PrefBlog

Well, now that the horrors of March are done with, I’m sure we’re all very happy to start off a bright and shiny new … well, never mind:

Faced with grim new projections of the potential scale and economic ramifications of the coronavirus pandemic, investors dumped stocks on Wednesday. The S&P 500 fell more than 4 percent, bringing its decline over two days to 6 percent.

The drop, which followed a sell-off in Europe and Asia, came after President Trump said at a news conference on Tuesday that the United States would face a “very, very painful two weeks.” U.S. government scientists projected that the outbreak could kill up to 240,000 people in the country. On Wednesday, the United Nations warned of “enhanced instability, enhanced unrest and enhanced conflict.”
…
Airlines were the worst performing sector in the S&P 500 as government data showed a staggering drop in passenger traffic through airports. United Airlines fell 19 percent, and American Airlines dropped 12 percent.

Cruise operator Carnival was the worst performing stock in the S&P 500, with a decline of 33 percent, while rival Royal Caribbean fell 20 percent.

And in Canada:

The S&P/TSX Composite Index fell about 22 per cent in the first quarter, its biggest decline since 2008, but had showed some signs of steadying in recent days.

On Wednesday, the index closed down 3.8 per cent at 12,876.37, in a broad-based selloff that left only the gold sector with gains, as investors fled to the perceived safety of assets such as bullion, bonds and the U.S. dollar. Canadian banks were down about 5 per cent, with shares of security software company BlackBerry Ltd falling nearly 18 per cent after dismal quarterly results.
…
Automakers also reported sharp drops in U.S. sales for March, including a 43% plunge for Hyundai. Mortgage applications tumbled 24% from year-ago levels as open houses are all but shut down.
…
On this side of the border, the IHS Markit Canada Manufacturing Purchasing Managers’ index (PMI) fell to a seasonally adjusted 46.1 in March, the lowest in at least nine years. It indicated a contraction in factory activity.

The rugged free-marketers of Texas, well-known for their aversion to anything that smacks of socialism are clamouring for production quotas:

The U.S. shale industry is more worried about its future than ever. The unprecedented demand from the Texan companies to curtail production says as much. They have good reason to be fearful, because this downturn is not like the last one. Of course, prices will reverse course once economies reopen, but anyone betting on a quick leap to US$65 oil – the price before the COVID-19 crisis started – might be in for a rude shock.

There are very interesting real-estate negotiations going on:

Commercial property landlords are balking at requests for rent relief from big companies, saying they need to focus on helping vulnerable smaller tenants such as independent restaurants, clothing stores and barbershops that may not survive the huge losses from the coronavirus pandemic.
…
But many commercial landlords object strongly to those sort of requests from large tenants. “When a company that is well capitalized that has a legal obligation to pay rent, doesn’t pay rent, I think it is bad behaviour,” said Michael Cooper, chief executive with Dream Office REIT, which owns 32 office properties, mostly in Toronto.

“They hurt landlords’ ability to be able to help people that need it the most. If companies have the money, they have the legal obligation,” Mr. Cooper said. “If they don’t pay the rent, they are taking advantage of people in a very dire situation and that really is unseemly.”

Canadian Tire and other big names are able to flex their muscle because they are considered top tenants that can withstand economic downturns. Their tenancy often makes it easier for property owners to get lower mortgage rates and they can make a shopping centre more desirable because they draw more traffic to the property.

In return, landlords often ask for less rent and give into their demands, which they do not do with smaller businesses.

Speaking of Canadian Tire, they got downgraded by S&P yesterday:

• S&P Global Ratings’ economists believe that due to the COVID-19 pandemic, a global and Canadian recession in 2020 is likely and, therefore, we expect consumer discretionary spending to slow.
• As a result, at Toronto-based general merchandiser Canadian Tire Corp Ltd. (CTC), the COVID-19 pandemic is directly responsible for current store closures (except Canadian Tire Retail where store hours are curtailed) and government-mandated social distancing, which we believe will negatively affect revenue and EBITDA.
• Therefore, S&P Global Ratings lowered its long-term issuer and issue-level ratings on CTC to ‘BBB’ from ‘BBB+’. At the same time, it affirmed the ‘A-2’ commercial paper rating on the company.
• We also lowered our issuer credit rating on CT Real Estate Investment Trust (REIT) to ‘BBB’ from ‘BBB+’.
• Finally, we forecast the company’s leverage to deteriorate close to 3.5x for the next 18-24 months, and have revised our financial risk profile on CTC to significant from intermediate.
• The negative outlook reflects our expectation that, despite management’s steps to reduce costs and protect its balance sheet, there is increased risk that the company’s debt-to-EBITDA deteriorates above 3.5x, which we consider weak for our ratings, over the next 18-24 months.

But everybody with a business should be going after that government lolly:

Canada’s banks are preparing to start offering government-backed loans to small businesses as soon as next week amid a flood of requests for relief from business owners.

Banks have been rushing to roll out a program by which the federal government will guarantee loans of up to $40,000 interest-free until the end of 2022.
…
The federal government has promised $25-billion to guarantee the loans, removing the risk for banks. One quarter of each loan, up to $10,000, will be forgiven if businesses repay their balance before Dec. 31, 2022. If the loans aren’t repaid by that date, they can be converted into three-year term loans charging 5-per-cent interest, according to a CIBC statement.

TXPR closed at 458.15, down 2.25% on the day. Volume today was 2.25-million, lowest of the past thirty days, just a little lower than March 5.

CPD closed at 9.01, down 3.84% on the day. Volume was 89,774, lowest of the past 30 trading days and significantly lower than the previous low of March 5.

ZPR closed at 7.05, down 3.29% on the day. Volume of 203,971 was lowest of the past 30 trading days much lower than second place March 5.

Five-year Canada yields were down 5bp at 0.54% today.

PerpetualDiscounts now yield 6.92%, equivalent to 9.00% interest (!) at the standard equivalency factor of 1.3x. Long corporates continue to yield 3.87%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened to 515bp from the 500bp reported March 25. But we’re still way over the old record set on November 26, 2008 when trouble with the BCE buyout caused a short-lived spike in PerpetualDiscount bid yields, moving the Seniority Spread to 445bp.

Assiduous Reader Carrie will be pleased to note that the “Premium” indices are no longer populated!

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	-2.1838 %	1,345.6
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.1838 %	2,469.2
Floater	5.71 %	5.74 %	48,484	14.28	4	-2.1838 %	1,423.0
OpRet	0.00 %	0.00 %	0	0.00	0	-1.1062 %	3,107.1
SplitShare	5.34 %	7.59 %	78,399	3.95	7	-1.1062 %	3,710.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-1.1062 %	2,895.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-1.9547 %	2,517.9
Perpetual-Discount	6.62 %	6.92 %	92,899	12.66	35	-1.9547 %	2,700.8
FixedReset Disc	7.36 %	6.48 %	205,220	12.93	83	-2.8776 %	1,531.2
Deemed-Retractible	6.33 %	7.03 %	102,372	12.54	27	-2.9053 %	2,672.5
FloatingReset	3.27 %	1.41 %	34,017	1.81	4	-3.0059 %	1,636.4
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	-2.8776 %	2,117.6
FixedReset Bank Non	2.01 %	5.33 %	125,487	1.77	3	0.2972 %	2,646.7
FixedReset Ins Non	7.78 %	6.72 %	115,509	12.45	22	-2.6217 %	1,514.5

Performance Highlights
Issue	Index	Change	Notes
BAM.PR.T	FixedReset Disc	-21.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.02 Evaluated at bid price : 9.02 Bid-YTW : 8.31 %
TRP.PR.B	FixedReset Disc	-11.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.00 Evaluated at bid price : 7.00 Bid-YTW : 6.66 %
CU.PR.C	FixedReset Disc	-11.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.09 %
TRP.PR.F	FloatingReset	-9.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 8.76 Evaluated at bid price : 8.76 Bid-YTW : 6.11 %
TRP.PR.A	FixedReset Disc	-8.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 10.25 Evaluated at bid price : 10.25 Bid-YTW : 6.87 %
TRP.PR.D	FixedReset Disc	-7.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.09 Evaluated at bid price : 11.09 Bid-YTW : 7.24 %
BAM.PR.R	FixedReset Disc	-6.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 10.58 Evaluated at bid price : 10.58 Bid-YTW : 6.87 %
BAM.PF.A	FixedReset Disc	-6.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.09 Evaluated at bid price : 14.09 Bid-YTW : 6.86 %
RY.PR.H	FixedReset Disc	-6.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 6.09 %
BIP.PR.A	FixedReset Disc	-6.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 8.59 %
BMO.PR.Y	FixedReset Disc	-6.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.63 %
BAM.PR.X	FixedReset Disc	-5.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.25 Evaluated at bid price : 9.25 Bid-YTW : 6.60 %
SLF.PR.I	FixedReset Ins Non	-5.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.64 %
NA.PR.A	FixedReset Disc	-5.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.73 Evaluated at bid price : 19.73 Bid-YTW : 6.77 %
GWO.PR.Q	Deemed-Retractible	-5.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.32 Evaluated at bid price : 18.32 Bid-YTW : 7.09 %
NA.PR.C	FixedReset Disc	-5.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 7.15 %
MFC.PR.F	FixedReset Ins Non	-5.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.94 Evaluated at bid price : 7.94 Bid-YTW : 6.34 %
SLF.PR.E	Deemed-Retractible	-5.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.54 Evaluated at bid price : 16.54 Bid-YTW : 6.86 %
CM.PR.Y	FixedReset Disc	-5.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 6.68 %
GWO.PR.T	Deemed-Retractible	-5.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 7.10 %
TRP.PR.C	FixedReset Disc	-5.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 8.06 Evaluated at bid price : 8.06 Bid-YTW : 6.58 %
IFC.PR.A	FixedReset Ins Non	-5.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.40 Evaluated at bid price : 9.40 Bid-YTW : 6.67 %
GWO.PR.I	Deemed-Retractible	-5.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.09 %
GWO.PR.G	Deemed-Retractible	-4.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 7.07 %
IFC.PR.I	Perpetual-Discount	-4.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.87 %
HSE.PR.C	FixedReset Disc	-4.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.24 Evaluated at bid price : 9.24 Bid-YTW : 11.25 %
IFC.PR.C	FixedReset Ins Non	-4.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.15 Evaluated at bid price : 12.15 Bid-YTW : 6.72 %
GWO.PR.N	FixedReset Ins Non	-4.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 8.51 Evaluated at bid price : 8.51 Bid-YTW : 5.56 %
RY.PR.Z	FixedReset Disc	-4.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.78 Evaluated at bid price : 12.78 Bid-YTW : 5.98 %
TD.PF.B	FixedReset Disc	-4.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 6.16 %
MFC.PR.K	FixedReset Ins Non	-4.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.87 Evaluated at bid price : 11.87 Bid-YTW : 6.72 %
GWO.PR.P	Deemed-Retractible	-4.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.09 %
MFC.PR.G	FixedReset Ins Non	-4.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 7.11 %
BMO.PR.S	FixedReset Disc	-4.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 6.50 %
MFC.PR.B	Deemed-Retractible	-4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.62 %
TRP.PR.H	FloatingReset	-4.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.60 Evaluated at bid price : 7.60 Bid-YTW : 4.91 %
GWO.PR.F	Deemed-Retractible	-4.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 6.95 %
GWO.PR.H	Deemed-Retractible	-4.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.84 Evaluated at bid price : 17.84 Bid-YTW : 6.85 %
GWO.PR.S	Deemed-Retractible	-3.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 7.10 %
BMO.PR.W	FixedReset Disc	-3.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.26 Evaluated at bid price : 12.26 Bid-YTW : 6.42 %
TD.PF.K	FixedReset Disc	-3.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 6.20 %
TD.PF.C	FixedReset Disc	-3.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 6.28 %
BIP.PR.F	FixedReset Disc	-3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.75 Evaluated at bid price : 16.75 Bid-YTW : 7.68 %
CU.PR.E	Perpetual-Discount	-3.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 6.50 %
BAM.PR.K	Floater	-3.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.26 Evaluated at bid price : 7.26 Bid-YTW : 5.93 %
PVS.PR.H	SplitShare	-3.66 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.11 Bid-YTW : 6.93 %
TD.PF.A	FixedReset Disc	-3.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.70 Evaluated at bid price : 12.70 Bid-YTW : 6.13 %
BAM.PR.Z	FixedReset Disc	-3.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.88 Evaluated at bid price : 13.88 Bid-YTW : 6.79 %
SLF.PR.D	Deemed-Retractible	-3.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.87 Evaluated at bid price : 16.87 Bid-YTW : 6.65 %
BAM.PF.F	FixedReset Disc	-3.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.73 %
SLF.PR.G	FixedReset Ins Non	-3.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 8.13 Evaluated at bid price : 8.13 Bid-YTW : 6.14 %
BMO.PR.T	FixedReset Disc	-3.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.07 Evaluated at bid price : 12.07 Bid-YTW : 6.39 %
BIP.PR.B	FixedReset Disc	-3.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.90 %
RY.PR.M	FixedReset Disc	-3.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.52 Evaluated at bid price : 13.52 Bid-YTW : 6.01 %
GWO.PR.M	Deemed-Retractible	-3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.64 Evaluated at bid price : 20.64 Bid-YTW : 7.09 %
MFC.PR.R	FixedReset Ins Non	-3.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.05 %
POW.PR.B	Perpetual-Discount	-3.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.01 %
BIP.PR.D	FixedReset Disc	-3.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 7.08 %
NA.PR.X	FixedReset Disc	-3.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.61 %
GWO.PR.R	Deemed-Retractible	-3.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.82 %
TD.PF.I	FixedReset Disc	-3.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.76 Evaluated at bid price : 14.76 Bid-YTW : 6.47 %
RY.PR.S	FixedReset Disc	-3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.60 %
BIP.PR.E	FixedReset Disc	-3.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 7.49 %
TD.PF.E	FixedReset Disc	-3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.49 %
W.PR.M	FixedReset Disc	-3.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.52 %
NA.PR.G	FixedReset Disc	-3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 6.76 %
TD.PF.F	Perpetual-Discount	-3.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.06 %
PVS.PR.G	SplitShare	-3.04 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.30 Bid-YTW : 7.29 %
POW.PR.D	Perpetual-Discount	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 6.79 %
BMO.PR.C	FixedReset Disc	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 15.32 Evaluated at bid price : 15.32 Bid-YTW : 6.61 %
IFC.PR.F	Deemed-Retractible	-3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.44 %
TRP.PR.K	FixedReset Disc	-2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.38 %
MFC.PR.N	FixedReset Ins Non	-2.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.77 Evaluated at bid price : 11.77 Bid-YTW : 6.16 %
TRP.PR.G	FixedReset Disc	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.87 %
BMO.PR.E	FixedReset Disc	-2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.82 Evaluated at bid price : 14.82 Bid-YTW : 6.20 %
MFC.PR.Q	FixedReset Ins Non	-2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.57 %
TRP.PR.J	FixedReset Disc	-2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 6.48 %
BNS.PR.I	FixedReset Disc	-2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 15.26 Evaluated at bid price : 15.26 Bid-YTW : 5.74 %
BAM.PF.B	FixedReset Disc	-2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 6.67 %
CM.PR.R	FixedReset Disc	-2.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.32 Evaluated at bid price : 14.32 Bid-YTW : 7.04 %
TD.PF.M	FixedReset Disc	-2.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.32 %
SLF.PR.B	Deemed-Retractible	-2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 6.56 %
MFC.PR.C	Deemed-Retractible	-2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.81 Evaluated at bid price : 16.81 Bid-YTW : 6.77 %
BIK.PR.A	FixedReset Disc	-2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.31 Evaluated at bid price : 21.60 Bid-YTW : 6.81 %
CU.PR.F	Perpetual-Discount	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.92 Evaluated at bid price : 17.92 Bid-YTW : 6.37 %
IFC.PR.E	Deemed-Retractible	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.55 %
BMO.PR.D	FixedReset Disc	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 6.48 %
RY.PR.N	Perpetual-Discount	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.99 %
PWF.PR.S	Perpetual-Discount	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.01 %
PWF.PR.K	Perpetual-Discount	-2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.92 Evaluated at bid price : 17.92 Bid-YTW : 7.06 %
PWF.PR.E	Perpetual-Discount	-2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 7.03 %
TD.PF.J	FixedReset Disc	-2.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 6.17 %
SLF.PR.A	Deemed-Retractible	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.65 %
IAF.PR.I	FixedReset Ins Non	-2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.04 Evaluated at bid price : 13.04 Bid-YTW : 6.99 %
CU.PR.D	Perpetual-Discount	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.47 %
MFC.PR.M	FixedReset Ins Non	-2.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 6.55 %
CM.PR.S	FixedReset Disc	-2.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.86 Evaluated at bid price : 12.86 Bid-YTW : 6.43 %
PWF.PR.G	Perpetual-Discount	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 7.03 %
NA.PR.W	FixedReset Disc	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 6.48 %
PWF.PR.A	Floater	-2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.75 Evaluated at bid price : 7.75 Bid-YTW : 5.61 %
BAM.PR.N	Perpetual-Discount	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.26 Evaluated at bid price : 17.26 Bid-YTW : 6.94 %
SLF.PR.J	FloatingReset	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 8.05 Evaluated at bid price : 8.05 Bid-YTW : 5.04 %
GWO.PR.L	Deemed-Retractible	-2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 7.03 %
CM.PR.O	FixedReset Disc	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.82 Evaluated at bid price : 11.82 Bid-YTW : 6.62 %
POW.PR.A	Perpetual-Discount	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 7.04 %
PWF.PR.P	FixedReset Disc	-2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.21 Evaluated at bid price : 9.21 Bid-YTW : 6.03 %
TD.PF.L	FixedReset Disc	-2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 6.33 %
POW.PR.G	Perpetual-Discount	-2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 7.11 %
MFC.PR.J	FixedReset Ins Non	-2.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.77 %
IFC.PR.G	FixedReset Ins Non	-2.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.26 Evaluated at bid price : 13.26 Bid-YTW : 6.64 %
CM.PR.P	FixedReset Disc	-2.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.13 Evaluated at bid price : 12.13 Bid-YTW : 6.51 %
RY.PR.F	Deemed-Retractible	-2.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.37 Bid-YTW : 8.69 %
BAM.PF.C	Perpetual-Discount	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.64 Evaluated at bid price : 17.64 Bid-YTW : 6.93 %
PWF.PR.I	Perpetual-Discount	-1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 6.91 %
PWF.PR.F	Perpetual-Discount	-1.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.92 Evaluated at bid price : 18.92 Bid-YTW : 7.09 %
CM.PR.Q	FixedReset Disc	-1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 7.00 %
BMO.PR.F	FixedReset Disc	-1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 6.30 %
PWF.PR.H	Perpetual-Discount	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.08 %
BNS.PR.E	FixedReset Disc	-1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.18 %
MFC.PR.I	FixedReset Ins Non	-1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.83 %
PWF.PR.Z	Perpetual-Discount	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 7.04 %
PWF.PR.T	FixedReset Disc	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 6.79 %
MFC.PR.H	FixedReset Ins Non	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.45 Evaluated at bid price : 13.45 Bid-YTW : 7.11 %
RY.PR.P	Perpetual-Discount	-1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 22.04 Evaluated at bid price : 22.41 Bid-YTW : 5.92 %
PWF.PR.O	Perpetual-Discount	-1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 7.09 %
MFC.PR.L	FixedReset Ins Non	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.59 Evaluated at bid price : 11.59 Bid-YTW : 6.57 %
CU.PR.G	Perpetual-Discount	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.43 %
W.PR.K	FixedReset Disc	-1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.58 %
POW.PR.C	Perpetual-Discount	-1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.03 %
BAM.PR.M	Perpetual-Discount	-1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 17.31 Evaluated at bid price : 17.31 Bid-YTW : 6.92 %
PWF.PR.R	Perpetual-Discount	-1.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 7.06 %
EIT.PR.A	SplitShare	-1.48 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.66 Bid-YTW : 7.70 %
NA.PR.E	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.50 %
BAM.PR.C	Floater	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 5.74 %
CU.PR.H	Perpetual-Discount	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.32 Evaluated at bid price : 20.32 Bid-YTW : 6.55 %
PWF.PR.L	Perpetual-Discount	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.70 Evaluated at bid price : 18.70 Bid-YTW : 6.97 %
RY.PR.J	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 14.21 Evaluated at bid price : 14.21 Bid-YTW : 5.91 %
BAM.PF.D	Perpetual-Discount	-1.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 18.04 Evaluated at bid price : 18.04 Bid-YTW : 6.85 %
SLF.PR.C	Deemed-Retractible	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 6.66 %
SLF.PR.H	FixedReset Ins Non	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 6.30 %
NA.PR.S	FixedReset Disc	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 6.77 %
RY.PR.R	FixedReset Disc	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 22.66 Evaluated at bid price : 23.10 Bid-YTW : 5.89 %
CM.PR.T	FixedReset Disc	-1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 6.35 %
RY.PR.E	Deemed-Retractible	-1.18 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.44 Bid-YTW : 8.57 %
TD.PF.G	FixedReset Disc	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.23 %
BAM.PF.G	FixedReset Disc	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 6.61 %
PVS.PR.F	SplitShare	-1.10 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 7.59 %
BAM.PR.B	Floater	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 5.74 %
RY.PR.A	Deemed-Retractible	-1.01 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.55 Bid-YTW : 8.24 %
BMO.PR.Q	FixedReset Bank Non	1.00 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.22 Bid-YTW : 8.59 %
EIT.PR.B	SplitShare	1.11 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.75 Bid-YTW : 7.08 %
RY.PR.W	Perpetual-Discount	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.85 %
PVS.PR.E	SplitShare	1.34 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.51 Bid-YTW : 8.33 %
BAM.PF.J	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.07 %
HSE.PR.G	FixedReset Disc	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.19 Evaluated at bid price : 9.19 Bid-YTW : 11.28 %
TD.PF.D	FixedReset Disc	3.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 6.66 %
TRP.PR.E	FixedReset Disc	8.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 7.02 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.F	FixedReset Ins Non	100,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 7.94 Evaluated at bid price : 7.94 Bid-YTW : 6.34 %
GWO.PR.N	FixedReset Ins Non	100,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 8.51 Evaluated at bid price : 8.51 Bid-YTW : 5.56 %
PWF.PR.P	FixedReset Disc	51,616	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.21 Evaluated at bid price : 9.21 Bid-YTW : 6.03 %
MFC.PR.I	FixedReset Ins Non	34,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.83 %
IAF.PR.G	FixedReset Ins Non	32,610	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 6.84 %
MFC.PR.R	FixedReset Ins Non	32,319	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.05 %
There were 26 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.R	FixedReset Ins Non	Quote: 16.00 – 18.86 Spot Rate : 2.8600 Average : 2.1532 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 7.05 %
BAM.PR.T	FixedReset Disc	Quote: 9.02 – 11.08 Spot Rate : 2.0600 Average : 1.4770 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 9.02 Evaluated at bid price : 9.02 Bid-YTW : 8.31 %
MFC.PR.O	FixedReset Ins Non	Quote: 20.60 – 22.00 Spot Rate : 1.4000 Average : 0.8556 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.80 %
CU.PR.C	FixedReset Disc	Quote: 12.60 – 13.95 Spot Rate : 1.3500 Average : 0.9497 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.09 %
CM.PR.Q	FixedReset Disc	Quote: 12.05 – 13.44 Spot Rate : 1.3900 Average : 1.0567 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 7.00 %
RY.PR.H	FixedReset Disc	Quote: 12.71 – 13.70 Spot Rate : 0.9900 Average : 0.6929 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-01 Maturity Price : 12.71 Evaluated at bid price : 12.71 Bid-YTW : 6.09 %

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