{"id":31684,"date":"2015-12-19T04:54:04","date_gmt":"2015-12-19T09:54:04","guid":{"rendered":"http:\/\/prefblog.com\/?p=31684"},"modified":"2015-12-19T04:54:04","modified_gmt":"2015-12-19T09:54:04","slug":"december-18-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=31684","title":{"rendered":"December 18, 2015"},"content":{"rendered":"

Amidst all the snivelling from old-stock Canadians unable to compete in the Vancouver housing market it’s nice to see a major move in the other direction<\/a>:<\/p>\n

President Barack Obama signed into law a measure easing a 35-year-old tax on foreign investment in U.S. real estate, potentially opening the door to greater purchases by overseas investors, a major source of capital since the financial crisis.<\/p>\n

Contained in the $1.1 trillion spending measure that was passed to avoid a government shutdown is a provision that treats foreign pension funds the same as their U.S. counterparts for real estate investments. The provision waives the tax imposed on such investors under the 1980 Foreign Investment in Real Property Tax Act, known as FIRPTA.<\/p>\n

\u201cFIRPTA has historically made direct investment in U.S. property a non-starter for trillions of dollars worth of foreign pensions,\u201d said James Corl, a managing director at private equity firm Siguler Guff & Co. \u201cThis tax-law modification is a game changer\u201d that could result in hundreds of billions of new capital flows into U.S. real estate.<\/p><\/blockquote>\n

S&P has downgraded Alberta<\/a>:<\/p>\n

We are lowering our long-term issuer credit and senior unsecured debt ratings on the Province of Alberta to ‘AA+’ from ‘AAA’. We are also lowering our ‘AAA’ senior unsecured debt rating on Alberta Capital Finance Authority to ‘AA+’ from ‘AAA’.<\/p>\n

The downgrade reflects our view of Alberta’s projected oil price-driven weak budgetary performances in the next two years; moderate, but rapidly rising, tax-supported debt burden; and now-average economic prospects. The stable outlook reflects our expectations that the province’s liquidity will continue to be exceptional in the next two years, real GDP growth will be positive in 2016 and 2017, and that the debt burden will remain moderate despite large deficit-driven increases in fiscal years 2016-2018.
…<\/b>
We assess the provincial economy as strong despite the plunge in oil prices and declining real GDP that we expect for 2015. The concentration in the oil and gas industry tempers our assessment of the provincial economy. In 2014, the industry, which includes supporting activities, represented about 27% of real GDP and about 6% of employment. This exposure brings economic and fiscal volatility as oil and gas prices move, as the decline in oil prices indicates. Furthermore, the prospects for energy prices have caused us to reassess Alberta’s growth prospects as average, from above-average previously. We estimate the provincial GDP per capita to be about US$80,800 (2012-2014), which we consider to be high compared with that of peers. Real and nominal GDP growth in 2014 was what we consider very strong despite the fall in oil prices in the second half of the year. Real GDP rose 4.5% (5.1% in 2014): nominal GDP increased 9.1%, compared with 10.2%. Labor force results were also strong, in our opinion. Employment grew 2.2% (2.5% in 2013) and the unemployment rate was 4.7%, up only slightly from 2013. For 2015, the province expects real and nominal GDP to decline 1.0% and 9.4%, respectively. In 2016, we believe real and nominal GDP should rebound, with about 1.0% and 4.0% growth, respectively.<\/p>\n

Alberta’s financial management is very strong, in our view. Budget information is comprehensive and detailed. The province produces a five-year capital plan annually. The level of transparency and disclosure in financial statements is high. The independent auditor-general, who reports to the legislature, audits financial statements. Debt and liquidity management and related policies and practices are prudent and risk-averse. A capable and experienced administration supports the recently elected governing party.<\/p><\/blockquote>\n

I mentioned the Capital Power debt reorganization on November 19<\/a> and November 20<\/a>; now it has come to fruition<\/a>:<\/p>\n

Capital Power Corporation (\u201cCapital Power\u201d) (TSX: CPX) and Capital Power L.P. (\u201cCPLP\u201d) announced today the completion of a previously announced transaction to exchange all outstanding CPLP medium term notes (\u201cCPLP Notes\u201d) for newly issued Capital Power medium term notes (\u201cCapital Power Notes\u201d) that have the same financial and other terms as the CPLP Notes and that are unconditionally guaranteed by CPLP (\u201cNote Exchange\u201d).<\/p>\n

The Note Exchange transaction received strong support and was approved by more than 87% of the votes cast at the December 17, 2015 meeting of holders of CPLP Notes, voting as a single class.<\/p>\n

As a result of the Note Exchange, the CPLP Notes have been cancelled and the following Capital Power Notes were issued in exchange for them:
\n\u25e64.85% Medium Term Notes of Capital Power due February 21, 2019, Series 1
\n\u25e65.276% Medium Term Notes of Capital Power due November 16, 2020, Series 2<\/p>\n

The Note Exchange and additional steps to reorganize CPLP\u2019s capital structure were undertaken to simplify the organizational structure and reduce reporting obligations. The cessation of CPLP as a reporting issuer and transition of long-term credit ratings to only Capital Power will result in efficiencies for Capital Power while providing noteholders with better liquidity over time and structural enhancement. The timing of the Note Exchange follows the exchange of all remaining Exchangeable Common Limited Partnership Units of CPLP for shares of Capital Power by EPCOR Power Development Corporation on April 2, 2015.<\/p>\n

RBC Capital Markets acted as the Solicitation Agent for the Note Exchange transaction<\/p><\/blockquote>\n

So, what’s done is done. RBC got paid and their counsel got paid:<\/p>\n

The Solicitation Agent will be entitled to receive a fee for its services and be reimbursed for certain reasonable out-of-pocket expenses, including fees of legal counsel, and will be indemnified against certain liabilities and expenses in connection with the solicitation of votes in favour of the Note Exchange Resolution.<\/p><\/blockquote>\n

… and Kingsdale got paid:<\/p>\n

CPLP has retained Kingsdale Shareholder Services to act as information agent in connection with the Note Exchange Transaction. The Information Agent will receive reasonable and customary compensation from CPLP for its services in connection with the Note Exchange Transaction, will be reimbursed for certain out-of-pocket expenses and will be indemnified against certain liabilities and expenses in connection with the Note Exchange Transaction.<\/p><\/blockquote>\n

… and I’m sure lots of other people got paid, but the Noteholders didn’t get paid, not a penny. And they voted in favour anyway! Like I always say, there’s one born every minute!<\/p>\n

It was a modestly negative day for the Canadian preferred share market, with PerpetualDiscounts losing 26bp, FixedResets down 25bp and DeemedRetractibles off 8bp. The Performance Highlights table continues to be enormous, though, indicating a lot of churn under the placid surface. 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_151218A\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 18.50 to be $1.26 rich, while TRP.PR.C, resetting 2016-1-30 at +154, is $0.84 cheap at its bid price of 11.91.<\/p>\n

\"impVol_MFC_151218\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.G, resetting at +290bp on 2016-12-19, bid at 21.30 to be 0.37 cheap, while MFC.PR.N, resetting at +230bp on 2020-3-19, is bid at 19.75 to be 0.57 rich.<\/p>\n

\"impVol_BAM_151218\"<\/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 15.41 to be $1.35 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 19.50 and appears to be $1.36 rich.<\/p>\n

\"impVol_FTS_151218\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.M, with a spread of +248bp, and bid at 20.39, looks $0.33 expensive and resets 2019-12-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 16.89 and is $0.98 cheap.<\/p>\n

\"pairs_FR_151218\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -1.03%, with one outlier below -2.00%. There is one junk outlier below -2.00% and four above 0.00%.<\/p>\n

\"pairs_FF_151218\"<\/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>\n4.94 %<\/td>\n6.01 %<\/td>\n33,464<\/td>\n16.63<\/td>\n1<\/td>\n0.7326 %<\/td>\n1,569.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.20 %<\/td>\n6.38 %<\/td>\n36,162<\/td>\n15.77<\/td>\n1<\/td>\n0.7634 %<\/td>\n2,711.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.24 %<\/td>\n4.37 %<\/td>\n83,977<\/td>\n16.68<\/td>\n4<\/td>\n2.4810 %<\/td>\n1,803.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n4.26 %<\/td>\n24,386<\/td>\n0.69<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,735.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n5.58 %<\/td>\n81,423<\/td>\n1.87<\/td>\n6<\/td>\n0.8948 %<\/td>\n3,201.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8948 %<\/td>\n2,497.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.82 %<\/td>\n5.90 %<\/td>\n97,893<\/td>\n13.95<\/td>\n7<\/td>\n-0.0514 %<\/td>\n2,488.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.78 %<\/td>\n5.86 %<\/td>\n102,834<\/td>\n14.04<\/td>\n33<\/td>\n-0.2576 %<\/td>\n2,477.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.25 %<\/td>\n4.65 %<\/td>\n272,003<\/td>\n14.77<\/td>\n81<\/td>\n-0.2534 %<\/td>\n1,967.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.23 %<\/td>\n5.37 %<\/td>\n135,266<\/td>\n5.31<\/td>\n33<\/td>\n-0.0839 %<\/td>\n2,565.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.80 %<\/td>\n4.19 %<\/td>\n67,614<\/td>\n5.67<\/td>\n11<\/td>\n-0.3235 %<\/td>\n2,107.1<\/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
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-4.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.50
\nBid-YTW : 9.19 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-3.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 14.79
\nEvaluated at bid price : 14.79
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-3.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 9.80
\nEvaluated at bid price : 9.80
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-3.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.51
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-3.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 10.80
\nEvaluated at bid price : 10.80
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 13.66
\nEvaluated at bid price : 13.66
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-2.70 %<\/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 : 7.17 %<\/td>\n<\/tr>\n
IAG.PR.G<\/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 : 20.26
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n-2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 11.35
\nEvaluated at bid price : 11.35
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.33
\nBid-YTW : 9.99 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 11.20
\nEvaluated at bid price : 11.20
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 17.67
\nEvaluated at bid price : 17.67
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.81
\nBid-YTW : 8.84 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 13.95
\nEvaluated at bid price : 13.95
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 20.39
\nEvaluated at bid price : 20.39
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
NA.PR.Q<\/td>\nFixedReset<\/td>\n-1.57 %<\/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 : 3.81 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 13.05
\nEvaluated at bid price : 13.05
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.01
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.21
\nBid-YTW : 9.45 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 11.91
\nEvaluated at bid price : 11.91
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.45
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 22.53
\nEvaluated at bid price : 22.78
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 20.52
\nEvaluated at bid price : 20.52
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.30
\nBid-YTW : 7.79 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.82
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.37
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 20.66
\nEvaluated at bid price : 20.66
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/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 : 24.47
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
PVS.PR.C<\/td>\nSplitShare<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 10.51
\nEvaluated at bid price : 10.51
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
PVS.PR.D<\/td>\nSplitShare<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2021-10-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.34
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nDeemed-Retractible<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 16.20
\nEvaluated at bid price : 16.20
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 13.40
\nEvaluated at bid price : 13.40
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 10.80
\nEvaluated at bid price : 10.80
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 10.70
\nEvaluated at bid price : 10.70
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n2.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.38
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.34
\nEvaluated at bid price : 18.34
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
PVS.PR.E<\/td>\nSplitShare<\/td>\n3.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n4.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n4.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 12.60
\nEvaluated at bid price : 12.60
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n4.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.65
\nBid-YTW : 7.26 %<\/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.Q<\/td>\nFixedReset<\/td>\n356,269<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 23.21
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n167,063<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n113,133<\/td>\nScotia crossed blocks of 37,600 and 54,000, both at 18.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n104,835<\/td>\nNesbitt crossed blocks of 51,400 and 50,000, both at 25.05.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 24.81
\nEvaluated at bid price : 25.03
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset<\/td>\n47,175<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 22.57
\nEvaluated at bid price : 23.56
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n46,986<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 18.34
\nEvaluated at bid price : 18.34
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
There were 73 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.L<\/td>\nFixedReset<\/td>\nQuote: 24.55 – 25.13
\nSpot Rate : 0.5800
\nAverage : 0.3617<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 19.35 – 20.07
\nSpot Rate : 0.7200
\nAverage : 0.5351<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 15.50 – 16.09
\nSpot Rate : 0.5900
\nAverage : 0.4132<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.50
\nBid-YTW : 9.19 %<\/td>\n<\/tr>\n

BMO.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 19.35 – 19.77
\nSpot Rate : 0.4200
\nAverage : 0.2835<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n

FTS.PR.I<\/td>\nFloatingReset<\/td>\nQuote: 11.35 – 11.79
\nSpot Rate : 0.4400
\nAverage : 0.3146<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 11.35
\nEvaluated at bid price : 11.35
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset<\/td>\nQuote: 20.00 – 20.40
\nSpot Rate : 0.4000
\nAverage : 0.2885<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-12-18
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Amidst all the snivelling from old-stock Canadians unable to compete in the Vancouver housing market it’s nice to see a major move in the other direction: President Barack Obama signed into law a measure easing …<\/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-31684","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31684","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=31684"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/31684\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}