PrefBlog

Retail sales in America were “pretty catastrophic“:

Retail sales plunged in March, offering a grim snapshot of the coronavirus outbreak’s effect on consumer spending, as businesses shuttered from coast to coast and wary shoppers restricted their spending.

Total sales, which include retail purchases in stores and online as well as money spent at bars and restaurants, fell 8.7 percent from the previous month, the Commerce Department said Wednesday. The decline was by far the largest in the nearly three decades the government has tracked the data.

Even that bleak figure doesn’t capture the full impact of the sudden economic freeze on the retail industry. Most states didn’t shut down nonessential businesses until late March or early April, meaning data for the current month could be worse still.

… and business was even worse in Canada:

The Canadian economy plunged by about 9 per cent in March, and the Bank of Canada expects the downturn to be the “sharpest on record” as COVID-19 inflicts devastation on business activity.

In a preliminary estimate, Statistics Canada on Wednesday said March’s decline in gross domestic product would be the largest one-month contraction in records dating back to 1961. For the entire first quarter, GDP would decline by 2.6 per cent, or greater than a 10-per-cent drop at an annualized rate.

Under normal circumstances, Statscan releases its March GDP figures in May. However, given the swift downturn resulting from the novel coronavirus, Canada’s national statistical agency moved to publish a timelier estimate of activity. Statscan stressed that the estimates will change once more information is used in the full report released next month.

So bad, in fact, that the Bank of Canada has given up on statistics:

The Bank of Canada made the extraordinary move of omitting eagerly awaited new economic projections from its quarterly Monetary Policy Report Wednesday, saying that forecasting can’t be done “with any degree of confidence” in light of the uncertainty surrounding the COVID-19 crisis.

Instead, the bank outlined in its quarterly update alternative scenarios that would affect the pace of recovery from the economic shock delivered by the pandemic, which has triggered government-imposed business shutdowns, massive unemployment and a severe slump in oil prices.

In terms of a near-term forecast, the bank would only say that its “scenario analysis” indicates that real gross domestic product would be between 15 and 30 per cent lower in the second quarter (April through June) than it was in the fourth quarter of 2019, after an estimated decline of 1 to 3 per cent in the first quarter, on a quarter-over-quarter basis. It also predicted that the second-quarter inflation rate would be “close to zero per cent,” slumping from slightly above the central bank’s 2-per-cent target in February, before the COVID-19 shock derailed the Canadian economy.

The BoC’s press release was unusually lengthy:

The Bank of Canada today maintained its target for the overnight rate at ¼ percent, which the Bank considers its effective lower bound. The Bank Rate is correspondingly ½ percent and the deposit rate is ¼ percent. The Bank also announced new measures to provide additional support to Canada’s financial system.

The necessary efforts to contain the COVID-19 pandemic have caused a sudden and deep contraction in economic activity and employment worldwide. In financial markets, this has driven a flight to safety and a sharp repricing of a wide range of assets. It has also pushed down prices for commodities, especially oil. In this environment, the Canadian dollar has depreciated since January, although by less than many other currencies. The sudden halt in global activity will be followed by regional recoveries at different times, depending on the duration and severity of the outbreak in each region. This means that the global economic recovery, when it comes, could be protracted and uneven.

The Canadian economy was in a solid position ahead of the COVID-19 outbreak, but has since been hit by widespread shutdowns and lower oil prices. One early measure of the extent of the damage was an unprecedented drop in employment in March, with more than one million jobs lost across Canada. Many more workers reported shorter hours, and by early April some six million Canadians had applied for the Canada Emergency Response Benefit.

The outlook is too uncertain at this point to provide a complete forecast. However, Bank analysis of alternative scenarios suggests the level of real activity was down 1-3 percent in the first quarter of 2020, and will be 15-30 percent lower in the second quarter than in fourth-quarter 2019. CPI inflation is expected to be close to 0 percent in the second quarter of 2020. This is primarily due to the transitory effects of lower gasoline prices.

The pandemic-driven contraction has prompted decisive policy action to support individuals and businesses and to lay the foundation for economic recovery once containment measures start to ease. Fiscal programs, designed to expand according to the magnitude of the shock, will help individuals and businesses weather this shutdown phase of the pandemic, and support incomes and confidence leading into the recovery. These programs have been complemented by actions taken by other federal agencies and provincial governments.

For its part, the Bank of Canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy. This helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers. The Bank has lowered its target for the overnight rate 150 basis points over the last three weeks, to its effective lower bound. It has also conducted lending operations to financial institutions and asset purchases in core funding markets amounting to around $200 billion.

These actions have served to ease market dysfunction and help keep credit channels open, although they remain strained. The next challenge for markets will be managing increased demand for near-term financing by federal and provincial governments, and businesses and households. The situation calls for special actions by the central bank. To this end, the Bank is furthering its efforts with several important steps.

Under its previously-announced program, the Bank will continue to purchase at least $5 billion in Government of Canada securities per week in the secondary market, and will increase the level of purchases as required to maintain proper functioning of the government bond market. Also, the Bank is temporarily increasing the amount of Treasury Bills it acquires at auctions to up to 40 percent, effective immediately.

The Bank is also announcing today the development of a new Provincial Bond Purchase Program of up to $50 billion, to supplement its Provincial Money Market Purchase Program. Further, the Bank is announcing a new Corporate Bond Purchase Program, in which the Bank will acquire up to a total of $10 billion in investment grade corporate bonds in the secondary market. Both of these programs will be put in place in the coming weeks. Finally, the Bank is further enhancing its term repo facility to permit funding for up to 24 months.

These measures will work in combination to ease pressure on Canadian borrowers. As containment restrictions are eased and economic activity resumes, fiscal and monetary policy actions will help underpin confidence and stimulate spending by consumers and businesses to restore growth. The Bank’s Governing Council stands ready to adjust the scale or duration of its programs if necessary. All the Bank’s actions are aimed at helping to bridge the current period of containment and create the conditions for a sustainable recovery and achievement of the inflation target over time.

And the markets took all this poorly:

A double whammy of economic data showing the U.S. economy in a deep downturn and reports of persistent crude oil oversupply and collapsing demand slammed global markets on Wednesday as vivid reminders of the damage from coronavirus-related lockdowns.

Oil prices sank after the International Energy Agency (IEA) forecast a 29-million-barrel per day dive in April crude demand to levels not seen in 25 years and said no output cut could fully offset the near-term decline facing the market.
…
The Toronto Stock Exchange’s S&P/TSX composite index fell 2.1% to 13,958.58, pulling back from a one-month high on Tuesday, as dismal first-quarter earnings reports weighed on U.S. stocks.

The heavily weighted financial sector fell 3.4%, while the energy group was down 5.3%.

Canadian bond yields fell and the loonie slumped to a one-week low as the Bank of Canada broadened the suite of assets it is purchasing to cushion the economic blow of the coronavirus pandemic.
…
The Dow Jones Industrial Average fell 442.91 points, or 1.85%, to 23,506.85, the S&P 500 lost 62.24 points, or 2.19%, to 2,783.82 and the Nasdaq Composite dropped 122.56 points, or 1.44%, to 8,393.18.

TXPR closed at 500.01, down 0.73% on the day, which was about 60bp higher than the day’s low. Volume today was 3.19-million, relatively low in the context of the past thirty days.

CPD closed at 9.97, down 1.29% on the day. Volume was 85,285, second-lowest of the past 30 trading days, ahead of only April 14.

ZPR closed at 7.72, down 1.15% on the day. Volume of 142,781 was the lowest of the past 30 trading days, below second-place April 3, when volume was 165,030.

Five-year Canada yields were down 9bp to 0.45% today.

PerpetualDiscounts now yield 6.30%, equivalent to 8.19% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.75%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has narrowed, to 445bp from the 455bp reported April 8 – just little narrower than 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.

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	-2.9218 %	1,385.5
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.9218 %	2,542.4
Floater	5.55 %	5.77 %	40,624	14.25	4	-2.9218 %	1,465.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.2617 %	3,274.6
SplitShare	5.07 %	6.11 %	82,778	3.94	7	-0.2617 %	3,910.6
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.2617 %	3,051.2
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.6068 %	2,768.1
Perpetual-Discount	6.05 %	6.30 %	89,531	13.49	35	-0.6068 %	2,969.1
FixedReset Disc	6.73 %	5.66 %	206,291	14.03	83	-1.5130 %	1,684.0
Deemed-Retractible	5.81 %	6.16 %	101,231	13.48	27	-0.8524 %	2,912.1
FloatingReset	3.31 %	4.91 %	30,075	14.11	4	-0.2328 %	1,707.6
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	-1.5130 %	2,328.9
FixedReset Bank Non	1.97 %	4.54 %	112,027	1.75	3	0.0139 %	2,702.9
FixedReset Ins Non	7.19 %	5.92 %	125,066	13.45	22	-2.2836 %	1,653.9

Performance Highlights
Issue	Index	Change	Notes
BIP.PR.E	FixedReset Disc	-6.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.27 Evaluated at bid price : 18.27 Bid-YTW : 6.92 %
HSE.PR.C	FixedReset Disc	-6.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 12.25 %
BAM.PR.B	Floater	-5.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 7.35 Evaluated at bid price : 7.35 Bid-YTW : 5.89 %
BIP.PR.C	FixedReset Disc	-4.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.73 %
IAF.PR.G	FixedReset Ins Non	-4.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 6.38 %
BIP.PR.D	FixedReset Disc	-4.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.65 %
MFC.PR.G	FixedReset Ins Non	-4.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.38 %
MFC.PR.J	FixedReset Ins Non	-4.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.10 %
BIP.PR.B	FixedReset Disc	-4.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 6.64 %
TD.PF.E	FixedReset Disc	-4.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.60 %
BIP.PR.A	FixedReset Disc	-3.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.70 Evaluated at bid price : 13.70 Bid-YTW : 7.43 %
TRP.PR.E	FixedReset Disc	-3.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 12.41 Evaluated at bid price : 12.41 Bid-YTW : 6.22 %
BAM.PF.B	FixedReset Disc	-3.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.17 %
BAM.PF.A	FixedReset Disc	-3.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 6.28 %
CU.PR.C	FixedReset Disc	-3.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.31 Evaluated at bid price : 14.31 Bid-YTW : 5.19 %
NA.PR.A	FixedReset Disc	-3.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.60 Evaluated at bid price : 22.00 Bid-YTW : 5.83 %
PWF.PR.T	FixedReset Disc	-3.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 12.88 Evaluated at bid price : 12.88 Bid-YTW : 6.18 %
BAM.PR.K	Floater	-3.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 7.45 Evaluated at bid price : 7.45 Bid-YTW : 5.81 %
W.PR.K	FixedReset Disc	-3.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.38 Evaluated at bid price : 21.68 Bid-YTW : 6.08 %
TRP.PR.H	FloatingReset	-3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.11 Evaluated at bid price : 8.11 Bid-YTW : 4.91 %
MFC.PR.M	FixedReset Ins Non	-3.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 6.23 %
MFC.PR.F	FixedReset Ins Non	-3.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.46 Evaluated at bid price : 8.46 Bid-YTW : 5.65 %
HSE.PR.G	FixedReset Disc	-3.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.25 Evaluated at bid price : 8.25 Bid-YTW : 12.30 %
HSE.PR.A	FixedReset Disc	-3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 5.40 Evaluated at bid price : 5.40 Bid-YTW : 10.39 %
BAM.PR.C	Floater	-2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 7.50 Evaluated at bid price : 7.50 Bid-YTW : 5.77 %
TRP.PR.C	FixedReset Disc	-2.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.52 Evaluated at bid price : 8.52 Bid-YTW : 5.92 %
MFC.PR.K	FixedReset Ins Non	-2.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 5.92 %
SLF.PR.G	FixedReset Ins Non	-2.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.85 Evaluated at bid price : 8.85 Bid-YTW : 5.33 %
MFC.PR.R	FixedReset Ins Non	-2.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.22 %
GWO.PR.N	FixedReset Ins Non	-2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.92 Evaluated at bid price : 8.92 Bid-YTW : 5.01 %
CM.PR.T	FixedReset Disc	-2.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 5.75 %
IFC.PR.A	FixedReset Ins Non	-2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 10.44 Evaluated at bid price : 10.44 Bid-YTW : 5.75 %
BAM.PF.F	FixedReset Disc	-2.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 6.29 %
MFC.PR.C	Deemed-Retractible	-2.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 6.25 %
BAM.PF.G	FixedReset Disc	-2.66 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 6.15 %
IAF.PR.I	FixedReset Ins Non	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.27 Evaluated at bid price : 14.27 Bid-YTW : 6.20 %
CCS.PR.C	Deemed-Retractible	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 20.70 Evaluated at bid price : 20.70 Bid-YTW : 6.10 %
BAM.PR.R	FixedReset Disc	-2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 11.24 Evaluated at bid price : 11.24 Bid-YTW : 6.24 %
CM.PR.Q	FixedReset Disc	-2.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 5.99 %
BMO.PR.T	FixedReset Disc	-2.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 5.59 %
BAM.PR.Z	FixedReset Disc	-2.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 6.27 %
BAM.PF.J	FixedReset Disc	-2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.61 %
NA.PR.X	FixedReset Disc	-2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.73 Evaluated at bid price : 23.25 Bid-YTW : 5.76 %
BMO.PR.E	FixedReset Disc	-2.31 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 5.40 %
TRP.PR.D	FixedReset Disc	-2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.11 %
EML.PR.A	FixedReset Ins Non	-2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.80 Evaluated at bid price : 22.28 Bid-YTW : 6.15 %
CM.PR.P	FixedReset Disc	-2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.31 Evaluated at bid price : 13.31 Bid-YTW : 5.76 %
TRP.PR.J	FixedReset Disc	-2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.74 Evaluated at bid price : 23.25 Bid-YTW : 5.99 %
PWF.PR.H	Perpetual-Discount	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.24 Evaluated at bid price : 22.51 Bid-YTW : 6.40 %
BAM.PR.T	FixedReset Disc	-2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 6.27 %
HSE.PR.E	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 12.15 %
MFC.PR.B	Deemed-Retractible	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.12 Evaluated at bid price : 19.12 Bid-YTW : 6.16 %
BAM.PF.E	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.32 %
BAM.PF.H	FixedReset Disc	-1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.26 Evaluated at bid price : 23.02 Bid-YTW : 5.44 %
TD.PF.L	FixedReset Disc	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 5.43 %
SLF.PR.H	FixedReset Ins Non	-1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 11.50 Evaluated at bid price : 11.50 Bid-YTW : 5.81 %
NA.PR.W	FixedReset Disc	-1.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 5.76 %
IFC.PR.C	FixedReset Ins Non	-1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 5.91 %
BNS.PR.I	FixedReset Disc	-1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.20 Evaluated at bid price : 16.20 Bid-YTW : 5.12 %
SLF.PR.E	Deemed-Retractible	-1.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.46 Evaluated at bid price : 18.46 Bid-YTW : 6.16 %
BIK.PR.A	FixedReset Disc	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.72 Evaluated at bid price : 22.05 Bid-YTW : 6.69 %
SLF.PR.I	FixedReset Ins Non	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.79 Evaluated at bid price : 13.79 Bid-YTW : 5.96 %
MFC.PR.Q	FixedReset Ins Non	-1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.89 %
BMO.PR.Y	FixedReset Disc	-1.74 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.15 Evaluated at bid price : 14.15 Bid-YTW : 5.72 %
TD.PF.C	FixedReset Disc	-1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.91 Evaluated at bid price : 13.91 Bid-YTW : 5.49 %
MFC.PR.I	FixedReset Ins Non	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.53 Evaluated at bid price : 14.53 Bid-YTW : 6.06 %
RY.PR.M	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.67 Evaluated at bid price : 14.67 Bid-YTW : 5.37 %
CM.PR.R	FixedReset Disc	-1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.72 Evaluated at bid price : 16.72 Bid-YTW : 5.89 %
BIP.PR.F	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.53 %
TD.PF.D	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.45 %
TRP.PR.B	FixedReset Disc	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.40 Evaluated at bid price : 8.40 Bid-YTW : 5.23 %
PWF.PR.Z	Perpetual-Discount	-1.63 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 20.53 Evaluated at bid price : 20.53 Bid-YTW : 6.30 %
BAM.PR.X	FixedReset Disc	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 9.70 Evaluated at bid price : 9.70 Bid-YTW : 6.05 %
MFC.PR.L	FixedReset Ins Non	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 12.79 Evaluated at bid price : 12.79 Bid-YTW : 5.76 %
MFC.PR.O	FixedReset Ins Non	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.84 Evaluated at bid price : 23.34 Bid-YTW : 5.87 %
PWF.PR.S	Perpetual-Discount	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 6.21 %
TD.PF.A	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.65 Evaluated at bid price : 13.65 Bid-YTW : 5.44 %
RY.PR.J	FixedReset Disc	-1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.31 %
NA.PR.S	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 5.86 %
BAM.PF.D	Perpetual-Discount	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 6.34 %
TD.PF.K	FixedReset Disc	-1.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.26 Evaluated at bid price : 16.26 Bid-YTW : 5.27 %
BMO.PR.S	FixedReset Disc	-1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.71 Evaluated at bid price : 13.71 Bid-YTW : 5.66 %
GWO.PR.S	Deemed-Retractible	-1.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.39 %
TD.PF.J	FixedReset Disc	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.63 Evaluated at bid price : 16.63 Bid-YTW : 5.16 %
GWO.PR.F	Deemed-Retractible	-1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 6.30 %
GWO.PR.P	Deemed-Retractible	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.37 Evaluated at bid price : 21.64 Bid-YTW : 6.29 %
RY.PR.Z	FixedReset Disc	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 5.25 %
BMO.PR.D	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.48 Evaluated at bid price : 16.48 Bid-YTW : 5.78 %
NA.PR.C	FixedReset Disc	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.64 Evaluated at bid price : 16.64 Bid-YTW : 5.98 %
PWF.PR.I	Perpetual-Discount	-1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 23.20 Evaluated at bid price : 23.50 Bid-YTW : 6.40 %
MFC.PR.N	FixedReset Ins Non	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 5.89 %
TD.PF.B	FixedReset Disc	-1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.79 Evaluated at bid price : 13.79 Bid-YTW : 5.41 %
SLF.PR.A	Deemed-Retractible	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.11 %
RY.PR.P	Perpetual-Discount	-1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 23.23 Evaluated at bid price : 23.70 Bid-YTW : 5.61 %
SLF.PR.B	Deemed-Retractible	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 6.06 %
RY.PR.S	FixedReset Disc	-1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 4.94 %
BMO.PR.W	FixedReset Disc	-1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 5.54 %
GWO.PR.I	Deemed-Retractible	-1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.19 Evaluated at bid price : 18.19 Bid-YTW : 6.25 %
SLF.PR.C	Deemed-Retractible	-1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.38 Evaluated at bid price : 18.38 Bid-YTW : 6.12 %
CM.PR.S	FixedReset Disc	-1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.38 Evaluated at bid price : 14.38 Bid-YTW : 5.57 %
BAM.PR.N	Perpetual-Discount	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.83 Evaluated at bid price : 18.83 Bid-YTW : 6.37 %
TRP.PR.F	FloatingReset	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 9.55 Evaluated at bid price : 9.55 Bid-YTW : 5.87 %
PWF.PR.E	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.49 Evaluated at bid price : 21.75 Bid-YTW : 6.34 %
GWO.PR.M	Deemed-Retractible	-1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.64 Evaluated at bid price : 22.89 Bid-YTW : 6.39 %
BAM.PR.M	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.05 Evaluated at bid price : 19.05 Bid-YTW : 6.30 %
POW.PR.C	Perpetual-Discount	-1.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.44 Evaluated at bid price : 22.70 Bid-YTW : 6.43 %
BAM.PF.C	Perpetual-Discount	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.26 Evaluated at bid price : 19.26 Bid-YTW : 6.36 %
CM.PR.O	FixedReset Disc	-1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.09 Evaluated at bid price : 13.09 Bid-YTW : 5.81 %
PVS.PR.E	SplitShare	-1.02 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-10-31 Maturity Price : 25.00 Evaluated at bid price : 24.35 Bid-YTW : 6.93 %
CU.PR.F	Perpetual-Discount	-1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.77 %
TD.PF.F	Perpetual-Discount	1.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.11 Evaluated at bid price : 22.47 Bid-YTW : 5.45 %
NA.PR.E	FixedReset Disc	1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.35 Evaluated at bid price : 14.35 Bid-YTW : 5.79 %
TRP.PR.A	FixedReset Disc	1.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 11.78 Evaluated at bid price : 11.78 Bid-YTW : 5.75 %
IFC.PR.G	FixedReset Ins Non	1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.55 Evaluated at bid price : 14.55 Bid-YTW : 5.86 %
SLF.PR.J	FloatingReset	3.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.78 Evaluated at bid price : 8.78 Bid-YTW : 4.91 %
PWF.PR.P	FixedReset Disc	12.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 9.15 Evaluated at bid price : 9.15 Bid-YTW : 5.69 %
TRP.PR.G	FixedReset Disc	16.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.53 Evaluated at bid price : 14.53 Bid-YTW : 6.02 %

Volume Highlights
Issue	Index	Shares Traded	Notes
MFC.PR.K	FixedReset Ins Non	237,322	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 13.02 Evaluated at bid price : 13.02 Bid-YTW : 5.92 %
BNS.PR.E	FixedReset Disc	65,050	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 22.01 Evaluated at bid price : 22.62 Bid-YTW : 5.51 %
RY.PR.E	Deemed-Retractible	49,600	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.56 Bid-YTW : 5.96 %
HSE.PR.C	FixedReset Disc	49,145	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 8.45 Evaluated at bid price : 8.45 Bid-YTW : 12.25 %
TD.PF.M	FixedReset Disc	47,900	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 5.51 %
HSE.PR.E	FixedReset Disc	46,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 9.00 Evaluated at bid price : 9.00 Bid-YTW : 12.15 %
There were 59 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.M	FixedReset Disc	Quote: 19.58 – 24.65 Spot Rate : 5.0700 Average : 3.3014 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.58 Evaluated at bid price : 19.58 Bid-YTW : 5.51 %
BAM.PF.B	FixedReset Disc	Quote: 14.00 – 16.60 Spot Rate : 2.6000 Average : 1.5745 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.17 %
BIP.PR.E	FixedReset Disc	Quote: 18.27 – 20.35 Spot Rate : 2.0800 Average : 1.2632 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 18.27 Evaluated at bid price : 18.27 Bid-YTW : 6.92 %
W.PR.K	FixedReset Disc	Quote: 21.68 – 24.00 Spot Rate : 2.3200 Average : 1.6775 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 21.38 Evaluated at bid price : 21.68 Bid-YTW : 6.08 %
CM.PR.Y	FixedReset Disc	Quote: 19.40 – 21.00 Spot Rate : 1.6000 Average : 1.0169 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 19.40 Evaluated at bid price : 19.40 Bid-YTW : 5.65 %
MFC.PR.H	FixedReset Ins Non	Quote: 15.04 – 16.83 Spot Rate : 1.7900 Average : 1.2717 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-15 Maturity Price : 15.04 Evaluated at bid price : 15.04 Bid-YTW : 6.19 %

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