The FRB Cleveland has released the April, 2011, edition of Economic Trends.
There will be a conference on The Future of Life-Cycle Saving & Investing sponsored by the Boston Fed and others at the end of May.
The Portuguese bail-out has been agreed:
Portugal reached an agreement with officials preparing its European Union-led bailout that will provide as much as 78 billion euros ($116 billion) in aid and allow more time to reduce the country’s budget deficit.
The three-year plan set goals for a budget deficit of 5.9 percent of gross domestic product this year, 4.5 percent in 2012 and 3 percent in 2013, Prime Minister Jose Socrates said in Lisbon today. The government in March targeted a deficit of 4.6 percent this year, 3 percent in 2012 and 2 percent in 2013.
It was another mixed day in the Canadian preferred share market, but this one was much calmer: PerpetualDiscounts lost 10bp, FixedResets gained 6bp and DeemedRetractibles were basically flat. There was only one entry in the Performance Highlights table. Volume was very light.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
|||||||
| 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 | -0.0118 % | 2,437.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0118 % | 3,666.6 |
| Floater | 2.47 % | 2.26 % | 38,221 | 21.62 | 4 | -0.0118 % | 2,632.3 |
| OpRet | 4.90 % | 3.30 % | 59,456 | 2.04 | 8 | 0.1780 % | 2,420.7 |
| SplitShare | 5.21 % | -1.94 % | 75,011 | 0.62 | 6 | 0.0240 % | 2,497.7 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1780 % | 2,213.5 |
| Perpetual-Premium | 5.78 % | 5.60 % | 112,712 | 1.11 | 8 | 0.0397 % | 2,055.4 |
| Perpetual-Discount | 5.57 % | 5.59 % | 146,657 | 14.41 | 16 | -0.0983 % | 2,124.6 |
| FixedReset | 5.17 % | 3.39 % | 213,398 | 2.89 | 57 | 0.0638 % | 2,297.1 |
| Deemed-Retractible | 5.22 % | 5.04 % | 315,682 | 8.13 | 53 | 0.0023 % | 2,101.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CM.PR.K | FixedReset | -1.59 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-30 Maturity Price : 25.00 Evaluated at bid price : 26.67 Bid-YTW : 3.25 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| SLF.PR.C | Deemed-Retractible | 86,838 | Scotia crossed 59,400 at 21.25; Desjardins crossed 13,200 at the same price. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.25 Bid-YTW : 6.50 % |
| TD.PR.I | FixedReset | 85,148 | RBC crossed two blocks of 40,000 each at 27.31. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-30 Maturity Price : 25.00 Evaluated at bid price : 27.33 Bid-YTW : 3.31 % |
| BNS.PR.Y | FixedReset | 45,423 | RBC bought 37,300 from anonymous at 25.00. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.02 Bid-YTW : 3.64 % |
| TRP.PR.A | FixedReset | 37,992 | RBC crossed 25,000 at 25.90. YTW SCENARIO Maturity Type : Call Maturity Date : 2015-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.91 Bid-YTW : 3.67 % |
| CIU.PR.A | Perpetual-Discount | 25,800 | Desjardins crossed 25,000 at 22.65. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-05-03 Maturity Price : 22.49 Evaluated at bid price : 22.65 Bid-YTW : 5.16 % |
| BNS.PR.K | Deemed-Retractible | 24,588 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.96 Bid-YTW : 4.85 % |
| There were 22 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| HSB.PR.E | FixedReset | Quote: 27.40 – 27.80 Spot Rate : 0.4000 Average : 0.2634 YTW SCENARIO |
| CM.PR.K | FixedReset | Quote: 26.67 – 27.00 Spot Rate : 0.3300 Average : 0.2275 YTW SCENARIO |
| PWF.PR.I | Perpetual-Premium | Quote: 25.17 – 25.40 Spot Rate : 0.2300 Average : 0.1668 YTW SCENARIO |
| CM.PR.L | FixedReset | Quote: 27.68 – 27.95 Spot Rate : 0.2700 Average : 0.2160 YTW SCENARIO |
| ELF.PR.G | Deemed-Retractible | Quote: 20.35 – 20.67 Spot Rate : 0.3200 Average : 0.2673 YTW SCENARIO |
| TD.PR.E | FixedReset | Quote: 27.16 – 27.36 Spot Rate : 0.2000 Average : 0.1481 YTW SCENARIO |