 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-06 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.28 %

Market Action

April 5, 2022

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	3.28 %	3.83 %	25,710	19.53	1	-1.9747 %	2,757.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.5018 %	5,229.9
Floater	3.29 %	3.34 %	41,496	18.92	4	-0.5018 %	3,014.0
OpRet	0.00 %	0.00 %	0	0.00	0	0.0000 %	3,623.4
SplitShare	4.63 %	4.49 %	53,859	3.52	6	0.0000 %	4,327.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0000 %	3,376.2
Perpetual-Premium	5.39 %	-4.16 %	53,950	0.09	16	-0.1806 %	3,169.8
Perpetual-Discount	5.22 %	5.26 %	70,487	15.00	18	-0.4579 %	3,554.9
FixedReset Disc	4.22 %	5.21 %	126,562	15.29	49	-0.7420 %	2,721.2
Insurance Straight	5.28 %	5.21 %	82,752	15.10	20	-1.0343 %	3,394.6
FloatingReset	3.28 %	3.63 %	45,998	18.26	2	-0.3137 %	2,836.7
FixedReset Prem	4.81 %	4.10 %	140,098	1.94	19	-0.2332 %	2,679.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.7420 %	2,781.6
FixedReset Ins Non	4.27 %	5.25 %	81,010	15.10	15	-1.3715 %	2,813.4

Performance Highlights
Issue	Index	Change	Notes
MFC.PR.B	Insurance Straight	-14.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.07 %
TD.PF.D	FixedReset Disc	-9.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.27 Evaluated at bid price : 21.56 Bid-YTW : 5.67 %
PWF.PR.S	Perpetual-Discount	-6.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.55 %
MFC.PR.M	FixedReset Ins Non	-4.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.24 Evaluated at bid price : 21.24 Bid-YTW : 5.55 %
MFC.PR.L	FixedReset Ins Non	-4.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.43 %
CU.PR.G	Perpetual-Discount	-3.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.30 %
BAM.PF.F	FixedReset Disc	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.20 Evaluated at bid price : 22.54 Bid-YTW : 5.73 %
CU.PR.I	FixedReset Prem	-2.42 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.65 %
MFC.PR.K	FixedReset Ins Non	-2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.90 Evaluated at bid price : 22.45 Bid-YTW : 5.21 %
MFC.PR.N	FixedReset Ins Non	-2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.45 Evaluated at bid price : 21.45 Bid-YTW : 5.39 %
EMA.PR.L	Perpetual-Discount	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.56 Evaluated at bid price : 21.87 Bid-YTW : 5.32 %
NA.PR.W	FixedReset Disc	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.88 Evaluated at bid price : 22.15 Bid-YTW : 5.15 %
TRP.PR.A	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 6.09 %
SLF.PR.C	Insurance Straight	-2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.33 Evaluated at bid price : 21.60 Bid-YTW : 5.17 %
BAM.PR.E	Ratchet	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 25.00 Evaluated at bid price : 19.36 Bid-YTW : 3.83 %
BAM.PF.E	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.85 %
ELF.PR.F	Perpetual-Discount	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.84 Evaluated at bid price : 24.09 Bid-YTW : 5.51 %
GWO.PR.G	Insurance Straight	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 24.09 Evaluated at bid price : 24.35 Bid-YTW : 5.36 %
SLF.PR.E	Insurance Straight	-1.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.57 Evaluated at bid price : 21.83 Bid-YTW : 5.17 %
IFC.PR.A	FixedReset Ins Non	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.30 %
TRP.PR.C	FixedReset Disc	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 6.02 %
PVS.PR.F	SplitShare	-1.66 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 25.42 Bid-YTW : 4.26 %
RY.PR.S	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.37 Evaluated at bid price : 24.40 Bid-YTW : 4.97 %
BAM.PF.G	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.79 Evaluated at bid price : 22.08 Bid-YTW : 5.60 %
BAM.PF.B	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.11 Evaluated at bid price : 22.40 Bid-YTW : 5.63 %
BAM.PR.R	FixedReset Disc	-1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 5.86 %
MFC.PR.C	Insurance Straight	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.13 %
IFC.PR.G	FixedReset Ins Non	-1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.17 Evaluated at bid price : 23.66 Bid-YTW : 5.31 %
IFC.PR.E	Insurance Straight	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 24.26 Evaluated at bid price : 24.55 Bid-YTW : 5.32 %
RY.PR.J	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.58 Evaluated at bid price : 23.26 Bid-YTW : 5.24 %
MFC.PR.Q	FixedReset Ins Non	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.68 Evaluated at bid price : 24.15 Bid-YTW : 5.20 %
MFC.PR.J	FixedReset Ins Non	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.64 Evaluated at bid price : 24.18 Bid-YTW : 5.25 %
CM.PR.Q	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.60 Evaluated at bid price : 23.35 Bid-YTW : 5.15 %
BMO.PR.W	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.07 Evaluated at bid price : 22.38 Bid-YTW : 5.14 %
CU.PR.H	Perpetual-Premium	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 24.68 Evaluated at bid price : 25.00 Bid-YTW : 5.30 %
TD.PF.C	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.00 Evaluated at bid price : 22.31 Bid-YTW : 5.19 %
FTS.PR.M	FixedReset Disc	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.97 Evaluated at bid price : 22.25 Bid-YTW : 5.43 %
TD.PF.E	FixedReset Disc	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.68 Evaluated at bid price : 23.55 Bid-YTW : 5.21 %
SLF.PR.D	Insurance Straight	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.51 Evaluated at bid price : 21.77 Bid-YTW : 5.13 %
RY.PR.Z	FixedReset Disc	-1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 22.26 Evaluated at bid price : 22.57 Bid-YTW : 5.10 %
BMO.PR.E	FixedReset Disc	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.55 Evaluated at bid price : 24.65 Bid-YTW : 5.20 %
BIP.PR.A	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-30 Maturity Price : 25.00 Evaluated at bid price : 24.25 Bid-YTW : 5.03 %
PWF.PR.T	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.18 Evaluated at bid price : 23.55 Bid-YTW : 5.12 %
PWF.PR.P	FixedReset Disc	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 5.63 %
TRP.PR.E	FixedReset Disc	2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.73 %
GWO.PR.Y	Insurance Straight	4.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.75 Evaluated at bid price : 22.05 Bid-YTW : 5.12 %
CU.PR.D	Perpetual-Discount	9.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 5.14 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.C	FixedReset Prem	264,379	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 3.92 %
MFC.PR.J	FixedReset Ins Non	112,205	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 23.64 Evaluated at bid price : 24.18 Bid-YTW : 5.25 %
MFC.PR.B	Insurance Straight	56,241	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.07 %
IAF.PR.G	FixedReset Ins Non	46,140	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 24.04 Evaluated at bid price : 24.85 Bid-YTW : 5.35 %
TRP.PR.K	FixedReset Prem	32,192	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 2.24 %
CU.PR.I	FixedReset Prem	30,260	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.65 %
There were 19 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.B	Insurance Straight	Quote: 19.35 – 22.45 Spot Rate : 3.1000 Average : 1.7023 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.07 %
TD.PF.D	FixedReset Disc	Quote: 21.56 – 24.00 Spot Rate : 2.4400 Average : 1.3668 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.27 Evaluated at bid price : 21.56 Bid-YTW : 5.67 %
PWF.PR.S	Perpetual-Discount	Quote: 22.00 – 23.89 Spot Rate : 1.8900 Average : 1.1454 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.55 %
BIP.PR.A	FixedReset Disc	Quote: 24.25 – 25.80 Spot Rate : 1.5500 Average : 1.0214 YTW SCENARIO Maturity Type : Call Maturity Date : 2025-06-30 Maturity Price : 25.00 Evaluated at bid price : 24.25 Bid-YTW : 5.03 %
MFC.PR.L	FixedReset Ins Non	Quote: 21.03 – 22.20 Spot Rate : 1.1700 Average : 0.7233 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.43 %
CU.PR.G	Perpetual-Discount	Quote: 21.50 – 22.50 Spot Rate : 1.0000 Average : 0.6112 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-05 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.30 %

Market Action

April 4, 2022

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	3.21 %	3.72 %	25,763	19.67	1	0.0000 %	2,813.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0173 %	5,256.3
Floater	3.27 %	3.34 %	43,209	18.92	4	-0.0173 %	3,029.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1389 %	3,623.4
SplitShare	4.63 %	4.57 %	55,981	3.53	6	-0.1389 %	4,327.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1389 %	3,376.2
Perpetual-Premium	5.38 %	-7.58 %	54,019	0.08	16	-0.1161 %	3,175.5
Perpetual-Discount	5.20 %	5.25 %	70,952	15.07	18	-0.6573 %	3,571.2
FixedReset Disc	4.19 %	5.19 %	127,209	15.10	49	-0.2148 %	2,741.5
Insurance Straight	5.23 %	5.18 %	82,831	15.10	20	-0.3247 %	3,430.1
FloatingReset	3.27 %	3.63 %	45,276	18.27	2	0.3722 %	2,845.7
FixedReset Prem	4.80 %	3.97 %	142,116	1.66	19	-0.4008 %	2,686.0
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.2148 %	2,802.4
FixedReset Ins Non	4.21 %	5.20 %	80,805	15.28	15	-0.5516 %	2,852.5

Performance Highlights
Issue	Index	Change	Notes
GWO.PR.Y	Insurance Straight	-7.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.39 %
CU.PR.D	Perpetual-Discount	-5.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.63 %
IFC.PR.C	FixedReset Disc	-3.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 21.80 Evaluated at bid price : 22.20 Bid-YTW : 5.31 %
TRP.PR.E	FixedReset Disc	-2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 5.88 %
CU.PR.E	Perpetual-Discount	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 5.26 %
SLF.PR.H	FixedReset Ins Non	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.08 %
BAM.PR.R	FixedReset Disc	-2.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.77 %
PWF.PR.L	Perpetual-Discount	-2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.38 %
MFC.PR.M	FixedReset Ins Non	-1.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 22.00 Evaluated at bid price : 22.30 Bid-YTW : 5.27 %
SLF.PR.G	FixedReset Ins Non	-1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 5.25 %
BIP.PR.F	FixedReset Prem	-1.54 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 5.13 %
IFC.PR.G	FixedReset Ins Non	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 23.55 Evaluated at bid price : 24.02 Bid-YTW : 5.23 %
PWF.PR.Z	Perpetual-Premium	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 24.22 Evaluated at bid price : 24.51 Bid-YTW : 5.33 %
BAM.PF.B	FixedReset Disc	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 22.44 Evaluated at bid price : 22.76 Bid-YTW : 5.54 %
BAM.PF.I	FixedReset Prem	-1.02 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2027-03-31 Maturity Price : 25.00 Evaluated at bid price : 26.23 Bid-YTW : 4.32 %
FTS.PR.K	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.38 %
NA.PR.S	FixedReset Disc	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 23.14 Evaluated at bid price : 23.46 Bid-YTW : 5.06 %
MFC.PR.B	Insurance Straight	1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 22.48 Evaluated at bid price : 22.74 Bid-YTW : 5.14 %
BAM.PR.T	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 20.40 Evaluated at bid price : 20.40 Bid-YTW : 5.56 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Disc	251,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 22.19 Evaluated at bid price : 22.55 Bid-YTW : 5.09 %
FTS.PR.K	FixedReset Disc	81,502	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 5.38 %
TD.PF.M	FixedReset Prem	48,516	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 3.97 %
MFC.PR.Q	FixedReset Ins Non	45,965	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 24.09 Evaluated at bid price : 24.50 Bid-YTW : 5.12 %
TD.PF.E	FixedReset Disc	26,290	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 4.92 %
BMO.PR.Y	FixedReset Disc	25,200	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 23.81 Bid-YTW : 4.71 %
There were 8 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
CU.PR.D	Perpetual-Discount	Quote: 22.00 – 24.28 Spot Rate : 2.2800 Average : 1.5016 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.63 %
GWO.PR.Y	Insurance Straight	Quote: 21.01 – 23.00 Spot Rate : 1.9900 Average : 1.2453 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.39 %
IFC.PR.C	FixedReset Disc	Quote: 22.20 – 23.20 Spot Rate : 1.0000 Average : 0.5875 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 21.80 Evaluated at bid price : 22.20 Bid-YTW : 5.31 %
PWF.PR.L	Perpetual-Discount	Quote: 24.10 – 24.89 Spot Rate : 0.7900 Average : 0.4681 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.38 %
MFC.PR.M	FixedReset Ins Non	Quote: 22.30 – 23.13 Spot Rate : 0.8300 Average : 0.5525 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 22.00 Evaluated at bid price : 22.30 Bid-YTW : 5.27 %
BAM.PR.R	FixedReset Disc	Quote: 19.15 – 19.79 Spot Rate : 0.6400 Average : 0.4358 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-04 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.77 %

Market Action

April 1, 2022

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	3.21 %	3.72 %	25,803	19.68	1	0.5089 %	2,813.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2585 %	5,257.2
Floater	3.34 %	3.34 %	60,640	18.88	3	-0.2585 %	3,029.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.4408 %	3,628.5
SplitShare	4.69 %	4.14 %	34,165	3.41	8	0.4408 %	4,333.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4408 %	3,380.9
Perpetual-Premium	5.36 %	-4.39 %	65,351	0.09	17	-0.1726 %	3,179.2
Perpetual-Discount	5.14 %	5.18 %	71,317	15.21	16	-0.0054 %	3,594.9
FixedReset Disc	4.12 %	5.18 %	122,328	15.14	45	-0.0643 %	2,747.4
Insurance Straight	5.21 %	5.14 %	92,057	15.13	18	-0.4007 %	3,441.3
FloatingReset	3.14 %	3.49 %	46,776	18.52	2	-0.7670 %	2,835.1
FixedReset Prem	4.79 %	3.90 %	148,751	2.03	23	-0.0256 %	2,696.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	-0.0643 %	2,808.4
FixedReset Ins Non	4.18 %	5.12 %	82,066	15.38	15	-0.4226 %	2,868.4

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-5.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.71 %
PWF.PR.T	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.69 Evaluated at bid price : 23.05 Bid-YTW : 5.20 %
BAM.PR.T	FixedReset Disc	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.59 %
IFC.PR.A	FixedReset Ins Non	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.12 %
MFC.PR.N	FixedReset Ins Non	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 21.54 Evaluated at bid price : 21.93 Bid-YTW : 5.22 %
MFC.PR.B	Insurance Straight	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.19 %
CU.PR.C	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.43 Evaluated at bid price : 23.30 Bid-YTW : 5.20 %
MFC.PR.C	Insurance Straight	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.07 Evaluated at bid price : 22.30 Bid-YTW : 5.07 %
BAM.PR.X	FixedReset Disc	-1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 5.80 %
SLF.PR.D	Insurance Straight	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.07 %
CM.PR.P	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 21.95 Evaluated at bid price : 22.25 Bid-YTW : 5.10 %
MFC.PR.J	FixedReset Ins Non	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 24.02 Evaluated at bid price : 24.50 Bid-YTW : 5.15 %
MFC.PR.F	FixedReset Ins Non	-1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 17.08 Evaluated at bid price : 17.08 Bid-YTW : 5.16 %
TRP.PR.F	FloatingReset	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 3.49 %
GWO.PR.Y	Insurance Straight	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.31 Evaluated at bid price : 22.60 Bid-YTW : 4.99 %
FTS.PR.K	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.74 Evaluated at bid price : 20.74 Bid-YTW : 5.40 %
TRP.PR.G	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.12 Evaluated at bid price : 22.60 Bid-YTW : 5.50 %
PVS.PR.I	SplitShare	1.35 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.14 %
TRP.PR.C	FixedReset Disc	1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 14.90 Evaluated at bid price : 14.90 Bid-YTW : 5.92 %
FTS.PR.M	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.18 Evaluated at bid price : 22.55 Bid-YTW : 5.32 %
PVS.PR.J	SplitShare	2.29 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.55 Bid-YTW : 4.84 %
CU.PR.E	Perpetual-Discount	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 23.74 Evaluated at bid price : 24.05 Bid-YTW : 5.14 %
TRP.PR.D	FixedReset Disc	2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.71 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.A	FixedReset Disc	130,415	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.19 Evaluated at bid price : 22.55 Bid-YTW : 5.06 %
CM.PR.Y	FixedReset Prem	77,100	YTW SCENARIO Maturity Type : Call Maturity Date : 2024-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.80 Bid-YTW : 3.56 %
TRP.PR.K	FixedReset Prem	63,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.22 Bid-YTW : 2.34 %
TD.PF.E	FixedReset Disc	56,625	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.80 Bid-YTW : 4.91 %
CM.PR.Q	FixedReset Disc	43,400	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 4.79 %
IFC.PR.K	Perpetual-Premium	23,670	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.40 Bid-YTW : 5.09 %
There were 12 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.P	FixedReset Disc	Quote: 15.75 – 17.00 Spot Rate : 1.2500 Average : 0.9289 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.71 %
PVS.PR.I	SplitShare	Quote: 25.60 – 26.60 Spot Rate : 1.0000 Average : 0.6946 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.14 %
PWF.PR.T	FixedReset Disc	Quote: 23.05 – 23.99 Spot Rate : 0.9400 Average : 0.6835 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.69 Evaluated at bid price : 23.05 Bid-YTW : 5.20 %
IFC.PR.A	FixedReset Ins Non	Quote: 20.30 – 21.24 Spot Rate : 0.9400 Average : 0.6972 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.12 %
BAM.PR.T	FixedReset Disc	Quote: 20.18 – 21.00 Spot Rate : 0.8200 Average : 0.5815 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 20.18 Evaluated at bid price : 20.18 Bid-YTW : 5.59 %
ELF.PR.G	Perpetual-Discount	Quote: 23.20 – 23.80 Spot Rate : 0.6000 Average : 0.3757 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-01 Maturity Price : 22.93 Evaluated at bid price : 23.20 Bid-YTW : 5.12 %

Market Action

March 31, 2022

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	3.22 %	3.74 %	25,763	19.67	1	0.0000 %	2,799.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4485 %	5,270.8
Floater	3.33 %	3.33 %	62,855	18.91	3	0.4485 %	3,037.6
OpRet	0.00 %	0.00 %	0	0.00	0	-0.5909 %	3,612.6
SplitShare	4.71 %	4.55 %	32,074	3.41	8	-0.5909 %	4,314.2
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.5909 %	3,366.1
Perpetual-Premium	5.35 %	-6.54 %	62,947	0.09	17	0.2689 %	3,184.7
Perpetual-Discount	5.14 %	5.15 %	70,621	15.17	16	-0.0349 %	3,595.1
FixedReset Disc	4.17 %	5.12 %	121,629	15.15	46	0.3196 %	2,749.2
Insurance Straight	5.19 %	5.06 %	93,353	15.14	18	-0.0936 %	3,455.1
FloatingReset	3.12 %	3.46 %	46,623	18.61	2	0.1993 %	2,857.0
FixedReset Prem	4.79 %	3.85 %	149,544	2.03	23	0.0990 %	2,697.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.3196 %	2,810.2
FixedReset Ins Non	4.17 %	5.11 %	82,651	15.40	15	0.8063 %	2,880.5

Performance Highlights
Issue	Index	Change	Notes
PVS.PR.J	SplitShare	-4.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.28 %
TRP.PR.C	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.99 %
SLF.PR.C	Insurance Straight	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 21.81 Evaluated at bid price : 22.05 Bid-YTW : 5.06 %
SLF.PR.E	Insurance Straight	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.05 Evaluated at bid price : 22.28 Bid-YTW : 5.07 %
BAM.PR.R	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.65 %
TRP.PR.B	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.13 %
TD.PF.B	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.40 Evaluated at bid price : 22.81 Bid-YTW : 5.06 %
GWO.PR.T	Insurance Straight	1.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2026-06-30 Maturity Price : 25.00 Evaluated at bid price : 25.25 Bid-YTW : 4.91 %
PWF.PR.Z	Perpetual-Premium	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 24.71 Evaluated at bid price : 25.00 Bid-YTW : 5.22 %
IAF.PR.I	FixedReset Ins Non	1.22 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2023-03-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.01 %
CU.PR.C	FixedReset Disc	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.61 Evaluated at bid price : 23.65 Bid-YTW : 5.11 %
MFC.PR.K	FixedReset Ins Non	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.89 Evaluated at bid price : 23.32 Bid-YTW : 4.99 %
RY.PR.Z	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.69 Evaluated at bid price : 23.00 Bid-YTW : 4.97 %
SLF.PR.H	FixedReset Ins Non	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 21.41 Evaluated at bid price : 21.41 Bid-YTW : 4.94 %
CU.PR.J	Perpetual-Premium	1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.91 Evaluated at bid price : 23.30 Bid-YTW : 5.13 %
TRP.PR.E	FixedReset Disc	2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.71 %
PWF.PR.T	FixedReset Disc	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 23.29 Evaluated at bid price : 23.65 Bid-YTW : 5.08 %
IFC.PR.A	FixedReset Ins Non	3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.02 %

Volume Highlights
Issue	Index	Shares Traded	Notes
GWO.PR.Y	Insurance Straight	225,918	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.04 Evaluated at bid price : 22.35 Bid-YTW : 5.04 %
NA.PR.C	FixedReset Prem	144,897	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 3.42 %
TRP.PR.B	FixedReset Disc	122,250	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.13 %
TRP.PR.A	FixedReset Disc	117,396	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.93 %
CM.PR.R	FixedReset Prem	100,166	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.03 Bid-YTW : 3.05 %
TD.PF.C	FixedReset Disc	85,548	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.24 Evaluated at bid price : 22.66 Bid-YTW : 5.08 %
There were 48 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PR.K	Floater	Quote: 14.18 – 15.50 Spot Rate : 1.3200 Average : 0.8219 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 14.18 Evaluated at bid price : 14.18 Bid-YTW : 3.33 %
PVS.PR.G	SplitShare	Quote: 25.30 – 26.30 Spot Rate : 1.0000 Average : 0.6042 YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 4.68 %
PVS.PR.J	SplitShare	Quote: 24.00 – 25.00 Spot Rate : 1.0000 Average : 0.6155 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.00 Bid-YTW : 5.28 %
CU.PR.J	Perpetual-Premium	Quote: 23.30 – 24.50 Spot Rate : 1.2000 Average : 0.8309 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.91 Evaluated at bid price : 23.30 Bid-YTW : 5.13 %
PVS.PR.F	SplitShare	Quote: 25.90 – 26.97 Spot Rate : 1.0700 Average : 0.7507 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 25.50 Evaluated at bid price : 25.90 Bid-YTW : 2.14 %
BAM.PF.G	FixedReset Disc	Quote: 22.41 – 23.50 Spot Rate : 1.0900 Average : 0.7968 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-31 Maturity Price : 22.03 Evaluated at bid price : 22.41 Bid-YTW : 5.47 %

Market Action

March 30, 2022

PerpetualDiscounts now yield 5.19%, equivalent to 6.75% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.45%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed sharply to 230bp from the 250bp reported March 23.

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	3.22 %	3.73 %	26,699	19.68	1	1.2887 %	2,799.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.2841 %	5,247.3
Floater	3.35 %	3.35 %	61,934	18.87	3	0.2841 %	3,024.0
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2701 %	3,634.0
SplitShare	4.68 %	4.45 %	29,711	3.42	8	-0.2701 %	4,339.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2701 %	3,386.1
Perpetual-Premium	5.36 %	-1.08 %	61,677	0.09	17	-0.1191 %	3,176.2
Perpetual-Discount	5.14 %	5.19 %	69,305	15.12	16	-0.0940 %	3,596.3
FixedReset Disc	4.14 %	5.18 %	116,947	15.11	46	0.5169 %	2,740.4
Insurance Straight	5.19 %	5.08 %	89,221	15.17	18	-0.0164 %	3,458.4
FloatingReset	3.12 %	3.45 %	44,834	18.62	2	0.1140 %	2,851.3
FixedReset Prem	4.77 %	3.77 %	145,640	1.98	23	0.3031 %	2,694.8
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.5169 %	2,801.3
FixedReset Ins Non	4.20 %	5.16 %	77,887	15.32	15	0.3695 %	2,857.5

Performance Highlights
Issue	Index	Change	Notes
EMA.PR.L	Perpetual-Discount	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.07 Evaluated at bid price : 22.38 Bid-YTW : 5.19 %
PWF.PR.T	FixedReset Disc	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.60 Evaluated at bid price : 22.95 Bid-YTW : 5.23 %
CU.PR.E	Perpetual-Discount	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.23 %
PWF.PR.Z	Perpetual-Premium	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 24.41 Evaluated at bid price : 24.70 Bid-YTW : 5.29 %
RY.PR.H	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.32 Evaluated at bid price : 22.71 Bid-YTW : 5.05 %
TRP.PR.A	FixedReset Disc	1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 5.92 %
SLF.PR.H	FixedReset Ins Non	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.01 %
BAM.PF.H	FixedReset Prem	1.20 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.14 Bid-YTW : 3.70 %
TRP.PR.D	FixedReset Disc	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.84 %
TRP.PR.E	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 19.91 Evaluated at bid price : 19.91 Bid-YTW : 5.83 %
RS.PR.A	SplitShare	1.26 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-12-31 Maturity Price : 10.00 Evaluated at bid price : 10.45 Bid-YTW : 3.91 %
TRP.PR.G	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.01 Evaluated at bid price : 22.43 Bid-YTW : 5.54 %
BAM.PR.T	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 20.57 Evaluated at bid price : 20.57 Bid-YTW : 5.81 %
BAM.PF.B	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.40 Evaluated at bid price : 22.71 Bid-YTW : 5.52 %
FTS.PR.H	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.38 %
TD.PF.J	FixedReset Prem	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 24.56 Evaluated at bid price : 24.90 Bid-YTW : 5.20 %
PWF.PR.P	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.47 %
BAM.PR.E	Ratchet	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 25.00 Evaluated at bid price : 19.65 Bid-YTW : 3.73 %
IFC.PR.C	FixedReset Disc	1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.31 Evaluated at bid price : 23.00 Bid-YTW : 5.08 %
BAM.PF.G	FixedReset Disc	1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.06 Evaluated at bid price : 22.45 Bid-YTW : 5.46 %
MFC.PR.F	FixedReset Ins Non	2.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 5.11 %
BAM.PR.Z	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.94 Evaluated at bid price : 24.50 Bid-YTW : 5.49 %
SLF.PR.G	FixedReset Ins Non	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 5.16 %
BAM.PF.F	FixedReset Disc	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.44 Evaluated at bid price : 22.90 Bid-YTW : 5.59 %
TRP.PR.C	FixedReset Disc	2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.88 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TD.PF.B	FixedReset Disc	147,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.21 Evaluated at bid price : 22.54 Bid-YTW : 5.13 %
CM.PR.S	FixedReset Disc	108,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.66 Evaluated at bid price : 24.23 Bid-YTW : 5.00 %
PVS.PR.I	SplitShare	50,347	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.85 %
BMO.PR.C	FixedReset Prem	48,700	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.14 Bid-YTW : 3.50 %
GWO.PR.Y	Insurance Straight	39,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.15 Evaluated at bid price : 22.50 Bid-YTW : 5.01 %
TD.PF.A	FixedReset Disc	39,800	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.17 Evaluated at bid price : 22.52 Bid-YTW : 5.08 %
There were 16 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
PWF.PR.T	FixedReset Disc	Quote: 22.95 – 23.95 Spot Rate : 1.0000 Average : 0.7444 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.60 Evaluated at bid price : 22.95 Bid-YTW : 5.23 %
RY.PR.J	FixedReset Disc	Quote: 23.55 – 24.15 Spot Rate : 0.6000 Average : 0.3819 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.73 Evaluated at bid price : 23.55 Bid-YTW : 5.13 %
CU.PR.E	Perpetual-Discount	Quote: 23.63 – 24.50 Spot Rate : 0.8700 Average : 0.6965 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 23.34 Evaluated at bid price : 23.63 Bid-YTW : 5.23 %
TD.PF.C	FixedReset Disc	Quote: 22.65 – 23.25 Spot Rate : 0.6000 Average : 0.4438 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.23 Evaluated at bid price : 22.65 Bid-YTW : 5.08 %
MFC.PR.K	FixedReset Ins Non	Quote: 23.01 – 23.68 Spot Rate : 0.6700 Average : 0.5262 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.59 Evaluated at bid price : 23.01 Bid-YTW : 5.06 %
BMO.PR.W	FixedReset Disc	Quote: 22.55 – 22.99 Spot Rate : 0.4400 Average : 0.3064 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-30 Maturity Price : 22.18 Evaluated at bid price : 22.55 Bid-YTW : 5.07 %

Market Action

March 29, 2022

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	3.26 %	3.81 %	27,022	19.55	1	-1.8219 %	2,763.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.0237 %	5,232.4
Floater	3.36 %	3.35 %	62,499	18.86	3	-0.0237 %	3,015.5
OpRet	0.00 %	0.00 %	0	0.00	0	0.4836 %	3,643.9
SplitShare	4.67 %	4.44 %	29,807	3.37	8	0.4836 %	4,351.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.4836 %	3,395.3
Perpetual-Premium	5.36 %	-3.63 %	61,873	0.09	17	0.2083 %	3,179.9
Perpetual-Discount	5.13 %	5.17 %	69,478	15.17	16	0.2503 %	3,599.7
FixedReset Disc	4.16 %	5.17 %	118,163	15.12	46	0.8037 %	2,726.3
Insurance Straight	5.18 %	5.05 %	90,577	15.19	18	-0.2545 %	3,458.9
FloatingReset	3.13 %	3.43 %	42,609	18.67	2	-0.5667 %	2,848.1
FixedReset Prem	4.78 %	4.05 %	148,367	1.99	23	0.2421 %	2,686.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	0.8037 %	2,786.9
FixedReset Ins Non	4.22 %	5.18 %	77,318	15.34	15	0.0733 %	2,847.0

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.E	Insurance Straight	-2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.25 Evaluated at bid price : 22.52 Bid-YTW : 5.01 %
SLF.PR.C	Insurance Straight	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 4.98 %
BAM.PR.E	Ratchet	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 25.00 Evaluated at bid price : 19.40 Bid-YTW : 3.81 %
SLF.PR.G	FixedReset Ins Non	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 5.26 %
SLF.PR.J	FloatingReset	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 2.81 %
SLF.PR.D	Insurance Straight	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.12 Evaluated at bid price : 22.40 Bid-YTW : 4.98 %
EMA.PR.L	Perpetual-Discount	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.50 Evaluated at bid price : 22.83 Bid-YTW : 5.09 %
PWF.PF.A	Perpetual-Discount	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.21 Evaluated at bid price : 22.52 Bid-YTW : 5.06 %
TRP.PR.D	FixedReset Disc	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 5.92 %
BAM.PR.R	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 19.19 Evaluated at bid price : 19.19 Bid-YTW : 5.72 %
TRP.PR.A	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.99 %
BMO.PR.T	FixedReset Disc	1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.07 Evaluated at bid price : 22.35 Bid-YTW : 5.12 %
CM.PR.Q	FixedReset Disc	1.11 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 23.65 Bid-YTW : 4.85 %
BMO.PR.W	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.16 Evaluated at bid price : 22.51 Bid-YTW : 5.08 %
NA.PR.S	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 23.23 Evaluated at bid price : 23.55 Bid-YTW : 5.08 %
BIP.PR.A	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.72 Evaluated at bid price : 23.55 Bid-YTW : 5.94 %
BMO.PR.Y	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-08-25 Maturity Price : 25.00 Evaluated at bid price : 23.60 Bid-YTW : 4.97 %
RY.PR.M	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.29 Evaluated at bid price : 22.86 Bid-YTW : 5.09 %
CU.PR.E	Perpetual-Discount	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 23.63 Evaluated at bid price : 23.90 Bid-YTW : 5.17 %
BAM.PF.E	FixedReset Disc	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.70 %
TD.PF.E	FixedReset Disc	2.03 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.62 Bid-YTW : 5.12 %
FTS.PR.K	FixedReset Disc	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.42 %
TD.PF.D	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-07-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 5.10 %
PVS.PR.F	SplitShare	2.36 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 25.50 Evaluated at bid price : 26.00 Bid-YTW : 1.34 %
CU.PR.J	Perpetual-Premium	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.70 Evaluated at bid price : 23.05 Bid-YTW : 5.19 %
TRP.PR.G	FixedReset Disc	3.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 21.81 Evaluated at bid price : 22.15 Bid-YTW : 5.61 %
PWF.PR.P	FixedReset Disc	3.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 16.35 Evaluated at bid price : 16.35 Bid-YTW : 5.55 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BAM.PR.Z	FixedReset Disc	384,850	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 23.37 Evaluated at bid price : 24.00 Bid-YTW : 5.60 %
TD.PF.C	FixedReset Disc	202,180	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.20 Evaluated at bid price : 22.60 Bid-YTW : 5.10 %
TRP.PR.B	FixedReset Disc	109,830	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 13.43 Evaluated at bid price : 13.43 Bid-YTW : 6.21 %
TRP.PR.A	FixedReset Disc	94,200	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.99 %
IFC.PR.K	Perpetual-Premium	86,315	YTW SCENARIO Maturity Type : Call Maturity Date : 2031-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.20 %
PVS.PR.K	SplitShare	84,700	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 4.50 %
There were 32 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
SLF.PR.H	FixedReset Ins Non	Quote: 20.85 – 23.50 Spot Rate : 2.6500 Average : 1.8497 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 20.85 Evaluated at bid price : 20.85 Bid-YTW : 5.06 %
BAM.PF.G	FixedReset Disc	Quote: 22.05 – 23.20 Spot Rate : 1.1500 Average : 0.7771 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 21.77 Evaluated at bid price : 22.05 Bid-YTW : 5.57 %
TRP.PR.A	FixedReset Disc	Quote: 17.70 – 18.50 Spot Rate : 0.8000 Average : 0.5014 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 5.99 %
PVS.PR.F	SplitShare	Quote: 26.00 – 27.00 Spot Rate : 1.0000 Average : 0.7302 YTW SCENARIO Maturity Type : Call Maturity Date : 2022-09-30 Maturity Price : 25.50 Evaluated at bid price : 26.00 Bid-YTW : 1.34 %
BAM.PF.F	FixedReset Disc	Quote: 22.42 – 23.14 Spot Rate : 0.7200 Average : 0.5208 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.11 Evaluated at bid price : 22.42 Bid-YTW : 5.72 %
IFC.PR.C	FixedReset Disc	Quote: 22.63 – 23.30 Spot Rate : 0.6700 Average : 0.4752 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-03-29 Maturity Price : 22.08 Evaluated at bid price : 22.63 Bid-YTW : 5.17 %

PrefBlog

Category: Market Action

April 11, 2022

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