{"id":4970,"date":"2009-01-14T21:58:56","date_gmt":"2009-01-15T01:58:56","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4970"},"modified":"2009-01-14T21:58:56","modified_gmt":"2009-01-15T01:58:56","slug":"january-14-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4970","title":{"rendered":"January 14, 2009"},"content":{"rendered":"

Donato Masciandaro writes an opinion piece on VoxEU: Basel 3: Supervising the credit giants with progressive capital ratios<\/a>:<\/p>\n

The too big to fail rule therefore represents an authentic paradox \u2013 in the presence of risk of systemic crisis, the rule must be temporarily adopted to prevent the crisis from actually worsening, but if it is not credibly revoked, it pushes the system towards an unstable and inefficient oligopoly.<\/p>\n

But can the too big to fail rule be revoked after the financial crisis ends? It may be difficult since the law has never been written, but it is always imminent in oversight procedure. But if government insurance against the insolvency of large banks is difficult to abolish, the government could try making them pay. Defining the correct plan for such a distinctive kind of insurance would not be simple, but the current situation could certainly be improved upon. Now, large banks could reasonably believe that they are covered by a subsequent implicit insurance in case of an insolvency risk. Banks do not pay a corresponding initial premium, however, as the prudent regulation plan does not mention bank size, at least from this point of view.
…<\/b>
New ideas are needed: capital coefficients that, equal to other risks, consider the \u201cirresponsibility risks\u201d that could increase bank sizes out of proportions, for example. Thus, non-proportional capital coefficients which are progressive in relation to the activity volume are needed, possibly divided into size groups. In order to \u201cput a price\u201d on government insurance in favour of credit giants, non-conventional regulatory solutions need to be explored, striving to remain in line with the foundation of a market with prudent regulation. It is not simple, but it would be better than pretending that the problem did not exist.<\/p><\/blockquote>\n

I support the idea; particularly if it is paired with the idea of weighting risk-weighted-assets differently according to either the “trader” (investment bank, dealer) or “investor” (regular bank) regime chosen by the entity.<\/p>\n

Action today was dominated by settlement of three new issues (bank fixed-resets), each of which made it into the volume tables, unsurprisingly. PerpetualDiscounts were off.<\/p>\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>\n7.06 %<\/td>\n7.73 %<\/td>\n42,070<\/td>\n13.31<\/td>\n2<\/td>\n-1.3208 %<\/td>\n855.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.29 %<\/td>\n6.97 %<\/td>\n151,991<\/td>\n13.80<\/td>\n8<\/td>\n0.3084 %<\/td>\n1,406.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.76 %<\/td>\n5.21 %<\/td>\n34,276<\/td>\n15.15<\/td>\n4<\/td>\n-5.7624 %<\/td>\n1,058.8<\/td>\n<\/tr>\n
OpRet<\/td>\n5.33 %<\/td>\n4.72 %<\/td>\n141,294<\/td>\n4.08<\/td>\n15<\/td>\n-0.0336 %<\/td>\n2,013.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.14 %<\/td>\n9.07 %<\/td>\n84,827<\/td>\n4.17<\/td>\n15<\/td>\n0.2920 %<\/td>\n1,810.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.15 %<\/td>\n9.18 %<\/td>\n41,568<\/td>\n0.92<\/td>\n2<\/td>\n0.5282 %<\/td>\n1,978.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.5996 %<\/td>\n1,568.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.82 %<\/td>\n6.90 %<\/td>\n243,887<\/td>\n12.70<\/td>\n71<\/td>\n-0.5996 %<\/td>\n1,444.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.92 %<\/td>\n4.85 %<\/td>\n942,822<\/td>\n15.20<\/td>\n21<\/td>\n-0.0589 %<\/td>\n1,826.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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
BAM.PR.K<\/td>\nFloater<\/td>\n-14.93 %<\/td>\nNot as bad as it looks, since the closing quote was 8.26-9.59, 2×3, with 6,680 shares trading in a range of 9.48-99. It is possible that the disappearance of the bid is due to the issue’s removal from TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 8.26
\nEvaluated at bid price : 8.26
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-7.50 %<\/td>\nThis one is more serious, since the closing quote was 18.51-00, 2x111<\/b>, trading 11,070 shares in a range of 19.00-20.15. But it had been rich to the other POW issues anyway.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 18.51
\nEvaluated at bid price : 18.51
\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-5.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 9.30
\nEvaluated at bid price : 9.30
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
BCE.PR.S<\/td>\nRatchet<\/td>\n-4.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.00
\nBid-YTW : 7.94 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-3.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 20.52
\nEvaluated at bid price : 20.52
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-3.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-3.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 13.11
\nEvaluated at bid price : 13.11
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n-3.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 21.21
\nEvaluated at bid price : 21.21
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.91
\nBid-YTW : 11.25 %<\/td>\n<\/tr>\n
SBC.PR.A<\/td>\nSplitShare<\/td>\n-2.71 %<\/td>\nAsset coverage of 1.5+:1 as of January 8, according to Brompton Group<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-11-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.27
\nBid-YTW : 10.91 %<\/td>\n<\/tr>\n
ALB.PR.A<\/td>\nSplitShare<\/td>\n-2.70 %<\/td>\nAsset coverage of 1.3-:1 as of January 8, according to Scotia Managed Companies<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.21
\nBid-YTW : 15.57 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-2.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 12.72
\nEvaluated at bid price : 12.72
\nBid-YTW : 9.48 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 22.02
\nEvaluated at bid price : 22.06
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BNS.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 21.14
\nEvaluated at bid price : 21.14
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixedFloater<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.19
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 22.57
\nEvaluated at bid price : 22.61
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.68 %<\/td>\nAsset coverage of 1.8+:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 10.51
\nBid-YTW : 16.62 %<\/td>\n<\/tr>\n
BCE.PR.R<\/td>\nFixedFloater<\/td>\n-1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.77
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 7.15 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 20.02
\nEvaluated at bid price : 20.02
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 7.29 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 12.88
\nEvaluated at bid price : 12.88
\nBid-YTW : 9.36 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 16.41
\nEvaluated at bid price : 16.41
\nBid-YTW : 7.14 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 19.14
\nEvaluated at bid price : 19.14
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n-1.18 %<\/td>\nAsset coverage of 1.2-:1 as of January 8, according to TD Securities<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.36
\nBid-YTW : 11.79 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 22.20
\nEvaluated at bid price : 22.25
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-1.15 %<\/td>\nAsset coverage of 1.2+:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.76
\nBid-YTW : 10.60 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 17.71
\nEvaluated at bid price : 17.71
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 16.26
\nEvaluated at bid price : 16.26
\nBid-YTW : 7.00 %<\/td>\n<\/tr>\n
BNS.PR.S<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.20
\nEvaluated at bid price : 25.25
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
FIG.PR.A<\/td>\nInterest-Bearing<\/td>\n1.09 %<\/td>\nAsset coverage of 1.1+:1 as of January 9, based on Capital Units NAV of 2.23<\/a> and 0.53 Capital Units per preferred<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.41
\nBid-YTW : 12.74 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 17.38
\nEvaluated at bid price : 17.38
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
DF.PR.A<\/td>\nSplitShare<\/td>\n1.19 %<\/td>\nAsset coverage of 1.4:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.51
\nBid-YTW : 8.64 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 18.81
\nEvaluated at bid price : 18.81
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n1.27 %<\/td>\nAsset coverage of 1.7-:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.76
\nBid-YTW : 8.04 %<\/td>\n<\/tr>\n
BNA.PR.B<\/td>\nSplitShare<\/td>\n1.30 %<\/td>\nAsset coverage of 1.8+:1 as of December 31 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2016-03-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.26
\nBid-YTW : 8.71 %<\/td>\n<\/tr>\n
BCE.PR.F<\/td>\nFixedFloater<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.75
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 15.25
\nEvaluated at bid price : 15.25
\nBid-YTW : 7.86 %<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n1.77 %<\/td>\nAsset coverage of 1.2+:1 as of January 8, according to Mulvihill<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-06-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.21
\nBid-YTW : 9.07 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 20.37
\nEvaluated at bid price : 20.37
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nSplitShare<\/td>\n1.83 %<\/td>\nAsset coverage of 1.4+:1 as of December 31, according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2015-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.36
\nBid-YTW : 8.56 %<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\n1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.39
\nBid-YTW : 7.73 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n2.22 %<\/td>\nAsset coverage of 1.4+:1 as of December 31, according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.20
\nBid-YTW : 7.44 %<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n3.05 %<\/td>\nAsset coverage of 1.5-:1 as of January 8 according to Brompton Group<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2013-11-29
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.45
\nBid-YTW : 9.34 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n4.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 10.14 %<\/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
TD.PR.E<\/td>\nFixedReset<\/td>\n972,217<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n593,098<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n258,405<\/td>\nNesbitt crossed 75,000 at 24.40; Desjardins crossed two blocks of 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.45
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
NA.PR.O<\/td>\nFixedReset<\/td>\n177,885<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-14
\nMaturity Price : 24.81
\nEvaluated at bid price : 24.86
\nBid-YTW : 6.53 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n104,250<\/td>\nSee above. TD crossed 99,900 at 8.75.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.76
\nBid-YTW : 8.04 %<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n73,925<\/td>\nSee above. Desjardins crossed 64,000 at 9.15.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-06-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 9.21
\nBid-YTW : 9.07 %<\/td>\n<\/tr>\n
There were 37 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Donato Masciandaro writes an opinion piece on VoxEU: Basel 3: Supervising the credit giants with progressive capital ratios: The too big to fail rule therefore represents an authentic paradox \u2013 in the presence of risk …<\/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-4970","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4970","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=4970"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4970\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}