{"id":32345,"date":"2016-02-11T02:04:24","date_gmt":"2016-02-11T07:04:24","guid":{"rendered":"http:\/\/prefblog.com\/?p=32345"},"modified":"2016-02-11T02:04:24","modified_gmt":"2016-02-11T07:04:24","slug":"february-10-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32345","title":{"rendered":"February 10, 2016"},"content":{"rendered":"

Treasuries continued to climb today<\/a>:<\/p>\n

Treasury 10-year notes gained, pushing yields near a one-year low, as Federal Reserve Chair Janet Yellen stuck to her call for gradual interest-rate increases.<\/p>\n

Government bonds are surging this year as turmoil in equity and commodity markets boosts demand for fixed-income assets amid concern that global growth is slowing. Declining inflation expectations have supported longer-dated Treasuries, with the gap between yields on two-year notes and 10-year securities falling to the lowest in more than eight years. An auction of 10-year notes drew the lowest yield since 2012.<\/p><\/blockquote>\n

Yellen emphasized the Fed’s intent to hike rates<\/a>; the schedule is up in the air:<\/p>\n

In presenting the Fed\u2019s semi-annual economic report to Congress, Yellen said the turbulence had “significantly” tightened financial conditions by pushing down stock prices, pushing up the dollar and raising some borrowing costs.<\/p>\n

“These developments, if they prove persistent, could weigh on the outlook for economic activity and the labor market,” she told the House Financial Services Committee.<\/p>\n

Yellen though made clear that the policy-setting Federal Open Market Committee remains committed to gradually raising rates, after increasing them in December for the first time in nine years.<\/p>\n

“I do not expect the FOMC is going to be soon in a situation where it\u2019s necessary to cut rates,” she added.<\/p><\/blockquote>\n

… and she suggested laws need to be clarified to allow for negative rates<\/a>:<\/p>\n

The Federal Reserve has not yet determined whether it would be able to legally implement negative interest rates in the U.S., Chair Janet Yellen said.<\/p>\n

“I would say that remains a question that we still would need to investigate more thoroughly,” Yellen said Wednesday in response to questions from the House Financial Services Committee in Washington. “I am not aware of anything that would prevent us from doing it, but I\u2019m saying we have not fully investigated the legal issues — that still needs to be done.”<\/p>\n

A 2010 staff memo posted on the central bank\u2019s website late last month cast doubt on whether the law that authorized the Fed to pay interest on excess reserves, or IOER, also would grant it the authority to charge interest.<\/p><\/blockquote>\n

DBRS put Algonquin Power & Utilities Corp. on Review-Developing<\/a>; I have updated the post regarding S&P’s negative outlook<\/a>.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 16bp, FixedResets off 79bp and DeemedRetractibles up 38bp. The Performance Highlights table highlights very poor performance from the FTS issues, presumably as a result of worries regarding their credit quality<\/a>. Volume was slightly below average.<\/p>\n

PerpetualDiscounts now yield 5.85%, equivalent to 7.60% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.1% (maybe a little more) so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 350bp, a significant increase from the 335bp reported February 3<\/a>.<\/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_160210\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 16.90 to be $1.28 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.87 cheap at its bid price of 17.50.<\/p>\n

\"impVol_MFC_160210\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.L, resetting at +216bp on 2019-6-19, bid at 16.55 to be 0.69 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 17.56 to be 1.18 cheap.<\/p>\n

\"impVol_BAM_160210\"<\/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 12.33 to be $1.77 cheap. BAM.PF.F, resetting at +286bp on 2019-9-30 is bid at 18.10 and appears to be $1.16 rich.<\/p>\n

\"impVol_FTS_160210\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 15.21, looks $0.34 expensive and resets 2019-3-1. FTS.PR.G, with a spread of +213bp and resetting 2018-9-1, is bid at 14.65 and is $0.61 cheap.<\/p>\n

\"pairs_FR_160210\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -1.01%, with one outlier below -2.00% and one above 0.00%. Note that the range of the y-axis has changed. There are two junk outliers above 0.00%.<\/p>\n

\"pairs_FF_160210\"<\/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>\n17,068<\/td>\n16.14<\/td>\n1<\/td>\n0.0000 %<\/td>\n1,474.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.69 %<\/td>\n6.72 %<\/td>\n24,685<\/td>\n15.52<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,584.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.69 %<\/td>\n4.83 %<\/td>\n72,175<\/td>\n15.77<\/td>\n4<\/td>\n0.4736 %<\/td>\n1,635.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1177 %<\/td>\n2,714.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.87 %<\/td>\n6.18 %<\/td>\n76,727<\/td>\n2.69<\/td>\n6<\/td>\n0.1177 %<\/td>\n3,176.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1177 %<\/td>\n2,478.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.89 %<\/td>\n5.90 %<\/td>\n85,981<\/td>\n13.96<\/td>\n6<\/td>\n-0.2742 %<\/td>\n2,504.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.80 %<\/td>\n5.85 %<\/td>\n98,174<\/td>\n14.06<\/td>\n33<\/td>\n0.1618 %<\/td>\n2,489.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.64 %<\/td>\n4.92 %<\/td>\n215,194<\/td>\n14.51<\/td>\n83<\/td>\n-0.7949 %<\/td>\n1,800.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.33 %<\/td>\n5.82 %<\/td>\n126,305<\/td>\n6.90<\/td>\n34<\/td>\n0.3756 %<\/td>\n2,534.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.09 %<\/td>\n4.86 %<\/td>\n49,092<\/td>\n5.54<\/td>\n16<\/td>\n-1.3974 %<\/td>\n1,966.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n-24.47 %<\/td>\nNot real; there was no trading today. Not a single share. In fact, the issue hasn’t traded since February 5, so maybe the market maker took the day off. But I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting<\/a> or inadequate Toronto Stock Exchange supervision of market-makers<\/a>.<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 8.12
\nEvaluated at bid price : 8.12
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset<\/td>\n-6.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-5.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 14.65
\nEvaluated at bid price : 14.65
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-4.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-4.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 15.21
\nEvaluated at bid price : 15.21
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-4.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 10.66
\nEvaluated at bid price : 10.66
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-3.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 13.66
\nEvaluated at bid price : 13.66
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-3.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 9.90
\nEvaluated at bid price : 9.90
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-3.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-3.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 15.70
\nEvaluated at bid price : 15.70
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-3.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 8.70
\nEvaluated at bid price : 8.70
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-3.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-3.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 12.00
\nEvaluated at bid price : 12.00
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-3.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.15
\nBid-YTW : 11.42 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n-2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 9.72
\nEvaluated at bid price : 9.72
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.75
\nBid-YTW : 8.87 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-2.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.11
\nEvaluated at bid price : 16.11
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 11.50
\nEvaluated at bid price : 11.50
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 13.88
\nEvaluated at bid price : 13.88
\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n-2.44 %<\/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 : 8.45 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.76
\nBid-YTW : 11.87 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.59
\nBid-YTW : 8.23 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.00
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 12.33
\nEvaluated at bid price : 12.33
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.10
\nEvaluated at bid price : 16.10
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.47
\nEvaluated at bid price : 16.47
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 18.15
\nEvaluated at bid price : 18.15
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 9.80
\nEvaluated at bid price : 9.80
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 11.70
\nEvaluated at bid price : 11.70
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
IFC.PR.C<\/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 : 16.00
\nBid-YTW : 9.38 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/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 : 12.85
\nBid-YTW : 10.79 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 22.78
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 17.19
\nEvaluated at bid price : 17.19
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 18.10
\nEvaluated at bid price : 18.10
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.62
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.52
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.30
\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.24
\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.68
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.60
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.93
\nBid-YTW : 9.28 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 10.85
\nEvaluated at bid price : 10.85
\nBid-YTW : 4.36 %<\/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
HSE.PR.A<\/td>\nFixedReset<\/td>\n270,860<\/td>\nRBC crossed 256,900 at 8.25. Nice ticket! At just under one-third of par value!
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 8.30
\nEvaluated at bid price : 8.30
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n146,598<\/td>\nScotia crossed 20,000 at 17.56 and 111,000 at 17.45.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 16.89
\nEvaluated at bid price : 16.89
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n106,708<\/td>\nNesbitt crossed 50,000 at 22.45; Scotia crossed 47,700 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.41
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
NA.PR.X<\/td>\nFixedReset<\/td>\n102,491<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.88
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n101,900<\/td>\nScotia crossed 91,300 at 18.45.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.20
\nBid-YTW : 7.58 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n60,415<\/td>\nTD crossed 23,000 at 25.48; RBC crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 23.28
\nEvaluated at bid price : 25.43
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
There were 28 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
PWF.PR.Q<\/td>\nFloatingReset<\/td>\nQuote: 8.12 – 11.75
\nSpot Rate : 3.6300
\nAverage : 2.7545<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 8.12
\nEvaluated at bid price : 8.12
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset<\/td>\nQuote: 15.50 – 16.67
\nSpot Rate : 1.1700
\nAverage : 0.7248<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset<\/td>\nQuote: 17.50 – 18.18
\nSpot Rate : 0.6800
\nAverage : 0.5011<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n

RY.PR.P<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.25 – 24.74
\nSpot Rate : 0.4900
\nAverage : 0.3127<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 23.90
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.33 – 23.89
\nSpot Rate : 0.5600
\nAverage : 0.3847<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 23.07
\nEvaluated at bid price : 23.33
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n

RY.PR.W<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.50 – 22.98
\nSpot Rate : 0.4800
\nAverage : 0.3272<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-02-10
\nMaturity Price : 22.22
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Treasuries continued to climb today: Treasury 10-year notes gained, pushing yields near a one-year low, as Federal Reserve Chair Janet Yellen stuck to her call for gradual interest-rate increases. Government bonds are surging this year …<\/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-32345","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32345","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=32345"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32345\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}