{"id":30789,"date":"2015-10-06T02:53:34","date_gmt":"2015-10-06T07:53:34","guid":{"rendered":"http:\/\/prefblog.com\/?p=30789"},"modified":"2015-10-06T02:53:34","modified_gmt":"2015-10-06T07:53:34","slug":"october-5-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30789","title":{"rendered":"October 5, 2015"},"content":{"rendered":"

Here’s another reason why bubbles are bad<\/a>:<\/p>\n

When the housing market was hot, from the late 1990s to 2006, there were many good jobs that didn\u2019t require a college education. For a certain kind of high school grad, paying tuition started looking like a dodgy proposition.<\/p>\n

Then the boom went bust.<\/p>\n

For one reason or another, the young construction workers and sales agents who skipped college to enter the workforce never went back, opening a schism between the boom-time workers and the college-going generation that came of age after the economy went splat.<\/p>\n

That\u2019s the story sketched out in a new working paper, published by National Bureau of Economic Research, from professors Kerwin Kofi Charles and Erik Hurst at the University of Chicago and Matthew Notowidigdo of Northwestern University. The three used Census Bureau, Department of Education, and Labor Department data to track what they call \u201ccollege attainment\u201d through the housing cycle.<\/p><\/blockquote>\n

The NBER wants five bucks for the paper<\/a>. Good luck with that.<\/p>\n

The best economic news all year is the agreement on the TPP<\/a>:<\/p>\n

A free-trade deal that opens a small part of the Canadian dairy market to cheaper foreign imports could spell the beginning of the end for the country\u2019s dairy supply management system, and push inefficient farmers out of business, observers say.<\/p>\n

The Trans-Pacific Partnership (TPP) deal, a trade pact among 12 countries including Japan, Vietnam and Australia that was reached in Atlanta on Monday, will give foreign dairy producers access to 3.25 per cent of the Canadian market while increasing duty-free access for Canada\u2019s agricultural exports.<\/p>\n

The deal was welcomed by large swaths of the agriculture sector, including pork and beef producers and grain farmers, who expect to see new demand for their goods overseas. But the negative effects are expected to be disproportionately felt by Canada\u2019s dairy farmers, who face the prospect of cheaper foreign competition and the gradual erosion of prices paid by the large food companies that make cheese, butter and milk.<\/p><\/blockquote>\n

Now to get it ratified…<\/p>\n

It was a decent day for the Canadian preferred share market, with PerpetualDiscounts gaining 28bp, FixedResets off 2bp and DeemedRetractibles down 4bp. The Performance Highlights table is skewed towards winners. 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_151005\"<\/a>
Click for Big<\/i><\/div>\n

Implied Volatility remained at an unreasonable level today.<\/p>\n

TRP.PR.B, which resets 2020-6-30 at +128, is bid at 11.85 to be $0.44 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.81 cheap at its bid price of 12.00.<\/p>\n

\"impVol_MFC_151005\"<\/a>
Click for Big<\/i><\/div>\n

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

Most expensive is MFC.PR.M, resetting at +236bp on 2019-12-19, bid at 19.75 to be 0.56 rich, while MFC.PR.G resetting at +280bp on 2016-12-19, is bid at 20.91 to be 0.44 cheap.<\/p>\n

\"impVol_BAM_151005\"<\/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.PF.A, resetting at +290bp on 2018-9-30, bid at 18.56 to be $0.65 cheap. BAM.PF.G, resetting at +284bp on 2020-6-30 is bid at 19.70 and appears to be $0.80 rich.<\/p>\n

\"impVol_FTS_151005\"<\/a>
Click for Big<\/i><\/div>\n

Implied Volatility leaped upwards again today, from an unreasonably high level to a ridiculously high level.<\/p>\n

FTS.PR.K, with a spread of +205bp, and bid at 17.32, looks $0.35 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 17.04 and is $0.30 cheap.<\/p>\n

\"pairs_FR_151005\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -1.10%, with no outliers. The distribution is bimodal, with bank NVCC non-compliant pairs averaging -1.37% and other issues averaging -0.72%. There are three junk outliers above 0.00%.<\/p>\n

\"pairs_FF_151005\"<\/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-1.3399 %<\/td>\n1,582.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.3399 %<\/td>\n2,766.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.70 %<\/td>\n4.74 %<\/td>\n63,423<\/td>\n16.00<\/td>\n3<\/td>\n-1.3399 %<\/td>\n1,681.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3012 %<\/td>\n2,761.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.34 %<\/td>\n4.96 %<\/td>\n67,257<\/td>\n3.01<\/td>\n5<\/td>\n0.3012 %<\/td>\n3,236.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3012 %<\/td>\n2,525.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.82 %<\/td>\n5.82 %<\/td>\n55,817<\/td>\n13.87<\/td>\n5<\/td>\n0.2704 %<\/td>\n2,472.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.69 %<\/td>\n5.78 %<\/td>\n74,297<\/td>\n14.21<\/td>\n33<\/td>\n0.2760 %<\/td>\n2,497.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.18 %<\/td>\n4.77 %<\/td>\n185,711<\/td>\n15.18<\/td>\n76<\/td>\n-0.0179 %<\/td>\n1,965.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.25 %<\/td>\n5.16 %<\/td>\n98,237<\/td>\n5.49<\/td>\n33<\/td>\n-0.0398 %<\/td>\n2,537.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.65 %<\/td>\n4.65 %<\/td>\n63,206<\/td>\n5.84<\/td>\n9<\/td>\n0.2415 %<\/td>\n2,058.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-5.64 %<\/td>\nNot real. The issue traded 4,613 shares today in a range of 22.00-32 before closing at 20.76-22.09, 2×2. I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting<\/a> or inadequate Toronto Stock Exchange supervision of market-makers<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 20.76
\nEvaluated at bid price : 20.76
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n-2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.23
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.91
\nBid-YTW : 9.88 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.35
\nBid-YTW : 7.78 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 10.01
\nEvaluated at bid price : 10.01
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n-1.77 %<\/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 : 3.86 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 10.15
\nEvaluated at bid price : 10.15
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/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 : 14.02
\nBid-YTW : 9.67 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.71
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.89
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.80
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.51
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 22.87
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 18.56
\nEvaluated at bid price : 18.56
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.04
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 17.32
\nEvaluated at bid price : 17.32
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.08
\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 17.71
\nEvaluated at bid price : 17.71
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.08
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 18.79
\nEvaluated at bid price : 18.79
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 20.33
\nEvaluated at bid price : 20.33
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.90
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 12.85
\nEvaluated at bid price : 12.85
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 17.38
\nEvaluated at bid price : 17.38
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.10
\nBid-YTW : 8.77 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n3.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 14.05
\nEvaluated at bid price : 14.05
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n4.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n5.61 %<\/td>\nSimply a reversal of Friday<\/a>‘s nonsense.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 16.94
\nEvaluated at bid price : 16.94
\nBid-YTW : 4.92 %<\/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
BAM.PF.H<\/td>\nFixedReset<\/td>\n189,650<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.97
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n152,937<\/td>\nDesjardins crossed 125,500 at 10.11.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 10.01
\nEvaluated at bid price : 10.01
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n130,304<\/td>\nDesjardins crossed 123,400 at 10.32.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 10.15
\nEvaluated at bid price : 10.15
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nPerpetual-Discount<\/td>\n42,185<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n35,340<\/td>\nTD crossed 18,000 at 18.42.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n30,544<\/td>\nScotia crossed 13,800 at 16.65.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 16.94
\nEvaluated at bid price : 16.94
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
There were 35 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
PWF.PR.T<\/td>\nFixedReset<\/td>\nQuote: 20.76 – 22.09
\nSpot Rate : 1.3300
\nAverage : 0.8123<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-05
\nMaturity Price : 20.76
\nEvaluated at bid price : 20.76
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 17.35 – 17.84
\nSpot Rate : 0.4900
\nAverage : 0.3403<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.35
\nBid-YTW : 7.78 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 22.23 – 22.69
\nSpot Rate : 0.4600
\nAverage : 0.3320<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.23
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 14.02 – 14.41
\nSpot Rate : 0.3900
\nAverage : 0.2631<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.02
\nBid-YTW : 9.67 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.89 – 23.35
\nSpot Rate : 0.4600
\nAverage : 0.3424<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.89
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n

BMO.PR.M<\/td>\nFixedReset<\/td>\nQuote: 23.51 – 23.95
\nSpot Rate : 0.4400
\nAverage : 0.3281<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.51
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Here’s another reason why bubbles are bad: When the housing market was hot, from the late 1990s to 2006, there were many good jobs that didn\u2019t require a college education. For a certain kind of …<\/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-30789","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30789","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=30789"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30789\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}