{"id":44427,"date":"2022-11-24T22:57:40","date_gmt":"2022-11-25T03:57:40","guid":{"rendered":"https:\/\/prefblog.com\/?p=44427"},"modified":"2022-11-24T22:57:40","modified_gmt":"2022-11-25T03:57:40","slug":"november-23-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44427","title":{"rendered":"November 23, 2022"},"content":{"rendered":"<p>PerpetualDiscounts now yield 6.70%, equivalent to 8.71% interest at the standard equivalency factor of 1.3x. <a href=\"https:\/\/www.bmogam.com\/ca-en\/advisors\/investment-solutions\/etf\/bmo-long-corporate-bond-index-etf-zlc\/\">Long corporates<\/a> now yield 5.32%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 340bp from the 310bp reported <a href=\"https:\/\/prefblog.com\/?p=44406\">November 16<\/a>. However, I suspect that the &#8220;Weighted Average Yield to Maturity&#8221; reported by BMO on their ZLC page is not kept current; anything to withhold information from the masses is good business for the banks! I&#8217;ve <a href=\"bmo.etfs@bmo.com\">sent an inquiry<\/a>; we&#8217;ll just see what kind of answer I get! So far, I&#8217;ve simply gotten the run-around, since BMO is of course a bank, which means their staff is not only completely untrained, but is left hanging out to dry when they yell for help. My guy&#8217;s trying hard, but I may have to write a letter for them to file after sending me a soothing response.<\/p>\n<p>Assiduous Reader KC has, however eMailed me to suggest an alternative: the <a href=\"https:\/\/indices.theice.com\">ICE BofA 10+ Year Canada Corporate Index (F9C0)<\/a>. This is under serious consideration.<\/p>\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>-0.0831 %<\/td>\n<td>2,311.3<\/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>-0.0831 %<\/td>\n<td>4,433.1<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>8.66 %<\/td>\n<td>8.85 %<\/td>\n<td>53,202<\/td>\n<td>10.44<\/td>\n<td>2<\/td>\n<td>-0.0831 %<\/td>\n<td>2,554.8<\/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>-0.9127 %<\/td>\n<td>3,231.2<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>5.26 %<\/td>\n<td>7.71 %<\/td>\n<td>44,621<\/td>\n<td>2.80<\/td>\n<td>8<\/td>\n<td>-0.9127 %<\/td>\n<td>3,858.8<\/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>-0.9127 %<\/td>\n<td>3,010.8<\/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>0.4252 %<\/td>\n<td>2,594.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.57 %<\/td>\n<td>6.70 %<\/td>\n<td>83,930<\/td>\n<td>12.90<\/td>\n<td>34<\/td>\n<td>0.4252 %<\/td>\n<td>2,829.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.54 %<\/td>\n<td>7.75 %<\/td>\n<td>92,281<\/td>\n<td>11.89<\/td>\n<td>63<\/td>\n<td>0.2064 %<\/td>\n<td>2,175.2<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>6.49 %<\/td>\n<td>6.68 %<\/td>\n<td>92,533<\/td>\n<td>12.89<\/td>\n<td>18<\/td>\n<td>0.5629 %<\/td>\n<td>2,774.9<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>9.12 %<\/td>\n<td>9.71 %<\/td>\n<td>41,624<\/td>\n<td>9.68<\/td>\n<td>2<\/td>\n<td>0.7974 %<\/td>\n<td>2,564.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>6.65 %<\/td>\n<td>6.29 %<\/td>\n<td>400,267<\/td>\n<td>4.20<\/td>\n<td>1<\/td>\n<td>-0.7782 %<\/td>\n<td>2,373.3<\/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>0.2064 %<\/td>\n<td>2,223.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.49 %<\/td>\n<td>7.75 %<\/td>\n<td>47,170<\/td>\n<td>12.05<\/td>\n<td>14<\/td>\n<td>-0.4123 %<\/td>\n<td>2,287.7<\/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>PVS.PR.J<\/td>\n<td>SplitShare<\/td>\n<td>-5.81 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2028-02-29<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.25<br \/>\nBid-YTW : 9.02 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.93<br \/>\nEvaluated at bid price : 17.93<br \/>\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.96 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 16.00<br \/>\nEvaluated at bid price : 16.00<br \/>\nBid-YTW : 8.80 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 15.37<br \/>\nEvaluated at bid price : 15.37<br \/>\nBid-YTW : 9.01 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.K<\/td>\n<td>SplitShare<\/td>\n<td>-1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2029-05-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.90<br \/>\nBid-YTW : 7.71 %<\/td>\n<\/tr>\n<tr>\n<td>IAF.PR.I<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 21.10<br \/>\nEvaluated at bid price : 21.10<br \/>\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.L<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.55 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 22.48<br \/>\nEvaluated at bid price : 22.89<br \/>\nBid-YTW : 7.16 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.Q<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 18.43<br \/>\nEvaluated at bid price : 18.43<br \/>\nBid-YTW : 8.00 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.W<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 16.56<br \/>\nEvaluated at bid price : 16.56<br \/>\nBid-YTW : 8.12 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.F<\/td>\n<td>SplitShare<\/td>\n<td>-1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2024-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.65<br \/>\nBid-YTW : 7.93 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 18.24<br \/>\nEvaluated at bid price : 18.24<br \/>\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.80<br \/>\nEvaluated at bid price : 17.80<br \/>\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 18.98<br \/>\nEvaluated at bid price : 18.98<br \/>\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 20.35<br \/>\nEvaluated at bid price : 20.35<br \/>\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 12.40<br \/>\nEvaluated at bid price : 12.40<br \/>\nBid-YTW : 8.67 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Insurance Straight<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 20.45<br \/>\nEvaluated at bid price : 20.45<br \/>\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 16.00<br \/>\nEvaluated at bid price : 16.00<br \/>\nBid-YTW : 7.95 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>1.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 19.75<br \/>\nEvaluated at bid price : 19.75<br \/>\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.J<\/td>\n<td>FloatingReset<\/td>\n<td>1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 15.70<br \/>\nEvaluated at bid price : 15.70<br \/>\nBid-YTW : 8.78 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 18.23<br \/>\nEvaluated at bid price : 18.23<br \/>\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 11.11<br \/>\nEvaluated at bid price : 11.11<br \/>\nBid-YTW : 9.22 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 14.71<br \/>\nEvaluated at bid price : 14.71<br \/>\nBid-YTW : 8.76 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.53 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.30<br \/>\nEvaluated at bid price : 17.30<br \/>\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PF.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.54 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.12<br \/>\nEvaluated at bid price : 17.12<br \/>\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 11.85<br \/>\nEvaluated at bid price : 11.85<br \/>\nBid-YTW : 8.92 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.71 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 20.76<br \/>\nEvaluated at bid price : 20.76<br \/>\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.77 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 21.51<br \/>\nEvaluated at bid price : 21.79<br \/>\nBid-YTW : 7.75 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.94 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 22.67<br \/>\nEvaluated at bid price : 23.10<br \/>\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 14.36<br \/>\nEvaluated at bid price : 14.36<br \/>\nBid-YTW : 8.85 %<\/td>\n<\/tr>\n<tr>\n<td>CCS.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>2.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 19.86<br \/>\nEvaluated at bid price : 19.86<br \/>\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.76 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 18.27<br \/>\nEvaluated at bid price : 18.27<br \/>\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.93 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 21.05<br \/>\nEvaluated at bid price : 21.05<br \/>\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>3.97 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 15.70<br \/>\nEvaluated at bid price : 15.70<br \/>\nBid-YTW : 9.08 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>5.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.97<br \/>\nEvaluated at bid price : 17.97<br \/>\nBid-YTW : 7.51 %<\/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>IFC.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>94,498<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 20.30<br \/>\nEvaluated at bid price : 20.30<br \/>\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>85,477<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.80<br \/>\nEvaluated at bid price : 17.80<br \/>\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.T<\/td>\n<td>Insurance Straight<\/td>\n<td>57,220<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 19.46<br \/>\nEvaluated at bid price : 19.46<br \/>\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.J<\/td>\n<td>FixedReset Disc<\/td>\n<td>53,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 22.54<br \/>\nEvaluated at bid price : 23.50<br \/>\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.L<\/td>\n<td>Insurance Straight<\/td>\n<td>43,400<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 21.46<br \/>\nEvaluated at bid price : 21.46<br \/>\nBid-YTW : 6.71 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>41,275<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.26<br \/>\nEvaluated at bid price : 17.26<br \/>\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 35 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>CU.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 17.93 &#8211; 22.00<br \/>\nSpot Rate  :  4.0700<br \/>\nAverage  :  2.2873<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.93<br \/>\nEvaluated at bid price : 17.93<br \/>\nBid-YTW : 6.88 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.J<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 20.25 &#8211; 22.25<br \/>\nSpot Rate  :  2.0000<br \/>\nAverage  :  1.1875<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2028-02-29<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.25<br \/>\nBid-YTW : 9.02 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.H<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 22.15 &#8211; 23.65<br \/>\nSpot Rate  :  1.5000<br \/>\nAverage  :  1.0953<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2027-02-28<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.15<br \/>\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 17.30 &#8211; 18.35<br \/>\nSpot Rate  :  1.0500<br \/>\nAverage  :  0.6574<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 17.30<br \/>\nEvaluated at bid price : 17.30<br \/>\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.05 &#8211; 23.50<br \/>\nSpot Rate  :  2.4500<br \/>\nAverage  :  2.1754<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 21.05<br \/>\nEvaluated at bid price : 21.05<br \/>\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 23.70 &#8211; 24.60<br \/>\nSpot Rate  :  0.9000<br \/>\nAverage  :  0.6363<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-11-23<br \/>\nMaturity Price  : 23.27<br \/>\nEvaluated at bid price : 23.70<br \/>\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 6.70%, equivalent to 8.71% interest at the standard equivalency factor of 1.3x. Long corporates now yield 5.32%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened to 340bp &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-44427","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44427","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=44427"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44427\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}