{"id":32317,"date":"2016-02-03T01:43:25","date_gmt":"2016-02-03T06:43:25","guid":{"rendered":"http:\/\/prefblog.com\/?p=32235"},"modified":"2016-02-03T01:43:25","modified_gmt":"2016-02-03T06:43:25","slug":"february-2-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32317","title":{"rendered":"February 2, 2016"},"content":{"rendered":"

There’s an interesting use of the psychology of dissent from Bridgewater hedge fund<\/a>:<\/p>\n

Along with modeling openness to criticism, [Bridgewater’s founder Ray] Dalio has fought groupthink by refusing to make decisions based on hierarchy. Rather than conducting a vote where the majority rules, or deferring to people with the most seniority or status, he strives to create an idea meritocracy where all perspectives are heard and the best argument wins.<\/p>\n

To do that, most leaders assign a devil’s advocate. The hope is to get someone to challenge the majority’s opinion. But according to [Berkeley psychologist Charlan] Nemeth’s research and Bridgewater’s example, we’re doing it wrong.<\/p>\n

When people are designated to dissent, they’re just playing a role. This causes two problems: They don’t argue forcefully or consistently enough for the minority viewpoint, and group members are less likely to take them seriously.<\/p>\n

“Dissenting for the sake of dissenting is not useful. It is also not useful if it is ‘pretend dissent’ \u2014 for example, if role-played,” Nemeth explains. “It is not useful if motivated by considerations other than searching for the truth or the best solutions. But when it is authentic, it stimulates thought; it clarifies and it emboldens.”<\/p>\n

The secret to success is sincerity, the old saying goes: Once you can fake that, you’ve got it made. In fact, it’s not easy to fake sincerity. For devil’s advocates to be maximally effective, they need to really believe in the position they’re representing \u2014 and the group needs to believe that they believe it, too.<\/p><\/blockquote>\n

Bond yields plummeted today<\/a>:<\/p>\n

The U.S. 10-year note yield fell one basis point as of 10:54 a.m. in Tokyo, after tumbling 10 basis points Tuesday, according to Bloomberg Bond Trader data. The price of the 2.25 percent security due in November 2025 rose 1\/8, or $1.25 per $1,000 face value, to 103 23\/32. The last time the yield approached the record low was in January 2015 when it dropped to 1.64 percent.<\/p>\n

Japan\u2019s five-year yield declined to a record low of negative 0.12 percent.<\/p>\n

Crude oil declined to a 12-year low in January, and the MSCI All Country World Index of shares has fallen more than 7 percent this year. The odds of the Fed following its December rate increase with another in 2016 are less than 50 percent, futures contracts indicate.<\/p><\/blockquote>\n

Gluskin Sheff + Associates Inc.’s chief economist David Rosenberg has an interesting take on depressed markets<\/a>:<\/p>\n

Those who claim that \u201cbreak-even\u201d price levels on Middle East oil production are in single digits are only looking at covering direct production costs and are ignoring the fiscal break-even levels. As per the International Monetary Fund, the fiscal break-even oil price for Saudi Arabia is nearly $96 a barrel (hence the government seeing a 20-per-cent deficit-to-GDP ratio); $68 a barrel for the United Arab Emirates (deficit of 4 per cent of GDP); and $58 a barrel for Qatar (budget gap of 1.5 per cent of GDP).<\/p>\n

According to estimates I have seen, as of the end of 2015, 56 per cent of the assets that sovereign wealth funds had amassed came from the oil and gas related projects and up to 10 per cent of the total money invested was in global markets.<\/p>\n

What has happened is that many governments, especially in the Gulf region (as well as Africa and Asia), have been compelled to draw down these reserves to cover their gaping fiscal deficits.<\/p>\n

I am seeing figures that reveal that the Saudi Arabian Monetary Agency (the kingdom\u2019s investment arm) has withdrawn something in the order of $70-billion from external managers in just the past six months to meet its social spending requirements.<\/p><\/blockquote>\n

The Fed’s new stress test will doubtless cause some excited comment<\/a>:<\/p>\n

In its annual stress test for 2016, the Fed said it will assess the resilience of big banks to a number of possible situations, including one where the rate on the three-month U.S. Treasury bill stays below zero for a prolonged period.<\/p>\n

“The severely adverse scenario is characterized by a severe global recession, accompanied by a period of heightened corporate financial stress and negative yields for short-term U.S. Treasury securities,” the central bank said in announcing the stress tests last week.<\/p>\n

In that particular simulation, the unemployment rate doubles to 10 percent, the same level it reached in the aftermath of the last financial crisis.<\/p>\n

Three-month bill rates have slipped slightly below zero several times in recent years, including in September after the Fed delayed rate liftoff amid global financial market turmoil, touching a low of minus 0.05 percent on Oct. 2.<\/p>\n

But in the stress test, banks would have to handle three-month bill rates entering negative territory in the second quarter of 2016, and then falling to negative 0.5 percent and holding there through the first quarter of 2019.<\/p><\/blockquote>\n

And just so you don’t think I’ve forgotten about them, here’s some drone news<\/a>:<\/p>\n

Dutch police are working with a company called Guard From Above that claims to be \u201cthe first company in the world to use birds of prey to intercept hostile drones.\u201d
…<\/b>
COO and company co-founder Ben de Keijzer said that two of the most impressive characteristics of birds of prey are their speed and their power, both of which come in pretty handy when you\u2019re knocking somebody\u2019s Christmas toy \u2013 or a hostile attacker\u2019s weapon \u2013 out the sky.<\/p>\n

They are \u201cthe masters of the air,\u201d he said, which would sound like marketing fluff speak if the video didn\u2019t in fact show birds snapping up UAVs like so many plump chickens.<\/p><\/blockquote>\n

It’s an interesting idea – and the video embedded in the source is impressive – but surely it’s just a matter of time before an anti-drone drone is developed. I foresee the day when the Bad Guys send in fleets of bombers … the authorities deploy fleets of fighters to attack them … the Bad Guys deploy fighters to protect the bombers … it will be the Battle of Britain all over again!<\/p>\n

And it was January all over again in the Canadian preferred share market, with PerpetualDiscounts off 5bp, FixedResets losing 67bp and DeemedRetractibles down 11bp. The Performance Highlights table shows a lot of churn. Volume was very low.<\/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_160202\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 17.05 to be $0.96 rich, while TRP.PR.C, resetting 2021-1-30 at +154, is $0.76 cheap at its bid price of 11.10.<\/p>\n

\"impVol_MFC_160202\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.N, resetting at +230bp on 2020-3-19, bid at 17.78 to be 1.13 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 17.75 to be 1.15 cheap.<\/p>\n

\"impVol_BAM_160202\"<\/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 13.41 to be $1.75 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 17.46 and appears to be $0.99 rich.<\/p>\n

\"impVol_FTS_160202\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 16.16, looks $0.36 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 15.75 and is $0.45 cheap.<\/p>\n

\"pairs_FR_160202\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -1.06%, with two outliers below -2.00% and one above 0.00%. There are three junk outliers above 0.00%.<\/p>\n

\"pairs_FF_160202\"<\/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>\n5.29 %<\/td>\n6.43 %<\/td>\n18,792<\/td>\n16.16<\/td>\n1<\/td>\n0.0782 %<\/td>\n1,474.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.66 %<\/td>\n6.69 %<\/td>\n28,958<\/td>\n15.57<\/td>\n1<\/td>\n-1.5873 %<\/td>\n2,595.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.69 %<\/td>\n4.90 %<\/td>\n75,814<\/td>\n15.66<\/td>\n4<\/td>\n-0.7632 %<\/td>\n1,635.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0069 %<\/td>\n2,700.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.89 %<\/td>\n6.30 %<\/td>\n81,252<\/td>\n2.71<\/td>\n6<\/td>\n0.0069 %<\/td>\n3,160.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0069 %<\/td>\n2,465.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.86 %<\/td>\n5.86 %<\/td>\n82,558<\/td>\n14.00<\/td>\n6<\/td>\n0.1403 %<\/td>\n2,517.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.80 %<\/td>\n5.84 %<\/td>\n99,234<\/td>\n14.11<\/td>\n33<\/td>\n-0.0487 %<\/td>\n2,487.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.49 %<\/td>\n4.97 %<\/td>\n224,497<\/td>\n14.50<\/td>\n84<\/td>\n-0.6746 %<\/td>\n1,836.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.27 %<\/td>\n5.67 %<\/td>\n130,702<\/td>\n6.95<\/td>\n34<\/td>\n-0.1110 %<\/td>\n2,564.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.13 %<\/td>\n4.82 %<\/td>\n56,797<\/td>\n5.56<\/td>\n15<\/td>\n-0.1057 %<\/td>\n1,990.5<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-4.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 12.60
\nEvaluated at bid price : 12.60
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-3.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.10
\nBid-YTW : 10.70 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-3.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.25
\nBid-YTW : 8.04 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-3.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.03
\nBid-YTW : 9.31 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n-2.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 10.20
\nEvaluated at bid price : 10.20
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.14
\nBid-YTW : 10.59 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 9.75
\nEvaluated at bid price : 9.75
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 8.50
\nEvaluated at bid price : 8.50
\nBid-YTW : 7.21 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n-2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.03
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.64
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.75
\nBid-YTW : 10.97 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 17.87
\nEvaluated at bid price : 17.87
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 12.00
\nEvaluated at bid price : 12.00
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 20.89
\nEvaluated at bid price : 20.89
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nPerpetual-Discount<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 23.49
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 14.10
\nEvaluated at bid price : 14.10
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 9.73
\nEvaluated at bid price : 9.73
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.40
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 18.36
\nEvaluated at bid price : 18.36
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.62
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.64
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.44
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.56
\nBid-YTW : 8.38 %<\/td>\n<\/tr>\n
RY.PR.K<\/td>\nFloatingReset<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 22.82
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 17.34
\nEvaluated at bid price : 17.34
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 16.30
\nEvaluated at bid price : 16.30
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
IFC.PR.C<\/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 : 16.40
\nBid-YTW : 9.21 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 17.32
\nEvaluated at bid price : 17.32
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/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 : 20.65
\nBid-YTW : 7.39 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.61
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 17.41
\nEvaluated at bid price : 17.41
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 13.41
\nEvaluated at bid price : 13.41
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.25
\nBid-YTW : 8.14 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 17.20
\nEvaluated at bid price : 17.20
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 9.30
\nEvaluated at bid price : 9.30
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.10
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 11.08
\nEvaluated at bid price : 11.08
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 19.73
\nEvaluated at bid price : 19.73
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 15.42
\nEvaluated at bid price : 15.42
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n2.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n4.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 11.75
\nEvaluated at bid price : 11.75
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n11.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.00
\nBid-YTW : 5.01 %<\/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>\n110,167<\/td>\nRBC crossed 50,000 at 25.60. Scotia crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.55
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n99,915<\/td>\nScotia crossed 92,000 at 9.80.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 9.75
\nEvaluated at bid price : 9.75
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
NA.PR.X<\/td>\nFixedReset<\/td>\n70,505<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n68,429<\/td>\nRBC crossed 25,000 at 25.72. Desjardins crossed 18,500 at 25.59.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 23.34
\nEvaluated at bid price : 25.62
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n43,666<\/td>\nScotia crossed 40,000 at 20.30.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.35
\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n38,311<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.61
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
There were 15 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
MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 16.03 – 16.59
\nSpot Rate : 0.5600
\nAverage : 0.3572<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.03
\nBid-YTW : 9.31 %<\/td>\n<\/tr>\n

BNS.PR.B<\/td>\nFloatingReset<\/td>\nQuote: 21.03 – 21.80
\nSpot Rate : 0.7700
\nAverage : 0.5949<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.03
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

BNS.PR.A<\/td>\nFloatingReset<\/td>\nQuote: 22.44 – 22.99
\nSpot Rate : 0.5500
\nAverage : 0.3835<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.44
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n

RY.PR.P<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.81 – 24.40
\nSpot Rate : 0.5900
\nAverage : 0.4313<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-02
\nMaturity Price : 23.49
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n

BMO.PR.R<\/td>\nFloatingReset<\/td>\nQuote: 21.75 – 22.50
\nSpot Rate : 0.7500
\nAverage : 0.5946<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.75
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 14.10 – 14.75
\nSpot Rate : 0.6500
\nAverage : 0.4946<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.10
\nBid-YTW : 10.70 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s an interesting use of the psychology of dissent from Bridgewater hedge fund: Along with modeling openness to criticism, [Bridgewater’s founder Ray] Dalio has fought groupthink by refusing to make decisions based on hierarchy. Rather …<\/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-32317","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32317","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=32317"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32317\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}