PrefBlog

Wow, no illustrations today! I can remember the halcyon days of my youth when that was normal!

The US jobs number recorded a big whoopsy today:

The longest stretch of job creation in American history came to a halt last month, the Labor Department reported Friday, another reflection of the coronavirus pandemic that has brought the economy to a virtual standstill.

Compared with the astounding numbers of people recently applying for unemployment benefits — nearly 10 million in the previous two weeks — the figure announced Friday was less striking: a loss of 701,000 jobs. But the data was mostly collected in the first half of the month, before stay-at-home orders began to cover much of the nation. With that, what had been a drip-drip-drip of job losses turned into a deluge.
…
The decline in employment last month represents the biggest monthly drop since the depths of the Great Recession in 2008-9. It was paced by a net loss of 459,000 jobs in the leisure and hospitality sector.

The Saudis are attempting to expand the oil cartel:

Saudi Arabia is calling on Canada and other countries to participate in oil-output cuts to help halt the slide in global crude prices that is taking a heavy toll on energy-producing economies already struggling with the COVID-19 crisis.

The official Saudi Press Agency reported that the kingdom urged members of the Organization of Petroleum Exporting Countries, Russia and other countries to seek an agreement to “restore equilibrium” in the oil market. Crude prices shot up 25 per cent on Thursday in response to that and to a comment from U.S. President Donald Trump that Saudi Arabia and Russia could be near a deal to end a price war that has flooded markets around the world.

A source within OPEC+, which comprises the cartel’s membership plus Russia, Mexico and other allied producers, said non-affiliated countries such as Canada and Brazil would need to join in any co-ordinated output cuts.

In the Credit Crunch, there were reports of mortgage servicers being reluctant to give anyone any kind of break on their mortgage, because they were at the end of a long ownership chain, contractually obliged to be tough on deadbeats unless they received instructions from somebody who needed to get instructions … it appears that the US has learned something from that:

The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the agencies’ flexible supervisory and enforcement approach during the COVID-19 pandemic regarding certain communications to consumers required by the mortgage servicing rules. The policy statement and guidance issued today will facilitate mortgage servicers’ ability to place consumers in short-term payment forbearance programs such as the one established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Under the CARES Act, borrowers in a federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID-19 pandemic, may request forbearance by making a request to their mortgage servicer and affirming that they are experiencing a financial hardship during the COVID–19 pandemic. In response, servicers must provide a CARES Act forbearance, that allows borrowers to defer their mortgage payments for up to 180-days and possibly longer.

The policy statement clarifies that the agencies do not intend to take supervisory or enforcement action against mortgage servicers for delays in sending certain early intervention and loss mitigation notices and taking certain actions relating to loss mitigation set out in the mortgage servicing rules, provided that servicers are making good faith efforts to provide these notices and take these actions within a reasonable time.

Cirque de Soliel has been declared in default by S&P:

• We believe Montreal-based theatrical and live entertainment company Cirque Du Soleil Group did not make principal and interest payments due March 31 on its first-lien credit facility, and did not make the interest payment due March 31 on its second-lien credit facility, which constitutes a default under our criteria.
• S&P Global Ratings is therefore lowering the issuer credit rating on the company to ‘D’ from ‘CCC-‘.
• At the same time, we are lowering the issue-level rating on the first-lien debt to ‘D’ from ‘CCC’ to reflect the payment default. We are also lowering the rating on the second-lien debt to ‘D’ from ‘C’ to reflect the payment default.

But the show must go on:

Revenue at Cirque has plummeted to zero as all its 44 shows crashed to a sudden halt. Some 4,700 employees have been laid off. Cash is tight and about US$1-billion of debt sits on the balance sheet.

Still, Cirque’s existence is not in jeopardy, he says. He sees the firm as a global icon with nearly-unmatched ability to draw paying customers, a cultural cornerstone in Quebec that the province’s institutional power brokers will not abandon. Besides, he says, it’s profitable in normal times even if it faces a massive liquidity crunch now.

“We are one of the most amazing brands in the world,” Mr. Lamarre says. “No investor with a straight mind will let it go.”

Negotiations are now under way between shareholders, notably Texas-based private equity firm TPG Capital and pension fund giant Caisse de dépôt et placement du Québec, on a financial restructuring that will satisfy creditors and find a way out. The Quebec government is involved through its investment arm. A bankruptcy protection filing remains a possibility, Mr. Lamarre says. But the firm is also hoping it can soon reopen shows in carefully chosen markets as the pandemic wanes and get revenue flowing again.

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	-0.9220 %	1,349.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.9220 %	2,475.7
Floater	5.70 %	5.68 %	44,452	14.41	4	-0.9220 %	1,426.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.9630 %	3,092.2
SplitShare	5.37 %	7.79 %	84,264	3.94	7	-0.9630 %	3,692.8
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.9630 %	2,881.3
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.7409 %	2,566.5
Perpetual-Discount	6.49 %	6.79 %	93,838	12.81	35	0.7409 %	2,752.9
FixedReset Disc	7.24 %	6.29 %	200,939	13.10	83	0.2835 %	1,559.4
Deemed-Retractible	6.26 %	6.84 %	101,438	12.62	27	0.2011 %	2,699.1
FloatingReset	3.24 %	1.00 %	32,339	0.14	4	-0.1004 %	1,648.7
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	0.2835 %	2,156.7
FixedReset Bank Non	2.00 %	5.35 %	118,731	1.77	3	-0.4062 %	2,655.7
FixedReset Ins Non	7.70 %	6.61 %	113,491	12.57	22	-0.5169 %	1,529.8

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.G	FixedReset Disc	-9.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 7.36 %
RY.PR.M	FixedReset Disc	-7.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.80 %
PWF.PR.P	FixedReset Disc	-7.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 8.31 Evaluated at bid price : 8.31 Bid-YTW : 6.70 %
W.PR.M	FixedReset Disc	-7.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 7.04 %
SLF.PR.I	FixedReset Ins Non	-5.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.56 Evaluated at bid price : 12.56 Bid-YTW : 6.74 %
HSE.PR.A	FixedReset Disc	-4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 5.45 Evaluated at bid price : 5.45 Bid-YTW : 10.74 %
GWO.PR.N	FixedReset Ins Non	-3.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 8.20 Evaluated at bid price : 8.20 Bid-YTW : 5.78 %
NA.PR.C	FixedReset Disc	-3.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 14.56 Evaluated at bid price : 14.56 Bid-YTW : 6.99 %
BAM.PR.K	Floater	-3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 7.25 Evaluated at bid price : 7.25 Bid-YTW : 5.96 %
SLF.PR.H	FixedReset Ins Non	-2.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 10.77 Evaluated at bid price : 10.77 Bid-YTW : 6.44 %
MFC.PR.G	FixedReset Ins Non	-2.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.89 Evaluated at bid price : 12.89 Bid-YTW : 6.90 %
BAM.PF.E	FixedReset Disc	-2.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 11.85 Evaluated at bid price : 11.85 Bid-YTW : 6.96 %
MFC.PR.R	FixedReset Ins Non	-2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 7.01 %
BAM.PF.B	FixedReset Disc	-2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.93 Evaluated at bid price : 12.93 Bid-YTW : 6.86 %
BAM.PR.R	FixedReset Disc	-2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 6.92 %
EIT.PR.B	SplitShare	-2.20 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 7.61 %
TD.PF.D	FixedReset Disc	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 6.23 %
W.PR.K	FixedReset Disc	-2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.84 %
PVS.PR.F	SplitShare	-1.74 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 22.02 Bid-YTW : 8.16 %
EIT.PR.A	SplitShare	-1.74 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2024-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 7.79 %
BMO.PR.Y	FixedReset Disc	-1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.81 Evaluated at bid price : 12.81 Bid-YTW : 6.53 %
BMO.PR.F	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.31 %
MFC.PR.B	Deemed-Retractible	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.66 Evaluated at bid price : 17.66 Bid-YTW : 6.66 %
MFC.PR.M	FixedReset Ins Non	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.22 Evaluated at bid price : 12.22 Bid-YTW : 6.59 %
GWO.PR.H	Deemed-Retractible	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.80 %
TRP.PR.A	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 10.80 Evaluated at bid price : 10.80 Bid-YTW : 6.49 %
CU.PR.F	Perpetual-Discount	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.25 %
TD.PF.E	FixedReset Disc	-1.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 14.02 Evaluated at bid price : 14.02 Bid-YTW : 6.29 %
BMO.PR.D	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 6.42 %
IAF.PR.G	FixedReset Ins Non	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.95 %
MFC.PR.C	Deemed-Retractible	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 16.58 Evaluated at bid price : 16.58 Bid-YTW : 6.86 %
PVS.PR.E	SplitShare	-1.06 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.25 Bid-YTW : 8.83 %
CCS.PR.C	Deemed-Retractible	-1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.71 %
BIP.PR.B	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.96 %
SLF.PR.A	Deemed-Retractible	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 6.56 %
PWF.PR.S	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 6.79 %
CIU.PR.A	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.48 %
IFC.PR.G	FixedReset Ins Non	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.64 %
PWF.PR.G	Perpetual-Discount	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 6.87 %
GWO.PR.F	Deemed-Retractible	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 6.83 %
BIP.PR.C	FixedReset Disc	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 7.10 %
BIP.PR.E	FixedReset Disc	1.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.42 %
HSE.PR.E	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 10.15 Evaluated at bid price : 10.15 Bid-YTW : 10.83 %
TD.PF.I	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 6.30 %
BAM.PR.N	Perpetual-Discount	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.58 Evaluated at bid price : 17.58 Bid-YTW : 6.82 %
BAM.PF.C	Perpetual-Discount	1.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.02 Evaluated at bid price : 18.02 Bid-YTW : 6.79 %
BMO.PR.W	FixedReset Disc	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.03 %
BMO.PR.C	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.32 %
BAM.PF.J	FixedReset Disc	1.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.06 %
PWF.PR.F	Perpetual-Discount	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.83 %
CM.PR.S	FixedReset Disc	1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.11 %
BAM.PR.M	Perpetual-Discount	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 6.80 %
BAM.PF.F	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.18 Evaluated at bid price : 13.18 Bid-YTW : 6.90 %
IAF.PR.B	Deemed-Retractible	1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.53 %
TD.PF.F	Perpetual-Discount	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.92 %
NA.PR.S	FixedReset Disc	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 6.46 %
TD.PF.L	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 6.16 %
BNS.PR.G	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.74 Evaluated at bid price : 22.20 Bid-YTW : 6.08 %
BNS.PR.I	FixedReset Disc	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 15.76 Evaluated at bid price : 15.76 Bid-YTW : 5.55 %
RY.PR.W	Perpetual-Discount	1.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.40 Evaluated at bid price : 21.40 Bid-YTW : 5.81 %
PWF.PR.K	Perpetual-Discount	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.80 %
MFC.PR.I	FixedReset Ins Non	1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.65 %
IFC.PR.A	FixedReset Ins Non	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 9.66 Evaluated at bid price : 9.66 Bid-YTW : 6.48 %
POW.PR.B	Perpetual-Discount	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 6.88 %
SLF.PR.G	FixedReset Ins Non	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 8.22 Evaluated at bid price : 8.22 Bid-YTW : 6.07 %
MFC.PR.O	FixedReset Ins Non	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.61 %
PWF.PR.R	Perpetual-Discount	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 20.66 Evaluated at bid price : 20.66 Bid-YTW : 6.80 %
BMO.PR.E	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.97 %
PWF.PR.Z	Perpetual-Discount	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 6.77 %
PWF.PR.E	Perpetual-Discount	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 20.87 Evaluated at bid price : 20.87 Bid-YTW : 6.73 %
BIK.PR.A	FixedReset Disc	2.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.86 %
TD.PF.H	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 6.16 %
TD.PF.K	FixedReset Disc	2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.88 %
CU.PR.H	Perpetual-Discount	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.31 %
CM.PR.T	FixedReset Disc	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.12 %
BMO.PR.S	FixedReset Disc	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.86 Evaluated at bid price : 12.86 Bid-YTW : 6.21 %
IFC.PR.F	Deemed-Retractible	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.36 %
TRP.PR.D	FixedReset Disc	2.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.05 Evaluated at bid price : 12.05 Bid-YTW : 6.64 %
BMO.PR.Z	Perpetual-Discount	2.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.54 Evaluated at bid price : 21.54 Bid-YTW : 5.89 %
CU.PR.C	FixedReset Disc	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 5.74 %
BIP.PR.F	FixedReset Disc	2.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.36 %
BNS.PR.E	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 5.98 %
TRP.PR.K	FixedReset Disc	3.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 20.90 Evaluated at bid price : 20.90 Bid-YTW : 5.95 %
BAM.PF.H	FixedReset Disc	3.61 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.55 Evaluated at bid price : 21.55 Bid-YTW : 5.85 %
BMO.PR.B	FixedReset Disc	3.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.06 %
BIP.PR.A	FixedReset Disc	4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 8.28 %
NA.PR.X	FixedReset Disc	4.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.45 %
TRP.PR.E	FixedReset Disc	5.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.08 Evaluated at bid price : 12.08 Bid-YTW : 6.55 %
TRP.PR.B	FixedReset Disc	5.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 8.13 Evaluated at bid price : 8.13 Bid-YTW : 5.73 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BMO.PR.T	FixedReset Disc	400,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.51 Evaluated at bid price : 12.51 Bid-YTW : 6.15 %
CM.PR.O	FixedReset Disc	376,731	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.21 Evaluated at bid price : 12.21 Bid-YTW : 6.40 %
SLF.PR.D	Deemed-Retractible	271,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.52 %
BMO.PR.S	FixedReset Disc	181,743	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.86 Evaluated at bid price : 12.86 Bid-YTW : 6.21 %
MFC.PR.M	FixedReset Ins Non	150,260	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.22 Evaluated at bid price : 12.22 Bid-YTW : 6.59 %
TRP.PR.C	FixedReset Disc	106,550	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 7.97 Evaluated at bid price : 7.97 Bid-YTW : 6.65 %
There were 32 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.B	FixedReset Disc	Quote: 12.93 – 16.54 Spot Rate : 3.6100 Average : 2.1709 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.93 Evaluated at bid price : 12.93 Bid-YTW : 6.86 %
BAM.PF.J	FixedReset Disc	Quote: 19.75 – 22.47 Spot Rate : 2.7200 Average : 1.5983 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.06 %
MFC.PR.R	FixedReset Ins Non	Quote: 16.10 – 18.86 Spot Rate : 2.7600 Average : 1.9359 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 16.10 Evaluated at bid price : 16.10 Bid-YTW : 7.01 %
MFC.PR.K	FixedReset Ins Non	Quote: 12.20 – 16.17 Spot Rate : 3.9700 Average : 3.1874 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 6.52 %
RY.PR.M	FixedReset Disc	Quote: 11.98 – 14.20 Spot Rate : 2.2200 Average : 1.6119 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 11.98 Evaluated at bid price : 11.98 Bid-YTW : 6.80 %
W.PR.M	FixedReset Disc	Quote: 18.57 – 20.00 Spot Rate : 1.4300 Average : 0.8925 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-03 Maturity Price : 18.57 Evaluated at bid price : 18.57 Bid-YTW : 7.04 %

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