Today’s big news was the Bank of Canada rate decision:
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent.
Total CPI inflation is at 1 per cent, reflecting the drop in consumer energy prices. Core inflation has remained close to 2 per cent in recent months, as the temporary effects of sector-specific factors and pass-through of the lower Canadian dollar have offset the disinflationary forces from slack in the economy.
…
The very weak first quarter has led to a widening of Canada’s output gap and additional downward pressure on projected inflation. However, the anticipated recovery in growth means that the output gap will be back in line with its previous trajectory later this year. Consequently, the effects on core inflation of the lower dollar and the output gap will continue to offset each other. As the economy reaches and remains at full capacity around the end of 2016, both total and core inflation are projected to be close to 2 per cent on a sustained basis.Risks to the outlook for inflation are now roughly balanced and risks to financial stability appear to be evolving as expected. The Bank judges that the current degree of monetary policy stimulus remains appropriate and therefore is maintaining the target for the overnight rate at 3/4 per cent.
The Canadian dollar touched its highest level in two months after the central bank kept borrowing rates unchanged, pointing to signs damage from an oil-price shock may already be fading and manufacturing exports picking up.
…
In its monetary policy report, the Bank of Canada said the economy is responding to the stimulus it added to cushion Canada’s economy from the fall in oil, its largest export, and forecast faster growth later in the year.
…
The bank said in its quarterly MPR there were signs of improvement in the labor market and the non-energy exports it is counting on to drive economic expansion, with industries sensitive to a lower exchange rate, like aircraft and industrial machinery, expected to lead growth.
Parakeet Poluz had some good news for the electoral prospects of his masters:
Bank of Canada Governor Stephen Poloz is becoming Canada’s leading optimist projecting a faster return to target on inflation amid a generally improving economy.
Growth will quicken to a 2.8 percent annualized pace in the third quarter, the central bank said Wednesday, exceeding all forecasts in a Bloomberg survey. Poloz kept the benchmark interest rate at 0.75 percent and said the positive side of the story will dominate in the second half, lifting inflation back to the 2 percent target almost a year ahead of schedule.
It’s a stark change from January, when Poloz shocked markets by cutting rates by a quarter point, a move he called “insurance” against the economic damage wrought by collapsing oil prices. He also told the Financial Times last month Canada’s economy was atrocious in the first quarter. The statement released by the bank Wednesday signaled the worst of the oil-price shock may be over, with improvements ranging from early signs of labor-market strength to gains in the non-energy exporting sector.
My favourite SEC Commissioner, Daniel M. Gallagher, had some interesting things to say about supra-national regulatory bodies:
On its face, “regulatory harmonization” sounds like a noble goal: if jurisdictions could coalesce around a single set of high-quality standards, compliance burdens could be reduced with no real reduction of investor protections. Since the crisis, however, “regulatory harmonization” has taken on a new and worrisome meaning. Instead of facilitating cooperation among regulators from different jurisdictions, the concept of “regulatory harmonization” has morphed into a top-down, forcible imposition of one-size-fits-all regulatory standards on sovereign nations by opaque groups of global regulators. This “one world, one government” approach to regulation doesn’t allow itself to be bothered by musty old concepts like national sovereignty or consent of the governed.
In 2009, the G-20 directed the FSB to coordinate the work of national authorities and multinational standard-setting organizations in the development of effective financial services regulation, with an emphasis on promoting financial stability. However, in reality, the FSB has been doing far more than merely coordinate the efforts of national regulators.
Recently, as evidenced by a memorandum to FSB members from its chairman, Bank of England Governor Mark Carney, the FSB has removed all doubt of its real purpose: to direct national authorities to implement the FSB’s own policies.[3] Mr. Carney explained in his memo that the FSB’s decisions must receive “full, consistent and prompt implementation” in member nations, as this “is essential to maintaining an open and resilient financial system.”
…
Let me be clear: I am not calling for the disbanding of international financial regulatory organizations. Rather, we must return these entities to their original pre-financial crisis purposes of facilitating cooperation among regulators from different jurisdictions. The concepts that steered these efforts were regulatory equivalence and substituted compliance. The ultimate goal was for regulators in each jurisdiction to recognize that many of their foreign counterparts had regulatory goals similar to their own, and that their regulatory approaches were of a high quality despite their differences. Indeed, there is usually more than one way to achieve any given regulatory objective, and it’s not always clear which way is “best.”Having acknowledged that there is more than one way to achieve the same goals, we as regulators could voluntarily choose to deem compliance with a high quality foreign regulatory regime to qualify as a substitute for compliance with our own domestic requirements. In doing so, we could avoid complicated cross-border regulatory disputes and lend greater certainty and predictability to cross-border transactions. By avoiding layered, duplicative, and sometimes incompatible regulations, we could facilitate smoother and more efficient interactions between our respective capital markets, and by allowing and even encouraging heterogeneity of regulation, we could foster robustness and innovation in our capital markets.
The current coercive approach to regulatory harmonization, on the other hand, is flawed as a matter of policy and will become increasingly impractical as the number of nations needing to be coerced grows. It is difficult enough to reach agreement on matters between the U.S. and Europe, despite their many similarities. Other markets, particularly in Asia, the Middle East, and other parts of the developing world, will undoubtedly — and in fact already have — considered going it alone. Others may not have been invited to the party in the first place, and so feel themselves under no obligation to play along.
In an effort to divine the future, Canadian preferred share investors turned to the tarot … two cards kept showing up:
Click for Big
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 14bp, FixedResets off 98bp and DeemedRetractibles gaining 2bp. MFC, FTS and BAM FixedResets were notably prominent on an extremely lengthy Performance Highlights table, while volatility itself was underscored by the fact that there was an observable crop of winners as well. Volume was extremely high.
For as long as the FixedReset market is so violently unsettled, I’ll keep publishing updates of the more interesting and meaningful series of FixedResets’ Implied Volatilities. This doesn’t include Enbridge because although Enbridge has a large number of issues outstanding, all of which are quite liquid, the range of Issue Reset Spreads is too small for decent conclusions. The low is 212bp (ENB.PR.H; second-lowest is ENB.PR.D at 237bp) and the high is a mere 268 for ENB.PF.G.
Remember that all rich /cheap assessments are:
» based on Implied Volatility Theory only
» are relative only to other FixedResets from the same issuer
» assume constant GOC-5 yield
» assume constant Implied Volatility
» assume constant spread
Here’s TRP:
Click for Big
TRP.PR.E, which resets 2019-10-30 at +235, is bid at 23.50 to be $1.45 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.96 cheap at its bid price of 15.45.
Click for Big
Another excellent fit, but the numbers are perplexing. Implied Volatility for MFC continues to be a conundrum, although it declined substantially today. It is still too high if we consider that NVCC rules will never apply to these issues; it is still too low if we consider them to be NVCC non-compliant issues (and therefore with Deemed Maturities in the call schedule).
Most expensive is MFC.PR.J, resetting at +261 on 2018-3-19, bid at 24.35 to be $0.52 rich, while MFC.PR.H, resetting at +313bp on 2017-3-19, is bid at 25.12 to be $0.41 cheap.
Horrible performance by the MFC issues today resulted in a marked spread-widening; volatility was hardly affected. Yesterday’s figures were 223bp and 17%.
Click for Big
The cheapest issue relative to its peers is BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 19.07 to be $0.76 cheap. BAM.PF.E, resetting at +255bp 2020-3-31 is bid at 22.55 and appears to be $1.11 rich.
Again, horrible daily performance has manifested itself mainly in the spread. Yesterday’s figures were 303bp and 4%.
Click for Big
This is just weird because the middle is expensive and the ends are cheap but anyway … FTS.PR.H, with a spread of +145bp, and bid at 15.30, looks $0.88 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, is bid at 21.01 and is $0.46 rich.
Click for Big
Investment-grade pairs other than TRP.PR.A / TRP.PR.F now predict an average over the next five years of just over 0.30%, up marginally on the day. TRP.PR.A / TRP.PR.F remains an outlier, predicting 0.89%. The DC.PR.B / DC.PR.D pair is still off the charts and now predicts an average bill rate over the next 4 3/4 years of -1.11%.
Click for Big
Shall we just say that this exhibits a high level of confidence in the continued rapacity of Canadian banks?
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.0706 % | 2,183.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 2.0706 % | 3,818.4 |
| Floater | 3.32 % | 3.48 % | 58,896 | 18.59 | 4 | 2.0706 % | 2,321.6 |
| OpRet | 4.43 % | -1.56 % | 39,795 | 0.13 | 2 | 0.0000 % | 2,762.1 |
| SplitShare | 4.58 % | 4.56 % | 62,990 | 3.42 | 3 | -0.1201 % | 3,222.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 2,525.6 |
| Perpetual-Premium | 5.32 % | 0.92 % | 64,904 | 0.08 | 25 | -0.1784 % | 2,520.1 |
| Perpetual-Discount | 5.14 % | 5.11 % | 145,629 | 14.92 | 9 | 0.1424 % | 2,774.6 |
| FixedReset | 4.60 % | 3.81 % | 262,388 | 16.38 | 85 | -0.9843 % | 2,322.9 |
| Deemed-Retractible | 4.89 % | 2.08 % | 106,682 | 0.12 | 36 | 0.0165 % | 2,657.8 |
| FloatingReset | 2.54 % | 2.97 % | 77,620 | 6.26 | 8 | 0.0321 % | 2,345.3 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.K | FixedReset | -4.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.01 Bid-YTW : 4.92 % |
| MFC.PR.N | FixedReset | -4.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.69 Bid-YTW : 4.71 % |
| MFC.PR.L | FixedReset | -3.78 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.65 Bid-YTW : 5.21 % |
| MFC.PR.M | FixedReset | -3.68 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.02 Bid-YTW : 4.60 % |
| FTS.PR.K | FixedReset | -3.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 3.68 % |
| FTS.PR.G | FixedReset | -3.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 3.68 % |
| BAM.PF.G | FixedReset | -2.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.56 Evaluated at bid price : 23.55 Bid-YTW : 4.04 % |
| BAM.PF.F | FixedReset | -2.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.53 Evaluated at bid price : 23.40 Bid-YTW : 4.06 % |
| BNS.PR.Z | FixedReset | -2.90 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 4.56 % |
| SLF.PR.G | FixedReset | -2.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.16 Bid-YTW : 7.36 % |
| TRP.PR.B | FixedReset | -2.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 13.61 Evaluated at bid price : 13.61 Bid-YTW : 3.81 % |
| TRP.PR.D | FixedReset | -2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.22 Evaluated at bid price : 22.80 Bid-YTW : 3.60 % |
| BAM.PF.E | FixedReset | -2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.01 Evaluated at bid price : 22.55 Bid-YTW : 3.97 % |
| ENB.PR.D | FixedReset | -2.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 4.62 % |
| ENB.PR.F | FixedReset | -2.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 18.66 Evaluated at bid price : 18.66 Bid-YTW : 4.63 % |
| BMO.PR.Q | FixedReset | -2.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 4.52 % |
| BAM.PR.Z | FixedReset | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.92 Evaluated at bid price : 23.80 Bid-YTW : 4.05 % |
| BAM.PF.A | FixedReset | -2.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.64 Evaluated at bid price : 23.45 Bid-YTW : 4.05 % |
| MFC.PR.J | FixedReset | -1.97 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.35 Bid-YTW : 3.96 % |
| ENB.PR.Y | FixedReset | -1.97 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 18.43 Evaluated at bid price : 18.43 Bid-YTW : 4.62 % |
| SLF.PR.H | FixedReset | -1.90 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.60 Bid-YTW : 5.49 % |
| RY.PR.H | FixedReset | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.95 Evaluated at bid price : 24.30 Bid-YTW : 3.24 % |
| BAM.PR.X | FixedReset | -1.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 16.59 Evaluated at bid price : 16.59 Bid-YTW : 4.26 % |
| TRP.PR.E | FixedReset | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.57 Evaluated at bid price : 23.50 Bid-YTW : 3.52 % |
| TD.PF.D | FixedReset | -1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 23.01 Evaluated at bid price : 24.62 Bid-YTW : 3.54 % |
| HSE.PR.C | FixedReset | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.75 Evaluated at bid price : 23.90 Bid-YTW : 4.19 % |
| FTS.PR.M | FixedReset | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.80 Evaluated at bid price : 24.00 Bid-YTW : 3.54 % |
| PWF.PR.T | FixedReset | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.99 Evaluated at bid price : 24.26 Bid-YTW : 3.36 % |
| BNS.PR.Y | FixedReset | -1.42 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 4.16 % |
| ENB.PR.H | FixedReset | -1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 17.01 Evaluated at bid price : 17.01 Bid-YTW : 4.62 % |
| ENB.PR.B | FixedReset | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 17.67 Evaluated at bid price : 17.67 Bid-YTW : 4.70 % |
| FTS.PR.J | Perpetual-Premium | -1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 23.95 Evaluated at bid price : 24.36 Bid-YTW : 4.92 % |
| TD.PF.C | FixedReset | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.75 Evaluated at bid price : 23.90 Bid-YTW : 3.26 % |
| PWF.PR.S | Perpetual-Premium | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 24.22 Evaluated at bid price : 24.63 Bid-YTW : 4.86 % |
| BMO.PR.T | FixedReset | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.96 Evaluated at bid price : 24.31 Bid-YTW : 3.22 % |
| IFC.PR.A | FixedReset | -1.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.52 Bid-YTW : 6.08 % |
| MFC.PR.G | FixedReset | -1.12 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.76 Bid-YTW : 3.99 % |
| CU.PR.D | Perpetual-Premium | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 24.55 Evaluated at bid price : 25.02 Bid-YTW : 4.94 % |
| TD.PF.A | FixedReset | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.85 Evaluated at bid price : 24.10 Bid-YTW : 3.24 % |
| TRP.PR.A | FixedReset | 1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 18.85 Evaluated at bid price : 18.85 Bid-YTW : 3.78 % |
| BAM.PR.C | Floater | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 3.50 % |
| IFC.PR.C | FixedReset | 1.07 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.56 Bid-YTW : 3.81 % |
| ENB.PR.T | FixedReset | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 4.50 % |
| TD.PF.B | FixedReset | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.85 Evaluated at bid price : 24.05 Bid-YTW : 3.24 % |
| BAM.PF.D | Perpetual-Discount | 1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.84 Evaluated at bid price : 23.14 Bid-YTW : 5.32 % |
| BAM.PR.K | Floater | 2.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 3.53 % |
| PWF.PR.A | Floater | 3.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 2.92 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.Q | FixedReset | 121,083 | Scotia crossed 30,000 at 24.82. TD crossed 40,000 at the same price. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 23.07 Evaluated at bid price : 24.80 Bid-YTW : 3.51 % |
| NA.PR.W | FixedReset | 104,100 | Nesbitt crossed 20,000 at 24.50. TD crossed 75,000 at the same price. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.95 Evaluated at bid price : 24.38 Bid-YTW : 3.18 % |
| CM.PR.O | FixedReset | 92,495 | Nesbitt crossed 50,000 at 24.25. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 22.94 Evaluated at bid price : 24.25 Bid-YTW : 3.27 % |
| RY.PR.J | FixedReset | 77,018 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 23.10 Evaluated at bid price : 24.85 Bid-YTW : 3.48 % |
| NA.PR.S | FixedReset | 76,755 | Nesbitt crossed 30,000 at 24.82; TD crossed 25,000 at the same price. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 23.17 Evaluated at bid price : 24.80 Bid-YTW : 3.25 % |
| TD.PF.D | FixedReset | 73,580 | RBC crossed 50,000 at 24.80. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2045-04-15 Maturity Price : 23.01 Evaluated at bid price : 24.62 Bid-YTW : 3.54 % |
| There were 64 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.M | FixedReset | Quote: 23.02 – 24.45 Spot Rate : 1.4300 Average : 0.9255 YTW SCENARIO |
| MFC.PR.L | FixedReset | Quote: 21.65 – 22.75 Spot Rate : 1.1000 Average : 0.7477 YTW SCENARIO |
| BAM.PF.G | FixedReset | Quote: 23.55 – 24.25 Spot Rate : 0.7000 Average : 0.3867 YTW SCENARIO |
| BAM.PF.F | FixedReset | Quote: 23.40 – 23.80 Spot Rate : 0.4000 Average : 0.2412 YTW SCENARIO |
| MFC.PR.K | FixedReset | Quote: 22.01 – 22.42 Spot Rate : 0.4100 Average : 0.2612 YTW SCENARIO |
| ENB.PR.F | FixedReset | Quote: 18.66 – 19.19 Spot Rate : 0.5300 Average : 0.3880 YTW SCENARIO |