{"id":44431,"date":"2022-11-24T23:17:25","date_gmt":"2022-11-25T04:17:25","guid":{"rendered":"https:\/\/prefblog.com\/?p=44431"},"modified":"2022-11-24T23:17:25","modified_gmt":"2022-11-25T04:17:25","slug":"november-24-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44431","title":{"rendered":"November 24, 2022"},"content":{"rendered":"

There’s trouble with variable rate mortgages<\/a>:<\/p>\n

The most common variable-rate product has fixed monthly payments. With every interest rate hike, more of the borrower\u2019s monthly payment goes toward interest. However, when the monthly payment no longer covers any principal, the borrower hits what is known as a trigger rate, and their monthly payment rises. In some cases, the lender allows the borrower to shift the interest onto the principal, which increases the size of the mortgage.<\/p>\n

Fifty per cent of these variable-rate mortgage holders have already reached their trigger rate, according to estimates from a new Bank of Canada research paper published Tuesday. That share will rise to 65 per cent by the middle of next year as the central bank continues to hike interest rates to rein in inflation.<\/p>\n

\u201cThe bottom line is that mortgage costs for some Canadians have already increased, and they will likely increase for others in time, making home ownership more expensive.\u201d [Bank of Canada senior deputy governor] Ms. [Carolyn] Rogers said.<\/p>\n

About 670,000 variable-rate mortgages have been issued since the start of the pandemic, according to the Bank of Canada. Variable-rate mortgages accounted for around 50 per cent of all mortgages issued since mid-2021, compared to an average of 20 per cent in the years before the pandemic.<\/p>\n

\u201cThis is not a large share of households, but it is larger than it would have been based on historical trends,\u201d Ms. Rogers said.<\/p>\n

Borrowers have sought the variable-rate products because borrowing costs have typically been cheaper than fixed-rate mortgages. Part of the motivation was that federal banking rules require borrowers to prove they can make their monthly mortgage payments at an interest rate at least two percentage points higher than their actual mortgage contract<\/p><\/blockquote>\n

Less formally, my brother tells me that the forums on Reddit are filled with plaintive wails that the poster has a variable rate mortgage and doesn’t know what to do. The thing about our collective huge debt to income ratio is that it won’t take a lot of pressure to cause a lot of pain.<\/p>\n

However, the Junior Republicans are eagerly seeking to cement themselves in as the Party of Stupid<\/a>:<\/p>\n

The Conservatives, led by Mr. Scheer, dialled in on the Bank of Canada losing money for the first time in its 87-year history. The central bank\u2019s balance sheet expanded massively during the pandemic, as a result of its government bond-buying program, also known as quantitative easing, or QE. Now the rapid rise in interest rates has created a mismatch on its balance sheet.<\/p>\n

The bank is paying a higher rate of interest on some $200-billion worth of commercial bank deposits held at the central bank than it is earning on the government bonds it bought during the pandemic, resulting in net interest losses. It estimates it will lose between $5-billion and $6-billion in the next year or two, before returning to profitability in 2024 or 2025.<\/p>\n

Because the bank is not allowed to retain its earnings and it does not have a reserve fund, the Department of Finance needs to decide whether to cover the bank\u2019s losses directly or come up with some other method that would allow it to make up for the losses once it returns to profitability.<\/p>\n

The Conservatives have long criticized the bank\u2019s QE program, and Mr. Scheer said the central bank appears to need a \u201cbailout.\u201d Mr. Macklem said that it was largely an \u201caccounting issue,\u201d and pointed to several solutions that are being developed by other central banks.<\/p>\n

\u201cWhatever solution is chosen, it\u2019s not going to affect how we run monetary policy,\u201d he said.<\/p><\/blockquote>\n

So … um … why don’t we run monetary policy by determining what policy will cause the BoC to make massive profits and then following that? Then we’ll all be rich! This would, quite possibly, be a good way to opt out of inflation. For real, this time.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4158 %<\/td>\n2,320.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4158 %<\/td>\n4,451.5<\/td>\n<\/tr>\n
Floater<\/td>\n8.62 %<\/td>\n8.81 %<\/td>\n44,336<\/td>\n10.47<\/td>\n2<\/td>\n0.4158 %<\/td>\n2,565.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.3941 %<\/td>\n3,276.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.19 %<\/td>\n7.41 %<\/td>\n46,299<\/td>\n2.80<\/td>\n8<\/td>\n1.3941 %<\/td>\n3,912.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.3941 %<\/td>\n3,052.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.9522 %<\/td>\n2,619.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.50 %<\/td>\n6.63 %<\/td>\n88,047<\/td>\n13.00<\/td>\n34<\/td>\n0.9522 %<\/td>\n2,856.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.54 %<\/td>\n7.74 %<\/td>\n91,389<\/td>\n11.91<\/td>\n63<\/td>\n0.0939 %<\/td>\n2,177.3<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.41 %<\/td>\n6.60 %<\/td>\n92,331<\/td>\n13.00<\/td>\n18<\/td>\n1.1428 %<\/td>\n2,806.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n9.16 %<\/td>\n9.80 %<\/td>\n43,097<\/td>\n9.60<\/td>\n2<\/td>\n-0.4430 %<\/td>\n2,553.5<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.67 %<\/td>\n6.39 %<\/td>\n411,919<\/td>\n4.20<\/td>\n1<\/td>\n-0.3922 %<\/td>\n2,364.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0939 %<\/td>\n2,225.6<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.49 %<\/td>\n7.76 %<\/td>\n46,946<\/td>\n12.02<\/td>\n14<\/td>\n0.0207 %<\/td>\n2,288.1<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-12.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 13.95
\nEvaluated at bid price : 13.95
\nBid-YTW : 9.99 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n-4.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
RY.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 7.63 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 14.18
\nEvaluated at bid price : 14.18
\nBid-YTW : 8.96 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.62
\nEvaluated at bid price : 19.62
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 15.82
\nEvaluated at bid price : 15.82
\nBid-YTW : 8.40 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 21.69
\nEvaluated at bid price : 21.94
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.74
\nEvaluated at bid price : 18.74
\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.28
\nEvaluated at bid price : 17.28
\nBid-YTW : 7.78 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.20
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.05
\nEvaluated at bid price : 20.05
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.77
\nEvaluated at bid price : 17.77
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.22
\nEvaluated at bid price : 19.22
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BMO.PR.F<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 23.59
\nEvaluated at bid price : 24.00
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.49
\nEvaluated at bid price : 18.49
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
PVS.PR.G<\/td>\nSplitShare<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.31
\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.61
\nEvaluated at bid price : 19.61
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 8.01 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 8.88 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
PVS.PR.F<\/td>\nSplitShare<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.02
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.80
\nEvaluated at bid price : 18.80
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.44
\nEvaluated at bid price : 18.44
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.88
\nEvaluated at bid price : 17.88
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 24.01
\nEvaluated at bid price : 24.35
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n
PVS.PR.K<\/td>\nSplitShare<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2029-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.25
\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.58
\nEvaluated at bid price : 18.58
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
CU.PR.J<\/td>\nPerpetual-Discount<\/td>\n2.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.22
\nEvaluated at bid price : 18.22
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.93
\nEvaluated at bid price : 18.93
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n4.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.82
\nEvaluated at bid price : 18.82
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
PVS.PR.J<\/td>\nSplitShare<\/td>\n7.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2028-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.70
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n7.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 7.55 %<\/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
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n84,214<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 21.28
\nEvaluated at bid price : 21.55
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n67,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.48
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
MIC.PR.A<\/td>\nPerpetual-Discount<\/td>\n41,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Prem<\/td>\n38,965<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2027-11-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n38,528<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n37,016<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
There were 35 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
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 13.95 – 16.40
\nSpot Rate : 2.4500
\nAverage : 1.4059<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 13.95
\nEvaluated at bid price : 13.95
\nBid-YTW : 9.99 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 17.01 – 18.20
\nSpot Rate : 1.1900
\nAverage : 0.6860<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.01
\nEvaluated at bid price : 17.01
\nBid-YTW : 8.86 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.82 – 22.00
\nSpot Rate : 3.1800
\nAverage : 2.7542<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.82
\nEvaluated at bid price : 18.82
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 20.75 – 21.50
\nSpot Rate : 0.7500
\nAverage : 0.4632<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 20.75
\nEvaluated at bid price : 20.75
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 17.10 – 18.15
\nSpot Rate : 1.0500
\nAverage : 0.7847<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n

PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.06 – 18.74
\nSpot Rate : 0.6800
\nAverage : 0.4689<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2052-11-24
\nMaturity Price : 18.06
\nEvaluated at bid price : 18.06
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s trouble with variable rate mortgages: The most common variable-rate product has fixed monthly payments. With every interest rate hike, more of the borrower\u2019s monthly payment goes toward interest. However, when the monthly payment no …<\/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-44431","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44431","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=44431"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44431\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}