PrefBlog

TXPR closed at 546.67, up 1.39% on the day. Volume today was 1.06-million, near the median of the past 21 trading days.

CPD closed at 11.05, up 2.13% on the day. Volume was 177,600, second-highest of the past 21 trading days.

ZPR closed at 9.08, up 1.68% on the day. Volume was 181,000, near the median of the past 21 trading days.

Five-year Canada yields roared up to 3.08% today.

First Republic got a huge deposit infusion from its rivals:

Less than a week after the sudden collapse of a trio of smaller banks dented the confidence of depositors across the country, a group of 11 banks reached a $30 billion deal to prop up another lender caught in the turmoil.

First Republic Bank, which has been at the center of the crisis engulfing a sliver of the banking industry, will receive a huge injection of deposits from other lenders in a bid to stave off a collapse, the banks said on Thursday.

Four of the country’s biggest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — agreed to contribute $5 billion each. Goldman Sachs and Morgan Stanley will contribute $2.5 billion each and BNY Mellon, PNC Bank, State Street, Truist and US Bank will each add $1 billion.

The deposits are uninsured, the banks said — effectively making them votes of confidence in First Republic’s future. In announcing the deposits, the banks said recent events did nothing to undermine the banking system but that they were deploying their financial strength “where it is needed the most.”

Apparently:

The plan for the rescue deal first emerged on Tuesday during a coordination call between Treasury Secretary Yellen and Jerome H. Powell, the chairman of the Federal Reserve, according to a person familiar with discussions.

The idea was first proposed by Yellen, who believed that bringing banks to inject money into First Republic would be a strong sign of private sector support and confidence in the banking system, this person said.

Shortly after Jamie Dimon, the chief executive of JPMorgan Chase, called Yellen to check in and she proposed the idea. He started wrangling bank executives while she called with business leaders and regulators.

Over the next 48 hours, the group of interested banks grew. On Thursday morning, Yellen – before she was scheduled to testify before the Senate Finance Committee – convened a call with the regulators and bank CEOs to finalize the deal.

Following the hearing, Dimon came to meet Yellen in her office to finalize things ahead of the announcement.

I don’t get it. What’s in this deal for the depositing banks? Can it really be that the show of confidence will calm conditions so that their profits grow in the forseeable future? Or is this just arm-twisting by the feds as the world moves deeper into State Capitalism territory?

Credit Suisse got more traditional support:

Credit Suisse said it would borrow up to 50 billion Swiss francs ($53.7 billion) from the Swiss National Bank, taking advantage of a lifeline offered by the central bank late Wednesday after the lender’s stock had crashed as much as 30% to a new record low. It also said it would buy back some of its own debt.
…
Credit Suisse’s shares soared 32% at the open but erased some of those gains to close up 19% in Zurich. The cost of buying insurance against the risk of default by the bank eased back from record highs hit Wednesday.

The bank has lost about a quarter of its stock market value since the start of 2023, and more than 70% in the past 12 months, as a series of scandals, missteps and compliance failures have steadily undermined the confidence of investors and clients.
…
Customers withdrew 123 billion Swiss francs ($133 billion) from Credit Suisse in 2022 — mostly in the fourth quarter — and the bank reported in February an annual net loss of nearly 7.3 billion Swiss francs ($7.9 billion), its biggest since the global financial crisis in 2008.

Nonetheless, DBRS downgraded Credit Suisse:

DBRS Ratings Limited (DBRS Morningstar) downgraded the Long-Term Issuer Rating of Credit Suisse AG (the Bank) to ‘BBB’ from ‘A (low)’ and the Long-Term Issuer Rating of Credit Suisse Group AG (Credit Suisse, CSG or the Group), the top-level holding company to ‘BBB (low)’ from ‘BBB (high)’. The Bank’s Short-Term Issuer ratings was downgraded to R-2 (high), and CSG’s Short-Term Issuer ratings was downgraded to R-2 (middle). The trend is Negative on all ratings. The Intrinsic Assessment (IA) for the Bank is ‘BBB’, and the Support Assessment is SA1. The Group’s Support Assessment is SA3. See the full list of ratings in the table at the end of this press release.

KEY RATING CONSIDERATIONS

The downgrade of Credit Suisse AG’s Long-Term ratings to BBB takes into account DBRS Morningstar’s view that CSG continues to report missteps and compliance failures, resulting in a visible weakening of the franchise as evidenced by the high level of deposit outflows in Q4 2022, alongside high costs. Today’s rating action reflects DBRS Morningstar’s increasing concerns over the Group’s ability to restore stakeholders’ confidence. The current market volatility affecting the financial sector globally has added to the negative impact resulting from CSG’s recent compliance failures, and this has led to a significant decline in Credit Suisse’s market capitalisation. In addition, the Wealth Management division, Credit Suisse’s core franchise, has not been as resilient as expected and this weakness appears likely to continue.

There has been a lot of talk that bank-sector market chaos might cause the Fed to pause. Well, maybe, but here’s what Christine Lagarde had to say:

Good afternoon, the Vice-President and I welcome you to our press conference.

Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with our determination to ensure the timely return of inflation to our two per cent medium-term target. The elevated level of uncertainty reinforces the importance of a data-dependent approach to our policy rate decisions, which will be determined by our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission.

We are monitoring current market tensions closely and stand ready to respond as necessary to preserve price stability and financial stability in the euro area. The euro area banking sector is resilient, with strong capital and liquidity positions. In any case, our policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy.

The new ECB staff macroeconomic projections were finalised in early March before the recent emergence of financial market tensions. As such, these tensions imply additional uncertainty around the baseline assessments of inflation and growth. Prior to these latest developments, the baseline path for headline inflation had already been revised down, mainly owing to a smaller contribution from energy prices than previously expected. ECB staff now see inflation averaging 5.3 per cent in 2023, 2.9 per cent in 2024 and 2.1 per cent in 2025. At the same time, underlying price pressures remain strong. Inflation excluding energy and food continued to increase in February and ECB staff expect it to average 4.6 per cent in 2023, which is higher than foreseen in the December projections. Subsequently, it is projected to come down to 2.5 per cent in 2024 and 2.2 per cent in 2025, as the upward pressures from past supply shocks and the reopening of the economy fade out and as tighter monetary policy increasingly dampens demand.

The baseline projections for growth in 2023 have been revised up to an average of 1.0 per cent as a result of both the decline in energy prices and the economy’s greater resilience to the challenging international environment. ECB staff then expect growth to pick up further, to 1.6 per cent, in both 2024 and 2025, underpinned by a robust labour market, improving confidence and a recovery in real incomes. At the same time, the pick-up in growth in 2024 and 2025 is weaker than projected in December, owing to the tightening of monetary policy.

The decisions taken today are set out in a press release available on our website.

I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions.
…
Summing up, inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points, in line with our determination to ensure the timely return of inflation to our two per cent medium-term target. The elevated level of uncertainty reinforces the importance of a data-dependent approach to our policy rate decisions, which will be determined by our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation, and the strength of monetary policy transmission. We are monitoring current market tensions closely and stand ready to respond as necessary to preserve price stability and financial stability in the euro area.

In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation returns to our medium-term target and to preserve the smooth functioning of monetary policy transmission.

We are now ready to take your questions.

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	1.5690 %	2,364.2
FixedFloater	0.00 %	0.00 %	0	0.00	0	1.5690 %	4,534.4
Floater	9.53 %	9.36 %	58,529	10.12	2	1.5690 %	2,613.2
OpRet	0.00 %	0.00 %	0	0.00	0	-0.1858 %	3,305.2
SplitShare	5.09 %	7.36 %	52,492	2.71	7	-0.1858 %	3,947.1
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	-0.1858 %	3,079.7
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.9688 %	2,725.5
Perpetual-Discount	6.26 %	6.39 %	61,206	13.29	35	0.9688 %	2,972.1
FixedReset Disc	5.74 %	7.51 %	99,160	12.22	61	1.6766 %	2,140.2
Insurance Straight	6.19 %	6.29 %	80,180	13.55	20	0.8923 %	2,899.3
FloatingReset	10.34 %	10.66 %	34,896	9.10	2	0.8372 %	2,443.9
FixedReset Prem	6.62 %	6.48 %	225,432	12.76	2	1.0030 %	2,336.7
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	1.6766 %	2,187.8
FixedReset Ins Non	5.58 %	7.10 %	86,911	12.40	13	1.6403 %	2,328.4

Performance Highlights
Issue	Index	Change	Notes
BN.PR.M	Perpetual-Discount	-5.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 6.92 %
CU.PR.F	Perpetual-Discount	-2.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.94 Evaluated at bid price : 17.94 Bid-YTW : 6.34 %
CU.PR.E	Perpetual-Discount	-2.55 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.48 %
CU.PR.I	FixedReset Disc	-2.07 %	YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-01 Maturity Price : 25.00 Evaluated at bid price : 24.12 Bid-YTW : 6.03 %
PVS.PR.K	SplitShare	-1.38 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 21.50 Bid-YTW : 7.36 %
BN.PF.J	FixedReset Disc	-1.35 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.65 Evaluated at bid price : 22.00 Bid-YTW : 6.94 %
MFC.PR.J	FixedReset Ins Non	-1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.23 Evaluated at bid price : 21.23 Bid-YTW : 6.57 %
FTS.PR.F	Perpetual-Discount	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.21 %
TRP.PR.C	FixedReset Disc	1.01 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 10.97 Evaluated at bid price : 10.97 Bid-YTW : 9.05 %
PWF.PR.K	Perpetual-Discount	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.85 Evaluated at bid price : 19.85 Bid-YTW : 6.34 %
IFC.PR.A	FixedReset Ins Non	1.03 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 7.10 %
GWO.PR.I	Insurance Straight	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.39 Evaluated at bid price : 18.39 Bid-YTW : 6.14 %
CM.PR.Y	FixedReset Disc	1.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.40 Evaluated at bid price : 23.85 Bid-YTW : 6.81 %
MFC.PR.K	FixedReset Ins Non	1.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 6.88 %
FTS.PR.M	FixedReset Disc	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.53 Evaluated at bid price : 16.53 Bid-YTW : 8.01 %
BN.PR.N	Perpetual-Discount	1.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 6.56 %
ELF.PR.H	Perpetual-Discount	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.48 Evaluated at bid price : 21.74 Bid-YTW : 6.44 %
PWF.PR.R	Perpetual-Discount	1.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.65 Evaluated at bid price : 21.90 Bid-YTW : 6.37 %
CM.PR.Q	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.62 %
FTS.PR.K	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 15.72 Evaluated at bid price : 15.72 Bid-YTW : 7.92 %
FTS.PR.G	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.34 %
BN.PR.B	Floater	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 9.36 %
RY.PR.S	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.72 %
BN.PR.T	FixedReset Disc	1.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 14.05 Evaluated at bid price : 14.05 Bid-YTW : 8.64 %
ELF.PR.G	Perpetual-Discount	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.38 %
ELF.PR.F	Perpetual-Discount	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 6.49 %
BNS.PR.I	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.91 %
GWO.PR.R	Insurance Straight	1.30 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 6.20 %
POW.PR.G	Perpetual-Discount	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 22.04 Evaluated at bid price : 22.27 Bid-YTW : 6.40 %
BN.PR.X	FixedReset Disc	1.32 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 14.56 Evaluated at bid price : 14.56 Bid-YTW : 8.11 %
BIP.PR.F	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 7.70 %
BN.PF.B	FixedReset Disc	1.33 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.26 %
PWF.PR.S	Perpetual-Discount	1.37 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.24 Evaluated at bid price : 19.24 Bid-YTW : 6.34 %
CU.PR.H	Perpetual-Discount	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.37 Evaluated at bid price : 21.37 Bid-YTW : 6.21 %
CCS.PR.C	Insurance Straight	1.40 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.62 Evaluated at bid price : 19.62 Bid-YTW : 6.40 %
TD.PF.I	FixedReset Prem	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.21 Evaluated at bid price : 25.05 Bid-YTW : 6.04 %
MIC.PR.A	Perpetual-Discount	1.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.69 Evaluated at bid price : 20.69 Bid-YTW : 6.56 %
CU.PR.J	Perpetual-Discount	1.44 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.32 %
BN.PF.I	FixedReset Disc	1.47 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 7.78 %
PWF.PR.O	Perpetual-Discount	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 22.71 Evaluated at bid price : 23.00 Bid-YTW : 6.40 %
BMO.PR.Y	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.51 Evaluated at bid price : 17.51 Bid-YTW : 7.52 %
MFC.PR.C	Insurance Straight	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.67 Evaluated at bid price : 18.67 Bid-YTW : 6.07 %
TD.PF.M	FixedReset Disc	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.48 Evaluated at bid price : 23.92 Bid-YTW : 6.75 %
TRP.PR.A	FixedReset Disc	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 13.48 Evaluated at bid price : 13.48 Bid-YTW : 8.72 %
SLF.PR.J	FloatingReset	1.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 14.80 Evaluated at bid price : 14.80 Bid-YTW : 10.15 %
POW.PR.C	Perpetual-Discount	1.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.07 Evaluated at bid price : 23.33 Bid-YTW : 6.33 %
SLF.PR.G	FixedReset Ins Non	1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 7.92 %
BMO.PR.S	FixedReset Disc	1.75 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 7.50 %
CU.PR.C	FixedReset Disc	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.89 Evaluated at bid price : 18.89 Bid-YTW : 7.09 %
MFC.PR.F	FixedReset Ins Non	1.78 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 12.59 Evaluated at bid price : 12.59 Bid-YTW : 7.78 %
TD.PF.J	FixedReset Disc	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.74 %
IFC.PR.G	FixedReset Ins Non	1.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 7.04 %
CU.PR.G	Perpetual-Discount	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 6.08 %
BN.PF.A	FixedReset Disc	1.86 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 7.84 %
IFC.PR.F	Insurance Straight	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.16 Evaluated at bid price : 21.16 Bid-YTW : 6.29 %
NA.PR.G	FixedReset Disc	1.92 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.71 Evaluated at bid price : 20.71 Bid-YTW : 6.95 %
BN.PR.K	Floater	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 9.83 %
BMO.PR.F	FixedReset Disc	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.52 Evaluated at bid price : 24.00 Bid-YTW : 6.67 %
SLF.PR.E	Insurance Straight	1.96 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.72 Evaluated at bid price : 18.72 Bid-YTW : 6.04 %
SLF.PR.D	Insurance Straight	2.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 5.99 %
RY.PR.O	Perpetual-Discount	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 5.49 %
BIP.PR.A	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 8.96 %
POW.PR.B	Perpetual-Discount	2.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 6.38 %
TD.PF.K	FixedReset Disc	2.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.84 Evaluated at bid price : 19.84 Bid-YTW : 7.05 %
MFC.PR.Q	FixedReset Ins Non	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.02 Evaluated at bid price : 19.02 Bid-YTW : 7.26 %
BMO.PR.W	FixedReset Disc	2.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.60 Evaluated at bid price : 16.60 Bid-YTW : 7.63 %
TRP.PR.D	FixedReset Disc	2.28 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 15.72 Evaluated at bid price : 15.72 Bid-YTW : 8.43 %
TRP.PR.B	FixedReset Disc	2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 10.56 Evaluated at bid price : 10.56 Bid-YTW : 8.99 %
BN.PF.G	FixedReset Disc	2.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 15.00 Evaluated at bid price : 15.00 Bid-YTW : 8.95 %
BIP.PR.E	FixedReset Disc	2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.71 Evaluated at bid price : 22.10 Bid-YTW : 6.72 %
PWF.PR.T	FixedReset Disc	2.70 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.62 %
RY.PR.Z	FixedReset Disc	2.93 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 7.41 %
TRP.PR.E	FixedReset Disc	2.98 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 8.54 %
TD.PF.L	FixedReset Disc	3.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.18 Evaluated at bid price : 23.70 Bid-YTW : 6.55 %
TD.PF.A	FixedReset Disc	3.05 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 7.53 %
IFC.PR.K	Perpetual-Discount	3.07 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.82 Evaluated at bid price : 20.82 Bid-YTW : 6.33 %
TD.PF.E	FixedReset Disc	3.11 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.22 Evaluated at bid price : 18.22 Bid-YTW : 7.44 %
MFC.PR.L	FixedReset Ins Non	3.17 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.92 Evaluated at bid price : 16.92 Bid-YTW : 7.43 %
CM.PR.P	FixedReset Disc	3.22 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.67 Evaluated at bid price : 16.67 Bid-YTW : 7.61 %
RY.PR.H	FixedReset Disc	3.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 7.39 %
CM.PR.O	FixedReset Disc	3.65 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 7.47 %
NA.PR.W	FixedReset Disc	3.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.38 Evaluated at bid price : 16.38 Bid-YTW : 7.75 %
RY.PR.J	FixedReset Disc	3.76 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.21 Evaluated at bid price : 18.21 Bid-YTW : 7.37 %
TD.PF.C	FixedReset Disc	3.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 7.59 %
NA.PR.S	FixedReset Disc	3.82 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.39 Evaluated at bid price : 17.39 Bid-YTW : 7.63 %
TD.PF.B	FixedReset Disc	3.91 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.57 %
BMO.PR.T	FixedReset Disc	4.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.73 Evaluated at bid price : 16.73 Bid-YTW : 7.60 %
TD.PF.D	FixedReset Disc	4.06 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 7.51 %
RY.PR.M	FixedReset Disc	4.43 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 7.37 %
MFC.PR.N	FixedReset Ins Non	4.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 16.85 Evaluated at bid price : 16.85 Bid-YTW : 7.50 %
MFC.PR.M	FixedReset Ins Non	6.97 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 7.37 %
PWF.PR.G	Perpetual-Discount	12.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 23.03 Evaluated at bid price : 23.30 Bid-YTW : 6.43 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PR.B	Floater	28,400	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 9.36 %
BN.PF.I	FixedReset Disc	22,600	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 7.78 %
BN.PR.K	Floater	22,550	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 9.83 %
MFC.PR.J	FixedReset Ins Non	16,450	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.23 Evaluated at bid price : 21.23 Bid-YTW : 6.57 %
TD.PF.B	FixedReset Disc	16,398	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 7.57 %
BMO.PR.E	FixedReset Disc	15,700	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 7.03 %
There were 6 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
TD.PF.J	FixedReset Disc	Quote: 21.25 – 24.35 Spot Rate : 3.1000 Average : 1.7123 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.74 %
TRP.PR.E	FixedReset Disc	Quote: 15.21 – 17.45 Spot Rate : 2.2400 Average : 1.3907 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 15.21 Evaluated at bid price : 15.21 Bid-YTW : 8.54 %
BN.PF.A	FixedReset Disc	Quote: 18.65 – 21.50 Spot Rate : 2.8500 Average : 2.1266 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.65 Evaluated at bid price : 18.65 Bid-YTW : 7.84 %
NA.PR.E	FixedReset Disc	Quote: 20.20 – 22.00 Spot Rate : 1.8000 Average : 1.1263 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 20.20 Evaluated at bid price : 20.20 Bid-YTW : 6.92 %
BNS.PR.I	FixedReset Disc	Quote: 19.65 – 21.25 Spot Rate : 1.6000 Average : 1.0040 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.91 %
CU.PR.G	Perpetual-Discount	Quote: 18.69 – 20.00 Spot Rate : 1.3100 Average : 0.7550 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-03-16 Maturity Price : 18.69 Evaluated at bid price : 18.69 Bid-YTW : 6.08 %

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