{"id":45312,"date":"2023-05-25T19:00:11","date_gmt":"2023-05-26T00:00:11","guid":{"rendered":"https:\/\/prefblog.com\/?p=45312"},"modified":"2023-05-25T19:00:11","modified_gmt":"2023-05-26T00:00:11","slug":"may-25-2023","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=45312","title":{"rendered":"May 25, 2023"},"content":{"rendered":"
\"\"<\/a><\/div>\n

TXPR closed at 521.30<\/a>, down 1.11% on the day after setting a new 52-week low. Volume today was 1.34-million, highest of the past 21 trading days.<\/p>\n

CPD closed at 10.34<\/a>, down 1.24% on the day after setting a new 52-week low. Volume was 38,640, below the median of the past 21 trading days.<\/p>\n

ZPR closed at 8.55<\/a>, down 1.16% on the day after setting a new 52-week low. Volume was 98,600, fifth-lowest of the past 21 trading days.<\/p>\n

Five-year Canada yields up to 3.55%<\/a> today.<\/p>\n

It’s hard to tell what’s going on here – perhaps the market has entered a self-reinforcing declining phase that will only stop when some institutional money is put on the table? All I can really say is … it’s time to take off your hat and fill it with preferred shares! ‘Be fearful when others are greedy …’<\/p>\n

The Boston Fed has released<\/a> a ‘Current Policy Perspective’ By Falk Br\u00e4uning and Viacheslav Sheremirov titled The Historical Effects of Banking Distress on Economic Activity:<\/p>\n

The failures of several U.S. regional banks have stimulated discussions about the macroeconomic effects of a likely credit contraction triggered by the recent banking turmoil. Drawing on historical evidence from advanced economies, this study documents a sizable and persistent decline in output and rise in unemployment following non-systemic financial distress. The effects of a systemic banking crisis are two to four times as large. High corporate leverage exacerbates banking turmoil, whereas high bank capitalization and a relatively large share of market financing in corporate debt mitigate it. These channels approximately offset one another so that the estimates tailored to the current U.S. economy are in line with the average effect.
\n…<\/b>
\nThe non-systemic financial distress episodes are distributed more evenly than the systemic crises. Such episodes include those that occurred in the United Kingdom in the mid-1970s, mid-1980s, and early 1990s; in Germany in the late 1970s; in Canada in the mid-1980s; in the United States in the late 1980s (the savings and loan crisis); in Australia and Italy in the early 1990s; in France in the mid-1990s; and others. For six countries, the Global Financial Crisis was also an episode of non-systemic distress. Thus, history provides substantial variation in the geography, time, and severity of financial distress to identify its impact on the economy
\n…<\/b>
\nIn lieu of concluding remarks, this study performs back-of-the-envelope calculations of the effect of non-systemic financial distress, similar in size to the typical episode in the sample, on domestic output. These calculations combine the latest observations of debt over GDP, bank loans over business debt, and the bank capital ratio for the United States with the estimates discussed above. The negative effect of relatively high corporate leverage in the United States is almost entirely offset by the positive effects of relatively high bank capitalization and a relatively small share of bank loans in business debt. The resulting estimate of output decline one year after the onset of non-systemic financial distress equals 1.4 percent, which is statistically indistinguishable from the 1.3 percent estimated in the full sample without accounting for heterogeneity.<\/p><\/blockquote>\n

<\/a><\/div>\n
<\/a><\/div>\n

There is speculation that the US debt limit showdown<\/a> will end with everybody doing some grandstanding:<\/p>\n

Top White House officials and Republican lawmakers were closing in on Thursday on a deal that would raise the debt limit for two years while capping federal spending on everything but the military and veterans for the same period. Officials were racing to cement an agreement in time to avert a federal default that is projected in just one week.<\/p>\n

The deal taking shape would allow Republicans to say that they were reducing some federal spending \u2014 even as spending on the military and veterans\u2019 programs would continue to grow \u2014 and allow Democrats to say they had spared most domestic programs from significant cuts.<\/p>\n

Negotiators from both sides were talking into the evening and beginning to draft legislative text, though some details remained in flux.<\/p><\/blockquote>\n

A deal would be a Good Thing because, for instance<\/a>:<\/p>\n

On Wednesday evening, Fitch fired its first shot across the government\u2019s bow, placing the United States\u2019 rating on watch for a downgrade, a move that \u201creflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit,\u201d the agency\u2019s analysts warned.<\/p>\n

The United States has never deliberately reneged on its debt in the modern era, but even a brief default would alter the perception of debt-ceiling brinkmanship as political theater and turn it into a real risk to the creditworthiness of the government, Moody\u2019s has warned.<\/p>\n

\u201cOur view is that we would need to reflect that permanently in the rating,\u201d said William Foster, the lead analyst for the United States at the rating agency. The agency has said that if the Treasury Department misses one interest payment, its credit rating would be lowered by a notch. For the United States to regain its previous top rating, according to Mr. Foster, lawmakers would have to significantly alter the debt limit or remove it entirely.<\/p><\/blockquote>\n

… and DBRS has warned<\/a>:<\/p>\n

DBRS, Inc. (DBRS Morningstar) placed the United States of America\u2019s Long-Term Foreign and Local Currency \u2013 Issuer Ratings of AAA Under Review with Negative Implications. In addition, DBRS Morningstar placed the United States of America\u2019s Short-Term Foreign and Local Currency \u2013 Issuer Ratings of R-1 (high) Under Review with Negative Implications.<\/p>\n

The Under Review with Negative Implications reflects the risk of Congress failing to increase or suspend the debt ceiling in a timely manner. If Congress does not act, the U.S. federal government will not be able to pay all of its obligations. The precise timing of when the federal government will exhaust available cash and extraordinary measures, the so-called X-date, is somewhat unclear. However, Treasury Secretary Janet Yellen reiterated her warning on May 22 that the X-date could come as early as June 1. Judging from the latest data on daily net inflows into the Treasury General Account, we believe it is reasonable to assume the X-date could arrive within weeks if not days.<\/p>\n

While we still expect Congress to raise the debt ceiling before Treasury runs out of available resources, there is a risk of Congressional inaction as the X-date approaches. DBRS Morningstar would consider any missed payment of interest or principal as a default. In such a scenario, the relevant U.S. Issuer Ratings would be downgraded to \u201cSelective Default.\u201d<\/p><\/blockquote>\n

But it’s a big world. BIS has released<\/a> a committee report titled Central bank digital currencies: ongoing policy perspectives<\/a>:<\/p>\n

In 2021, this group noted there was a balance between facilitating adoption of any CBDC to realise policy objectives and managing any potential excess demand for CBDC. CBDC design will need to account for potentially wide ranges of demand or CBDC adoption in the early\/introductory stages, and preparedness for market stresses or other extraordinary scenarios must be there from the outset. To the extent that any central bank wishes to actively shape demand for CBDC, as part of its larger policy toolkit, there is likely no one-size-fits-all solution for whether pricing or quantity control approaches are most suitable, either in the introductory phase or over time (see Box 3). In designing and implementing any measures, central banks would need to be mindful of central bank balance sheets, interaction with bank regulation and how CBDC compares with other forms of money.<\/p>\n

CBDCs, if issued, must be interoperable with other forms of money and existing payment systems. Two key issues are how CBDC would connect with instant payment infrastructure,7 and how CBDC transactions could be processed at point of sale (PoS) terminals. Similar to its role in existing infrastructure and a diverse set of industries, international standardisation could be highly beneficial in supporting the development of the CBDC ecosystem.<\/p>\n

Decisions to deepen technology investments will also carry meaningful cost. Testing and development of solutions has not yet led any member of this group to make firm choices around one technology or system design, although such choices are likely to occur in the coming years. For example, the use of blockchain within CBDC systems remains a possibility, although it is currently not deemed essential to the functioning of a potential CBDC system (see Box 4).
\n…<\/b>
\nMany experiments with wholesale CBDC for cross-border payments have enabled a wider set of participants to have direct access to central bank systems. Broadening access arrangements to a wider set of participants (domestically and\/or internationally) would be a significant policy choice that could also be undertaken without CBDC. Therefore, further work is needed to understand how value could be drawn through issuing a wholesale CBDC \u2013 particularly what it may provide over and above upgrades and improvements to existing systems. Making improvements with CBDCs may also require central banks to consider the role of further governance and standardisation or alignment in areas beyond messaging standards.<\/p><\/blockquote>\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>\n-1.8985 %<\/td>\n2,135.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.8985 %<\/td>\n4,095.7<\/td>\n<\/tr>\n
Floater<\/td>\n10.55 %<\/td>\n10.76 %<\/td>\n25,346<\/td>\n8.87<\/td>\n2<\/td>\n-1.8985 %<\/td>\n2,360.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1039 %<\/td>\n3,357.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.01 %<\/td>\n6.84 %<\/td>\n39,614<\/td>\n2.56<\/td>\n7<\/td>\n0.1039 %<\/td>\n4,009.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1039 %<\/td>\n3,128.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.6091 %<\/td>\n2,650.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.44 %<\/td>\n6.53 %<\/td>\n42,369<\/td>\n13.13<\/td>\n34<\/td>\n-1.6091 %<\/td>\n2,890.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n6.10 %<\/td>\n8.50 %<\/td>\n85,804<\/td>\n11.17<\/td>\n63<\/td>\n-1.1853 %<\/td>\n2,042.0<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n6.35 %<\/td>\n6.43 %<\/td>\n58,889<\/td>\n13.22<\/td>\n19<\/td>\n-1.4470 %<\/td>\n2,831.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n10.84 %<\/td>\n11.49 %<\/td>\n52,369<\/td>\n8.37<\/td>\n2<\/td>\n-0.5496 %<\/td>\n2,349.7<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.97 %<\/td>\n6.85 %<\/td>\n325,529<\/td>\n12.51<\/td>\n1<\/td>\n0.2783 %<\/td>\n2,320.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.1853 %<\/td>\n2,087.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n6.17 %<\/td>\n7.73 %<\/td>\n81,119<\/td>\n11.61<\/td>\n11<\/td>\n-0.6188 %<\/td>\n2,261.2<\/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\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
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-18.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 7.89 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-9.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n-6.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.88
\nEvaluated at bid price : 15.88
\nBid-YTW : 8.94 %<\/td>\n<\/tr>\n
BN.PF.I<\/td>\nFixedReset Disc<\/td>\n-4.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.03
\nEvaluated at bid price : 19.03
\nBid-YTW : 9.05 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Disc<\/td>\n-4.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.61
\nEvaluated at bid price : 22.02
\nBid-YTW : 7.62 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-3.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 7.07 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n-3.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 11.40
\nEvaluated at bid price : 11.40
\nBid-YTW : 9.38 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n-3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.30
\nEvaluated at bid price : 15.30
\nBid-YTW : 10.13 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n-3.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 9.87 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n-3.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 11.01
\nEvaluated at bid price : 11.01
\nBid-YTW : 10.97 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 10.20
\nEvaluated at bid price : 10.20
\nBid-YTW : 10.66 %<\/td>\n<\/tr>\n
CM.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.53
\nEvaluated at bid price : 21.53
\nBid-YTW : 7.82 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 6.94 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.13
\nEvaluated at bid price : 16.13
\nBid-YTW : 10.25 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset Disc<\/td>\n-2.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.15
\nEvaluated at bid price : 16.15
\nBid-YTW : 8.65 %<\/td>\n<\/tr>\n
BN.PF.H<\/td>\nFixedReset Disc<\/td>\n-2.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.26
\nEvaluated at bid price : 20.26
\nBid-YTW : 8.94 %<\/td>\n<\/tr>\n
BN.PR.N<\/td>\nPerpetual-Discount<\/td>\n-2.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.52
\nEvaluated at bid price : 17.52
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.35
\nEvaluated at bid price : 19.35
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n-2.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 11.90
\nEvaluated at bid price : 11.90
\nBid-YTW : 9.26 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.28
\nEvaluated at bid price : 20.28
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.15
\nEvaluated at bid price : 15.15
\nBid-YTW : 9.55 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 13.66
\nEvaluated at bid price : 13.66
\nBid-YTW : 9.46 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.65
\nEvaluated at bid price : 16.65
\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n
PWF.PF.A<\/td>\nPerpetual-Discount<\/td>\n-2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.65
\nEvaluated at bid price : 17.65
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.69
\nEvaluated at bid price : 20.69
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.36
\nEvaluated at bid price : 15.36
\nBid-YTW : 8.95 %<\/td>\n<\/tr>\n
BN.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 13.99
\nEvaluated at bid price : 13.99
\nBid-YTW : 10.48 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset Disc<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.03
\nEvaluated at bid price : 16.03
\nBid-YTW : 8.97 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.09
\nEvaluated at bid price : 21.09
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BN.PR.T<\/td>\nFixedReset Disc<\/td>\n-1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 13.15
\nEvaluated at bid price : 13.15
\nBid-YTW : 10.04 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.59
\nEvaluated at bid price : 20.59
\nBid-YTW : 8.10 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.35
\nEvaluated at bid price : 15.35
\nBid-YTW : 8.92 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.81
\nEvaluated at bid price : 17.81
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.08
\nEvaluated at bid price : 21.08
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 8.99 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
BN.PF.A<\/td>\nFixedReset Disc<\/td>\n-1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 9.26 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset Disc<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 8.64 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.60
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 22.71
\nEvaluated at bid price : 22.95
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
BN.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 7.92 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.80
\nEvaluated at bid price : 16.80
\nBid-YTW : 8.57 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 9.96 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 9.86
\nEvaluated at bid price : 9.86
\nBid-YTW : 10.78 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.34
\nEvaluated at bid price : 19.34
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.53
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.28
\nEvaluated at bid price : 18.28
\nBid-YTW : 6.38 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.20
\nEvaluated at bid price : 21.20
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 8.63 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
TD.PF.L<\/td>\nFixedReset Disc<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.97
\nEvaluated at bid price : 22.55
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 17.82
\nEvaluated at bid price : 17.82
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 12.83
\nEvaluated at bid price : 12.83
\nBid-YTW : 10.13 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 21.52
\nEvaluated at bid price : 21.80
\nBid-YTW : 7.14 %<\/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
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n46,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 8.99 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n41,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n37,082<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n34,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.45
\nEvaluated at bid price : 16.45
\nBid-YTW : 8.50 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n28,631<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 14.55
\nEvaluated at bid price : 14.55
\nBid-YTW : 9.96 %<\/td>\n<\/tr>\n
BN.PF.B<\/td>\nFixedReset Disc<\/td>\n27,850<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 9.87 %<\/td>\n<\/tr>\n
There were 16 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
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 16.90 – 20.90
\nSpot Rate : 4.0000
\nAverage : 2.1806<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 16.90
\nEvaluated at bid price : 16.90
\nBid-YTW : 7.89 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.34 – 23.72
\nSpot Rate : 4.3800
\nAverage : 2.8853<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.34
\nEvaluated at bid price : 19.34
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n

GWO.PR.P<\/td>\nInsurance Straight<\/td>\nQuote: 19.00 – 21.40
\nSpot Rate : 2.4000
\nAverage : 1.4412<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n

CU.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.67 – 22.00
\nSpot Rate : 3.3300
\nAverage : 2.4282<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.67
\nEvaluated at bid price : 18.67
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 15.60 – 17.50
\nSpot Rate : 1.9000
\nAverage : 1.1055<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 15.60
\nEvaluated at bid price : 15.60
\nBid-YTW : 8.99 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.05 – 20.00
\nSpot Rate : 1.9500
\nAverage : 1.2768<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2053-05-25
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

TXPR closed at 521.30, down 1.11% on the day after setting a new 52-week low. Volume today was 1.34-million, highest of the past 21 trading days. CPD closed at 10.34, down 1.24% on the day …<\/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-45312","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45312","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=45312"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45312\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}