{"id":21690,"date":"2013-04-11T13:48:40","date_gmt":"2013-04-11T17:48:40","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21690"},"modified":"2013-04-11T13:48:40","modified_gmt":"2013-04-11T17:48:40","slug":"april-10-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21690","title":{"rendered":"April 10, 2013"},"content":{"rendered":"

Hurray for Rick Waugh<\/a>!<\/p>\n

\u201cI understand why the finance minister is concerned about the Canadian economy, but I just philosophically don\u2019t think\u201d government should be setting product pricing, Waugh said yesterday in an interview in Halifax, Nova Scotia, where the bank held its annual shareholders meeting. \u201cDespite the difficulties of central banks to use interest rates, the alternative of trying to manage specific products or prices, to me, is fraught with difficulty.\u201d<\/p><\/blockquote>\n

The article did not address Mr. Waugh’s views on auctioning off CMHC mortgage insurance, rather than allocating it from an enormous supply at a cheap price.<\/p>\n

Toron Investment Management has hooked up with AMI Partners<\/a>:<\/p>\n

Toron Investment Management and AMI Partners have agreed to combine to create a pre-eminent, privately-owned Canadian investment management firm with unique expertise and top-tier track records in global and domestic investing. The firm, once unified, will serve clients who have entrusted more than $3.5 billion of assets in Canadian and global mandates.<\/p>\n

The combined firm will operate as Toron Asset Management International (Toron AMI), will be based in Toronto, and will continue to serve clients in Canada and abroad. Toron AMI\u2019s professionals will be shareholders and the firm will operate as a partnership.<\/p>\n

Founded more than 50 years ago, AMI specializes in Canadian equity, fixed-income and balanced mandates for institutional clients. Toron Investment Management began operating 25 years ago as a risk management consultancy; for the past 15 years it has focused on global investment management, serving a growing client base of private clients and select institutions.<\/p><\/blockquote>\n

Today’s report will be delayed. Why? I’ll tell you why! Later.<\/p>\n

Update, 2013-4-12<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1158 %<\/td>\n2,579.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.09 %<\/td>\n3.45 %<\/td>\n33,775<\/td>\n18.35<\/td>\n1<\/td>\n0.4762 %<\/td>\n3,973.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.70 %<\/td>\n2.92 %<\/td>\n85,978<\/td>\n19.95<\/td>\n4<\/td>\n0.1158 %<\/td>\n2,784.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n-0.19 %<\/td>\n53,745<\/td>\n0.19<\/td>\n5<\/td>\n0.2006 %<\/td>\n2,618.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.00 %<\/td>\n136,266<\/td>\n4.15<\/td>\n5<\/td>\n0.1873 %<\/td>\n2,959.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2006 %<\/td>\n2,394.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n3.02 %<\/td>\n86,957<\/td>\n0.55<\/td>\n32<\/td>\n-0.0599 %<\/td>\n2,378.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.85 %<\/td>\n4.83 %<\/td>\n182,427<\/td>\n15.74<\/td>\n4<\/td>\n0.0508 %<\/td>\n2,684.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.91 %<\/td>\n2.62 %<\/td>\n258,016<\/td>\n3.24<\/td>\n80<\/td>\n-0.0419 %<\/td>\n2,515.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.86 %<\/td>\n2.39 %<\/td>\n123,396<\/td>\n0.55<\/td>\n44<\/td>\n-0.0793 %<\/td>\n2,457.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.95
\nBid-YTW : 2.14 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n117,290<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n104,150<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 2.08 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n101,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-10
\nMaturity Price : 23.38
\nEvaluated at bid price : 23.21
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n86,199<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n73,468<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-10
\nMaturity Price : 24.51
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n70,858<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-10
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
There were 24 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.30 – 25.83
\nSpot Rate : 0.5300
\nAverage : 0.3290<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : -9.63 %<\/td>\n<\/tr>\n

TRI.PR.B<\/td>\nFloater<\/td>\nQuote: 23.99 – 24.55
\nSpot Rate : 0.5600
\nAverage : 0.4243<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-10
\nMaturity Price : 23.69
\nEvaluated at bid price : 23.99
\nBid-YTW : 2.17 %<\/td>\n<\/tr>\n

PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.31 – 25.72
\nSpot Rate : 0.4100
\nAverage : 0.3112<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : -12.83 %<\/td>\n<\/tr>\n

TD.PR.G<\/td>\nFixedReset<\/td>\nQuote: 26.06 – 26.27
\nSpot Rate : 0.2100
\nAverage : 0.1331<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 1.84 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.40 – 25.60
\nSpot Rate : 0.2000
\nAverage : 0.1249<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n

HSB.PR.E<\/td>\nFixedReset<\/td>\nQuote: 26.27 – 26.49
\nSpot Rate : 0.2200
\nAverage : 0.1533<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.27
\nBid-YTW : 2.51 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Hurray for Rick Waugh! \u201cI understand why the finance minister is concerned about the Canadian economy, but I just philosophically don\u2019t think\u201d government should be setting product pricing, Waugh said yesterday in an interview in …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-21690","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21690"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21690\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}