{"id":32324,"date":"2016-02-06T02:37:07","date_gmt":"2016-02-06T07:37:07","guid":{"rendered":"http:\/\/prefblog.com\/?p=32290"},"modified":"2016-02-06T02:37:07","modified_gmt":"2016-02-06T07:37:07","slug":"february-5-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32324","title":{"rendered":"February 5, 2016"},"content":{"rendered":"

Jobs, jobs, … well, a few jobs, anyway<\/a>:<\/p>\n

Job growth settled into a more sustainable pace in January and the unemployment rate dropped to an almost eight-year low of 4.9 percent, signs of a resilient labor market that\u2019s causing wage growth to stir.<\/p>\n

The 151,000 advance in payrolls, while less than forecast, largely reflected payback for a seasonal hiring pickup in the final two months of 2015, Labor Department figures showed Friday. The jobless rate fell to the lowest level since February 2008. Hourly earnings rose more than estimated after climbing in the year to December by the most since July 2009.
…<\/b>
Friday\u2019s data showed a much-awaited pickup in wage growth is starting to manifest itself. Average hourly earnings rose 0.5 percent from a month earlier to $25.39. The year-over-year increase of 2.5 percent followed a 2.7 percent jump in the 12 months ended in December, which was the biggest advance since mid-2009.<\/p><\/blockquote>\n

All in all, the report was somewhat hawkish for the Fed<\/a>:<\/p>\n

Most obviously, the jobless rate dropped in January to 4.9 percent, matching the Fed’s median forecast for the long-run sustainable level of unemployment \u2014 or “full employment” \u2014 and continuing the most impressive trend in U.S. economic data.<\/p><\/blockquote>\n

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

Perhaps even more encouraging was the move in the labor force participation rate. The share of the working-age population that was either employed or looking for a job ticked up to 62.7 percent in January from 62.6 percent the month before. From a year earlier, some 1.31 million people have entered the labor force.<\/p><\/blockquote>\n

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

Average hourly earnings rose by a more-than-expected 2.5 percent in January from the year before. Wages for the year through December were revised upward to 2.7 percent, the highest level since July 2009.<\/p><\/blockquote>\n

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

Meanwhile, back in the frozen North<\/a>:<\/p>\n

Over all, Canada shed 5,700 jobs in January, pushing the jobless rate up by 0.1 percentage point and missing analyst expectations as energy-related declines offset a spurt in public sector employment.
…<\/b>
Ontario was the only province to see job expansion, with 20,000 new positions created last month, according to Statscan. Most of the increases were in trade, education, and accommodation and food services.<\/p><\/blockquote>\n

But we can hope for higher unemployment amongst stock brokers<\/a>!<\/p>\n

Banks are watching wealthy clients flirt with robo-advisers, and that\u2019s one reason the lenders are racing to release their own versions of the automated investing technology this year, according to a consultant.<\/p>\n

Millennials and small investors aren\u2019t the only ones using robo-advisers, a group that includes pioneers Wealthfront Inc. and Betterment LLC and services provided by mutual-fund giants, said Kendra Thompson, an Accenture Plc managing director. At Charles Schwab Corp., about 15 percent of those in automated portfolios have at least $1 million at the company.<\/p>\n

\u201cIt\u2019s real money moving,\u201d Thompson said in an interview. \u201cYou\u2019re seeing experimentation from people with much larger portfolios, where they\u2019re taking a portion of their money and putting them in these offerings to try them out.\u201d<\/p><\/blockquote>\n

… despite the best efforts of their future colleagues<\/a>:<\/p>\n

OSC Notice 33-745 also provided some commentary on what would be expected of a registered advising representative (AR) in the context of an online advisory business:<\/p>\n

\u201cThe online advice model that we have considered acceptable involves an interactive website used to collect KYC information, which will be reviewed by a registered AR. The AR will communicate with the client by telephone, video link, email or internet chats. The AR must ensure that sufficient KYC information has been gathered to support the PM firm\u2019s obligation to make suitability determinations for the client.<\/p>\n

Each of the firms that we have registered to provide online advice operates on a discretionary managed account basis, using portfolios of unleveraged exchange traded funds (ETFs) or low cost mutual funds. In most cases, these are model portfolios which are selected for a client based on a profile generated by the KYC collection process. An AR will review and approve the suitability of the portfolio for the client. The client\u2019s account is periodically rebalanced to the parameters set for their portfolio.<\/p>\n

This is not the so-called \u201crobo-advice\u201d model seen in the United States, where online advice has seen rapid growth in the last few years. The online advisers operating in Ontario are offering hybrid services that utilize an online platform for the efficiencies it offers, while ARs remain actively involved in decision making.\u201d<\/p><\/blockquote>\n<\/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 well below 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_160205\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 17.43 to be $1.04 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.76 cheap at its bid price of 18.30.<\/p>\n

\"impVol_MFC_160205\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.N, resetting at +230bp on 2020-3-19, bid at 18.30 to be 1.21 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 18.20 to be 1.23 cheap.<\/p>\n

\"impVol_BAM_160205\"<\/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 $1.65 cheap. BAM.PF.E, resetting at +255bp on 2020-3-31 is bid at 17.30 and appears to be $1.05 rich.<\/p>\n

\"impVol_FTS_160205\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 16.15, looks $0.22 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 16.10 and is $0.24 cheap.<\/p>\n

\"pairs_FR_160205\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.92%, with two outliers above 0.00%. There are four junk outliers above 0.00%.<\/p>\n

\"pairs_FF_160205\"<\/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>\n17,535<\/td>\n16.15<\/td>\n1<\/td>\n0.0000 %<\/td>\n1,474.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.54 %<\/td>\n6.59 %<\/td>\n26,260<\/td>\n15.69<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,636.9<\/td>\n<\/tr>\n
Floater<\/td>\n4.57 %<\/td>\n4.73 %<\/td>\n76,154<\/td>\n15.97<\/td>\n4<\/td>\n0.5841 %<\/td>\n1,676.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1458 %<\/td>\n2,707.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n6.35 %<\/td>\n81,687<\/td>\n2.70<\/td>\n6<\/td>\n0.1458 %<\/td>\n3,168.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1458 %<\/td>\n2,472.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.83 %<\/td>\n5.52 %<\/td>\n82,594<\/td>\n2.51<\/td>\n6<\/td>\n0.1461 %<\/td>\n2,533.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.74 %<\/td>\n5.77 %<\/td>\n98,625<\/td>\n14.25<\/td>\n33<\/td>\n0.2292 %<\/td>\n2,517.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.46 %<\/td>\n4.80 %<\/td>\n221,263<\/td>\n14.54<\/td>\n83<\/td>\n0.0119 %<\/td>\n1,856.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.24 %<\/td>\n5.56 %<\/td>\n130,758<\/td>\n5.22<\/td>\n34<\/td>\n0.0540 %<\/td>\n2,577.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.04 %<\/td>\n4.65 %<\/td>\n50,430<\/td>\n5.56<\/td>\n16<\/td>\n0.1946 %<\/td>\n2,022.2<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n-3.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 11.17
\nEvaluated at bid price : 11.17
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n-2.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 18.10
\nEvaluated at bid price : 18.10
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 18.40
\nEvaluated at bid price : 18.40
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 8.61
\nEvaluated at bid price : 8.61
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 9.17
\nEvaluated at bid price : 9.17
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 18.15
\nEvaluated at bid price : 18.15
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.73
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 16.77
\nEvaluated at bid price : 16.77
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 17.87
\nEvaluated at bid price : 17.87
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.87
\nBid-YTW : 10.85 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 10.10
\nEvaluated at bid price : 10.10
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.09
\nBid-YTW : 8.54 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 22.70
\nEvaluated at bid price : 22.99
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.32
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 19.77
\nEvaluated at bid price : 19.77
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 15.07
\nEvaluated at bid price : 15.07
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.05
\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.64
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.18
\nBid-YTW : 11.63 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.35
\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.20
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 10.45
\nEvaluated at bid price : 10.45
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 21.13
\nEvaluated at bid price : 21.13
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 16.20
\nEvaluated at bid price : 16.20
\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
GWO.PR.O<\/td>\nFloatingReset<\/td>\n1.99 %<\/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 : 11.94 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 10.25
\nEvaluated at bid price : 10.25
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
BNS.PR.F<\/td>\nFloatingReset<\/td>\n2.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.26
\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n3.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 11.76
\nEvaluated at bid price : 11.76
\nBid-YTW : 4.78 %<\/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
BAM.PR.T<\/td>\nFixedReset<\/td>\n83,306<\/td>\nTD crossed 80,000 at 14.45.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 14.25
\nEvaluated at bid price : 14.25
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
NA.PR.X<\/td>\nFixedReset<\/td>\n66,528<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n65,145<\/td>\nDesjardins crossed 50,000 at 17.58.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n54,500<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.48
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n52,368<\/td>\nDesjardins crossed 50,000 at 18.15.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.20
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n45,354<\/td>\nDesjardins bought 20,700 from National at 18.25.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
There were 22 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
HSE.PR.C<\/td>\nFixedReset<\/td>\nQuote: 15.07 – 18.50
\nSpot Rate : 3.4300
\nAverage : 1.8786<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 15.07
\nEvaluated at bid price : 15.07
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n

GWO.PR.O<\/td>\nFloatingReset<\/td>\nQuote: 11.25 – 13.50
\nSpot Rate : 2.2500
\nAverage : 1.5421<\/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 : 11.94 %<\/td>\n<\/tr>\n

SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 11.74 – 12.55
\nSpot Rate : 0.8100
\nAverage : 0.5388<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.74
\nBid-YTW : 11.55 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 17.00 – 17.50
\nSpot Rate : 0.5000
\nAverage : 0.3251<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset<\/td>\nQuote: 18.80 – 19.39
\nSpot Rate : 0.5900
\nAverage : 0.4292<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-05
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n

TD.PR.Z<\/td>\nFloatingReset<\/td>\nQuote: 21.85 – 22.45
\nSpot Rate : 0.6000
\nAverage : 0.4393<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.85
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Jobs, jobs, … well, a few jobs, anyway: Job growth settled into a more sustainable pace in January and the unemployment rate dropped to an almost eight-year low of 4.9 percent, signs of a resilient …<\/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-32324","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32324","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=32324"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32324\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}