{"id":31135,"date":"2015-11-04T20:54:56","date_gmt":"2015-11-05T01:54:56","guid":{"rendered":"http:\/\/prefblog.com\/?p=31135"},"modified":"2015-11-04T20:54:56","modified_gmt":"2015-11-05T01:54:56","slug":"november-4-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=31135","title":{"rendered":"November 4, 2015"},"content":{"rendered":"

The Fed is making sure that nobody takes them for granted<\/a>:<\/p>\n

Federal Reserve Chair Janet Yellen and New York Fed President William Dudley both said the central bank could boost interest rates as soon as next month.<\/p>\n

\u201cAt this point, I see the U.S. economy as performing well,\u201d Yellen said on Wednesday in testimony before the House Financial Services Committee in Washington. If economic data continue to point to growth and firmer prices, a December rate hike would be a \u201clive possibility,\u201d she said. Speaking in New York hours later, Dudley said he agreed with the chair, but \u201clet\u2019s see what the data shows.\u201d<\/p>\n

The Federal Open Market Committee said in its October statement that it will consider raising interest rates at its \u201cnext meeting,\u201d citing \u201csolid\u201d rates of household spending and business investment. Yellen\u2019s and Dudley\u2019s comments reinforced the idea that next month is in the crosshairs for an increase, and placed the focus on upcoming employment and other economic data.<\/p><\/blockquote>\n

The market noticed<\/a>:<\/p>\n

Bonds are falling around the world as traders increased odds to more than 50 percent that the Federal Reserve will raise interest rates this year.<\/p>\n

Benchmark 10-year Treasury yields climbed to a seven-week high of 2.24 percent on Wednesday after Fed Chair Janet Yellen said policy makers may move as soon as their December meeting. German yields reached a two-week high. Australian 10-year yields rose for a sixth day Thursday.<\/p><\/blockquote>\n

It was a strong day for the Canadian preferred share market, with PerpetualDiscounts up 52bp, FixedResets winning 77bp and DeemedRetractibles gaining 15bp. There are a lot of winners on the Performance Highlights table! Volume was well above average.<\/p>\n

PerpetualDiscounts now yield 5.62%, equivalent to 7.31% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield a little under 4.4%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 290bp, a very significant narrowing from the 310bp reported October 28<\/a>.<\/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_151104\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 19.51 to be $0.65 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.69 cheap at its bid price of 13.55.<\/p>\n

\"impVol_BAM_151104\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.N, resetting at +230bp on 2020-3-19, bid at 20.48 to be 0.75 rich, while MFC.PR.I resetting at +286bp on 2017-9-19, is bid at 21.41 to be 0.63 cheap.<\/p>\n

\"impVol_BAM_151104\"<\/a>
Click for Big<\/i><\/div>\n

The cheapest issue relative to its peers is BAM.PR.R, resetting at +230bp on 2016-6-30, bid at 16.58 to be $1.26 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 20.65 and appears to be $1.48 rich.<\/p>\n

\"impVol_FTS_151104\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 18.75, looks $0.50 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 18.15 and is $0.58 cheap.<\/p>\n

\"pairs_FR_151104\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.53%, with two outliers above 0.00% and none below -2.00%. There are three junk outliers above 0.00% and one below -2.00%.<\/p>\n

\"pairs_FF_151104\"<\/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>\n4.40 %<\/td>\n5.28 %<\/td>\n31,280<\/td>\n17.50<\/td>\n1<\/td>\n0.3226 %<\/td>\n1,768.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.11 %<\/td>\n5.35 %<\/td>\n31,293<\/td>\n17.11<\/td>\n1<\/td>\n5.0676 %<\/td>\n3,194.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.16 %<\/td>\n4.21 %<\/td>\n62,859<\/td>\n16.96<\/td>\n3<\/td>\n0.8593 %<\/td>\n1,896.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.83 %<\/td>\n4.20 %<\/td>\n33,402<\/td>\n0.80<\/td>\n1<\/td>\n0.1184 %<\/td>\n2,722.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n5.81 %<\/td>\n155,377<\/td>\n4.39<\/td>\n5<\/td>\n-0.1144 %<\/td>\n3,191.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1144 %<\/td>\n2,489.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.82 %<\/td>\n1.33 %<\/td>\n81,667<\/td>\n0.08<\/td>\n6<\/td>\n0.1859 %<\/td>\n2,495.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.53 %<\/td>\n5.62 %<\/td>\n81,348<\/td>\n14.44<\/td>\n33<\/td>\n0.5173 %<\/td>\n2,586.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.93 %<\/td>\n4.44 %<\/td>\n211,682<\/td>\n15.52<\/td>\n76<\/td>\n0.7749 %<\/td>\n2,074.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.18 %<\/td>\n5.20 %<\/td>\n111,220<\/td>\n5.43<\/td>\n34<\/td>\n0.1496 %<\/td>\n2,578.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.56 %<\/td>\n3.76 %<\/td>\n56,694<\/td>\n5.81<\/td>\n10<\/td>\n0.3895 %<\/td>\n2,184.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 12.70
\nEvaluated at bid price : 12.70
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 23.99
\nEvaluated at bid price : 24.24
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.16
\nBid-YTW : 8.91 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.07
\nEvaluated at bid price : 21.07
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.75
\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n
TD.PR.Z<\/td>\nFloatingReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.81
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 11.40
\nEvaluated at bid price : 11.40
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.59
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 23.76
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.82
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.46
\nEvaluated at bid price : 19.46
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.82
\nEvaluated at bid price : 19.82
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 11.77
\nEvaluated at bid price : 11.77
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.30
\nEvaluated at bid price : 19.30
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 14.42
\nEvaluated at bid price : 14.42
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 16.58
\nEvaluated at bid price : 16.58
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.22
\nEvaluated at bid price : 21.22
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.70
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.95
\nBid-YTW : 9.67 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.85
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.87
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 16.11
\nEvaluated at bid price : 16.11
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n2.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 14.07
\nEvaluated at bid price : 14.07
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n2.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.71
\nBid-YTW : 9.28 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n2.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.81
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n2.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 13.55
\nEvaluated at bid price : 13.55
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n3.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 13.94
\nEvaluated at bid price : 13.94
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n3.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n3.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 15.59
\nEvaluated at bid price : 15.59
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n5.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.55
\nBid-YTW : 5.35 %<\/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
MFC.PR.M<\/td>\nFixedReset<\/td>\n96,860<\/td>\nScotia crossed 28,000 at 20.40; RBC crossed 39,700 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.55
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n56,793<\/td>\nTD crossed 32,300 at 11.40.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 11.40
\nEvaluated at bid price : 11.40
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n51,617<\/td>\nScotia crossed 42,500 at 21.60.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 21.43
\nEvaluated at bid price : 21.70
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
PVS.PR.E<\/td>\nSplitShare<\/td>\n48,600<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.37
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n47,305<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n46,885<\/td>\nScotia crossed 30,000 at 19.31.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.51
\nEvaluated at bid price : 19.51
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
There were 46 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.B<\/td>\nFixedReset<\/td>\nQuote: 12.70 – 13.50
\nSpot Rate : 0.8000
\nAverage : 0.5240<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 12.70
\nEvaluated at bid price : 12.70
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 20.35 – 21.05
\nSpot Rate : 0.7000
\nAverage : 0.4684<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

TD.PF.A<\/td>\nFixedReset<\/td>\nQuote: 19.52 – 19.99
\nSpot Rate : 0.4700
\nAverage : 0.3230<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 19.52
\nEvaluated at bid price : 19.52
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n

NA.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 24.76 – 25.09
\nSpot Rate : 0.3300
\nAverage : 0.2074<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.76
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n

RY.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.50 – 23.78
\nSpot Rate : 0.2800
\nAverage : 0.1971<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-04
\nMaturity Price : 23.09
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n

TD.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 24.01 – 24.50
\nSpot Rate : 0.4900
\nAverage : 0.4123<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.01
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Fed is making sure that nobody takes them for granted: Federal Reserve Chair Janet Yellen and New York Fed President William Dudley both said the central bank could boost interest rates as soon as …<\/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-31135","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31135","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=31135"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31135\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}