{"id":24607,"date":"2014-03-06T22:42:55","date_gmt":"2014-03-07T03:42:55","guid":{"rendered":"http:\/\/prefblog.com\/?p=24607"},"modified":"2014-03-06T22:42:55","modified_gmt":"2014-03-07T03:42:55","slug":"march-6-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24607","title":{"rendered":"March 6, 2014"},"content":{"rendered":"<p>Nothing happened today, but I must say that I am astonished at <a href=\"http:\/\/www.theglobeandmail.com\/news\/national\/education\/university-of-ottawa-appoints-task-force-to-tackle-sexism-violence-against-women\/article17343093\/\">the UofO hockey-team \/ facebook chat kerfuffle<\/a>:<\/p>\n<blockquote><p>As the University of Ottawa wrestles with its response to a week of sexually charged scandals, its leaders promised a new task force to help the school \u201cface up\u201d to issues of violence within the campus culture.<\/p>\n<p>The university\u2019s president, Allan Rock, announced a task force on respect and equality in his first public comments since his school revealed on Monday that police are investigating an alleged sexual assault involving some players from its men\u2019s hockey team. At a Thursday news conference with Micha\u00eblle Jean, the U of O\u2019s chancellor and a former Governor-General, he pledged to \u201ctake fearless inventory of our practices and our assumptions.\u201d<\/p>\n<p>The university is still staggering from another revelation, days earlier, of a sexually graphic online chat that several student leaders had about a colleague. In response, many at the school have decried a \u201crape culture\u201d they say is quietly pervasive on and off campus. Now, public attention is focusing on whether universities are willing and able to drive changes to social attitudes that minimize the real impact of sexual violence.<\/p><\/blockquote>\n<p>I simply cannot understand why &#8220;changes to social attitudes&#8221; are any of the universities&#8217; business; I have come up with a few explanations:<\/p>\n<ul>\n<li>Young people are being infantilized &#8211; 35 is the new 20, as far as maturity goes. Used to be that at age 20, most people would get a job, get married, buy a house &#8230; all that grown-up stuff. Now, there&#8217;s a longer period of adolescence before adulthood, and the universities are responding to that (while under pressure).\n<li>University administrations are being feminized &#8230; when I was of university age, the fact that more than half of all undergrads were female was front page news. Now <a href=\"http:\/\/www.forbes.com\/sites\/ccap\/2012\/02\/16\/the-male-female-ratio-in-college\/\">the proportion is pushing 60%<\/a> in the US and I&#8217;ll guess it&#8217;s the same here. So administrations are responding to that and they&#8217;re also responding to (what I assume is, without any data at all) an increasing female component of influential administrative staff. A male will &#8211; stereotypically &#8211; respond to nastiness on his own, while females will &#8211; stereotypically &#8211; seek to organize a clique to punish the offender properly; this is what the universities are now doing\n<li>Normal bureaucratic mission creep. &#8220;We&#8217;re in a position to do so much good! Therefore we must promote proper behaviour!&#8221;\n<li>It&#8217;s all marketting. All the universities now have MBAs in their admissions department who don&#8217;t care about much other than getting lots of admission applications through a Positive Public Image. The potential for bequests and alumni donations is important too.<\/ul>\n<p>That&#8217;s the best I can do; feel free to respond in the comments, even if it&#8217;s only to tell me you&#8217;re here for the preferred shares and I should shut the hell up (if male) or that you have brought my views to the attention of the appropriate authorities (if female). But one implication of all these precious bureaucrats having earnest discussions with each other about Proper Standards Of Behaviour, and sitting in tribunals to <s>Enforce<\/s> Promote Community Expectations Of A Safe Learning Environment is increased costs. This type of non-academic activity at universities is one reason why the price keeps going up; and why student debt increases in lockstep.<\/p>\n<p>It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 6bp, FixedResets off 3bp and DeemedRetractibles up 22bp. Volatility was muted. Volume was above average.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.3276 %<\/td>\n<td>2,411.6<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.60 %<\/td>\n<td>3.86 %<\/td>\n<td>27,733<\/td>\n<td>17.67<\/td>\n<td>1<\/td>\n<td>-0.2894 %<\/td>\n<td>3,692.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.00 %<\/td>\n<td>3.16 %<\/td>\n<td>54,779<\/td>\n<td>19.25<\/td>\n<td>4<\/td>\n<td>-0.3276 %<\/td>\n<td>2,603.9<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.63 %<\/td>\n<td>-0.16 %<\/td>\n<td>72,287<\/td>\n<td>0.24<\/td>\n<td>3<\/td>\n<td>-0.3080 %<\/td>\n<td>2,683.9<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.84 %<\/td>\n<td>4.58 %<\/td>\n<td>54,100<\/td>\n<td>4.34<\/td>\n<td>5<\/td>\n<td>0.1925 %<\/td>\n<td>3,057.7<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.3080 %<\/td>\n<td>2,454.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.63 %<\/td>\n<td>-0.75 %<\/td>\n<td>93,262<\/td>\n<td>0.08<\/td>\n<td>11<\/td>\n<td>0.1175 %<\/td>\n<td>2,352.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.48 %<\/td>\n<td>5.56 %<\/td>\n<td>136,953<\/td>\n<td>14.39<\/td>\n<td>26<\/td>\n<td>0.0570 %<\/td>\n<td>2,418.9<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.71 %<\/td>\n<td>3.54 %<\/td>\n<td>230,173<\/td>\n<td>6.79<\/td>\n<td>77<\/td>\n<td>-0.0274 %<\/td>\n<td>2,504.3<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.06 %<\/td>\n<td>2.19 %<\/td>\n<td>166,953<\/td>\n<td>0.22<\/td>\n<td>42<\/td>\n<td>0.2234 %<\/td>\n<td>2,463.2<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.58 %<\/td>\n<td>2.55 %<\/td>\n<td>189,224<\/td>\n<td>7.12<\/td>\n<td>5<\/td>\n<td>0.0803 %<\/td>\n<td>2,444.3<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>-1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.65<br \/>\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.65 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-06<br \/>\nMaturity Price  : 21.31<br \/>\nEvaluated at bid price : 21.61<br \/>\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>158,484<\/td>\n<td>RBC crossed 148,300 at 21.45.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-06<br \/>\nMaturity Price  : 21.47<br \/>\nEvaluated at bid price : 21.47<br \/>\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.R<\/td>\n<td>FloatingReset<\/td>\n<td>138,360<\/td>\n<td>Scotia crossed 136,600 at 24.80.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-08-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.83<br \/>\nBid-YTW : 2.54 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>127,195<\/td>\n<td>Desjardins bought 100,000 from RBC at 22.20, and crossed 12,700 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-06<br \/>\nMaturity Price  : 21.73<br \/>\nEvaluated at bid price : 22.20<br \/>\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>102,385<\/td>\n<td>RBC crossed blocks of 68,100 and 24,700, both at 25.31.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.32<br \/>\nBid-YTW : 1.48 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Deemed-Retractible<\/td>\n<td>90,695<\/td>\n<td>Nesbitt crossed blocks of 40,000 and 45,000, both at 21.70.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.71<br \/>\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>80,424<\/td>\n<td>Nesbitt crossed blocks of 25,000 and 50,000, both at 26.00.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2015-02-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.92<br \/>\nBid-YTW : 1.74 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 41 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 21.65 &#8211; 21.88<br \/>\nSpot Rate  :  0.2300<br \/>\nAverage  :  0.1590<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.65<br \/>\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.50 &#8211; 25.68<br \/>\nSpot Rate  :  0.1800<br \/>\nAverage  :  0.1095<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-08-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 2.40 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.87 &#8211; 26.06<br \/>\nSpot Rate  :  0.1900<br \/>\nAverage  :  0.1220<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.87<br \/>\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 24.05 &#8211; 24.25<br \/>\nSpot Rate  :  0.2000<br \/>\nAverage  :  0.1341<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-06<br \/>\nMaturity Price  : 23.74<br \/>\nEvaluated at bid price : 24.05<br \/>\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.52 &#8211; 21.90<br \/>\nSpot Rate  :  0.3800<br \/>\nAverage  :  0.3202<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-06<br \/>\nMaturity Price  : 21.52<br \/>\nEvaluated at bid price : 21.52<br \/>\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.D<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.22 &#8211; 25.39<br \/>\nSpot Rate  :  0.1700<br \/>\nAverage  :  0.1104<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2014-07-09<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.22<br \/>\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Nothing happened today, but I must say that I am astonished at the UofO hockey-team \/ facebook chat kerfuffle: As the University of Ottawa wrestles with its response to a week of sexually charged scandals, &hellip;<\/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-24607","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24607","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=24607"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24607\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}