PrefBlog

TXPR closed at 530.35, up 0.90% on the day. Volume today was 852,710, a little below the median of the past 21 trading days.

CPD closed at 10.64, up 1.53% on the day. Volume was 57,180, fourth-highest of the past 21 trading days.

ZPR closed at 8.71, up 1.16% on the day. Volume was 128,000, below the median of the past 21 trading days.

Five-year Canada yields up to 3.52% today.

Jobs, jobs, jobs!:

U.S. employers added 339,000 jobs on a seasonally adjusted basis, the Labor Department said on Friday, an increase from a revised total of 294,000 in April.

The strong figures emerged from a survey of employers. A separate component of the report, based on a survey of households, yielded a somewhat dissonant picture.

That data showed a rise in the unemployment rate to 3.7 percent, from 3.4 percent, and a decrease of 310,000 in the number of people employed, as participation in the labor force was little changed.

In a sign that the pressure to entice workers with pay increases is easing, wage growth slowed slightly in May, with average hourly earnings increasing 0.3 percent from April, and 4.3 percent over the year.
…
How can job growth accelerate while the unemployment rate rises? The two figures come from different surveys, one of businesses (the source of the monthly payroll figure) and one of households (the source of the unemployment rate). Over time, the two typically tell consistent stories. but they can diverge in any given month.

Often, that divergence is nothing more than noise. But sometimes, it reflects something real happening in the economy. That’s because the two surveys measure different things: The survey of households, for example, includes gig workers and other people doing nontraditional jobs that aren’t counted in the business survey.

That appears to be what happened last month. In May, “unincorporated self-employment” — which includes gig workers, independent contractors and some small businesses — fell by 369,000, the third straight monthly decrease. Looking just at people working in more traditional jobs, employment rose in both surveys last month.
…
The share of people in their prime working years — 25- to 54-years-old — participating in the labor market reached 83.4 percent in May, a level not seen since 2007.
…
Investors have added to bets on the Fed raising interest rates in June. Still, bets remain skewed toward the central bank holding rates at their current level, in a range between 5 percent and 5.25 percent.

And the US debt limit will be out of the headlines for the next two years:

After weeks of political impasse, tense negotiations and mounting economic anxiety, the Senate gave final approval on Thursday night to bipartisan legislation suspending the debt limit and imposing new spending caps, sending it to President Biden and ending the possibility of a calamitous government default.

The approval by the Senate on a 63-to-36 vote brought to a close a political showdown that began brewing as soon as Republicans narrowly won the House in November, promising to use their new majority and the threat of a default to try to extract spending and policy concessions from Mr. Biden.

The Canaccord deal (last mentioned May 8) continues to appear dubious:

Canaccord Genuity Group Inc CF-T -7.03%decrease
management-led consortium said on Friday its $1.13-billion take-private offer may not result in a deal as there was “no reasonable chance” its conditions would be met by the expiry date.

This comes just a month after the management warned of delays in securing regulatory approvals for the offer, first announced in January.

The management has made no final decision on extending the June 13 deadline for the offer, which was opposed by a special committee of independent directors at the Canadian firm in February.

And, for what it’s worth, my faith in the company’s governance also continues to be dubious.

Toronto real estate continues to impress:

Toronto’s housing market recovered further in May, with sales and home prices climbing for the fourth consecutive month, as the shortage of properties for sale fuelled competition among buyers.

The home price index, which excludes the highest valued properties, increased by 1.6 per cent to $1,164,400 from April to May, according to the Toronto Regional Real Estate Board, or TRREB. Adjusting for seasonal influences, the home price index was up 3.2 per cent to $1,139,600.

Sales rose by 5 per cent month over month on a seasonally adjusted basis. And although new listings increased by 10 per cent as more homeowners put their properties on the market, the volume was about 50 per cent below the 10-year average for May.

Sales represented more than 70 per cent of the new listings, the second consecutive month of similar conditions. TRREB’s chief market analyst Jason Mercer said a measurement this high “represents a very tight market supporting strong price growth.” The last time the market was this tight was at the peak of the pandemic’s real estate boom in January of last year.

Pablo Hernández de Cos, Governor of the Bank of Spain, gave a speech titled The European Central Bank’s monetary policy in response to the price stability challenge:

From a monetary policy perspective, it must be borne in mind that this inflation forecast – which, I stress, is compatible with our medium-term price stability target – is based, among other assumptions, on market expectations for our interest rates that envisage the deposit facility rate peaking at around 3.75% in the coming months, holding at that level over the following quarters and only gradually falling from 2024 Q2.

Although no new projections were available in May, the latest data published since the March projections were prepared show, firstly, that economic activity has performed in line with the forecast. Thus, euro area GDP grew 0.1% in Q1 and the partial and essentially qualitative information available for Q2 suggests a slight acceleration. By component, private consumption remained weak, but the labour market continued to prove robust: the unemployment rate stood at historically low levels (6.9% in March, almost 1 pp below the February 2020 rate), although hours worked were still 1.6% below the pre-pandemic level.

Inflation of 7% in April was slightly higher than expected, while financial conditions tightened further – as a result, above all, of an even stronger euro exchange rate – and energy prices were at somewhat lower levels than those incorporated into the March projections.

All this information led us to consider that the medium-term inflation outlook in the March projections essentially remained valid. In this respect, the International Monetary Fund projections published on 18 April forecast a similar GDP and inflation outlook to that of the Eurosystem.

Underlying inflation (i.e. excluding energy and food) fell slightly in April, to 5.6%, but was higher than expected, after reaching a record high of 5.7% in March. Other indicators confirm that underlying price pressures remain strong. First, inflation rates for the underlying inflation components most exposed to higher energy prices,3 which increased by 4.5 pp over the course of 2022 (to 7.2% in December), have continued to rise and stood at 7.7% in April. Second, the price growth of those items most affected by the recovery in demand after the pandemic restrictions were lifted, such as those related to transport and household equipment and maintenance, shows signs of stabilising, albeit at levels that remain high (above 7%).4

In addition, inflation rates for the components related to recreation, food service activities and tourism reached an all-time high of 7.5% in March (7.4% in April). Lastly, inflation rates for the rest of the items, which account for more than 30% of the consumption basket, held at 3.6%5 in April, with the prices of more than half of the items
growing at rates of over 4%.

Nonetheless, various short-term underlying inflation indicators – measured in month-onmonth or quarter-on-quarter terms – have started to ease somewhat. In this respect, nonenergy industrial goods inflation fell from 6.6% in March
to 6.2% in April.

At the same time, wage pressures have continued to increase, with compensation per employee and per hour growing by 5% and 4.3%, respectively, in 2022 Q4 (3.9% and 2.9% in Q3). In any event, this is in line with the March projections.

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	-0.2256 %	2,124.9
FixedFloater	0.00 %	0.00 %	0	0.00	0	-0.2256 %	4,075.5
Floater	10.61 %	10.89 %	21,979	8.76	2	-0.2256 %	2,348.7
OpRet	0.00 %	0.00 %	0	0.00	0	0.0860 %	3,341.0
SplitShare	5.03 %	7.34 %	40,300	2.53	7	0.0860 %	3,989.9
Interest-Bearing	0.00 %	0.00 %	0	0.00	0	0.0860 %	3,113.1
Perpetual-Premium	0.00 %	0.00 %	0	0.00	0	0.5194 %	2,679.8
Perpetual-Discount	6.37 %	6.52 %	39,522	13.12	34	0.5194 %	2,922.2
FixedReset Disc	5.96 %	8.49 %	80,970	11.23	63	1.1006 %	2,092.7
Insurance Straight	6.34 %	6.37 %	59,344	13.42	19	0.5080 %	2,837.6
FloatingReset	11.18 %	11.55 %	47,017	8.53	2	0.5980 %	2,321.3
FixedReset Prem	6.98 %	7.00 %	290,851	3.79	1	0.2789 %	2,315.5
FixedReset Bank Non	0.00 %	0.00 %	0	0.00	0	1.1006 %	2,139.1
FixedReset Ins Non	6.05 %	7.60 %	84,529	11.80	11	1.2365 %	2,305.6

Performance Highlights
Issue	Index	Change	Notes
BIK.PR.A	FixedReset Disc	-1.71 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 22.24 Evaluated at bid price : 23.00 Bid-YTW : 8.10 %
TRP.PR.C	FixedReset Disc	-1.41 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 10.68 %
TD.PF.L	FixedReset Disc	-1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.98 Evaluated at bid price : 22.56 Bid-YTW : 7.61 %
MFC.PR.C	Insurance Straight	1.00 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.24 %
RY.PR.H	FixedReset Disc	1.02 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 8.50 %
CM.PR.Y	FixedReset Disc	1.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 22.85 Evaluated at bid price : 23.35 Bid-YTW : 7.63 %
PWF.PR.E	Perpetual-Discount	1.10 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.22 Evaluated at bid price : 21.22 Bid-YTW : 6.58 %
MFC.PR.K	FixedReset Ins Non	1.12 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 8.14 %
PVS.PR.K	SplitShare	1.15 %	YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 6.96 %
PWF.PR.Z	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 6.52 %
RY.PR.N	Perpetual-Discount	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.75 Evaluated at bid price : 21.75 Bid-YTW : 5.68 %
BMO.PR.S	FixedReset Disc	1.16 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 8.44 %
BN.PF.D	Perpetual-Discount	1.18 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.96 %
PWF.PR.P	FixedReset Disc	1.20 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 11.76 Evaluated at bid price : 11.76 Bid-YTW : 9.62 %
BIP.PR.A	FixedReset Disc	1.23 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 10.12 %
FTS.PR.J	Perpetual-Discount	1.25 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 19.47 Evaluated at bid price : 19.47 Bid-YTW : 6.15 %
BN.PR.R	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 12.86 Evaluated at bid price : 12.86 Bid-YTW : 10.37 %
BN.PF.G	FixedReset Disc	1.26 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 14.44 Evaluated at bid price : 14.44 Bid-YTW : 10.41 %
RY.PR.Z	FixedReset Disc	1.27 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.81 Evaluated at bid price : 16.81 Bid-YTW : 8.55 %
RY.PR.S	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 7.62 %
BMO.PR.W	FixedReset Disc	1.29 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.45 Evaluated at bid price : 16.45 Bid-YTW : 8.64 %
TRP.PR.E	FixedReset Disc	1.38 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 9.89 %
MFC.PR.I	FixedReset Ins Non	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.30 Evaluated at bid price : 21.58 Bid-YTW : 7.36 %
CM.PR.Q	FixedReset Disc	1.46 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.35 Evaluated at bid price : 17.35 Bid-YTW : 8.51 %
IFC.PR.C	FixedReset Disc	1.50 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.90 Evaluated at bid price : 16.90 Bid-YTW : 8.42 %
BN.PF.A	FixedReset Disc	1.51 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 18.17 Evaluated at bid price : 18.17 Bid-YTW : 9.16 %
CM.PR.O	FixedReset Disc	1.52 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.68 %
CCS.PR.C	Insurance Straight	1.53 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.29 %
TD.PF.D	FixedReset Disc	1.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 8.42 %
NA.PR.S	FixedReset Disc	1.57 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.49 Evaluated at bid price : 17.49 Bid-YTW : 8.53 %
GWO.PR.M	Insurance Straight	1.58 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 22.22 Evaluated at bid price : 22.50 Bid-YTW : 6.44 %
TRP.PR.B	FixedReset Disc	1.59 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 10.22 Evaluated at bid price : 10.22 Bid-YTW : 10.64 %
BN.PF.C	Perpetual-Discount	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.96 %
BN.PF.B	FixedReset Disc	1.60 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 15.85 Evaluated at bid price : 15.85 Bid-YTW : 9.92 %
MFC.PR.N	FixedReset Ins Non	1.62 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 15.70 Evaluated at bid price : 15.70 Bid-YTW : 8.99 %
TD.PF.J	FixedReset Disc	1.80 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.49 Evaluated at bid price : 21.49 Bid-YTW : 7.24 %
CM.PR.P	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.50 Evaluated at bid price : 16.50 Bid-YTW : 8.59 %
BN.PR.T	FixedReset Disc	1.85 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 13.20 Evaluated at bid price : 13.20 Bid-YTW : 10.23 %
TRP.PR.G	FixedReset Disc	1.88 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 9.43 %
BN.PF.I	FixedReset Disc	1.89 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 19.36 Evaluated at bid price : 19.36 Bid-YTW : 9.06 %
MFC.PR.M	FixedReset Ins Non	1.90 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.05 Evaluated at bid price : 16.05 Bid-YTW : 8.97 %
BMO.PR.E	FixedReset Disc	1.94 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 7.53 %
BN.PR.N	Perpetual-Discount	1.95 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.75 Evaluated at bid price : 17.75 Bid-YTW : 6.84 %
RY.PR.J	FixedReset Disc	1.99 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 8.31 %
BN.PR.X	FixedReset Disc	2.04 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 9.45 %
RY.PR.M	FixedReset Disc	2.08 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.16 Evaluated at bid price : 17.16 Bid-YTW : 8.31 %
MFC.PR.F	FixedReset Ins Non	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 12.00 Evaluated at bid price : 12.00 Bid-YTW : 9.20 %
BN.PR.Z	FixedReset Disc	2.13 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 8.56 %
BMO.PR.T	FixedReset Disc	2.15 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.64 Evaluated at bid price : 16.64 Bid-YTW : 8.60 %
POW.PR.B	Perpetual-Discount	2.24 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 6.47 %
NA.PR.W	FixedReset Disc	2.42 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 8.61 %
TD.PF.A	FixedReset Disc	2.45 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.49 %
TD.PF.M	FixedReset Disc	2.56 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 23.09 Evaluated at bid price : 23.60 Bid-YTW : 7.48 %
TD.PF.K	FixedReset Disc	2.73 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.11 Evaluated at bid price : 21.11 Bid-YTW : 7.39 %
TD.PF.C	FixedReset Disc	2.77 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.49 %
FTS.PR.K	FixedReset Disc	2.87 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 15.75 Evaluated at bid price : 15.75 Bid-YTW : 8.96 %
BMO.PR.Y	FixedReset Disc	3.67 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 8.36 %
MFC.PR.L	FixedReset Ins Non	5.09 %	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.30 Evaluated at bid price : 16.30 Bid-YTW : 8.70 %

Volume Highlights
Issue	Index	Shares Traded	Notes
BN.PF.H	FixedReset Disc	67,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 9.07 %
TD.PF.A	FixedReset Disc	27,300	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 8.49 %
BN.PF.J	FixedReset Disc	25,000	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 21.05 Evaluated at bid price : 21.05 Bid-YTW : 7.97 %
RY.PR.J	FixedReset Disc	24,868	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 8.31 %
TRP.PR.C	FixedReset Disc	18,249	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 10.50 Evaluated at bid price : 10.50 Bid-YTW : 10.68 %
NA.PR.W	FixedReset Disc	17,150	YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 8.61 %
There were 5 other index-included issues trading in excess of 10,000 shares.

Wide Spread Highlights
Issue	Index	Quote Data and Yield Notes
GWO.PR.T	Insurance Straight	Quote: 20.02 – 23.20 Spot Rate : 3.1800 Average : 1.8477 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 20.02 Evaluated at bid price : 20.02 Bid-YTW : 6.44 %
CU.PR.C	FixedReset Disc	Quote: 17.93 – 22.72 Spot Rate : 4.7900 Average : 3.7870 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.93 Evaluated at bid price : 17.93 Bid-YTW : 8.14 %
RY.PR.J	FixedReset Disc	Quote: 17.95 – 20.00 Spot Rate : 2.0500 Average : 1.2780 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 8.31 %
RY.PR.M	FixedReset Disc	Quote: 17.16 – 18.75 Spot Rate : 1.5900 Average : 1.0598 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.16 Evaluated at bid price : 17.16 Bid-YTW : 8.31 %
TRP.PR.E	FixedReset Disc	Quote: 14.70 – 17.45 Spot Rate : 2.7500 Average : 2.2550 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 9.89 %
BN.PF.C	Perpetual-Discount	Quote: 17.80 – 19.19 Spot Rate : 1.3900 Average : 0.9177 YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-06-02 Maturity Price : 17.80 Evaluated at bid price : 17.80 Bid-YTW : 6.96 %

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