{"id":48950,"date":"2017-12-01T20:19:00","date_gmt":"2017-12-02T01:19:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48950"},"modified":"2025-07-31T20:20:40","modified_gmt":"2025-08-01T00:20:40","slug":"december-1-2017","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48950","title":{"rendered":"December 1, 2017"},"content":{"rendered":"

Well, the hardworking folks at FAIR Canada have finally released (some time after November 11, when I sent my still-unanswered eMail of inquiry) their Financial Statements for the Year Ended 2017-6-30<\/a> and they’re most interesting. Their good buddies and former employers at the OSC<\/a> continue to regard the funds under OSC’s control as some kind of superannuation scheme.<\/p>\n

\"fair_osc_170630_1\"<\/a>
Click for Big<\/i><\/div>\n
\"fair_osc_170630_2\"<\/a>
Click for Big<\/i><\/div>\n

It’s a disgusting situation. The source of these funds is fines and penalties levied on the investment industry, which makes this flim-flam nothing more than the most offensive kind of civil forfeiture scheme. The OSC should be required to remit all fines and penalties to the Ontario treasury immediately upon receipt to discourage this sort of backscratching. The current system<\/a> is just ridiculous:<\/p>\n

The OSC has a number of settlement agreements and orders arising from enforcement proceedings where monies from these settlements and orders are to be set aside and allocated to such third parties as the Board of the OSC may determine. As a result of an amendment to the Securities Act (Ontario) effective June 2012, these funds are eligible to be allocated to the OSC for the purpose of educating investors, or promoting or otherwise enhancing knowledge and information of persons regarding the operation of the securities and financial markets, including such designated internal costs as approved by the Board.<\/p>\n<\/blockquote>\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>\n1.0982 %<\/td>\n2,515.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.0982 %<\/td>\n4,616.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.63 %<\/td>\n3.83 %<\/td>\n33,891<\/td>\n17.72<\/td>\n4<\/td>\n1.0982 %<\/td>\n2,660.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0721 %<\/td>\n3,123.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.72 %<\/td>\n3.57 %<\/td>\n54,258<\/td>\n1.08<\/td>\n6<\/td>\n-0.0721 %<\/td>\n3,730.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0721 %<\/td>\n2,910.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n3.50 %<\/td>\n53,990<\/td>\n0.09<\/td>\n20<\/td>\n-0.0392 %<\/td>\n2,841.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.18 %<\/td>\n5.23 %<\/td>\n71,496<\/td>\n15.04<\/td>\n14<\/td>\n-0.0727 %<\/td>\n3,027.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.24 %<\/td>\n4.28 %<\/td>\n144,195<\/td>\n4.46<\/td>\n98<\/td>\n-0.4710 %<\/td>\n2,491.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.03 %<\/td>\n5.29 %<\/td>\n89,953<\/td>\n5.97<\/td>\n30<\/td>\n-0.0561 %<\/td>\n2,955.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.71 %<\/td>\n2.73 %<\/td>\n40,317<\/td>\n3.94<\/td>\n8<\/td>\n-0.1845 %<\/td>\n2,681.2<\/td>\n<\/tr>\n<\/table>\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
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.90
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 17.95
\nEvaluated at bid price : 17.95
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 17.29
\nEvaluated at bid price : 17.29
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 23.46
\nEvaluated at bid price : 23.92
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.26
\nEvaluated at bid price : 22.65
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.23
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.44
\nBid-YTW : 7.53 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 23.27
\nEvaluated at bid price : 24.47
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.94
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 14.78
\nEvaluated at bid price : 14.78
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 3.25 %<\/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
BNS.PR.H<\/td>\nFixedReset<\/td>\n159,215<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.19
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
W.PR.K<\/td>\nFixedReset<\/td>\n113,160<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset<\/td>\n56,181<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.93
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
BMO.PR.D<\/td>\nFixedReset<\/td>\n27,250<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n23,474<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.61
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n21,484<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 23.03
\nEvaluated at bid price : 23.38
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
There were 31 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.E<\/td>\nFixedReset<\/td>\nQuote: 23.65 – 24.14
\nSpot Rate : 0.4900
\nAverage : 0.3466<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.91
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 23.92 – 24.30
\nSpot Rate : 0.3800
\nAverage : 0.2525<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 23.46
\nEvaluated at bid price : 23.92
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset<\/td>\nQuote: 24.02 – 24.47
\nSpot Rate : 0.4500
\nAverage : 0.3287<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.02
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 24.40 – 24.70
\nSpot Rate : 0.3000
\nAverage : 0.2134<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-12-01
\nMaturity Price : 22.94
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 23.85 – 24.07
\nSpot Rate : 0.2200
\nAverage : 0.1352<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.85
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n

PVS.PR.B<\/td>\nSplitShare<\/td>\nQuote: 25.20 – 25.49
\nSpot Rate : 0.2900
\nAverage : 0.2159<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Well, the hardworking folks at FAIR Canada have finally released (some time after November 11, when I sent my still-unanswered eMail of inquiry) their Financial Statements for the Year Ended 2017-6-30 and they’re most interesting. …<\/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-48950","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48950","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=48950"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48950\/revisions"}],"predecessor-version":[{"id":48951,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48950\/revisions\/48951"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}