{"id":32684,"date":"2016-03-11T01:51:25","date_gmt":"2016-03-11T06:51:25","guid":{"rendered":"http:\/\/prefblog.com\/?p=32684"},"modified":"2016-03-11T01:51:25","modified_gmt":"2016-03-11T06:51:25","slug":"march-10-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32684","title":{"rendered":"March 10, 2016"},"content":{"rendered":"

Europe continues to ease monetary policy<\/a>:<\/p>\n

In the face of a global debate on whether monetary policy has lost its effectiveness and is even planting the seeds of the next crisis, the ECB has delivered a solid defense of the right and power of central banks to boost growth and inflation at will. The best that can be said for euro-area fiscal policy is that it\u2019s not hampering the recovery, so Draghi has underlined that he won\u2019t wait for others to act.
…<\/b>
The president announced cuts to all three of the ECB\u2019s rates, bringing the deposit rate to minus 0.4 percent, and a 20 billion-euro ($22 billion) expansion of quantitative easing that for the first time opens the door to purchases of corporate bonds. On top of that, he announced a new four-year loan program that potentially allows banks to be remunerated for taking the ECB\u2019s money if they expand credit to the real economy, in a quartet of operations stretching to 2021.<\/p>\n

Draghi\u2019s policy arc has been in defiance of warnings by monetary conservatives, including those in Germany\u2019s Bundesbank since the beginning of his term, up to more recent calls by the Group of 20 nations to shift the burden of growth generation away from monetary policy and toward structural policies or more government investment.<\/p>\n

Instead, Draghi sounded resigned when asked about euro-area fiscal policy. That domain spans countries including Spain, France and Italy that are close to their legal deficit limits, and nations that can afford to spend more — read Germany — that have promised voters they won\u2019t do so.<\/p><\/blockquote>\n

Certainly the OSC is working hard to spark inflation<\/a>:<\/p>\n

The Ontario Securities Commission says its revenues will rise almost 14 per cent in its current fiscal year, leaving the regulator with a surplus of $6.6-million for the year.<\/p>\n

The commission published details of its financial outlook Thursday for the fiscal year ending March 31, saying revenue has climbed due to fee changes introduced last year. Those fee adjustments, as well as fee increases introduced in 2013, have returned the commission to strong profitability after it recorded deficits from 2009 to 2013.<\/p>\n

The OSC said it expects to take in revenue of $115.8-million in fiscal 2016, a 14-per-cent increase from $101.6-million in fiscal 2015. Expenses are expected to climb sharply to $109-million in the current year from $96.9-million in fiscal 2015, leaving the OSC with an anticipated surplus of $6.6-million this year, up from $4.7-million last year.<\/p>\n

Market participants \u2013 including listed companies, investment firms and other registrants \u2013 pay participation and activity fees to the OSC, which account for more than 99 per cent of its revenue. The OSC adjusted its fee structure last year to base its participation fees on a firm\u2019s most recent annual financial results so they closely track current market conditions.<\/p><\/blockquote>\n

Perhaps they now have enough to cut another cheque to their good buddies at FAIR Canada<\/a>!<\/p>\n

Canada is now a net creditor of the US<\/a> – but I would really like to see some currency-adjusted figures!:<\/p>\n

Canada is now a creditor to the U.S. for the first time on record, government data show, reflecting the northern nation\u2019s love affair with assets south of the border.<\/p>\n

The stock of U.S. assets held by Canadians in the fourth quarter of 2015 — everything from corporate acquisitions to portfolio investments — exceeded assets held by Americans in Canada for the first time since at least 1990, according to quarterly data published Thursday by Statistics Canada.<\/p>\n

Easy credit, strong balance sheets, and lack of investing opportunities at home have been the main factors driving Canadian money managers and companies on a shopping spree south of the border. The value of those investments has jumped over the last couple of years as the U.S. dollar has strengthened. U.S. investors, meanwhile, haven\u2019t been reciprocating.
…<\/b>
Canada\u2019s total net asset position with all countries rose to C$472 billion in the fourth quarter. That\u2019s good news from a creditworthiness point of view. The more indebted a country is to foreigners the more vulnerable it is to financial shocks and Canada\u2019s creditor status helps in times like this when financial markets are volatile, commodity prices are falling and the country is running large current account deficits.<\/p><\/blockquote>\n

The US is moving to get some more work out of its foreign graduates<\/a>:<\/p>\n

The federal government will publish the rule on Friday, saying that international students earning degrees in science, technology, engineering and mathematics fields in the United States will now be eligible to stay for three years of on-the-job training. This is seven months longer than under the 2008 rule it replaces for the STEM Optional Practical Training program, known as OPT. The new rule will take effect on May 10.
…<\/b>
This rule is yet another flash point in the controversy over immigration reform. Industry leaders who say they are desperate for skilled talent and those defending the rights of American workers see the training program\u2019s extension as an end-around to stalled reform. But that is all they agree upon.<\/p>\n

\u201cIt\u2019s an ongoing assault on American workers,\u201d said John Miano, a lawyer for a technology workers\u2019 union in Washington State, whose lawsuit last summer was what forced the government to vacate the previous rule and create a new one, this time for public comment.<\/p><\/blockquote>\n

There is speculation that TransCanada is contemplating a large acquisition<\/a>:<\/p>\n

TransCanada Corp. would snap up a big chunk of the natural gas business that\u2019s given it the most troublesome competition if it completes a speculated U.S. takeover worth more than $9-billion (U.S.).<\/p>\n

TransCanada said on Thursday that it was in talks with a third party, but did not name it or provide any guarantees that it would clinch a deal.<\/p>\n

The company is in talks with Houston-based Columbia Pipeline Group Inc., according to the Wall Street Journal, which cited anonymous sources. Columbia is best known for its extensive pipeline network in the Marcellus and Utica natural gas regions in the U.S. Northeast.<\/p><\/blockquote>\n

Merrill Lynch has come up with some interesting figures on Canadian housing turnover<\/a>:<\/p>\n

Here are three key numbers to keep in mind when you\u2019re talking about Canada\u2019s housing markets: 24, 17 and 10.<\/p>\n

Those, according to research from Bank of America Merrill Lynch, highlight the frothy nature of real estate in British Columbia and Ontario, compared with the rest of the country.<\/p>\n

They\u2019re the number of existing home sales per 1,000 people.<\/p>\n

In B.C., home to Canada\u2019s hottest market, the ratio is 24 per 1,000 in Vancouver. In Ontario, where Toronto is also a hotbed, it\u2019s 17. And in the rest of Canada, it\u2019s just 10, according to the bank\u2019s North America economist, Emanuella Enenajor.<\/p>\n

\u201cAlthough Canada\u2019s housing market may not be in a bubble, the B.C. (British Columbia) market likely is,\u201d Ms. Enenajor said in her report.<\/p><\/blockquote>\n

It was an off day for the Canadian preferred share market, with PerpetualDiscounts and DeemedRetractibles both off 21bp and FixedResets down 39bp. The Performance Highlights table continues to show a lot of churn. 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_160310\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 17.25 to be $1.27 rich, while TRP.PR.C, resetting 2021-1-30 at +296, is $0.84 cheap at its bid price of 11.06.<\/p>\n

\"impVol_MFC_160310\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.N, resetting at +230bp on 2020-3-19, bid at 17.50 to be 1.01 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 17.78 to be 1.11 cheap.<\/p>\n

\"impVol_BAM_160310\"<\/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 13.94 to be $1.11 cheap. BAM.PF.E, resetting at +255 on 2020-3-31 is bid at 17.35 and appears to be $1.06 rich.<\/p>\n

\"impVol_FTS_160310\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 15.12 looks $0.52 expensive and resets 2019-3-1. FTS.PR.H, with a spread of +145bp and resetting 2020-6-1, is bid at 11.09 and is $0.39 cheap.<\/p>\n

\"pairs_FR_160310\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.73%, with three outliers below -1.50% and one above +0.50%. Note that the range of the y-axis has changed today. There are two junk outliers below -1.50%.<\/p>\n

\"pairs_FF_160310\"<\/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>\n5.11 %<\/td>\n6.21 %<\/td>\n12,271<\/td>\n16.42<\/td>\n1<\/td>\n0.0000 %<\/td>\n1,534.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.19 %<\/td>\n6.31 %<\/td>\n24,098<\/td>\n15.96<\/td>\n1<\/td>\n0.1515 %<\/td>\n2,766.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.55 %<\/td>\n4.77 %<\/td>\n71,868<\/td>\n15.82<\/td>\n4<\/td>\n-0.7646 %<\/td>\n1,684.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1939 %<\/td>\n2,756.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.82 %<\/td>\n5.48 %<\/td>\n70,996<\/td>\n2.64<\/td>\n7<\/td>\n0.1939 %<\/td>\n3,225.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1939 %<\/td>\n2,516.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.81 %<\/td>\n-0.61 %<\/td>\n74,756<\/td>\n0.08<\/td>\n6<\/td>\n0.0794 %<\/td>\n2,541.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.72 %<\/td>\n5.77 %<\/td>\n96,300<\/td>\n14.18<\/td>\n33<\/td>\n-0.2096 %<\/td>\n2,528.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.57 %<\/td>\n5.19 %<\/td>\n201,732<\/td>\n14.28<\/td>\n86<\/td>\n-0.3913 %<\/td>\n1,827.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.33 %<\/td>\n5.66 %<\/td>\n114,768<\/td>\n5.12<\/td>\n34<\/td>\n-0.2115 %<\/td>\n2,553.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.09 %<\/td>\n5.08 %<\/td>\n40,146<\/td>\n5.45<\/td>\n16<\/td>\n0.1835 %<\/td>\n1,984.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-5.59 %<\/td>\nNonsensical, as the issue traded 4,725 shares in a range of 16.75-00 before closing at 16.05-17.19, 8×1. VWAP was 16.89. 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>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.05
\nEvaluated at bid price : 16.05
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-4.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.23
\nEvaluated at bid price : 16.23
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-4.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.12
\nEvaluated at bid price : 16.12
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-3.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.95
\nBid-YTW : 8.80 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-3.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 12.70
\nEvaluated at bid price : 12.70
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 11.06
\nEvaluated at bid price : 11.06
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 11.09
\nEvaluated at bid price : 11.09
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 11.52
\nEvaluated at bid price : 11.52
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 9.14
\nEvaluated at bid price : 9.14
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 9.03
\nEvaluated at bid price : 9.03
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.28
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.90
\nBid-YTW : 8.23 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 15.12
\nEvaluated at bid price : 15.12
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 18.24
\nEvaluated at bid price : 18.24
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.79
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 17.11
\nEvaluated at bid price : 17.11
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
TD.PR.Z<\/td>\nFloatingReset<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 13.94
\nEvaluated at bid price : 13.94
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 11.50
\nEvaluated at bid price : 11.50
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 10.06
\nEvaluated at bid price : 10.06
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 15.51
\nEvaluated at bid price : 15.51
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.05
\nBid-YTW : 8.74 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 12.00
\nEvaluated at bid price : 12.00
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.22
\nBid-YTW : 10.35 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.78
\nBid-YTW : 8.37 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.87
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.87
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.50
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.37
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 10.75
\nEvaluated at bid price : 10.75
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.05
\nBid-YTW : 9.24 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.55
\nBid-YTW : 11.11 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.70
\nBid-YTW : 7.63 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n7.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 18.54
\nEvaluated at bid price : 18.54
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n126,731<\/td>\nRBC sold 19,100 to anonymous at 25.50. Scotai crossed 50,500 at the same price. TD crossed 25,000 at the same price again.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n113,582<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n106,150<\/td>\nScotia crossed 99,400 at 17.15.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.60
\nEvaluated at bid price : 16.60
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n83,179<\/td>\nScotia crossed 74,800 at 17.80.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.95
\nBid-YTW : 8.80 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n68,036<\/td>\nScotia crossed 50,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.51
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n66,637<\/td>\nDesjardins crossed 50,000 at 16.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.12
\nEvaluated at bid price : 16.12
\nBid-YTW : 5.12 %<\/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
GWO.PR.O<\/td>\nFloatingReset<\/td>\nQuote: 11.21 – 12.94
\nSpot Rate : 1.7300
\nAverage : 1.2767<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.21
\nBid-YTW : 11.99 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 16.05 – 17.19
\nSpot Rate : 1.1400
\nAverage : 0.7419<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.05
\nEvaluated at bid price : 16.05
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

TD.PF.C<\/td>\nFixedReset<\/td>\nQuote: 16.23 – 17.14
\nSpot Rate : 0.9100
\nAverage : 0.5976<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 16.23
\nEvaluated at bid price : 16.23
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 18.57 – 19.30
\nSpot Rate : 0.7300
\nAverage : 0.4861<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-10
\nMaturity Price : 18.57
\nEvaluated at bid price : 18.57
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset<\/td>\nQuote: 16.95 – 17.59
\nSpot Rate : 0.6400
\nAverage : 0.3982<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.95
\nBid-YTW : 8.80 %<\/td>\n<\/tr>\n

BNS.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 18.79 – 19.33
\nSpot Rate : 0.5400
\nAverage : 0.3473<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.79
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Europe continues to ease monetary policy: In the face of a global debate on whether monetary policy has lost its effectiveness and is even planting the seeds of the next crisis, the ECB has delivered …<\/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-32684","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32684","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=32684"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32684\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32684"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32684"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32684"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}