Greece is sliding closer to bankruptcy:
The European Union may withhold the next amount of credit to Greece after a report by an international panel of inspectors concluded that the debt-laden country has missed all the fiscal targets agreed in its rescue plan, Der Spiegel said, without saying how it obtained the information.
Portuguese 10-year bonds fell the most in a week, sending the yield spread with German bunds, Europe’s benchmark government security, 18 basis points higher to 678 basis points, the most since Bloomberg began gathering the data in 1997. Italian 10-year yields rose six basis points to 4.81 percent after the government sold 8.3 billion euros ($12 billion) debt. Spain is due to sell debt on June 2.
and Moody’s put Japan on Review-Negative.
Yellow bellies continued to panic.
| YLO Issues, 2011-5-30 | |||||
| Ticker | Quote 5/27 |
Quote 5/30 |
Bid YTW 5/30 |
YTW Scenario 5/30 |
Performance 5/30 (bid/bid) |
| YLO.PR.A | 23.10-20 | 22.80-90 | 10.97% | Soft Maturity 2012-12-30 |
-1.30% |
| YLO.PR.B | 16.40-82 | 15.64-80 | 14.86% | Soft Maturity 2017-06-29 |
-4.63% |
| YLO.PR.C | 17.67-33 | 16.57-70 | 10.08% | Limit Maturity | -6.23% |
| YLO.PR.D | 18.32-40 | 17.85-00 | 9.52% | Limit Maturity | -2.57% |
It was a mixed day on the Canadian preferred share market, with PerpetualDiscounts gaining 17bp, FixedResets basically flat, and DeemedRetractibles down 4bp. Volatility was minimal, with only one entry in the Performance Highlights table. Volume was OK, a little on the low side, as befits a day when the US market was closed.
| 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 | -0.0349 % | 2,462.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0349 % | 3,704.1 |
| Floater | 2.45 % | 2.24 % | 43,170 | 21.63 | 4 | -0.0349 % | 2,659.3 |
| OpRet | 4.87 % | 2.67 % | 63,149 | 0.41 | 9 | 0.0772 % | 2,423.3 |
| SplitShare | 5.23 % | -0.60 % | 60,309 | 0.54 | 6 | -0.2393 % | 2,505.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0772 % | 2,215.9 |
| Perpetual-Premium | 5.66 % | 4.81 % | 165,879 | 1.43 | 12 | 0.0872 % | 2,074.9 |
| Perpetual-Discount | 5.45 % | 5.54 % | 125,579 | 14.46 | 18 | 0.1709 % | 2,177.7 |
| FixedReset | 5.15 % | 3.18 % | 196,125 | 2.85 | 57 | 0.0046 % | 2,310.0 |
| Deemed-Retractible | 5.07 % | 4.92 % | 302,894 | 8.14 | 47 | -0.0378 % | 2,149.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| SLF.PR.F | FixedReset | 1.23 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-30 Maturity Price : 25.00 Evaluated at bid price : 27.19 Bid-YTW : 2.94 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.G | Perpetual-Premium | 100,850 | Seeking NVCC status. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-05-31 Maturity Price : 25.00 Evaluated at bid price : 25.20 Bid-YTW : 5.30 % |
| CIU.PR.A | Perpetual-Discount | 100,000 | RBC crossed blocks of 30,000 and 70,000, both at 22.51. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-05-30 Maturity Price : 22.35 Evaluated at bid price : 22.50 Bid-YTW : 5.13 % |
| CM.PR.H | Deemed-Retractible | 84,032 | Called for redemption. YTW SCENARIO Maturity Type : Call Maturity Date : 2011-06-29 Maturity Price : 25.75 Evaluated at bid price : 25.90 Bid-YTW : 2.23 % |
| RY.PR.W | Perpetual-Discount | 61,841 | RBC bought 11,300 from TD at 24.89. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-05-30 Maturity Price : 24.44 Evaluated at bid price : 24.75 Bid-YTW : 4.97 % |
| RY.PR.X | FixedReset | 45,940 | TD crossed 40,000 at 27.45. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-09-23 Maturity Price : 25.00 Evaluated at bid price : 27.40 Bid-YTW : 3.26 % |
| TD.PR.K | FixedReset | 36,977 | TD crossed 30,000 at 27.60. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-30 Maturity Price : 25.00 Evaluated at bid price : 27.58 Bid-YTW : 3.08 % |
| There were 29 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TCA.PR.X | Perpetual-Premium | Quote: 50.32 – 50.74 Spot Rate : 0.4200 Average : 0.2623 YTW SCENARIO |
| IAG.PR.C | FixedReset | Quote: 26.82 – 27.25 Spot Rate : 0.4300 Average : 0.2915 YTW SCENARIO |
| BNS.PR.O | Deemed-Retractible | Quote: 25.95 – 26.34 Spot Rate : 0.3900 Average : 0.2594 YTW SCENARIO |
| POW.PR.B | Perpetual-Discount | Quote: 24.43 – 24.78 Spot Rate : 0.3500 Average : 0.2285 YTW SCENARIO |
| TRI.PR.B | Floater | Quote: 23.26 – 23.75 Spot Rate : 0.4900 Average : 0.3860 YTW SCENARIO |
| GWO.PR.M | Deemed-Retractible | Quote: 25.60 – 25.85 Spot Rate : 0.2500 Average : 0.1547 YTW SCENARIO |