{"id":23419,"date":"2013-10-22T00:23:59","date_gmt":"2013-10-22T04:23:59","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23419"},"modified":"2013-10-22T00:23:59","modified_gmt":"2013-10-22T04:23:59","slug":"october-21-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23419","title":{"rendered":"October 21, 2013"},"content":{"rendered":"

There’s an interesting battle shaping up for control of the Republican party<\/a>:<\/p>\n

A battle for control of the Republican Party has erupted as an emboldened Tea Party moved to oust senators who voted to reopen the government while business groups mobilized to defeat allies of the small-government movement.<\/p>\n

\u201cWe are going to get engaged,\u201d said Scott Reed, senior political strategist for the U.S. Chamber of Commerce. \u201cThe need is now more than ever to elect people who understand the free market and not silliness.\u201d The chamber spent $35.7 million on federal elections in 2012, according to the Center for Responsive Politics, a Washington-based group that tracks campaign spending.<\/p><\/blockquote>\n

I remain a conservative, but I ended my involvement with the Conservative party when it became apparent that it was no longer the party of fiscal restraint and realism, but had morphed into a Junior Republican party.<\/p>\n

Brian Milner of the Globe reminds us that, for all the talk of rising interest rates, the economy really needs stimulus rather than restraint<\/a>:<\/p>\n

The latest Canadian inflation figures inspire descriptions like benign, subdued, tepid and tame. Consumer price inflation remained steady in September at an annual rate of 1.1 per cent. The core price index, which excludes more volatile food and energy costs, also didn\u2019t budge from the previous level of 1.3 per cent. With inflation essentially a non-factor, the conventional wisdom is that the Bank of Canada can afford to leave monetary policy untouched.
…<\/b>
Right now, although prices have been rising slightly in most categories (led by booze and tobacco), the inflation rate sits perilously close to the bottom end of the bank\u2019s target range of 1 to 3 per cent, well below the mid-point of 2 per cent the bank and its counterparts in other developed countries regard as ideal. Now, 1 per cent would be welcomed in deflation-ravaged Japan, which hasn\u2019t posted a level that high since 2008. But it ought to be setting off warning bells here.<\/p><\/blockquote>\n

Isn’t market timing wonderful<\/a>?<\/p>\n

Hedge-fund manager John Paulson\u2019s PFR Gold Fund fell 16 percent in September after bullion and related stocks declined, according to a report to investors obtained by Bloomberg News.
\nLast month\u2019s loss brings the 2013 decline in the $350 million fund, which invests in gold stocks and derivatives, to 62 percent, according to the report. Bullion producers fell 9.4 percent and the metal dropped 5 percent in September after a Federal Reserve policy maker said a small reduction in bond purchases may occur in October and the threat of a U.S. attack on Syria eased.<\/p>\n

Paulson, 57, is known for making $15 billion for his investors in 2007 by betting against subprime mortgages before the housing collapse.<\/p><\/blockquote>\n

Towers Perrin reports<\/a>:<\/p>\n

A strong equity market drove September financial results. The benchmark asset portfolio earned almost 3% for the month, driving the Towers Watson Pension Index up 2.6% to 74.7. With this increase the index is now up almost 20% for the year.<\/p><\/blockquote>\n

\"\"<\/a>
Click for Big<\/i><\/div>\n

It was a slightly positive day for the Canadian preferred share market, with PerpetualDiscounts gaining 6bp, FixedResets up 7bp and DeemedRetractibles flat. The Performance Highlights Table is surprisingly lengthy considering the modest overall changes and is dominated by winners. Volume was above average; block trading data is not available.<\/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>\n0.5804 %<\/td>\n2,454.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.29 %<\/td>\n3.56 %<\/td>\n27,926<\/td>\n18.30<\/td>\n1<\/td>\n0.2715 %<\/td>\n3,915.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.75 %<\/td>\n3.00 %<\/td>\n63,507<\/td>\n19.73<\/td>\n5<\/td>\n0.5804 %<\/td>\n2,650.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n2.33 %<\/td>\n65,123<\/td>\n0.44<\/td>\n3<\/td>\n0.0642 %<\/td>\n2,643.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n5.25 %<\/td>\n63,297<\/td>\n3.98<\/td>\n6<\/td>\n-0.0718 %<\/td>\n2,942.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0642 %<\/td>\n2,417.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.82 %<\/td>\n4.96 %<\/td>\n108,543<\/td>\n0.08<\/td>\n7<\/td>\n-0.0797 %<\/td>\n2,283.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.59 %<\/td>\n166,612<\/td>\n14.37<\/td>\n30<\/td>\n0.0623 %<\/td>\n2,345.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.97 %<\/td>\n3.70 %<\/td>\n232,582<\/td>\n3.57<\/td>\n85<\/td>\n0.0695 %<\/td>\n2,442.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n4.44 %<\/td>\n188,641<\/td>\n6.84<\/td>\n43<\/td>\n0.0000 %<\/td>\n2,379.0<\/td>\n<\/tr>\n<\/table>\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.P<\/td>\nFixedReset<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 22.33
\nEvaluated at bid price : 23.12
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 22.27
\nEvaluated at bid price : 23.05
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 22.92
\nEvaluated at bid price : 24.35
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.58
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 19.92
\nEvaluated at bid price : 19.92
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.69
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.36
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.49
\nBid-YTW : 4.12 %<\/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
CIU.PR.B<\/td>\nFixedReset<\/td>\n169,394<\/td>\n\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n157,774<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.52
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n69,493<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.62
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n64,837<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.64
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n46,756<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFixedReset<\/td>\n33,910<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n
There were 42 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
TRI.PR.B<\/td>\nFloater<\/td>\nQuote: 19.80 – 20.23
\nSpot Rate : 0.4300
\nAverage : 0.3135<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 2.66 %<\/td>\n<\/tr>\n

TD.PR.R<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.06 – 26.33
\nSpot Rate : 0.2700
\nAverage : 0.1539<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-11-20
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 0.78 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.55 – 25.90
\nSpot Rate : 0.3500
\nAverage : 0.2363<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 23.45 – 23.90
\nSpot Rate : 0.4500
\nAverage : 0.3517<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.45
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.26 – 21.59
\nSpot Rate : 0.3300
\nAverage : 0.2363<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n

ENB.PR.F<\/td>\nFixedReset<\/td>\nQuote: 23.37 – 23.70
\nSpot Rate : 0.3300
\nAverage : 0.2374<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-21
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.37
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s an interesting battle shaping up for control of the Republican party: A battle for control of the Republican Party has erupted as an emboldened Tea Party moved to oust senators who voted to reopen …<\/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-23419","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23419","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=23419"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23419\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}