{"id":30035,"date":"2015-08-04T20:55:56","date_gmt":"2015-08-05T01:55:56","guid":{"rendered":"http:\/\/prefblog.com\/?p=30035"},"modified":"2015-08-04T20:55:56","modified_gmt":"2015-08-05T01:55:56","slug":"august-4-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30035","title":{"rendered":"August 4, 2015"},"content":{"rendered":"

There are new indications of a September Fed hike<\/a>:<\/p>\n

Traders are seeing virtually even odds on a September interest-rate increase in the U.S., pushing a gauge of the dollar to a four-month high.<\/p>\n

The greenback rallied versus most major peers Tuesday as Federal Reserve Bank of Atlanta President Dennis Lockhart said in an interview with the Wall Street Journal that the central bank is close to raising rates next month for the first time since 2006. A report Friday is forecast to show U.S. employers added more than 200,000 jobs again in July.
…<\/b>
Traders are pricing in a 48 percent probability that the Fed will raise borrowing costs in September, based on the assumption that the effective fed funds rate will average 0.375 percent after the first increase.<\/p><\/blockquote>\n

So I don’t know how this fits in<\/a>:<\/p>\n

Investor demand for longer-maturity Treasuries means they\u2019re willing to accept a smaller yield premium to get the securities. Fidelity Investments says the trend has further to go.<\/p>\n

The extra yield on 10-year notes over two-year securities shrank to 147 basis points Tuesday, the narrowest spread in three months. Traders in the world\u2019s biggest bond market call this a flattening of the yield curve. The figure is less than the average of almost 2 percentage points for the past five years.
…<\/b>
The difference between one-year U.S. yields and those for similar-maturity Treasury Inflation Protected Securities, a gauge of trader expectations for consumer prices over the life of the debt, was negative 0.67 percent. It has been below zero for two weeks.<\/p><\/blockquote>\n

SEC Commissioner Daniel M. Gallagher gave an entertaining speech on Dodd-Frank<\/a>:<\/p>\n

Last month marked the fifth anniversary of the Dodd-Frank Act,[1] meaning that my entire tenure as a Commissioner has occurred in the midst of the first Five-Year Plan for our national economy. And, as is always the case with grandiose central plans, Dodd-Frank has backfired, strangling our economy, increasing the fragility of the financial system, and politicizing our independent financial regulators.
…<\/b>
Prudential regulation is an important tool for bank regulators to use in supervising banks\u2019 risk-taking activities, so as to ensure that risks are limited to an acceptable level and avoid posing an undue strain on the government insurance backstop \u2014 despite the moral hazard and expectations of \u201cno losses\u201d that the insurance itself creates. But in practice, \u201cprudential\u201d regulation can and has evolved into an opaque regulatory system in which the government\u2019s invisible hand replaces the market\u2019s, transcending rule enforcement and becoming the decision maker for ostensibly private enterprises.<\/p>\n

The attempts by our prudential regulators and their international counterparts to de-risk the U.S. capital markets and make them look like the banking markets are not just philosophically wrong \u2014 they are an attack on U.S. competitiveness. As I have stated before, piling more regulatory burdens on our capital markets will only cause more activity to move overseas, where up-and-coming jurisdictions in Asia and elsewhere would be more than happy to gain market share.[7] And it will stifle domestic economic activity, as companies will be forced to line up for bank loans made scarce by new bank regulations rather than pursuing capital formation opportunities in the market.<\/p><\/blockquote>\n

It was another rotten day for the Canadian preferred share market, with PerpetualDiscounts and FixedResets both down 27bp and DeemedRetractibles losing 39bp. TRP, ENB and SLF issues are notable on the bad side of the Performance Highlights table. Volume was 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_150804\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.B, which resets 2020-6-30 at +128, is bid at 14.15 to be $0.84 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.85 cheap at its bid price of 14.30.<\/p>\n

\"impVol_MFC_150804\"<\/a>
Click for Big<\/i><\/div>\n

Another good fit today!<\/p>\n

Most expensive is MFC.PR.F, resetting at +141bp on 2016-6-19, bid at 16.78 to be 0.36 rich, while MFC.PR.K, resetting at +222bp on 2018-9-19, is bid at 21.12 to be $0.44 cheap.<\/p>\n

\"impVol_BAM_150804\"<\/a>
Click for Big<\/i><\/div>\n

The fit on the BAM issues continues to be horrible.<\/p>\n

The cheapest issue relative to its peers is BAM.PR.Z, resetting at +296bp on 2017-12-31, bid at 21.78 to be $1.21 cheap. BAM.PF.G, resetting at +284bp on 2020-6-30 is bid at 23.25 and appears to be $0.95 rich.<\/p>\n

\"impVol_FTS_150804\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 21.40, looks $0.91 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 20.14 and is $0.88 cheap.<\/p>\n

\"pairs_FR_150804\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of +0.03%, with one outlier above 1.00% and one below -1.00%. There is one junk outlier above +1.00%.<\/p>\n

\"pairs_FF_150804\"<\/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-0.8774 %<\/td>\n1,988.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.8774 %<\/td>\n3,476.1<\/td>\n<\/tr>\n
Floater<\/td>\n3.69 %<\/td>\n3.73 %<\/td>\n56,089<\/td>\n17.98<\/td>\n3<\/td>\n-0.8774 %<\/td>\n2,113.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0669 %<\/td>\n2,774.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.95 %<\/td>\n60,699<\/td>\n3.15<\/td>\n3<\/td>\n-0.0669 %<\/td>\n3,251.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0669 %<\/td>\n2,537.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.72 %<\/td>\n4.49 %<\/td>\n68,288<\/td>\n0.08<\/td>\n9<\/td>\n-0.2817 %<\/td>\n2,484.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.41 %<\/td>\n5.46 %<\/td>\n84,389<\/td>\n14.62<\/td>\n28<\/td>\n-0.2738 %<\/td>\n2,604.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.72 %<\/td>\n3.87 %<\/td>\n211,653<\/td>\n15.77<\/td>\n87<\/td>\n-0.2673 %<\/td>\n2,227.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.13 %<\/td>\n5.19 %<\/td>\n105,051<\/td>\n5.47<\/td>\n34<\/td>\n-0.3934 %<\/td>\n2,571.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.33 %<\/td>\n3.38 %<\/td>\n47,702<\/td>\n6.02<\/td>\n9<\/td>\n-0.5781 %<\/td>\n2,253.0<\/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\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
ENB.PR.B<\/td>\nFixedReset<\/td>\n-3.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-3.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 14.15
\nEvaluated at bid price : 14.15
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 18.09
\nEvaluated at bid price : 18.09
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 15.45
\nEvaluated at bid price : 15.45
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.62
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TD.PR.Z<\/td>\nFloatingReset<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.82
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
ENB.PF.G<\/td>\nFixedReset<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.65
\nEvaluated at bid price : 22.91
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.56
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.88
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.07
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 18.16
\nEvaluated at bid price : 18.16
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 16.17
\nEvaluated at bid price : 16.17
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.51
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.48
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.10
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.36
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.85
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.51
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 24.49
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 12.60
\nEvaluated at bid price : 12.60
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 12.76
\nEvaluated at bid price : 12.76
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.67
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 18.14
\nEvaluated at bid price : 18.14
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.86
\nEvaluated at bid price : 23.13
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
MFC.PR.F<\/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 : 16.78
\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.48
\nEvaluated at bid price : 22.77
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.92
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.12
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.00
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
TD.PF.F<\/td>\nPerpetual-Discount<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.81
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 17.32
\nEvaluated at bid price : 17.32
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.78
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.50
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 16.61
\nEvaluated at bid price : 16.61
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n3.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.29 %<\/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
CM.PR.P<\/td>\nFixedReset<\/td>\n144,674<\/td>\nDesjardins crossed 130,900 at 21.80.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.81
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n79,500<\/td>\nScotia crossed 74,000 at 22.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.43
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n78,561<\/td>\nDesjardins crossed 75,000 at 24.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.96
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n71,650<\/td>\nHaywood (who?) crossed 70,000 at 22.83.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.78
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n69,403<\/td>\nScotia crossed 56,000 at 22.65.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.63
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n66,075<\/td>\nScotia crossed 56,000 at 21.83.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.78
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
There were 32 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: 20.50 – 21.27
\nSpot Rate : 0.7700
\nAverage : 0.4808<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.35 – 24.90
\nSpot Rate : 0.5500
\nAverage : 0.3375<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.88
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset<\/td>\nQuote: 20.92 – 21.50
\nSpot Rate : 0.5800
\nAverage : 0.3781<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.92
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.62 – 25.12
\nSpot Rate : 0.5000
\nAverage : 0.3204<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.62
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

MFC.PR.N<\/td>\nFixedReset<\/td>\nQuote: 21.95 – 22.50
\nSpot Rate : 0.5500
\nAverage : 0.3959<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.95
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.81 – 24.24
\nSpot Rate : 0.4300
\nAverage : 0.2860<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-08-04
\nMaturity Price : 23.56
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There are new indications of a September Fed hike: Traders are seeing virtually even odds on a September interest-rate increase in the U.S., pushing a gauge of the dollar to a four-month high. The greenback …<\/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-30035","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30035","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=30035"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30035\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}