DBRS confirmed Transcontinental at Pfd-3(high); the ticker is TCL.PR.D. The Canadian preferred share market had mixed returns today as, in a reversal of recent form, PerpetualDiscounts lost 7bp, FixedResets were essentially flat and DeemedRetractibles gained …
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April 19, 2011
A European has said something sensible! As European finances continue to decay, one of the central bankers at the heart of the sovereign debt crisis departs his post with a lament for lack of political …
April 18, 2011
Today the US got a wake-up call: Standard & Poor’s put a “negative” outlook on the U.S. AAA credit rating, citing rising budget deficits and debt. “We believe there is a material risk that U.S. …
April 15, 2011
The Bank of England has released a working paper by Iryna Kaminska, Andrew Meldrum and James Smith titled A global model of international yield curves: no-arbitrage term structure approach: This paper extends a popular no-arbitrage …
PrefLetter 2010 Annual Collection Released!
The full collection of PrefLetters published in 2010 has been released and is now available for purchase via the PrefLetter website (click Subscribe Now). The 2010 Collection includes the following appendices of varying length: January: …
April 14, 2011
Debt holders’ rights are being trampled in Ireland: Ireland’s Finance Minister Michael Noonan said Allied Irish Bank Plc will seek to buy back subordinated debt in coming weeks and threatened to impose losses on holders …
April 13, 2011
The Bank of Canada has released the April 2011 Monetary Policy Report: The Bank expects core inflation to rise gradually to 2 per cent as excess supply in the economy is slowly absorbed and inflation …
Synthetic ETFs a Threat to Financial Stability?
The Bank for International Settlements has released a working paper by Srichander Ramaswamy titled Market structures and systemic risks of exchange-traded funds: Crisis experience has shown that as the financial intermediation chain lengthens, it becomes …
April 12, 2011
The US regulatory agencies are seeking comment on Swap Margin and Capital Requirements: The amount of margin that would be required under the proposed rule would vary based on the relative risk of the counterparty …
April 11, 2011
Asset Management via mass-customization is attracting attention in the States: The next thundering herd on Wall Street may be the ranks of low-cost portfolio managers such as MarketRiders and Folio Investing, which cater to self-directed …