{"id":44578,"date":"2022-12-28T20:51:50","date_gmt":"2022-12-29T01:51:50","guid":{"rendered":"https:\/\/prefblog.com\/?p=44578"},"modified":"2022-12-28T20:51:50","modified_gmt":"2022-12-29T01:51:50","slug":"december-28-2022","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44578","title":{"rendered":"December 28, 2022"},"content":{"rendered":"<p>Bond yields <a href=\"https:\/\/www.reuters.com\/article\/usa-bonds\/treasuries-u-s-yields-rise-as-investors-gauge-effect-of-china-reopen-on-fed-idUSL1N33I163\">popped up today<\/a>:<\/p>\n<blockquote><p>The yield on the benchmark U.S. 10-year Treasury rose for a third straight day on Wednesday, reversing an earlier decline, as investors attempted to navigate the impact of China\u2019s reopening policy on the path of interest rate hikes by the U.S. Federal Reserve.<\/p>\n<p>While China has quickly reversed course on its previous \u201czero-COVID\u201d policy this month, which is likely to benefit the global economy, the change has come with a surge in cases that could hamper the economy in the short-term.<\/p>\n<p>The yield on 10-year Treasury notes was up 2.5 basis points to 3.883% after hitting a six-week high of 3.89%. On Tuesday, the 10-year jumped 11.1 basis points, its biggest one-day rise since Oct. 19.<\/p><\/blockquote>\n<p>Five year Canadas are <a href=\"https:\/\/www.investing.com\/rates-bonds\/canada-government-bonds?maturity_from=40&amp;maturity_to=130\">now at 3.40%<\/a>.<\/p>\n<p>An op-ed in the Globe looked at <a href=\"https:\/\/www.theglobeandmail.com\/opinion\/article-the-tax-system-is-stacked-against-low-income-parents\/\">Marginal Effective Tax Rates<\/a>:<\/p>\n<blockquote><p>Parents across the country may be thinking about taking on an extra shift or an extra job to pay off bills from the holiday season or keep up with the rising costs of day-to-day items. What these hard working parents pocket from extra work not only depends on the taxes they pay on that additional income, but also on how much their income-tested government benefits such as the Canada Child Benefit or the Canada Workers Benefit will be reduced or \u201cclawed back.\u201d<\/p>\n<p>In a recent C.D. Howe Institute study, we calculate the total impact of taxes and benefit clawbacks on families with children, giving us what we call \u201ceffective\u201d tax rates. We found that parents in low-income families in particular face high effective tax rates. For instance, more than one-in-three face the prospect of bringing home less than 50 cents of every dollar they earn from extra work. High effective rates reduce the incentive to take on more work and get ahead.<\/p><\/blockquote>\n<p>They propose <a href=\"https:\/\/www.cdhowe.org\/public-policy-research\/softening-bite-impact-benefit-clawbacks-low-income-families-and-how-reduce#avoid-very-high-rates-by-better-integrating-new-benefit-programs\">four different measures to address the issue<\/a>:<\/p>\n<ul>\n<li>Avoid Very High Rates by Better Integrating New Benefit Programs<\/li>\n<li>Benefit Shields<\/li>\n<li>Income Averaging<\/li>\n<li>Childcare Subsidization<\/li>\n<\/ul>\n<p>What&#8217;s a benefit shield? I&#8217;m glad you asked:<\/p>\n<blockquote><p>In 2016, the Quebec government, following through on a key recommendation from the 2015 Quebec Taxation Review Committee chaired by Luc Godbout, instituted a \u201cbenefit shield\u201d11  partly compensating workers for the loss of certain income-tested tax credits \u2013 but only in the first year after they take on more work. On the assumption that work decisions are mostly influenced by short-term financial considerations, the shield approach enables governments to provide relief from high effective tax rates at a low fiscal cost (because relief is only offered for one year after taking on extra work) while maintaining the same level of generosity of targeted cash benefits.<\/p>\n<p>More than 274,000 Quebecers took advantage of the shield in 2018, for a cost of only $49 million. Originally, the credit ceiling was set at $2,500 per worker, but has since been increased to $4,000 in successive budgets (CRFFP 2019).<\/p><\/blockquote>\n<p>However, I was disappointed by the absence of a Guaranteed Annual Income as a suggested policy measure.<\/p>\n<p>PerpetualDiscounts now yield 6.60%, equivalent to 8.58% 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> yielded 4.86% on 2022-12-16 and since then the closing price has changed from 15.46 to 14.67, a decline of 511bp in price, with a Duration of 12.42 (BMO doesn&#8217;t specify whether this is Macaulay or Modified Duration; I will assume Modified) which implies an increase in yield of about 41bp since 12\/16 to 5.27%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed to 330bp from the 355bp reported <a href=\"https:\/\/prefblog.com\/?p=44562\">December 21<\/a>.<\/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>0.8000 %<\/td>\n<td>2,421.8<\/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>0.8000 %<\/td>\n<td>4,645.0<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>8.96 %<\/td>\n<td>9.04 %<\/td>\n<td>52,713<\/td>\n<td>10.37<\/td>\n<td>2<\/td>\n<td>0.8000 %<\/td>\n<td>2,677.0<\/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>0.2571 %<\/td>\n<td>3,241.9<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>5.25 %<\/td>\n<td>7.60 %<\/td>\n<td>64,607<\/td>\n<td>2.71<\/td>\n<td>8<\/td>\n<td>0.2571 %<\/td>\n<td>3,871.6<\/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>0.2571 %<\/td>\n<td>3,020.7<\/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>-0.4941 %<\/td>\n<td>2,634.3<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.47 %<\/td>\n<td>6.60 %<\/td>\n<td>109,769<\/td>\n<td>13.03<\/td>\n<td>35<\/td>\n<td>-0.4941 %<\/td>\n<td>2,872.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.61 %<\/td>\n<td>7.91 %<\/td>\n<td>108,602<\/td>\n<td>11.74<\/td>\n<td>62<\/td>\n<td>-0.2069 %<\/td>\n<td>2,142.4<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>6.43 %<\/td>\n<td>6.55 %<\/td>\n<td>121,443<\/td>\n<td>13.17<\/td>\n<td>20<\/td>\n<td>-0.2256 %<\/td>\n<td>2,794.8<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>10.11 %<\/td>\n<td>9.59 %<\/td>\n<td>38,405<\/td>\n<td>9.89<\/td>\n<td>2<\/td>\n<td>-0.8664 %<\/td>\n<td>2,414.7<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>6.62 %<\/td>\n<td>6.69 %<\/td>\n<td>189,201<\/td>\n<td>4.08<\/td>\n<td>2<\/td>\n<td>-0.0596 %<\/td>\n<td>2,372.4<\/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>-0.2069 %<\/td>\n<td>2,190.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.61 %<\/td>\n<td>8.12 %<\/td>\n<td>57,027<\/td>\n<td>11.69<\/td>\n<td>14<\/td>\n<td>-0.1815 %<\/td>\n<td>2,240.1<\/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>IFC.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>-15.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 14.00<br \/>\nEvaluated at bid price : 14.00<br \/>\nBid-YTW : 9.51 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.I<\/td>\n<td>SplitShare<\/td>\n<td>-3.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 8.80 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 11.16<br \/>\nEvaluated at bid price : 11.16<br \/>\nBid-YTW : 9.53 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 10.65<br \/>\nEvaluated at bid price : 10.65<br \/>\nBid-YTW : 9.61 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>-2.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.00<br \/>\nEvaluated at bid price : 18.00<br \/>\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n<tr>\n<td>CCS.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-2.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.82<br \/>\nEvaluated at bid price : 18.82<br \/>\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.13<br \/>\nEvaluated at bid price : 18.13<br \/>\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.J<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.86 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.50<br \/>\nEvaluated at bid price : 18.50<br \/>\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.00<br \/>\nEvaluated at bid price : 16.00<br \/>\nBid-YTW : 9.25 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.F<\/td>\n<td>FloatingReset<\/td>\n<td>-1.75 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 14.59<br \/>\nEvaluated at bid price : 14.59<br \/>\nBid-YTW : 10.87 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.75 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 14.60<br \/>\nEvaluated at bid price : 14.60<br \/>\nBid-YTW : 9.51 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PF.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.74 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 17.55<br \/>\nEvaluated at bid price : 17.55<br \/>\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.71 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.05<br \/>\nEvaluated at bid price : 16.05<br \/>\nBid-YTW : 8.87 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.71 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 20.69<br \/>\nEvaluated at bid price : 20.69<br \/>\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.67 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.26<br \/>\nEvaluated at bid price : 18.26<br \/>\nBid-YTW : 8.59 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.64 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 21.00<br \/>\nEvaluated at bid price : 21.00<br \/>\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 17.48<br \/>\nEvaluated at bid price : 17.48<br \/>\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.60 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.50<br \/>\nEvaluated at bid price : 18.50<br \/>\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.58 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.01<br \/>\nEvaluated at bid price : 18.01<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.50 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 21.03<br \/>\nEvaluated at bid price : 21.03<br \/>\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.45 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 17.64<br \/>\nEvaluated at bid price : 17.64<br \/>\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 17.92<br \/>\nEvaluated at bid price : 17.92<br \/>\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.23<br \/>\nEvaluated at bid price : 16.23<br \/>\nBid-YTW : 8.72 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 23.00<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.80<br \/>\nEvaluated at bid price : 16.80<br \/>\nBid-YTW : 7.96 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 20.60<br \/>\nEvaluated at bid price : 20.60<br \/>\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.14 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 14.73<br \/>\nEvaluated at bid price : 14.73<br \/>\nBid-YTW : 9.43 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.10<br \/>\nEvaluated at bid price : 18.10<br \/>\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.09 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 19.04<br \/>\nEvaluated at bid price : 19.04<br \/>\nBid-YTW : 7.54 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.R<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 13.75<br \/>\nEvaluated at bid price : 13.75<br \/>\nBid-YTW : 9.20 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.L<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>-1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.03<br \/>\nEvaluated at bid price : 16.03<br \/>\nBid-YTW : 8.44 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.06<br \/>\nEvaluated at bid price : 18.06<br \/>\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 21.38<br \/>\nEvaluated at bid price : 21.38<br \/>\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n<tr>\n<td>IAF.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 18.87<br \/>\nEvaluated at bid price : 18.87<br \/>\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-12-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.60<br \/>\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.F<\/td>\n<td>SplitShare<\/td>\n<td>1.04 %<\/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 : 24.30<br \/>\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.J<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.49 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 21.98<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.H<\/td>\n<td>SplitShare<\/td>\n<td>1.85 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2027-02-28<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.00<br \/>\nBid-YTW : 8.29 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 19.69<br \/>\nEvaluated at bid price : 19.69<br \/>\nBid-YTW : 7.66 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.S<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 20.60<br \/>\nEvaluated at bid price : 20.60<br \/>\nBid-YTW : 7.08 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.G<\/td>\n<td>SplitShare<\/td>\n<td>2.64 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Option Certainty<br \/>\nMaturity Date\t: 2026-02-28<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.35<br \/>\nBid-YTW : 7.42 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.91 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 22.08<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 7.45 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PR.X<\/td>\n<td>FixedReset Disc<\/td>\n<td>4.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 15.14<br \/>\nEvaluated at bid price : 15.14<br \/>\nBid-YTW : 8.32 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.F<\/td>\n<td>Insurance Straight<\/td>\n<td>4.70 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 20.70<br \/>\nEvaluated at bid price : 20.70<br \/>\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.H<\/td>\n<td>FixedReset Disc<\/td>\n<td>5.76 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2025-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.50<br \/>\nBid-YTW : 7.29 %<\/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>RY.PR.Z<\/td>\n<td>FixedReset Disc<\/td>\n<td>55,300<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 17.00<br \/>\nEvaluated at bid price : 17.00<br \/>\nBid-YTW : 8.06 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>51,950<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 14.73<br \/>\nEvaluated at bid price : 14.73<br \/>\nBid-YTW : 9.43 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>49,031<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.64<br \/>\nEvaluated at bid price : 16.64<br \/>\nBid-YTW : 7.71 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>38,064<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 13.59<br \/>\nEvaluated at bid price : 13.59<br \/>\nBid-YTW : 9.30 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>36,100<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 17.71<br \/>\nEvaluated at bid price : 17.71<br \/>\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>34,086<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 16.23<br \/>\nEvaluated at bid price : 16.23<br \/>\nBid-YTW : 8.72 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 32 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>IFC.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 14.00 &#8211; 16.51<br \/>\nSpot Rate  :  2.5100<br \/>\nAverage  :  1.8493<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 14.00<br \/>\nEvaluated at bid price : 14.00<br \/>\nBid-YTW : 9.51 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.K<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 20.60 &#8211; 21.80<br \/>\nSpot Rate  :  1.2000<br \/>\nAverage  :  0.8346<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2029-05-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.60<br \/>\nBid-YTW : 8.12 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.I<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 22.60 &#8211; 23.80<br \/>\nSpot Rate  :  1.2000<br \/>\nAverage  :  0.8834<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 8.80 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 23.45 &#8211; 24.32<br \/>\nSpot Rate  :  0.8700<br \/>\nAverage  :  0.5589<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2052-12-28<br \/>\nMaturity Price  : 23.00<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 7.25 %<\/td>\n<\/tr>\n<tr>\n<td>EIT.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 24.26 &#8211; 25.10<br \/>\nSpot Rate  :  0.8400<br \/>\nAverage  :  0.5333<\/p>\n<p>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 : 7.60 %<\/td>\n<\/tr>\n<tr>\n<td>PVS.PR.H<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 22.00 &#8211; 23.00<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.7020<\/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 : 22.00<br \/>\nBid-YTW : 8.29 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Bond yields popped up today: The yield on the benchmark U.S. 10-year Treasury rose for a third straight day on Wednesday, reversing an earlier decline, as investors attempted to navigate the impact of China\u2019s reopening &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-44578","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44578","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=44578"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44578\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}