{"id":24815,"date":"2014-03-28T20:44:59","date_gmt":"2014-03-29T01:44:59","guid":{"rendered":"http:\/\/prefblog.com\/?p=24815"},"modified":"2014-03-28T20:44:59","modified_gmt":"2014-03-29T01:44:59","slug":"march-28-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24815","title":{"rendered":"March 28, 2014"},"content":{"rendered":"<p>Placeholder <a href=\"http:\/\/www.theglobeandmail.com\/report-on-business\/oliver-wont-meddle-with-mortgages\/article17711607\/\">won&#8217;t interfere with mortgage rates<\/a>:<\/p>\n<blockquote><p>In contrast, when Mr. Oliver spoke to [BMO CEO] Mr. [Bill] Downe this week, he told the bank CEO that the government wants to be less involved in the mortgage market, and gave him the tacit go-ahead to cut rates.<\/p>\n<p>Mr. Oliver went so far as to tell reporters in Ottawa Thursday that he would not be concerned if other banks followed suit, suggesting it was a private sector decision.<\/p>\n<p>\u201cThere\u2019s a market, and the bank made its decision,\u201d he said.<\/p>\n<p>\u201cThe chief executive officer of the Bank of Montreal informed me about it. I listened to his explanation, his reasons. I reiterated what I just stated, which is the government is gradually reducing its involvement in the mortgage market.&#8221;<\/p><\/blockquote>\n<p>Assiduous Readers will be used to, and perhaps even tired of, my complaints about <a href=\"http:\/\/www.sedar.com\">SEDAR<\/a> &#8211; a bank-owned (via the Canadian Depository for Securities) outfit that has been granted a monopoly on the publication of public documents that issuers are required to file, and which abuses that monopoly to an appalling extent with the smiling approval of the Canadian Securities Administrators.<\/p>\n<p>But I don&#8217;t care if you&#8217;re tired of my complaints! I recently had occasion to require some information on CI Income Fund &#8230; and turned to SEDAR. So, the first thing on the document list found after a preliminary search is:<\/p>\n<blockquote><p>Jan 3 2014 16:06:24 ET Amended and restated final fund facts &#8211; English<\/p><\/blockquote>\n<p>So, let&#8217;s look at the precious Fund Facts, shall we? The wise securities administrators keep chanting about how vital and important Fund Facts are, so let&#8217;s start off by taking a peek at them.<\/p>\n<p>Open the file and what do we find? There are actually quite a few:<\/p>\n<ul>\n<li>CI Canadian Dividend Growth Fund (Class A units): Fund Facts\n<li>CI Canadian Dividend Growth Fund (Class D units): Fund Facts\n<li>CI Canadian Dividend Growth Fund (Class F units): Fund Facts\n<li>CI Canadian Dividend Growth Fund (Class I units): Fund Facts\n<li>CI Canadian Dividend Growth Fund (Class O units): Fund Facts\n<li>CI U.S. Dividend Growth Fund (Class A units): Fund Facts\n<li>CI U.S. Dividend Growth Fund (Class AT6 units): Fund Facts\n<li>CI U.S. Dividend Growth Fund (Class D units): Fund Facts\n<li>CI U.S. Dividend Growth Fund (Class F units): Fund Facts\n<li>CI U.S. Dividend Growth Fund (Class I units): Fund Facts\n<li>CI U.S. Dividend Growth Fund (Class O units): Fund Facts<\/ul>\n<p>Nothing &#8211; not a single damned thing &#8211; about CI Income Fund. Well done!<\/p>\n<p>It was a good, if mixed, day for the Canadian preferred share market, which some might consider surprising because <a href=\"http:\/\/web.tmxmoney.com\/indices.php?locale=EN\">TMXMoney reports<\/a> that TXPR was off 12bp and TXPL was down 17bp. A lot of issues went ex-dividend today &#8230; maybe somebody forgot to accrue? Anyway, PerpetualDiscounts were up 21bp, FixedResets were off 1bp and DeemedRetractibles gained 7bp. The Performance Highlights table is of average length, but notable for the inclusion of both Westcoast issues, which went ex-dividend but didn&#8217;t lose much bid. Volume was low, but block trading held up well.<\/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>0.1003 %<\/td>\n<td>2,421.9<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.69 %<\/td>\n<td>4.29 %<\/td>\n<td>35,922<\/td>\n<td>17.73<\/td>\n<td>1<\/td>\n<td>0.0000 %<\/td>\n<td>3,619.2<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.01 %<\/td>\n<td>3.09 %<\/td>\n<td>49,954<\/td>\n<td>19.49<\/td>\n<td>4<\/td>\n<td>0.1003 %<\/td>\n<td>2,615.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.65 %<\/td>\n<td>-0.89 %<\/td>\n<td>100,030<\/td>\n<td>0.23<\/td>\n<td>3<\/td>\n<td>0.0258 %<\/td>\n<td>2,687.9<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.81 %<\/td>\n<td>4.27 %<\/td>\n<td>66,349<\/td>\n<td>4.29<\/td>\n<td>5<\/td>\n<td>0.1273 %<\/td>\n<td>3,087.8<\/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>0.0258 %<\/td>\n<td>2,457.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.63 %<\/td>\n<td>-5.06 %<\/td>\n<td>92,885<\/td>\n<td>0.09<\/td>\n<td>11<\/td>\n<td>0.0644 %<\/td>\n<td>2,366.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.44 %<\/td>\n<td>5.50 %<\/td>\n<td>123,002<\/td>\n<td>14.56<\/td>\n<td>26<\/td>\n<td>0.2086 %<\/td>\n<td>2,454.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.70 %<\/td>\n<td>3.55 %<\/td>\n<td>222,391<\/td>\n<td>4.42<\/td>\n<td>79<\/td>\n<td>0.0118 %<\/td>\n<td>2,516.8<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.06 %<\/td>\n<td>2.29 %<\/td>\n<td>160,674<\/td>\n<td>0.16<\/td>\n<td>42<\/td>\n<td>0.0693 %<\/td>\n<td>2,472.8<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.62 %<\/td>\n<td>2.58 %<\/td>\n<td>191,055<\/td>\n<td>4.31<\/td>\n<td>5<\/td>\n<td>-0.0283 %<\/td>\n<td>2,453.2<\/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>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>-1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 21.30<br \/>\nEvaluated at bid price : 21.30<br \/>\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 24.31<br \/>\nEvaluated at bid price : 24.62<br \/>\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.23 %<\/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 : 22.29<br \/>\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.41 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 24.55<br \/>\nEvaluated at bid price : 24.80<br \/>\nBid-YTW : 5.65 %<\/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>TD.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>146,774<\/td>\n<td>TD crossed blocks of 60,000 shares, 55,200 and 19,800, all at 25.30.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.30<br \/>\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>115,261<\/td>\n<td>RBC crossed 107,500 at 24.49.<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 : 24.47<br \/>\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>102,100<\/td>\n<td>Nesbitt crossed two blocks of 50,000 each, both at 23.58.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 23.14<br \/>\nEvaluated at bid price : 23.46<br \/>\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>101,600<\/td>\n<td>TD crossed blocks of 25,000 shares, 55,200 and 19,800, all at 25.67.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.65<br \/>\nBid-YTW : 1.50 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>87,730<\/td>\n<td>RBC crossed blocks of 50,000 and 25,000, both at 25.52.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-05-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>86,325<\/td>\n<td>TD crossed blocks of 60,000 and 19,800, both at 25.67.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.65<br \/>\nBid-YTW : 1.50 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 19 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>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>Quote: 19.32 &#8211; 19.99<br \/>\nSpot Rate  :  0.6700<br \/>\nAverage  :  0.5440<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 19.32<br \/>\nEvaluated at bid price : 19.32<br \/>\nBid-YTW : 2.74 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.R<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 26.39 &#8211; 26.70<br \/>\nSpot Rate  :  0.3100<br \/>\nAverage  :  0.1871<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-04-30<br \/>\nMaturity Price  : 25.75<br \/>\nEvaluated at bid price : 26.39<br \/>\nBid-YTW : -12.37 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.26 &#8211; 23.58<br \/>\nSpot Rate  :  0.3200<br \/>\nAverage  :  0.2334<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 22.99<br \/>\nEvaluated at bid price : 23.26<br \/>\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.86 &#8211; 26.18<br \/>\nSpot Rate  :  0.3200<br \/>\nAverage  :  0.2348<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-03-31<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 25.86<br \/>\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 21.30 &#8211; 21.63<br \/>\nSpot Rate  :  0.3300<br \/>\nAverage  :  0.2486<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 21.30<br \/>\nEvaluated at bid price : 21.30<br \/>\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.78 &#8211; 24.99<br \/>\nSpot Rate  :  0.2100<br \/>\nAverage  :  0.1399<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-03-28<br \/>\nMaturity Price  : 23.11<br \/>\nEvaluated at bid price : 24.78<br \/>\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Placeholder won&#8217;t interfere with mortgage rates: In contrast, when Mr. Oliver spoke to [BMO CEO] Mr. [Bill] Downe this week, he told the bank CEO that the government wants to be less involved in the &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-24815","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24815","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=24815"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24815\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}