{"id":48923,"date":"2017-11-23T10:55:00","date_gmt":"2017-11-23T15:55:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48923"},"modified":"2025-07-31T10:57:17","modified_gmt":"2025-07-31T14:57:17","slug":"november-23-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48923","title":{"rendered":"November 23, 2017"},"content":{"rendered":"

Chris Bourke of Bloomberg wrote a piece about Australia’s housing market<\/a> that interested me because of Canada’s presence in the charts:<\/p>\n

\"housingbook\"<\/a>
Click for Big<\/i><\/div>\n

That represents the failure of Canada’s housing policy since 2006 – the vast expansion of the CMHC insurance books has enabled the banks – through lower risk and, importantly, lower risk weights feeding into their capital ratios – to load up on mortgages. It astonishes me that there are some people who are surprised by the housing bubble in Toronto and Vancouver; I am flabbergasted that there are some who blame foreign money for the problem.<\/p>\n

The other chart I liked was: <\/p>\n

\"cranes\"<\/a>
Click for Big<\/i><\/div>\n

Wow. In Toronto, you can’t throw a brick without hitting a crane – Sydney must be something else!<\/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>\n-0.2626 %<\/td>\n2,452.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2626 %<\/td>\n4,499.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.69 %<\/td>\n3.91 %<\/td>\n99,610<\/td>\n17.55<\/td>\n3<\/td>\n-0.2626 %<\/td>\n2,593.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0987 %<\/td>\n3,117.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.73 %<\/td>\n4.14 %<\/td>\n53,442<\/td>\n1.10<\/td>\n6<\/td>\n0.0987 %<\/td>\n3,722.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0987 %<\/td>\n2,904.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n4.69 %<\/td>\n45,043<\/td>\n0.16<\/td>\n20<\/td>\n-0.0020 %<\/td>\n2,843.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.19 %<\/td>\n5.23 %<\/td>\n62,934<\/td>\n15.06<\/td>\n15<\/td>\n0.0338 %<\/td>\n3,025.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.22 %<\/td>\n4.20 %<\/td>\n152,585<\/td>\n4.41<\/td>\n98<\/td>\n-0.1509 %<\/td>\n2,504.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.01 %<\/td>\n5.31 %<\/td>\n87,901<\/td>\n5.91<\/td>\n30<\/td>\n-0.0450 %<\/td>\n2,947.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.70 %<\/td>\n2.77 %<\/td>\n41,823<\/td>\n3.96<\/td>\n8<\/td>\n-0.1353 %<\/td>\n2,686.5<\/td>\n<\/tr>\n<\/table>\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.P<\/td>\nFixedReset<\/td>\n-7.36 %<\/td>\nClearly a bogus quote (16.75-18.10), since the low for the day was 18.00 (three trades of 100 shares each, timestamped 3:36). I have not checked whether this lamentable state of affairs is due to inadequate Toronto Stock Exchange reporting<\/a> or inadequate Toronto Stock Exchange supervision of market-makers<\/a>.<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-11-23
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.91
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.15
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-11-23
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.63 %<\/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
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n115,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-11-23
\nMaturity Price : 23.93
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset<\/td>\n62,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.77
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n24,000<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.43
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset<\/td>\n22,540<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n14,436<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-11-23
\nMaturity Price : 24.39
\nEvaluated at bid price : 24.78
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset<\/td>\n13,190<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
There were 3 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
PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 16.75 – 18.10
\nSpot Rate : 1.3500
\nAverage : 0.7509<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-11-23
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset<\/td>\nQuote: 22.70 – 23.00
\nSpot Rate : 0.3000
\nAverage : 0.1832<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset<\/td>\nQuote: 24.23 – 24.75
\nSpot Rate : 0.5200
\nAverage : 0.4106<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-11-23
\nMaturity Price : 23.08
\nEvaluated at bid price : 24.23
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n

W.PR.K<\/td>\nFixedReset<\/td>\nQuote: 26.15 – 26.50
\nSpot Rate : 0.3500
\nAverage : 0.2650<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.15
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n

SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.10 – 22.32
\nSpot Rate : 0.2200
\nAverage : 0.1519<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 19.91 – 20.20
\nSpot Rate : 0.2900
\nAverage : 0.2252<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.91
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Chris Bourke of Bloomberg wrote a piece about Australia’s housing market that interested me because of Canada’s presence in the charts: Click for Big That represents the failure of Canada’s housing policy since 2006 – …<\/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-48923","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48923","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=48923"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48923\/revisions"}],"predecessor-version":[{"id":48924,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48923\/revisions\/48924"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}