{"id":50782,"date":"2019-09-10T22:10:00","date_gmt":"2019-09-11T02:10:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=50782"},"modified":"2025-11-17T22:11:40","modified_gmt":"2025-11-18T03:11:40","slug":"september-10-2019","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=50782","title":{"rendered":"September 10, 2019"},"content":{"rendered":"

Global bonds took a hit today<\/a>, sending yields up again:<\/p>\n

\n

Bond yields climbed and a gauge of world stock markets recovered from previous lows to trade flat on Tuesday, as uncertainty grew over the mix of stimulus the European Central Bank will add to boost a slumping economy this week amid fresh signs global growth was slowing.<\/p>\n

Germany\u2019s 30-year benchmark bond yield briefly broke into positive territory for the first time since Aug. 5, while U.S. Treasury yields climbed to three-week highs.<\/p>\n

Benchmark U.S. 10-year notes last fell 1 point in price to yield 1.7333%, from 1.622% late on Monday.<\/p>\n<\/blockquote>\n

Canada was not immune<\/a>:<\/p>\n

\n

The Canadian dollar strengthened to a near six-week high against the U.S. dollar on Tuesday, supported by improvement in risk appetite and a less dovish Bank of Canada policy announcement last week than some investors had expected.<\/p>\n

The Bank of Canada held interest rates steady last Wednesday and made no mention of future cuts despite easing this year by some of its global peers, including the U.S. Federal Reserve.<\/p>\n

Chances of a rate cut at the central bank’s next meeting on Oct. 30 have slumped to about 15% from nearly 70% before last week’s rate decision, money market data showed.
…<\/b>
Canadian government bond prices were lower across the yield curve in sympathy with U.S. Treasuries and German Bunds. The 10-year yield touched its highest intraday level since Aug. 1 at 1.435%.<\/p>\n<\/blockquote>\n

The GOC-5 yield closed at 1.44%<\/a>, up 6bp. <\/p>\n

I see that China has a problem with pork prices<\/a>:<\/p>\n

\n

Things that keep China\u2019s top leaders up at night: a stalling economy, a bruising trade war and, increasingly, pigs.<\/p>\n

Specifically, a shortage of pigs, which is fast becoming a national crisis.<\/p>\n

The price of pork has been rising for months, and it is now nearly 50 percent higher than it was a year ago, data published on Tuesday showed. Consumers are frustrated, and officials are quietly expressing alarm as they fight the outbreak of a disease that is devastating the country\u2019s pig population and causing the shortage.
…<\/b>
As officials brace for steeper price increases \u2014 analysts are estimating that pork prices could end the year at double their level from 2018 \u2014 the challenge for Beijing is becoming more serious.<\/p>\n<\/blockquote>\n

I know where they can get some<\/a>:<\/p>\n

\n

China has suspended pork imports from two Canadian companies, according to an interview with Canada\u2019s agricultural minister and a Chinese customs document, marking the latest irritant in a widening diplomatic dispute.<\/p>\n<\/blockquote>\n

As world trade becomes more globalized and countries become more interdependent, it’s going to get harder for nations to exert pressure on each other, whether for noble reasons I support or otherwise. If interfering with trade causes an equal and opposite reaction in the sanctioning country – and its allies – that directly affects consumers, we’re going to see a lot fewer sanctions.<\/p>\n

Asset-Liability matching is something that is glossed over by many pension funds. I’m pleased to see this insouciance attacked in the Globe<\/a>:<\/p>\n

\n

A company\u2019s employees lend the DB Pension Division money in the form of deferred wages. In return, the company promises to provide a pension to those employees when they retire. Until then, the DB Pension Division invests this money with the goal of being able to pay these promised pensions.<\/p>\n

However, many DB Pension Divisions are investing this money in a way that\u2019s mismatched from the bond-like promises they made to employees. They make bets on equity markets and interest rates in the hopes of generating excess returns that will make it cheaper to pay these promised pensions.<\/p>\n

Imagine \u2013 what do you think would happen if you went to your CFO and told her that you had a great idea for a new business. You want to borrow money and invest it in the equity markets to generate excess returns for shareholders. I suspect you\u2019d find that it would be a pretty short and career-limiting conversation!<\/p>\n

So why would this idea work for a DB pension plan? What\u2019s clear is that for the past 20 years, it has not.<\/p>\n<\/blockquote>\n

HOOPP does this right; I harp on this issue every so often, most recently on July 25, 2017<\/a>.<\/p>\n

I enjoyed a Globe feature about GFL<\/a>; primarily the bits about the gross inefficiency of municipal operations:<\/p>\n

\n

He knew GFL could get its trucks rolling faster, and do the job with fewer vehicles, than the city did. He recalls watching slack-jawed as two long lines of trucks, each 40 vehicles deep, formed to fuel up, since city crews only worked during the daytime. As a result, the last trucks didn\u2019t even leave the lot until after 9 a.m. Likewise, maintenance crews clocked out at 5 p.m., he says, which meant all upkeep and repairs had to be done during the day, requiring the city to keep backup trucks on standby. GFL, on the other hand, carried out all maintenance and refuelling overnight. The upshot was that the city had 110 trucks to do the job, while Dovigi\u2019s analysis revealed GFL could do it with 85.<\/p>\n<\/blockquote>\n\n\n\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>\n1.4909 %<\/td>\n1,940.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.4909 %<\/td>\n3,561.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.15 %<\/td>\n6.34 %<\/td>\n53,396<\/td>\n13.29<\/td>\n4<\/td>\n1.4909 %<\/td>\n2,052.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0169 %<\/td>\n3,380.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.66 %<\/td>\n4.51 %<\/td>\n63,754<\/td>\n4.04<\/td>\n7<\/td>\n-0.0169 %<\/td>\n4,036.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0169 %<\/td>\n3,149.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.61 %<\/td>\n-17.07 %<\/td>\n62,533<\/td>\n0.09<\/td>\n6<\/td>\n0.0717 %<\/td>\n2,981.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.47 %<\/td>\n5.64 %<\/td>\n65,074<\/td>\n14.39<\/td>\n28<\/td>\n0.1122 %<\/td>\n3,127.4<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.52 %<\/td>\n5.41 %<\/td>\n171,297<\/td>\n14.59<\/td>\n73<\/td>\n0.6016 %<\/td>\n2,075.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.29 %<\/td>\n6.03 %<\/td>\n77,895<\/td>\n7.90<\/td>\n27<\/td>\n0.0528 %<\/td>\n3,111.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n4.49 %<\/td>\n6.63 %<\/td>\n61,017<\/td>\n8.04<\/td>\n3<\/td>\n0.2763 %<\/td>\n2,350.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.25 %<\/td>\n3.97 %<\/td>\n133,548<\/td>\n1.62<\/td>\n14<\/td>\n0.0614 %<\/td>\n2,580.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.98 %<\/td>\n4.20 %<\/td>\n90,753<\/td>\n2.31<\/td>\n3<\/td>\n-0.3740 %<\/td>\n2,660.3<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.45 %<\/td>\n7.87 %<\/td>\n102,777<\/td>\n7.95<\/td>\n21<\/td>\n0.9139 %<\/td>\n2,113.0<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset Bank Non<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.28
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 20.41
\nEvaluated at bid price : 20.41
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 12.79
\nEvaluated at bid price : 12.79
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 6.89 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
BAM.PF.I<\/td>\nFixedReset Disc<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset Disc<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 17.72
\nEvaluated at bid price : 17.72
\nBid-YTW : 6.90 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 17.13
\nEvaluated at bid price : 17.13
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 21.78
\nEvaluated at bid price : 22.09
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 11.12
\nEvaluated at bid price : 11.12
\nBid-YTW : 6.34 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset Disc<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 19.27
\nEvaluated at bid price : 19.27
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
EMA.PR.F<\/td>\nFixedReset Disc<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.75
\nBid-YTW : 7.84 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 19.08
\nEvaluated at bid price : 19.08
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.80
\nBid-YTW : 9.29 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.28
\nBid-YTW : 9.03 %<\/td>\n<\/tr>\n
IAF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.17
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
BMO.PR.C<\/td>\nFixedReset Disc<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.09
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 11.74
\nEvaluated at bid price : 11.74
\nBid-YTW : 5.96 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.06
\nBid-YTW : 8.00 %<\/td>\n<\/tr>\n
CM.PR.S<\/td>\nFixedReset Disc<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 19.08
\nEvaluated at bid price : 19.08
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.84
\nBid-YTW : 8.12 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 13.16
\nEvaluated at bid price : 13.16
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.13
\nBid-YTW : 10.28 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.40
\nBid-YTW : 7.97 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 19.18
\nEvaluated at bid price : 19.18
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.12
\nBid-YTW : 7.61 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 11.05
\nEvaluated at bid price : 11.05
\nBid-YTW : 6.38 %<\/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
TRP.PR.K<\/td>\nFixedReset Disc<\/td>\n198,498<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n133,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n100,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 11.95
\nEvaluated at bid price : 11.95
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n98,260<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.50
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n95,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset Prem<\/td>\n86,677<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
There were 32 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
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\nQuote: 18.30 – 18.95
\nSpot Rate : 0.6500
\nAverage : 0.4570<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 18.30
\nEvaluated at bid price : 18.30
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.35 – 24.92
\nSpot Rate : 0.5700
\nAverage : 0.4059<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.35
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

BNS.PR.Y<\/td>\nFixedReset Bank Non<\/td>\nQuote: 24.28 – 24.80
\nSpot Rate : 0.5200
\nAverage : 0.3826<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.28
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n

CM.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 16.40 – 16.95
\nSpot Rate : 0.5500
\nAverage : 0.4201<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2049-09-10
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n

MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.01 – 16.40
\nSpot Rate : 0.3900
\nAverage : 0.2850<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.01
\nBid-YTW : 9.20 %<\/td>\n<\/tr>\n

W.PR.K<\/td>\nFixedReset Prem<\/td>\nQuote: 25.32 – 25.71
\nSpot Rate : 0.3900
\nAverage : 0.2858<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Global bonds took a hit today, sending yields up again: Bond yields climbed and a gauge of world stock markets recovered from previous lows to trade flat on Tuesday, as uncertainty grew over the mix …<\/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-50782","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50782","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=50782"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50782\/revisions"}],"predecessor-version":[{"id":50783,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/50782\/revisions\/50783"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}