{"id":32803,"date":"2016-03-23T23:31:07","date_gmt":"2016-03-24T04:31:07","guid":{"rendered":"http:\/\/prefblog.com\/?p=32803"},"modified":"2016-03-23T23:31:07","modified_gmt":"2016-03-24T04:31:07","slug":"march-23-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32803","title":{"rendered":"March 23, 2016"},"content":{"rendered":"

The US 1 year break-even inflation rate is getting reasonable<\/a>:<\/p>\n

The Treasury market is signaling inflation expectations are rising, and one metric shows traders anticipate cost increases will reach Federal Reserve Chair Janet Yellen\u2019s 2 percent target.<\/p>\n

The difference between yields on one-year U.S. government securities and same-maturity Treasury Inflation Protected Securities, a gauge of trader expectations for consumer prices over the life of the debt, climbed to 2.11 percentage points Tuesday. The figure was the highest in two years.<\/p>\n

Inflation expectations for the next decade rose to 1.67 percent this week, the highest level since August.<\/p><\/blockquote>\n

\"1YrBEIR\"<\/a>
Click for Big<\/i><\/div>\n

‘Off-the-run’ junk names are getting harder to trade<\/a>:<\/p>\n

Traders are getting increasingly punished for trying to sell unpopular debt at the wrong time. The result has been a growing number of hedge-fund failures, increasing risk aversion by Wall Street traders and further cutbacks at big banks.<\/p>\n

This all simply reinforces the lack of trading in less-common bonds and loans. At best, this spiral is inconvenient, especially for mutual funds and exchange-traded funds that rely on being able to sell assets to meet daily redemptions. At worst, it could set the stage for another credit seizure given the right catalyst — perhaps a sudden, unexpected corporate default or two, or the implosion of a relatively big mutual fund.<\/p>\n

To give a feeling for just how inactive parts of the market have become, consider this: About 40 percent of the bonds in the $1.4 trillion U.S. junk-debt market didn’t trade at all in the first two months of this year, according to data compiled from Finra’s Trace and Bloomberg. While corporate-debt trading has generally increased by volume this year, more of the activity is concentrated in a fewer number of bonds.
…<\/b>
“The biggest issue that the market faces is that you have an increasing amount of participants that require daily liquidity in an asset class that really doesn’t offer daily liquidity any more,” said Michael Pohly, the portfolio manager at hedge fund Kingdon Credit.<\/p>\n

That’s a little scary. The good news so far is that these trading woes haven’t yet triggered another credit crisis. The bad news is it’s only getting harder to transact in riskier debt, making the market increasingly fragile and prone to seizures going forward.<\/p><\/blockquote>\n

James Bullard contributes to the discussion of the Fed’s next move, standing with the hawks<\/a>:<\/p>\n

Federal Reserve Bank of St. Louis President James Bullard said policy makers should consider raising interest rates at their next meeting amid a broadly unchanged economic outlook and prospects of inflation and unemployment exceeding targets.<\/p>\n

\u201cYou get another strong jobs report, it looks like labor markets are improving, you could probably make a case for moving in April,\u201d Bullard said in a Bloomberg interview in New York Wednesday, in which he criticized the Fed\u2019s practice of publishing officials\u2019 projections on the path of interest rates. \u201cI think we are going to end up overshooting on inflation\u201d and the natural rate of unemployment, he said.<\/p><\/blockquote>\n

David Berman of the Globe loves high-spread FixedResets<\/a>:<\/p>\n

But there\u2019s one cash-gusher that deserves a closer look: the high-yielding preferred shares that Canada\u2019s big banks have been issuing over the past several months without much fanfare.<\/p>\n

It\u2019s time to take notice. These shares yield a dazzling 5.5 per cent, an eye-popping figure in an era during which the five-year Government of Canada bond yields just 0.7 per cent.
…<\/b>
Even if bond yields slide to a mere 0.2 per cent five years from now, you\u2019ll get a 5-per-cent yield when the rate is reset. In other words, investors are insulated from low or falling interest rates, which is a nice touch when the Canadian economy is struggling and the Bank of Canada is in no hurry to raise its key rate.<\/p>\n

There is one catch: The banks can redeem the shares after five years if they want to. Nonetheless, savvy institutional investors have been snapping up these new issues, and smaller investors can get a piece of the action as well.<\/p>\n

While exchange-traded funds are a popular choice, direct ownership looks like a better option because it allows you to focus on the banks\u2019 new-and-improved preferred shares and avoid the less attractive ones (and ETF fees).<\/p><\/blockquote>\n

National Bank has decided to guess the size of Chinese investment in Canadian real estate<\/a>:<\/p>\n

Buyers from China comprised about one-third of purchases of Vancouver\u2019s hot housing market in 2015, according to “back of the envelope calculations” by National Bank of Canada.<\/p>\n

Chinese investors spent about C$12.7 billion ($9.6 billion) on real estate in the western Canadian city in 2015, or 33 percent of its C$38.5 billion in total sales, according to a note by financial analyst Peter Routledge on Wednesday. In Toronto, they made up 14 percent of purchases, or about C$9 billion of the C$63 billion in deals. Routledge compiled the data by extrapolating from a Financial Times survey of 77 high-end buyers and data from the U.S. National Association of Realtors.<\/p><\/blockquote>\n

PerpetualDiscounts now yield 5.64%, equivalent to 7.33% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.15%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 320bp, a slight (and perhaps spurious) narrowing from the 325bp reported March 9<\/a>.<\/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>\n10,656<\/td>\n16.24<\/td>\n1<\/td>\n-2.9104 %<\/td>\n1,506.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.04 %<\/td>\n6.19 %<\/td>\n25,342<\/td>\n16.09<\/td>\n1<\/td>\n0.4464 %<\/td>\n2,825.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.71 %<\/td>\n4.84 %<\/td>\n64,715<\/td>\n15.80<\/td>\n4<\/td>\n-0.9632 %<\/td>\n1,642.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0091 %<\/td>\n2,765.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.82 %<\/td>\n5.70 %<\/td>\n75,879<\/td>\n1.63<\/td>\n7<\/td>\n-0.0091 %<\/td>\n3,235.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0091 %<\/td>\n2,524.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.79 %<\/td>\n-1.10 %<\/td>\n85,384<\/td>\n0.08<\/td>\n6<\/td>\n0.1187 %<\/td>\n2,556.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.62 %<\/td>\n5.64 %<\/td>\n96,683<\/td>\n14.43<\/td>\n33<\/td>\n0.5697 %<\/td>\n2,582.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.35 %<\/td>\n4.92 %<\/td>\n184,845<\/td>\n13.83<\/td>\n87<\/td>\n1.3903 %<\/td>\n1,905.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.23 %<\/td>\n5.64 %<\/td>\n129,675<\/td>\n5.09<\/td>\n34<\/td>\n0.3903 %<\/td>\n2,601.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.07 %<\/td>\n4.96 %<\/td>\n39,306<\/td>\n5.41<\/td>\n16<\/td>\n0.5587 %<\/td>\n2,003.3<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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.PR.E<\/td>\nRatchet<\/td>\n-2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.01
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.78
\nEvaluated at bid price : 18.78
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 9.60
\nEvaluated at bid price : 9.60
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 10.98
\nEvaluated at bid price : 10.98
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.78
\nEvaluated at bid price : 17.78
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.47
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
BNS.PR.D<\/td>\nFloatingReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.55
\nBid-YTW : 7.91 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 21.82
\nEvaluated at bid price : 22.14
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.88
\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.70
\nBid-YTW : 8.16 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 10.13
\nEvaluated at bid price : 10.13
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.37
\nEvaluated at bid price : 18.37
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.64
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 22.84
\nEvaluated at bid price : 24.12
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.71
\nBid-YTW : 7.76 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.65
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.65
\nBid-YTW : 11.07 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.75
\nBid-YTW : 9.14 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 20.48
\nEvaluated at bid price : 20.48
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n1.67 %<\/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 : 4.54 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 9.36
\nEvaluated at bid price : 9.36
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.85
\nBid-YTW : 8.14 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.23
\nEvaluated at bid price : 18.23
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.43
\nEvaluated at bid price : 18.43
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 11.71
\nEvaluated at bid price : 11.71
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 10.85
\nEvaluated at bid price : 10.85
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 23.24
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 12.32
\nEvaluated at bid price : 12.32
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 19.42
\nEvaluated at bid price : 19.42
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.36
\nBid-YTW : 7.96 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n2.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.41
\nEvaluated at bid price : 17.41
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.69
\nEvaluated at bid price : 18.69
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.44
\nEvaluated at bid price : 18.44
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n2.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 12.45
\nEvaluated at bid price : 12.45
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n2.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.90
\nBid-YTW : 8.56 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 12.32
\nEvaluated at bid price : 12.32
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.40
\nBid-YTW : 10.22 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 20.14
\nEvaluated at bid price : 20.14
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n2.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.19
\nEvaluated at bid price : 18.19
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n3.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.49
\nEvaluated at bid price : 18.49
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.51
\nEvaluated at bid price : 17.51
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n3.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.36
\nEvaluated at bid price : 17.36
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n3.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.60
\nBid-YTW : 8.20 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n3.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n3.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.56
\nEvaluated at bid price : 18.56
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n3.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.42
\nBid-YTW : 10.29 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n3.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 14.14
\nEvaluated at bid price : 14.14
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n3.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n3.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n4.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 15.87
\nEvaluated at bid price : 15.87
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n4.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 15.34
\nEvaluated at bid price : 15.34
\nBid-YTW : 4.96 %<\/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
MFC.PR.O<\/td>\nFixedReset<\/td>\n123,025<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n110,460<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.81
\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n107,942<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n88,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 11.71
\nEvaluated at bid price : 11.71
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nDeemed-Retractible<\/td>\n84,605<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-01-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BNS.PR.G<\/td>\nFixedReset<\/td>\n73,176<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
There were 45 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
RY.PR.J<\/td>\nFixedReset<\/td>\nQuote: 18.86 – 19.65
\nSpot Rate : 0.7900
\nAverage : 0.4969<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

PWF.PR.Q<\/td>\nFloatingReset<\/td>\nQuote: 11.00 – 12.00
\nSpot Rate : 1.0000
\nAverage : 0.7747<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset<\/td>\nQuote: 18.78 – 19.42
\nSpot Rate : 0.6400
\nAverage : 0.4185<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.78
\nEvaluated at bid price : 18.78
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

BMO.PR.T<\/td>\nFixedReset<\/td>\nQuote: 18.00 – 18.76
\nSpot Rate : 0.7600
\nAverage : 0.5392<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 18.86 – 19.45
\nSpot Rate : 0.5900
\nAverage : 0.3833<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 17.51 – 18.02
\nSpot Rate : 0.5100
\nAverage : 0.3422<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-03-23
\nMaturity Price : 17.51
\nEvaluated at bid price : 17.51
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The US 1 year break-even inflation rate is getting reasonable: The Treasury market is signaling inflation expectations are rising, and one metric shows traders anticipate cost increases will reach Federal Reserve Chair Janet Yellen\u2019s 2 …<\/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-32803","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32803","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=32803"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32803\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32803"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32803"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32803"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}