Monday, 18 January 2016

Canadian Natural Resources Highway Robbery

Quick lesson on how brokers make money...

Here are CNQ 8/14/2020's, 2.89% coupon, per Candeal:

And here are the same bonds at waterhouse this morning:

If waterhouse does not have these bonds in inventory, they buy $96.31's and sell retail $100.75's all day, and pocket the spread, risk free.  Caveat emptor indeed.

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