{"id":4931,"date":"2009-01-12T20:18:01","date_gmt":"2009-01-13T00:18:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4931"},"modified":"2009-01-12T20:18:01","modified_gmt":"2009-01-13T00:18:01","slug":"january-12-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4931","title":{"rendered":"January 12, 2009"},"content":{"rendered":"<p>You know what the trouble with TARP is? I&#8217;ll tell you what the trouble with TARP is. The trouble with TARP is there&#8217;s not enough box-ticking and there&#8217;s not enough feel-goodism and there&#8217;s not enough publicity for regulators. Fortunately, the FDIC is taking proactive steps to proactively <a href=\"http:\/\/www.fdic.gov\/news\/news\/financial\/2009\/fil09001.html\">rectify these shortcomings<\/a> in a proactive manner:<\/p>\n<blockquote>\n<ul>\n<li>The FDIC expects that state nonmember institutions (or their parent companies) will deploy funding received from these federal programs to prudently support credit needs in their market and strengthen bank capital.\n<li>In order to assess how participation in these federal programs has helped the institution support lending and\/or support efforts to work with existing mortgage borrowers to avoid unnecessary foreclosures, FDIC-supervised institutions should implement a process to document how these funds were used. State nonmember institutions should describe their utilization of this federal funding during bank examinations and are encouraged to summarize such information in published annual reports and financial statements. Including such information in public reports will provide important information for shareholder and public evaluation of participation in these programs.<\/ul>\n<\/blockquote>\n<p>All good things must come to an end, usually pretty soon, and the PerpetualDiscount winning streak was halted today. Just a whisker, but a loss never-the-less. Split-shares were hit hard, presumably due to stock market declines.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(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>6.82 %<\/td>\n<td>7.43 %<\/td>\n<td>28,347<\/td>\n<td>13.60<\/td>\n<td>2<\/td>\n<td>1.3045 %<\/td>\n<td>889.4<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>7.33 %<\/td>\n<td>7.00 %<\/td>\n<td>153,264<\/td>\n<td>13.60<\/td>\n<td>8<\/td>\n<td>-0.1381 %<\/td>\n<td>1,395.6<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.44 %<\/td>\n<td>5.15 %<\/td>\n<td>36,352<\/td>\n<td>15.26<\/td>\n<td>4<\/td>\n<td>-0.3542 %<\/td>\n<td>1,120.8<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>5.34 %<\/td>\n<td>4.80 %<\/td>\n<td>132,849<\/td>\n<td>4.08<\/td>\n<td>15<\/td>\n<td>0.0561 %<\/td>\n<td>2,011.4<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>6.17 %<\/td>\n<td>9.48 %<\/td>\n<td>79,702<\/td>\n<td>4.18<\/td>\n<td>15<\/td>\n<td>-1.0475 %<\/td>\n<td>1,802.8<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>7.21 %<\/td>\n<td>9.35 %<\/td>\n<td>44,575<\/td>\n<td>0.92<\/td>\n<td>2<\/td>\n<td>-0.0588 %<\/td>\n<td>1,963.1<\/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>-0.0236 %<\/td>\n<td>1,567.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.83 %<\/td>\n<td>6.85 %<\/td>\n<td>243,835<\/td>\n<td>12.66<\/td>\n<td>71<\/td>\n<td>-0.0236 %<\/td>\n<td>1,443.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.86 %<\/td>\n<td>4.82 %<\/td>\n<td>719,069<\/td>\n<td>15.31<\/td>\n<td>18<\/td>\n<td>0.4960 %<\/td>\n<td>1,821.9<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\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>BAM.PR.G<\/td>\n<td>FixedFloater<\/td>\n<td>-6.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 11.00<br \/>\nBid-YTW : 10.41 %<\/td>\n<\/tr>\n<tr>\n<td>FBS.PR.B<\/td>\n<td>SplitShare<\/td>\n<td>-4.71 %<\/td>\n<td>Asset coverage of 1.2-:1 as of January 8 according to <a href=\"http:\/\/www.tdsecurities.com\/tds\/content\/SC_5BancSplitInc_NAV\">TD Securities<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2011-12-15<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.30<br \/>\nBid-YTW : 12.05 %<\/td>\n<\/tr>\n<tr>\n<td>SBC.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-4.40 %<\/td>\n<td>Asset coverage of 1.5+:1 as of January 8, according to <a href=\"http:\/\/www.bromptongroup.com\/funds\/sbc\/overview\/\">Brompton Group<\/a><br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2012-11-30<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.04<br \/>\nBid-YTW : 11.75 %<\/td>\n<\/tr>\n<tr>\n<td>DFN.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-3.53 %<\/td>\n<td>Asset coverage of 1.7-:1 as of December 31, according to <a href=\"http:\/\/www.dividend15.com\/valuations.html\">the company<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2014-12-01<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.75<br \/>\nBid-YTW : 8.05 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-3.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 9.76<br \/>\nEvaluated at bid price : 9.76<br \/>\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n<tr>\n<td>PPL.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.93 %<\/td>\n<td>Asset coverage of 1.4+:1 as of December 31, according to <a href=\"http:\/\/www.primerateplus.com\/valuations.html\">the company<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2012-12-01<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.94<br \/>\nBid-YTW : 8.28 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 19.90<br \/>\nEvaluated at bid price : 19.90<br \/>\nBid-YTW : 6.78 %<\/td>\n<\/tr>\n<tr>\n<td>WFS.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.59 %<\/td>\n<td>Asset coverage of 1.2+:1 as of December 31, according to <a href=\"http:\/\/www.mulvihill.com\/sp_nav.cfm\">Mulvihill<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2011-06-30<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 9.01<br \/>\nBid-YTW : 10.04 %<\/td>\n<\/tr>\n<tr>\n<td>FIG.PR.A<\/td>\n<td>Interest-Bearing<\/td>\n<td>-2.41 %<\/td>\n<td>Asset coverage of 1.1+:1 as of January 9, based on <a href=\"http:\/\/www.faircourtassetmgt.com\/dailyNAV\/Jan09\/FIG_NAV_Jan_2009.pdf\">Capital Units NAV of 2.23<\/a> and <a href=\"http:\/\/www.faircourtassetmgt.com\/Assets\/pdf\/Faircourt_Income&#038;Growth_Split_Trust_Final_August_28_2008.pdf\">0.53 Capital Units per preferred<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2014-12-31<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 7.30<br \/>\nBid-YTW : 13.06 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.N<\/td>\n<td>OpRet<\/td>\n<td>-2.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2014-01-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-2.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 20.86<br \/>\nEvaluated at bid price : 20.86<br \/>\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.90 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 17.52<br \/>\nEvaluated at bid price : 17.52<br \/>\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.75 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 16.80<br \/>\nEvaluated at bid price : 16.80<br \/>\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.66 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 20.75<br \/>\nEvaluated at bid price : 20.75<br \/>\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.62 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 21.25<br \/>\nEvaluated at bid price : 21.25<br \/>\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 17.70<br \/>\nEvaluated at bid price : 17.70<br \/>\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.J<\/td>\n<td>OpRet<\/td>\n<td>-1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2018-03-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.15<br \/>\nBid-YTW : 11.02 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 21.75<br \/>\nEvaluated at bid price : 22.02<br \/>\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.17 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 20.31<br \/>\nEvaluated at bid price : 20.31<br \/>\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n<tr>\n<td>ALB.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-1.16 %<\/td>\n<td>Asset coverage of 1.3-:1 as of January 8 according to <a href=\"http:\/\/www.scotiamanagedcompanies.com\/mcapp\/profile.do;com=ALB\">Scotia Managed Companies<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2011-02-28<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.26<br \/>\nBid-YTW : 12.84 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>-1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 21.97<br \/>\nEvaluated at bid price : 22.01<br \/>\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<tr>\n<td>FTN.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-1.08 %<\/td>\n<td>Asset coverage of 1.4+:1 as of December 31 according to <a href=\"http:\/\/www.financial15.com\/valuations.html\">the company<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2015-12-01<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.21<br \/>\nBid-YTW : 8.88 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>-1.07 %<\/td>\n<td>Much more of this and the <a href=\"http:\/\/www.prefblog.com\/?p=4893\">inventory blow-out sale<\/a> will fizzle.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 23.01<br \/>\nEvaluated at bid price : 23.05<br \/>\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 19.96<br \/>\nEvaluated at bid price : 19.96<br \/>\nBid-YTW : 7.07 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 16.51<br \/>\nEvaluated at bid price : 16.51<br \/>\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 21.95<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.H<\/td>\n<td>OpRet<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2012-03-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.00<br \/>\nBid-YTW : 10.38 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 17.11<br \/>\nEvaluated at bid price : 17.11<br \/>\nBid-YTW : 7.05 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 15.90<br \/>\nEvaluated at bid price : 15.90<br \/>\nBid-YTW : 7.16 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 17.88<br \/>\nEvaluated at bid price : 17.88<br \/>\nBid-YTW : 7.22 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.30 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 16.37<br \/>\nEvaluated at bid price : 16.37<br \/>\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 22.56<br \/>\nEvaluated at bid price : 22.60<br \/>\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.41 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 18.00<br \/>\nEvaluated at bid price : 18.00<br \/>\nBid-YTW : 7.71 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 21.21<br \/>\nEvaluated at bid price : 21.21<br \/>\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.53 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 18.58<br \/>\nEvaluated at bid price : 18.58<br \/>\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n<tr>\n<td>STW.PR.A<\/td>\n<td>Interest-Bearing<\/td>\n<td>1.78 %<\/td>\n<td>Asset coverage of 1.7+:1 based on <a href=\"http:\/\/www.middlefield.com\/strata08.htm\">Capital Unit NAV of 3.50<\/a> and 2.12 Capital Units per preferred.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2009-12-31<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 9.70<br \/>\nBid-YTW : 9.35 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.79 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 15.91<br \/>\nEvaluated at bid price : 15.91<br \/>\nBid-YTW : 7.07 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.99 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 9.75<br \/>\nEvaluated at bid price : 9.75<br \/>\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.C<\/td>\n<td>FixedFloater<\/td>\n<td>2.11 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 15.95<br \/>\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 17.29<br \/>\nEvaluated at bid price : 17.29<br \/>\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.S<\/td>\n<td>FixedReset<\/td>\n<td>2.35 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 23.48<br \/>\nEvaluated at bid price : 23.54<br \/>\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.37 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 12.94<br \/>\nEvaluated at bid price : 12.94<br \/>\nBid-YTW : 9.32 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.Z<\/td>\n<td>FixedFloater<\/td>\n<td>2.38 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 15.51<br \/>\nBid-YTW : 7.36 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.61 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 18.51<br \/>\nEvaluated at bid price : 18.51<br \/>\nBid-YTW : 7.63 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.Y<\/td>\n<td>Ratchet<\/td>\n<td>3.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 14.51<br \/>\nBid-YTW : 7.69 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>3.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2019-01-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 10.87<br \/>\nBid-YTW : 16.07 %<\/td>\n<\/tr>\n<tr>\n<td>LBS.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>3.45 %<\/td>\n<td>Asset coverage of 1.5-:1 as of January 9, according to <a href=\"http:\/\/www.bromptongroup.com\/funds\/lbs\/nav_history\/\">Brompton<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2013-11-29<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.40<br \/>\nBid-YTW : 9.48 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.I<\/td>\n<td>OpRet<\/td>\n<td>3.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2013-12-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.75<br \/>\nBid-YTW : 8.90 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>4.41 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 22.45<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\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 \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.A<\/td>\n<td>FixedFloater<\/td>\n<td>218,797<\/td>\n<td>TD crossed 216,600 at 17.05.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 16.88<br \/>\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>106,310<\/td>\n<td>TD crossed 100,000 at 9.95.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 9.75<br \/>\nEvaluated at bid price : 9.75<br \/>\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>66,650<\/td>\n<td>Nesbitt bought two blocks from RBC: 14,000 at 17.05 and 16,200 at 16.95.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 16.80<br \/>\nEvaluated at bid price : 16.80<br \/>\nBid-YTW : 7.23 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.E<\/td>\n<td>OpRet<\/td>\n<td>48,022<\/td>\n<td>Nesbitt crossed 24,400 at 25.25.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2014-03-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n<tr>\n<td>PPL.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>39,303<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2012-12-01<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 8.94<br \/>\nBid-YTW : 8.28 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>31,620<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-12<br \/>\nMaturity Price  : 16.95<br \/>\nEvaluated at bid price : 16.95<br \/>\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 32 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>You know what the trouble with TARP is? I&#8217;ll tell you what the trouble with TARP is. The trouble with TARP is there&#8217;s not enough box-ticking and there&#8217;s not enough feel-goodism and there&#8217;s not enough &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-4931","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4931","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=4931"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4931\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}