{"id":30857,"date":"2015-10-14T02:07:48","date_gmt":"2015-10-14T07:07:48","guid":{"rendered":"http:\/\/prefblog.com\/?p=30857"},"modified":"2015-10-14T02:07:48","modified_gmt":"2015-10-14T07:07:48","slug":"october-13-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=30857","title":{"rendered":"October 13, 2015"},"content":{"rendered":"

Singapore is being affected by low growth in Asia<\/a>:<\/p>\n

Singapore\u2019s central bank eased monetary policy for the second time this year as the economy narrowly avoided a technical recession, saying weakening prospects for global growth will pose “headwinds” in the coming months.<\/p>\n

The Monetary Authority of Singapore, which uses the currency rather than interest rates as its main policy tool, said Wednesday it will reduce \u201cslightly” the pace of appreciation in the local dollar versus those of its trading partners. Gross domestic product unexpectedly rose an annualized 0.1 percent in the three months through September from the previous quarter, when it shrank a revised 2.5 percent, the trade ministry said in a separate statement.<\/p>\n

\u201cThe Singapore economy is projected to expand at a modest pace in 2015 and 2016, with growth slightly weaker than earlier envisaged,\u201d the central bank said. \u201cThe subdued global growth will exert a drag on the external-oriented sectors in Singapore in the quarters ahead.\u201d<\/p><\/blockquote>\n

On a brighter note, today we learned what millennials do at the office all day<\/a>, which has heretofore been very mysterious:<\/p>\n

Last year, Playboy.com cleaned up its website to make it \u201csafe for work,\u201d and has since seen its monthly unique Web visitors rise fivefold. The median age of those visitors dropped to 30 years-old from 47 as a result — \u201can attractive demographic for advertisers,\u201d the company said.<\/p><\/blockquote>\n

Of all the do-gooder strategies ever devised, there has never been anything as cruel as income-geared pricing. This mechanism traps the poor inextricably in their circumstances, since any incremental improvements they can make to income – by getting a slightly better job, or by working slightly more hours – will immediately be taxed away by reduction of benefits. So, naturally, guess what Toronto City Council is plotting<\/a>?<\/p>\n

\nAs the TTC board contemplates another New Year\u2019s fare increase \u2014 the seventh in as many years \u2014 there\u2019s growing concern that the rising cost of transportation is eating through the empty pockets of its neediest riders at a disproportionate rate.<\/p>\n

Many cities offer an income-based concession pass. Is it time for Toronto to do the same?<\/p><\/blockquote>\n

Still, it was nice to see Canadian preferred share investors waving the flag today:<\/p>\n

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

It was a hideous day for the Canadian preferred share market, with PerpetualDiscounts off 27bp, FixedResets losing a stunning 186bp and DeemedRetractibles down 31bp. An extraordinarily long Performance Highlights table is dominated by losing FixedResets, as might be expected. Volume was extremely high.<\/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_151013\"<\/a>
Click for Big<\/i><\/div>\n

Implied Volatility remained ridiculous.<\/p>\n

TRP.PR.A, which resets 2019-12-31 at +192, is bid at 14.83 to be $0.52 rich, while TRP.PR.D, resetting 2019-4-30 at +238, is $0.61 cheap at its bid price of 15.86.<\/p>\n

\"impVol_MFC_151013\"<\/a>
Click for Big<\/i><\/div>\n

Implied Volatility re-established itself at higher levels today following the precipitous decline on Friday<\/a>.<\/p>\n

Most expensive is MFC.PR.F, resetting at +141bp on 2016-6-19, bid at 13.69 to be 0.59 rich, while MFC.PR.K resetting at +222bp on 2018-9-19, is bid at 16.01 to be 0.74 cheap.<\/p>\n

\"impVol_BAM_151013\"<\/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 14.92 to be $0.82 cheap. BAM.PF.G, resetting at +284bp on 2020-6-30 is bid at 19.01 and appears to be $0.69 rich.<\/p>\n

\"impVol_FTS_151013\"<\/a>
Click for Big<\/i><\/div>\n

Implied Volatility edged up again today and is ridiculously high.<\/p>\n

FTS.PR.K, with a spread of +205bp, and bid at 16.51, looks $0.23 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 16.16 and is $0.46 cheap.<\/p>\n

\"pairs_FR_151013\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.58%, with four outliers above 0.00% and none below -2.00%. The distribution is bimodal, with bank NVCC non-compliant pairs averaging -0.90% and other issues averaging -0.13%. There are three junk outliers above 0.00%.<\/p>\n

\"pairs_FF_151013\"<\/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>\n0.3640 %<\/td>\n1,589.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3640 %<\/td>\n2,779.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.67 %<\/td>\n4.72 %<\/td>\n63,636<\/td>\n16.03<\/td>\n3<\/td>\n0.3640 %<\/td>\n1,689.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3399 %<\/td>\n2,754.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.35 %<\/td>\n5.28 %<\/td>\n73,962<\/td>\n2.99<\/td>\n5<\/td>\n-0.3399 %<\/td>\n3,228.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3399 %<\/td>\n2,518.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.99 %<\/td>\n6.03 %<\/td>\n59,538<\/td>\n13.89<\/td>\n5<\/td>\n-0.7537 %<\/td>\n2,430.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.78 %<\/td>\n5.84 %<\/td>\n79,185<\/td>\n14.12<\/td>\n33<\/td>\n-0.2720 %<\/td>\n2,465.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.46 %<\/td>\n4.97 %<\/td>\n195,954<\/td>\n14.70<\/td>\n76<\/td>\n-1.8643 %<\/td>\n1,867.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.36 %<\/td>\n5.38 %<\/td>\n102,075<\/td>\n5.46<\/td>\n33<\/td>\n-0.3074 %<\/td>\n2,486.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.66 %<\/td>\n4.76 %<\/td>\n65,454<\/td>\n5.82<\/td>\n9<\/td>\n0.0867 %<\/td>\n2,048.1<\/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\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
RY.PR.I<\/td>\nFixedReset<\/td>\n-6.19 %<\/td>\nNot real. The issue traded 6,499 shares today in a range of 23.10-42 before closing at 21.81-23.42 (!). There were three trades in the last ten minutes at 23.10, totalling 2,500 shares. 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 : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.81
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n-6.17 %<\/td>\nReal enough! The issue traded 10,477 shares in a range of 20.01-21.68 before closing at 20.06-25. There were eleven trades in the market’s last hour, totalling 3,040 shares, in a range of 20.23-26.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.06
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-5.52 %<\/td>\nReasonably real. The issue traded 17,011 shares today in a range of 17.26-10 before closing at 17.11-42. There were seven trades in the last ten minutes, totalling 1,300 shares, in a range of 17.26-47.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.11
\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-5.21 %<\/td>\nReal! The issue traded 92,216 shares in a range of 13.30-93 before closing at 13.27-30. It looks like the market just ran of bids … there were at least eighteen trades totalling 38,800 shares timestamped between 3:35 and 3:43, then there was a pause, then seven trades totalling 2,200 shares timestamped at 3:58-3:59 in a range of 13.30-48.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.27
\nBid-YTW : 10.20 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-5.03 %<\/td>\nReal enough! The issue traded 21,902 shares in a range of 16.55-50 before closing at 16.63-94. There were 7 trades in the last six minutes, five of them totalling 933 shares at or below 16.62, two of them totalling 200 shares at or above 16.94. On a more reasonable day for the market I would fault the market-maker for allowing a spread of almost 2%, but on a day like this … I’ll give him a pass.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.63
\nEvaluated at bid price : 16.63
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-4.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.72
\nBid-YTW : 7.73 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-4.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-4.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.10
\nBid-YTW : 8.04 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-4.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.93
\nBid-YTW : 9.48 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n-4.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.25
\nBid-YTW : 8.47 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n-3.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.66
\nEvaluated at bid price : 16.66
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n-3.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n-3.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.97
\nEvaluated at bid price : 16.97
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-3.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n-3.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.21
\nEvaluated at bid price : 17.21
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n-3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.38
\nEvaluated at bid price : 17.38
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-3.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n-3.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.91
\nEvaluated at bid price : 16.91
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-3.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.01
\nBid-YTW : 9.30 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n-3.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.09
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/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 : 18.02
\nBid-YTW : 7.96 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 11.49
\nEvaluated at bid price : 11.49
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n-2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.01
\nEvaluated at bid price : 18.01
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
NA.PR.Q<\/td>\nFixedReset<\/td>\n-2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n-2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n-2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n-2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
MFC.PR.G<\/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 : 19.31
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n-2.04 %<\/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 : 4.10 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.81
\nEvaluated at bid price : 17.81
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 23.96
\nEvaluated at bid price : 24.25
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.16
\nEvaluated at bid price : 16.16
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.21
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.67
\nEvaluated at bid price : 17.67
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.69
\nBid-YTW : 10.11 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.39
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.51
\nEvaluated at bid price : 16.51
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.21
\nEvaluated at bid price : 17.21
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.24
\nEvaluated at bid price : 17.24
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-1.51 %<\/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 : 7.86 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.30
\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.63
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.76
\nBid-YTW : 9.18 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.89
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.01
\nEvaluated at bid price : 18.01
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.53
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.03
\nBid-YTW : 9.81 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
BNS.PR.D<\/td>\nFloatingReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.61
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 13.15
\nEvaluated at bid price : 13.15
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
TD.PF.F<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.63
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/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 : 19.33
\nBid-YTW : 8.03 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.52
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.70
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.35
\nBid-YTW : 8.01 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.34
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.54
\nBid-YTW : 7.96 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 22.51
\nEvaluated at bid price : 22.83
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 20.49
\nEvaluated at bid price : 20.49
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 15.86
\nEvaluated at bid price : 15.86
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.43
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n5.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.30
\nBid-YTW : 9.51 %<\/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
GWO.PR.N<\/td>\nFixedReset<\/td>\n92,216<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.27
\nBid-YTW : 10.20 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset<\/td>\n70,006<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.98
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n51,217<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n48,707<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n37,747<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 19.08
\nEvaluated at bid price : 19.08
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n35,691<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.06
\nEvaluated at bid price : 18.06
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
There were 65 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
RY.PR.I<\/td>\nFixedReset<\/td>\nQuote: 21.81 – 23.00
\nSpot Rate : 1.1900
\nAverage : 0.7621<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.81
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 18.72 – 19.35
\nSpot Rate : 0.6300
\nAverage : 0.4000<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.72
\nBid-YTW : 7.73 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.33 – 21.85
\nSpot Rate : 0.5200
\nAverage : 0.3449<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.33
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset<\/td>\nQuote: 18.80 – 19.39
\nSpot Rate : 0.5900
\nAverage : 0.4502<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n

PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.50 – 24.94
\nSpot Rate : 0.4400
\nAverage : 0.3011<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-10-13
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n

PVS.PR.B<\/td>\nSplitShare<\/td>\nQuote: 24.31 – 24.74
\nSpot Rate : 0.4300
\nAverage : 0.2925<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.31
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Singapore is being affected by low growth in Asia: Singapore\u2019s central bank eased monetary policy for the second time this year as the economy narrowly avoided a technical recession, saying weakening prospects for global growth …<\/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-30857","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30857","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=30857"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/30857\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}