{"id":23415,"date":"2013-10-18T22:47:37","date_gmt":"2013-10-19T02:47:37","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23415"},"modified":"2013-10-18T22:47:37","modified_gmt":"2013-10-19T02:47:37","slug":"october-18-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23415","title":{"rendered":"October 18, 2013"},"content":{"rendered":"

The New York Times touts an online personal finance video series<\/a>:<\/p>\n

After all, there are few entirely conflict-free places where investors can educate themselves on the topic, and there\u2019s little to no money-related guidance offered within the public school system, which is where the financial groundwork should really be laid.<\/p>\n

Joshua Rauh, a finance professor at the Stanford Graduate School of Business, is acutely aware of that. And it\u2019s why he felt compelled to open his graduate-level course on the finance of retirement and pensions to the masses. \u201cMy goal is to try to empower people to make better decisions about their finances with an eye toward retirement and for retirees who are thinking about managing their money,\u201d Professor Rauh said, \u201cwhether it is buying an annuity or having a spending rule.\u201d<\/p>\n

The course<\/a>, which is offered free online, begins on Monday. I sat for nearly half of his online video lectures \u2014 on topics like \u201csaving for retirement\u201d and \u201cmaking smart decisions as a stock market investor\u201d \u2014 earlier this week. Watching remotely means you won\u2019t be party to the discussion that will emerge from the Socratic method Professor Rauh uses in his traditional classroom on campus. And there are already 13,000 students, so it\u2019s hard to expect any personal attention.<\/p><\/blockquote>\n

DBRS confirmed Advantaged Preferred Share Trust at STA-2 (middle)<\/a>:<\/p>\n

Since October 2012, the performance of the Portfolio has been fairly stable. The weighted-average yield of the Portfolio is approximately 5.18%, as of September 30, 2013. The Trust\u2019s current net income (including a regular additional payment under the forward agreement to offset operating expenses) covers the full distribution paid out to Unitholders. As a result, the rating of STA-2 (middle) on the Units has been confirmed. The main constraints to the rating are the interest rate risk of the Portfolio and the potential for capital losses and reductions in income resulting from underlying securities being called for redemption by their respective issuers.<\/p><\/blockquote>\n

DBRS confirmed TDS.PR.C at Pfd-2<\/a>:<\/p>\n

On October 18, 2012, DBRS upgraded the ratings on the Class C Preferred Shares to Pfd-2 from Pfd-2 (low), due to a steady increase in downside protection in the months leading up to the rating action, as well as a greatly improved dividend coverage ratio. Since then, performance has been generally positive, with the net asset value (NAV) of the Company fluctuating around $30.00 before increasing to $33.51 as of October 10, 2013. Downside protection available to holders of the Class C Preferred Shares increased to 70.2% as of October 2013, compared with 66.1% in October 2012. As a result, the rating of the Class C Preferred Shares has been confirmed at Pfd-2.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 6bp, FixedResets off 7bp and DeemedRetractibles up 8bp. A surprisingly lengthy performance highlights table was dominated by FixedResets, both winners and losers. Volume was enormous.<\/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>\n-0.3470 %<\/td>\n2,440.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.30 %<\/td>\n3.57 %<\/td>\n28,862<\/td>\n18.28<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,904.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.77 %<\/td>\n3.02 %<\/td>\n64,031<\/td>\n19.68<\/td>\n5<\/td>\n-0.3470 %<\/td>\n2,635.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n2.72 %<\/td>\n64,291<\/td>\n0.60<\/td>\n3<\/td>\n0.0257 %<\/td>\n2,641.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n5.23 %<\/td>\n63,249<\/td>\n3.99<\/td>\n6<\/td>\n0.2071 %<\/td>\n2,944.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0257 %<\/td>\n2,415.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.82 %<\/td>\n-0.07 %<\/td>\n108,543<\/td>\n0.08<\/td>\n7<\/td>\n0.2167 %<\/td>\n2,285.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.56 %<\/td>\n5.57 %<\/td>\n168,410<\/td>\n14.47<\/td>\n30<\/td>\n0.0624 %<\/td>\n2,343.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.98 %<\/td>\n3.78 %<\/td>\n235,758<\/td>\n3.40<\/td>\n85<\/td>\n-0.0656 %<\/td>\n2,440.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n4.40 %<\/td>\n187,794<\/td>\n6.85<\/td>\n43<\/td>\n0.0822 %<\/td>\n2,379.0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 22.44
\nEvaluated at bid price : 23.22
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.35
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.47
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 17.33
\nEvaluated at bid price : 17.33
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 17.48
\nEvaluated at bid price : 17.48
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.02
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.76
\nBid-YTW : 2.30 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.15
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.48
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 21.67
\nEvaluated at bid price : 21.96
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n<\/table>\n\n\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
CIU.PR.B<\/td>\nFixedReset<\/td>\n193,575<\/td>\nDeleted from TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n168,183<\/td>\nI assume the index weight changed, due to partial conversion to TD.PR.T, which has been added to TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.52
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n166,758<\/td>\nAdded to TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFixedReset<\/td>\n147,381<\/td>\nAdded to TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 2.48 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n130,701<\/td>\nAdded to TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.58
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n124,494<\/td>\nNational sold 10,000 to TD at 22.70, then crossed 12,300 at 22.65. Anonymous crossed 10,000 at 22.66, then sold 45,000 to Desjardins at the same price and 15,000 to National at the same price again.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 22.37
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n122,454<\/td>\nTD crossed blocks of 44,800 and 20,000 at 24.58. Nesbitt crossed 50,000 at 24.57.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.57
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n101,430<\/td>\nRBC crossed two blocks of 50,000 each, both at 25.82.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n
There were 77 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
ENB.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 22.80 – 23.14
\nSpot Rate : 0.3400
\nAverage : 0.1960<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 22.13
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 17.35 – 17.75
\nSpot Rate : 0.4000
\nAverage : 0.2707<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n

BNA.PR.C<\/td>\nSplitShare<\/td>\nQuote: 24.16 – 24.46
\nSpot Rate : 0.3000
\nAverage : 0.1902<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.16
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

BNS.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 23.35 – 23.62
\nSpot Rate : 0.2700
\nAverage : 0.1673<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.35
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.10 – 21.49
\nSpot Rate : 0.3900
\nAverage : 0.2927<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-18
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n

CGI.PR.D<\/td>\nSplitShare<\/td>\nQuote: 23.80 – 24.07
\nSpot Rate : 0.2700
\nAverage : 0.1899<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The New York Times touts an online personal finance video series: After all, there are few entirely conflict-free places where investors can educate themselves on the topic, and there\u2019s little to no money-related guidance offered …<\/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-23415","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23415","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=23415"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23415\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}