{"id":32086,"date":"2016-01-22T04:24:35","date_gmt":"2016-01-22T09:24:35","guid":{"rendered":"http:\/\/prefblog.com\/?p=32086"},"modified":"2016-01-22T04:24:35","modified_gmt":"2016-01-22T09:24:35","slug":"january-21-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32086","title":{"rendered":"January 21, 2016"},"content":{"rendered":"

So much for private equity<\/a>:<\/p>\n

Henry Kravis called it private equity\u2019s golden age. From 2005 to 2007, buyout firms paid fat prices to buy about 20 supersized companies, from Hilton Worldwide Holdings Inc. to Hertz Global Holdings Inc.<\/p>\n

Now, a decade later, the results of that debt-fueled spree can be tabulated — and it\u2019s hardly golden. The mega-deals produced mostly mediocre returns, falling well short of the profits that leveraged buyout shops typically seek, according to separate compilations by Bloomberg and asset manager Hamilton Lane Advisors. In more than half the deals — each valued at more than $10 billion — the firms would have been better off if they had put their investors\u2019 money into a stock index fund.
…<\/b>
The results also pale when compared with the 70 percent median return yielded by all private equity transactions during that period, the Hamilton Lane study shows. That group includes thousands of smaller deals.<\/p>\n

On an annualized basis, the largest deals generated a median 4 percent return, according to the Hamilton Lane study, which looked at 25 transactions from the era. The Standard and Poor\u2019s 500 Index, by comparison, returned 7.3 percent a year from the start of 2006 through 2015.<\/p><\/blockquote>\n

Meanwhile, players are increasing bets on a dovish Fed<\/a>:<\/p>\n

Traders have gone from betting on two Fed increases in the next year — half the pace policy makers signaled last month — to just about one, as inflation expectations have tumbled to multiyear lows and stocks worldwide have crashed. That\u2019s comparable with the market\u2019s predicted pace in 2013 when the Fed started talking about winding down its bond-buying program, according to a Morgan Stanley index.<\/p>\n

Judging by futures prices, investors see the fed funds effective rate rising to 0.61 percent by year-end. That\u2019s nearly in line with the 0.62 percent level that would signal one rate increase, assuming the Fed raises its target range by 0.25 percentage point, following liftoff from near zero last month. Futures imply a one-in-five chance the Fed will boost rates at its March meeting, and it\u2019s not until September that the chances exceed a coin flip, data compiled by Bloomberg show.<\/p><\/blockquote>\n

Preferred share investors were feeling buoyant today!<\/p>\n

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

It was a strong day for the Canadian preferred share market, with PerpetualDiscounts gaining 39bp, FixedResets up 99bp and DeemedRetractibles winning 131bp. The Performance Highlight table was the Performance Highlights table. Volume was very 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_160121\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 15.95 to be $1.13 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.44 cheap at its bid price of 17.10.<\/p>\n

\"impVol_MFC_160121\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.M, resetting at +236bp on 2019-12-19, bid at 16.60 to be 0.65 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 17.10 to be 0.79 cheap.<\/p>\n

\"impVol_BAM_160121\"<\/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 13.05 to be $1.85 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 17.20 and appears to be $1.06 rich.<\/p>\n

\"impVol_FTS_160121\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 14.98, looks $0.32 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 14.42 and is $0.59 cheap.<\/p>\n

\"pairs_FR_160121\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.02%, with no outliers. There are five junk outliers below -1.00%.<\/p>\n

\"pairs_FF_160121\"<\/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>\n5.49 %<\/td>\n6.68 %<\/td>\n21,807<\/td>\n15.82<\/td>\n1<\/td>\n12.7854 %<\/td>\n1,416.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.79 %<\/td>\n6.79 %<\/td>\n29,394<\/td>\n15.48<\/td>\n1<\/td>\n1.1609 %<\/td>\n2,553.1<\/td>\n<\/tr>\n
Floater<\/td>\n4.88 %<\/td>\n5.07 %<\/td>\n75,453<\/td>\n15.38<\/td>\n4<\/td>\n0.0776 %<\/td>\n1,564.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1257 %<\/td>\n2,690.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.91 %<\/td>\n7.03 %<\/td>\n73,934<\/td>\n2.73<\/td>\n6<\/td>\n0.1257 %<\/td>\n3,148.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1257 %<\/td>\n2,456.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n6.01 %<\/td>\n5.98 %<\/td>\n93,006<\/td>\n13.94<\/td>\n6<\/td>\n0.5501 %<\/td>\n2,456.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.99 %<\/td>\n6.00 %<\/td>\n102,115<\/td>\n13.90<\/td>\n33<\/td>\n0.3852 %<\/td>\n2,400.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.91 %<\/td>\n5.09 %<\/td>\n241,674<\/td>\n14.73<\/td>\n82<\/td>\n0.9904 %<\/td>\n1,744.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.42 %<\/td>\n5.88 %<\/td>\n134,105<\/td>\n6.93<\/td>\n34<\/td>\n1.3176 %<\/td>\n2,482.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.84 %<\/td>\n5.04 %<\/td>\n64,133<\/td>\n5.60<\/td>\n13<\/td>\n0.7810 %<\/td>\n1,960.3<\/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\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
HSE.PR.E<\/td>\nFixedReset<\/td>\n-3.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 13.76
\nEvaluated at bid price : 13.76
\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 9.37
\nEvaluated at bid price : 9.37
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 13.07
\nEvaluated at bid price : 13.07
\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 12.34
\nEvaluated at bid price : 12.34
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 10.90
\nEvaluated at bid price : 10.90
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n-2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.58
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 21.57
\nEvaluated at bid price : 21.83
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 9.40
\nEvaluated at bid price : 9.40
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 10.18
\nEvaluated at bid price : 10.18
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 18.62
\nEvaluated at bid price : 18.62
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 8.18
\nEvaluated at bid price : 8.18
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
GWO.PR.O<\/td>\nFloatingReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.25
\nBid-YTW : 11.66 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 23.86
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
BNS.PR.C<\/td>\nFloatingReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.20
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 15.03
\nEvaluated at bid price : 15.03
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.79
\nBid-YTW : 9.53 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.01
\nEvaluated at bid price : 16.01
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.58
\nEvaluated at bid price : 16.58
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
MFC.PR.F<\/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 : 11.50
\nBid-YTW : 12.17 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n1.43 %<\/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 : 8.27 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.87
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.10
\nBid-YTW : 8.82 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.18
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.13
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.25
\nBid-YTW : 10.05 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 17.93
\nEvaluated at bid price : 17.93
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.75
\nBid-YTW : 10.84 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 10.95
\nEvaluated at bid price : 10.95
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.80
\nBid-YTW : 9.69 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.19
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.75
\nBid-YTW : 7.74 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.16
\nEvaluated at bid price : 16.16
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.75
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.30
\nBid-YTW : 11.34 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.70
\nBid-YTW : 8.94 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.60
\nBid-YTW : 9.04 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 15.95
\nEvaluated at bid price : 15.95
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.82
\nBid-YTW : 7.83 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\n2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.26
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.86
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n2.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.67
\nBid-YTW : 7.57 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 12.55
\nEvaluated at bid price : 12.55
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 22.87
\nEvaluated at bid price : 24.22
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.60
\nBid-YTW : 8.50 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n2.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 9.09
\nEvaluated at bid price : 9.09
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n3.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.66
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n3.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.96
\nBid-YTW : 7.93 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n3.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.52
\nBid-YTW : 7.62 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n3.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n3.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n3.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.29
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n3.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n3.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.61
\nBid-YTW : 8.01 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n4.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n4.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.48
\nBid-YTW : 8.02 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n4.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.70
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n4.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.49
\nBid-YTW : 8.07 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n6.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 9.15
\nEvaluated at bid price : 9.15
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n6.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 12.05
\nEvaluated at bid price : 12.05
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n7.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n7.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.35
\nBid-YTW : 11.71 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n12.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.35
\nBid-YTW : 6.68 %<\/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
TD.PF.G<\/td>\nFixedReset<\/td>\n130,018<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.34
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n93,630<\/td>\nRBC crossed blocks of 29,700 and 10,000, both at 25.40.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 23.24
\nEvaluated at bid price : 25.30
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n49,723<\/td>\nTD crossed 30,000 at 12.55.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 12.34
\nEvaluated at bid price : 12.34
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n47,180<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 13.07
\nEvaluated at bid price : 13.07
\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n46,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 13.76
\nEvaluated at bid price : 13.76
\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n42,293<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
There were 60 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
GWO.PR.O<\/td>\nFloatingReset<\/td>\nQuote: 11.25 – 20.25
\nSpot Rate : 9.0000
\nAverage : 5.5256<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.25
\nBid-YTW : 11.66 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset<\/td>\nQuote: 18.62 – 19.98
\nSpot Rate : 1.3600
\nAverage : 0.9455<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 18.62
\nEvaluated at bid price : 18.62
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 11.65 – 12.50
\nSpot Rate : 0.8500
\nAverage : 0.5500<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.65
\nBid-YTW : 11.94 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 11.07 – 11.76
\nSpot Rate : 0.6900
\nAverage : 0.4396<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-01-21
\nMaturity Price : 11.07
\nEvaluated at bid price : 11.07
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n

PVS.PR.C<\/td>\nSplitShare<\/td>\nQuote: 24.22 – 24.99
\nSpot Rate : 0.7700
\nAverage : 0.5390<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.22
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n

TD.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 22.20 – 22.97
\nSpot Rate : 0.7700
\nAverage : 0.5546<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.20
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

So much for private equity: Henry Kravis called it private equity\u2019s golden age. From 2005 to 2007, buyout firms paid fat prices to buy about 20 supersized companies, from Hilton Worldwide Holdings Inc. to Hertz …<\/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-32086","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32086","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=32086"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32086\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}