{"id":33231,"date":"2016-06-16T22:00:03","date_gmt":"2016-06-17T03:00:03","guid":{"rendered":"http:\/\/prefblog.com\/?p=33231"},"modified":"2016-06-16T22:00:03","modified_gmt":"2016-06-17T03:00:03","slug":"june-16-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33231","title":{"rendered":"June 16, 2016"},"content":{"rendered":"

A day like today needs a little light relief; it seems that the Big Banks’ darling Visa is shocked<\/a>, shocked<\/i>, that:<\/p>\n

\u201cThey [Walmart] are using their size and scale to give themselves an unfair advantage,\u201d it says.<\/p><\/blockquote>\n

I’ll tell you guys one thing … once some fintech company comes up with a payment mechanism that is reasonably widespread and cheap, I’ll start taking it for PrefLetter<\/a>. The day can’t come soon enough!<\/p>\n

Another good joke – although rather old and too frequently told – is investors’ return expectations<\/a>:<\/p>\n

The average expectation in a recent survey: 9.1 percent. Americans and millennials set the bar highest, at 11.1 percent and 10.2 percent, respectively.<\/p>\n

The average stock market yield globally: 3.8 percent. And benchmark interest rates in major developed markets are at 0.5 percent or lower\u2014or negative.<\/p>\n

The expectations of financial advisers also appear high, according to the new global investor study by asset manager Schroders. The study, which surveyed 20,000 investors across 28 countries, found that advisers around the globe wanted to generate a minimum of 7.9 percent a year for clients\u2014lower than what the investors wanted but still high given the low interest rates. U.S advisers cited 5 percent as their target for annual investment income.<\/p><\/blockquote>\n

There’s been a lot of noise lately about housing prices in Vancouver and Toronto; foreign money has come in for a great deal of opprobrium; low mortgage rates and easy credit also take a lot of blame. I contend that another culprit is the lousy returns and extreme volatility experienced in the markets since the turn of the century – why invest in the stock market when you can buy a house? We won’t get rid of that attitude until we see a lot more underwater mortgages … which, unlike American mortgages, have recourse to the borrower.<\/p>\n

As noted by Assiduous Reader prefobsessed<\/i> in the comments to June 15<\/a>, the day began with a sharp decline of over 2% for TXPR. There was a significant recovery, but the market still ended the day down a lot. As far as I can make out, this resulted from a sharp decline in Treasury yields<\/a>:<\/p>\n

Treasury 10-year note yields fell five basis points to 1.524 percent as of 10:02 a.m. in New York, the lowest level since August 2012, according to Bloomberg Bond Trader data.<\/p><\/blockquote>\n

This decline was was subsequently reversed<\/a>:<\/p>\n

Treasuries erased gains after 10-year note yields touched the lowest level since 2012, amid shifting bets on the outcome of next week\u2019s U.K. vote on membership in the European Union.<\/p>\n

Benchmark 10-year note yields climbed after a U.K. Labor Party lawmaker was killed Thursday, leading to a suspension of campaigning before the June 23 Brexit referendum. Treasuries had gained as part of a rally in global government securities that pushed benchmark 10-year yields in Germany and Japan further below zero.<\/p>\n

Demand for Treasuries rose after Federal Reserve Chair Janet Yellen on Wednesday said slow productivity growth and aging societies may depress interest rates, and also cited the risk of Brexit as a reason to keep rates steady. Polls in recent days have shown the \u201cLeave\u201d camp leading. The Guardian newspaper reported police are investigating reports saying the suspect in the U.K. incident had shouted \u201cBritain First,\u201d the name of a group that campaigns against immigration and membership in the EU.<\/p><\/blockquote>\n

… but nobody told the Canadian preferred share market:<\/p>\n

\"TXPR_160616\"<\/a>
Click for Big<\/i><\/div>\n

The GOC-5 closed at 0.57% and who knows? Maybe we’re back to the days when all changes in GOC-5 would be reflected in FixedReset prices (with a high negative duration!) as the market attempts to keep yields constant … which makes no sense, but since when is the preferred share market supposed to make sense?<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.8570 %<\/td>\n1,631.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.8570 %<\/td>\n2,980.3<\/td>\n<\/tr>\n
Floater<\/td>\n4.71 %<\/td>\n4.71 %<\/td>\n62,068<\/td>\n16.04<\/td>\n3<\/td>\n-0.8570 %<\/td>\n1,717.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n1.02 %<\/td>\n40,975<\/td>\n0.08<\/td>\n1<\/td>\n-0.0795 %<\/td>\n2,829.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.89 %<\/td>\n5.03 %<\/td>\n87,980<\/td>\n4.66<\/td>\n7<\/td>\n-0.2302 %<\/td>\n3,332.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2302 %<\/td>\n2,600.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n4.07 %<\/td>\n76,180<\/td>\n0.09<\/td>\n9<\/td>\n-0.1782 %<\/td>\n2,617.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.40 %<\/td>\n5.48 %<\/td>\n106,124<\/td>\n14.62<\/td>\n28<\/td>\n-0.5712 %<\/td>\n2,715.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.29 %<\/td>\n4.78 %<\/td>\n161,232<\/td>\n7.36<\/td>\n88<\/td>\n-1.9023 %<\/td>\n1,934.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n5.37 %<\/td>\n125,830<\/td>\n4.93<\/td>\n33<\/td>\n-0.2980 %<\/td>\n2,691.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.19 %<\/td>\n5.20 %<\/td>\n27,399<\/td>\n5.20<\/td>\n17<\/td>\n-0.8554 %<\/td>\n2,079.2<\/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\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
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n-8.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 11.50
\nEvaluated at bid price : 11.50
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-5.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.75 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-4.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.59
\nEvaluated at bid price : 17.59
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n-3.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n-3.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.96
\nEvaluated at bid price : 17.96
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-3.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.66
\nBid-YTW : 8.89 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n-3.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset<\/td>\n-3.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 19.05
\nEvaluated at bid price : 19.05
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-3.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n-3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.03
\nEvaluated at bid price : 18.03
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n-3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.32
\nBid-YTW : 7.72 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-3.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.80
\nBid-YTW : 8.12 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset<\/td>\n-3.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-3.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.85
\nBid-YTW : 10.00 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n-3.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-3.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.58
\nBid-YTW : 8.09 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset<\/td>\n-3.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.68
\nEvaluated at bid price : 17.68
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n-3.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.00
\nEvaluated at bid price : 17.00
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-3.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 11.44
\nEvaluated at bid price : 11.44
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n-3.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 19.30
\nEvaluated at bid price : 19.30
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n-3.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 14.06
\nEvaluated at bid price : 14.06
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 14.38
\nEvaluated at bid price : 14.38
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-3.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 20.02
\nEvaluated at bid price : 20.02
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-3.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 13.40
\nEvaluated at bid price : 13.40
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n-3.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.29
\nBid-YTW : 7.68 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset<\/td>\n-2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.96
\nBid-YTW : 8.47 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n-2.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.56
\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset<\/td>\n-2.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n-2.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.60
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n-2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.91
\nEvaluated at bid price : 17.91
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n-2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 19.13
\nEvaluated at bid price : 19.13
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n-2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 14.41
\nEvaluated at bid price : 14.41
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.96
\nBid-YTW : 10.74 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-2.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 13.50
\nEvaluated at bid price : 13.50
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-2.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.60
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-2.47 %<\/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 : 11.37 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n-2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.57
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n-2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.52
\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-2.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 16.93
\nEvaluated at bid price : 16.93
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.11
\nEvaluated at bid price : 17.11
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-2.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.27
\nEvaluated at bid price : 18.27
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.84
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 9.88
\nEvaluated at bid price : 9.88
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.70
\nBid-YTW : 10.04 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n-2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.74
\nEvaluated at bid price : 17.74
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
NA.PR.Q<\/td>\nFixedReset<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.21
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.12
\nBid-YTW : 10.63 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 12.51
\nEvaluated at bid price : 12.51
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 11.80
\nEvaluated at bid price : 11.80
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
TRP.PR.I<\/td>\nFloatingReset<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 11.70
\nEvaluated at bid price : 11.70
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.40
\nBid-YTW : 9.37 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.72
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 21.22
\nEvaluated at bid price : 21.22
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
GWO.PR.O<\/td>\nFloatingReset<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.80
\nBid-YTW : 10.60 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.94
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 11.68
\nEvaluated at bid price : 11.68
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.73
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 11.28
\nEvaluated at bid price : 11.28
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 10.03
\nEvaluated at bid price : 10.03
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.17
\nEvaluated at bid price : 18.17
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/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 : 21.39
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 16.74
\nEvaluated at bid price : 16.74
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
BNS.PR.F<\/td>\nFloatingReset<\/td>\n2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.51
\nBid-YTW : 7.71 %<\/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
NA.PR.A<\/td>\nFixedReset<\/td>\n145,728<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.44
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n108,413<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.11
\nEvaluated at bid price : 17.11
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset<\/td>\n100,899<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n55,477<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.22
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
MFC.PR.O<\/td>\nFixedReset<\/td>\n51,974<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n47,516<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 17.86
\nEvaluated at bid price : 17.86
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
There were 84 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
TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 14.41 – 15.31
\nSpot Rate : 0.9000
\nAverage : 0.5903<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 14.41
\nEvaluated at bid price : 14.41
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset<\/td>\nQuote: 17.80 – 18.39
\nSpot Rate : 0.5900
\nAverage : 0.4043<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.80
\nBid-YTW : 8.12 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 13.85 – 14.30
\nSpot Rate : 0.4500
\nAverage : 0.2817<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.85
\nBid-YTW : 10.00 %<\/td>\n<\/tr>\n

BNS.PR.R<\/td>\nFixedReset<\/td>\nQuote: 22.94 – 23.38
\nSpot Rate : 0.4400
\nAverage : 0.2873<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.94
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n

FTS.PR.M<\/td>\nFixedReset<\/td>\nQuote: 18.50 – 19.05
\nSpot Rate : 0.5500
\nAverage : 0.4070<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-06-16
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n

SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 15.40 – 15.90
\nSpot Rate : 0.5000
\nAverage : 0.3617<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.40
\nBid-YTW : 9.37 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

A day like today needs a little light relief; it seems that the Big Banks’ darling Visa is shocked, shocked, that: \u201cThey [Walmart] are using their size and scale to give themselves an unfair advantage,\u201d …<\/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-33231","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33231","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=33231"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33231\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}