{"id":32877,"date":"2016-04-04T21:52:29","date_gmt":"2016-04-05T02:52:29","guid":{"rendered":"http:\/\/prefblog.com\/?p=32877"},"modified":"2016-04-04T21:52:29","modified_gmt":"2016-04-05T02:52:29","slug":"april-4-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32877","title":{"rendered":"April 4, 2016"},"content":{"rendered":"<p>We have a <a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-04-04\/smart-money-flunks-out-as-2-billion-of-vix-bets-come-asunder\">new investment proverb<\/a>, courtesy of Steve Sosnick, an equity risk manager at Timber Hill, the market-making unit of Greenwich, Connecticut-based Interactive Brokers Group Inc., as reported by Bloomberg&#8217;s Joe Ciolli:<\/p>\n<blockquote><p> \u201cConsensus trades like this, especially when they\u2019re contrarian, often don\u2019t pan out.\u201d<\/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>5.00 %<\/td>\n<td>6.08 %<\/td>\n<td>10,893<\/td>\n<td>16.59<\/td>\n<td>1<\/td>\n<td>1.4254 %<\/td>\n<td>1,573.1<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>6.78 %<\/td>\n<td>5.96 %<\/td>\n<td>23,034<\/td>\n<td>16.34<\/td>\n<td>1<\/td>\n<td>0.0714 %<\/td>\n<td>2,931.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>4.56 %<\/td>\n<td>4.71 %<\/td>\n<td>59,270<\/td>\n<td>16.07<\/td>\n<td>4<\/td>\n<td>0.4608 %<\/td>\n<td>1,696.4<\/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>-0.0615 %<\/td>\n<td>2,803.2<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.73 %<\/td>\n<td>5.11 %<\/td>\n<td>91,141<\/td>\n<td>1.60<\/td>\n<td>6<\/td>\n<td>-0.0615 %<\/td>\n<td>3,280.3<\/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>-0.0615 %<\/td>\n<td>2,559.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.77 %<\/td>\n<td>-6.83 %<\/td>\n<td>87,817<\/td>\n<td>0.08<\/td>\n<td>6<\/td>\n<td>0.1315 %<\/td>\n<td>2,569.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.56 %<\/td>\n<td>5.60 %<\/td>\n<td>95,172<\/td>\n<td>14.47<\/td>\n<td>33<\/td>\n<td>0.3561 %<\/td>\n<td>2,616.6<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.25 %<\/td>\n<td>4.65 %<\/td>\n<td>184,178<\/td>\n<td>13.97<\/td>\n<td>87<\/td>\n<td>0.6553 %<\/td>\n<td>1,935.1<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.19 %<\/td>\n<td>5.22 %<\/td>\n<td>125,011<\/td>\n<td>5.11<\/td>\n<td>34<\/td>\n<td>0.2156 %<\/td>\n<td>2,628.1<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>3.13 %<\/td>\n<td>4.99 %<\/td>\n<td>37,268<\/td>\n<td>5.39<\/td>\n<td>17<\/td>\n<td>0.8505 %<\/td>\n<td>2,021.3<\/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>BAM.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>-2.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 18.71<br \/>\nEvaluated at bid price : 18.71<br \/>\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>-2.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 12.15<br \/>\nEvaluated at bid price : 12.15<br \/>\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.B<\/td>\n<td>FixedReset<\/td>\n<td>-1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 17.78<br \/>\nEvaluated at bid price : 17.78<br \/>\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>-1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 10.11<br \/>\nEvaluated at bid price : 10.11<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 23.48<br \/>\nEvaluated at bid price : 23.80<br \/>\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 20.61<br \/>\nEvaluated at bid price : 20.61<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>1.07 %<\/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 : 17.04<br \/>\nBid-YTW : 8.46 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 18.80<br \/>\nEvaluated at bid price : 18.80<br \/>\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.D<\/td>\n<td>FloatingReset<\/td>\n<td>1.08 %<\/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 : 17.81<br \/>\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.D<\/td>\n<td>FixedReset<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 20.26<br \/>\nEvaluated at bid price : 20.26<br \/>\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>1.16 %<\/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 : 15.68<br \/>\nBid-YTW : 9.21 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 10.10<br \/>\nEvaluated at bid price : 10.10<br \/>\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 12.75<br \/>\nEvaluated at bid price : 12.75<br \/>\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>1.30 %<\/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 : 18.74<br \/>\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 19.35<br \/>\nEvaluated at bid price : 19.35<br \/>\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 18.75<br \/>\nEvaluated at bid price : 18.75<br \/>\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>1.35 %<\/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 : 13.48<br \/>\nBid-YTW : 10.17 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.E<\/td>\n<td>Ratchet<\/td>\n<td>1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 13.52<br \/>\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>1.44 %<\/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 : 19.02<br \/>\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>1.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 12.92<br \/>\nEvaluated at bid price : 12.92<br \/>\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>1.59 %<\/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 : 19.15<br \/>\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>1.62 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 15.05<br \/>\nEvaluated at bid price : 15.05<br \/>\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.65 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 11.70<br \/>\nEvaluated at bid price : 11.70<br \/>\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>1.68 %<\/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 : 23.66<br \/>\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>1.81 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 16.34<br \/>\nEvaluated at bid price : 16.34<br \/>\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>1.89 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 19.95<br \/>\nEvaluated at bid price : 19.95<br \/>\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.Q<\/td>\n<td>FloatingReset<\/td>\n<td>2.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 11.30<br \/>\nEvaluated at bid price : 11.30<br \/>\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.W<\/td>\n<td>FixedReset<\/td>\n<td>2.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 17.66<br \/>\nEvaluated at bid price : 17.66<br \/>\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>2.09 %<\/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 : 20.55<br \/>\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>2.10 %<\/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 : 19.00<br \/>\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>2.11 %<\/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 : 19.40<br \/>\nBid-YTW : 7.16 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>2.15 %<\/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 : 19.51<br \/>\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>2.23 %<\/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 : 19.24<br \/>\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>2.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 20.00<br \/>\nEvaluated at bid price : 20.00<br \/>\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>2.25 %<\/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 : 18.63<br \/>\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.H<\/td>\n<td>FloatingReset<\/td>\n<td>2.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 9.67<br \/>\nEvaluated at bid price : 9.67<br \/>\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>2.66 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 18.50<br \/>\nEvaluated at bid price : 18.50<br \/>\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>2.80 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 11.40<br \/>\nEvaluated at bid price : 11.40<br \/>\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>3.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 16.60<br \/>\nEvaluated at bid price : 16.60<br \/>\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.I<\/td>\n<td>FloatingReset<\/td>\n<td>4.90 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 10.70<br \/>\nEvaluated at bid price : 10.70<br \/>\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.B<\/td>\n<td>FloatingReset<\/td>\n<td>5.95 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 9.80<br \/>\nEvaluated at bid price : 9.80<br \/>\nBid-YTW : 5.58 %<\/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>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>119,495<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 10.11<br \/>\nEvaluated at bid price : 10.11<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>92,528<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 20.47<br \/>\nEvaluated at bid price : 20.47<br \/>\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>90,500<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 21.92<br \/>\nEvaluated at bid price : 22.27<br \/>\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>48,260<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 20.39<br \/>\nEvaluated at bid price : 20.39<br \/>\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.B<\/td>\n<td>FloatingReset<\/td>\n<td>34,817<\/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 : 21.01<br \/>\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>33,100<\/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 : 26.08<br \/>\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 20 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>RY.PR.K<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 22.25 &#8211; 23.10<br \/>\nSpot Rate  :  0.8500<br \/>\nAverage  :  0.5353<\/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 : 22.25<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.E<\/td>\n<td>Ratchet<\/td>\n<td>Quote: 13.52 &#8211; 14.40<br \/>\nSpot Rate  :  0.8800<br \/>\nAverage  :  0.5691<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 13.52<br \/>\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n<tr>\n<td>ALB.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 26.00 &#8211; 26.94<br \/>\nSpot Rate  :  0.9400<br \/>\nAverage  :  0.6606<\/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 : 26.00<br \/>\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.D<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 17.81 &#8211; 18.46<br \/>\nSpot Rate  :  0.6500<br \/>\nAverage  :  0.4896<\/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 : 17.81<br \/>\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 18.71 &#8211; 19.19<br \/>\nSpot Rate  :  0.4800<br \/>\nAverage  :  0.3292<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 18.71<br \/>\nEvaluated at bid price : 18.71<br \/>\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 11.02 &#8211; 11.98<br \/>\nSpot Rate  :  0.9600<br \/>\nAverage  :  0.8438<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-04-04<br \/>\nMaturity Price  : 11.02<br \/>\nEvaluated at bid price : 11.02<br \/>\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>We have a new investment proverb, courtesy of Steve Sosnick, an equity risk manager at Timber Hill, the market-making unit of Greenwich, Connecticut-based Interactive Brokers Group Inc., as reported by Bloomberg&#8217;s Joe Ciolli: \u201cConsensus trades &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-32877","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32877","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=32877"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32877\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}