PrefBlog

Powell reminded us today that monetary policy is one thing and fiscal policy is another thing:

The Federal Reserve chair, Jerome H. Powell, delivered a stark warning on Wednesday that the United States was experiencing an economic hit “without modern precedent,” one that could permanently damage the economy if Congress and the White House did not provide sufficient financial support to prevent a wave of bankruptcies and prolonged joblessness.

Mr. Powell’s blunt diagnosis was the latest indication that the trillions of dollars that policymakers have already funneled into the economy may not be enough to forestall lasting damage from a virus that has already shuttered businesses and thrown more than 20 million people out of work.
….
“The recovery may take some time to gather momentum,” Mr. Powell said at a Peterson Institute for International Economics virtual event. “Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery.”

The markets hated this heresy:

U.S. and Canadian stocks fell sharply Wednesday after Federal Reserve Chairman Jerome Powell warned of extended economic weakness due to the coronavirus pandemic and called for Congress to agree on additional fiscal support.

Investors appeared to price in a deeper economic downturn than they had previously expected as they worried that Powell’s call for additional stimulus would go unanswered.

Sentiment for Toronto Stock Exchange stocks was further undermined by news that Norway’s US$1-trillion wealth fund blacklisted some Canadian oil companies such as Canadian Natural Resources Ltd and Suncor Energy Inc. The fund operates under ethical guidelines set by that country’s parliament and said it was excluding the companies for producing excessive greenhouse gas emissions.

The benchmark U.S. S&P 500 index fell 1.75 per cent and Canada’s S&P/TSX Composite Index lost 2.54 per cent to a two-week low as the energy sector tumbled 5.75 per cent.

TXPR closed at 512.29, down 2.03% on the day. Volume today was 2.71-million, roughly average in the context of the past thirty days.

CPD closed at 10.26, down 1.44% on the day. Volume was 237,998, the highest of the past 30 trading days, exceeding second-place April 29.

ZPR closed at 7.97, down 2.33% on the day. Volume of 397,224 was third-highest of the past 30 trading days, behind April 23 and April 30.

Five-year Canada yields were up 1bp to 0.39% today.

PerpetualDiscounts now yield 6.06%, equivalent to 7.88% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.31%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) has widened dramatically, to 455bp from the 435bp reported April 29. We are now back above the pre-2020 record of 445bp briefly touched in 2008.

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	-2.4605 %	1,445.7
FixedFloater	0.00 %	0.00 %	0	0.00	0	-2.4605 %	2,652.8
Floater	5.34 %	5.59 %	32,563	14.47	4	-2.4605 %	1,528.8
OpRet	0.00 %	0.00 %	0	0.00	0	-0.8945 %	3,331.4
SplitShare	4.98 %	5.64 %	81,009	3.88	7	-0.8945 %	3,978.4
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.8945 %	3,104.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	-0.3932 %	2,882.5
Perpetual-Discount	5.84 %	6.06 %	83,316	13.78	35	-0.3932 %	3,091.8
FixedReset Disc	6.49 %	5.37 %	199,471	14.70	83	-2.5771 %	1,752.6
Deemed-Retractible	5.55 %	5.84 %	95,425	13.75	27	-0.3942 %	3,054.7
FloatingReset	5.00 %	4.96 %	58,196	15.53	3	-1.0582 %	1,734.6
FixedReset Prem	0.00 %	0.00 %	0	0.00	0	-2.5771 %	2,423.8
FixedReset Bank Non	2.00 %	3.51 %	173,383	1.68	2	-0.6780 %	2,755.4
FixedReset Ins Non	6.79 %	5.56 %	126,693	14.12	22	-3.0785 %	1,751.6

Performance Highlights
Issue	Index	Change	Notes
PWF.PR.P	FixedReset Disc	-14.21 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.15 Evaluated at bid price : 8.15 Bid-YTW : 6.13 %
SLF.PR.H	FixedReset Ins Non	-12.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 5.90 %
BAM.PR.X	FixedReset Disc	-8.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 9.10 Evaluated at bid price : 9.10 Bid-YTW : 6.25 %
NA.PR.G	FixedReset Disc	-7.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 5.60 %
IFC.PR.C	FixedReset Ins Non	-7.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.40 Evaluated at bid price : 13.40 Bid-YTW : 5.77 %
BAM.PR.Z	FixedReset Disc	-6.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.85 Evaluated at bid price : 13.85 Bid-YTW : 6.53 %
HSE.PR.A	FixedReset Disc	-6.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 5.71 Evaluated at bid price : 5.71 Bid-YTW : 9.47 %
HSE.PR.E	FixedReset Disc	-6.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.75 Evaluated at bid price : 10.75 Bid-YTW : 10.01 %
GWO.PR.N	FixedReset Ins Non	-6.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.86 Evaluated at bid price : 8.86 Bid-YTW : 4.79 %
HSE.PR.C	FixedReset Disc	-6.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.55 Evaluated at bid price : 10.55 Bid-YTW : 9.53 %
BMO.PR.T	FixedReset Disc	-5.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.43 Evaluated at bid price : 13.43 Bid-YTW : 5.32 %
HSE.PR.G	FixedReset Disc	-5.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.00 Evaluated at bid price : 10.00 Bid-YTW : 9.94 %
MFC.PR.M	FixedReset Ins Non	-5.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.72 Evaluated at bid price : 13.72 Bid-YTW : 5.59 %
RY.PR.S	FixedReset Disc	-5.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 16.65 Evaluated at bid price : 16.65 Bid-YTW : 4.76 %
TD.PF.K	FixedReset Disc	-5.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 5.16 %
CM.PR.O	FixedReset Disc	-5.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.37 Evaluated at bid price : 13.37 Bid-YTW : 5.56 %
BAM.PF.J	FixedReset Disc	-4.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.74 %
TRP.PR.G	FixedReset Disc	-4.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.29 %
TRP.PR.C	FixedReset Disc	-4.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.16 Evaluated at bid price : 8.16 Bid-YTW : 5.92 %
SLF.PR.G	FixedReset Ins Non	-4.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.87 Evaluated at bid price : 8.87 Bid-YTW : 5.06 %
RY.PR.H	FixedReset Disc	-4.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.74 Evaluated at bid price : 14.74 Bid-YTW : 4.87 %
IFC.PR.A	FixedReset Ins Non	-4.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.45 Evaluated at bid price : 10.45 Bid-YTW : 5.56 %
CM.PR.Q	FixedReset Disc	-4.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.80 %
NA.PR.S	FixedReset Disc	-4.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.23 Evaluated at bid price : 14.23 Bid-YTW : 5.39 %
BAM.PR.R	FixedReset Disc	-4.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 6.44 %
BMO.PR.C	FixedReset Disc	-4.34 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.63 Evaluated at bid price : 17.63 Bid-YTW : 5.39 %
CM.PR.Y	FixedReset Disc	-4.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 5.29 %
BNS.PR.I	FixedReset Disc	-4.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 4.80 %
IAF.PR.G	FixedReset Ins Non	-4.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.59 Evaluated at bid price : 14.59 Bid-YTW : 5.71 %
NA.PR.E	FixedReset Disc	-4.19 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.10 Evaluated at bid price : 15.10 Bid-YTW : 5.38 %
RY.PR.Z	FixedReset Disc	-4.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.72 Evaluated at bid price : 14.72 Bid-YTW : 4.80 %
PVS.PR.G	SplitShare	-4.09 %	YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.45 Bid-YTW : 6.42 %
BIP.PR.D	FixedReset Disc	-4.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 19.28 Evaluated at bid price : 19.28 Bid-YTW : 6.59 %
NA.PR.W	FixedReset Disc	-4.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.68 Evaluated at bid price : 13.68 Bid-YTW : 5.41 %
BAM.PR.T	FixedReset Disc	-4.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.95 Evaluated at bid price : 10.95 Bid-YTW : 6.43 %
PWF.PR.A	Floater	-4.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.88 Evaluated at bid price : 8.88 Bid-YTW : 4.84 %
CM.PR.S	FixedReset Disc	-3.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.82 Evaluated at bid price : 14.82 Bid-YTW : 5.27 %
BAM.PF.G	FixedReset Disc	-3.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 12.80 Evaluated at bid price : 12.80 Bid-YTW : 6.36 %
TD.PF.A	FixedReset Disc	-3.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.51 Evaluated at bid price : 14.51 Bid-YTW : 4.99 %
EML.PR.A	FixedReset Ins Non	-3.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.74 Evaluated at bid price : 23.30 Bid-YTW : 5.80 %
IAF.PR.I	FixedReset Ins Non	-3.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 5.44 %
TD.PF.D	FixedReset Disc	-3.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.19 %
RY.PR.J	FixedReset Disc	-3.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.06 Evaluated at bid price : 15.06 Bid-YTW : 5.17 %
TD.PF.C	FixedReset Disc	-2.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.81 Evaluated at bid price : 14.81 Bid-YTW : 5.03 %
TD.PF.J	FixedReset Disc	-2.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 5.09 %
BAM.PF.B	FixedReset Disc	-2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 6.28 %
BAM.PF.A	FixedReset Disc	-2.81 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.55 Evaluated at bid price : 15.55 Bid-YTW : 5.94 %
TD.PF.E	FixedReset Disc	-2.72 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.76 Evaluated at bid price : 15.76 Bid-YTW : 5.19 %
CM.PR.T	FixedReset Disc	-2.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 19.52 Evaluated at bid price : 19.52 Bid-YTW : 5.18 %
BIP.PR.C	FixedReset Disc	-2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 21.67 Evaluated at bid price : 22.10 Bid-YTW : 6.13 %
TD.PF.B	FixedReset Disc	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.66 Evaluated at bid price : 14.66 Bid-YTW : 4.97 %
BAM.PF.F	FixedReset Disc	-2.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.93 Evaluated at bid price : 13.93 Bid-YTW : 6.28 %
BIP.PR.E	FixedReset Disc	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.69 %
IFC.PR.G	FixedReset Ins Non	-2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.46 %
MFC.PR.J	FixedReset Ins Non	-2.49 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.46 %
MFC.PR.F	FixedReset Ins Non	-2.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.80 Evaluated at bid price : 8.80 Bid-YTW : 5.19 %
CM.PR.R	FixedReset Disc	-2.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.10 Evaluated at bid price : 17.10 Bid-YTW : 5.66 %
BAM.PR.B	Floater	-2.39 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 7.77 Evaluated at bid price : 7.77 Bid-YTW : 5.59 %
TRP.PR.E	FixedReset Disc	-2.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 12.90 Evaluated at bid price : 12.90 Bid-YTW : 5.85 %
BMO.PR.W	FixedReset Disc	-2.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.65 Evaluated at bid price : 14.65 Bid-YTW : 4.96 %
BMO.PR.F	FixedReset Disc	-2.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.62 Evaluated at bid price : 20.62 Bid-YTW : 5.04 %
BAM.PF.E	FixedReset Disc	-2.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 12.75 Evaluated at bid price : 12.75 Bid-YTW : 6.21 %
MFC.PR.Q	FixedReset Ins Non	-2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.41 %
BMO.PR.D	FixedReset Disc	-2.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.11 Evaluated at bid price : 17.11 Bid-YTW : 5.34 %
CM.PR.P	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 5.28 %
BAM.PR.C	Floater	-2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 7.73 Evaluated at bid price : 7.73 Bid-YTW : 5.62 %
PWF.PR.H	Perpetual-Discount	-2.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.95 Evaluated at bid price : 23.22 Bid-YTW : 6.24 %
NA.PR.C	FixedReset Disc	-2.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.71 %
BNS.PR.H	FixedReset Disc	-1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.91 Evaluated at bid price : 23.30 Bid-YTW : 4.93 %
MFC.PR.I	FixedReset Ins Non	-1.84 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.51 Evaluated at bid price : 15.51 Bid-YTW : 5.55 %
PVS.PR.D	SplitShare	-1.81 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2021-10-08 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 6.82 %
RY.PR.Q	FixedReset Disc	-1.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 23.92 Evaluated at bid price : 24.40 Bid-YTW : 5.03 %
TRP.PR.F	FloatingReset	-1.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 9.63 Evaluated at bid price : 9.63 Bid-YTW : 5.60 %
TD.PF.M	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 21.33 Evaluated at bid price : 21.33 Bid-YTW : 4.98 %
MFC.PR.H	FixedReset Ins Non	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 16.25 Evaluated at bid price : 16.25 Bid-YTW : 5.61 %
BAM.PF.H	FixedReset Disc	-1.69 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.64 Evaluated at bid price : 23.30 Bid-YTW : 5.40 %
RY.PR.M	FixedReset Disc	-1.68 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.14 %
MFC.PR.N	FixedReset Ins Non	-1.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.11 Evaluated at bid price : 14.11 Bid-YTW : 5.30 %
MFC.PR.G	FixedReset Ins Non	-1.64 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 5.63 %
BAM.PR.M	Perpetual-Discount	-1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 19.98 Evaluated at bid price : 19.98 Bid-YTW : 6.04 %
GWO.PR.L	Deemed-Retractible	-1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 23.16 Evaluated at bid price : 23.42 Bid-YTW : 6.11 %
BMO.PR.B	FixedReset Disc	-1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.41 Evaluated at bid price : 22.75 Bid-YTW : 4.90 %
SLF.PR.I	FixedReset Ins Non	-1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.98 Evaluated at bid price : 14.98 Bid-YTW : 5.35 %
TRP.PR.A	FixedReset Disc	-1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 11.51 Evaluated at bid price : 11.51 Bid-YTW : 5.76 %
TRP.PR.K	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.73 Evaluated at bid price : 23.05 Bid-YTW : 5.40 %
TD.PF.I	FixedReset Disc	-1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 4.97 %
BMO.PR.S	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.60 Evaluated at bid price : 14.60 Bid-YTW : 5.07 %
BIP.PR.A	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 14.16 Evaluated at bid price : 14.16 Bid-YTW : 7.05 %
BAM.PF.I	FixedReset Disc	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.10 Evaluated at bid price : 22.40 Bid-YTW : 5.42 %
MFC.PR.R	FixedReset Ins Non	-1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 19.46 Evaluated at bid price : 19.46 Bid-YTW : 5.57 %
BAM.PF.C	Perpetual-Discount	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 6.08 %
TD.PF.L	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.25 Evaluated at bid price : 20.25 Bid-YTW : 4.95 %
BMO.PR.E	FixedReset Disc	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.18 Evaluated at bid price : 17.18 Bid-YTW : 4.95 %
BAM.PR.K	Floater	-1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 7.73 Evaluated at bid price : 7.73 Bid-YTW : 5.62 %
BAM.PR.N	Perpetual-Discount	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 19.86 Evaluated at bid price : 19.86 Bid-YTW : 6.07 %
MFC.PR.O	FixedReset Ins Non	-1.14 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 23.78 Evaluated at bid price : 24.26 Bid-YTW : 5.58 %
BAM.PF.D	Perpetual-Discount	-1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.54 Evaluated at bid price : 20.54 Bid-YTW : 6.06 %
SLF.PR.J	FloatingReset	-1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 8.95 Evaluated at bid price : 8.95 Bid-YTW : 4.57 %
BNS.PR.G	FixedReset Disc	-1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 24.23 Evaluated at bid price : 24.62 Bid-YTW : 5.21 %
PWF.PR.T	FixedReset Disc	-1.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.86 Evaluated at bid price : 13.86 Bid-YTW : 5.60 %
PWF.PR.G	Perpetual-Discount	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 23.68 Evaluated at bid price : 23.95 Bid-YTW : 6.21 %
W.PR.K	FixedReset Disc	-1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 23.44 Evaluated at bid price : 24.10 Bid-YTW : 5.47 %
PVS.PR.H	SplitShare	1.45 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2027-02-28 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 5.27 %
CIU.PR.A	Perpetual-Discount	1.48 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.60 %
TRP.PR.B	FixedReset Disc	1.83 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 7.81 Evaluated at bid price : 7.81 Bid-YTW : 5.33 %

Volume Highlights
Issue	Index	Shares Traded	Notes
RY.PR.R	FixedReset Disc	55,339	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 24.54 Evaluated at bid price : 24.85 Bid-YTW : 5.22 %
TD.PF.H	FixedReset Disc	53,355	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 22.60 Evaluated at bid price : 23.02 Bid-YTW : 4.92 %
BAM.PF.B	FixedReset Disc	48,922	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.55 Evaluated at bid price : 13.55 Bid-YTW : 6.28 %
GWO.PR.G	Deemed-Retractible	47,029	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 21.44 Evaluated at bid price : 21.70 Bid-YTW : 6.07 %
MFC.PR.Q	FixedReset Ins Non	37,688	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 5.41 %
NA.PR.C	FixedReset Disc	28,032	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 17.15 Evaluated at bid price : 17.15 Bid-YTW : 5.71 %
There were 48 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
BAM.PF.J	FixedReset Disc	Quote: 21.00 – 22.47 Spot Rate : 1.4700 Average : 0.9249 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.74 %
SLF.PR.H	FixedReset Ins Non	Quote: 11.00 – 12.54 Spot Rate : 1.5400 Average : 1.0356 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 5.90 %
IFC.PR.A	FixedReset Ins Non	Quote: 10.45 – 11.75 Spot Rate : 1.3000 Average : 0.8380 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 10.45 Evaluated at bid price : 10.45 Bid-YTW : 5.56 %
CM.PR.Y	FixedReset Disc	Quote: 20.38 – 21.65 Spot Rate : 1.2700 Average : 0.8630 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 20.38 Evaluated at bid price : 20.38 Bid-YTW : 5.29 %
TRP.PR.G	FixedReset Disc	Quote: 13.56 – 15.20 Spot Rate : 1.6400 Average : 1.2527 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-05-13 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 6.29 %
PVS.PR.G	SplitShare	Quote: 23.45 – 24.50 Spot Rate : 1.0500 Average : 0.7499 YTW SCENARIO Maturity Type : Option Certainty Maturity Date : 2026-02-28 Maturity Price : 25.00 Evaluated at bid price : 23.45 Bid-YTW : 6.42 %

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