{"id":28595,"date":"2015-04-09T19:31:33","date_gmt":"2015-04-10T00:31:33","guid":{"rendered":"http:\/\/prefblog.com\/?p=28595"},"modified":"2015-04-09T19:31:33","modified_gmt":"2015-04-10T00:31:33","slug":"april-9-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=28595","title":{"rendered":"April 9, 2015"},"content":{"rendered":"

Shareholder activism is rearing its head<\/a>:<\/p>\n

Bond investors face growing risk as activist shareholders are targeting more companies in 2015 than last year, threatening further damage to corporate credit quality, according to Moody\u2019s Investors Service.
…<\/b>
Investors have sought change at 54 companies including General Motors Co. and MGM Resorts International this year, up from 43 during the same period in 2014, Moody\u2019s said. The record 222 companies targeted last year was up from 220 in 2013. Assets managed by activist hedge funds increased to about $120 billion in 2014 from about $105 billion in 2013, according to Hedge Fund Research data cited by Moody\u2019s.<\/p>\n

They\u2019re lured by the \u201chuge cash pile\u201d at U.S. non-financial companies, which had $1.65 trillion on their balance sheets in October 2014, according to the report. Technology companies, which as of October carried more than half of the cash held by the largest non-financial U.S. companies, accounted for 20 percent of shareholder activism last year. Along with its cash, the sector\u2019s minimal dividends and low debt levels will continue to draw attention from these investors, Moody\u2019s said.<\/p><\/blockquote>\n

The bureaucrats at the IMF have recommended hiring more bureaucrats<\/a>:<\/p>\n

Bond funds may be exposing customers and the financial system to more risk than some investors realize as money managers seek higher returns in less liquid assets, the International Monetary Fund said in a report recommending improved oversight.<\/p>\n

\u201cThe role of fixed-income funds, which entail larger contagion risks than traditional equity investment, has expanded considerably,\u201d the IMF said Wednesday in a chapter on asset managers in its latest Global Financial Stability Report.
…<\/b>
While the U.S. mutual fund industry\u2019s regulation regime is based primarily on disclosure, the IMF proposed enhancing \u201cliquidity rules, the definition of liquid assets, investment restrictions, and reporting and disclosure rules.\u201d Not enough is known about the use of leverage and derivatives, said Gaston Gelos, chief of the IMF division that worked on the chapter.
…<\/b>
While asset managers act as a \u201cspare tire\u201d in world\u2019s financial system, providing financing even when banks are distressed, the industry raises risks that call for changes in regulated and oversight, the IMF said.<\/p>\n

\u201cEasy redemption options can create risks of runs because of the presence of a first-mover advantage,\u201d the IMF said. \u201cThe destabilization of prices in certain asset segments (particularly bonds) can affect other parts of the financial system through funding markets and balance sheet and collateral channels.\u201d<\/p><\/blockquote>\n

I have tried several times to download the report<\/a>, but it appears that all their technology budget got spent on junkets; the download hangs pretty quickly. It might work in a couple of days.<\/p>\n

Meanwhile it appears that yes, next time might be different<\/a>:<\/p>\n

The gap between how easy it is to trade mutual-fund shares and how hard it is to buy and sell assets such as high-yield bonds and leveraged loans is widening.<\/p>\n

In 2015 alone, a year in which the Federal Reserve says it\u2019s still planning to raise interest rates, investors have poured $46 billion into mutual funds and exchange-traded funds focused on corporate bonds, according to data compiled by Wells Fargo & Co.<\/p>\n

They now own about 22 percent of outstanding high-yield bonds, up from about 12 percent in 2006, data compiled by JPMorgan Chase & Co. show.<\/p>\n

While the size of the U.S. bond market has swelled 23 percent since the end of 2007 through the end of last year, trading has fallen 28 percent in the period, according to data compiled by the Securities Industry & Financial Markets Association.<\/p><\/blockquote>\n

Warnings about potential scarcity of liquidity when it’s at a premium have moved from academic circles and crackpot blogs to the mainstream<\/a>:<\/p>\n

JPMorgan Chase & Co. head Jamie Dimon said last year\u2019s volatility in U.S. Treasuries is a \u201cwarning shot\u201d to investors and that the next financial crisis could be exacerbated by a shortage of the securities.<\/p>\n

The Oct. 15 gyration, when Treasury yields fluctuated by almost 0.4 percentage point, was an \u201cunprecedented move\u201d that would have serious consequences in a stressed environment, Dimon, the New York-based bank\u2019s chairman and chief executive officer, said in a letter Wednesday to shareholders. Treasuries are supposed to be among the most stable securities.<\/p>\n

Dimon, 59, cited the incident as he waded into a debate about whether bank regulations implemented after the 2008 financial crisis exacerbate price declines by limiting the ability of Wall Street banks to make markets. It\u2019s just a matter of time until some political, economic or market event triggers another financial crisis, he said, without predicting one is imminent.<\/p><\/blockquote>\n

Hat tip to Assiduous Reader JP for bringing the above to my attention. JP sends me many interesting links, unlike you other bums.<\/p>\n

Power Financial sees an opportunity in the robo-advisor business<\/a>:<\/p>\n

Power Financial Corp., which has built an empire around financial planning and investment advice, is now plugging into the world of robots by investing up to $30-million in Wealthsimple Financial Inc.<\/p>\n

The partnership of the robo-adviser firm and a major financial institution is the first of its kind in Canada. It will help Power Financial to target more millennials and other Canadians who are less likely to invest through traditional channels, and instead opt for low-cost robo-advisers that provide automated online portfolio management. Under the agreement, pending regulatory approval, Power Financial will initially invest $10-million into Wealthsimple, with an option to put in another $20-million over the next 12 months. Power Financial could potentially make further investments over the next three years under the deal.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 12bp FixedResets down 15bp and DeemedRetractibles gaining 2bp. The Performance Highlights table continues to reflect a lot of churn in the market. Volume was slightly above 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_150409\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 23.18 to be $0.89 rich, while TRP.PR.C, resetting 2016-01-30 at +154, is $0.69 cheap at its bid price of 15.90.<\/p>\n

\"impVol_MFC_150409\"<\/a><\/p>\n

Click for Big<\/i><\/div>\n

Another excellent fit, but the numbers are perplexing. Implied Volatility for MFC continues to be a conundrum, although it declined substantially today. 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.M, resetting at +236 on 2019-12-19, bid at 24.25 to be $0.49 rich, while MFC.PR.H, resetting at +313bp on 2017-3-19, is bid at 25.20 to be $0.93 cheap.<\/p>\n

\"impVol_BAM_150409\"<\/a>
Click for Big<\/i><\/div>\n

The cheapest issue relative to its peers is BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 19.14 to be $1.32 cheap. BAM.PF.E, resetting at +255bp 2020-3-31 is bid at 23.51 and appears to be $1.38 rich.<\/p>\n

Click for Big<\/i><\/div>\n

\"impVol_FTS_150409\"<\/a><\/p>\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 15.35, looks $1.73 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, is bid at 23.60 and is $0.91 rich.<\/p>\n

\"pairs_FR_150409\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs other than TRP.PR.A \/ TRP.PR.F now predict an average over the next five years of about 0.30%, a slight decrease from yesterday’s value of 0.35%. TRP.PR.A \/ TRP.PR.F remains an outlier, predicting 1.24%. The DC.PR.B \/ DC.PR.D pair is still off the charts and now predicts an average bill rate over the next 4 3\/4 years of -1.66%.<\/p>\n

\"pairs_FF_150409\"<\/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>\n1.8934 %<\/td>\n2,227.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.8934 %<\/td>\n3,895.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.25 %<\/td>\n3.40 %<\/td>\n59,628<\/td>\n18.79<\/td>\n4<\/td>\n1.8934 %<\/td>\n2,368.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.43 %<\/td>\n-1.11 %<\/td>\n33,191<\/td>\n0.15<\/td>\n2<\/td>\n-0.2162 %<\/td>\n2,759.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.57 %<\/td>\n4.76 %<\/td>\n58,710<\/td>\n3.44<\/td>\n3<\/td>\n0.0534 %<\/td>\n3,225.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2162 %<\/td>\n2,523.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.31 %<\/td>\n2.07 %<\/td>\n63,078<\/td>\n0.09<\/td>\n25<\/td>\n0.0853 %<\/td>\n2,525.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.09 %<\/td>\n5.02 %<\/td>\n143,120<\/td>\n15.08<\/td>\n9<\/td>\n-0.1171 %<\/td>\n2,805.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.51 %<\/td>\n3.67 %<\/td>\n269,244<\/td>\n16.46<\/td>\n85<\/td>\n-0.1494 %<\/td>\n2,367.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.91 %<\/td>\n2.27 %<\/td>\n107,992<\/td>\n0.14<\/td>\n37<\/td>\n0.0219 %<\/td>\n2,658.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.48 %<\/td>\n2.89 %<\/td>\n77,091<\/td>\n6.28<\/td>\n8<\/td>\n-0.1330 %<\/td>\n2,353.9<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.66
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 17.61
\nEvaluated at bid price : 17.61
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.22
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.44
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.87 %<\/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 : 6.13 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 19.22
\nEvaluated at bid price : 19.22
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-04-17
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 14.09
\nEvaluated at bid price : 14.09
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n-1.00 %<\/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 : 4.12 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 15.90
\nEvaluated at bid price : 15.90
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.15
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.66
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 14.45
\nEvaluated at bid price : 14.45
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 14.64
\nEvaluated at bid price : 14.64
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n4.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 14.76
\nEvaluated at bid price : 14.76
\nBid-YTW : 3.40 %<\/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
FTS.PR.M<\/td>\nFixedReset<\/td>\n202,150<\/td>\nRBC crossed 30,000 at 25.00 and 49,300 at 25.05. TD crossed 100,000 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.86
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n111,330<\/td>\nTD crossed 35,000 at 24.78; RBC crossed 50,000 at 24.78.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.75
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n80,055<\/td>\nWill reset at 1.82% effective April 26<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.66
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n68,244<\/td>\nTD crossed 40,500 at 24.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 23.48
\nEvaluated at bid price : 24.81
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n60,228<\/td>\nTD crossed 25,000 at 24.50; Nesbitt crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n59,632<\/td>\nNesbitt crossed blocks of 28,500 and 25,000, both at 24.80; YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 23.16
\nEvaluated at bid price : 24.78
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n
There were 39 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
TRP.PR.E<\/td>\nFixedReset<\/td>\nQuote: 23.18 – 23.99
\nSpot Rate : 0.8100
\nAverage : 0.5532<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 22.40
\nEvaluated at bid price : 23.18
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 21.44 – 22.00
\nSpot Rate : 0.5600
\nAverage : 0.3462<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.44
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

ENB.PR.T<\/td>\nFixedReset<\/td>\nQuote: 19.40 – 19.88
\nSpot Rate : 0.4800
\nAverage : 0.3128<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset<\/td>\nQuote: 23.22 – 23.72
\nSpot Rate : 0.5000
\nAverage : 0.3353<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.22
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 17.61 – 18.06
\nSpot Rate : 0.4500
\nAverage : 0.3015<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-04-09
\nMaturity Price : 17.61
\nEvaluated at bid price : 17.61
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n

NA.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 24.91 – 25.25
\nSpot Rate : 0.3400
\nAverage : 0.2150<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Shareholder activism is rearing its head: Bond investors face growing risk as activist shareholders are targeting more companies in 2015 than last year, threatening further damage to corporate credit quality, according to Moody\u2019s Investors Service.…Investors …<\/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-28595","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/28595","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=28595"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/28595\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}