Dundee Corporation, which will have to make a decision soon about DC.PR.E, has announced (although not yet on their website):
that Mark Goodman, President, has departed the Company.
“On behalf of the board of directors and fellow members of the executive management team, I would like to thank Mark for his dedication and contributions to Dundee Corporation,” said Jonathan Goodman, Chairman and Chief Executive Officer. “We would also like to wish Mark the best in his future endeavors.”
Mark Goodman’s responsibilities related to the resources portfolio and merchant capital activities at Dundee Corporation will be split amongst various executives at the Company.
This follows earlier news of:
the sale of Dundee Securities Ltd. (“Dundee Securities”) to Echelon Wealth Partners Inc. (“Echelon”) for total consideration of $4 million. This transaction is also expected to provide Dundee with additional liquidity from Dundee Securities of up to $5 million and ongoing cost savings. In October 2018, approximately $15 million of regulatory capital supporting Dundee Securities was provided to Dundee Corporation.
DC.PR.E closed today at 16.10 … while DC.A closed at 1.16. Assiduous Readers will remember that the issue has a hard maturity June 30, 2019, but the company can force conversion at the current redemption price of DC.PR.E (25.25) “together with all accrued and unpaid dividends up to but excluding the date fixed for conversion” into DC.A at “the greater of: (i) $2.00; and (ii) 95% of the weighted average trading price of the Subordinate Voting Shares on the TSX for the 20 consecutive trading days ending on the fourth day prior to the date specified for conversion or, if such fourth day is not a trading day, the immediately preceding trading day.”
The last dividend on DC.PR.E was payable December 31. Thus, the current $1.16 price of DC.A implies a conversion value of (25.25 / 2) shares of DC.A worth $1.16 each, or $14.64. This will be interesting!
PerpetualDiscounts now yield 5.93%, equivalent to 7.71% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 4.10%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 360bp, a significant narrowing from the 370bp reported December 19.
The Canadian preferred share market opened 2019 with a fizzle.
| 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 | -0.6350 % | 2,449.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.6350 % | 4,494.9 |
| Floater | 4.78 % | 5.04 % | 46,020 | 15.48 | 4 | -0.6350 % | 2,590.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7103 % | 3,149.1 |
| SplitShare | 4.68 % | 5.59 % | 93,861 | 4.55 | 7 | -0.7103 % | 3,760.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.7103 % | 2,934.2 |
| Perpetual-Premium | 5.60 % | 2.17 % | 150,528 | 0.08 | 2 | -0.0199 % | 2,855.4 |
| Perpetual-Discount | 5.74 % | 5.93 % | 73,393 | 14.01 | 33 | -0.7588 % | 2,890.2 |
| FixedReset Disc | 5.11 % | 5.57 % | 206,848 | 14.53 | 66 | -0.6816 % | 2,202.8 |
| Deemed-Retractible | 5.47 % | 6.56 % | 89,818 | 8.18 | 27 | -0.4771 % | 2,894.1 |
| FloatingReset | 4.13 % | 4.70 % | 43,206 | 2.94 | 7 | 0.0376 % | 2,458.5 |
| FixedReset Prem | 5.18 % | 4.52 % | 279,049 | 2.24 | 14 | 0.1375 % | 2,509.4 |
| FixedReset Bank Non | 2.99 % | 3.82 % | 137,209 | 0.15 | 6 | -0.2755 % | 2,567.3 |
| FixedReset Ins Non | 5.06 % | 7.10 % | 144,070 | 8.32 | 22 | -0.3546 % | 2,197.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| W.PR.J | Perpetual-Discount | -3.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 22.93 Evaluated at bid price : 23.21 Bid-YTW : 6.05 % |
| BAM.PF.G | FixedReset Disc | -3.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 20.22 Evaluated at bid price : 20.22 Bid-YTW : 5.86 % |
| W.PR.H | Perpetual-Discount | -3.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 22.98 Evaluated at bid price : 23.25 Bid-YTW : 5.93 % |
| BAM.PR.C | Floater | -3.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 13.56 Evaluated at bid price : 13.56 Bid-YTW : 5.13 % |
| HSE.PR.G | FixedReset Disc | -2.89 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 6.79 % |
| TD.PF.A | FixedReset Disc | -2.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.73 Evaluated at bid price : 18.73 Bid-YTW : 5.59 % |
| TRP.PR.E | FixedReset Disc | -2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 5.86 % |
| TRP.PR.C | FixedReset Disc | -2.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 13.80 Evaluated at bid price : 13.80 Bid-YTW : 5.96 % |
| RY.PR.Z | FixedReset Disc | -2.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.38 % |
| GWO.PR.M | Deemed-Retractible | -2.61 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.64 Bid-YTW : 6.03 % |
| TRP.PR.A | FixedReset Disc | -2.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 16.15 Evaluated at bid price : 16.15 Bid-YTW : 5.89 % |
| PVS.PR.F | SplitShare | -2.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2024-09-30 Maturity Price : 25.00 Evaluated at bid price : 24.14 Bid-YTW : 5.61 % |
| POW.PR.D | Perpetual-Discount | -2.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 21.03 Evaluated at bid price : 21.03 Bid-YTW : 5.97 % |
| BAM.PR.T | FixedReset Disc | -2.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 5.83 % |
| BAM.PF.D | Perpetual-Discount | -2.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 6.05 % |
| IAG.PR.I | FixedReset Ins Non | -2.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.39 Bid-YTW : 6.61 % |
| CCS.PR.C | Deemed-Retractible | -2.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.47 Bid-YTW : 6.33 % |
| BAM.PR.R | FixedReset Disc | -2.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 17.48 Evaluated at bid price : 17.48 Bid-YTW : 5.78 % |
| BAM.PF.F | FixedReset Disc | -2.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 20.42 Evaluated at bid price : 20.42 Bid-YTW : 5.84 % |
| POW.PR.G | Perpetual-Discount | -1.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 23.47 Evaluated at bid price : 23.80 Bid-YTW : 5.89 % |
| BMO.PR.S | FixedReset Disc | -1.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.34 Evaluated at bid price : 19.34 Bid-YTW : 5.51 % |
| TD.PF.C | FixedReset Disc | -1.92 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 5.54 % |
| CM.PR.Q | FixedReset Disc | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 5.68 % |
| PWF.PR.P | FixedReset Disc | -1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 14.64 Evaluated at bid price : 14.64 Bid-YTW : 5.78 % |
| IAG.PR.G | FixedReset Ins Non | -1.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.15 Bid-YTW : 6.95 % |
| NA.PR.S | FixedReset Disc | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.27 Evaluated at bid price : 19.27 Bid-YTW : 5.64 % |
| TD.PF.B | FixedReset Disc | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.22 Evaluated at bid price : 19.22 Bid-YTW : 5.48 % |
| POW.PR.B | Perpetual-Discount | -1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 22.17 Evaluated at bid price : 22.45 Bid-YTW : 5.97 % |
| BAM.PF.E | FixedReset Disc | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.80 % |
| RY.PR.H | FixedReset Disc | -1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.44 % |
| BAM.PR.Z | FixedReset Disc | -1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 21.36 Evaluated at bid price : 21.67 Bid-YTW : 5.56 % |
| MFC.PR.H | FixedReset Ins Non | -1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.51 Bid-YTW : 6.63 % |
| GWO.PR.G | Deemed-Retractible | -1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.25 Bid-YTW : 6.67 % |
| RY.PR.J | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 20.92 Evaluated at bid price : 20.92 Bid-YTW : 5.50 % |
| NA.PR.W | FixedReset Disc | -1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.25 Evaluated at bid price : 18.25 Bid-YTW : 5.73 % |
| PWF.PR.A | Floater | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 17.17 Evaluated at bid price : 17.17 Bid-YTW : 4.07 % |
| SLF.PR.J | FloatingReset | -1.32 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.94 Bid-YTW : 8.86 % |
| SLF.PR.I | FixedReset Ins Non | -1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.69 Bid-YTW : 7.20 % |
| MFC.PR.L | FixedReset Ins Non | -1.27 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.88 Bid-YTW : 8.03 % |
| PWF.PR.R | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 23.02 Evaluated at bid price : 23.45 Bid-YTW : 5.96 % |
| IAG.PR.A | Deemed-Retractible | -1.26 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.38 Bid-YTW : 7.08 % |
| CM.PR.P | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.11 Evaluated at bid price : 18.11 Bid-YTW : 5.66 % |
| TRP.PR.H | FloatingReset | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 13.44 Evaluated at bid price : 13.44 Bid-YTW : 5.49 % |
| HSE.PR.C | FixedReset Disc | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.51 Evaluated at bid price : 19.51 Bid-YTW : 6.43 % |
| BIP.PR.B | FixedReset Disc | -1.18 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 25.05 Bid-YTW : 5.44 % |
| IFC.PR.G | FixedReset Ins Non | -1.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.00 Bid-YTW : 6.77 % |
| MFC.PR.N | FixedReset Ins Non | -1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.79 Bid-YTW : 8.21 % |
| BMO.PR.Z | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 23.89 Evaluated at bid price : 24.37 Bid-YTW : 5.17 % |
| TD.PF.F | Perpetual-Discount | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 23.43 Evaluated at bid price : 23.83 Bid-YTW : 5.21 % |
| GWO.PR.Q | Deemed-Retractible | -1.12 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.10 Bid-YTW : 6.70 % |
| MFC.PR.I | FixedReset Ins Non | -1.12 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.35 Bid-YTW : 7.10 % |
| TD.PF.E | FixedReset Disc | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.53 % |
| BMO.PR.T | FixedReset Disc | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.90 Evaluated at bid price : 18.90 Bid-YTW : 5.51 % |
| SLF.PR.G | FixedReset Ins Non | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.05 Bid-YTW : 8.87 % |
| TD.PF.D | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 20.91 Evaluated at bid price : 20.91 Bid-YTW : 5.56 % |
| BNS.PR.Z | FixedReset Bank Non | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.07 Bid-YTW : 5.13 % |
| GWO.PR.R | Deemed-Retractible | -1.03 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.23 Bid-YTW : 6.80 % |
| PWF.PR.E | Perpetual-Discount | -1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 23.15 Evaluated at bid price : 23.45 Bid-YTW : 5.96 % |
| GWO.PR.N | FixedReset Ins Non | 1.15 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.00 Bid-YTW : 8.67 % |
| SLF.PR.H | FixedReset Ins Non | 1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.80 Bid-YTW : 7.61 % |
| PWF.PR.H | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 24.18 Evaluated at bid price : 24.44 Bid-YTW : 5.98 % |
| BMO.PR.E | FixedReset Disc | 1.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 22.14 Evaluated at bid price : 22.75 Bid-YTW : 5.19 % |
| IFC.PR.C | FixedReset Ins Non | 1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.28 Bid-YTW : 7.25 % |
| BNS.PR.E | FixedReset Prem | 1.62 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-25 Maturity Price : 25.00 Evaluated at bid price : 25.66 Bid-YTW : 4.14 % |
| TRP.PR.F | FloatingReset | 2.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 5.38 % |
| HSE.PR.A | FixedReset Disc | 2.93 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 13.69 Evaluated at bid price : 13.69 Bid-YTW : 6.34 % |
| BIP.PR.E | FixedReset Disc | 3.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 22.12 Evaluated at bid price : 22.66 Bid-YTW : 5.53 % |
| BAM.PR.K | Floater | 3.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 13.36 Evaluated at bid price : 13.36 Bid-YTW : 5.21 % |
| IFC.PR.A | FixedReset Ins Non | 4.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.65 Bid-YTW : 8.19 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.D | FixedReset Disc | 77,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 21.84 Evaluated at bid price : 22.18 Bid-YTW : 5.59 % |
| MFC.PR.C | Deemed-Retractible | 55,645 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.80 Bid-YTW : 7.34 % |
| RY.PR.S | FixedReset Disc | 24,176 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 21.70 Evaluated at bid price : 22.10 Bid-YTW : 5.05 % |
| BNS.PR.G | FixedReset Prem | 19,343 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 25.56 Bid-YTW : 4.44 % |
| BMO.PR.S | FixedReset Disc | 13,410 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 19.34 Evaluated at bid price : 19.34 Bid-YTW : 5.51 % |
| TD.PF.C | FixedReset Disc | 13,000 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-01-02 Maturity Price : 18.88 Evaluated at bid price : 18.88 Bid-YTW : 5.54 % |
| There were 1 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| IFC.PR.E | Deemed-Retractible | Quote: 22.41 – 23.49 Spot Rate : 1.0800 Average : 0.7433 YTW SCENARIO |
| BIP.PR.D | FixedReset Disc | Quote: 22.54 – 23.59 Spot Rate : 1.0500 Average : 0.7140 YTW SCENARIO |
| W.PR.H | Perpetual-Discount | Quote: 23.25 – 24.14 Spot Rate : 0.8900 Average : 0.5729 YTW SCENARIO |
| MFC.PR.N | FixedReset Ins Non | Quote: 17.79 – 18.59 Spot Rate : 0.8000 Average : 0.4866 YTW SCENARIO |
| BAM.PF.G | FixedReset Disc | Quote: 20.22 – 21.01 Spot Rate : 0.7900 Average : 0.5487 YTW SCENARIO |
| HSE.PR.G | FixedReset Disc | Quote: 19.80 – 20.75 Spot Rate : 0.9500 Average : 0.7210 YTW SCENARIO |