{"id":5162,"date":"2009-01-26T22:31:10","date_gmt":"2009-01-27T02:31:10","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5162"},"modified":"2009-01-26T22:31:10","modified_gmt":"2009-01-27T02:31:10","slug":"january-26-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5162","title":{"rendered":"January 26, 2009"},"content":{"rendered":"

I complained on January 19<\/a> that the political leverage given to politicians by the TARP funds would lead to calls to expand non-economic but politically attractive business methodologies. Dealbreaker<\/i> passes along<\/a> more commentary on this subject:<\/p>\n

Surprise! Now anyone with public money is bathing in the gelatinous “squish” of a million squirming appetites, forced to submit to a literal morass of legislative tentacle sex with hundreds of pet projects, social theory experiments and personal causes (from the left and the right), not to mention the utter chaos and unpredictability of having every idiot in the House pop off about what new rule you should be following this week. Predicting what is or will be expected of you (or what you may or may not be paid) is a nightmarish prospect.<\/p><\/blockquote>\n

Dealbreaker<\/i> also comments on the Caballero Insurance Plan<\/a> that I have previously written about<\/a>:<\/p>\n

Typically when Congress can’t get the political backing to actually pass a bill to pay for something, they do the next best thing: get the political backing to guarantee something, or insure any losses. At the very least this reduces the cost of capital for the activity. Throw some tax benefits in and you go a long way to encouraging the behavior you are trying to stimulate. So potent can the effect be that you don’t even necessarily need a direct guarantee. (The “too big to fail” condition and the “implicit guarantee” of a Fannie Mae is a good example here).
…<\/b>
The problem with this level of insurance is that while it preserves public capital (and prevents dilution) you can write a lot of insurance before anyone starts to notice that you are on the hook for, well, a lot of insurance. (See e.g., Fannie and Freddie).<\/p><\/blockquote>\n

An interesting day in the preferred market! Split shares got hurt, presumably due to continued equity weakness – a lot of the January 22 NAVs are coming out and don’t look very pretty. FBS.PR.B is now valued below the preferred par value, but is still rated Pfd-2(low) by DBRS<\/a>, and has been under review negative<\/a> for three months now.<\/p>\n

Fixed-Resets got hurt, presumably due to continued heavy issuance: a new CIBC fixed-reset 650+447<\/a> was announced today, bringing the total number of pending issues to five. Amidst all this, PerpetualDiscounts were up on the day, albeit marginally and with a certain sloppiness.<\/p>\n

TD went into a frenzy of activity, trading a huge number of blocks after the close – remember that after hours trading is fine, but it all has to occur at the same price as the last trade of a board lot.<\/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>\n6.93 %<\/td>\n7.70 %<\/td>\n40,130<\/td>\n13.38<\/td>\n2<\/td>\n-0.7405 %<\/td>\n848.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.34 %<\/td>\n6.91 %<\/td>\n162,168<\/td>\n13.74<\/td>\n8<\/td>\n0.6072 %<\/td>\n1,395.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.57 %<\/td>\n4.75 %<\/td>\n34,686<\/td>\n15.98<\/td>\n4<\/td>\n-2.4838 %<\/td>\n943.4<\/td>\n<\/tr>\n
OpRet<\/td>\n5.31 %<\/td>\n4.76 %<\/td>\n154,215<\/td>\n4.04<\/td>\n15<\/td>\n-0.0195 %<\/td>\n2,023.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.32 %<\/td>\n9.75 %<\/td>\n76,264<\/td>\n4.13<\/td>\n15<\/td>\n-0.6945 %<\/td>\n1,760.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.14 %<\/td>\n8.23 %<\/td>\n35,281<\/td>\n0.89<\/td>\n2<\/td>\n0.5865 %<\/td>\n1,980.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1236 %<\/td>\n1,552.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.91 %<\/td>\n6.95 %<\/td>\n230,184<\/td>\n12.61<\/td>\n71<\/td>\n0.1236 %<\/td>\n1,429.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.06 %<\/td>\n5.40 %<\/td>\n788,333<\/td>\n14.34<\/td>\n22<\/td>\n-0.8178 %<\/td>\n1,790.6<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-8.07 %<\/td>\nA flurry of activity (insofar as 800 shares may be considered a “flurry”) took out the bid and the closing quote was 11.05-12.49 (!) 10×1, after trading 800 shares in a range of 11.02-12.01.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 11.05
\nEvaluated at bid price : 11.05
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-4.73 %<\/td>\nAsset coverage of 1.1+:1 as of January 15 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 : 7.25
\nBid-YTW : 12.14 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n-4.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.60
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n-3.99 %<\/td>\nAsset coverage of 1.0-:1 as of January 22, 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 : 7.45
\nBid-YTW : 16.58 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n-3.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.65
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n-2.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.79
\nEvaluated at bid price : 22.25
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.04
\nEvaluated at bid price : 18.04
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitShare<\/td>\n-1.67 %<\/td>\nAsset coverage of 1.7-:1 as of January 15 according to Mulvihill<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-12-01
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.81
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.19
\nEvaluated at bid price : 21.19
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.53
\nEvaluated at bid price : 17.53
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.15
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
BCE.PR.Z<\/td>\nFixedFloater<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.01
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 22.57
\nEvaluated at bid price : 22.65
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.06
\nEvaluated at bid price : 17.06
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 22.47
\nEvaluated at bid price : 22.51
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 24.46
\nEvaluated at bid price : 24.51
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
BCE.PR.C<\/td>\nFixedFloater<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.06
\nBid-YTW : 7.09 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 15.37
\nEvaluated at bid price : 15.37
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.34
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.01
\nEvaluated at bid price : 18.01
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 20.11
\nEvaluated at bid price : 20.11
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 19.52
\nEvaluated at bid price : 19.52
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.91
\nEvaluated at bid price : 18.91
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 15.72
\nEvaluated at bid price : 15.72
\nBid-YTW : 7.26 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 12.01
\nEvaluated at bid price : 12.01
\nBid-YTW : 10.09 %<\/td>\n<\/tr>\n
TCA.PR.Y<\/td>\nPerpetual-Discount<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 43.61
\nEvaluated at bid price : 44.50
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 20.47
\nEvaluated at bid price : 20.47
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
BCE.PR.F<\/td>\nFixedFloater<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 15.75
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.91
\nEvaluated at bid price : 21.91
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 7.49
\nEvaluated at bid price : 7.49
\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n
BCE.PR.I<\/td>\nFixedFloater<\/td>\n1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.07
\nBid-YTW : 6.91 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 20.73
\nEvaluated at bid price : 20.73
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n2.09 %<\/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 : 11.24
\nBid-YTW : 15.64 %<\/td>\n<\/tr>\n
NA.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 20.25
\nEvaluated at bid price : 20.25
\nBid-YTW : 6.84 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 7.03 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n3.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 12.37
\nEvaluated at bid price : 12.37
\nBid-YTW : 9.79 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n4.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 11.00
\nBid-YTW : 9.99 %<\/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
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n283,255<\/td>\nTD crossed 277,000 after hours at 17.85.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.53
\nEvaluated at bid price : 17.53
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n269,940<\/td>\nTD crossed 257,400 after hours at 17.23.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.23
\nEvaluated at bid price : 17.23
\nBid-YTW : 7.51 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetual-Discount<\/td>\n224,950<\/td>\nTD crossed 215,800 after hours at 16.95.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.77
\nEvaluated at bid price : 16.77
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n208,615<\/td>\nTD crossed 198,700 after hours at 15.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 15.50
\nEvaluated at bid price : 15.50
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n201,785<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 24.95
\nEvaluated at bid price : 25.00
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n190,250<\/td>\nTD crossed 189,800 after hours at 19.05.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 6.41 %<\/td>\n<\/tr>\n
TD.PR.R<\/td>\nPerpetual-Discount<\/td>\n190,003<\/td>\nTD crossed 184,500 at 21.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 20.92
\nEvaluated at bid price : 20.92
\nBid-YTW : 6.74 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nPerpetual-Discount<\/td>\n184,160<\/td>\nTD crossed 180,000 after hours at 19.62.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 19.31
\nEvaluated at bid price : 19.31
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nPerpetual-Discount<\/td>\n181,830<\/td>\nTD crossed 180,600 after hours at 16.62.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.61
\nEvaluated at bid price : 16.61
\nBid-YTW : 7.02 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n173,480<\/td>\nTD crossed 164,800 after hours at 18.88.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 18.81
\nEvaluated at bid price : 18.81
\nBid-YTW : 6.49 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n167,217<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 24.95
\nEvaluated at bid price : 25.00
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n164,810<\/td>\nTD crossed 162,100 at 16.71.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.71
\nEvaluated at bid price : 16.71
\nBid-YTW : 7.37 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n145,660<\/td>\nTD crossed 142,800 after hours at 17.91. YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.85
\nEvaluated at bid price : 17.85
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n132,590<\/td>\nNational crossed 40,000 at 25.03. TD crossed 30,100 after hours at 25.05. YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 24.98
\nEvaluated at bid price : 25.03
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
BCE.PR.A<\/td>\nFixedFloater<\/td>\n131,405<\/td>\nTD crossed 126,100 after hours at 17.01.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.93
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n123,880<\/td>\nTD crossed 118,100 after hours at 16.85. YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.85
\nEvaluated at bid price : 16.85
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n
CL.PR.B<\/td>\nPerpetual-Discount<\/td>\n121,975<\/td>\nNesbitt crossed 18,800 at 21.81. TD crossed 94,100 after hours at 22.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.90
\nEvaluated at bid price : 21.90
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nPerpetual-Discount<\/td>\n115,284<\/td>\nTD crossed 95,000 after hours at 16.55.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.50
\nEvaluated at bid price : 16.50
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
WFS.PR.A<\/td>\nSplitShare<\/td>\n115,100<\/td>\nDesjardins crossed 100,000 at 8.62. Asset coverage of 1.2-:1 as of January 15 according to Mulvihill<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-06-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 8.52
\nBid-YTW : 12.82 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n111,859<\/td>\nTD crossed 105,300 after hours at 16.85.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 16.62
\nEvaluated at bid price : 16.62
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n110,530<\/td>\nTD crossed 103,700 after hours at 21.42.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n110,246<\/td>\nTD crossed 109,500 after hours at 21.67.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
BNS.PR.O<\/td>\nPerpetual-Discount<\/td>\n109,740<\/td>\nTD crossed 108,500 after hours at 21.04.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n109,700<\/td>\nNesbitt crossed 50,000 at 23.00, then another 57,600 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 22.57
\nEvaluated at bid price : 22.65
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n104,709<\/td>\nRBC bought 22,000 from National at 15.60; TD crossed 66,800 after hours at 15.47.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 15.41
\nEvaluated at bid price : 15.41
\nBid-YTW : 7.33 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n103,083<\/td>\nNesbitt crossed 40,000 at 17.85; TD crossed 51,900 after hours at 16.21.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-01-26
\nMaturity Price : 17.55
\nEvaluated at bid price : 17.55
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
There were 65 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I complained on January 19 that the political leverage given to politicians by the TARP funds would lead to calls to expand non-economic but politically attractive business methodologies. Dealbreaker passes along more commentary on this …<\/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-5162","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5162","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=5162"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5162\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}