{"id":29491,"date":"2015-06-18T19:11:04","date_gmt":"2015-06-19T00:11:04","guid":{"rendered":"http:\/\/prefblog.com\/?p=29491"},"modified":"2015-06-18T19:11:04","modified_gmt":"2015-06-19T00:11:04","slug":"june-18-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29491","title":{"rendered":"June 18, 2015"},"content":{"rendered":"

The Greek tragedy is approaching a climax<\/a>:<\/p>\n

The European Central Bank plans to hold an emergency session of its Governing Council on Friday to discuss the deteriorating liquidity situation of Greek banks, three people familiar with the matter said.<\/p>\n

The call is scheduled for noon Frankfurt time on Friday, and the officials will consider a Bank of Greece request for an increase of more than 3 billion euros in Emergency Liquidity Assistance, one of the people said. All three asked not to be identified as the plans aren\u2019t public. An ECB spokesman declined to comment.<\/p>\n

The request comes just a day after Greece received an increase in its liquidity line of 1.1. billion euros ($1.25 billion), which raised the limit to 84.1 billion euros.<\/p>\n

The short interval may be a signal that deposit flight is accelerating as the latest bailout talks ended without progress on Thursday.<\/p><\/blockquote>\n

Frankly, I’m surprised that there’s any money left in the Greek banking system to take flight.<\/p>\n

And it looks like there’s a lot of internal politicking in Athens<\/a>:<\/p>\n

Prime Minister Alexis Tsipras\u2019s government said there was an effort under way to spur capital flight, with Finance Minister Yanis Varoufakis later accusing the central bank of stoking fears.<\/p>\n

The scaremongering seeks to undermine the financial system and strengthen the position of the country\u2019s creditors, a Greek government official said in an e-mail to reporters.<\/p>\n

\u201cThese tactics facilitate creditors who want to further blackmail the Greek government,\u201d the official said in the statement. \u201cGreece won\u2019t be blackmailed.\u201d<\/p><\/blockquote>\n

Further to the discussion of the OSC’s Brondesbury Report on June 16<\/a>, today saw the publication of the Kenmar Commentary on CSA Fund Fee Report<\/a>. This polemic does not address the question of new issue commissions, proxy solicitation fees, the willingness of small investors to pay advisors directly or the effects on capital markets of a change in fee schedules; changes are advocated as a method of smuggling in the concept of fiduciary duty.<\/p>\n

On a related note, Michael P Regan of Bloomberg passes on a very bullish prediction on robo-advice<\/a>:<\/p>\n

Their popularity is going to explode even more, if new projections from consulting firm A.T. Kearney are in the right ballpark. Assets under management by robo advisers are estimated to increase 68 percent annually to about $2.2 trillion in five years, according to a forecast from the firm. About half of that is expected to come from money that’s already invested and the rest from non-invested assets.<\/p><\/blockquote>\n

As far as I can tell, Bloomberg just got a review copy of the paper; while the A.T. Kearney website<\/a> features a front page link to the Bloomberg piece, the paper itself does not appear to be on the site.<\/p>\n

I can’t resist passing on another shot at supply management<\/a>:<\/p>\n

Faced with a stagnant domestic market, Montreal-based Saputo Inc. and other major Canadian dairy producers have been investing heavily outside the country, where growth opportunities are better. This has exacerbated the skim milk surplus because dairies aren\u2019t expanding their Canadian production of butter, cream or milk powder.<\/p>\n

Martha Hall Findlay, a former Liberal MP and fellow at the University of Calgary School of Public Policy, said the real victims of the wastage are low-income Canadians, who aren\u2019t getting the benefit of lower prices.<\/p>\n

In a free market, surpluses would typically lead to lower consumer prices, but that isn\u2019t the case in Canada because prices are fixed, she pointed out. \u201cThe system can\u2019t accommodate fluctuations in demand,\u201d said Ms. Findlay, who has written a series of reports advocating the dismantling of the supply management system.<\/p><\/blockquote>\n

It was another negative day for the Canadian preferred share market, with PerpetualDiscounts losing 59bp, FixedResets off 5bp and DeemedRetractibles down 14bp. PerpetualDiscounts are, predictably, overweighted in the bad part of the Performance Highlights table, while FixedResets are conspicuous on both sides. 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_150618\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.A, which resets 2019-12-31 at +192, is bid at 20.36 to be $0.73 rich, while TRP.PR.B, which will reset June 30 at 2.152% (+128), is $0.49 cheap at its bid price of 14.78<\/p>\n

\"impVol_MFC_150618\"<\/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). Note that the lowest spread issue, MFC.PR.F, is again clearly off the line defined by the other issues.<\/p>\n

Most expensive is MFC.PR.L, resetting at +216bp on 2019-6-19, bid at 22.70 to be $0.53 rich, while MFC.PR.H, resetting at +313bp on 2017-3-19, is bid at 25.40 to be $0.44 cheap.<\/p>\n

\"impVol_BAM_150618\"<\/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 19.53 to be $0.94 cheap. BAM.PF.G, resetting at +284bp 2020-6-30 is bid at 24.50 and appears to be $0.65 rich.<\/p>\n

\"impVol_FTS_150618\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.H, with a spread of +145bp, and bid at 16.60, looks $0.40 cheap and resets 2020-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, is bid at 21.50 and is $0.25 rich.<\/p>\n

\"pairs_FR_150618\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of about 0.35%, including the outliers TRP.PR.A \/ TRP.PR.F at -0.54% and FTS.PR.H \/ FTS.PR.I at +0.95%. On the junk side there’s only one outlier: FFH.PR.E \/ FFH.PR.F at -0.93%.<\/p>\n

\"pairs_FF_150618\"<\/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>\n1.8845 %<\/td>\n2,210.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.8845 %<\/td>\n3,865.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.50 %<\/td>\n3.52 %<\/td>\n63,308<\/td>\n18.49<\/td>\n3<\/td>\n1.8845 %<\/td>\n2,350.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.45 %<\/td>\n-8.98 %<\/td>\n24,337<\/td>\n0.08<\/td>\n2<\/td>\n-0.0987 %<\/td>\n2,780.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.89 %<\/td>\n71,608<\/td>\n3.28<\/td>\n3<\/td>\n0.2956 %<\/td>\n3,249.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0987 %<\/td>\n2,542.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n4.77 %<\/td>\n59,653<\/td>\n4.92<\/td>\n19<\/td>\n0.1160 %<\/td>\n2,518.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.18 %<\/td>\n5.12 %<\/td>\n117,337<\/td>\n15.22<\/td>\n15<\/td>\n-0.5936 %<\/td>\n2,716.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.52 %<\/td>\n3.88 %<\/td>\n241,212<\/td>\n16.36<\/td>\n88<\/td>\n-0.0527 %<\/td>\n2,344.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.01 %<\/td>\n3.40 %<\/td>\n112,577<\/td>\n0.77<\/td>\n34<\/td>\n-0.1441 %<\/td>\n2,623.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.52 %<\/td>\n2.93 %<\/td>\n58,555<\/td>\n6.11<\/td>\n9<\/td>\n0.0590 %<\/td>\n2,337.5<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.44
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.11
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.03
\nBid-YTW : 7.80 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 21.62
\nEvaluated at bid price : 21.94
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.21
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 22.36
\nEvaluated at bid price : 23.06
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 18.34
\nEvaluated at bid price : 18.34
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 23.28
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.47
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
ENB.PF.E<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 22.18
\nEvaluated at bid price : 22.77
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.93
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 22.02
\nEvaluated at bid price : 22.55
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.31
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 14.78
\nEvaluated at bid price : 14.78
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 14.10
\nEvaluated at bid price : 14.10
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 14.46
\nEvaluated at bid price : 14.46
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 14.15
\nEvaluated at bid price : 14.15
\nBid-YTW : 3.52 %<\/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
HSE.PR.G<\/td>\nFixedReset<\/td>\n250,190<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 23.01
\nEvaluated at bid price : 24.59
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n192,193<\/td>\nTD crossed blocks of 100,000 and 75,000, both at 25.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.04
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\n100,938<\/td>\nScotia crossed 100,000 at 25.42.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : -15.19 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n100,072<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.66
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\n90,150<\/td>\nNesbitt crossed 84,100 at 25.71.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-18
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.70
\nBid-YTW : 0.68 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n68,382<\/td>\nTD crossed 65,000 at 24.15.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.11
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n
There were 38 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
MFC.PR.N<\/td>\nFixedReset<\/td>\nQuote: 22.60 – 23.60
\nSpot Rate : 1.0000
\nAverage : 0.6362<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 16.00 – 16.47
\nSpot Rate : 0.4700
\nAverage : 0.3318<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

TD.PF.A<\/td>\nFixedReset<\/td>\nQuote: 23.38 – 23.78
\nSpot Rate : 0.4000
\nAverage : 0.2729<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.38
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 17.39 – 17.83
\nSpot Rate : 0.4400
\nAverage : 0.3207<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.39
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n

BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.44 – 21.76
\nSpot Rate : 0.3200
\nAverage : 0.2027<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-18
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.44
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset<\/td>\nQuote: 23.25 – 23.75
\nSpot Rate : 0.5000
\nAverage : 0.3856<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.25
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Greek tragedy is approaching a climax: The European Central Bank plans to hold an emergency session of its Governing Council on Friday to discuss the deteriorating liquidity situation of Greek banks, three people familiar …<\/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-29491","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29491","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=29491"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29491\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}