{"id":43253,"date":"2022-04-08T21:09:04","date_gmt":"2022-04-09T02:09:04","guid":{"rendered":"https:\/\/prefblog.com\/?p=43253"},"modified":"2022-04-08T21:09:04","modified_gmt":"2022-04-09T02:09:04","slug":"april-8-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43253","title":{"rendered":"April 8, 2022"},"content":{"rendered":"
<\/a><\/div>\n

TXPR closed at 650.53<\/a>, up 0.96% on the day. Volume today was 3.07-million, second only to March 31<\/a> in the past 21 trading days, which shows just how anemic trade has been lately.<\/p>\n

CPD closed at 12.92<\/a>, up 0.62% on the day. Volume was 274,190, behind March 22<\/a> and April 7<\/a> in the past 21 trading days.<\/p>\n

ZPR closed at 10.75<\/a>, up 0.09% on the day. Volume of 288,360 was near the median of the past 21 trading days.<\/p>\n

Five-year Canada yields were up 7bp to 2.61%<\/a> today.<\/p>\n

Apparently there will be a tax change with respect to shorting dividend-paying stocks<\/a>:<\/p>\n

The budget released Thursday calls it the \u201cdouble-deduction loophole,\u201d which allows some Canadian financial institutions to use \u201chedging and short selling arrangements in aggressive tax planning strategies.\u201d By closing the loophole, the government says, it can add $635-million to federal coffers over five years starting in 2022-23, and $150-million annually afterward.<\/p>\n

Here\u2019s what happens: A financial institution shorts a stock, which means they borrow it, sell the shares, and keep the proceeds with a promise to repay the shares later. At the same time, the financial institution owns the same number of shares and collects the dividends.<\/p>\n

An entity that shorts a stock can deduct the interest it pays for borrowing as an expense. And a corporation that collects dividends from another corporation can offset its income with those dividends.<\/p>\n

Budget 2022 proposes to amend the Income Tax Act to deny the deduction for a dividend received where the taxpayer has entered into these paired short-sale transactions.<\/p><\/blockquote>\n

I didn’t understand that, so I looked at the budget itself<\/a>:<\/p>\n

Some Canadian financial institutions have been using hedging and short selling arrangements in aggressive tax planning strategies. Put simply, two different parts of an institution take different positions in relation to a Canadian dividend-paying stock\u2014one short, or betting against the stock; one long, or betting on the stock\u2014to take advantage of special treatment that those Canadian stocks receive.<\/p>\n

Budget 2022 proposes to amend the Income Tax Act to deny the deduction for a dividend received where the taxpayer has entered into such transactions.<\/p>\n

This measure would increase federal revenues by $635 million over five years starting in 2022-23, and by $150 million ongoing.<\/p><\/blockquote>\n

So I don’t think this will have any effect on market efficiency, since market-makers will still be able to short stock without any changes to the tax treatment – but if anybody thinks differently, let me know in the comments!<\/p>\n

Meanwhile, in the real world of working for a living<\/a>:<\/p>\n

Canada\u2019s unemployment rate hit a record low in March as employers bulked up their staffing levels, the latest sign of rapid expansion in the country\u2019s labour market.<\/p>\n

The economy added 73,000 positions last month, following a blowout return of 337,000 in February, Statistics Canada said Friday. The unemployment rate fell to 5.3 per cent, which is the lowest in nearly five decades of comparable data from the country\u2019s Labour Force Survey.<\/p>\n

The job gains in March were entirely in full-time positions, paced by Ontario (35,000) and Quebec (27,000), and with the private sector accounting for more than half the increase.<\/p>\n

Several analysts said the upbeat job numbers reinforced their view that the Bank of Canada will raise its benchmark interest rate by 50 basis points next week. (A basis point is 1\/100th of a percentage point.) The central bank has not hiked rates by that magnitude since 2000.
\n…<\/b>
\nThose tight conditions are leading to better pay for employees. Average hourly wages rose 3.4 per cent in March on an annual basis, accelerating from 3.1 per cent in February. That said, the country\u2019s inflation rate recently hit a three-decade high of 5.7 per cent, meaning the average worker is effectively seeing a pay cut and the loss of purchasing power.<\/p><\/blockquote>\n

Huge volume in EMA.PR.L today was driven by a cross done through Scotia of 1,797,200 shares. It looks like somebody somewhere panicked and really really really wanted to sell. Trades in sequence reported by the Toronto Exchange are:<\/p>\n

RBC sold 500 shares to Anonymous at 21.45, time 1:41pm
\nScotia sold 100 shares to TD at 21.28, time 2:25pm
\nScotia sold 500 shares to RBC at 21.01, time 2:25pm
\nScotia crossed 1,797,200 shares at 20.50, time 2:25pm<\/p>\n

So, transaction costs on the trade amounted to about 1.8-million + commission; but at a nickel a share, commission is a mere bagatelle. On Monday, before all the excitement started, EMA.PR.L traded 5,500 shares at a VWAP of about 22.50, so Assiduous Readers are welcome to do their own complicated calculations of just what the transaction cost for this monster actually was. According to HIMIPref\u2122 EMA.PR.L now has an Average Daily Trading Value (which dampens the effect of isolated large trading days) of about $140,000; up from Monday’s $127,000.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref\u2122 Preferred Indices
\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong>
\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
\nCurrent
\nYield
\n(at bid)<\/td>\n		Median
\nYTW<\/td>\n		Median
\nAverage
\nTrading
\nValue<\/td>\n		Median
\nMod Dur
\n(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n3.39 %<\/td>\n3.99 %<\/td>\n25,369<\/td>\n19.32<\/td>\n1<\/td>\n-0.4764 %<\/td>\n2,678.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.9950 %<\/td>\n5,161.7<\/td>\n<\/tr>\n
Floater<\/td>\n3.33 %<\/td>\n3.38 %<\/td>\n39,892<\/td>\n18.83<\/td>\n4<\/td>\n1.9950 %<\/td>\n2,974.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0661 %<\/td>\n3,631.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.50 %<\/td>\n49,516<\/td>\n3.52<\/td>\n6<\/td>\n0.0661 %<\/td>\n4,336.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0661 %<\/td>\n3,383.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.51 %<\/td>\n5.28 %<\/td>\n65,471<\/td>\n14.55<\/td>\n16<\/td>\n0.3891 %<\/td>\n3,100.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.46 %<\/td>\n5.47 %<\/td>\n57,449<\/td>\n14.66<\/td>\n18<\/td>\n1.5307 %<\/td>\n3,401.8<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.37 %<\/td>\n5.54 %<\/td>\n130,851<\/td>\n14.88<\/td>\n49<\/td>\n0.9131 %<\/td>\n2,628.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.39 %<\/td>\n5.37 %<\/td>\n87,055<\/td>\n14.83<\/td>\n20<\/td>\n0.9012 %<\/td>\n3,330.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.57 %<\/td>\n3.90 %<\/td>\n51,809<\/td>\n17.67<\/td>\n2<\/td>\n1.3325 %<\/td>\n2,777.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n4.86 %<\/td>\n4.58 %<\/td>\n149,536<\/td>\n1.95<\/td>\n19<\/td>\n0.4890 %<\/td>\n2,654.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9131 %<\/td>\n2,687.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.37 %<\/td>\n5.54 %<\/td>\n84,341<\/td>\n14.64<\/td>\n15<\/td>\n1.6913 %<\/td>\n2,744.4<\/td>\n<\/tr>\n<\/tbody>\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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-11.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-5.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n
EMA.PR.L<\/td>\nPerpetual-Discount<\/td>\n-2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n-2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.32
\nEvaluated at bid price : 21.32
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.12
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.60
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-08
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Prem<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.91
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
PVS.PR.I<\/td>\nSplitShare<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.30
\nEvaluated at bid price : 23.82
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.94
\nEvaluated at bid price : 24.22
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 15.20
\nEvaluated at bid price : 15.20
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.58
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.65
\nEvaluated at bid price : 23.92
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.35
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 24.34
\nEvaluated at bid price : 24.65
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.29
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.54
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
RY.PR.S<\/td>\nFixedReset Disc<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.88
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.76
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 24.09
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Prem<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.46
\nEvaluated at bid price : 22.72
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 19.92
\nEvaluated at bid price : 19.92
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 24.25
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.27
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.65
\nEvaluated at bid price : 22.08
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.59
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.27
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.74
\nEvaluated at bid price : 21.99
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n2.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.55
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.18
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Premium<\/td>\n2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 19.16
\nEvaluated at bid price : 19.16
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 14.26
\nEvaluated at bid price : 14.26
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nInsurance Straight<\/td>\n2.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.33
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.88
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n2.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.61
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.18
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n3.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 14.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n3.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 18.12
\nEvaluated at bid price : 18.12
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n3.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 13.58
\nEvaluated at bid price : 13.58
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n3.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.60
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n4.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 3.20 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n4.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n4.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n5.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.87
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n5.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n37.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
\nTraded<\/td>\n		Notes<\/td>\n<\/tr>\n
EMA.PR.L<\/td>\nPerpetual-Discount<\/td>\n1,807,540<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Prem<\/td>\n54,279<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
IFC.PR.K<\/td>\nPerpetual-Premium<\/td>\n41,187<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 24.61
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Prem<\/td>\n40,200<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 2.65 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n24,275<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 13.58
\nEvaluated at bid price : 13.58
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Prem<\/td>\n23,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 23.88
\nEvaluated at bid price : 24.24
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
There were 7 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\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
PVS.PR.I<\/td>\nSplitShare<\/td>\nQuote: 25.75 – 30.00
\nSpot Rate : 4.2500
\nAverage : 2.7631<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 20.00 – 22.89
\nSpot Rate : 2.8900
\nAverage : 1.6446<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 20.50 – 23.50
\nSpot Rate : 3.0000
\nAverage : 1.8918<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n

BAM.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 18.52 – 20.35
\nSpot Rate : 1.8300
\nAverage : 1.1175<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.97 – 24.23
\nSpot Rate : 1.2600
\nAverage : 0.7433<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 22.68
\nEvaluated at bid price : 22.97
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

EMA.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.86 – 21.93
\nSpot Rate : 1.0700
\nAverage : 0.6898<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-04-08
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

TXPR closed at 650.53, up 0.96% on the day. Volume today was 3.07-million, second only to March 31 in the past 21 trading days, which shows just how anemic trade has been lately. CPD closed …<\/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-43253","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43253","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=43253"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43253\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}