Employment in the U.S. climbed and wages picked up in March, signs of labor-market durability in the face of lethargic global growth.
The 215,000 gain in payrolls followed a revised 245,000 February advance, a Labor Department report showed Friday. Average hourly earnings increased 0.3 percent from a month earlier, while the jobless rate crept up to 5 percent as more people entered the labor force.
…
The labor force participation rate, which indicates the share of working-age people who are employed or looking for work, rose to 63 percent, the highest since March 2014.Wage growth rebounded from a month earlier with average hourly earnings rising more than economists forecast after a 0.1 percent drop. The year-over-year increase was 2.3 percent.
I interrupt this financial services blog for a public service announcement.
You learn something new every day.
I had to get a prescription filled – just a tiny one, so tiny that they don’t make the proper pills for it, you have to take half a tablet every day.
The pharmacist gave me the pill bottle and said I had to cut the tablets in half.
As it turns out, that’s his damn job … not by law or regulation but, even better, by competition. But telling him that just got me a little back-talk and a lot of attitude.
If any of my buddies has been tasked by his pharmacist to do his own tablet-splitting: don’t. Go to a new pharmacist and ask if they’ll split the tablets for you when filling such a prescription and do it for free.
I have just found a new pharmacist and transferred over my prescriptions – which, it turns out, is ridiculously easy to do; totally standard and the new pharmacist does all the work. All you have to do, literally, is tell your new pharmacist to transfer the prescriptions over from the old one.
So anyway – there is rarely any genuine need to split your own tablets. But if you are unfortunate enough to do business with a shitty pharmacy, such as the Rexall at St. Clair and Yonge, you will simply be presented with your pills and instructed to cut them in half yourself. A shitty pharmacy, such as the Rexall at St. Clair and Yonge, will not offer to do it and will attempt to give the impression that it is routine for customers to do it themselves. A shitty pharmacy, such as the Rexall at St. Clair and Yonge, will give you attitude when you tell them to do it. I strongly suggest that nobody with a choice patronize a shitty pharmacy, such as the Rexall at St. Clair and Yonge.
For some drugs, there is an actual valid reason not to split tablets in advance – these drugs are air sensitive. For others, tablets should not be split at all – for instance, if they are coated for timed release. But most drugs supplied in 90-day lots can be split in advance without any problems at all. There’s plenty of choice of pharmacist! You don’t have to put up with laziness.
As for the market report, I regret to say it’s just bare bones again.
| 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 | 5.07 % | 6.16 % | 11,056 | 16.49 | 1 | -0.8922 % | 1,550.9 |
| FixedFloater | 6.79 % | 5.97 % | 22,988 | 16.34 | 1 | -0.3559 % | 2,929.8 |
| Floater | 4.58 % | 4.71 % | 59,844 | 16.02 | 4 | 0.0728 % | 1,688.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2301 % | 2,805.0 |
| SplitShare | 4.72 % | 4.96 % | 91,421 | 1.61 | 6 | 0.2301 % | 3,282.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.2301 % | 2,561.0 |
| Perpetual-Premium | 5.78 % | -4.14 % | 88,520 | 0.08 | 6 | 0.0724 % | 2,566.2 |
| Perpetual-Discount | 5.58 % | 5.60 % | 92,975 | 14.44 | 33 | 0.2644 % | 2,607.3 |
| FixedReset | 5.29 % | 4.74 % | 179,975 | 13.26 | 87 | 0.1174 % | 1,922.5 |
| Deemed-Retractible | 5.20 % | 5.56 % | 126,953 | 5.12 | 34 | 0.0573 % | 2,622.4 |
| FloatingReset | 3.15 % | 5.12 % | 36,653 | 5.40 | 17 | -0.0877 % | 2,004.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| HSE.PR.C | FixedReset | -3.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 16.01 Evaluated at bid price : 16.01 Bid-YTW : 6.27 % |
| IAG.PR.G | FixedReset | -1.71 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.00 Bid-YTW : 7.46 % |
| BMO.PR.M | FixedReset | -1.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.10 Bid-YTW : 4.36 % |
| TRP.PR.A | FixedReset | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 14.59 Evaluated at bid price : 14.59 Bid-YTW : 4.74 % |
| SLF.PR.H | FixedReset | -1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.50 Bid-YTW : 9.37 % |
| FTS.PR.I | FloatingReset | -1.40 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 10.60 Evaluated at bid price : 10.60 Bid-YTW : 4.50 % |
| BAM.PF.E | FixedReset | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 4.87 % |
| BMO.PR.R | FloatingReset | -1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.77 Bid-YTW : 4.64 % |
| TD.PR.Y | FixedReset | -1.02 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.27 Bid-YTW : 4.43 % |
| W.PR.H | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 22.91 Evaluated at bid price : 23.18 Bid-YTW : 5.94 % |
| MFC.PR.F | FixedReset | 1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.20 Bid-YTW : 10.49 % |
| PWF.PR.P | FixedReset | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 12.74 Evaluated at bid price : 12.74 Bid-YTW : 4.59 % |
| PWF.PR.T | FixedReset | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 4.11 % |
| BAM.PR.X | FixedReset | 1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 4.66 % |
| MFC.PR.L | FixedReset | 1.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 17.55 Bid-YTW : 8.16 % |
| BAM.PF.B | FixedReset | 2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 18.04 Evaluated at bid price : 18.04 Bid-YTW : 4.84 % |
| HSE.PR.B | FloatingReset | 5.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 9.25 Evaluated at bid price : 9.25 Bid-YTW : 5.91 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.R | FixedReset | 276,306 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.04 Bid-YTW : 4.73 % |
| RY.PR.Q | FixedReset | 156,903 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.15 Bid-YTW : 4.86 % |
| TD.PF.G | FixedReset | 94,505 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 26.10 Bid-YTW : 4.81 % |
| BNS.PR.G | FixedReset | 87,179 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 26.01 Bid-YTW : 4.72 % |
| TD.PF.C | FixedReset | 57,502 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2046-04-01 Maturity Price : 18.53 Evaluated at bid price : 18.53 Bid-YTW : 4.28 % |
| BNS.PR.Z | FixedReset | 52,770 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.10 Bid-YTW : 7.05 % |
| There were 19 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| CIU.PR.C | FixedReset | Quote: 11.00 – 11.98 Spot Rate : 0.9800 Average : 0.7164 YTW SCENARIO |
| HSE.PR.C | FixedReset | Quote: 16.01 – 16.80 Spot Rate : 0.7900 Average : 0.5645 YTW SCENARIO |
| TRP.PR.I | FloatingReset | Quote: 10.20 – 11.75 Spot Rate : 1.5500 Average : 1.3597 YTW SCENARIO |
| BNS.PR.A | FloatingReset | Quote: 22.87 – 23.35 Spot Rate : 0.4800 Average : 0.3279 YTW SCENARIO |
| BAM.PF.E | FixedReset | Quote: 18.10 – 18.85 Spot Rate : 0.7500 Average : 0.5985 YTW SCENARIO |
| IAG.PR.G | FixedReset | Quote: 19.00 – 19.45 Spot Rate : 0.4500 Average : 0.3232 YTW SCENARIO |
so what do you think about the rexall pharmacy at St. Clair and Yonge ?
I’m curious if you have any thoughts on these draft guidelines for insurance companies issued by OSFI?
http://www.osfi-bsif.gc.ca/Eng/Docs/LICAT_nr20160331.pdf
If you search the draft document for the term “NVCC” you find the following note:
“OSFI continues to explore the applicability of non-viability contingent capital (NVCC) to insurers. In the event insurers become subject to this requirement, the qualifying criteria for Tier 1 capital instruments, other than common shares, and Tier 2 capital instruments will be revised accordingly and further transitioning arrangements may be established for non-qualifying instruments.”
Yeah I saw that but was still curious if it may cause Mr. Hymas further concern about the timeline.