Forced into action by a surge in Greek borrowing costs to an 11-year high, finance ministers from the 16 euro countries said they and the International Monetary Fund would offer the loans at non-subsidized interest rates in case Greece runs out of money-raising options. European Union Economic and Monetary Affairs Commissioner Olli Rehn said that the rate on the loans could be around 5 percent.
There’s no word regarding the attached strings.
PerpetualDiscounts continued their recovery today, gaining 38bp on continued heavy volume, while FixedResets were basically unchanged, gaining 1bp.
| 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 | 2.60 % | 2.69 % | 54,786 | 20.89 | 1 | -0.8676 % | 2,128.7 |
| FixedFloater | 4.90 % | 3.02 % | 47,787 | 20.12 | 1 | -0.2247 % | 3,227.5 |
| Floater | 1.91 % | 1.67 % | 42,337 | 23.41 | 4 | -0.0242 % | 2,418.2 |
| OpRet | 4.88 % | 3.55 % | 105,244 | 1.10 | 10 | 0.0000 % | 2,314.5 |
| SplitShare | 6.35 % | -3.32 % | 133,872 | 0.08 | 2 | 0.1315 % | 2,150.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0000 % | 2,116.4 |
| Perpetual-Premium | 5.84 % | 3.85 % | 33,374 | 0.62 | 2 | 0.6517 % | 1,845.2 |
| Perpetual-Discount | 6.16 % | 6.19 % | 196,893 | 13.66 | 76 | 0.3795 % | 1,728.5 |
| FixedReset | 5.42 % | 3.87 % | 481,188 | 3.66 | 44 | 0.0052 % | 2,174.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.A | Perpetual-Discount | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 23.84 Evaluated at bid price : 24.15 Bid-YTW : 6.08 % |
| CM.PR.I | Perpetual-Discount | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 6.18 % |
| BNS.PR.K | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.04 % |
| TRP.PR.A | FixedReset | 1.02 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.71 Bid-YTW : 4.00 % |
| RY.PR.H | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 23.80 Evaluated at bid price : 24.00 Bid-YTW : 5.98 % |
| SLF.PR.A | Perpetual-Discount | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 6.26 % |
| CM.PR.D | Perpetual-Discount | 1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 22.84 Evaluated at bid price : 23.13 Bid-YTW : 6.23 % |
| BMO.PR.L | Perpetual-Discount | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 24.14 Evaluated at bid price : 24.35 Bid-YTW : 6.05 % |
| GWO.PR.G | Perpetual-Discount | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 21.09 Evaluated at bid price : 21.09 Bid-YTW : 6.23 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BNS.PR.Y | FixedReset | 461,960 | New issue settled today. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2040-04-12 Maturity Price : 24.37 Evaluated at bid price : 24.42 Bid-YTW : 3.94 % |
| TD.PR.E | FixedReset | 74,430 | RBC crossed 60,000 at 27.40. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-30 Maturity Price : 25.00 Evaluated at bid price : 27.40 Bid-YTW : 3.72 % |
| TD.PR.S | FixedReset | 65,920 | TD bought 20,000 from anonymous at 25.72. National bought 11,000 from Desjardins at 25.70 and 11,200 from RBC at 25.71. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-08-30 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 4.18 % |
| RY.PR.T | FixedReset | 65,875 | National crossed blocks of 30,000 and 10,000 at 27.95. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-09-23 Maturity Price : 25.00 Evaluated at bid price : 27.90 Bid-YTW : 3.67 % |
| TD.PR.N | OpRet | 62,600 | RBC crossed 50,000 at 25.78; National crossed 11,000 at 25.74. YTW SCENARIO Maturity Type : Call Maturity Date : 2011-05-30 Maturity Price : 25.50 Evaluated at bid price : 25.72 Bid-YTW : 3.55 % |
| RY.PR.X | FixedReset | 52,551 | National crossed blocks of 30,000 and 10,000 at 27.85. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-09-23 Maturity Price : 25.00 Evaluated at bid price : 27.81 Bid-YTW : 3.77 % |
| There were 54 other index-included issues trading in excess of 10,000 shares. | |||