{"id":30498,"date":"2015-09-15T01:11:22","date_gmt":"2015-09-15T06:11:22","guid":{"rendered":"http:\/\/prefblog.com\/?p=30498"},"modified":"2015-09-15T01:11:22","modified_gmt":"2015-09-15T06:11:22","slug":"september-14-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30498","title":{"rendered":"September 14, 2015"},"content":{"rendered":"

It’s nice to see an intelligently run bond ETF<\/a>:<\/p>\n

The Market Vectors Fallen Angel High Yield Bond ETF (ANGL) is up 28 percent since its April 2012 inception, which is double the performance of the SPDR Barclays High Yield Bond ETF (JNK) and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), as seen in the chart below.
…<\/b>
Generally speaking, it really comes down to a value factor in bonds that ANGL has tapped into. When these bonds \u2014 typically issued by large companies such as Alcoa, Sprint, and Nokia \u2014 get downgraded from investment grade to high-yield, they tend to get oversold leading up to the downgrade. Much of this selling is from active managers and institutions getting rid of these bonds that they owned to keep up with their investment-grade benchmarks. This means extra selling pressure.<\/p><\/blockquote>\n

It was a poor day for the Canadian preferred share market today, with PerpetualDiscounts down 24bp, FixedResets losing 43bp and DeemedRetractibles off 1bp. There is a fairly long Performance Highlights table dominated by losing FixedResets, but three TRP issues did well. Volume was 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_150914\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 20.05 to be $0.61 rich, while TRP.PR.C, resetting 2016-1-30 at +164, is $0.91 cheap at its bid price of 13.50.<\/p>\n

\"impVol_MFC_150914\"<\/a>
Click for Big<\/i><\/div>\n

Another good fit today for MFC, with Implied Volatility falling a bit today.<\/p>\n

Most expensive is MFC.PR.H, resetting at +313bp on 2017-3-19, bid at 24.36 to be 0.34 rich, while MFC.PR.K, resetting at +222bp on 2018-9-19, is bid at 19.83 to be 0.63 cheap.<\/p>\n

\"impVol_BAM_150914\"<\/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.R, resetting at +230bp on 2016-6-30, bid at 16.90 to be $1.40 cheap. BAM.PF.G, resetting at +284bp on 2020-6-30 is bid at 22.64 and appears to be $1.11 rich.<\/p>\n

\"impVol_FTS_150914\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 19.48, looks $0.41 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 18.75 and is $0.80 cheap.<\/p>\n

\"pairs_FR_150914\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -1.14%, with no outliers. Note that the distribution is bimodal, with NVCC non-compliant bank issues averaging -1.28% and the unregulated issues averaging -0.95%. There are no junk outliers below -2.00%, but two above 0.00%.<\/p>\n

\"pairs_FF_150914\"<\/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>\n0.1895 %<\/td>\n1,662.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1895 %<\/td>\n2,907.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.47 %<\/td>\n4.43 %<\/td>\n56,826<\/td>\n16.58<\/td>\n3<\/td>\n0.1895 %<\/td>\n1,767.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2431 %<\/td>\n2,775.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.64 %<\/td>\n5.08 %<\/td>\n63,895<\/td>\n3.07<\/td>\n3<\/td>\n-0.2431 %<\/td>\n3,252.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2431 %<\/td>\n2,538.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.72 %<\/td>\n2.56 %<\/td>\n55,347<\/td>\n0.08<\/td>\n8<\/td>\n-0.0544 %<\/td>\n2,492.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.45 %<\/td>\n5.51 %<\/td>\n70,806<\/td>\n14.60<\/td>\n30<\/td>\n-0.2400 %<\/td>\n2,600.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.69 %<\/td>\n4.09 %<\/td>\n174,744<\/td>\n16.16<\/td>\n74<\/td>\n-0.4339 %<\/td>\n2,171.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.13 %<\/td>\n4.73 %<\/td>\n93,237<\/td>\n5.49<\/td>\n33<\/td>\n-0.0100 %<\/td>\n2,593.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.45 %<\/td>\n3.81 %<\/td>\n50,703<\/td>\n5.91<\/td>\n9<\/td>\n-0.3237 %<\/td>\n2,173.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-3.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.18 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-3.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.34
\nBid-YTW : 9.34 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-2.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.83
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 20.89
\nEvaluated at bid price : 20.89
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 19.49
\nEvaluated at bid price : 19.49
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.63
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.25
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 19.48
\nEvaluated at bid price : 19.48
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 23.95
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.37
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.92
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.98
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.02
\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.02
\nBid-YTW : 7.83 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 22.83
\nEvaluated at bid price : 24.15
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 21.03
\nEvaluated at bid price : 21.03
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n-1.26 %<\/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 : 5.63 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 22.27
\nEvaluated at bid price : 23.00
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 21.78
\nEvaluated at bid price : 22.12
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.41
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 12.60
\nEvaluated at bid price : 12.60
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 13.50
\nEvaluated at bid price : 13.50
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n3.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.75
\nBid-YTW : 4.09 %<\/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
TRP.PR.E<\/td>\nFixedReset<\/td>\n153,763<\/td>\nRBC crossed 150,000 at 20.43.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n96,384<\/td>\nDesjardins crossed 88,000 at 17.35.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.18 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n72,600<\/td>\nScotia crossed 50,000 at 16.25.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.02
\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n68,150<\/td>\nDesjardins crossed 65,900 at 23.36.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.40
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n67,350<\/td>\nRBC crossed 48,100 at 21.70.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.55
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\n60,864<\/td>\nTD crossed blocks of 45,900 and 10,500, both at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-11-25
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.46
\nBid-YTW : 2.41 %<\/td>\n<\/tr>\n
There were 25 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
IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 16.70 – 17.68
\nSpot Rate : 0.9800
\nAverage : 0.6067<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.18 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.75 – 23.49
\nSpot Rate : 0.7400
\nAverage : 0.4915<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n

BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.51 – 22.05
\nSpot Rate : 0.5400
\nAverage : 0.3461<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 14.92 – 15.39
\nSpot Rate : 0.4700
\nAverage : 0.3020<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.92
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset<\/td>\nQuote: 21.37 – 21.95
\nSpot Rate : 0.5800
\nAverage : 0.4193<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.37
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

HSE.PR.E<\/td>\nFixedReset<\/td>\nQuote: 22.85 – 23.40
\nSpot Rate : 0.5500
\nAverage : 0.3911<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-09-14
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.85
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

It’s nice to see an intelligently run bond ETF: The Market Vectors Fallen Angel High Yield Bond ETF (ANGL) is up 28 percent since its April 2012 inception, which is double the performance of the …<\/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-30498","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30498","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=30498"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30498\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}