{"id":5609,"date":"2009-02-24T21:09:25","date_gmt":"2009-02-25T01:09:25","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5609"},"modified":"2009-02-24T21:09:25","modified_gmt":"2009-02-25T01:09:25","slug":"february-24-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5609","title":{"rendered":"February 24, 2009"},"content":{"rendered":"

Assiduous Readers will be aware that I am wary of regulatory initiatives that seek to protect investors from themselves. Well … if the following catches on and spreads<\/a>, it may become illegal to buy equities in your RRSP:<\/p>\n

[Vanguard Founder and Zombie Master] Bogle recommended a single defined contribution plan with annuities from low-cost providers. The single system would be overseen by an independent Federal Retirement Board to protect the interests of plan participants, Bogle said.
…<\/b>
Retirement savings are too exposed to market risk, according to Dean Baker, co-director of the Center for Economic and Policy Research in Washington and another witness at today\u2019s hearing. Baker proposed a government-managed system that would provide a modest rate of return for employees. He said it would build on Social Security and allow workers a voluntary default contribution of at least 3 percent of their salaries.<\/p>\n

Employees must work longer to extend retirement savings and Social Security, which \u201chas shined during this crisis,\u201d could be stabilized and supplemented by target-date funds, said Munnell. Target-date funds shift money into more conservative investments as an investor approaches retirement.<\/p><\/blockquote>\n

Dealbreaker<\/i> reports an amusing anecdote regarding regulatory capture<\/a>. It’s sad, but we never see any statistics regarding job migration between regulatory and industry roles. Golly, I wonder why that is!<\/p>\n

There is a bit more news on the Lyondell bankruptcy<\/a>:<\/p>\n

Lyondell asked U.S. Bankruptcy Judge Robert Gerber to approve the loan at a hearing tomorrow. The financing terms, which may return as much as 20 percent in fees to some lenders, are the best and only terms available, Lyondell said. It also said a proposed \u201croll-up,\u201d which would allow pre-bankruptcy lenders to convert old debt to new debt with a priority for repayment, is \u201cpermissible.\u201d
…<\/b>
The so-called debtor-in-possession loan, designed to fund operations while Lyondell reorganizes, wasn\u2019t made in \u201cgood faith,\u201d the company\u2019s committee of unsecured creditors said in court papers. They alleged the loan\u2019s December maturity date is too early, and other financial covenants are \u201ctripwires\u201d for defaults that would hand control of the company to the lenders.<\/p><\/blockquote>\n

The Lyondell situation is interesting because of the allegations that CDS-protected creditors are not acting in good faith<\/a>.<\/p>\n

Another poor day for PerpetualDiscounts, with Royal issues again getting hit hard. SplitShares enjoyed a dead-cat bounce; and after the bell, MFC announced a new Fixed-Reset, 6.60%+456<\/a>.<\/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>\n5.27 %<\/td>\n3.65 %<\/td>\n23,917<\/td>\n18.05<\/td>\n2<\/td>\n-0.6895 %<\/td>\n852.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n7.36 %<\/td>\n6.93 %<\/td>\n79,068<\/td>\n14.01<\/td>\n7<\/td>\n-0.1208 %<\/td>\n1,363.0<\/td>\n<\/tr>\n
Floater<\/td>\n5.09 %<\/td>\n4.24 %<\/td>\n27,005<\/td>\n16.94<\/td>\n4<\/td>\n-0.2660 %<\/td>\n1,031.5<\/td>\n<\/tr>\n
OpRet<\/td>\n5.25 %<\/td>\n4.93 %<\/td>\n141,386<\/td>\n3.97<\/td>\n15<\/td>\n-0.2366 %<\/td>\n2,047.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.90 %<\/td>\n12.75 %<\/td>\n67,783<\/td>\n3.96<\/td>\n15<\/td>\n0.7840 %<\/td>\n1,621.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n7.30 %<\/td>\n10.98 %<\/td>\n36,126<\/td>\n0.81<\/td>\n2<\/td>\n2.6300 %<\/td>\n1,937.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.3777 %<\/td>\n1,513.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n7.12 %<\/td>\n7.26 %<\/td>\n187,337<\/td>\n12.21<\/td>\n71<\/td>\n-0.3777 %<\/td>\n1,394.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n6.08 %<\/td>\n5.76 %<\/td>\n559,912<\/td>\n13.86<\/td>\n27<\/td>\n0.0623 %<\/td>\n1,808.8<\/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\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.H<\/td>\nPerpetual-Discount<\/td>\n-5.12 %<\/td>\nBid-Vanishing! Traded 2,450 shares in a range of 18.97-60 before closing at 18.55-20, 5×9.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 18.55
\nEvaluated at bid price : 18.55
\nBid-YTW : 7.87 %<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nSplitShare<\/td>\n-4.74 %<\/td>\nAsset coverage of 1.0+:1 as of February 13, 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 : 5.63
\nBid-YTW : 18.00 %<\/td>\n<\/tr>\n
SBC.PR.A<\/td>\nSplitShare<\/td>\n-4.61 %<\/td>\nAsset coverage of 1.2+:1 as of February 19, according to Brompton<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2012-11-30
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.25
\nBid-YTW : 15.47 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-3.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 7.45 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nPerpetual-Discount<\/td>\n-3.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.96
\nEvaluated at bid price : 16.96
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n-2.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 18.56
\nEvaluated at bid price : 18.56
\nBid-YTW : 6.66 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 7.71 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n-2.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n-2.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.56
\nEvaluated at bid price : 16.56
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nPerpetual-Discount<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.34
\nEvaluated at bid price : 16.34
\nBid-YTW : 6.95 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n-2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 7.83
\nEvaluated at bid price : 7.83
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n
PWF.PR.I<\/td>\nPerpetual-Discount<\/td>\n-2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.29
\nBid-YTW : 7.15 %<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nSplitShare<\/td>\n-2.03 %<\/td>\nAsset coverage of 1.1+:1 as of February 19, according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2013-11-29
\nMaturity Price : 10.00
\nEvaluated at bid price : 7.25
\nBid-YTW : 13.53 %<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2013-12-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.56
\nBid-YTW : 9.38 %<\/td>\n<\/tr>\n
BCE.PR.Y<\/td>\nRatchet<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.85
\nBid-YTW : 7.39 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.26
\nEvaluated at bid price : 16.26
\nBid-YTW : 7.18 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 17.43
\nEvaluated at bid price : 17.43
\nBid-YTW : 7.82 %<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 7.30 %<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.97
\nEvaluated at bid price : 16.97
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.41
\nEvaluated at bid price : 16.41
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 20.39
\nEvaluated at bid price : 20.39
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.26
\nEvaluated at bid price : 16.26
\nBid-YTW : 7.13 %<\/td>\n<\/tr>\n
NA.PR.K<\/td>\nPerpetual-Discount<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 13.01
\nEvaluated at bid price : 13.01
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
CM.PR.A<\/td>\nOpRet<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2009-03-26
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.12
\nBid-YTW : -18.50 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 14.85
\nEvaluated at bid price : 14.85
\nBid-YTW : 9.12 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.32
\nEvaluated at bid price : 21.60
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.32
\nEvaluated at bid price : 16.32
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 16.07
\nEvaluated at bid price : 16.07
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.01
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.11
\nBid-YTW : 9.76 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 18.90
\nEvaluated at bid price : 18.90
\nBid-YTW : 7.82 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 14.56
\nEvaluated at bid price : 14.56
\nBid-YTW : 7.65 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.96
\nEvaluated at bid price : 22.50
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 18.99
\nEvaluated at bid price : 18.99
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 7.35 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 17.35
\nEvaluated at bid price : 17.35
\nBid-YTW : 7.66 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.25
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 15.26
\nEvaluated at bid price : 15.26
\nBid-YTW : 7.40 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 22.86
\nEvaluated at bid price : 22.90
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 21.70
\nEvaluated at bid price : 21.75
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
ALB.PR.A<\/td>\nSplitShare<\/td>\n1.66 %<\/td>\nAsset coverage of 1.0-:1 as of February 19, according to Scotia<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.10
\nBid-YTW : 19.01 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 14.56
\nEvaluated at bid price : 14.56
\nBid-YTW : 7.74 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 18.05
\nEvaluated at bid price : 18.05
\nBid-YTW : 7.38 %<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nSplitShare<\/td>\n1.97 %<\/td>\nAsset coverage of 1.6+:1 as of February 12, 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 : 8.27
\nBid-YTW : 9.29 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 7.34 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n3.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 15.61
\nEvaluated at bid price : 15.61
\nBid-YTW : 7.70 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n3.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 7.95
\nEvaluated at bid price : 7.95
\nBid-YTW : 6.73 %<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n3.39 %<\/td>\nAsset coverage of 0.9+:1 as of February 19, 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 : 6.41
\nBid-YTW : 23.57 %<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nSplitShare<\/td>\n3.40 %<\/td>\nAsset coverage of 1.2+:1 as of February 13 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 : 7.61
\nBid-YTW : 13.83 %<\/td>\n<\/tr>\n
DF.PR.A<\/td>\nSplitShare<\/td>\n3.41 %<\/td>\nAsset coverage of 1.3+:1 as of February 13 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 : 8.19
\nBid-YTW : 9.56 %<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nSplitShare<\/td>\n3.53 %<\/td>\nAsset coverage of 1.6-:1 as of February 13 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 : 8.50
\nBid-YTW : 8.77 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nPerpetual-Discount<\/td>\n3.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 20.80
\nEvaluated at bid price : 20.80
\nBid-YTW : 6.85 %<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nSplitShare<\/td>\n4.03 %<\/td>\nAsset coverage of 1.3+:1 as of February 13 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 : 8.01
\nBid-YTW : 11.83 %<\/td>\n<\/tr>\n
FIG.PR.A<\/td>\nInterest-Bearing<\/td>\n5.97 %<\/td>\nAsset coverage of 1.0+:1 as of February 20, based on Capital units at $0.39<\/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 : 7.10
\nBid-YTW : 14.03 %<\/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
BCE.PR.Y<\/td>\nRatchet<\/td>\n140,324<\/td>\nCannacord bought 27,200 from CIBC at 14.00, then crossed 39,100 at the same price. I hope CIBC explained to them what a preferred share is<\/a>! Nesbitt crossed 70,000 at 14.00. YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.85
\nBid-YTW : 7.39 %<\/td>\n<\/tr>\n
BCE.PR.F<\/td>\nFixedFloater<\/td>\n125,000<\/td>\nCanaccord bought 23,500 from CIBC at 15.00, then crossed 93,300 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.50
\nBid-YTW : 7.12 %<\/td>\n<\/tr>\n
FBS.PR.B<\/td>\nSplitShare<\/td>\n104,281<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2011-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 6.41
\nBid-YTW : 23.57 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n68,597<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n66,988<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetual-Discount<\/td>\n47,700<\/td>\nNesbitt bought two blocks from RBC, 24,300 shares and 20,000, both at 22.74.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-02-24
\nMaturity Price : 22.53
\nEvaluated at bid price : 22.73
\nBid-YTW : 6.64 %<\/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":"

Assiduous Readers will be aware that I am wary of regulatory initiatives that seek to protect investors from themselves. Well … if the following catches on and spreads, it may become illegal to buy equities …<\/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-5609","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5609","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=5609"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5609\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}