{"id":31362,"date":"2015-11-26T03:29:13","date_gmt":"2015-11-26T08:29:13","guid":{"rendered":"http:\/\/prefblog.com\/?p=31362"},"modified":"2015-11-26T03:29:13","modified_gmt":"2015-11-26T08:29:13","slug":"november-25-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=31362","title":{"rendered":"November 25, 2015"},"content":{"rendered":"

The UK government is bringing micromanagement of the economy<\/a> to new levels:<\/p>\n

Buy-to-let landlords have been hit by the second major tax hike in less than a year, as Chancellor George Osborne took action against the “growing crisis of home ownership” in Britain.<\/p>\n

Property investors will be hit by a 3pc rise in stamp duty from 1 April 2016, and the surcharge will also apply to people buying second homes. It means the tax bill on a buy-to-let property costing \u00a3250,000 will jump from \u00a32,500 to \u00a38,800.
…<\/b>
Mr Osborne also announced a London Help to Buy initiative, which will allow more young people to get on the housing ladder in the capital, where the average house price for a first-time buyer is now an eye-watering \u00a3385,000. The scheme will offer buyers with a 5pc deposit a loan of up to 40pc of the value of a new build home, interest-free for five years.<\/p><\/blockquote>\n

It was another mixed, mostly negative day for the Canadian preferred share market, with PerpetualDiscounts off 12bp, FixedResets down 44bp and DeemedRetractibles gaining 20bp. The Performance Highlights table is mostly negative, but still showing a lot of churn. 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_151125\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 19.22 to be $1.19 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.87 cheap at its bid price of 12.80.<\/p>\n

\"impVol_MFC_151125\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.I, resetting at +286bp on 2017-9-19, bid at 22.67 to be 0.23 rich, while MFC.PR.K resetting at +222bp on 2018-9-19, is bid at 19.25 to be 0.42 cheap.<\/p>\n

\"impVol_BAM_151125\"<\/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 16.04 to be $1.16 cheap. BAM.PF.G, resetting at +284bp on 2020-6-30 is bid at 20.91 and appears to be $0.89 rich.<\/p>\n

\"impVol_FTS_151125\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 18.85, looks $0.65 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 18.16 and is $0.65 cheap.<\/p>\n

\"pairs_FR_151125\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.35%, with one outlier above +0.50%. There is one junk outlier below -1.50%.<\/p>\n

\"pairs_FF_151125\"<\/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>\n4.29 %<\/td>\n5.16 %<\/td>\n32,687<\/td>\n17.62<\/td>\n1<\/td>\n-0.6250 %<\/td>\n1,807.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.29 %<\/td>\n5.53 %<\/td>\n27,994<\/td>\n16.86<\/td>\n1<\/td>\n-2.2654 %<\/td>\n3,101.9<\/td>\n<\/tr>\n
Floater<\/td>\n4.32 %<\/td>\n4.34 %<\/td>\n84,528<\/td>\n16.67<\/td>\n3<\/td>\n-1.7386 %<\/td>\n1,826.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.86 %<\/td>\n3.63 %<\/td>\n31,441<\/td>\n0.75<\/td>\n1<\/td>\n0.2783 %<\/td>\n2,740.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n5.43 %<\/td>\n132,884<\/td>\n4.34<\/td>\n5<\/td>\n0.1479 %<\/td>\n3,219.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1479 %<\/td>\n2,512.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.79 %<\/td>\n0.57 %<\/td>\n85,153<\/td>\n0.08<\/td>\n6<\/td>\n0.0198 %<\/td>\n2,510.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.58 %<\/td>\n5.63 %<\/td>\n89,426<\/td>\n14.44<\/td>\n33<\/td>\n-0.1223 %<\/td>\n2,568.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.99 %<\/td>\n4.66 %<\/td>\n222,822<\/td>\n15.12<\/td>\n76<\/td>\n-0.4367 %<\/td>\n2,054.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n5.06 %<\/td>\n119,774<\/td>\n5.38<\/td>\n33<\/td>\n0.2018 %<\/td>\n2,585.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.60 %<\/td>\n3.75 %<\/td>\n60,630<\/td>\n5.74<\/td>\n10<\/td>\n-0.0358 %<\/td>\n2,184.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-3.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 12.80
\nEvaluated at bid price : 12.80
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.19
\nEvaluated at bid price : 18.19
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 10.72
\nEvaluated at bid price : 10.72
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n-2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.81
\nEvaluated at bid price : 18.81
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 16.04
\nEvaluated at bid price : 16.04
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.10
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n-2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.58
\nEvaluated at bid price : 18.58
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.41
\nEvaluated at bid price : 20.41
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.17
\nEvaluated at bid price : 20.17
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.88
\nEvaluated at bid price : 18.88
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.36
\nEvaluated at bid price : 20.36
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 11.03
\nEvaluated at bid price : 11.03
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 19.98
\nEvaluated at bid price : 19.98
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.40
\nBid-YTW : 9.49 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.96
\nEvaluated at bid price : 20.96
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.74
\nEvaluated at bid price : 20.74
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.11
\nEvaluated at bid price : 20.11
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 12.01
\nEvaluated at bid price : 12.01
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 14.14
\nEvaluated at bid price : 14.14
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/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 : 23.21
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
NA.PR.Q<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.56
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.41 %<\/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 : 9.95 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 14.19
\nEvaluated at bid price : 14.19
\nBid-YTW : 4.26 %<\/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
RY.PR.L<\/td>\nFixedReset<\/td>\n113,750<\/td>\nNesbitt crossed two blocks of 50,000 each, both at 25.10.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n54,447<\/td>\nNesbitt crossed 13,800 at 18.73.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n45,287<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n43,956<\/td>\nNesbitt crossed 13,00 at 18.81.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.74
\nEvaluated at bid price : 18.74
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n42,814<\/td>\nScotia crossed 20,000 at 15.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 15.10
\nEvaluated at bid price : 15.10
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n40,570<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
There were 61 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: 19.22 – 19.70
\nSpot Rate : 0.4800
\nAverage : 0.2951<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 19.22
\nEvaluated at bid price : 19.22
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 19.25 – 19.81
\nSpot Rate : 0.5600
\nAverage : 0.4089<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.25
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset<\/td>\nQuote: 20.41 – 20.84
\nSpot Rate : 0.4300
\nAverage : 0.3062<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 20.41
\nEvaluated at bid price : 20.41
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n

BAM.PR.E<\/td>\nRatchet<\/td>\nQuote: 15.90 – 16.63
\nSpot Rate : 0.7300
\nAverage : 0.6087<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.90
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n

BMO.PR.R<\/td>\nFloatingReset<\/td>\nQuote: 22.64 – 23.00
\nSpot Rate : 0.3600
\nAverage : 0.2615<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.64
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.95 – 22.29
\nSpot Rate : 0.3400
\nAverage : 0.2444<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-11-25
\nMaturity Price : 21.67
\nEvaluated at bid price : 21.95
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The UK government is bringing micromanagement of the economy to new levels: Buy-to-let landlords have been hit by the second major tax hike in less than a year, as Chancellor George Osborne took action against …<\/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-31362","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31362","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=31362"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31362\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}