{"id":44640,"date":"2023-01-11T22:11:11","date_gmt":"2023-01-12T03:11:11","guid":{"rendered":"https:\/\/prefblog.com\/?p=44640"},"modified":"2023-01-11T22:11:11","modified_gmt":"2023-01-12T03:11:11","slug":"january-11-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=44640","title":{"rendered":"January 11, 2023"},"content":{"rendered":"<p><a href=\"\"><img decoding=\"async\" src=\"https:\/\/prefblog.com\/wp-content\/uploads\/2023\/01\/rainbow_230111.jpeg\" alt=\"https:\/\/prefblog.com\/wp-content\/uploads\/2023\/01\/rainbow_230111.jpeg\" width=\"400\"><\/a><\/p>\n<p>TXPR <a href=\"https:\/\/money.tmx.com\/en\/quote\/%5ETXPR\">closed at 580.54<\/a>, up 0.76% on the day. Volume today was 1.82-million, well above the median of the past 21 trading days.<\/p>\n<p>CPD <a href=\"https:\/\/web.tmxmoney.com\/quote.php?qm_symbol=cpd\">closed at 11.55<\/a>, up 0.78% on the day. Volume was 92,520, well below the median of the past 21 trading days.<\/p>\n<p>ZPR <a href=\"https:\/\/web.tmxmoney.com\/quote.php?qm_symbol=zpr\">closed at 9.59<\/a>, up 0.63% on the day. Volume was 205,840, below the median of the past 21 trading days.<\/p>\n<p>Five-year Canada yields were <a href=\"https:\/\/www.investing.com\/rates-bonds\/canada-5-year-bond-yield-historical-data\">down 10bp to 3.16%<\/a> today.<\/p>\n<p>The omniscient pundits <a href=\"https:\/\/www.theglobeandmail.com\/investing\/markets\/inside-the-market\/market-news\/article-premarket-world-stocks-edge-higher-with-us-inflation-data-bank\/\">tell us<\/a>:<\/p>\n<blockquote><p>U.S. stocks ended up sharply on Wednesday, with the S&amp;P 500 and Nasdaq gaining more than 1% each as investors were optimistic ahead of an inflation report that could give the Federal Reserve room to dial back on its aggressive interest rate hikes. The TSX rose to its highest level in more than five weeks, led by a 2% jump in the real estate sector, attracting buyers as U.S. and Canadian bond yields declined.<\/p>\n<p>The much-anticipated report due on Thursday is projected by economists polled by Reuters to show U.S. consumer prices grew 6.5% year-on-year in December, moderating from a 7.1% rise in November.<\/p>\n<p>Benchmark stock indexes are up this year after falling sharply last year. Hopes that the Fed could soon ease back on its aggressive tightening after raising the federal funds rate seven times in 2022 have boosted the market in recent sessions, even as comments by some Fed officials have supported the view that the central bank needs to remain vigilant about raising rates to fight inflation.<br \/>\n<b>&#8230;<\/b><br \/>\nCanadian and U.S. government bond yields fell across a flatter curve. The 10-year was down 11.2 basis points at 3.008%, its lowest level since Dec. 21. That helped to give a boost to the real estate sector, made up of relatively high yielding securities that struggle when yields rise on competing investments in the bond market.<\/p><\/blockquote>\n<p>PerpetualDiscounts now yield 6.21%, equivalent to 8.07% 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 5.11% on 2023-1-6 and since then the closing price has changed from 15.04 to 15.19, an increase of 100bp in price, with a Duration of 12.24 (BMO doesn&#8217;t specify whether this is Macaulay or Modified Duration; I will assume Modified) which implies a decline in yield of about 8bp since 1\/6 to 5.05%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has declined to about 300bp from the 330bp  reported <a href=\"https:\/\/prefblog.com\/?p=44621\">January 4<\/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>0.3855 %<\/td>\n<td>2,502.5<\/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>0.3855 %<\/td>\n<td>4,799.9<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>8.67 %<\/td>\n<td>8.77 %<\/td>\n<td>42,922<\/td>\n<td>10.62<\/td>\n<td>2<\/td>\n<td>0.3855 %<\/td>\n<td>2,766.2<\/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>0.1722 %<\/td>\n<td>3,339.0<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>5.04 %<\/td>\n<td>7.14 %<\/td>\n<td>65,886<\/td>\n<td>2.85<\/td>\n<td>7<\/td>\n<td>0.1722 %<\/td>\n<td>3,987.5<\/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>0.1722 %<\/td>\n<td>3,111.2<\/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>0.2158 %<\/td>\n<td>2,772.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.14 %<\/td>\n<td>6.21 %<\/td>\n<td>93,745<\/td>\n<td>13.63<\/td>\n<td>35<\/td>\n<td>0.2158 %<\/td>\n<td>3,023.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Disc<\/td>\n<td>5.30 %<\/td>\n<td>7.18 %<\/td>\n<td>97,225<\/td>\n<td>12.36<\/td>\n<td>62<\/td>\n<td>0.0502 %<\/td>\n<td>2,283.6<\/td>\n<\/tr>\n<tr>\n<td>Insurance Straight<\/td>\n<td>6.00 %<\/td>\n<td>6.16 %<\/td>\n<td>108,215<\/td>\n<td>13.68<\/td>\n<td>20<\/td>\n<td>-0.0825 %<\/td>\n<td>2,992.9<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>9.67 %<\/td>\n<td>10.12 %<\/td>\n<td>43,829<\/td>\n<td>9.45<\/td>\n<td>2<\/td>\n<td>0.7365 %<\/td>\n<td>2,553.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Prem<\/td>\n<td>6.62 %<\/td>\n<td>6.14 %<\/td>\n<td>178,885<\/td>\n<td>4.12<\/td>\n<td>2<\/td>\n<td>0.0397 %<\/td>\n<td>2,374.8<\/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>0.0502 %<\/td>\n<td>2,334.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset Ins Non<\/td>\n<td>5.40 %<\/td>\n<td>7.14 %<\/td>\n<td>59,456<\/td>\n<td>12.56<\/td>\n<td>14<\/td>\n<td>0.6264 %<\/td>\n<td>2,388.3<\/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>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-4.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.90<br \/>\nEvaluated at bid price : 17.90<br \/>\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset Disc<\/td>\n<td>-4.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.50<br \/>\nEvaluated at bid price : 17.50<br \/>\nBid-YTW : 7.66 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.G<\/td>\n<td>FixedReset Disc<\/td>\n<td>-3.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.00<br \/>\nEvaluated at bid price : 17.00<br \/>\nBid-YTW : 8.28 %<\/td>\n<\/tr>\n<tr>\n<td>BIK.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>-3.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 23.55<br \/>\nEvaluated at bid price : 24.03<br \/>\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>-2.83 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.18<br \/>\nEvaluated at bid price : 18.18<br \/>\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.L<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 23.54<br \/>\nEvaluated at bid price : 24.00<br \/>\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.36 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2024-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.61<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Y<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.75<br \/>\nEvaluated at bid price : 18.75<br \/>\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.39<br \/>\nEvaluated at bid price : 18.39<br \/>\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>-1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.50<br \/>\nEvaluated at bid price : 18.50<br \/>\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.E<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.02 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 21.27<br \/>\nEvaluated at bid price : 21.27<br \/>\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>-1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 19.70<br \/>\nEvaluated at bid price : 19.70<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>MIC.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.80<br \/>\nEvaluated at bid price : 18.80<br \/>\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 13.25<br \/>\nEvaluated at bid price : 13.25<br \/>\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 13.00<br \/>\nEvaluated at bid price : 13.00<br \/>\nBid-YTW : 8.14 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.Q<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 20.44<br \/>\nEvaluated at bid price : 20.44<br \/>\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.D<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 16.55<br \/>\nEvaluated at bid price : 16.55<br \/>\nBid-YTW : 8.30 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 11.80<br \/>\nEvaluated at bid price : 11.80<br \/>\nBid-YTW : 8.55 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.G<\/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: 2053-01-11<br \/>\nMaturity Price  : 21.12<br \/>\nEvaluated at bid price : 21.12<br \/>\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>1.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.95<br \/>\nEvaluated at bid price : 18.95<br \/>\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Insurance Straight<\/td>\n<td>1.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 21.31<br \/>\nEvaluated at bid price : 21.31<br \/>\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.W<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.76<br \/>\nEvaluated at bid price : 17.76<br \/>\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.J<\/td>\n<td>FloatingReset<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 15.55<br \/>\nEvaluated at bid price : 15.55<br \/>\nBid-YTW : 9.51 %<\/td>\n<\/tr>\n<tr>\n<td>CCS.PR.C<\/td>\n<td>Insurance Straight<\/td>\n<td>1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 20.80<br \/>\nEvaluated at bid price : 20.80<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.I<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 21.36<br \/>\nEvaluated at bid price : 21.66<br \/>\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n<tr>\n<td>BIP.PR.E<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.89 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 21.60<br \/>\nEvaluated at bid price : 21.60<br \/>\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>1.90 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 19.35<br \/>\nEvaluated at bid price : 19.35<br \/>\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 14.92<br \/>\nEvaluated at bid price : 14.92<br \/>\nBid-YTW : 8.33 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 20.50<br \/>\nEvaluated at bid price : 20.50<br \/>\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>2.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 15.85<br \/>\nEvaluated at bid price : 15.85<br \/>\nBid-YTW : 7.62 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2024-05-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.75<br \/>\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset Disc<\/td>\n<td>2.76 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.60<br \/>\nEvaluated at bid price : 18.60<br \/>\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.W<\/td>\n<td>FixedReset Disc<\/td>\n<td>3.41 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 19.13<br \/>\nEvaluated at bid price : 19.13<br \/>\nBid-YTW : 6.98 %<\/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>MFC.PR.F<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>66,600<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 13.25<br \/>\nEvaluated at bid price : 13.25<br \/>\nBid-YTW : 7.81 %<\/td>\n<\/tr>\n<tr>\n<td>BN.PF.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>64,200<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.47<br \/>\nEvaluated at bid price : 17.47<br \/>\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.M<\/td>\n<td>FixedReset Disc<\/td>\n<td>54,075<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2024-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.61<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.F<\/td>\n<td>FixedReset Disc<\/td>\n<td>29,311<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2024-05-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.75<br \/>\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.I<\/td>\n<td>FixedReset Ins Non<\/td>\n<td>28,700<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 22.42<br \/>\nEvaluated at bid price : 23.22<br \/>\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.W<\/td>\n<td>FixedReset Disc<\/td>\n<td>27,000<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.76<br \/>\nEvaluated at bid price : 17.76<br \/>\nBid-YTW : 7.41 %<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\">There were 18 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>CM.PR.Q<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 19.35 &#8211; 22.15<br \/>\nSpot Rate  :  2.8000<br \/>\nAverage  :  1.8159<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 19.35<br \/>\nEvaluated at bid price : 19.35<br \/>\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 17.50 &#8211; 19.95<br \/>\nSpot Rate  :  2.4500<br \/>\nAverage  :  1.4863<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 17.50<br \/>\nEvaluated at bid price : 17.50<br \/>\nBid-YTW : 7.66 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Insurance Straight<\/td>\n<td>Quote: 20.25 &#8211; 21.99<br \/>\nSpot Rate  :  1.7400<br \/>\nAverage  :  1.1295<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 20.25<br \/>\nEvaluated at bid price : 20.25<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.T<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 18.18 &#8211; 19.50<br \/>\nSpot Rate  :  1.3200<br \/>\nAverage  :  0.8591<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 18.18<br \/>\nEvaluated at bid price : 18.18<br \/>\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n<tr>\n<td>BIK.PR.A<\/td>\n<td>FixedReset Disc<\/td>\n<td>Quote: 24.03 &#8211; 25.00<br \/>\nSpot Rate  :  0.9700<br \/>\nAverage  :  0.5986<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 23.55<br \/>\nEvaluated at bid price : 24.03<br \/>\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.33 &#8211; 22.50<br \/>\nSpot Rate  :  1.1700<br \/>\nAverage  :  0.8395<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2053-01-11<br \/>\nMaturity Price  : 21.33<br \/>\nEvaluated at bid price : 21.33<br \/>\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>TXPR closed at 580.54, up 0.76% on the day. Volume today was 1.82-million, well above the median of the past 21 trading days. CPD closed at 11.55, up 0.78% on the day. Volume was 92,520, &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-44640","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44640","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=44640"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/44640\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}