{"id":41004,"date":"2020-06-17T20:57:53","date_gmt":"2020-06-18T01:57:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=41004"},"modified":"2020-06-17T20:57:53","modified_gmt":"2020-06-18T01:57:53","slug":"june-17-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41004","title":{"rendered":"June 17, 2020"},"content":{"rendered":"

Some of the sleazier types in this business don’t even try to look honest<\/a>:<\/p>\n

An Ontario judge has ordered a receiver to oversee Toronto\u2019s StableView Asset Management Inc. after a regulatory probe found investors\u2019 money had been overconcentrated in a penny stock that paid cash consulting fees of more than $100,000 to the wealth manager.<\/p>\n

StableView, which was founded and is solely owned by Colin Fisher, manages about $30-million on behalf of 135 clients and states on its website that its \u201cprimary concern is capital preservation.\u201d A review by the Ontario Securities Commission found that StableView poured money into a Clarocity Corp., a thinly traded real estate valuation technology company, putting StableView in breach of diversification and liquidity requirements for its funds, court records allege.<\/p>\n

The OSC alleges that, from late 2017 to late 2018, one of the company\u2019s funds, StableView Yield and Growth Fund, increased the concentration of its investment in Clarocity from 45 per cent of the fund\u2019s assets to 83 per cent. Over the same period, Clarocity went from 43 per cent of the holdings in StableView\u2019s Progressive Growth Fund to 72 per cent, court records show.<\/p>\n

The OSC also found that StableView received fees from Clarocity in the form of cash, common shares and debentures as part of a consulting agreement. StableView received cash payments totalling $105,000 from Clarocity, which Mr. Fisher withdrew from StableView \u201cfor his own personal use,\u201d Sherry Brown, an OSC senior forensic accountant, said in an affidavit. The OSC has alleged the fees created a conflict of interest that was not sufficiently disclosed to StableView investors.
…<\/b>
In its application for the receivership, the OSC also raised doubts about how StableView valued its stake in Clarocity, much of which was in debentures. In 2018, StableView recorded the debentures at cost, despite disclosures from Clarocity that its financial position was \u201csubstantially deteriorating\u201d \u2013 something Mr. Fisher was aware of, the OSC alleges.<\/p><\/blockquote>\n

But on the other hand, I don’t understand how the big guys run their businesses<\/a>:<\/p>\n

The survey of 300 global asset management firms, which was carried out by WBR Insights in the first quarter of 2020, found that controlling costs was the top priority for 87% of respondents over the next two years.
…<\/b>
To that end, the survey also found that firms are looking to outsourcing and technology to help meet their goals.<\/p>\n

For instance, Norther Trust reported that 85% of respondents have outsourced their trading desk or are considering doing so.<\/p><\/blockquote>\n

I don’t get it, I don’t get it at all. Trading is an absolutely integral part of portfolio management; even separating the function within the firm is a crazy thing to do. I have contempt for firms that use particular brokers in order to use their algorithms – what’s the matter, are margins on investment management so skinny you can’t afford to develop your own algorithms? Outsourcing the desk completely is totally crazy.<\/p>\n

Fortunately, however, a firm doesn’t need too many “1%” clients to stay afloat<\/a>:<\/p>\n

The concentration of wealth among Canada\u2019s richest 1 per cent is deeper than previously believed, according to a federal government report based on a new modelling approach.<\/p>\n

The top one per cent of Canada\u2019s families hold about 25.6 per cent of the wealth \u2013 roughly $3-trillion \u2013 up from 13.7 per cent estimated under previous methodology, says the report from the Office of the Parliamentary Budget Officer.
…<\/b>
The amount of money held by Canadian families would total $11.7-trillion if they liquidated all assets and paid off all liabilities, about five times larger than Canada\u2019s annual gross domestic product, the report notes.<\/p>\n

Real estate at $5.8-trillion and mortgages at $1.5-trillion are the single largest asset and liabilities categories.<\/p>\n

The report adds that the top 0.5 per cent of Canadian families hold 20.5 per cent or $2.4-trillion of the wealth, up from the previous estimate of 9.2 per cent.<\/p><\/blockquote>\n

I’ve often wondered just how stable the constitution of the “1%” (by income) is. Sure, it seems clear that the 0.5% who hold 20.5% of all Canadian wealth are always going to be part of the 1%, at least in terms of income alone before any horrifying capital losses that might get realized every now and then. But it also seems clear that since the threshold of 1% status (by employment income) was “merely” $225,409 in 2015<\/a>, it seems to me that there will be plenty of people who bounce in and out of the group on a regular basis, depending on the size of their bonuses.<\/p>\n

But yeah, these figures suggest to me that I’m on the right track when suggesting that favourable tax treatment for dividend and interest income be capped; for one thing, valuing real-estate for wealth-tax purposes is too hard; for another, somebody with $6.1-million in the kitty (according to Table 4-2 of the PBO report<\/a> used as a source by the article) doesn’t really need to be incentivized to save for retirement.<\/p>\n

PerpetualDiscounts now yield 5.74%, equivalent to 7.46% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.09%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened significantly to 435bp from the 415bp reported June 10<\/a>.<\/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>\n2.7200 %<\/td>\n1,467.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n2.7200 %<\/td>\n2,691.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.34 %<\/td>\n5.61 %<\/td>\n46,434<\/td>\n14.51<\/td>\n4<\/td>\n2.7200 %<\/td>\n1,551.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0517 %<\/td>\n3,439.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n5.05 %<\/td>\n64,129<\/td>\n3.85<\/td>\n7<\/td>\n0.0517 %<\/td>\n4,107.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0517 %<\/td>\n3,204.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2141 %<\/td>\n3,027.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.74 %<\/td>\n79,005<\/td>\n14.25<\/td>\n35<\/td>\n0.2141 %<\/td>\n3,247.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.23 %<\/td>\n5.12 %<\/td>\n160,233<\/td>\n14.85<\/td>\n83<\/td>\n0.0282 %<\/td>\n1,833.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.32 %<\/td>\n5.46 %<\/td>\n85,996<\/td>\n14.42<\/td>\n27<\/td>\n-0.0418 %<\/td>\n3,218.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.86 %<\/td>\n4.95 %<\/td>\n48,819<\/td>\n15.61<\/td>\n3<\/td>\n-0.0755 %<\/td>\n1,790.8<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0282 %<\/td>\n2,535.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.97 %<\/td>\n3.26 %<\/td>\n127,066<\/td>\n1.58<\/td>\n2<\/td>\n0.0612 %<\/td>\n2,794.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.41 %<\/td>\n5.12 %<\/td>\n124,968<\/td>\n15.02<\/td>\n22<\/td>\n-0.3480 %<\/td>\n1,868.3<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n-8.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 13.20
\nEvaluated at bid price : 13.20
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-5.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 8.40
\nEvaluated at bid price : 8.40
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n-4.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n-3.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 11.80
\nEvaluated at bid price : 11.80
\nBid-YTW : 8.92 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset Disc<\/td>\n-3.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 8.91 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-3.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-3.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 7.55
\nEvaluated at bid price : 7.55
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-2.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 14.33
\nEvaluated at bid price : 14.33
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.18
\nEvaluated at bid price : 9.18
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 11.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 8.98 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 15.55
\nEvaluated at bid price : 15.55
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 15.70
\nEvaluated at bid price : 15.70
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 15.71
\nEvaluated at bid price : 15.71
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 11.50
\nEvaluated at bid price : 11.50
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 14.45
\nEvaluated at bid price : 14.45
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
EIT.PR.B<\/td>\nSplitShare<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2025-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.32
\nEvaluated at bid price : 9.32
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 12.71
\nEvaluated at bid price : 12.71
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.31
\nEvaluated at bid price : 9.31
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 16.08
\nEvaluated at bid price : 16.08
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 17.22
\nEvaluated at bid price : 17.22
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 12.86
\nEvaluated at bid price : 12.86
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 13.05
\nEvaluated at bid price : 13.05
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 22.62
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.80
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 12.36
\nEvaluated at bid price : 12.36
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 7.65
\nEvaluated at bid price : 7.65
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.61
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.82
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.99
\nEvaluated at bid price : 9.99
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n2.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 17.51
\nEvaluated at bid price : 17.51
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 7.63
\nEvaluated at bid price : 7.63
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 15.40
\nEvaluated at bid price : 15.40
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n2.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 15.24
\nEvaluated at bid price : 15.24
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n3.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 16.01
\nEvaluated at bid price : 16.01
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Disc<\/td>\n3.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.60
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n3.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 7.62
\nEvaluated at bid price : 7.62
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n3.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.20
\nEvaluated at bid price : 9.20
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n3.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.90
\nEvaluated at bid price : 9.90
\nBid-YTW : 5.09 %<\/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
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n157,151<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 15.48
\nEvaluated at bid price : 15.48
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
BMO.PR.Z<\/td>\nPerpetual-Discount<\/td>\n104,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 23.92
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n87,417<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.21
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n73,070<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 22.34
\nEvaluated at bid price : 22.61
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n58,116<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 20.84
\nEvaluated at bid price : 20.84
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n50,812<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 23.65
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
There were 23 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
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 13.20 – 14.69
\nSpot Rate : 1.4900
\nAverage : 0.9069<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 13.20
\nEvaluated at bid price : 13.20
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n

MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.55 – 21.60
\nSpot Rate : 1.0500
\nAverage : 0.7421<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 20.55
\nEvaluated at bid price : 20.55
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n

BIP.PR.F<\/td>\nFixedReset Disc<\/td>\nQuote: 20.10 – 21.00
\nSpot Rate : 0.9000
\nAverage : 0.6588<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 9.32 – 10.00
\nSpot Rate : 0.6800
\nAverage : 0.4832<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 9.32
\nEvaluated at bid price : 9.32
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n

PWF.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 14.55 – 15.25
\nSpot Rate : 0.7000
\nAverage : 0.5053<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n

BAM.PF.J<\/td>\nFixedReset Disc<\/td>\nQuote: 23.50 – 23.95
\nSpot Rate : 0.4500
\nAverage : 0.2813<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-06-17
\nMaturity Price : 22.79
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Some of the sleazier types in this business don’t even try to look honest: An Ontario judge has ordered a receiver to oversee Toronto\u2019s StableView Asset Management Inc. after a regulatory probe found investors\u2019 money …<\/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-41004","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41004","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=41004"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41004\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}