{"id":27685,"date":"2015-02-02T20:43:49","date_gmt":"2015-02-03T01:43:49","guid":{"rendered":"http:\/\/prefblog.com\/?p=27685"},"modified":"2015-02-02T20:43:49","modified_gmt":"2015-02-03T01:43:49","slug":"february-2-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27685","title":{"rendered":"February 2, 2015"},"content":{"rendered":"

The prospects for global deflation are attracting a lot of ink<\/a>:<\/p>\n

European and Chinese factories slashed prices in January as production flat-lined, heightening global deflation risks that point to another wave of central bank stimulus in the coming year.<\/p>\n

While the pulse of activity was livelier in other parts of Asia \u2013 Japan, India and South Korea \u2013 they too shared a common condition of slowing inflation.
…<\/b>
Markit\u2019s final PMI reading for the euro zone, published on Monday, was 51.0, in line with the flash estimate. Although at a six-month high, it was only just above the 50 mark that separates growth from contraction. In December the index came in at 50.6.<\/p>\n

Worryingly for policymakers, firms cut prices in January at the steepest rate since mid-2013. Data on Friday showed annual inflation was a record-equalling low of \u20130.6 per cent in January across the 19 nations using the euro.<\/p>\n

In Britain, manufacturing grew slightly faster but factories cut prices at the fastest pace since 2009.<\/p><\/blockquote>\n

There’s a new estimate for Treasury liquidity<\/a>:<\/p>\n

For decades, the $12.5 trillion market for U.S. government debt was renowned for its \u201cdepth,\u201d Wall Street\u2019s way of talking about a market\u2019s ability to handle large trades without big moves in prices. But lately, that resiliency has practically vanished — and that\u2019s a big worry.<\/p>\n

Less depth has meant greater volatility. So Treasuries — the world\u2019s haven asset during turmoil — may be prone to more disruptions, particularly as the Federal Reserve prepares to raise interest rates. And if investors begin to doubt whether they\u2019ll still be able to buy and sell on a moment\u2019s notice, that has the potential to elevate the U.S.\u2019s cost to borrow.<\/p>\n

How much depth has the market lost? A year ago, you could trade about $280 million of Treasuries without causing prices to move, according to JPMorgan Chase & Co. Now, it\u2019s $80 million.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 54bp, FixedResets gaining 9bp and DeemedRetractibles off 6bp. The relatively mild index numbers masked a lot of individual changes, as the Performance Highlights table is its usual lengthy self. Volume was below average.<\/p>\n

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

Remember that all rich \/cheap assessments are:
\n\u00bb based on Implied Volatility Theory only
\n\u00bb are relative only to other FixedResets from the same issuer
\n\u00bb assume constant GOC-5 yield
\n\u00bb assume constant Implied Volatility
\n\u00bb assume constant spread<\/p>\n

Here\u2019s TRP:<\/p>\n

\"impVol_TRP_150202\"<\/a>
Click for Big<\/i><\/div>\n

The TRP FixedResets are very well behaved, with an excellent fit to reasonable numbers!<\/p>\n

\"impVol_MFC_150202\"<\/a>
Click for Big<\/i><\/div>\n

Another excellent fit, but this time the numbers are more perplexing. Implied Volatility for MFC continues to be a conundrum. It is still 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

\"impVol_BAM_150202\"<\/a>
Click for Big<\/i><\/div>\n

Here’s another good fit to reasonable numbers. I hope this market doesn’t start making sense, or I’ll be out of work!<\/p>\n

The cheapest issue relative to its peers is now BAM.PF.E, resetting at +255bp on 2020-3-31 (more than five years hence!), bid at 22.82 to be $0.59 cheap. BAM.PF.B, resetting at +263bp 2019-3-31 is bid at 24.25 and appears to be $0.43 rich.<\/p>\n

\"impVol_FTS_150202\"<\/a>
Click for Big<\/i><\/div>\n

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 17.07, looks $0.64 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, bid at 23.51, and is still $0.82.<\/p>\n

\"pairs_FR_150202\"<\/a>
Click for Big<\/i><\/div>\n

What can I say? Every Investment Grade FixedReset\/FloatingReset pair but one (TRP.PR.A \/ TRP.PR.F) is now showing a negative break-even average three month bill rate until interconversion.<\/p>\n

On the other hand, the market’s distaste for product linked to Money Market rates does not extend to prime, as shown by the FixedFloater\/RatchetRate pairs:<\/p>\n

\"pairs_FF_150202\"<\/a>
Click for Big<\/i><\/div>\n

Shall we just say that this exhibits a high level of confidence in the continued rapacity of Canadian banks?<\/p>\n\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-0.4114 %<\/td>\n2,187.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.38 %<\/td>\n3.55 %<\/td>\n20,957<\/td>\n18.33<\/td>\n1<\/td>\n1.0713 %<\/td>\n4,037.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.30 %<\/td>\n3.47 %<\/td>\n57,370<\/td>\n18.58<\/td>\n4<\/td>\n-0.4114 %<\/td>\n2,324.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.05 %<\/td>\n2.06 %<\/td>\n98,674<\/td>\n0.37<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,750.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.28 %<\/td>\n4.25 %<\/td>\n30,885<\/td>\n3.98<\/td>\n5<\/td>\n0.3133 %<\/td>\n3,193.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,515.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n0.19 %<\/td>\n57,305<\/td>\n0.08<\/td>\n24<\/td>\n-0.0212 %<\/td>\n2,510.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.97 %<\/td>\n4.97 %<\/td>\n115,073<\/td>\n15.46<\/td>\n10<\/td>\n0.5379 %<\/td>\n2,770.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.46 %<\/td>\n3.46 %<\/td>\n214,817<\/td>\n17.05<\/td>\n79<\/td>\n0.0939 %<\/td>\n2,395.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.93 %<\/td>\n0.96 %<\/td>\n101,421<\/td>\n0.23<\/td>\n39<\/td>\n-0.0648 %<\/td>\n2,635.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.55 %<\/td>\n3.25 %<\/td>\n78,190<\/td>\n6.42<\/td>\n7<\/td>\n0.0314 %<\/td>\n2,281.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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
BAM.PR.X<\/td>\nFixedReset<\/td>\n-3.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 18.03
\nEvaluated at bid price : 18.03
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-3.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.54
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-3.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.80
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 2.89 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 20.02
\nEvaluated at bid price : 20.02
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.40
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.21
\nEvaluated at bid price : 24.26
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 17.02
\nEvaluated at bid price : 17.02
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.88
\nEvaluated at bid price : 24.15
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.59
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.88
\nEvaluated at bid price : 24.25
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-09-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.64
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 21.89
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.09
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
BNS.PR.P<\/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 : 25.50
\nBid-YTW : 2.68 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.90
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.80
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.43
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.50
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.60
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.83
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 21.60
\nEvaluated at bid price : 22.00
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.60
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
CGI.PR.D<\/td>\nSplitShare<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 14.32
\nEvaluated at bid price : 14.32
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.69
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n2.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.70
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n3.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 24.77
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n3.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.35
\nBid-YTW : 5.65 %<\/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
RY.PR.J<\/td>\nFixedReset<\/td>\n101,699<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.94
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n56,983<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n53,520<\/td>\nScotia sold two blocks of 10,000 each to TD and crossed another 11,400, all at 24.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.69
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n41,875<\/td>\nDesjardins sold blocks of 24,400 and 12,000 to anonymous at 18.28.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.15
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n32,928<\/td>\nRBC crossed 25,000 at 23.90.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.61
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n27,548<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
There were 25 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.J<\/td>\nFixedReset<\/td>\nQuote: 22.25 – 23.47
\nSpot Rate : 1.2200
\nAverage : 0.7071<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 21.86
\nEvaluated at bid price : 22.25
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n

TD.PF.C<\/td>\nFixedReset<\/td>\nQuote: 23.50 – 24.50
\nSpot Rate : 1.0000
\nAverage : 0.5620<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.54
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset<\/td>\nQuote: 25.26 – 26.05
\nSpot Rate : 0.7900
\nAverage : 0.4792<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n

PVS.PR.C<\/td>\nSplitShare<\/td>\nQuote: 25.66 – 26.50
\nSpot Rate : 0.8400
\nAverage : 0.5576<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n

ENB.PR.T<\/td>\nFixedReset<\/td>\nQuote: 20.70 – 21.24
\nSpot Rate : 0.5400
\nAverage : 0.3378<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset<\/td>\nQuote: 23.40 – 24.00
\nSpot Rate : 0.6000
\nAverage : 0.3981<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-02
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.40
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The prospects for global deflation are attracting a lot of ink: European and Chinese factories slashed prices in January as production flat-lined, heightening global deflation risks that point to another wave of central bank stimulus …<\/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-27685","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27685","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=27685"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27685\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}