I’m pleased to see that the fed’s are asking Bombardier questions before cutting the inevitable cheque:
Prime Minister Justin Trudeau will have a hard time saying no to Bombardier Inc.’s request for aid to complete the troubled C Series aircraft because of the company’s deep political and economic roots in Canada.
…
Here are six things former officials and analysts say Trudeau is looking at:1. Viability Does the C Series have a bright future?
…
2. Efficacy Why hasn’t past aid worked?
…
3. Impact Bombardier now has Canada’s top corporate research budget at C$2 billion, more than double that of struggling smartphone-maker BlackBerry Ltd., according to Research Infosource Inc.
…
4. Competition Aerospace is supported by state funding elsewhere. Officials briefing Trudeau said it “is often seen as a ‘pay to play’ industry,” and the C Series will compete with aircraft made by Airbus Group SE, Boeing and Embraer SA. Sergio Marchi, a former Liberal trade minister and Canadian ambassador to the World Trade Organization, cited a past dispute with Brazil’s support for Embraer as an example of the risks to Canada of not backing Bombardier. “We need to find creative ways to sustain our global players, because other governments did,” he said in an interview last week.5. Governance There are concerns with the way the company is run. Bombardier is controlled by its namesake family through shares with extra voting rights, and officials familiar with the government’s plans have said the company’s current governance structure is a barrier to federal aid.
…
6. PoliticsTrudeau is from Bombardier’s hometown and 40 of his 184 Liberal lawmakers are from Quebec, Canada’s second-most populous province. Spurning Bombardier means the prime minister would have to explain why one of Quebec’s biggest employers can’t have a fraction of the C$9.15 billion bailout offered to Ontario’s General Motors Co. and Chrysler factories in 2009.
The cheque will inevitably come. The last time a Canadian Prime Minister told the Gee-Whiz boys that the Federal Money Fountain was being turned off, the political liability lasted over fifty years.
Dudley was dovish on rates today and nonplussed at premature talk of negative US policy rates:
The U.S. economy has the momentum to help weather stormy global financial markets and policy makers have many other options before they would consider driving borrowing costs below zero if they need to protect growth, Federal Reserve Bank of New York President William Dudley said.
“I just find that an extraordinarily premature conversation to be having,” Dudley said at a press briefing Friday in New York. “There are a lot of things that we would do long before we would really think about moving to negative interest rates.”
Financial markets have been routed in recent weeks by concerns over the global economic outlook. Dudley said the Fed was “definitely aware of what’s going on internationally” and would take that into account when the policy-setting Federal Open Market Committee meets on March 15-16.
In a remark that will probably reinforce views among investors that the Fed will not hike interest rates next month, Dudley said that the outlook for how quickly inflation would rise has been dimmed by recent financial-market developments.
“Inflation is probably going to take a little bit longer to get back to our 2 percent objective, everything equal, than maybe what you thought a few months ago,” he said.
But it’s not stopping the NYT from musing over possible consequences:
So what are some of the weird things that could happen in a world in which negative rates become routine?
The policies in Europe and Japan are still relatively new and involve rates only slightly below zero. But if the policies become long-lasting, or negative rates go much lower, there are a lot of mind-bending ways it could affect routine transactions.
For example, would people start prepaying years’ worth of cable bills to avoid having money tied up in a money-losing bank account? How about property taxes? Would companies and governments put in place new policies prohibiting people from paying their bills too early?
Or consider this: Many commercial transactions now take place with some short-term credit attached — for example, a company that gets a 60-day grace period to pay bills from its suppliers. Would that flip, and suddenly suppliers would prohibit upfront payment and insist that their customers wait 60 days to pay?
Might new businesses sprout up that allow people to securely store thousands of dollars in bundles of $100 bills, or could people buy physical objects as stores of value that the banks can’t charge a negative interest rate on?
“Negative interest rates in Japan is blowing my mind,” said Jose Canseco, the provocative retired baseball player not normally known for his economic musings, on Twitter. And the truth is, he’s not the only one.
And it’s not stopping the bond market worrying!
As worries about European banks’ credit pushed global stocks into a bear market, demand for U.S. debt heated up, driving benchmark 10-year yields toward record lows.
During the Treasuries rally, investors discounted the risk of any surprise jump in interest rates or inflation by the most since January 2015, according to a gauge known as the term premium. The measure of how much extra return investors demand against unexpected developments over the life of the security approached the 45-year low set during last year’s global deflation scare, going by the Federal Reserve Bank of New York’s favored formula.
…
By the close of trading Friday, the market-implied chances of a rate cut by the end of 2016 had fallen to about one percent. Traders assign a 30 percent chance of a quarter-point increase by the end of 2016, down from a 93 percent probability seen at the end of last year.Signs of distress were also evident in the Treasuries yield curve. It has yet to flash the traditional recession signal — short-term yields climbing above long-term yields. But that difference has shriveled. The gap between three-month and 10-year yields, which the Cleveland Fed uses as a growth indicator, narrowed to the smallest since 2012. The spread between two- and 10-year yields shrank to the slimmest since 2007.
Click for Big
It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 15bp, FixedResets off 72bp and DeemedRetractibles up 36bp. The Performance Highlights table was produced on schedule. Volume was average.
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 16.55 to be $1.42 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.94 cheap at its bid price of 16.90.
Click for Big
Most expensive is MFC.PR.N, resetting at +230bp on 2020-3-19, bid at 16.50 to be 0.99 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 16.70 to be 1.05 cheap.
Click for Big
The cheapest issue relative to its peers is BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 12.32 to be $1.57 cheap. BAM.PF.H, resetting at +417M500bp on 2020-12-31 is bid at 25.04 and appears to be $1.00 rich.
Click for Big
FTS.PR.K, with a spread of +205bp, and bid at 14.35, looks $0.55 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 13.80 and is $0.35 cheap.
Click for Big
Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.53%, with one outlier above 0.50% and one below -1.50%. Note that the range of the y-axis has been changed. There are two junk outliers above 0.50% and three below -1.50%.
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 | 5.57 % | 6.77 % | 16,440 | 15.73 | 1 | 4.6512 % | 1,399.8 |
| FixedFloater | 8.02 % | 7.00 % | 25,643 | 15.18 | 1 | -1.2500 % | 2,479.9 |
| Floater | 5.36 % | 5.57 % | 71,806 | 14.51 | 4 | -0.5355 % | 1,431.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4077 % | 2,726.7 |
| SplitShare | 4.84 % | 5.82 % | 73,447 | 2.69 | 6 | 0.4077 % | 3,190.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4077 % | 2,489.6 |
| Perpetual-Premium | 5.89 % | 5.85 % | 82,283 | 13.85 | 6 | -0.2272 % | 2,507.5 |
| Perpetual-Discount | 5.82 % | 5.85 % | 97,920 | 14.08 | 33 | 0.1471 % | 2,487.2 |
| FixedReset | 5.82 % | 5.16 % | 212,416 | 14.23 | 83 | -0.7230 % | 1,745.5 |
| Deemed-Retractible | 5.34 % | 5.75 % | 125,241 | 5.19 | 34 | 0.3587 % | 2,526.8 |
| FloatingReset | 3.11 % | 4.84 % | 50,367 | 5.53 | 16 | -0.3591 % | 1,967.4 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| FTS.PR.H | FixedReset | -4.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 11.05 Evaluated at bid price : 11.05 Bid-YTW : 4.87 % |
| SLF.PR.G | FixedReset | -3.85 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 12.00 Bid-YTW : 11.79 % |
| BAM.PR.C | Floater | -3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 8.39 Evaluated at bid price : 8.39 Bid-YTW : 5.71 % |
| BAM.PR.B | Floater | -3.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 5.67 % |
| MFC.PR.F | FixedReset | -3.45 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 11.20 Bid-YTW : 12.69 % |
| CM.PR.Q | FixedReset | -3.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 17.53 Evaluated at bid price : 17.53 Bid-YTW : 4.94 % |
| MFC.PR.J | FixedReset | -3.27 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.27 Bid-YTW : 9.42 % |
| MFC.PR.I | FixedReset | -3.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.28 Bid-YTW : 8.86 % |
| RY.PR.J | FixedReset | -3.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 4.93 % |
| GWO.PR.N | FixedReset | -2.92 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 11.96 Bid-YTW : 11.69 % |
| NA.PR.W | FixedReset | -2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 15.11 Evaluated at bid price : 15.11 Bid-YTW : 5.12 % |
| IFC.PR.A | FixedReset | -2.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.00 Bid-YTW : 11.75 % |
| TRP.PR.F | FloatingReset | -2.67 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 5.46 % |
| BAM.PF.B | FixedReset | -2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 5.69 % |
| IAG.PR.G | FixedReset | -2.27 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.76 Bid-YTW : 9.19 % |
| MFC.PR.K | FixedReset | -2.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.15 Bid-YTW : 10.08 % |
| SLF.PR.J | FloatingReset | -2.22 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 11.00 Bid-YTW : 12.45 % |
| MFC.PR.L | FixedReset | -2.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.60 Bid-YTW : 9.81 % |
| NA.PR.S | FixedReset | -2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.39 Evaluated at bid price : 16.39 Bid-YTW : 4.89 % |
| CM.PR.P | FixedReset | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 15.86 Evaluated at bid price : 15.86 Bid-YTW : 4.83 % |
| HSE.PR.C | FixedReset | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 13.27 Evaluated at bid price : 13.27 Bid-YTW : 7.55 % |
| HSE.PR.G | FixedReset | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 7.35 % |
| CM.PR.O | FixedReset | -1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 4.75 % |
| RY.PR.M | FixedReset | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 17.14 Evaluated at bid price : 17.14 Bid-YTW : 4.85 % |
| RY.PR.H | FixedReset | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.61 Evaluated at bid price : 16.61 Bid-YTW : 4.60 % |
| TRP.PR.H | FloatingReset | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 8.60 Evaluated at bid price : 8.60 Bid-YTW : 5.06 % |
| BMO.PR.S | FixedReset | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 4.68 % |
| MFC.PR.H | FixedReset | -1.50 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.37 Bid-YTW : 8.23 % |
| PWF.PR.A | Floater | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 9.85 Evaluated at bid price : 9.85 Bid-YTW : 4.81 % |
| FTS.PR.G | FixedReset | -1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 5.24 % |
| TD.PF.E | FixedReset | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 18.73 Evaluated at bid price : 18.73 Bid-YTW : 4.74 % |
| HSE.PR.E | FixedReset | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 7.43 % |
| FTS.PR.K | FixedReset | -1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.01 % |
| TD.PF.A | FixedReset | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 4.65 % |
| BAM.PR.G | FixedFloater | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 25.00 Evaluated at bid price : 11.85 Bid-YTW : 7.00 % |
| RY.PR.Z | FixedReset | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.71 Evaluated at bid price : 16.71 Bid-YTW : 4.52 % |
| TRP.PR.G | FixedReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 5.47 % |
| FTS.PR.M | FixedReset | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 15.40 Evaluated at bid price : 15.40 Bid-YTW : 5.36 % |
| TD.PF.D | FixedReset | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 4.86 % |
| TD.PF.C | FixedReset | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.42 Evaluated at bid price : 16.42 Bid-YTW : 4.65 % |
| BMO.PR.Y | FixedReset | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 4.66 % |
| BNS.PR.D | FloatingReset | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.24 Bid-YTW : 8.07 % |
| CIU.PR.C | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 9.80 Evaluated at bid price : 9.80 Bid-YTW : 5.00 % |
| NA.PR.Q | FixedReset | 1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.55 Bid-YTW : 5.21 % |
| TRP.PR.D | FixedReset | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 15.66 Evaluated at bid price : 15.66 Bid-YTW : 5.08 % |
| SLF.PR.D | Deemed-Retractible | 1.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.99 Bid-YTW : 7.71 % |
| SLF.PR.H | FixedReset | 1.13 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.45 Bid-YTW : 11.29 % |
| BAM.PR.R | FixedReset | 1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 6.06 % |
| PVS.PR.B | SplitShare | 1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 24.40 Bid-YTW : 5.59 % |
| PWF.PR.S | Perpetual-Discount | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.80 % |
| GWO.PR.I | Deemed-Retractible | 1.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.39 Bid-YTW : 7.48 % |
| BAM.PR.Z | FixedReset | 2.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.32 Evaluated at bid price : 16.32 Bid-YTW : 5.75 % |
| BAM.PR.E | Ratchet | 4.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 25.00 Evaluated at bid price : 12.15 Bid-YTW : 6.77 % |
| BAM.PR.K | Floater | 7.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 8.60 Evaluated at bid price : 8.60 Bid-YTW : 5.57 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PR.X | FixedReset | 149,544 | Desjardins crossed blocks of 103,000 and 40,000, both at 11.30. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 11.35 Evaluated at bid price : 11.35 Bid-YTW : 5.77 % |
| BAM.PF.E | FixedReset | 118,920 | Desjardins crossed 109,000 at 16.00. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.46 % |
| PWF.PR.P | FixedReset | 81,969 | Desjardins crossed blocks of 22,600 and 50,000, both at 11.68. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 11.55 Evaluated at bid price : 11.55 Bid-YTW : 4.85 % |
| BNS.PR.Z | FixedReset | 58,615 | TD crossed 49,700 at 18.30. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.50 Bid-YTW : 7.57 % |
| RY.PR.Q | FixedReset | 46,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 23.26 Evaluated at bid price : 25.37 Bid-YTW : 5.12 % |
| NA.PR.X | FixedReset | 32,554 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-02-12 Maturity Price : 23.11 Evaluated at bid price : 24.90 Bid-YTW : 5.51 % |
| There were 33 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.E | FixedReset | Quote: 16.00 – 18.48 Spot Rate : 2.4800 Average : 1.5742 YTW SCENARIO |
| ELF.PR.F | Perpetual-Discount | Quote: 21.95 – 22.42 Spot Rate : 0.4700 Average : 0.3193 YTW SCENARIO |
| TD.PR.S | FixedReset | Quote: 23.31 – 23.80 Spot Rate : 0.4900 Average : 0.3540 YTW SCENARIO |
| BMO.PR.T | FixedReset | Quote: 16.41 – 16.93 Spot Rate : 0.5200 Average : 0.3849 YTW SCENARIO |
| ELF.PR.H | Perpetual-Discount | Quote: 22.61 – 23.03 Spot Rate : 0.4200 Average : 0.2890 YTW SCENARIO |
| BAM.PR.X | FixedReset | Quote: 11.35 – 11.78 Spot Rate : 0.4300 Average : 0.3003 YTW SCENARIO |