{"id":32322,"date":"2016-02-05T04:19:28","date_gmt":"2016-02-05T09:19:28","guid":{"rendered":"http:\/\/prefblog.com\/?p=32274"},"modified":"2016-02-05T04:19:28","modified_gmt":"2016-02-05T09:19:28","slug":"february-4-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32322","title":{"rendered":"February 4, 2016"},"content":{"rendered":"

There are mutterings about increasing foreign holdings of Canada bonds<\/a>:<\/p>\n

\nThe Canadian fixed-income market is exposed to foreign investors like never before, said Warren Lovely, head of public-sector research at National Bank. And with Canada\u2019s once-superior economic stature having slouched under the weight of the commodity shock, the appeal of Canadian bonds to global investors could fade, he said.<\/p>\n

\u201cIf not a full-blown systemic risk, Canada\u2019s leverage to foreign portfolio investors is a notable vulnerability for the country\u2019s capital markets and debt issuers,\u201d he said.<\/p><\/blockquote>\n

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

Morgan Stanley has prepared some interesting charts on global monetary policy<\/a>:<\/p>\n

The Bank of England voted unanimously not to raise interest rates Thursday, as the sole dissenter on the Monetary Policy Committee abandoned his recent calls to tighten policy. The European Commission also slashed its inflation forecasts, all but guaranteeing more quantitative easing when the European Central Bank next meets in March. Now, given the world’s deteriorating economic backdrop, that December rate increase from the Federal Reserve looks increasingly anachronistic.<\/p><\/blockquote>\n

\"monthsToUKHike\"<\/a>
Click for Big<\/i><\/div>\n
\"chanceOfUKCut\"<\/a>
Click for Big<\/i><\/div>\n
\"chanceOfFedHikeMarch\"<\/a>
Click for Big<\/i><\/div>\n

S&P published a review article titled Negative Interest Rates: Why Central Banks Can Defy “Time Preference”<\/a>. It’s mainly about the BoJ move to negative policy rates, but concluded:<\/p>\n

Since the Global Financial Crisis erupted in 2008 and triggered the Great Recession and ushered in a period of secular macro deleveraging, the major central banks of the world have progressively implemented all manner of “unconventional” monetary policy measures. There are now five major central banks implementing some form of negative interest rate policy. Two of those central banks are also implementing full-fledged QE. The Federal Reserve has made one interest rate hike, but it continues to have a balance sheet with a stock of QE on it to the tune of more than $3 trillion. Similarly the Bank of England, while not having raised interest rates yet, maintains a much enlarged balance sheet, thanks to its earlier five rounds of QE. Several major central banks have experimented with various forms of forward guidance too.<\/p>\n

When future historians look back on this period, they will likely describe a world in which the major central banks all experimented with new forms of monetary policy easing and learned from one another in the process, as one central bank after another pioneered new policy innovations and others adopted and adapted them, some rapidly, others with long lags. Disentangling cause and effect in the process of cross-fertilization and adaptation will be no simple feat.<\/p>\n

There is nothing new in this of course: The 20 years or so preceding the financial crisis were ones in which similar cross-fertilization of ideas and practice occurred, as what become known as “flexible inflation targeting” became the orthodoxy of central banking, before it was confronted by the ghost of Hyman Minsky (14).<\/p>\n

It is my compelling sense that this process of cross-pollination of policy learning and institutional evolution is far from over. The journey into uncharted monetary waters continues.<\/p><\/blockquote>\n

It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 62bp, FixedResets up 54bp and DeemedRetractibles gaining 8bp. The Performance Highlights table is lengthy. Volume was average.<\/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_160204\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 17.46 to be $1.14 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.86 cheap at its bid price of 18.21.<\/p>\n

\"impVol_MFC_160204\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.N, resetting at +230bp on 2020-3-19, bid at 18.35 to be 1.36 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 18.15 to be 1.20 cheap.<\/p>\n

\"impVol_BAM_160204\"<\/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 13.30 to be $1.88 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 17.66 and appears to be $1.17 rich.<\/p>\n

\"impVol_FTS_160204\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 16.24, looks $0.23 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 16.15 and is $0.27 cheap.<\/p>\n

\"pairs_FR_160204\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.98%, with two outliers above 0.00%. There are two junk outliers above 0.00%.<\/p>\n

\"pairs_FF_160204\"<\/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>\n17,743<\/td>\n16.16<\/td>\n1<\/td>\n0.0000 %<\/td>\n1,474.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.54 %<\/td>\n6.59 %<\/td>\n27,398<\/td>\n15.69<\/td>\n1<\/td>\n0.8000 %<\/td>\n2,636.9<\/td>\n<\/tr>\n
Floater<\/td>\n4.60 %<\/td>\n4.74 %<\/td>\n73,652<\/td>\n15.95<\/td>\n4<\/td>\n1.0079 %<\/td>\n1,667.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1181 %<\/td>\n2,703.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n6.33 %<\/td>\n80,663<\/td>\n2.70<\/td>\n6<\/td>\n0.1181 %<\/td>\n3,164.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1181 %<\/td>\n2,468.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.83 %<\/td>\n5.83 %<\/td>\n81,018<\/td>\n13.99<\/td>\n6<\/td>\n0.3798 %<\/td>\n2,530.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.76 %<\/td>\n5.80 %<\/td>\n99,183<\/td>\n14.18<\/td>\n33<\/td>\n0.6211 %<\/td>\n2,511.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.46 %<\/td>\n4.86 %<\/td>\n225,799<\/td>\n14.39<\/td>\n83<\/td>\n0.5445 %<\/td>\n1,856.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.24 %<\/td>\n5.75 %<\/td>\n131,429<\/td>\n6.94<\/td>\n34<\/td>\n0.0779 %<\/td>\n2,576.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.04 %<\/td>\n4.54 %<\/td>\n52,268<\/td>\n5.56<\/td>\n16<\/td>\n0.3644 %<\/td>\n2,018.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n-2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 10.04
\nEvaluated at bid price : 10.04
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 10.29
\nEvaluated at bid price : 10.29
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
BNS.PR.D<\/td>\nFloatingReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.01
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 15.90
\nEvaluated at bid price : 15.90
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
BNS.PR.F<\/td>\nFloatingReset<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.77
\nBid-YTW : 7.98 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.02
\nBid-YTW : 11.81 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 20.78
\nEvaluated at bid price : 20.78
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.72
\nEvaluated at bid price : 19.72
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.26
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 18.10
\nEvaluated at bid price : 18.10
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.68
\nEvaluated at bid price : 19.68
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 10.52
\nEvaluated at bid price : 10.52
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 9.96
\nEvaluated at bid price : 9.96
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.99
\nEvaluated at bid price : 19.99
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.52
\nEvaluated at bid price : 19.52
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.81
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 10.08
\nEvaluated at bid price : 10.08
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.58
\nEvaluated at bid price : 19.58
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.22
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n1.93 %<\/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 : 7.84 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 16.56
\nEvaluated at bid price : 16.56
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 8.79
\nEvaluated at bid price : 8.79
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.62
\nEvaluated at bid price : 22.87
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.90
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n2.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.15
\nBid-YTW : 8.15 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.50
\nBid-YTW : 11.10 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n2.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.76
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 17.66
\nEvaluated at bid price : 17.66
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n3.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n4.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 16.15
\nEvaluated at bid price : 16.15
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n5.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n9.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 11.52
\nEvaluated at bid price : 11.52
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
NA.PR.X<\/td>\nFixedReset<\/td>\n372,600<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n127,910<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n127,490<\/td>\nDesjardins crossed blocks of 40,000 and 29,100, both at 18.82. TD crossed 50,000 at 18.85.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.94
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n117,729<\/td>\nRBC crossed two blocks of 25,000 each and one of 30,000, all at 25.63.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 23.32
\nEvaluated at bid price : 25.56
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n101,940<\/td>\nNesbitt crossed 99,700 at 24.90.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n85,609<\/td>\nScotia crossed blocks of 32,200 and 40,000, both at 16.30.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 16.56
\nEvaluated at bid price : 16.56
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
There were 35 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
BAM.PF.F<\/td>\nFixedReset<\/td>\nQuote: 18.80 – 20.00
\nSpot Rate : 1.2000
\nAverage : 0.9477<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n

W.PR.K<\/td>\nFixedReset<\/td>\nQuote: 23.80 – 24.49
\nSpot Rate : 0.6900
\nAverage : 0.4580<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 17.00 – 17.64
\nSpot Rate : 0.6400
\nAverage : 0.4179<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n

W.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.87 – 23.40
\nSpot Rate : 0.5300
\nAverage : 0.3652<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 22.62
\nEvaluated at bid price : 22.87
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n

FTS.PR.I<\/td>\nFloatingReset<\/td>\nQuote: 10.04 – 10.57
\nSpot Rate : 0.5300
\nAverage : 0.3980<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 10.04
\nEvaluated at bid price : 10.04
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n

BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.58 – 19.98
\nSpot Rate : 0.4000
\nAverage : 0.2794<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-04
\nMaturity Price : 19.58
\nEvaluated at bid price : 19.58
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There are mutterings about increasing foreign holdings of Canada bonds: The Canadian fixed-income market is exposed to foreign investors like never before, said Warren Lovely, head of public-sector research at National Bank. And with Canada\u2019s …<\/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-32322","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32322","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=32322"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32322\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}