{"id":6199,"date":"2009-04-14T18:43:12","date_gmt":"2009-04-14T22:43:12","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=6199"},"modified":"2009-04-14T18:43:12","modified_gmt":"2009-04-14T22:43:12","slug":"february-14-2009","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=6199","title":{"rendered":"April 14, 2009"},"content":{"rendered":"

The Globe & Mail reports that new rules for retail bond desks are coming<\/a>:<\/p>\n

Many investors would for the first time find out exactly how much commission they are paying to buy and sell bonds. Industry convention is to hide the commission in the purchase or sale price of the bond, but the new rules would force it to be broken out.<\/p>\n

The rules would also require better disclosure of the bond’s yield \u2013 the real interest rate based on the price.<\/p>\n

Perhaps most importantly, and contentiously, IIROC plans a \u201cfair pricing rule\u201d to enable regulators to punish dealers who trade bonds at prices far from the true market price.<\/p><\/blockquote>\n

Thoroughly precious and idiotic. There are some fine alternatives available for retail investors who don’t know what they’re doing: funds. I have no idea what this “yield disclosure” thingy might mean; perhaps it simply means that dealers will be required to print the yield on their confirms, as they are for Money Market instruments.<\/p>\n

Look for retail bond offerings at brokerages to be even more sharply reduced than they are now. When you buy your GIC, you’ll know you’re getting best execution on the price!<\/p>\n

The market continued its rally today with heavy volume. Performance for the past two weeks has been impressive:<\/p>\n

<\/div>\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>\n1.4599 %<\/td>\n929.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.4599 %<\/td>\n1,503.9<\/td>\n<\/tr>\n
Floater<\/td>\n5.25 %<\/td>\n5.28 %<\/td>\n64,517<\/td>\n15.04<\/td>\n2<\/td>\n1.4599 %<\/td>\n1,161.7<\/td>\n<\/tr>\n
OpRet<\/td>\n5.16 %<\/td>\n4.56 %<\/td>\n141,674<\/td>\n3.88<\/td>\n15<\/td>\n0.0407 %<\/td>\n2,107.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.76 %<\/td>\n10.43 %<\/td>\n45,700<\/td>\n5.65<\/td>\n3<\/td>\n0.8944 %<\/td>\n1,710.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n6.12 %<\/td>\n8.99 %<\/td>\n27,769<\/td>\n0.69<\/td>\n1<\/td>\n-0.3052 %<\/td>\n1,947.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.7653 %<\/td>\n1,601.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.81 %<\/td>\n6.92 %<\/td>\n146,539<\/td>\n12.68<\/td>\n71<\/td>\n0.7653 %<\/td>\n1,474.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.99 %<\/td>\n5.50 %<\/td>\n659,594<\/td>\n7.51<\/td>\n35<\/td>\n0.3595 %<\/td>\n1,880.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-2.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.41
\nEvaluated at bid price : 17.41
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.75
\nBid-YTW : 8.95 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 18.81
\nEvaluated at bid price : 18.81
\nBid-YTW : 7.01 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.63
\nEvaluated at bid price : 17.63
\nBid-YTW : 7.15 %<\/td>\n<\/tr>\n
BNS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 6.60 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 15.86
\nEvaluated at bid price : 15.86
\nBid-YTW : 7.10 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 6.92 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.18
\nEvaluated at bid price : 17.18
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.99
\nEvaluated at bid price : 17.99
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 23.58
\nEvaluated at bid price : 23.62
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 19.83
\nEvaluated at bid price : 19.83
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 16.66
\nEvaluated at bid price : 16.66
\nBid-YTW : 7.21 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 19.83
\nEvaluated at bid price : 19.83
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 20.66
\nEvaluated at bid price : 20.66
\nBid-YTW : 6.99 %<\/td>\n<\/tr>\n
BNA.PR.A<\/td>\nSplitShare<\/td>\n1.28 %<\/td>\nAsset coverage of 1.7-:1 as of February 28 according to the company<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2010-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.80
\nBid-YTW : 10.43 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 20.68
\nEvaluated at bid price : 20.68
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.06
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 19.97
\nEvaluated at bid price : 19.97
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nPerpetual-Discount<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 6.97 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 19.28
\nEvaluated at bid price : 19.28
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n1.68 %<\/td>\nAsset coverage of 1.7-:1 as of February 28 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 : 12.72
\nBid-YTW : 13.84 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 7.27 %<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2013-12-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.10
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.10
\nEvaluated at bid price : 17.10
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 7.24 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 21.51
\nEvaluated at bid price : 21.51
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 17.37
\nEvaluated at bid price : 17.37
\nBid-YTW : 6.79 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 16.34
\nEvaluated at bid price : 16.34
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n2.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 22.94
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 23.25
\nEvaluated at bid price : 23.29
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 8.35
\nEvaluated at bid price : 8.35
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nPerpetual-Discount<\/td>\n3.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 16.55
\nEvaluated at bid price : 16.55
\nBid-YTW : 6.83 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n3.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 18.65
\nEvaluated at bid price : 18.65
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n3.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 20.40
\nEvaluated at bid price : 20.40
\nBid-YTW : 7.17 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n4.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 16.00
\nEvaluated at bid price : 16.00
\nBid-YTW : 8.36 %<\/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
HSB.PR.E<\/td>\nFixedReset<\/td>\n164,185<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 6.52 %<\/td>\n<\/tr>\n
RY.PR.T<\/td>\nFixedReset<\/td>\n140,859<\/td>\nNesbitt crossed 48,000 at 25.82.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n140,571<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n133,486<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n93,885<\/td>\nNesbitt bought 10,000 from National at 24.89; TD crossed 61,500 at 24.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 24.92
\nEvaluated at bid price : 24.97
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n74,629<\/td>\nDesjardins crossed 70,000 at 24.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2039-04-14
\nMaturity Price : 23.96
\nEvaluated at bid price : 24.21
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
There were 49 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Globe & Mail reports that new rules for retail bond desks are coming: Many investors would for the first time find out exactly how much commission they are paying to buy and sell bonds. …<\/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-6199","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6199","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=6199"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/6199\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}