{"id":4942,"date":"2009-01-14T00:14:14","date_gmt":"2009-01-14T04:14:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4942"},"modified":"2009-01-14T00:14:14","modified_gmt":"2009-01-14T04:14:14","slug":"january-13-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4942","title":{"rendered":"January 13, 2009"},"content":{"rendered":"<p>BMO is <a href=\"http:\/\/www2.bmo.com\/news\/article\/0,1083,contentCode-8316_divId-4_langId-1_navCode-112,00.html\">buying AIG&#8217;s Canadian life insurance business<\/a>. Nice to see the balance sheet of a Canadian bank being put to work.<\/p>\n<p>Professor <a href=\"http:\/\/www.voxeu.org\/index.php?q=node\/321\">Axel Leijonhufvud<\/a> has written a two part series on Vox (<a href=\"http:\/\/www.voxeu.org\/index.php?q=node\/2784\">commencing yesterday<\/a>) in which he <a href=\"http:\/\/www.voxeu.com\/index.php?q=node\/2790\">concludes in part<\/a>:<\/p>\n<blockquote><p>Two elements of a reconstructed system of regulatory control may be suggested.<\/p>\n<p>First, re-impose effective reserve requirements on deposit-taking banks and extend them to all types of institutions that carry demand liabilities (e.g. money market funds). <\/p><\/blockquote>\n<p>Assiduous Readers will remember that I have <a href=\"http:\/\/www.prefblog.com\/?p=1674\">called for bank-sponsored money market funds<\/a> to be consolidated in their sponsors&#8217; balance sheets for risk measurement purposes.<\/p>\n<p>The ABCP soap-opera appears to be finally grinding to a resolution as <a href=\"http:\/\/www.theglobeandmail.com\/servlet\/story\/LAC.20090113.RABCP13\/TPStory\">the restructuring has received final approval<\/a>. Investor Advocates will be pleased to learn that regulators now have judicial imprimatur to restrict investments even further:<\/p>\n<blockquote><p>Judge Campbell urged regulators to be more watchful about complicated products such as ABCP in the future.<\/p>\n<p>He questioned whether investors and investment advisers &#8220;truly understood&#8221; what they were selling, and he went on to &#8220;urge regulators to sort out what investments should be available to whom.&#8221; <\/p><\/blockquote>\n<p>Soon only mutual funds will be legal for retail because, you know, you&#8217;re just not smart enough for anything else. The government says so, and they&#8217;re here to help you.<\/p>\n<p>PerpetualDiscounts returned to their winning ways today.<\/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>6.98 %<\/td>\n<td>7.60 %<\/td>\n<td>27,778<\/td>\n<td>13.44<\/td>\n<td>2<\/td>\n<td>-2.5076 %<\/td>\n<td>867.1<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>7.31 %<\/td>\n<td>6.99 %<\/td>\n<td>152,508<\/td>\n<td>13.76<\/td>\n<td>8<\/td>\n<td>0.4653 %<\/td>\n<td>1,402.1<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>5.43 %<\/td>\n<td>5.15 %<\/td>\n<td>35,822<\/td>\n<td>15.27<\/td>\n<td>4<\/td>\n<td>0.2444 %<\/td>\n<td>1,123.6<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>5.33 %<\/td>\n<td>4.76 %<\/td>\n<td>130,809<\/td>\n<td>4.08<\/td>\n<td>15<\/td>\n<td>0.1401 %<\/td>\n<td>2,014.2<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>6.16 %<\/td>\n<td>9.85 %<\/td>\n<td>81,384<\/td>\n<td>4.16<\/td>\n<td>15<\/td>\n<td>0.1221 %<\/td>\n<td>1,805.0<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>7.19 %<\/td>\n<td>9.27 %<\/td>\n<td>42,872<\/td>\n<td>0.92<\/td>\n<td>2<\/td>\n<td>0.2353 %<\/td>\n<td>1,967.8<\/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>0.6360 %<\/td>\n<td>1,577.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.78 %<\/td>\n<td>6.83 %<\/td>\n<td>246,616<\/td>\n<td>12.75<\/td>\n<td>71<\/td>\n<td>0.6360 %<\/td>\n<td>1,453.0<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.84 %<\/td>\n<td>4.85 %<\/td>\n<td>710,319<\/td>\n<td>15.33<\/td>\n<td>18<\/td>\n<td>0.3165 %<\/td>\n<td>1,827.7<\/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>BCE.PR.Y<\/td>\n<td>Ratchet<\/td>\n<td>-2.69 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 14.12<br \/>\nBid-YTW : 7.89 %<\/td>\n<\/tr>\n<tr>\n<td>LBS.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.38 %<\/td>\n<td>Asset coverage of 1.5-:1 as of January 8 according to <a href=\"http:\/\/www.bromptongroup.com\/funds\/lbs\/nav_history\/\">Brompton Group<\/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 : 8.20<br \/>\nBid-YTW : 10.08 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.S<\/td>\n<td>Ratchet<\/td>\n<td>-2.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 14.65<br \/>\nBid-YTW : 7.60 %<\/td>\n<\/tr>\n<tr>\n<td>ALB.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.30 %<\/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 : 20.77<br \/>\nBid-YTW : 14.09 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.G<\/td>\n<td>FixedFloater<\/td>\n<td>-2.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 10.50<br \/>\nBid-YTW : 10.61 %<\/td>\n<\/tr>\n<tr>\n<td>FFN.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-2.00 %<\/td>\n<td>Asset coverage of 1.2+: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: 2014-12-01<br \/>\nMaturity Price  : 10.00<br \/>\nEvaluated at bid price : 7.85<br \/>\nBid-YTW : 10.34 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>-1.66 %<\/td>\n<td>Asset coverage of 1.8+:1 as of December 31 according to <a href=\"http:\/\/www.bamsplit.com\/investor\/nav.htm\">the company<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2019-01-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 10.69<br \/>\nBid-YTW : 16.34 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.Z<\/td>\n<td>FixedFloater<\/td>\n<td>-1.61 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 15.26<br \/>\nBid-YTW : 7.48 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.F<\/td>\n<td>FixedFloater<\/td>\n<td>-1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 15.52<br \/>\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 20.01<br \/>\nEvaluated at bid price : 20.01<br \/>\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 15.71<br \/>\nEvaluated at bid price : 15.71<br \/>\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.J<\/td>\n<td>FixedReset<\/td>\n<td>-1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 24.31<br \/>\nEvaluated at bid price : 24.36<br \/>\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n<tr>\n<td>DFN.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>-1.14 %<\/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 : 8.65<br \/>\nBid-YTW : 8.30 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.I<\/td>\n<td>FixedFloater<\/td>\n<td>1.10 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 16.48<br \/>\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 17.86<br \/>\nEvaluated at bid price : 17.86<br \/>\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.S<\/td>\n<td>FixedReset<\/td>\n<td>1.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 23.76<br \/>\nEvaluated at bid price : 23.82<br \/>\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 17.11<br \/>\nEvaluated at bid price : 17.11<br \/>\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 21.24<br \/>\nEvaluated at bid price : 21.52<br \/>\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 19.17<br \/>\nEvaluated at bid price : 19.17<br \/>\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 18.24<br \/>\nEvaluated at bid price : 18.24<br \/>\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.34 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 20.44<br \/>\nEvaluated at bid price : 20.44<br \/>\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 20.60<br \/>\nEvaluated at bid price : 20.60<br \/>\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.J<\/td>\n<td>OpRet<\/td>\n<td>1.46 %<\/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 : 17.40<br \/>\nBid-YTW : 10.80 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.50 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 20.26<br \/>\nEvaluated at bid price : 20.26<br \/>\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.51 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 18.86<br \/>\nEvaluated at bid price : 18.86<br \/>\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.55 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 18.30<br \/>\nEvaluated at bid price : 18.30<br \/>\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.C<\/td>\n<td>FixedFloater<\/td>\n<td>1.63 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 16.21<br \/>\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.77 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 22.96<br \/>\nEvaluated at bid price : 23.00<br \/>\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.A<\/td>\n<td>FixedFloater<\/td>\n<td>1.84 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.19<br \/>\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n<tr>\n<td>FBS.PR.B<\/td>\n<td>SplitShare<\/td>\n<td>1.93 %<\/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 : 8.46<br \/>\nBid-YTW : 11.32 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.94 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 18.35<br \/>\nEvaluated at bid price : 18.35<br \/>\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.N<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.95 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 13.05<br \/>\nEvaluated at bid price : 13.05<br \/>\nBid-YTW : 9.24 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.00 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 18.36<br \/>\nEvaluated at bid price : 18.36<br \/>\nBid-YTW : 7.56 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 21.29<br \/>\nEvaluated at bid price : 21.29<br \/>\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>2.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 22.46<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>2.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2010-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.51<br \/>\nBid-YTW : 13.50 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>2.60 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 20.95<br \/>\nEvaluated at bid price : 20.95<br \/>\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 21.78<br \/>\nEvaluated at bid price : 21.86<br \/>\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.Q<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 21.88<br \/>\nEvaluated at bid price : 21.96<br \/>\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>3.23 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 15.00<br \/>\nEvaluated at bid price : 15.00<br \/>\nBid-YTW : 7.99 %<\/td>\n<\/tr>\n<tr>\n<td>BCE.PR.R<\/td>\n<td>FixedFloater<\/td>\n<td>3.42 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 16.04<br \/>\nBid-YTW : 7.06 %<\/td>\n<\/tr>\n<tr>\n<td>SBC.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>5.72 %<\/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 : 8.50<br \/>\nBid-YTW : 10.08 %<\/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>IGM.PR.A<\/td>\n<td>OpRet<\/td>\n<td>168,991<\/td>\n<td>Scotia crossed 80,000 at 25.15; RBC bought 75,000 at 25.05 from anonymous.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2013-06-29<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.06<br \/>\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>124,550<\/td>\n<td>TD crossed 45,000 at 18.50, then another 58,700 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 18.42<br \/>\nEvaluated at bid price : 18.42<br \/>\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>64,650<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 17.01<br \/>\nEvaluated at bid price : 17.01<br \/>\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>46,530<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2039-01-13<br \/>\nMaturity Price  : 16.22<br \/>\nEvaluated at bid price : 16.22<br \/>\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n<tr>\n<td>PPL.PR.A<\/td>\n<td>SplitShare<\/td>\n<td>45,100<\/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 : 9.00<br \/>\nBid-YTW : 8.08 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.O<\/td>\n<td>OpRet<\/td>\n<td>33,027<\/td>\n<td>National crossed 14,500 at 17.98.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Option Certainty<br \/>\nMaturity Date\t: 2013-06-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.92<br \/>\nBid-YTW : 13.87 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 36 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>BMO is buying AIG&#8217;s Canadian life insurance business. Nice to see the balance sheet of a Canadian bank being put to work. Professor Axel Leijonhufvud has written a two part series on Vox (commencing yesterday) &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-4942","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4942","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=4942"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4942\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}