{"id":27755,"date":"2015-02-06T21:18:05","date_gmt":"2015-02-07T02:18:05","guid":{"rendered":"http:\/\/prefblog.com\/?p=27755"},"modified":"2015-02-06T21:18:05","modified_gmt":"2015-02-07T02:18:05","slug":"february-6-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=27755","title":{"rendered":"February 6, 2015"},"content":{"rendered":"

Jobs, jobs, jobs<\/a>!<\/p>\n

The U.S. labor market leaped forward in January, capping the greatest three-month jobs gain in 17 years and delivering the biggest wage increase since 2008.<\/p>\n

Payrolls advanced by 257,000 last month following increases in December and November that were even bigger than previously reported, figures from the Labor Department showed Friday in Washington. The unemployment rate rose to 5.7 percent from 5.6 percent as more than a million Americans streamed into the labor force seeking work.
…<\/b>
Average hourly earnings jumped 0.5 percent, the most since November 2008, from the prior month. They were up 2.2 percent over the past year, the biggest advance since August.
…<\/b>
A striking aspect of the report was a revision that added 147,000 jobs to the payroll tally for the previous two months, which also incorporated adjustments back to 2010.<\/p>\n

Employment in November was revised up to a 423,000 gain, the most since May 2010. Private payrolls, which exclude government agencies, soared 414,000 that month, the biggest advance since September 1997.<\/p>\n

Job gains in January were led by retailers, construction firms and health-care companies.<\/p><\/blockquote>\n

So, previously scheduled deflation has been cancelled<\/a>:<\/p>\n

After the jobs report, traders pulled forward their expectations for when the Fed will raise borrowing costs from near zero, where they\u2019ve been since 2008. Futures contracts show a 27 percent chance of a June rate increase, up from 18 percent on Thursday.<\/p>\n

It\u2019s not just the labor market that\u2019s giving ammunition to to the view that higher rates are coming. Oil is also headed for its biggest two-week rally since March 1998, alleviating concerns that the commodities drop will ruin the U.S. outlook.<\/p>\n

The bond market is now pricing in annual inflation of 1.49 percent for the next five years, up from 1.07 percent just a month ago, according to break-even rates on Treasury Inflation Protected Securities. That\u2019s a lot closer to the Fed\u2019s 2 percent target.<\/p>\n

At the same time, derivatives traders still don\u2019t see the economy strengthening enough to compel the Fed to raise its benchmark rate above 2 percent by the end of 2018. The Fed\u2019s longer-run forecast for rates is about 4 percent.<\/p><\/blockquote>\n

Canada was not left out – McJobs, McJobs, McJobs<\/a>!<\/p>\n

The Canadian economy created a greater-than-expected 35,400 jobs last month, fuelled by growth in part-time positions, the self employed and Alberta\u2019s non-energy sector.<\/p>\n

The country\u2019s unemployment rate fell to 6.6 per cent in January from 6.7 per cent a month earlier, Statistics Canada said Friday.<\/p>\n

The gains topped forecasts and show some resilience in the face of lower oil prices and weakening business investment. But some of the details were weaker, showing part-time work and self employment led last month\u2019s gains while the country\u2019s participation rate remains at its lowest level since 2000.
…<\/b>
In the last year, full-time employment has risen 0.8 per cent and part-time climbed 0.6 per cent. The total number of hours worked is slightly higher, up 0.3 per cent.<\/p>\n

The numbers come after Statscan recently revised its estimates for job growth in 2014. Employment gains were the slowest since 2009 last year, at 121,000, a third lower than the originally estimated increase of 186,000.<\/p>\n

Canada\u2019s participation rate was unchanged at 65.7 per cent last month.<\/p><\/blockquote>\n

So, given that future Canadian jobs will depend on demand for domestic staff in the States, the dollar fell<\/a>:<\/p>\n

The loonie, as the currency is nicknamed for the image of the aquatic bird on the C$1 coin, declined 0.8 percent to C$1.2529 per U.S. dollar at 2:52 p.m. in Toronto. One loonie buys 79.82 U.S. cents.
…<\/b>
Canada\u2019s currency depreciated 1.8 percent on Jan. 21 after the central bank trimmed its main rate to 0.75 percent from 1 percent. On Jan. 30 it touched C$1.2799 per U.S. dollar, the lowest level in nearly six years, part of the currency\u2019s worst monthly start to a year in Bloomberg records going back to 1971.<\/p>\n

Bank of Canada policy makers next meet March 4, with swaps traders seeing 60 percent chance they will cut the rate to 0.5 percent, according to Bloomberg calculations based on trading in overnight index swaps. Yesterday, the odds were 64 percent.<\/p><\/blockquote>\n

But we’re doing better than Greece<\/a>!<\/p>\n

Standard & Poor\u2019s cut Greece\u2019s long-term sovereign credit rating to B\u2013 from B on Friday, warning that liquidity restraints on Greek banks would limit the time the new government has to clinch a deal with its creditors.
…<\/b>
\u201cLiquidity constraints have narrowed the time frame during which Greece\u2019s new government can reach an agreement with its official creditors.\u201d<\/p>\n

The rating agency said both Greece\u2019s long and short-term ratings remained on creditwatch negative, meaning they could be lowered again, and warned that drawn out talks could produce a worsening economic situation in the country.<\/p>\n

\u201cA prolongation of talks with official creditors could also lead to … deposit withdrawals and, in a worst-case scenario, the imposition of capital controls and a loss of access to lender-of-last-resort financing, potentially resulting in Greece\u2019s exclusion from the Economic and Monetary Union.\u201d<\/p><\/blockquote>\n

I couldn’t find a news story on it – stories on Canada bonds are rare – but yields popped today CBID<\/a>:<\/p>\n

\n2 Year 0.49%
\n5 Year 0.78%
\n10 Year 1.45%
\n30 Year 2.03%<\/p><\/blockquote>\n

Which can be compared to the BoC’s numbers as of yesterday<\/a>:<\/p>\n

\n2 Year . 0.43%
\n5 Year 0.68%
\n10 Year 1.35%
\n30 Year 1.94%-ish<\/p><\/blockquote>\n

The Canadian preferred share market did very well again today, with PerpetualDiscounts and DeemedRetractibles both gaining 4bp and FixedResets up 65bp. The Performance Highlights table is suitably lengthy, suitably dominated by winning FixedResets. Volume was slightly 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_150206\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 24.32 to be $0.75 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is bid at 16.90 to be $0.57 cheap.<\/p>\n

\"impVol_MFC_150206\"<\/a>
Click for Big<\/i><\/div>\n

Another excellent fit, but the numbers are 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

Most expensive is MFC.PR.L, resetting at +216 on 2019-6-19, bid at 24.20 to be $0.41 rich, while MFC.PR.H, resetting at +313 on 2017-3-19, is bid at 25.80 to be $0.49 cheap.<\/p>\n

\"impVol_BAM_150206\"<\/a>
Click for Big<\/i><\/div>\n

Here\u2019s another good fit to reasonable numbers (it’s the scale that makes it look so awful!). I hope this market doesn\u2019t start making sense, or I\u2019ll be out of work!<\/p>\n

The cheapest issue relative to its peers is BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 21.63 to be $0.45 cheap. BAM.PF.E, resetting at +255bp 2020-3-31 is bid at 24.25 and appears to be $0.57 rich.<\/p>\n

\"impVol_FTS_150206\"<\/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 17.00, looks $0.87 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, bid at 23.73 after poor performance on the day, and is $1.11 rich.<\/p>\n

\"pairs_FR_150206\"<\/a>
Click for Big<\/i><\/div>\n

All the break-even rates are scattered around zero \u2013 which is at least somewhat more reasonable than being negative!<\/p>\n

On the other hand, the market\u2019s distaste for product linked to Money Market rates does not extend to prime, as shown by the FixedFloater\/RatchetRate pairs:<\/p>\n

\"pairs_FF_150206\"<\/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-0.5927 %<\/td>\n2,181.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.41 %<\/td>\n3.57 %<\/td>\n21,300<\/td>\n18.30<\/td>\n1<\/td>\n0.2325 %<\/td>\n4,011.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.30 %<\/td>\n3.47 %<\/td>\n59,355<\/td>\n18.56<\/td>\n4<\/td>\n-0.5927 %<\/td>\n2,319.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.05 %<\/td>\n2.02 %<\/td>\n97,968<\/td>\n0.36<\/td>\n1<\/td>\n-0.0789 %<\/td>\n2,752.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.28 %<\/td>\n4.06 %<\/td>\n34,232<\/td>\n3.57<\/td>\n5<\/td>\n0.0424 %<\/td>\n3,194.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0789 %<\/td>\n2,516.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.32 %<\/td>\n-3.22 %<\/td>\n59,216<\/td>\n0.08<\/td>\n24<\/td>\n0.0131 %<\/td>\n2,515.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.95 %<\/td>\n4.81 %<\/td>\n128,875<\/td>\n15.28<\/td>\n10<\/td>\n0.0376 %<\/td>\n2,788.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.38 %<\/td>\n3.35 %<\/td>\n217,895<\/td>\n17.26<\/td>\n79<\/td>\n0.6487 %<\/td>\n2,438.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.92 %<\/td>\n1.37 %<\/td>\n109,984<\/td>\n0.15<\/td>\n39<\/td>\n0.0404 %<\/td>\n2,645.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.52 %<\/td>\n2.98 %<\/td>\n87,785<\/td>\n6.42<\/td>\n7<\/td>\n0.2984 %<\/td>\n2,308.9<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.39
\nEvaluated at bid price : 23.02
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.73
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.20
\nEvaluated at bid price : 24.94
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.93
\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.25
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.41
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-04-15
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.04
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.90
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.28
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.35
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.32
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.84
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.15
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.48
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 19.09
\nEvaluated at bid price : 19.09
\nBid-YTW : 2.99 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 15.05
\nEvaluated at bid price : 15.05
\nBid-YTW : 3.19 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset<\/td>\n2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.49
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n2.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.01
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 3.46 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.99
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 3.75 %<\/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>\n304,493<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.06
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n80,920<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.03
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n61,610<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.66
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n58,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.44
\nEvaluated at bid price : 23.31
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n43,700<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n39,475<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.82
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
There were 28 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
FTS.PR.G<\/td>\nFixedReset<\/td>\nQuote: 23.02 – 23.81
\nSpot Rate : 0.7900
\nAverage : 0.5416<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 22.39
\nEvaluated at bid price : 23.02
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n

ENB.PR.T<\/td>\nFixedReset<\/td>\nQuote: 21.28 – 21.89
\nSpot Rate : 0.6100
\nAverage : 0.3815<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.28
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset<\/td>\nQuote: 25.00 – 25.59
\nSpot Rate : 0.5900
\nAverage : 0.4119<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n

CGI.PR.D<\/td>\nSplitShare<\/td>\nQuote: 25.30 – 25.80
\nSpot Rate : 0.5000
\nAverage : 0.3421<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 17.35 – 17.90
\nSpot Rate : 0.5500
\nAverage : 0.4052<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n

BMO.PR.W<\/td>\nFixedReset<\/td>\nQuote: 24.60 – 24.95
\nSpot Rate : 0.3500
\nAverage : 0.2252<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-02-06
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.60
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Jobs, jobs, jobs! The U.S. labor market leaped forward in January, capping the greatest three-month jobs gain in 17 years and delivering the biggest wage increase since 2008. Payrolls advanced by 257,000 last month following …<\/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-27755","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27755","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=27755"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/27755\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}