PrefBlog

TXPR closed at 501.84, up 0.97% on the day, which was about 172bp higher than the day’s low, with a late recovery commencing at 3:30 that put even the last two day’s late rallies to shame. Volume today was superb at 7.21-million, behind only March 18 in the past thirty days.

CPD closed at 9.88, down 0.30% on the day. Volume was 147,035, near the median of the past 30 trading days.

ZPR closed at 7.73, up 0.91% on the day. Volume of 138,961 was the lowest of the past 30 trading days, behind even April 15.

Five-year Canada yields were up 3bp to 0.46% today.

S&P downgraded First Quantum Minerals one notch to CCC+:

• We see increased risks across Canada-headquartered copper miner First Quantum Minerals’ (FQM’s) countries of operation, which could negatively affect production and operating costs.
• Given our lower EBITDA forecast for 2020, we now expect a material deterioration in the company’s liquidity position and a covenant breach at the June testing date.
• We are therefore lowering to ‘CCC+’ from ‘B-‘ our long-term issuer credit rating on FQM and its senior unsecured bonds.
• The stable outlook factors in our expectation that the company would be able to secure an amendment to its coming financial covenants testing in June 2020, as well as no further deterioration in production or copper prices beyond our current EBITDA forecast.

S&P also downgraded Ensign Drilling Inc. four notches to CCC+:

• We expect Canada-based Ensign Drilling Inc.’s credit metrics to weaken materially due to significant cuts in capital budgets by exploration and production (E&P) companies, driven by the substantial drop in crude oil prices.
• Although we expect the company to generate positive free cash flows, limited availability on the credit facility and the potential for covenant breaches constrain the rating.
• Accordingly, S&P Global Ratings lowered its long-term issuer credit rating on Ensign and its issue-level rating on the company’s unsecured debt to ‘CCC+’ from ‘BB-‘.
• The negative outlook incorporates our view that credit measures will remain weak over the next 12 months due to reduced drilling activity and that there is potential for liquidity to further deteriorate, if activity levels don’t recover.

OSFI released a statement titled Statement from the Superintendent on Canadian bank capital and dividends:

When there are periods of economic uncertainty or a downturn, releasing capital buffers is the first step in OSFI’s contingency plan, as it enables banks to use the funds that had been set aside. To this end, on March 13, OSFI released 1.25 percentage points, which was about 55% of the Domestic Stability Buffer and at the same time, OSFI prohibited dividend increases and cancelled future share buybacks. OSFI will continue to monitor institutions’ capital and liquidity levels and if conditions warrant, is prepared to release the remaining 1.0 percentage points of the buffer.

OSFI has built other contingency measures into Canada’s capital regime. Specifically, as banks move through capital layers, there are disbursement restrictions. For example, if sustaining a bank’s capital level requires it to access funds that are in the Capital Conservation Buffer, the bank will be automatically required to restrict disbursements, including dividends and share buybacks. Restrictions for larger banks would apply earlier when its capital levels fall within the D-SIB surcharge threshold.

OSFI has long signalled its expectations that banks use their capital buffer in the event of a downturn or period of economic uncertainty. For example in 2016 and 2017, I noted “…of course, a bank that is using up its capital needs to recapitalize. If this goes on long enough, or happens quickly enough, dramatic measures may be required. But for a bank that starts with capital well above its regulatory minimum, we all need to see the idea of using some of the bank’s capital buffer as the normal first step in the process …”

Is this a sign they’re feeling a little bit of political pressure? Bank dividends have been a hot topic lately, as mentioned on April 9 and April 2. For all that the implied reassurance may be welcome, this is a sign of an unhealthy economy: Canada’s financial system is grossly overweighted in banks and retirement portfolios reflect that in spades, given retirees need for income. Having all one’s eggs in one basket is not a good idea – I can only hope, rather forlornly, that the banks will be broken up once this idea becomes more acceptable in polite society. So we can expect a burst of bank hiring of ex-politicians in the near future!

Meanwhile Mutual Funds that own bonds are now allowed increased borrowing to fund redemptions, if they’re having trouble selling bonds:

As a result of the Coronavirus pandemic (“COVID-19”), the Ontario Securities Commission (the “Commission”) is providing to mutual funds temporary exemption from the borrowing limits set out in Ontario securities law, subject to terms and conditions, in order to accommodate requests for the redemption of mutual fund securities under securities legislation.

Description of Order

The order provides a temporary exemption to mutual funds that are subject to National Instrument 81-102 Investment Funds (“NI 81-102”), other than labour sponsored or venture capital funds, and which invest in fixed income securities from the borrowing limit imposed in subparagraph 2.6(1)(a)(i) of NI 81-102 for the period from April 17, 2020 to July 31, 2020 (the “Effective Period”), provided that the outstanding amount of all borrowings made by the mutual fund does not exceed 10 percent of its net asset value at the time of borrowing during the Effective Period.

The relief provided above is subject to the following terms and conditions:

• Any mutual fund relying on the order must use the temporary exemption from the borrowing limit only for the purpose of facilitating an orderly liquidation of fixed income securities to deal with the short-term dislocation in the fixed income securities market due to the COVID-19 pandemic, in order to accommodate requests for the redemption of securities of the mutual fund received during the period from April 17, 2020 to July 30, 2020.

…

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	0.4998 %	1,352.4
FixedFloater	0.00 %	0.00 %	0	0.00	0	0.4998 %	2,481.5
Floater	5.69 %	5.92 %	41,363	14.03	4	0.4998 %	1,430.1
OpRet	0.00 %	0.00 %	0	0.00	0	0.1491 %	3,279.1
SplitShare	5.06 %	6.30 %	81,219	3.94	7	0.1491 %	3,915.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.1491 %	3,055.4
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.5421 %	2,776.0
Perpetual-Discount	6.04 %	6.28 %	91,642	13.51	35	0.5421 %	2,977.6
FixedReset Disc	6.79 %	5.72 %	208,878	13.99	83	-0.4354 %	1,668.6
Deemed-Retractible	5.80 %	6.16 %	102,288	13.49	27	0.3834 %	2,916.1
FloatingReset	3.44 %	0.77 %	28,598	0.10	4	-2.9187 %	1,645.8
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	-0.4354 %	2,307.6
FixedReset Bank Non	1.97 %	4.50 %	117,325	1.74	3	0.0693 %	2,704.0
FixedReset Ins Non	7.30 %	6.09 %	133,771	13.26	22	-0.8882 %	1,628.0

Performance Highlights
Issue	Index	Change	Notes
TRP.PR.E	FixedReset Disc	-15.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 10.46 Evaluated at bid price : 10.46 Bid-YTW : 7.45 %
TRP.PR.C	FixedReset Disc	-14.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 7.01 Evaluated at bid price : 7.01 Bid-YTW : 7.22 %
TRP.PR.B	FixedReset Disc	-12.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 7.01 Evaluated at bid price : 7.01 Bid-YTW : 6.28 %
RY.PR.M	FixedReset Disc	-11.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.01 Evaluated at bid price : 13.01 Bid-YTW : 6.06 %
TRP.PR.H	FloatingReset	-11.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 7.18 Evaluated at bid price : 7.18 Bid-YTW : 5.55 %
IFC.PR.A	FixedReset Ins Non	-10.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 9.26 Evaluated at bid price : 9.26 Bid-YTW : 6.53 %
BIK.PR.A	FixedReset Disc	-9.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.83 Evaluated at bid price : 19.83 Bid-YTW : 7.47 %
HSE.PR.C	FixedReset Disc	-6.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.05 Evaluated at bid price : 8.05 Bid-YTW : 12.93 %
TD.PF.K	FixedReset Disc	-5.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 15.26 Evaluated at bid price : 15.26 Bid-YTW : 5.64 %
HSE.PR.E	FixedReset Disc	-5.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.30 Evaluated at bid price : 8.30 Bid-YTW : 13.25 %
SLF.PR.J	FloatingReset	-4.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.15 Evaluated at bid price : 8.15 Bid-YTW : 5.29 %
SLF.PR.G	FixedReset Ins Non	-4.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.10 Evaluated at bid price : 8.10 Bid-YTW : 5.83 %
W.PR.K	FixedReset Disc	-3.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.27 %
TD.PF.J	FixedReset Disc	-3.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 5.41 %
CCS.PR.C	Deemed-Retractible	-3.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 20.26 Evaluated at bid price : 20.26 Bid-YTW : 6.24 %
TRP.PR.D	FixedReset Disc	-2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 12.37 Evaluated at bid price : 12.37 Bid-YTW : 6.31 %
BIP.PR.F	FixedReset Disc	-2.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 6.58 %
IFC.PR.G	FixedReset Ins Non	-2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 6.11 %
CU.PR.C	FixedReset Disc	-2.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.12 %
IAF.PR.I	FixedReset Ins Non	-2.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.90 Evaluated at bid price : 13.90 Bid-YTW : 6.38 %
HSE.PR.A	FixedReset Disc	-2.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 4.85 Evaluated at bid price : 4.85 Bid-YTW : 11.60 %
CM.PR.O	FixedReset Disc	-2.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 5.95 %
RY.PR.Z	FixedReset Disc	-2.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 5.39 %
MFC.PR.M	FixedReset Ins Non	-2.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 12.82 Evaluated at bid price : 12.82 Bid-YTW : 6.12 %
EIT.PR.B	SplitShare	-2.08 %	YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2025-03-14 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 6.38 %
HSE.PR.G	FixedReset Disc	-2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.01 Evaluated at bid price : 8.01 Bid-YTW : 12.69 %
MFC.PR.L	FixedReset Ins Non	-2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 12.44 Evaluated at bid price : 12.44 Bid-YTW : 5.93 %
IAF.PR.G	FixedReset Ins Non	-1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 6.57 %
SLF.PR.H	FixedReset Ins Non	-1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 6.00 %
TRP.PR.F	FloatingReset	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 9.25 Evaluated at bid price : 9.25 Bid-YTW : 6.06 %
CM.PR.Q	FixedReset Disc	-1.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.37 Evaluated at bid price : 13.37 Bid-YTW : 6.12 %
CM.PR.P	FixedReset Disc	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.08 Evaluated at bid price : 13.08 Bid-YTW : 5.87 %
BMO.PR.T	FixedReset Disc	-1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.10 Evaluated at bid price : 13.10 Bid-YTW : 5.71 %
EML.PR.A	FixedReset Ins Non	-1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.68 Evaluated at bid price : 22.10 Bid-YTW : 6.21 %
BMO.PR.S	FixedReset Disc	-1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.45 Evaluated at bid price : 13.45 Bid-YTW : 5.78 %
MFC.PR.J	FixedReset Ins Non	-1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 14.10 Evaluated at bid price : 14.10 Bid-YTW : 6.06 %
RY.PR.H	FixedReset Disc	-1.36 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.81 Evaluated at bid price : 13.81 Bid-YTW : 5.45 %
BAM.PR.R	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 6.42 %
MFC.PR.H	FixedReset Ins Non	-1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 14.75 Evaluated at bid price : 14.75 Bid-YTW : 6.32 %
BAM.PF.F	FixedReset Disc	-1.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.99 Evaluated at bid price : 13.99 Bid-YTW : 6.35 %
BAM.PR.B	Floater	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 7.18 Evaluated at bid price : 7.18 Bid-YTW : 6.03 %
BMO.PR.Y	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.86 Evaluated at bid price : 13.86 Bid-YTW : 5.84 %
IFC.PR.I	Perpetual-Discount	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 22.66 Evaluated at bid price : 23.01 Bid-YTW : 5.96 %
BAM.PF.E	FixedReset Disc	-1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 12.62 Evaluated at bid price : 12.62 Bid-YTW : 6.39 %
BAM.PF.A	FixedReset Disc	1.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 6.10 %
PVS.PR.G	SplitShare	1.11 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.76 Bid-YTW : 6.06 %
PWF.PR.I	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 23.49 Evaluated at bid price : 23.76 Bid-YTW : 6.33 %
MFC.PR.F	FixedReset Ins Non	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.10 Evaluated at bid price : 8.10 Bid-YTW : 5.91 %
IFC.PR.E	Deemed-Retractible	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.43 Evaluated at bid price : 21.75 Bid-YTW : 6.02 %
TD.PF.I	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 5.40 %
MFC.PR.O	FixedReset Ins Non	1.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 22.97 Evaluated at bid price : 23.48 Bid-YTW : 5.84 %
SLF.PR.A	Deemed-Retractible	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.03 %
GWO.PR.N	FixedReset Ins Non	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.63 Evaluated at bid price : 8.63 Bid-YTW : 5.19 %
CIU.PR.A	Perpetual-Discount	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.60 Evaluated at bid price : 19.60 Bid-YTW : 5.96 %
POW.PR.B	Perpetual-Discount	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.39 %
RY.PR.J	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 15.20 Evaluated at bid price : 15.20 Bid-YTW : 5.35 %
RY.PR.Q	FixedReset Disc	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 22.90 Evaluated at bid price : 23.42 Bid-YTW : 5.42 %
BAM.PF.D	Perpetual-Discount	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 6.27 %
GWO.PR.M	Deemed-Retractible	1.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 6.28 %
BAM.PF.C	Perpetual-Discount	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.43 Evaluated at bid price : 19.43 Bid-YTW : 6.31 %
PWF.PR.H	Perpetual-Discount	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 6.34 %
GWO.PR.Q	Deemed-Retractible	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 6.27 %
BNS.PR.H	FixedReset Disc	1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.52 Evaluated at bid price : 21.89 Bid-YTW : 5.34 %
CU.PR.F	Perpetual-Discount	1.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 20.15 Evaluated at bid price : 20.15 Bid-YTW : 5.67 %
RY.PR.N	Perpetual-Discount	1.79 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 22.38 Evaluated at bid price : 22.70 Bid-YTW : 5.47 %
TD.PF.D	FixedReset Disc	1.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 14.79 Evaluated at bid price : 14.79 Bid-YTW : 5.53 %
BAM.PF.J	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.59 Evaluated at bid price : 22.00 Bid-YTW : 5.43 %
PWF.PR.A	Floater	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.35 Evaluated at bid price : 8.35 Bid-YTW : 5.21 %
IFC.PR.F	Deemed-Retractible	2.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.97 Evaluated at bid price : 22.27 Bid-YTW : 6.00 %
TD.PF.L	FixedReset Disc	2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.30 Evaluated at bid price : 19.30 Bid-YTW : 5.29 %
CM.PR.Y	FixedReset Disc	2.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 20.30 Evaluated at bid price : 20.30 Bid-YTW : 5.39 %
BIP.PR.A	FixedReset Disc	3.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 7.40 %
MFC.PR.B	Deemed-Retractible	3.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.49 Evaluated at bid price : 19.49 Bid-YTW : 6.04 %
BIP.PR.B	FixedReset Disc	3.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.55 Evaluated at bid price : 21.90 Bid-YTW : 6.33 %
CM.PR.R	FixedReset Disc	3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 16.74 Evaluated at bid price : 16.74 Bid-YTW : 5.89 %
IFC.PR.C	FixedReset Ins Non	3.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.88 Evaluated at bid price : 13.88 Bid-YTW : 5.71 %
BMO.PR.B	FixedReset Disc	3.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.57 Evaluated at bid price : 21.96 Bid-YTW : 5.25 %
NA.PR.E	FixedReset Disc	5.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 5.65 %
TRP.PR.A	FixedReset Disc	7.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 10.65 Evaluated at bid price : 10.65 Bid-YTW : 6.41 %
BIP.PR.E	FixedReset Disc	8.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.99 Evaluated at bid price : 19.99 Bid-YTW : 6.32 %

Volume Highlights
Issue	Index	Shares Traded	Notes
TRP.PR.F	FloatingReset	273,856	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 9.25 Evaluated at bid price : 9.25 Bid-YTW : 6.06 %
HSE.PR.A	FixedReset Disc	239,362	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 4.85 Evaluated at bid price : 4.85 Bid-YTW : 11.60 %
HSE.PR.E	FixedReset Disc	215,004	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.30 Evaluated at bid price : 8.30 Bid-YTW : 13.25 %
CM.PR.R	FixedReset Disc	210,505	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 16.74 Evaluated at bid price : 16.74 Bid-YTW : 5.89 %
BAM.PR.B	Floater	194,685	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 7.18 Evaluated at bid price : 7.18 Bid-YTW : 6.03 %
HSE.PR.G	FixedReset Disc	176,970	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.01 Evaluated at bid price : 8.01 Bid-YTW : 12.69 %
RY.PR.C	Deemed-Retractible	176,575	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.78 Bid-YTW : 5.55 %
GWO.PR.N	FixedReset Ins Non	167,981	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.63 Evaluated at bid price : 8.63 Bid-YTW : 5.19 %
SLF.PR.H	FixedReset Ins Non	143,342	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 11.15 Evaluated at bid price : 11.15 Bid-YTW : 6.00 %
IFC.PR.I	Perpetual-Discount	142,131	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 22.66 Evaluated at bid price : 23.01 Bid-YTW : 5.96 %
TRP.PR.B	FixedReset Disc	141,265	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 7.01 Evaluated at bid price : 7.01 Bid-YTW : 6.28 %
IAF.PR.I	FixedReset Ins Non	130,863	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.90 Evaluated at bid price : 13.90 Bid-YTW : 6.38 %
TD.PF.M	FixedReset Disc	128,217	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 5.44 %
SLF.PR.J	FloatingReset	118,530	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 8.15 Evaluated at bid price : 8.15 Bid-YTW : 5.29 %
There were 90 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.A	FixedReset Disc	Quote: 15.41 – 21.00 Spot Rate : 5.5900 Average : 3.2291 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 15.41 Evaluated at bid price : 15.41 Bid-YTW : 6.10 %
PWF.PR.P	FixedReset Disc	Quote: 9.03 – 13.90 Spot Rate : 4.8700 Average : 2.9205 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 9.03 Evaluated at bid price : 9.03 Bid-YTW : 5.77 %
W.PR.M	FixedReset Disc	Quote: 22.34 – 24.70 Spot Rate : 2.3600 Average : 1.3202 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.83 Evaluated at bid price : 22.34 Bid-YTW : 5.83 %
SLF.PR.I	FixedReset Ins Non	Quote: 13.50 – 16.00 Spot Rate : 2.5000 Average : 1.5254 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 13.50 Evaluated at bid price : 13.50 Bid-YTW : 6.09 %
IFC.PR.F	Deemed-Retractible	Quote: 22.27 – 24.80 Spot Rate : 2.5300 Average : 1.5695 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 21.97 Evaluated at bid price : 22.27 Bid-YTW : 6.00 %
TRP.PR.E	FixedReset Disc	Quote: 10.46 – 13.00 Spot Rate : 2.5400 Average : 1.6315 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-04-17 Maturity Price : 10.46 Evaluated at bid price : 10.46 Bid-YTW : 7.45 %

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