{"id":32740,"date":"2016-03-15T00:41:58","date_gmt":"2016-03-15T05:41:58","guid":{"rendered":"http:\/\/prefblog.com\/?p=32740"},"modified":"2016-03-15T00:41:58","modified_gmt":"2016-03-15T05:41:58","slug":"march-14-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32740","title":{"rendered":"March 14, 2016"},"content":{"rendered":"

Nothing happened today.<\/p>\n

Wait, I’m wrong. China is drafting a Tobin Tax<\/a>:<\/p>\n

China\u2019s central bank has drafted rules for a tax on foreign-exchange transactions that would help curb currency speculation, according to people with knowledge of the matter.<\/p>\n

The initial rate of the so-called Tobin tax may be kept at zero to allow authorities time to refine the rules, said the people, who asked not to be identified as the discussions are private. The tax is not designed to disrupt hedging and other foreign-exchange transactions undertaken by companies, they said.<\/p>\n

Imposing a levy on foreign-exchange trading would be the most extreme step yet by policy makers to prevent speculative bets against the Chinese currency, after state-run banks repeatedly intervened to support the yuan and the government intensified a crackdown on capital outflows. A Tobin tax would complicate plans by China to create an international reserve currency and could undermine the leadership\u2019s pledge to increase the role of market forces in the world\u2019s second-largest economy.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts down 11bp, FixedResets gaining 10bp and DeemedRetractibles off 7bp. The Performance Highlights table shows highlights of performance. 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_160314\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 17.55 to be $1.38 rich, while TRP.PR.C, resetting 2021-1-30 at +296, is $0.88 cheap at its bid price of 11.22.<\/p>\n

\"impVol_BAM_160314\"<\/a>
Click for Big<\/i><\/div>\n

Most expensive is MFC.PR.L, resetting at +216bp on 2019-6-19, bid at 16.75 to be 0.82 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 17.73 to be 1.25 cheap.<\/p>\n

\"impVol_BAM_160314\"<\/a>
Click for Big<\/i><\/div>\n

The cheapest issue relative to its peers is BAM.PF.B, resetting at +263bp on 2019-3-31, bid at 14.90 to be $1.72 cheap. BAM.PF.E, resetting at +255 on 2020-3-31 is bid at 17.40 and appears to be $1.12 rich.<\/p>\n

\"impVol_FTS_160314\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.K, with a spread of +205bp, and bid at 15.45 looks $0.64 expensive and resets 2019-3-1. FTS.PR.H, with a spread of +145bp and resetting 2020-6-1, is bid at 11.20 and is $0.49 cheap.<\/p>\n

\"pairs_FR_160314\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of -0.89%, with one outlier below -2.00%. There are three junk outliers above 0.00% and one below -2.00%.<\/p>\n

\"pairs_FF_160314\"<\/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>\n5.20 %<\/td>\n6.34 %<\/td>\n11,989<\/td>\n16.26<\/td>\n1<\/td>\n-1.8868 %<\/td>\n1,505.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.09 %<\/td>\n6.23 %<\/td>\n24,465<\/td>\n16.06<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,804.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.61 %<\/td>\n4.76 %<\/td>\n68,643<\/td>\n15.97<\/td>\n4<\/td>\n-0.1946 %<\/td>\n1,680.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0352 %<\/td>\n2,760.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.82 %<\/td>\n5.67 %<\/td>\n72,309<\/td>\n1.65<\/td>\n7<\/td>\n0.0352 %<\/td>\n3,230.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0352 %<\/td>\n2,520.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.81 %<\/td>\n3.93 %<\/td>\n82,451<\/td>\n0.08<\/td>\n6<\/td>\n-0.0198 %<\/td>\n2,538.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.71 %<\/td>\n5.79 %<\/td>\n96,248<\/td>\n14.14<\/td>\n33<\/td>\n-0.1149 %<\/td>\n2,538.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.53 %<\/td>\n5.23 %<\/td>\n197,117<\/td>\n14.18<\/td>\n87<\/td>\n0.0956 %<\/td>\n1,844.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.31 %<\/td>\n5.52 %<\/td>\n114,690<\/td>\n5.11<\/td>\n34<\/td>\n-0.0687 %<\/td>\n2,562.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.14 %<\/td>\n5.14 %<\/td>\n39,169<\/td>\n5.43<\/td>\n16<\/td>\n-0.2248 %<\/td>\n1,983.0<\/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-10.89 %<\/td>\nNonsensical, as the issue traded a whopping 325 shares today in a range of 16.96-97 before closing at 14.90-16.98 (way to go on the $2 spreads, guys!) 5×1. BAM.PF.B was also ludicrous on March 10, so these guys are doing really well! 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: 2046-03-14
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n-8.26 %<\/td>\nEven a blind squirrel can sometimes find a nut, and sometimes even quotes from the TSX will bear resemblance to reality! The issue traded 200 shares, all at 10.05.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.00
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.25
\nBid-YTW : 11.60 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n-1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.74
\nEvaluated at bid price : 17.74
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BNS.PR.F<\/td>\nFloatingReset<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.71
\nBid-YTW : 8.23 %<\/td>\n<\/tr>\n
BNS.PR.D<\/td>\nFloatingReset<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.21
\nBid-YTW : 8.27 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 10.64 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 10.59
\nEvaluated at bid price : 10.59
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.66
\nBid-YTW : 7.57 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.08
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 14.50
\nEvaluated at bid price : 14.50
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 18.22
\nEvaluated at bid price : 18.22
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 21.33
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.27
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.14
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 11.22
\nEvaluated at bid price : 11.22
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
BNS.PR.C<\/td>\nFloatingReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 15.45
\nEvaluated at bid price : 15.45
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 16.72
\nEvaluated at bid price : 16.72
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.36
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n1.66 %<\/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 : 4.74 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 9.39
\nEvaluated at bid price : 9.39
\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 18.24
\nEvaluated at bid price : 18.24
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.63
\nEvaluated at bid price : 17.63
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.98
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 13.11
\nEvaluated at bid price : 13.11
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.20
\nBid-YTW : 11.08 %<\/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
BNS.PR.G<\/td>\nFixedReset<\/td>\n955,584<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n101,800<\/td>\nNesbitt crossed 100,000 at 25.15.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 24.69
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n86,663<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.38
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n59,200<\/td>\nTD crossed 49,800 at 11.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 11.22
\nEvaluated at bid price : 11.22
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n53,300<\/td>\nScotia crossed 50,000 at 25.12.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 24.84
\nEvaluated at bid price : 25.07
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n48,575<\/td>\nScotia crossed 35,000 at 17.78.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.73
\nBid-YTW : 8.53 %<\/td>\n<\/tr>\n
There were 23 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.B<\/td>\nFixedReset<\/td>\nQuote: 14.90 – 16.98
\nSpot Rate : 2.0800
\nAverage : 1.3764<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n

TRP.PR.I<\/td>\nFloatingReset<\/td>\nQuote: 10.00 – 11.65
\nSpot Rate : 1.6500
\nAverage : 1.2932<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.00
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n

GWO.PR.O<\/td>\nFloatingReset<\/td>\nQuote: 11.51 – 12.95
\nSpot Rate : 1.4400
\nAverage : 1.1309<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.51
\nBid-YTW : 11.70 %<\/td>\n<\/tr>\n

BAM.PR.E<\/td>\nRatchet<\/td>\nQuote: 13.00 – 14.33
\nSpot Rate : 1.3300
\nAverage : 1.0242<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n

CM.PR.O<\/td>\nFixedReset<\/td>\nQuote: 17.50 – 18.18
\nSpot Rate : 0.6800
\nAverage : 0.4539<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 16.90 – 17.50
\nSpot Rate : 0.6000
\nAverage : 0.4105<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-14
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nothing happened today. Wait, I’m wrong. China is drafting a Tobin Tax: China\u2019s central bank has drafted rules for a tax on foreign-exchange transactions that would help curb currency speculation, according to people with knowledge …<\/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-32740","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32740","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=32740"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32740\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}