{"id":41765,"date":"2020-12-23T22:19:27","date_gmt":"2020-12-24T03:19:27","guid":{"rendered":"http:\/\/prefblog.com\/?p=41765"},"modified":"2020-12-23T22:19:27","modified_gmt":"2020-12-24T03:19:27","slug":"december-23-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41765","title":{"rendered":"December 23, 2020"},"content":{"rendered":"

I was fascinated to read about the Royal Ottawa Golf Club’s CEWS-derived operating surplus<\/a>:<\/p>\n

The Royal Ottawa Golf Club, one of the country’s most prominent private courses, has banked a $1-million surplus from its past season, thanks mostly to federal subsidies for workers’ wages during the COVID-19 pandemic.<\/p>\n

CBC News has obtained the club’s audited financial statements, and a recording of its annual general meeting, in which its board told members about the club’s “very strong financial position” due to the Canada emergency wage subsidy (CEWS) windfall.<\/p>\n

“We ended up with a rather substantial subsidy,” Doug McLarty, the club treasurer, told participants in the Dec. 5 online video meeting. “It was over a million dollars. And that ended up on the bottom line.”
…<\/b>
“I can tell you that pretty well every club in Ontario that we are aware of, and in Quebec, applied for that subsidy. And many of them are in a similar situation to what we have enjoyed this year \u2014 they have an operating surplus that they weren’t anticipating.” [said McLarty]<\/p><\/blockquote>\n

It was interesting because not only did the effect go far beyond partial mitigation of coronavirus damage, but because I can’t figure out how they qualified. This puzzlement led to curiosity about investment management firms – we weren’t subject to lockdowns and fees are based on assets under management. So I used the CRA CEWS Registry<\/a> to search for a few investment management companies that might have obtained some of this largesse … it turns out that quite a few of them were sucking government tit!<\/p>\n

If anybody can tell me why these guys don’t deserve to be classed as welfare bums, let me know!<\/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-0.2716 %<\/td>\n1,860.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2716 %<\/td>\n3,414.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.67 %<\/td>\n4.61 %<\/td>\n75,891<\/td>\n16.22<\/td>\n2<\/td>\n-0.2716 %<\/td>\n1,967.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1780 %<\/td>\n3,632.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.77 %<\/td>\n4.36 %<\/td>\n43,755<\/td>\n3.82<\/td>\n9<\/td>\n0.1780 %<\/td>\n4,337.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1780 %<\/td>\n3,384.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n-0.10 %<\/td>\n73,036<\/td>\n0.08<\/td>\n19<\/td>\n0.1277 %<\/td>\n3,203.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.01 %<\/td>\n5.01 %<\/td>\n71,597<\/td>\n15.40<\/td>\n12<\/td>\n-0.0378 %<\/td>\n3,670.6<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.02 %<\/td>\n3.90 %<\/td>\n148,051<\/td>\n17.22<\/td>\n56<\/td>\n-0.0818 %<\/td>\n2,325.4<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.07 %<\/td>\n4.85 %<\/td>\n88,356<\/td>\n15.37<\/td>\n22<\/td>\n-0.0719 %<\/td>\n3,549.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.93 %<\/td>\n1.91 %<\/td>\n41,600<\/td>\n1.09<\/td>\n3<\/td>\n0.0656 %<\/td>\n1,851.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.15 %<\/td>\n3.14 %<\/td>\n220,925<\/td>\n0.78<\/td>\n22<\/td>\n0.0573 %<\/td>\n2,677.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.93 %<\/td>\n1.81 %<\/td>\n174,846<\/td>\n1.09<\/td>\n2<\/td>\n-0.0200 %<\/td>\n2,880.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.05 %<\/td>\n3.87 %<\/td>\n84,829<\/td>\n17.29<\/td>\n22<\/td>\n0.4152 %<\/td>\n2,426.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-7.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 13.75
\nEvaluated at bid price : 13.75
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 23.30
\nEvaluated at bid price : 23.56
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 9.05
\nEvaluated at bid price : 9.05
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 14.97
\nEvaluated at bid price : 14.97
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 10.37
\nEvaluated at bid price : 10.37
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nInsurance Straight<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 23.98
\nEvaluated at bid price : 24.23
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 21.77
\nEvaluated at bid price : 22.17
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.45
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 9.31
\nEvaluated at bid price : 9.31
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 11.30
\nEvaluated at bid price : 11.30
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 21.40
\nEvaluated at bid price : 21.40
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 23.16
\nEvaluated at bid price : 23.60
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset Ins Non<\/td>\n4.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.40
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n7.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 4.05 %<\/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
BMO.PR.B<\/td>\nFixedReset Prem<\/td>\n201,550<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n22,763<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 20.84
\nEvaluated at bid price : 20.84
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n21,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n20,015<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.20
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n18,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 20.98
\nEvaluated at bid price : 20.98
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset Bank Non<\/td>\n18,300<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 1.81 %<\/td>\n<\/tr>\n
There were 20 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.D<\/td>\nFixedReset Disc<\/td>\nQuote: 13.75 – 15.05
\nSpot Rate : 1.3000
\nAverage : 0.7427<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 13.75
\nEvaluated at bid price : 13.75
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.60 – 20.17
\nSpot Rate : 1.5700
\nAverage : 1.2743<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 18.60
\nEvaluated at bid price : 18.60
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 15.90 – 16.79
\nSpot Rate : 0.8900
\nAverage : 0.5950<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 15.90
\nEvaluated at bid price : 15.90
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nInsurance Straight<\/td>\nQuote: 23.65 – 24.23
\nSpot Rate : 0.5800
\nAverage : 0.3975<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.85 – 25.85
\nSpot Rate : 1.0000
\nAverage : 0.8451<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 24.61
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 18.42 – 19.42
\nSpot Rate : 1.0000
\nAverage : 0.8483<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-23
\nMaturity Price : 18.42
\nEvaluated at bid price : 18.42
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I was fascinated to read about the Royal Ottawa Golf Club’s CEWS-derived operating surplus: The Royal Ottawa Golf Club, one of the country’s most prominent private courses, has banked a $1-million surplus from its past …<\/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-41765","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41765","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=41765"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41765\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}