Who remembers Jesse Litvak? I last discussed his case on December 23, 2015; basically, he was charged with fraud for acting like a bond salesman. It was one of the more ridiculous persecutions to emerge from the hysterical witch hunt that followed the credit crunch … and now it’s over:
Federal prosecutors moved to dismiss criminal charges against former Jefferies Group LLC managing director Jesse Litvak, whose two convictions for fraud were both overturned by a federal appeals court.
Litvak’s arrest five years ago put traders on notice that they could face criminal prosecution for making misrepresentations to customers while negotiating trades, sending shock waves through Wall Street and leading to the resignations and suspensions of dozens of traders.
The traders argued that they were dealing with sophisticated investors who knew not to accept their every sales pitch as gospel.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6800 % | 3,088.8 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.6800 % | 5,667.9 |
| Floater | 3.50 % | 3.72 % | 59,957 | 18.02 | 4 | 0.6800 % | 3,266.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0237 % | 3,203.0 |
| SplitShare | 4.59 % | 4.62 % | 52,094 | 4.88 | 5 | -0.0237 % | 3,825.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0237 % | 2,984.4 |
| Perpetual-Premium | 5.63 % | -14.03 % | 62,079 | 0.09 | 9 | 0.0349 % | 2,914.2 |
| Perpetual-Discount | 5.38 % | 5.51 % | 55,731 | 14.63 | 26 | 0.0608 % | 2,985.7 |
| FixedReset | 4.28 % | 4.60 % | 128,271 | 3.80 | 106 | 0.0833 % | 2,573.4 |
| Deemed-Retractible | 5.14 % | 5.96 % | 60,426 | 5.43 | 27 | 0.0656 % | 2,976.3 |
| FloatingReset | 3.25 % | 3.51 % | 33,332 | 3.34 | 9 | 0.2523 % | 2,838.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.Q | FixedReset | -1.47 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.80 Bid-YTW : 4.98 % |
| MFC.PR.K | FixedReset | 1.09 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.24 Bid-YTW : 5.85 % |
| TD.PF.A | FixedReset | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 23.25 Evaluated at bid price : 23.73 Bid-YTW : 4.63 % |
| IFC.PR.G | FixedReset | 1.17 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.04 Bid-YTW : 5.03 % |
| TD.PF.B | FixedReset | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 23.14 Evaluated at bid price : 23.70 Bid-YTW : 4.67 % |
| TRP.PR.C | FixedReset | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 17.76 Evaluated at bid price : 17.76 Bid-YTW : 5.00 % |
| PWF.PR.A | Floater | 1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 21.48 Evaluated at bid price : 21.48 Bid-YTW : 3.01 % |
| TRP.PR.H | FloatingReset | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 3.95 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BMO.PR.T | FixedReset | 48,987 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 22.88 Evaluated at bid price : 23.41 Bid-YTW : 4.75 % |
| PWF.PR.F | Perpetual-Discount | 43,050 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 23.54 Evaluated at bid price : 23.81 Bid-YTW : 5.53 % |
| CM.PR.P | FixedReset | 23,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 22.77 Evaluated at bid price : 23.19 Bid-YTW : 4.72 % |
| BNS.PR.G | FixedReset | 21,851 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 26.33 Bid-YTW : 3.64 % |
| TD.PF.C | FixedReset | 20,111 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-07-30 Maturity Price : 23.23 Evaluated at bid price : 23.66 Bid-YTW : 4.64 % |
| TRP.PR.K | FixedReset | 18,979 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.81 Bid-YTW : 4.23 % |
| There were 5 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| HSE.PR.A | FixedReset | Quote: 18.03 – 18.67 Spot Rate : 0.6400 Average : 0.3583 YTW SCENARIO |
| VNR.PR.A | FixedReset | Quote: 24.85 – 25.35 Spot Rate : 0.5000 Average : 0.2998 YTW SCENARIO |
| IFC.PR.E | Deemed-Retractible | Quote: 24.14 – 24.53 Spot Rate : 0.3900 Average : 0.2246 YTW SCENARIO |
| PWF.PR.A | Floater | Quote: 21.48 – 22.00 Spot Rate : 0.5200 Average : 0.3766 YTW SCENARIO |
| MFC.PR.Q | FixedReset | Quote: 24.80 – 25.13 Spot Rate : 0.3300 Average : 0.2340 YTW SCENARIO |
| CU.PR.C | FixedReset | Quote: 22.78 – 23.09 Spot Rate : 0.3100 Average : 0.2200 YTW SCENARIO |