{"id":27331,"date":"2015-01-01T01:04:40","date_gmt":"2015-01-01T06:04:40","guid":{"rendered":"http:\/\/prefblog.com\/?p=27331"},"modified":"2015-01-01T01:04:40","modified_gmt":"2015-01-01T06:04:40","slug":"december-31-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27331","title":{"rendered":"December 31, 2014"},"content":{"rendered":"<p>Nothing happened today.<\/p>\n<p>The Canadian preferred share market closed the year on a very strong note, with PerpetualDiscounts winning 52bp, FixedResets up 42bp and DeemedRetractibles gaining 23bp. The Performance Highlights Table is suitably enormous, with a large complement of winners from the <a href=\"http:\/\/prefblog.com\/?p=27014\">credit-nervous ENB<\/a>. Volume was tiny.<\/p>\n<p>For as long as the FixedReset market is so violently unsettled, I\u2019ll keep publishing updates of the more interesting and meaningful series of FixedResets\u2019 Implied Volatilities. This doesn\u2019t include Enbridge because although Enbridge has a large number of issues outstanding, all of which are quite liquid, the range of Issue Reset Spreads is too small for decent conclusions. The low is 212bp (ENB.PR.H; second-lowest is ENB.PR.D at 237bp) and the high is a mere 268 for ENB.PF.G.<\/p>\n<p>Remember that all rich \/cheap assessments are:<\/p>\n<ul>\n<li>based on Implied Volatility Theory only\n<li>are relative only to other FixedResets from the same issuer\n<li>assume constant GOC-5 yield\n<li>assume constant Implied Volatility\n<li>assume constant spread<\/ul>\n<p>Here\u2019s TRP:<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_TRP_141231.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_TRP_141231-300x246.jpg\" alt=\"impVol_TRP_141231\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-27338\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>So according to this, TRP.PR.A, bid at 20.65, is $1.67 cheap, but it has already reset (at +192). TRP.PR.C, bid at 21.50 and resetting at +154bp on 2016-1-30 is $1.79 rich.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_MFC_141231.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_MFC_141231-300x246.jpg\" alt=\"impVol_MFC_141231\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-27339\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>Today&#8217;s fine performance (+2.01%!) has brought MFC.PR.F back to the line defined by its peers. Implied Volatility continues to be a conundrum. It is far too high if we consider that NVCC rules will never apply to these issues; it is still too low if we consider them to be NVCC non-compliant issues (and therefore with Deemed Maturities in the call schedule).<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_BAM_141231.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_BAM_141231-300x246.jpg\" alt=\"impVol_BAM_141231\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-27340\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>There continues to be cheapness in the lowest-spread issue, BAM.PR.X, resetting at +180bp on 2017-6-30, which is bid at 21.16 and appears to be $0.81 cheap, while BAM.PR.R, resetting at +230bp 2016-6-30 is bid at 25.25 and appears to be $1.11 rich.<\/p>\n<p>It seems clear that the higher-spread issues define a curve with significantly more Implied Volatility than is calculated when the low-spread outlier is included.<br \/>\n<a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_FTS_141231.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/impVol_FTS_141231-300x246.jpg\" alt=\"impVol_FTS_141231\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-27341\" \/><\/a><\/p>\n<p>This is just weird because the middle is expensive and the ends are cheap but anyway \u2026 FTS.PR.H, with a spread of +145bp, and bid at 19.09, looks $1.05 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp, and bid at 25.42, looks $1.03 expensive and resets 2019-3-1<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/pairs_FR_141231.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/01\/pairs_FR_141231-300x222.jpg\" alt=\"pairs_FR_141231\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-27342\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>Pairs equivalence is all over the map, but will probably converge as volumes increase in the new year.<\/p>\n<p>And that&#8217;s it for another year!<\/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>-0.4579 %<\/td>\n<td>2,510.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/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>-0.4579 %<\/td>\n<td>3,974.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.02 %<\/td>\n<td>3.09 %<\/td>\n<td>63,986<\/td>\n<td>19.48<\/td>\n<td>4<\/td>\n<td>-0.4579 %<\/td>\n<td>2,669.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.41 %<\/td>\n<td>-1.83 %<\/td>\n<td>23,195<\/td>\n<td>0.08<\/td>\n<td>2<\/td>\n<td>0.0000 %<\/td>\n<td>2,752.0<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.26 %<\/td>\n<td>4.04 %<\/td>\n<td>34,192<\/td>\n<td>3.67<\/td>\n<td>5<\/td>\n<td>0.0626 %<\/td>\n<td>3,209.3<\/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>0.0000 %<\/td>\n<td>2,516.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.44 %<\/td>\n<td>-4.91 %<\/td>\n<td>65,647<\/td>\n<td>0.09<\/td>\n<td>20<\/td>\n<td>0.1942 %<\/td>\n<td>2,493.3<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.14 %<\/td>\n<td>5.04 %<\/td>\n<td>107,501<\/td>\n<td>15.32<\/td>\n<td>15<\/td>\n<td>0.5221 %<\/td>\n<td>2,681.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.17 %<\/td>\n<td>3.57 %<\/td>\n<td>231,565<\/td>\n<td>8.46<\/td>\n<td>77<\/td>\n<td>0.4168 %<\/td>\n<td>2,567.4<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.94 %<\/td>\n<td>-1.38 %<\/td>\n<td>91,140<\/td>\n<td>0.09<\/td>\n<td>40<\/td>\n<td>0.2297 %<\/td>\n<td>2,633.9<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.63 %<\/td>\n<td>-3.31 %<\/td>\n<td>61,235<\/td>\n<td>0.08<\/td>\n<td>6<\/td>\n<td>-1.9589 %<\/td>\n<td>2,501.4<\/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>IAG.PR.A<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.25 %<\/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 : 23.65<br \/>\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>-1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 19.01<br \/>\nEvaluated at bid price : 19.01<br \/>\nBid-YTW : 2.78 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.88<br \/>\nEvaluated at bid price : 24.04<br \/>\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.71<br \/>\nEvaluated at bid price : 23.52<br \/>\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.H<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.11 %<\/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 : 24.62<br \/>\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.G<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-04-15<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 26.44<br \/>\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.40<br \/>\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>1.16 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.66<br \/>\nEvaluated at bid price : 23.62<br \/>\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 17.92<br \/>\nEvaluated at bid price : 17.92<br \/>\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-02-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.54<br \/>\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.85<br \/>\nEvaluated at bid price : 23.85<br \/>\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>1.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.35<br \/>\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.32 %<\/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 : 23.79<br \/>\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.C<\/td>\n<td>FixedReset<\/td>\n<td>1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.97<br \/>\nEvaluated at bid price : 24.50<br \/>\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>1.39 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-06-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2020-03-31<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 26.01<br \/>\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 21.65<br \/>\nEvaluated at bid price : 21.99<br \/>\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>1.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 23.07<br \/>\nEvaluated at bid price : 24.55<br \/>\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.49 %<\/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 : 23.90<br \/>\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.55 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 24.47<br \/>\nEvaluated at bid price : 24.90<br \/>\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.80 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 24.49<br \/>\nEvaluated at bid price : 24.92<br \/>\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>1.82 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.58<br \/>\nEvaluated at bid price : 23.50<br \/>\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.A<\/td>\n<td>FixedReset<\/td>\n<td>1.91 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 23.03<br \/>\nEvaluated at bid price : 24.60<br \/>\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>2.01 %<\/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 : 22.35<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 24.35<br \/>\nEvaluated at bid price : 24.77<br \/>\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>2.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 21.50<br \/>\nEvaluated at bid price : 21.50<br \/>\nBid-YTW : 3.49 %<\/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>CM.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>100,450<\/td>\n<td><a href=\"http:\/\/prefblog.com\/?p=27179\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 23.13<br \/>\nEvaluated at bid price : 24.93<br \/>\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>41,518<\/td>\n<td>ITG (who?) bought blocks of 19,400 and 19,100 from Nesbitt, both at 24.80.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 24.35<br \/>\nEvaluated at bid price : 24.77<br \/>\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>37,025<\/td>\n<td><a href=\"http:\/\/prefblog.com\/?p=27329\">Newly exchanged from TRP.PR.A<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.00<br \/>\nEvaluated at bid price : 22.26<br \/>\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>32,700<\/td>\n<td>Nesbitt crossed 31,700 at 25.50.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-06-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.C<\/td>\n<td>FixedReset<\/td>\n<td>32,025<\/td>\n<td><a href=\"http:\/\/prefblog.com\/?p=27181\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 23.14<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PF.E<\/td>\n<td>FixedReset<\/td>\n<td>13,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 22.98<br \/>\nEvaluated at bid price : 24.56<br \/>\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 0 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>PVS.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.65 &#8211; 30.00<br \/>\nSpot Rate  :  4.3500<br \/>\nAverage  :  2.3280<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2017-12-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.65<br \/>\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>Quote: 19.01 &#8211; 20.00<br \/>\nSpot Rate  :  0.9900<br \/>\nAverage  :  0.7269<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 19.01<br \/>\nEvaluated at bid price : 19.01<br \/>\nBid-YTW : 2.78 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.43 &#8211; 22.02<br \/>\nSpot Rate  :  0.5900<br \/>\nAverage  :  0.4210<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 21.43<br \/>\nEvaluated at bid price : 21.43<br \/>\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.21 &#8211; 25.74<br \/>\nSpot Rate  :  0.5300<br \/>\nAverage  :  0.4173<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 23.24<br \/>\nEvaluated at bid price : 25.21<br \/>\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.87 &#8211; 26.60<br \/>\nSpot Rate  :  0.7300<br \/>\nAverage  :  0.6227<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-06-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.87<br \/>\nBid-YTW : 2.66 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.46 &#8211; 22.82<br \/>\nSpot Rate  :  0.3600<br \/>\nAverage  :  0.2564<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-12-31<br \/>\nMaturity Price  : 21.97<br \/>\nEvaluated at bid price : 22.46<br \/>\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Nothing happened today. The Canadian preferred share market closed the year on a very strong note, with PerpetualDiscounts winning 52bp, FixedResets up 42bp and DeemedRetractibles gaining 23bp. The Performance Highlights Table is suitably enormous, with &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-27331","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27331","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=27331"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27331\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}