{"id":29076,"date":"2015-05-15T00:55:16","date_gmt":"2015-05-15T05:55:16","guid":{"rendered":"http:\/\/prefblog.com\/?p=29076"},"modified":"2015-05-15T00:55:16","modified_gmt":"2015-05-15T05:55:16","slug":"may-14-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29076","title":{"rendered":"May 14, 2015"},"content":{"rendered":"<p>The Bank of Canada published the <a href=\"http:\/\/www.bankofcanada.ca\/2015\/05\/boc-review-spring-2015\/\">Bank of Canada Review &#8211; Spring 2015<\/a>, which is a bust as far as capital markets articles are concerned. Articles are:<\/p>\n<ul>\n<li>Inflation Dynamics in the Post-Crisis Period\n<li>The Slowdown in Global Trade\n<li>Improving the Foundation of Canada\u2019s Payments System\n<li>The \u201cBank\u201d at the Bank of Canada\n<li>The Use of Cash in Canada<\/ul>\n<p>Some investors thought they heard opportunity knock today &#8230; but <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-05-14\/avon-offer-hoax-shows-it-s-easy-to-put-one-over-on-sec-s-edgar\">only the ding-dongs<\/a>:<\/p>\n<blockquote><p>Fooling investors is surprisingly easy. You can even do it on the government\u2019s official site for company filings.<\/p>\n<p>The latest reminder unspooled within a few minutes Thursday when a notice came out that a purported private-equity firm made a bid to buy Avon Products Inc. In a market where computers scrape filings and trade automatically on news headlines, the stock shot up 20 percent before the company said it was a hoax.<\/p>\n<p>The notice, submitted by a firm registered at an empty office, was filed on the Securities and Exchange Commission\u2019s Edgar system, which houses more than 20 million company filings for investors to peruse. Already more than 4,700 filings have been submitted today.<\/p>\n<p>The SEC doesn\u2019t verify whether entities using its filing systems \u201care real or have money,\u201d said James Maloney, a former SEC official now at law firm Gibson Dunn &#038; Crutcher. Getting access to Edgar \u201cis no more complicated than signing up for an e-mail account,\u201d he said.<br \/><b>&#8230;<\/b><br \/>Should the SEC vet Edgar filings before they go out? Maloney says no.<\/p>\n<p>\u201cIt would be the equivalent of saying don\u2019t let anyone have e-mail or Twitter because they might use it for bad purposes,\u201d he said.<\/p><\/blockquote>\n<p>Live by the sword, die by the sword. Good riddance.<\/p>\n<p>Still, it was a <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-05-14\/u-s-stock-index-futures-gain-as-s-p-500-heads-for-weekly-loss\">pretty good day<\/a>, all in:<\/p>\n<blockquote><p>The Standard &#038; Poor\u2019s 500 Index closed at an all-time high, halting a three-session slide, as Microsoft Corp. and Apple Inc. led a rally in technology shares and the weaker dollar spurred gains in multi-national companies.<\/p><\/blockquote>\n<p>It looks like <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-05-14\/greece-to-privatize-port-airports-in-concession-to-creditors\">infrastructure investors have another target<\/a>:<\/p>\n<blockquote><p>\nGreece will continue with efforts to privatize the country\u2019s largest port and regional airports as it seeks ways to attract investment for other state assets, Economy Minister George Stathakis said, in a government concession in talks with its creditors.<\/p>\n<p>The privatization process that is already underway for the Piraeus Port Authority SA, operator of Greece\u2019s largest harbor, and for 14 regional airports will continue, Stathakis said today in an interview in Tbilisi, Georgia. \u201cWe\u2019re trying to revise some elements of these privatizations in order to improve them and I think we\u2019ll get a sensible agreement for both.\u201d<\/p>\n<p>A sale of the Piraeus Port would be a reversal on the part of Greece\u2019s Syriza party-led government, which had earlier pledged to block such moves. As part of ongoing negotiations to unlock aid to Europe\u2019s most-indebted nation, Greek\u2019s European creditors have asked for more specific policy proposals in areas including labor market deregulation, a pension-system overhaul, sales tax reform and privatization of state-held assets. Still, Stathakis said the government doesn\u2019t plan to sell other assets at the moment.<\/p><\/blockquote>\n<p>Fed hikes? <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-05-14\/debt-traders-to-fed-we-dare-you-to-try-raising-rates-this-year\">What Fed hikes<\/a>?<\/p>\n<blockquote><p>The longer U.S. central bankers wait to initiate their tightening cycle, the more traders push back their expectations for when borrowing costs will start rising. On Thursday, futures contracts were implying that traders saw the fed funds rate at about 0.3 percent rate by December. That\u2019s the lowest estimate of the year, and about half the forecast for the overnight lending benchmark that the Fed gave in March.<\/p>\n<p>The market is essentially calling the Fed\u2019s bluff. Traders are betting that policy makers won\u2019t be able to raise rates this year without disrupting stocks and bonds, something that they\u2019d really rather not do. So either U.S. policy makers will have to risk another market-wide tantrum, or they\u2019ll give in to traders who embrace the idea of these historically low borrowing costs sticking around for longer.<\/p><\/blockquote>\n<p>I&#8217;m not going to try and guess whether hikes will come this year, next year, or not until after my retirement. But my fears of a disorderly return to normal are growing.<\/p>\n<p>It was a mixed day for the Canadian preferred share market today, with PerpetualDiscounts off 7bp, FixedResets up 4bp and DeemedRetractibles gaining 1bp. The Performance Highlights table is shorter than it has been of late, but still much longer than the 2014 average. Volume was very low.<\/p>\n<p>PerpetualDiscounts now yield 5.06%, equivalent to 6.58% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield about 4.05%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 255bp, a slight (and perhaps spurious) widening from the 250bp reported <a href=\"http:\/\/prefblog.com\/?p=28966\">May 6<\/a>.<\/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:<br \/>\n\u00bb based on Implied Volatility Theory only<br \/>\n\u00bb are relative only to other FixedResets from the same issuer<br \/>\n\u00bb assume constant GOC-5 yield<br \/>\n\u00bb assume constant Implied Volatility<br \/>\n\u00bb assume constant spread<\/p>\n<p>Here\u2019s TRP:<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_TRP_150514.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_TRP_150514-300x246.jpg\" alt=\"impVol_TRP_150514\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-29080\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>TRP.PR.E, which resets 2019-10-30 at +235, is bid at 24.15 to be $0.94 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.79 cheap at its bid price of 24.92.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_MFC_150514.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_MFC_150514-300x246.jpg\" alt=\"impVol_MFC_150514\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-29081\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>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<p>Most expensive is MFC.PR.M, resetting at +236 on 2019-12-19, bid at 24.75 to be $0.51 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 25.35 to be $0.65 cheap.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_BAM_150514.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_BAM_150514-300x246.jpg\" alt=\"impVol_BAM_150514\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-29082\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>The cheapest issue relative to its peers is BAM.PF.B, resetting at +263bp on 2019-3-31, bid at 22.54 to be $0.86 cheap. BAM.PF.G, resetting at +284bp 2020-6-30 is bid at 24.93 and appears to be $0.52 rich.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_FTS_150514.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/impVol_FTS_150514-300x246.jpg\" alt=\"impVol_FTS_150514\" width=\"400\" height=\"328\" class=\"alignnone size-medium wp-image-29083\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>FTS.PR.H, with a spread of +145bp, and bid at 16.33, looks $0.98 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, is bid at 22.00 and is $0.57 rich.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/pairs_FR_150514.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/pairs_FR_150514-300x222.jpg\" alt=\"pairs_FR_150514\" width=\"400\" height=\"296\" class=\"alignnone size-medium wp-image-29084\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>Investment-grade pairs predict an average over the next five-odd years of about 0.30%, including the TRP.PR.A \/ TRP.PR.F at -0.36% and the BNS.PR.Y \/ BNS.PR.D pair at +0.78. On the junk side, the FFH.PR.E \/ FFH.PR.F pair is at -0.85%, while BRF.PR.A \/ BRF.PR.B is at -1.05%.<\/p>\n<div align=\"center\"><a href=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/pairs_FF_150514.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/prefblog.com\/wp-content\/uploads\/2015\/05\/pairs_FF_150514-300x216.jpg\" alt=\"pairs_FF_150514\" width=\"400\" height=\"288\" class=\"alignnone size-medium wp-image-29085\" \/><\/a><br \/><i>Click for Big<\/i><\/div>\n<p>Shall we just say that this exhibits a high level of confidence in the continued rapacity of Canadian banks?<\/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>0.3167 %<\/td>\n<td>2,305.4<\/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>0.3167 %<\/td>\n<td>4,031.0<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.15 %<\/td>\n<td>3.30 %<\/td>\n<td>53,697<\/td>\n<td>18.96<\/td>\n<td>4<\/td>\n<td>0.3167 %<\/td>\n<td>2,450.8<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.43 %<\/td>\n<td>-4.72 %<\/td>\n<td>38,605<\/td>\n<td>0.13<\/td>\n<td>2<\/td>\n<td>0.0123 %<\/td>\n<td>2,774.9<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.57 %<\/td>\n<td>4.80 %<\/td>\n<td>60,523<\/td>\n<td>3.34<\/td>\n<td>3<\/td>\n<td>-0.0267 %<\/td>\n<td>3,223.3<\/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>0.0123 %<\/td>\n<td>2,537.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.46 %<\/td>\n<td>2.09 %<\/td>\n<td>63,637<\/td>\n<td>0.08<\/td>\n<td>18<\/td>\n<td>-0.0283 %<\/td>\n<td>2,520.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.05 %<\/td>\n<td>5.06 %<\/td>\n<td>120,016<\/td>\n<td>15.38<\/td>\n<td>15<\/td>\n<td>-0.0687 %<\/td>\n<td>2,787.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.39 %<\/td>\n<td>3.73 %<\/td>\n<td>271,447<\/td>\n<td>16.57<\/td>\n<td>86<\/td>\n<td>0.0412 %<\/td>\n<td>2,425.1<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.92 %<\/td>\n<td>3.35 %<\/td>\n<td>111,028<\/td>\n<td>0.62<\/td>\n<td>35<\/td>\n<td>0.0137 %<\/td>\n<td>2,644.0<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.59 %<\/td>\n<td>2.89 %<\/td>\n<td>61,323<\/td>\n<td>6.18<\/td>\n<td>7<\/td>\n<td>-0.1154 %<\/td>\n<td>2,333.7<\/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>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>-3.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 18.01<br \/>\nEvaluated at bid price : 18.01<br \/>\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>-1.54 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 23.00<br \/>\nEvaluated at bid price : 24.34<br \/>\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.47 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 24.30<br \/>\nEvaluated at bid price : 24.76<br \/>\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 24.73<br \/>\nEvaluated at bid price : 25.20<br \/>\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>-1.09 %<\/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 : 18.15<br \/>\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 19.90<br \/>\nEvaluated at bid price : 19.90<br \/>\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 17.90<br \/>\nEvaluated at bid price : 17.90<br \/>\nBid-YTW : 2.78 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>1.18 %<\/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 : 24.10<br \/>\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 21.27<br \/>\nEvaluated at bid price : 21.27<br \/>\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.30 %<\/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 : 21.05<br \/>\nBid-YTW : 5.37 %<\/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>PWF.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>159,112<\/td>\n<td>RBC crossed 108,600 at 25.29. TD bought blocks of 10,000 and 30,000 from Scotia, both at 25.20.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 23.35<br \/>\nEvaluated at bid price : 25.20<br \/>\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>130,633<\/td>\n<td>Nesbitt sold 23,800 to RBC at 18.65 and another 16,200 to TD at 18.60, then crossed 90,000 at 18.65.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 18.57<br \/>\nEvaluated at bid price : 18.57<br \/>\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>53,326<\/td>\n<td>RBC crossed 50,000 at 24.50.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 23.00<br \/>\nEvaluated at bid price : 24.40<br \/>\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>52,397<\/td>\n<td>Nesbitt crossed 44,700 at 24.50.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 23.28<br \/>\nEvaluated at bid price : 24.56<br \/>\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>45,126<\/td>\n<td>RBC crossed 34,200 at 20.20.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 19.90<br \/>\nEvaluated at bid price : 19.90<br \/>\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.L<\/td>\n<td>Deemed-Retractible<\/td>\n<td>38,400<\/td>\n<td>RBC crossed two blocks of 19,100 each, both at 25.70.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2015-06-24<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 25.71<br \/>\nBid-YTW : -3.13 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 18 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>TD.PR.T<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 24.10 &#8211; 24.54<br \/>\nSpot Rate  :  0.4400<br \/>\nAverage  :  0.2733<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.10<br \/>\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.00 &#8211; 25.40<br \/>\nSpot Rate  :  0.4000<br \/>\nAverage  :  0.2404<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 23.19<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 18.57 &#8211; 19.06<br \/>\nSpot Rate  :  0.4900<br \/>\nAverage  :  0.3676<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 18.57<br \/>\nEvaluated at bid price : 18.57<br \/>\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.34 &#8211; 24.78<br \/>\nSpot Rate  :  0.4400<br \/>\nAverage  :  0.3358<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 23.00<br \/>\nEvaluated at bid price : 24.34<br \/>\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>Quote: 17.90 &#8211; 18.35<br \/>\nSpot Rate  :  0.4500<br \/>\nAverage  :  0.3746<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2045-05-14<br \/>\nMaturity Price  : 17.90<br \/>\nEvaluated at bid price : 17.90<br \/>\nBid-YTW : 2.78 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 18.15 &#8211; 18.40<br \/>\nSpot Rate  :  0.2500<br \/>\nAverage  :  0.1807<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.15<br \/>\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Canada published the Bank of Canada Review &#8211; Spring 2015, which is a bust as far as capital markets articles are concerned. Articles are: Inflation Dynamics in the Post-Crisis Period The Slowdown &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-29076","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29076","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=29076"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29076\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}