{"id":43729,"date":"2022-07-04T19:43:15","date_gmt":"2022-07-05T00:43:15","guid":{"rendered":"https:\/\/prefblog.com\/?p=43729"},"modified":"2022-07-04T19:43:15","modified_gmt":"2022-07-05T00:43:15","slug":"july-4-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43729","title":{"rendered":"July 4, 2022"},"content":{"rendered":"<p>Peter Misek of Framework Venture Partners <a href=\"https:\/\/www.theglobeandmail.com\/business\/commentary\/article-federal-fiscal-crisis-canada\/#comments\">takes us down memory lane<\/a>:<\/p>\n<blockquote><p>Let\u2019s revisit the past. In 1993, the new Chr\u00e9tien government was ripe with ideas for pumping stimulus into the country. Its problems were familiar: health and education were clamouring for investment and every government department had needs.<\/p>\n<p>Less than a year into the government\u2019s mandate, a usually uneventful moment became a watershed lesson for Canada. With hours to go before a regular bond auction, there were no bids at any price, Mr. Chr\u00e9tien confirmed in a 2011 Reuters interview.<br \/>\n<b>&#8230;<\/b><br \/>\nAt the last minute, the auction received bids, but the damage was done. In a rare moment of clarity, common sense and heroism, Mr. Chr\u00e9tien called emergency cabinet meetings and set the painful but needed course toward renewed prosperity in Canada.<\/p><\/blockquote>\n<p>Yes, it was common knowledge in the industry that the GOC bond auctions had come within a hairsbreadth of failing in 1993. Not enough people know that.<\/p>\n<p>One of the truisms of politics is that the politicians generally know what has to be done; they just don&#8217;t know how to get re-elected if they do it. We were very fortunate that at that time there was a Liberal government in Canada: they had the political room to take the harsh steps that were required. If it had been a Progressive Conservative government in power, doing so would have reinforced their political stereotypes and in short order have taken them to the political wilderness &#8211; as Mike Harris and the Ontario PCs found out soon enough.<\/p>\n<p>It&#8217;s time to break up the banks. <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-banks-block-etfs\/\">This is tied selling<\/a>:<\/p>\n<blockquote><p>Some of Canada\u2019s largest banks are blocking online investors from buying high-interest-savings exchange traded funds, which compete with the banks\u2019 own lucrative deposit accounts.<\/p>\n<p>The discount brokerage arms at Royal Bank of Canada, Bank of Montreal and Toronto-Dominion Bank do not allow do-it-yourself investors to purchase high-interest-savings ETFs, also known as cash ETFs, or HISA ETFs. The funds, which are run by independent asset managers, mainly invest in pools of banks\u2019 high-interest savings accounts and deposits.<\/p><\/blockquote>\n<p>Rising yields are doing wonders for the <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-canadian-pension-plans-see-improved-financial-health-despite-volatile\/\">solvency ratios of DB pension plans<\/a>:<\/p>\n<blockquote><p>Consulting firm Mercer Canada Ltd. said its Mercer Pension Health Pulse, which tracks the median solvency ratio of the defined benefit (DB) pension plans of Mercer clients, increased from 108 per cent on March 31 to 109 per cent by June 30. The measure was 96 per cent at the end of 2020 and 103 per cent at the end of 2021<br \/>\n<b>&#8230;<\/b><br \/>\nAon PLC &#8230; said its pension risk tracker, which measures the aggregate solvency of DB pension plans of companies in the S&amp;P\/TSX Composite Index, increased from 100.5 per cent to 101.5 per cent during the past three months. It has risen all the way from 89.4 per cent at the end of 2020 and 97.2 per cent at the end of 2021.<\/p><\/blockquote>\n<table border=\"1\">\n<tbody>\n<tr>\n<td colspan=\"8\"><strong>HIMIPref\u2122 Preferred Indices<br \/>\nThese values reflect the December 2008 revision of the HIMIPref\u2122 Indices<\/strong><br \/>\nValues are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>\nCurrent<br \/>\nYield<br \/>\n(at bid)<\/td>\n<td>Median<br \/>\nYTW<\/td>\n<td>Median<br \/>\nAverage<br \/>\nTrading<br \/>\nValue<\/td>\n<td>Median<br \/>\nMod Dur<br \/>\n(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-1.4646 %<\/td>\n<td>2,498.4<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-1.4646 %<\/td>\n<td>4,791.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>4.98 %<\/td>\n<td>4.99 %<\/td>\n<td>41,844<\/td>\n<td>15.55<\/td>\n<td>3<\/td>\n<td>-1.4646 %<\/td>\n<td>2,761.6<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.1215 %<\/td>\n<td>3,453.8<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.92 %<\/td>\n<td>5.91 %<\/td>\n<td>50,470<\/td>\n<td>3.18<\/td>\n<td>8<\/td>\n<td>-0.1215 %<\/td>\n<td>4,124.5<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.1215 %<\/td>\n<td>3,218.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0465 %<\/td>\n<td>2,850.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.98 %<\/td>\n<td>6.11 %<\/td>\n<td>66,770<\/td>\n<td>13.77<\/td>\n<td>34<\/td>\n<td>0.0465 %<\/td>\n<td>3,108.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>4.71 %<\/td>\n<td>6.31 %<\/td>\n<td>111,883<\/td>\n<td>13.72<\/td>\n<td>56<\/td>\n<td>-0.2379 %<\/td>\n<td>2,500.6<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>5.99 %<\/td>\n<td>6.10 %<\/td>\n<td>92,231<\/td>\n<td>13.79<\/td>\n<td>18<\/td>\n<td>0.0943 %<\/td>\n<td>3,004.2<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>5.80 %<\/td>\n<td>6.07 %<\/td>\n<td>44,062<\/td>\n<td>13.83<\/td>\n<td>2<\/td>\n<td>0.0308 %<\/td>\n<td>2,635.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>5.00 %<\/td>\n<td>4.97 %<\/td>\n<td>138,745<\/td>\n<td>1.97<\/td>\n<td>10<\/td>\n<td>-0.1066 %<\/td>\n<td>2,607.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Bank Non<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.2379 %<\/td>\n<td>2,556.1<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>4.66 %<\/td>\n<td>6.34 %<\/td>\n<td>61,658<\/td>\n<td>13.69<\/td>\n<td>14<\/td>\n<td>-0.0233 %<\/td>\n<td>2,616.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td colspan=\"4\"><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-4.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 19.00<br \/>\nEvaluated at bid price : 19.00<br \/>\nBid-YTW : 7.36 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>-3.77 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 18.10<br \/>\nEvaluated at bid price : 18.10<br \/>\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-3.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 12.80<br \/>\nEvaluated at bid price : 12.80<br \/>\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.50 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 23.14<br \/>\nEvaluated at bid price : 23.40<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 13.20<br \/>\nEvaluated at bid price : 13.20<br \/>\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n<tr>\n<td>EIT.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2024-03-14<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.26<br \/>\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 18.00<br \/>\nEvaluated at bid price : 18.00<br \/>\nBid-YTW : 7.31 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.82 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 20.55<br \/>\nEvaluated at bid price : 20.55<br \/>\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.S<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.73 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 21.32<br \/>\nEvaluated at bid price : 21.62<br \/>\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 20.40<br \/>\nEvaluated at bid price : 20.40<br \/>\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.58 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 19.29<br \/>\nEvaluated at bid price : 19.29<br \/>\nBid-YTW : 6.70 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.47 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 20.10<br \/>\nEvaluated at bid price : 20.10<br \/>\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Y<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 21.20<br \/>\nEvaluated at bid price : 21.20<br \/>\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 14.40<br \/>\nEvaluated at bid price : 14.40<br \/>\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>-1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 13.05<br \/>\nEvaluated at bid price : 13.05<br \/>\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 12.63<br \/>\nEvaluated at bid price : 12.63<br \/>\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n<tr>\n<td>MIC.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 21.48<br \/>\nEvaluated at bid price : 21.48<br \/>\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.H<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 15.00<br \/>\nEvaluated at bid price : 15.00<br \/>\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 22.55<br \/>\nEvaluated at bid price : 22.80<br \/>\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 18.20<br \/>\nEvaluated at bid price : 18.20<br \/>\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 23.18<br \/>\nEvaluated at bid price : 23.66<br \/>\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 17.33<br \/>\nEvaluated at bid price : 17.33<br \/>\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.75 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 20.35<br \/>\nEvaluated at bid price : 20.35<br \/>\nBid-YTW : 7.56 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.75 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 14.50<br \/>\nEvaluated at bid price : 14.50<br \/>\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.76 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 20.20<br \/>\nEvaluated at bid price : 20.20<br \/>\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>1.83 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 18.90<br \/>\nEvaluated at bid price : 18.90<br \/>\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.91 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 19.24<br \/>\nEvaluated at bid price : 19.24<br \/>\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.W<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 20.70<br \/>\nEvaluated at bid price : 20.70<br \/>\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td colspan=\"4\"><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>\nTraded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Insurance Straight<\/td>\n<td>22,197<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 23.32<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.R<\/td>\n<td>FixedReset Disc<\/td>\n<td>19,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-08-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset Disc<\/td>\n<td>18,800<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 21.20<br \/>\nEvaluated at bid price : 21.20<br \/>\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n<tr>\n<td>RS.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>16,311<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-12-31<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 10.06<br \/>\nBid-YTW : 5.04 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>14,865<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 23.14<br \/>\nEvaluated at bid price : 23.40<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.C<\/td>\n<td>FixedReset Prem<\/td>\n<td>12,500<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2022-11-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 1 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table border=\"1\">\n<tbody>\n<tr>\n<td colspan=\"3\"><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Y<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 21.20 &#8211; 25.00<br \/>\nSpot Rate  :  3.8000<br \/>\nAverage  :  2.0457<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 21.20<br \/>\nEvaluated at bid price : 21.20<br \/>\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 19.15 &#8211; 23.00<br \/>\nSpot Rate  :  3.8500<br \/>\nAverage  :  2.2892<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 19.15<br \/>\nEvaluated at bid price : 19.15<br \/>\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 13.20 &#8211; 17.88<br \/>\nSpot Rate  :  4.6800<br \/>\nAverage  :  3.6335<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 13.20<br \/>\nEvaluated at bid price : 13.20<br \/>\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 18.90 &#8211; 21.15<br \/>\nSpot Rate  :  2.2500<br \/>\nAverage  :  1.2919<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 18.90<br \/>\nEvaluated at bid price : 18.90<br \/>\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 22.10 &#8211; 24.00<br \/>\nSpot Rate  :  1.9000<br \/>\nAverage  :  1.3078<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 21.76<br \/>\nEvaluated at bid price : 22.10<br \/>\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 19.91 &#8211; 21.50<br \/>\nSpot Rate  :  1.5900<br \/>\nAverage  :  1.1098<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-07-04<br \/>\nMaturity Price  : 19.91<br \/>\nEvaluated at bid price : 19.91<br \/>\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Peter Misek of Framework Venture Partners takes us down memory lane: Let\u2019s revisit the past. In 1993, the new Chr\u00e9tien government was ripe with ideas for pumping stimulus into the country. Its problems were familiar: &hellip;<\/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-43729","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43729","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=43729"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43729\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}