{"id":48257,"date":"2017-03-01T22:07:00","date_gmt":"2017-03-02T03:07:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48257"},"modified":"2025-07-15T22:08:42","modified_gmt":"2025-07-16T02:08:42","slug":"march-1-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48257","title":{"rendered":"March 1, 2017"},"content":{"rendered":"

In today’s top news, Canadian regulators are thinking about maybe doing something at some point about binary options fraud<\/a>:<\/p>\n

Regulators from provincial securities commissions across Canada have now formed a task force to try to crack down on binary options after receiving more than 800 reports and inquiries from investors in 2016 alone, saying the schemes have become Canada\u2019s most widespread securities fraud targeting individual investors.<\/p>\n<\/blockquote>\n

I won’t hold my breath. It’s much easier and just as well rewarded to simply sit in the office and play ticky-box with desperately cooperative Canadian firms.<\/p>\n

PerpetualDiscounts now yield 5.21%, equivalent to 6.77% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.05%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 270bp, a significant narrowing from the 280bp reported February 8<\/a>.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(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>\n0.8915 %<\/td>\n2,079.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8915 %<\/td>\n3,816.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.63 %<\/td>\n3.86 %<\/td>\n54,881<\/td>\n17.65<\/td>\n4<\/td>\n0.8915 %<\/td>\n2,199.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1255 %<\/td>\n3,002.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.99 %<\/td>\n4.01 %<\/td>\n62,769<\/td>\n0.76<\/td>\n5<\/td>\n0.1255 %<\/td>\n3,585.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1255 %<\/td>\n2,797.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n4.74 %<\/td>\n68,365<\/td>\n0.81<\/td>\n20<\/td>\n0.0450 %<\/td>\n2,740.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.17 %<\/td>\n5.21 %<\/td>\n98,068<\/td>\n15.07<\/td>\n18<\/td>\n-0.0259 %<\/td>\n2,914.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.45 %<\/td>\n4.06 %<\/td>\n229,792<\/td>\n6.76<\/td>\n97<\/td>\n0.3397 %<\/td>\n2,315.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.04 %<\/td>\n0.38 %<\/td>\n132,864<\/td>\n0.09<\/td>\n31<\/td>\n0.0396 %<\/td>\n2,854.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.49 %<\/td>\n3.18 %<\/td>\n51,745<\/td>\n4.64<\/td>\n9<\/td>\n0.0969 %<\/td>\n2,471.2<\/td>\n<\/tr>\n<\/table>\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
IFC.PR.A<\/td>\nFixedReset<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.76
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 16.06
\nEvaluated at bid price : 16.06
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.55
\nBid-YTW : 6.56 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 15.85
\nEvaluated at bid price : 15.85
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.87
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 14.58
\nEvaluated at bid price : 14.58
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 16.20
\nEvaluated at bid price : 16.20
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.91
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 21.70
\nEvaluated at bid price : 22.15
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset<\/td>\n240,155<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n109,194<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.01
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
PVS.PR.C<\/td>\nSplitShare<\/td>\n108,628<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.14
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n65,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
BIP.PR.D<\/td>\nFixedReset<\/td>\n59,838<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset<\/td>\n55,983<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.52
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
There were 38 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\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
BAM.PF.H<\/td>\nFixedReset<\/td>\nQuote: 26.45 – 26.74
\nSpot Rate : 0.2900
\nAverage : 0.1908<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.45
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 15.08 – 15.44
\nSpot Rate : 0.3600
\nAverage : 0.2759<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.08
\nBid-YTW : 9.51 %<\/td>\n<\/tr>\n

W.PR.K<\/td>\nFixedReset<\/td>\nQuote: 26.10 – 26.41
\nSpot Rate : 0.3100
\nAverage : 0.2349<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.57 – 23.90
\nSpot Rate : 0.3300
\nAverage : 0.2569<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 23.27
\nEvaluated at bid price : 23.57
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

TD.PR.S<\/td>\nFixedReset<\/td>\nQuote: 24.65 – 24.85
\nSpot Rate : 0.2000
\nAverage : 0.1332<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 18.30 – 18.57
\nSpot Rate : 0.2700
\nAverage : 0.2037<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-03-01
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

In today’s top news, Canadian regulators are thinking about maybe doing something at some point about binary options fraud: Regulators from provincial securities commissions across Canada have now formed a task force to try to …<\/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-48257","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48257","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=48257"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48257\/revisions"}],"predecessor-version":[{"id":48258,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48257\/revisions\/48258"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}