{"id":51645,"date":"2026-03-10T20:32:27","date_gmt":"2026-03-11T00:32:27","guid":{"rendered":"https:\/\/prefblog.com\/?p=51645"},"modified":"2026-03-10T20:32:27","modified_gmt":"2026-03-11T00:32:27","slug":"march-10-2026","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51645","title":{"rendered":"March 10, 2026"},"content":{"rendered":"

The BoC has released a new Staff Analyical Paper by Petr Kocourek and Adrian Walton titled Government of Canada Fixed-Income Market Ecology II: Government of Canada Bond Dealing<\/a>:<\/p>\n

This paper describes the organization of the market for trading Government of Canada (GoC) bonds. We outline the role of investment dealers in intermediating trading, distributing GoC securities and providing liquidity across the yield curve. We describe the key features of GoC bond trading and the financial market infrastructures that support it. We also review dealers\u2019 risk-management and funding practices, with a focus on interest rate hedging and the use of benchmark bonds and related derivatives. The structure of the GoC bond market reflects both prudential and dealer-specific regulatory frameworks. As well, it reflects dealers\u2019 ability to manage inventory, basis risk and short-term volatility\u2014factors that shape trading costs and liquidity conditions in both benchmark and non-benchmark bonds.<\/p><\/blockquote>\n

There are some useful charts:<\/p>\n

<\/a><\/div>\n
<\/a><\/div>\n
<\/a><\/div>\n

For those left wondering about how much all this liquidity is worth, I recommend my article Credit Spreads and Default Risk<\/a>. This includes a chart from the BoE that is very illuminating.<\/p>\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>\n0.4971 %<\/td>\n2,493.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4971 %<\/td>\n4,727.1<\/td>\n<\/tr>\n
Floater<\/td>\n5.78 %<\/td>\n6.07 %<\/td>\n57,958<\/td>\n13.71<\/td>\n3<\/td>\n0.4971 %<\/td>\n2,724.3<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3477 %<\/td>\n3,664.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.28 %<\/td>\n82,416<\/td>\n2.99<\/td>\n5<\/td>\n0.3477 %<\/td>\n4,376.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3477 %<\/td>\n3,414.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.70 %<\/td>\n5.76 %<\/td>\n84,205<\/td>\n14.06<\/td>\n7<\/td>\n0.2677 %<\/td>\n3,070.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.61 %<\/td>\n5.71 %<\/td>\n47,737<\/td>\n14.27<\/td>\n28<\/td>\n0.1753 %<\/td>\n3,370.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.88 %<\/td>\n5.89 %<\/td>\n131,983<\/td>\n13.78<\/td>\n27<\/td>\n0.1843 %<\/td>\n3,200.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.50 %<\/td>\n5.59 %<\/td>\n61,903<\/td>\n14.52<\/td>\n22<\/td>\n0.6664 %<\/td>\n3,307.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1843 %<\/td>\n3,807.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.96 %<\/td>\n4.68 %<\/td>\n83,523<\/td>\n2.04<\/td>\n21<\/td>\n-0.1478 %<\/td>\n2,661.0<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1843 %<\/td>\n3,271.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.26 %<\/td>\n5.33 %<\/td>\n90,583<\/td>\n14.62<\/td>\n14<\/td>\n0.1561 %<\/td>\n3,141.4<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\n-3.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.06
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-3.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
BN.PF.E<\/td>\nFixedReset Disc<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 22.53
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 20.24
\nEvaluated at bid price : 20.24
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 24.85
\nEvaluated at bid price : 25.06
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.23
\nEvaluated at bid price : 21.23
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nInsurance Straight<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
BN.PR.B<\/td>\nFloater<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 13.10
\nEvaluated at bid price : 13.10
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
PVS.PR.L<\/td>\nSplitShare<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2030-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 4.51 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.77
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 23.14
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.85
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.19
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset Disc<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset Disc<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.74
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nInsurance Straight<\/td>\n2.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 22.93
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n2.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n3.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 20.39
\nEvaluated at bid price : 20.39
\nBid-YTW : 5.56 %<\/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
SLF.PR.D<\/td>\nInsurance Straight<\/td>\n109,800<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
IFC.PR.M<\/td>\nPerpetual-Premium<\/td>\n35,850<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n25,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.63
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n20,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.30
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n17,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 23.25
\nEvaluated at bid price : 24.86
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n
BN.PR.M<\/td>\nPerpetual-Discount<\/td>\n16,869<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 20.82
\nEvaluated at bid price : 20.82
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
There were 8 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\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
See TMX DataLinx: ‘Last’ != ‘Close’<\/a> and the posts linked therein for an idea of why these quotes are so horrible.<\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nFixedReset Prem<\/td>\nQuote: 27.06 – 28.31
\nSpot Rate : 1.2500
\nAverage : 0.7161<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.06
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 23.48 – 24.87
\nSpot Rate : 1.3900
\nAverage : 0.9898<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 23.18
\nEvaluated at bid price : 23.48
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

GWO.PR.Y<\/td>\nInsurance Straight<\/td>\nQuote: 20.00 – 21.13
\nSpot Rate : 1.1300
\nAverage : 0.8005<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nInsurance Straight<\/td>\nQuote: 22.80 – 23.65
\nSpot Rate : 0.8500
\nAverage : 0.5457<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset Disc<\/td>\nQuote: 24.80 – 25.80
\nSpot Rate : 1.0000
\nAverage : 0.7155<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 24.46
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n

IFC.PR.I<\/td>\nInsurance Straight<\/td>\nQuote: 24.02 – 25.00
\nSpot Rate : 0.9800
\nAverage : 0.7344<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2056-03-10
\nMaturity Price : 23.73
\nEvaluated at bid price : 24.02
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The BoC has released a new Staff Analyical Paper by Petr Kocourek and Adrian Walton titled Government of Canada Fixed-Income Market Ecology II: Government of Canada Bond Dealing: This paper describes the organization of the …<\/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-51645","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51645","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=51645"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51645\/revisions"}],"predecessor-version":[{"id":51649,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51645\/revisions\/51649"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}