The first thing I would note is that 34 out of 53 countries have preferred or super-priority status, so Canada is the laggard. We're by no means going to create any offence to bond investors of the world who are accustomed to investing in those 34 countries.
The second point I'd make is that for those that are investment grade and have pension fund deficits, my estimate is that the impact on the cost of capital, if they are not hedged with the credit default swap, is 0.16%. This is an amount that is easily borne, and should be borne, when you consider the social cost that comes when these companies, through perhaps being hedged with credit-default swaps, seek to enter bankruptcy for the purpose of double-dipping and making profit. They shouldn't be getting the opportunity to make a higher profit by causing seniors, the long-term disabled, and survivors to take a loss.