It looks as if increased regulation is having the intended effect:
Laurentian Bank of Canada intends to double the number of financial advisers and commercial account managers by 2020 as part of a plan to transform the Quebec lender from its traditional banking roots.
Laurentian, which for most of its 170-year history offered local banking to Montrealers, plans to have 700 in-branch advisers within three years as part of a shift away from routine teller services, Chief Executive Officer Francois Desjardins said in a March 24 interview at Bloomberg’s Toronto office.
…
Laurentian has 2,000 employees in its Quebec retail operations, including 350 in-branch advisers whose role includes helping customers with budgets, investment decisions and mortgages, Desjardins said.
PerpetualDiscounts now yield 5.13%, equivalent to 6.67% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.95%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 270bp, unchanged from the March 22 report.
| 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 | -0.1752 % | 2,063.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1752 % | 3,786.4 |
| Floater | 3.69 % | 3.83 % | 45,389 | 17.79 | 4 | -0.1752 % | 2,182.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0134 % | 3,023.7 |
| SplitShare | 4.94 % | 4.07 % | 60,640 | 0.68 | 6 | 0.0134 % | 3,610.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0134 % | 2,817.4 |
| Perpetual-Premium | 5.33 % | -8.18 % | 73,405 | 0.09 | 20 | 0.3425 % | 2,767.9 |
| Perpetual-Discount | 5.13 % | 5.13 % | 111,172 | 15.13 | 16 | 0.3244 % | 2,943.3 |
| FixedReset | 4.42 % | 4.03 % | 236,357 | 6.68 | 94 | 0.5619 % | 2,338.3 |
| Deemed-Retractible | 5.03 % | 3.01 % | 137,266 | 0.16 | 31 | 0.2314 % | 2,862.8 |
| FloatingReset | 2.54 % | 3.24 % | 56,449 | 4.55 | 9 | 0.3761 % | 2,504.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PF.H | FixedReset | -1.08 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.44 Bid-YTW : 3.36 % |
| W.PR.M | FixedReset | 1.01 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-15 Maturity Price : 25.00 Evaluated at bid price : 26.30 Bid-YTW : 3.91 % |
| W.PR.H | Perpetual-Premium | 1.04 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-04-28 Maturity Price : 25.00 Evaluated at bid price : 25.35 Bid-YTW : -14.03 % |
| MFC.PR.M | FixedReset | 1.07 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.74 Bid-YTW : 5.74 % |
| TD.PF.D | FixedReset | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.69 Evaluated at bid price : 23.52 Bid-YTW : 4.06 % |
| HSE.PR.G | FixedReset | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 23.07 Evaluated at bid price : 24.29 Bid-YTW : 4.68 % |
| MFC.PR.G | FixedReset | 1.08 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.30 Bid-YTW : 5.02 % |
| MFC.PR.B | Deemed-Retractible | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.22 Bid-YTW : 5.85 % |
| W.PR.J | Perpetual-Premium | 1.10 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-04-28 Maturity Price : 25.00 Evaluated at bid price : 25.43 Bid-YTW : -17.52 % |
| MFC.PR.J | FixedReset | 1.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.75 Bid-YTW : 5.18 % |
| HSE.PR.E | FixedReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 23.11 Evaluated at bid price : 24.30 Bid-YTW : 4.71 % |
| VNR.PR.A | FixedReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 21.59 Evaluated at bid price : 21.59 Bid-YTW : 4.60 % |
| CM.PR.Q | FixedReset | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.61 Evaluated at bid price : 23.36 Bid-YTW : 4.03 % |
| IAG.PR.G | FixedReset | 1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.16 Bid-YTW : 5.10 % |
| TRP.PR.D | FixedReset | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 21.74 Evaluated at bid price : 22.22 Bid-YTW : 3.91 % |
| MFC.PR.K | FixedReset | 1.29 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.19 Bid-YTW : 5.89 % |
| MFC.PR.N | FixedReset | 1.31 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.70 Bid-YTW : 5.70 % |
| SLF.PR.I | FixedReset | 1.32 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.00 Bid-YTW : 5.07 % |
| BMO.PR.S | FixedReset | 1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.24 Evaluated at bid price : 22.54 Bid-YTW : 3.87 % |
| TRP.PR.E | FixedReset | 1.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.17 Evaluated at bid price : 22.52 Bid-YTW : 3.89 % |
| HSE.PR.A | FixedReset | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 15.96 Evaluated at bid price : 15.96 Bid-YTW : 4.29 % |
| ELF.PR.H | Perpetual-Premium | 1.47 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-04-17 Maturity Price : 25.25 Evaluated at bid price : 25.43 Bid-YTW : 5.12 % |
| MFC.PR.L | FixedReset | 1.54 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.14 Bid-YTW : 5.98 % |
| PWF.PR.T | FixedReset | 1.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.72 Evaluated at bid price : 23.08 Bid-YTW : 3.84 % |
| BMO.PR.Y | FixedReset | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.73 Evaluated at bid price : 23.60 Bid-YTW : 3.99 % |
| TRP.PR.B | FixedReset | 1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 14.69 Evaluated at bid price : 14.69 Bid-YTW : 3.98 % |
| TRP.PR.G | FixedReset | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 22.70 Evaluated at bid price : 23.60 Bid-YTW : 4.21 % |
| TRP.PR.C | FixedReset | 1.73 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 15.84 Evaluated at bid price : 15.84 Bid-YTW : 4.03 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TRP.PR.K | FixedReset | 68,301 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.97 Bid-YTW : 4.17 % |
| SLF.PR.A | Deemed-Retractible | 63,344 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.72 Bid-YTW : 5.59 % |
| TRP.PR.J | FixedReset | 57,325 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-31 Maturity Price : 25.00 Evaluated at bid price : 26.68 Bid-YTW : 3.89 % |
| BMO.PR.C | FixedReset | 53,991 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 23.25 Evaluated at bid price : 25.30 Bid-YTW : 4.28 % |
| CU.PR.D | Perpetual-Discount | 53,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 23.54 Evaluated at bid price : 24.02 Bid-YTW : 5.13 % |
| RY.PR.Z | FixedReset | 49,045 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-03-29 Maturity Price : 21.70 Evaluated at bid price : 22.15 Bid-YTW : 3.80 % |
| There were 44 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| EIT.PR.A | SplitShare | Quote: 25.52 – 25.91 Spot Rate : 0.3900 Average : 0.2368 YTW SCENARIO |
| IFC.PR.C | FixedReset | Quote: 21.57 – 21.95 Spot Rate : 0.3800 Average : 0.2670 YTW SCENARIO |
| BAM.PF.H | FixedReset | Quote: 26.44 – 26.80 Spot Rate : 0.3600 Average : 0.2675 YTW SCENARIO |
| MFC.PR.J | FixedReset | Quote: 22.75 – 22.98 Spot Rate : 0.2300 Average : 0.1621 YTW SCENARIO |
| GWO.PR.N | FixedReset | Quote: 15.90 – 16.14 Spot Rate : 0.2400 Average : 0.1814 YTW SCENARIO |
| TD.PF.G | FixedReset | Quote: 27.03 – 27.24 Spot Rate : 0.2100 Average : 0.1529 YTW SCENARIO |