PrefBlog

Doctors to the rescue!

Stocks rallied on Monday as investors seized on signals that the coronavirus outbreak may be peaking in some of the world’s worst-hit places.

The number of new confirmed deaths and infections is slowing in parts of Europe, and the number of deaths in New York has been steady for two days. In Italy and Spain, the total number of patients continues to climb, but the rate of new infections is no longer rising.

Wall Street analysts have been closely tracking the growth path of infections, with some spotlighting recent news as an indication that the outbreak could be near a peak in the United States. Analysts highlighted the tentative deceleration of infections in New York as a good sign for other virus hot spots in the country, as well as for stock market sentiment.
…
The optimism drove shares sharply higher. The S&P 500 rose 7 percent, its biggest gain since March 24, when it climbed more than 9 percent.

Some areas of the market that have been hit hardest by shutdowns of economic activity soared. The hotel chain Marriott and the casino company Wynn Resorts, for example, each rose more than 15 percent. Credit card companies also rallied, after being hammered by soaring unemployment in recent weeks, which makes people less likely to pay their bills. Capital One and Discover Financial both jumped more than 15 percent.

… and in Canada …:

Canada’s S&P/TSX Composite Index rose 5.1 per cent in a remarkably broad rally that included energy stocks (even though the price of oil fell sharply) and gold producers (even though gold is widely seen as a haven investment).
…
The price of crude oil fell though, as a much-anticipated meeting between Saudi Arabia and Russia to discuss oil production levels on Monday was postponed until Thursday. West Texas Intermediate oil, a U.S. benchmark, fell 6.9 per cent to US$26.39 per barrel.

Canadian energy stocks joined the rally, though. Suncor Energy Inc. rose 4.2 per cent and Canadian Natural Resources rose 1.5 per cent.

… and there are a lot of jobless:

More than three million Canadians have applied for jobless benefits and emergency income aid with the federal government since mid-March, the latest sign of historic levels of devastation in the labour market.

Government officials said Monday that 3.18 million people have applied for employment insurance and the Canada emergency response benefit since March 16. More than 794,725 Canadians filed for benefits on Monday alone, the launch day for CERB’s application system.

CERB is intended to capture workers affected by COVID-19 who aren’t covered by EI, such as the self-employed or those missing work because they’re caring for someone who is sick.

Once the damage is tallied, Canada’s job losses will likely be record-setting. The Conference Board of Canada on Monday said a combined 2.8 million jobs could be shed during March and April, equal to nearly 15 per cent of total employment.

Don’t make summer plans just yet:

Public-health officials, infectious disease experts and provincial data show that B.C.’s and Alberta’s efforts to flatten the curve may be starting to pay off. By contrast, Ontario and Quebec appear to be in an uphill battle.

The number of confirmed cases in B.C. was 1,266 on Monday, compared with 970 one week ago. Alberta reported 1,348 cases on Monday, up from 690 a week ago.

The changes in Ontario and Quebec are more dramatic. On Monday, Ontario reported 4,347 cases, more than 2.5 times the number of confirmed cases from a week earlier. In Quebec, there were 8,580 cases on Monday, a significant rise from 3,430 one week earlier.

… particularly if they involve the Shaw Festival:

Based on the Public Health Agency of Canada’s statement regarding mass gatherings, along with the guidance of the provincial and federal governments, the Shaw Festival has ceased all business on-site, including cancelling all public events and performances, with the intention of resuming on July 1, 2020. Mahabharata, scheduled to hit the stage in August, is cancelled for 2020 however we are committed to bringing it back in a future season.

And, as I so often reiterate, every portfolio manager is at the mercy of his clients. They sell, you sell.

Royal Bank of Canada’s asset management business saw $2.8-billion in net mutual fund redemptions last month as investors scrambled for cash and moved from longer-term funds into less volatile money market funds.

Mutual fund assets under management fell by 9.5 per cent in March, RBC Global Asset Management said Monday. Around 1 per cent of that drop was due to investors cashing out of their funds, said Doug Coulter, president of RBC’s asset management division. The rest of the drop was because of the decline in asset prices.

I love this line from a Globe article on pension plan funding:

“Given the massive drop in bond yields on government bonds, pension deficits should rise significantly, precisely at the wrong time when companies may have to face a potential economic downturn,” says Dimitry Khmelnitsky, an analyst at Veritas Investment Research Corp. who has authored the company’s reports on pension health at TSX-listed companies.

One would hope that this ‘wrong-way risk’ (a significant probability that two bad things will happen together, being highly correlated) would always be uppermost in the mind of any corporate treasurer having to address the issue.

TXPR closed at 477.53, up 2.76% on the day. Volume today was 3.54-million, low in the context of the past thirty days but highest since March 26.

CPD closed at 9.55, up 1.70% on the day. Volume was 113,608, very low in the context of the past 30 trading days.

ZPR closed at 7.41, up 1.51% on the day. Volume of 503,813 was below average in the context of the past 30 trading days.

Five-year Canada yields were up 6bp to 0.65% today.

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	4.8521 %	1,414.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	4.8521 %	2,595.9
Floater	5.44 %	5.69 %	45,204	14.40	4	4.8521 %	1,496.0
OpRet	0.00 %	0.00 %	0	0.00	0	1.5091 %	3,138.9
SplitShare	5.29 %	7.36 %	89,214	3.95	7	1.5091 %	3,748.5
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	1.5091 %	2,924.7
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	2.5647 %	2,632.3
Perpetual-Discount	6.33 %	6.64 %	92,730	12.99	35	2.5647 %	2,823.5
FixedReset Disc	7.03 %	6.26 %	199,292	13.29	83	3.1780 %	1,609.0
Deemed-Retractible	6.09 %	6.63 %	100,110	13.00	27	2.8245 %	2,775.3
FloatingReset	3.15 %	4.48 %	34,944	14.36	4	1.9376 %	1,680.7
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	3.1780 %	2,225.2
FixedReset Bank Non	1.98 %	4.86 %	117,581	1.77	3	1.5366 %	2,696.5
FixedReset Ins Non	7.56 %	6.63 %	113,906	12.67	22	1.9323 %	1,559.3

Performance Highlights
Issue	Index	Change	Notes
SLF.PR.I	FixedReset Ins Non	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.20 Evaluated at bid price : 12.20 Bid-YTW : 7.08 %
RY.PR.E	Deemed-Retractible	1.05 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.95 Bid-YTW : 7.36 %
MFC.PR.M	FixedReset Ins Non	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 6.63 %
PWF.PR.K	Perpetual-Discount	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.73 %
PVS.PR.H	SplitShare	1.11 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.75 Bid-YTW : 6.44 %
EIT.PR.B	SplitShare	1.12 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 22.50 Bid-YTW : 7.36 %
NA.PR.E	FixedReset Disc	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 6.32 %
RY.PR.A	Deemed-Retractible	1.22 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.05 Bid-YTW : 7.06 %
MFC.PR.F	FixedReset Ins Non	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.10 Evaluated at bid price : 8.10 Bid-YTW : 6.43 %
BMO.PR.Z	Perpetual-Discount	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.53 Evaluated at bid price : 21.82 Bid-YTW : 5.80 %
BAM.PR.C	Floater	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 7.60 Evaluated at bid price : 7.60 Bid-YTW : 5.69 %
BAM.PR.R	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 10.66 Evaluated at bid price : 10.66 Bid-YTW : 6.98 %
ELF.PR.H	Perpetual-Discount	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.83 %
GWO.PR.F	Deemed-Retractible	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.85 Evaluated at bid price : 22.09 Bid-YTW : 6.73 %
PVS.PR.G	SplitShare	1.57 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 22.60 Bid-YTW : 7.04 %
CM.PR.Y	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.03 Evaluated at bid price : 18.03 Bid-YTW : 6.27 %
IAF.PR.B	Deemed-Retractible	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.03 Evaluated at bid price : 18.03 Bid-YTW : 6.44 %
BNS.PR.E	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 5.94 %
PWF.PR.E	Perpetual-Discount	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.63 %
BMO.PR.F	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.78 Evaluated at bid price : 17.78 Bid-YTW : 6.28 %
TRP.PR.D	FixedReset Disc	1.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 6.64 %
PWF.PR.F	Perpetual-Discount	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 6.72 %
MFC.PR.H	FixedReset Ins Non	1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 7.02 %
IAF.PR.I	FixedReset Ins Non	1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.51 Evaluated at bid price : 13.51 Bid-YTW : 6.85 %
CM.PR.T	FixedReset Disc	1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 6.10 %
PWF.PR.Z	Perpetual-Discount	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.77 Evaluated at bid price : 19.77 Bid-YTW : 6.66 %
RY.PR.R	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 22.48 Evaluated at bid price : 22.90 Bid-YTW : 6.02 %
TD.PF.G	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.78 Evaluated at bid price : 22.25 Bid-YTW : 6.07 %
BMO.PR.W	FixedReset Disc	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.02 %
PWF.PR.S	Perpetual-Discount	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.41 Evaluated at bid price : 18.41 Bid-YTW : 6.66 %
TRP.PR.A	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 11.01 Evaluated at bid price : 11.01 Bid-YTW : 6.48 %
RY.PR.P	Perpetual-Discount	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 22.56 Evaluated at bid price : 22.90 Bid-YTW : 5.80 %
NA.PR.S	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.76 Evaluated at bid price : 12.76 Bid-YTW : 6.44 %
MFC.PR.N	FixedReset Ins Non	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.25 Evaluated at bid price : 12.25 Bid-YTW : 6.07 %
BAM.PF.C	Perpetual-Discount	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.40 Evaluated at bid price : 18.40 Bid-YTW : 6.65 %
CU.PR.I	FixedReset Disc	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.44 Evaluated at bid price : 21.75 Bid-YTW : 5.22 %
SLF.PR.H	FixedReset Ins Non	2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 6.45 %
PVS.PR.E	SplitShare	2.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 23.75 Bid-YTW : 7.94 %
BAM.PR.N	Perpetual-Discount	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.96 Evaluated at bid price : 17.96 Bid-YTW : 6.67 %
PWF.PR.H	Perpetual-Discount	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.26 Evaluated at bid price : 21.26 Bid-YTW : 6.92 %
ELF.PR.G	Perpetual-Discount	2.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.75 %
CU.PR.G	Perpetual-Discount	2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.32 Evaluated at bid price : 18.32 Bid-YTW : 6.23 %
MFC.PR.Q	FixedReset Ins Non	2.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 6.48 %
GWO.PR.M	Deemed-Retractible	2.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.20 Evaluated at bid price : 21.20 Bid-YTW : 6.91 %
MFC.PR.I	FixedReset Ins Non	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.91 Evaluated at bid price : 13.91 Bid-YTW : 6.61 %
BMO.PR.E	FixedReset Disc	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 5.92 %
BIK.PR.A	FixedReset Disc	2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.69 Evaluated at bid price : 22.00 Bid-YTW : 6.70 %
BAM.PF.G	FixedReset Disc	2.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 6.70 %
POW.PR.D	Perpetual-Discount	2.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.08 Evaluated at bid price : 19.08 Bid-YTW : 6.59 %
PWF.PR.O	Perpetual-Discount	2.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.28 Evaluated at bid price : 21.55 Bid-YTW : 6.87 %
BAM.PR.M	Perpetual-Discount	2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 6.64 %
TRP.PR.B	FixedReset Disc	2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.33 Evaluated at bid price : 8.33 Bid-YTW : 5.81 %
NA.PR.G	FixedReset Disc	2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 6.51 %
RY.PR.J	FixedReset Disc	2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 14.76 Evaluated at bid price : 14.76 Bid-YTW : 5.81 %
BMO.PR.C	FixedReset Disc	2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.26 %
TD.PF.H	FixedReset Disc	2.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.09 %
TD.PF.L	FixedReset Disc	2.54 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.79 Evaluated at bid price : 17.79 Bid-YTW : 6.09 %
CU.PR.E	Perpetual-Discount	2.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.18 %
BMO.PR.B	FixedReset Disc	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 5.99 %
PWF.PR.L	Perpetual-Discount	2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 6.73 %
IFC.PR.G	FixedReset Ins Non	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.60 Evaluated at bid price : 13.60 Bid-YTW : 6.57 %
BMO.PR.S	FixedReset Disc	2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 6.15 %
GWO.PR.L	Deemed-Retractible	2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 6.91 %
RY.PR.Q	FixedReset Disc	2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.95 Evaluated at bid price : 22.52 Bid-YTW : 5.82 %
BAM.PF.D	Perpetual-Discount	2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.58 %
RY.PR.O	Perpetual-Discount	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.79 %
BAM.PR.Z	FixedReset Disc	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 14.08 Evaluated at bid price : 14.08 Bid-YTW : 6.80 %
TD.PF.K	FixedReset Disc	2.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.78 Evaluated at bid price : 15.78 Bid-YTW : 5.80 %
POW.PR.B	Perpetual-Discount	2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.70 %
PWF.PR.I	Perpetual-Discount	2.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 22.77 Evaluated at bid price : 23.05 Bid-YTW : 6.64 %
CIU.PR.A	Perpetual-Discount	2.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.52 Evaluated at bid price : 18.52 Bid-YTW : 6.30 %
BNS.PR.H	FixedReset Disc	2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.37 Evaluated at bid price : 20.37 Bid-YTW : 5.95 %
BAM.PF.I	FixedReset Disc	2.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 5.85 %
NA.PR.A	FixedReset Disc	3.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.44 %
CU.PR.F	Perpetual-Discount	3.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.07 %
MFC.PR.K	FixedReset Ins Non	3.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.57 Evaluated at bid price : 12.57 Bid-YTW : 6.44 %
RY.PR.Z	FixedReset Disc	3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 5.73 %
SLF.PR.C	Deemed-Retractible	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.55 Evaluated at bid price : 17.55 Bid-YTW : 6.40 %
PWF.PR.R	Perpetual-Discount	3.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.30 Evaluated at bid price : 21.30 Bid-YTW : 6.60 %
BNS.PR.I	FixedReset Disc	3.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 5.43 %
MFC.PR.G	FixedReset Ins Non	3.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 6.81 %
BAM.PF.A	FixedReset Disc	3.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 14.92 Evaluated at bid price : 14.92 Bid-YTW : 6.56 %
NA.PR.W	FixedReset Disc	3.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.28 %
PWF.PR.G	Perpetual-Discount	3.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 22.33 Evaluated at bid price : 22.60 Bid-YTW : 6.66 %
CU.PR.H	Perpetual-Discount	3.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.50 Evaluated at bid price : 21.78 Bid-YTW : 6.10 %
RY.PR.W	Perpetual-Discount	3.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.86 Evaluated at bid price : 22.10 Bid-YTW : 5.61 %
PWF.PR.T	FixedReset Disc	3.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.77 %
TD.PF.I	FixedReset Disc	3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 6.19 %
GWO.PR.H	Deemed-Retractible	3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.60 Evaluated at bid price : 18.60 Bid-YTW : 6.58 %
TRP.PR.F	FloatingReset	3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 9.30 Evaluated at bid price : 9.30 Bid-YTW : 5.72 %
CU.PR.D	Perpetual-Discount	3.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 6.14 %
BMO.PR.Q	FixedReset Bank Non	3.37 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 5.93 %
CM.PR.S	FixedReset Disc	3.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.96 Evaluated at bid price : 13.96 Bid-YTW : 6.01 %
TRP.PR.J	FixedReset Disc	3.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 22.40 Evaluated at bid price : 22.86 Bid-YTW : 6.08 %
GWO.PR.S	Deemed-Retractible	3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.50 Evaluated at bid price : 19.50 Bid-YTW : 6.80 %
BAM.PF.E	FixedReset Disc	3.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.26 Evaluated at bid price : 12.26 Bid-YTW : 6.83 %
RY.PR.S	FixedReset Disc	3.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 5.34 %
TRP.PR.C	FixedReset Disc	3.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.25 Evaluated at bid price : 8.25 Bid-YTW : 6.64 %
IFC.PR.A	FixedReset Ins Non	3.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 6.40 %
CM.PR.R	FixedReset Disc	3.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 6.46 %
PVS.PR.F	SplitShare	3.54 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 7.28 %
POW.PR.A	Perpetual-Discount	3.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 6.80 %
TD.PF.C	FixedReset Disc	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.73 Evaluated at bid price : 13.73 Bid-YTW : 5.93 %
MFC.PR.B	Deemed-Retractible	3.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 6.43 %
BNS.PR.G	FixedReset Disc	3.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 22.27 Evaluated at bid price : 22.68 Bid-YTW : 5.92 %
BIP.PR.D	FixedReset Disc	3.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 6.95 %
MFC.PR.R	FixedReset Ins Non	3.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 6.85 %
SLF.PR.B	Deemed-Retractible	3.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 6.31 %
SLF.PR.E	Deemed-Retractible	3.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.40 %
MFC.PR.J	FixedReset Ins Non	3.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 6.44 %
GWO.PR.T	Deemed-Retractible	3.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.35 Evaluated at bid price : 19.35 Bid-YTW : 6.72 %
GWO.PR.Q	Deemed-Retractible	3.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 6.73 %
SLF.PR.D	Deemed-Retractible	3.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.85 Evaluated at bid price : 17.85 Bid-YTW : 6.29 %
RY.PR.N	Perpetual-Discount	3.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.64 Evaluated at bid price : 21.64 Bid-YTW : 5.75 %
BMO.PR.D	FixedReset Disc	3.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.81 Evaluated at bid price : 15.81 Bid-YTW : 6.27 %
SLF.PR.A	Deemed-Retractible	4.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.31 %
TD.PF.A	FixedReset Disc	4.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.54 Evaluated at bid price : 13.54 Bid-YTW : 5.86 %
BMO.PR.T	FixedReset Disc	4.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 6.01 %
POW.PR.G	Perpetual-Discount	4.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 6.83 %
TD.PF.F	Perpetual-Discount	4.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.64 Evaluated at bid price : 21.98 Bid-YTW : 5.66 %
TD.PF.B	FixedReset Disc	4.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 5.77 %
BAM.PF.F	FixedReset Disc	4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 6.70 %
BAM.PR.X	FixedReset Disc	4.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 9.40 Evaluated at bid price : 9.40 Bid-YTW : 6.66 %
MFC.PR.C	Deemed-Retractible	4.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 6.58 %
CM.PR.P	FixedReset Disc	4.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 6.20 %
POW.PR.C	Perpetual-Discount	4.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.38 Evaluated at bid price : 21.65 Bid-YTW : 6.73 %
MFC.PR.L	FixedReset Ins Non	4.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.10 Evaluated at bid price : 12.10 Bid-YTW : 6.39 %
RY.PR.H	FixedReset Disc	4.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.95 Evaluated at bid price : 13.95 Bid-YTW : 5.63 %
GWO.PR.P	Deemed-Retractible	4.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 6.71 %
BAM.PR.K	Floater	4.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 7.60 Evaluated at bid price : 7.60 Bid-YTW : 5.69 %
TD.PF.E	FixedReset Disc	4.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 6.11 %
GWO.PR.R	Deemed-Retractible	4.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.56 Evaluated at bid price : 18.56 Bid-YTW : 6.53 %
BAM.PF.B	FixedReset Disc	4.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.57 Evaluated at bid price : 13.57 Bid-YTW : 6.63 %
BAM.PF.J	FixedReset Disc	5.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.77 %
CM.PR.O	FixedReset Disc	5.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 12.83 Evaluated at bid price : 12.83 Bid-YTW : 6.19 %
BAM.PR.T	FixedReset Disc	5.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 11.30 Evaluated at bid price : 11.30 Bid-YTW : 6.74 %
BIP.PR.C	FixedReset Disc	5.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.01 Evaluated at bid price : 20.01 Bid-YTW : 6.75 %
BIP.PR.A	FixedReset Disc	5.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.26 Evaluated at bid price : 13.26 Bid-YTW : 8.01 %
BIP.PR.B	FixedReset Disc	5.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.61 %
TD.PF.J	FixedReset Disc	5.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.74 %
GWO.PR.G	Deemed-Retractible	5.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.69 Evaluated at bid price : 19.69 Bid-YTW : 6.66 %
BMO.PR.Y	FixedReset Disc	5.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.32 %
GWO.PR.I	Deemed-Retractible	5.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 17.12 Evaluated at bid price : 17.12 Bid-YTW : 6.63 %
GWO.PR.N	FixedReset Ins Non	5.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.65 Evaluated at bid price : 8.65 Bid-YTW : 5.68 %
CM.PR.Q	FixedReset Disc	6.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.62 %
TRP.PR.G	FixedReset Disc	6.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.05 Evaluated at bid price : 13.05 Bid-YTW : 7.04 %
CCS.PR.C	Deemed-Retractible	6.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.05 Evaluated at bid price : 20.05 Bid-YTW : 6.29 %
W.PR.K	FixedReset Disc	6.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.41 %
BIP.PR.E	FixedReset Disc	7.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.92 %
TRP.PR.H	FloatingReset	7.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.25 Evaluated at bid price : 8.25 Bid-YTW : 4.48 %
NA.PR.C	FixedReset Disc	7.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 6.58 %
RY.PR.M	FixedReset Disc	10.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.25 Evaluated at bid price : 13.25 Bid-YTW : 6.28 %
W.PR.M	FixedReset Disc	11.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.30 %
PWF.PR.A	Floater	12.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.75 Evaluated at bid price : 8.75 Bid-YTW : 4.97 %

Volume Highlights
Issue	Index	Shares Traded	Notes
SLF.PR.G	FixedReset Ins Non	258,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 8.30 Evaluated at bid price : 8.30 Bid-YTW : 6.23 %
PWF.PR.L	Perpetual-Discount	241,500	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 19.37 Evaluated at bid price : 19.37 Bid-YTW : 6.73 %
BAM.PR.B	Floater	147,847	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 7.60 Evaluated at bid price : 7.60 Bid-YTW : 5.69 %
BAM.PR.X	FixedReset Disc	114,270	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 9.40 Evaluated at bid price : 9.40 Bid-YTW : 6.66 %
BAM.PR.K	Floater	109,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 7.60 Evaluated at bid price : 7.60 Bid-YTW : 5.69 %
CM.PR.S	FixedReset Disc	59,405	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.96 Evaluated at bid price : 13.96 Bid-YTW : 6.01 %
There were 43 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
MFC.PR.G	FixedReset Ins Non	Quote: 13.30 – 19.17 Spot Rate : 5.8700 Average : 3.4910 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 13.30 Evaluated at bid price : 13.30 Bid-YTW : 6.81 %
W.PR.K	FixedReset Disc	Quote: 20.60 – 25.05 Spot Rate : 4.4500 Average : 2.6534 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.41 %
BMO.PR.C	FixedReset Disc	Quote: 16.40 – 19.48 Spot Rate : 3.0800 Average : 1.7140 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 16.40 Evaluated at bid price : 16.40 Bid-YTW : 6.26 %
PVS.PR.F	SplitShare	Quote: 22.80 – 25.35 Spot Rate : 2.5500 Average : 1.5250 YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 22.80 Bid-YTW : 7.28 %
POW.PR.B	Perpetual-Discount	Quote: 20.10 – 22.41 Spot Rate : 2.3100 Average : 1.3787 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.70 %
NA.PR.A	FixedReset Disc	Quote: 20.60 – 23.00 Spot Rate : 2.4000 Average : 1.5887 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-06 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 6.44 %

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