{"id":32837,"date":"2016-03-29T22:11:50","date_gmt":"2016-03-30T03:11:50","guid":{"rendered":"http:\/\/prefblog.com\/?p=32837"},"modified":"2016-03-29T22:11:50","modified_gmt":"2016-03-30T03:11:50","slug":"march-29-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32837","title":{"rendered":"March 29, 2016"},"content":{"rendered":"<p>My old buddy Bing Li is now the proud co-author of a book, <a href=\"http:\/\/www.amazon.com\/Multi-Asset-Investing-A-Practitioners-Framework\/dp\/1119241529\">Multi-Asset Investing: A Practitioner&#8217;s Framework<\/a>:<\/p>\n<blockquote><p>Despite the accepted fact that a substantial part of the risk and return of any portfolio comes from asset allocation, we find today that the majority of investment professionals worldwide are focused on security selection. Multi-Asset Investing: A Practitioner\u2019s Framework questions this basic structure of the investment process and investment industry.<\/p>\n<ul>\n<li>\u2022Who says we have to separate alpha and beta?\n<li>\u2022Are the traditional definitions for risk and risk premium relevant in a multi-asset class world?\n<li>\u2022Do portfolios cater for the \u2018real risks\u2019 in their investment processes?\n<li>\u2022Does the whole Emerging Markets demarcation make sense for investing?\n<li>\u2022Why do active Asian managers perform much poorer compared to developed market managers?\n<li>\u2022Can you distinguish how much of a strategy\u2019s performance comes from skill rather than luck?\n<li>\u2022Does having a performance fee for your manager create alignment or misalignment?\n<li>\u2022Why is the asset management transitioning from multi-asset strategies to multi-asset solutions?<\/ul>\n<p>These and many other questions are asked, and suggestions provided as potential solutions. Having worked together for fifteen years, the authors\u2019 present implementable solutions which have helped them successfully manage large asset pools.<\/p><\/blockquote>\n<p>And <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-03-29\/yellen-takes-control-of-fed-message-to-stress-gradual-approach\">Yellen has made a major speech<\/a>:<\/p>\n<blockquote><p>Federal Reserve Chair Janet Yellen spelled out on Tuesday what she means by data dependence, asserting her leadership of the U.S. central bank with a clear message that interest rates will be raised at a cautious pace.<\/p>\n<p>In one of her most detailed policy discussions this year, Yellen gave investors a list of conditions they need to watch for future rate hikes. Here they are:<\/p>\n<ul>\n<li>\u2022Foreign economies and their financial markets need to stabilize.\n<li>\u2022The dollar can\u2019t appreciate further. That would depress inflation and exports, and hurt U.S. manufacturing.\n<li>\u2022Commodity prices need to stabilize to help foreign producers find a better footing for growth.\n<li>\u2022The housing sector needs to make a larger contribution to U.S. output.\n<li>\u2022Inflation is a two-sided risk: Yellen is skeptical that the recent rise in core inflation, which strips out food and energy, \u201cwill prove durable.\u201d She is watching closely.<\/ul>\n<\/blockquote>\n<p>It would be interesting, to say the least, if <a href=\"http:\/\/www.theglobeandmail.com\/report-on-business\/economy\/economic-insight\/low-loonie-fuelling-foreign-buyers-of-canadian-real-estate\/article29418862\/\">real-estate were to become a tradeable commodity<\/a>:<\/p>\n<blockquote><p>Canadian house prices climbed 27 per cent over the five years from February, 2011, to February, 2016, according to the Teranet-National Bank Composite House Price index. But many foreign buyers are seeing price declines, after currency conversion (see chart below).<\/p>\n<p>The currencies of China, the United States and Switzerland have gained so much against the Canadian dollar that they have outrun the increase in Canadian house prices. As a result, the citizens of these countries can buy at a lower price than in 2011: For the Chinese and Americans, it is nearly 10 per cent less; for the Swiss, it is 5 per cent less.<\/p>\n<p>In most other countries, currencies rose less than Canadian house prices. Some, like the<\/p>\n<p>British pound, came up just a bit short \u2013 leaving a small price increase of 2.6 per cent. Others were further behind.<\/p><\/blockquote>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>5.10 %<\/td>\n<td>6.20 %<\/td>\n<td>10,953<\/td>\n<td>16.46<\/td>\n<td>1<\/td>\n<td>1.3118 %<\/td>\n<td>1,542.8<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>6.93 %<\/td>\n<td>6.10 %<\/td>\n<td>24,689<\/td>\n<td>16.18<\/td>\n<td>1<\/td>\n<td>0.3663 %<\/td>\n<td>2,867.1<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>4.57 %<\/td>\n<td>4.69 %<\/td>\n<td>62,018<\/td>\n<td>16.06<\/td>\n<td>4<\/td>\n<td>3.0378 %<\/td>\n<td>1,694.8<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.3100 %<\/td>\n<td>2,782.8<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.76 %<\/td>\n<td>5.50 %<\/td>\n<td>82,133<\/td>\n<td>1.61<\/td>\n<td>6<\/td>\n<td>0.3100 %<\/td>\n<td>3,256.4<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.3100 %<\/td>\n<td>2,540.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.78 %<\/td>\n<td>-7.00 %<\/td>\n<td>84,944<\/td>\n<td>0.09<\/td>\n<td>6<\/td>\n<td>0.2565 %<\/td>\n<td>2,565.7<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.61 %<\/td>\n<td>5.61 %<\/td>\n<td>95,746<\/td>\n<td>14.41<\/td>\n<td>33<\/td>\n<td>0.0364 %<\/td>\n<td>2,587.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.30 %<\/td>\n<td>4.80 %<\/td>\n<td>186,095<\/td>\n<td>13.85<\/td>\n<td>87<\/td>\n<td>0.0797 %<\/td>\n<td>1,927.7<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.21 %<\/td>\n<td>5.65 %<\/td>\n<td>125,473<\/td>\n<td>5.08<\/td>\n<td>34<\/td>\n<td>0.0475 %<\/td>\n<td>2,613.3<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>3.03 %<\/td>\n<td>4.93 %<\/td>\n<td>37,154<\/td>\n<td>5.40<\/td>\n<td>16<\/td>\n<td>0.5563 %<\/td>\n<td>2,022.1<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>-3.95 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 18.25<br \/>\nEvaluated at bid price : 18.25<br \/>\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.D<\/td>\n<td>FixedReset<\/td>\n<td>-1.96 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 17.27<br \/>\nEvaluated at bid price : 17.27<br \/>\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>-1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.49<br \/>\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.80 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 12.53<br \/>\nEvaluated at bid price : 12.53<br \/>\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>-1.54 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 19.20<br \/>\nEvaluated at bid price : 19.20<br \/>\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>-1.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.77<br \/>\nBid-YTW : 8.19 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-03-31<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 25.30<br \/>\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset<\/td>\n<td>-1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 18.31<br \/>\nEvaluated at bid price : 18.31<br \/>\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>-1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.15<br \/>\nBid-YTW : 7.89 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 19.63<br \/>\nEvaluated at bid price : 19.63<br \/>\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>1.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 18.46<br \/>\nEvaluated at bid price : 18.46<br \/>\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.E<\/td>\n<td>Ratchet<\/td>\n<td>1.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 13.26<br \/>\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.S<\/td>\n<td>FixedReset<\/td>\n<td>1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 18.39<br \/>\nEvaluated at bid price : 18.39<br \/>\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>1.49 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 18.38<br \/>\nEvaluated at bid price : 18.38<br \/>\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>1.60 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.40<br \/>\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 18.65<br \/>\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 12.62<br \/>\nEvaluated at bid price : 12.62<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.D<\/td>\n<td>FloatingReset<\/td>\n<td>2.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.78<br \/>\nBid-YTW : 7.74 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.A<\/td>\n<td>Floater<\/td>\n<td>2.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 11.25<br \/>\nEvaluated at bid price : 11.25<br \/>\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>2.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 15.30<br \/>\nEvaluated at bid price : 15.30<br \/>\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>2.65 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 11.25<br \/>\nEvaluated at bid price : 11.25<br \/>\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.H<\/td>\n<td>FloatingReset<\/td>\n<td>2.67 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 9.60<br \/>\nEvaluated at bid price : 9.60<br \/>\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>3.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 10.05<br \/>\nEvaluated at bid price : 10.05<br \/>\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>3.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 10.09<br \/>\nEvaluated at bid price : 10.09<br \/>\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.A<\/td>\n<td>FixedReset<\/td>\n<td>3.66 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 19.00<br \/>\nEvaluated at bid price : 19.00<br \/>\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>3.74 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 9.99<br \/>\nEvaluated at bid price : 9.99<br \/>\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.I<\/td>\n<td>FloatingReset<\/td>\n<td>12.89 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 11.50<br \/>\nEvaluated at bid price : 11.50<br \/>\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>162,400<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-08-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.95<br \/>\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>145,598<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 19.10<br \/>\nBid-YTW : 7.16 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset<\/td>\n<td>110,500<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.65<br \/>\nBid-YTW : 8.07 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.G<\/td>\n<td>FixedReset<\/td>\n<td>68,810<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.94<br \/>\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>67,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-05-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.11<br \/>\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>59,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 19.83<br \/>\nEvaluated at bid price : 19.83<br \/>\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 34 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 19.11 &#8211; 20.00<br \/>\nSpot Rate  :  0.8900<br \/>\nAverage  :  0.6569<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 19.11<br \/>\nEvaluated at bid price : 19.11<br \/>\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n<tr>\n<td>ALB.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.91 &#8211; 26.44<br \/>\nSpot Rate  :  0.5300<br \/>\nAverage  :  0.3110<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-02-28<br \/>\nMaturity Price  : 25.67<br \/>\nEvaluated at bid price : 25.91<br \/>\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.R<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 21.65 &#8211; 22.30<br \/>\nSpot Rate  :  0.6500<br \/>\nAverage  :  0.4322<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.65<br \/>\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.E<\/td>\n<td>Ratchet<\/td>\n<td>Quote: 13.26 &#8211; 14.40<br \/>\nSpot Rate  :  1.1400<br \/>\nAverage  :  0.9285<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 13.26<br \/>\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.E<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 20.40 &#8211; 21.12<br \/>\nSpot Rate  :  0.7200<br \/>\nAverage  :  0.5244<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 20.40<br \/>\nEvaluated at bid price : 20.40<br \/>\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 12.53 &#8211; 12.95<br \/>\nSpot Rate  :  0.4200<br \/>\nAverage  :  0.2799<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-03-29<br \/>\nMaturity Price  : 12.53<br \/>\nEvaluated at bid price : 12.53<br \/>\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>My old buddy Bing Li is now the proud co-author of a book, Multi-Asset Investing: A Practitioner&#8217;s Framework: Despite the accepted fact that a substantial part of the risk and return of any portfolio comes &hellip;<\/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-32837","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32837","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=32837"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32837\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}