{"id":40169,"date":"2020-01-23T23:35:06","date_gmt":"2020-01-24T04:35:06","guid":{"rendered":"http:\/\/prefblog.com\/?p=40169"},"modified":"2020-01-23T23:35:06","modified_gmt":"2020-01-24T04:35:06","slug":"january-23-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40169","title":{"rendered":"January 23, 2020"},"content":{"rendered":"

There is a superb opinion piece in the Globe by Joseph Groia, titled Hey OSC: Can you spare $100-million?<\/a>:<\/p>\n

Do most Ontarians know that there is more than $100-million of public money sitting in a bank account at the Ontario Securities Commission (OSC) just waiting to be spent on health care, education or legal aid? Unfortunately, they may not as the OSC is badly behind on its statutory corporate-governance obligations (ironically for our capital markets regulator). It is also not clear what Queen\u2019s Park plans to do about it.<\/p>\n

Where did the $100-million come from? Under the Securities Act, the OSC is required to pay money it receives under certain orders or settlements into Ontario\u2019s consolidated revenue fund for general governmental purposes unless they designate it to be used for third parties or investor education (the 2(b) Fund). The 2(b) Fund now exceeds $100-million, yet the OSC has not said when or how it plans to spend this enormous amount of public money; nor is there clear transparency or accountability about the process they will follow. What is clear is that the Securities Act allows the Ontario government to take surplus money away from the OSC at any time.<\/p><\/blockquote>\n

This pool of money has been used in the past to fund outfits like “FAIR Canada”, which by some odd coincidence happens to have created jobs for ex-OSC staff<\/a>. The existence of this pool is a blot on Ontario’s governance. If investor education is important, an allowance for this should be made in the budget. If it’s not important, don’t fund it. But all fines and penalties levied by the OSC should go straight into Ontario general revenues, with no discretion allowed to the OSC to fund their friends.<\/p>\n\n\n\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-0.0593 %<\/td>\n2,138.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0593 %<\/td>\n3,924.6<\/td>\n<\/tr>\n
Floater<\/td>\n5.72 %<\/td>\n5.82 %<\/td>\n48,440<\/td>\n14.16<\/td>\n4<\/td>\n-0.0593 %<\/td>\n2,261.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0195 %<\/td>\n3,454.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.44 %<\/td>\n33,701<\/td>\n4.16<\/td>\n6<\/td>\n-0.0195 %<\/td>\n4,125.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0195 %<\/td>\n3,218.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.58 %<\/td>\n-0.67 %<\/td>\n60,416<\/td>\n0.09<\/td>\n11<\/td>\n-0.0108 %<\/td>\n3,057.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.24 %<\/td>\n5.32 %<\/td>\n70,338<\/td>\n14.91<\/td>\n24<\/td>\n0.0679 %<\/td>\n3,314.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.43 %<\/td>\n5.59 %<\/td>\n195,978<\/td>\n14.52<\/td>\n64<\/td>\n-0.2443 %<\/td>\n2,198.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n5.23 %<\/td>\n63,394<\/td>\n14.91<\/td>\n27<\/td>\n0.0497 %<\/td>\n3,248.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.97 %<\/td>\n5.94 %<\/td>\n69,550<\/td>\n13.99<\/td>\n3<\/td>\n-0.5054 %<\/td>\n2,561.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.09 %<\/td>\n3.70 %<\/td>\n131,168<\/td>\n1.50<\/td>\n22<\/td>\n-0.0107 %<\/td>\n2,644.2<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n3.77 %<\/td>\n69,100<\/td>\n1.96<\/td>\n3<\/td>\n0.0545 %<\/td>\n2,737.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.27 %<\/td>\n5.58 %<\/td>\n125,843<\/td>\n14.50<\/td>\n22<\/td>\n-0.5657 %<\/td>\n2,224.5<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 19.48
\nEvaluated at bid price : 19.48
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.53
\nEvaluated at bid price : 18.53
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.02
\nEvaluated at bid price : 18.02
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 13.03
\nEvaluated at bid price : 13.03
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 13.22
\nEvaluated at bid price : 13.22
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 11.92
\nEvaluated at bid price : 11.92
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 17.27
\nEvaluated at bid price : 17.27
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 13.23
\nEvaluated at bid price : 13.23
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 14.52
\nEvaluated at bid price : 14.52
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
EMA.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 17.51
\nEvaluated at bid price : 17.51
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 13.68
\nEvaluated at bid price : 13.68
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 11.95
\nEvaluated at bid price : 11.95
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 5.66 %<\/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
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n146,670<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset Bank Non<\/td>\n125,335<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.22
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n117,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
BAM.PF.H<\/td>\nFixedReset Prem<\/td>\n69,842<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n68,846<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
W.PR.M<\/td>\nFixedReset Prem<\/td>\n68,600<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.74
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
There were 29 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
ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.04 – 25.52
\nSpot Rate : 0.4800
\nAverage : 0.2883<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.04
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.05 – 20.45
\nSpot Rate : 0.4000
\nAverage : 0.2756<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 18.02 – 18.40
\nSpot Rate : 0.3800
\nAverage : 0.2607<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.02
\nEvaluated at bid price : 18.02
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

HSE.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 18.70 – 19.24
\nSpot Rate : 0.5400
\nAverage : 0.4343<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n

TD.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 17.37 – 17.60
\nSpot Rate : 0.2300
\nAverage : 0.1458<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 17.37
\nEvaluated at bid price : 17.37
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 12.45 – 12.83
\nSpot Rate : 0.3800
\nAverage : 0.2997<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-23
\nMaturity Price : 12.45
\nEvaluated at bid price : 12.45
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There is a superb opinion piece in the Globe by Joseph Groia, titled Hey OSC: Can you spare $100-million?: Do most Ontarians know that there is more than $100-million of public money sitting in a …<\/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-40169","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40169","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=40169"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40169\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}