There was a decent US jobs number:
Treasuries pared losses after the U.S. jobless rate unexpectedly fell to 8.6 percent as the workforce shrank, indicating moderate economic growth.
U.S. debt extended the first weekly loss in three weeks as employers added 120,000 jobs in November after an increase of 100,000 positions in the previous month, the Labor Department reported today in Washington. A European proposal to channel central-bank loans through the International Monetary Fund may deliver as much as 200 billion euros ($270 billion) to fight the debt crisis, two people familiar with the negotiations said.
There is some hope that the increase is understated:
American households may be signaling the job market is stronger than the payroll numbers indicate.
Employers said they took on 120,000 workers in November, bringing job gains over the past four months to 534,000, Labor Department data showed today in Washington. A separate survey of households showed 278,000 more people were employed last month, pushing the increase during the same period to 1.28 million.
At turning points in the economy, the latter may prove more accurate because it’s more likely to pick up hiring at small companies and new firms that may be under the government’s radar. In another sign of recovery, the payroll figures the last three reports have been revised up by a combined 91,000 on average for the prior two months.
Rotman B-School is discussing the Coventree decision:
Monday, December 19, 2011
Capital Markets Institute @ Rotman Roundtable Discussion3:00pm to 5:00pm Roundtable Discussion
TOPIC: Disclosure and Materiality: The Coventree Decision
SYNOPSIS: In looking at the Coventree Decision by the OSC our panelists will go through the following questions:
What is materiality? What is a material change? When to disclose? Risks of disclosing too early OR too late; insights from the Coventree decision, securities law, issuers and investors; What does the Coventree decision signal regarding disclosure going forward?
PANELISTS:
Jeremy Fraiberg, Partner, Osler, Hoskin & Harcourt LLP
Paul Halpern, Director, Capital Markets Institute, Professor Emeritus of Finance, Rotman School of Management
Christopher C. Nicholls, Stephen Dattels Chair in Corporate Finance Law at the University of Western Ontario
Sean Vanderpol, Partner, Stikeman Elliott
G. Wesley Voorheis, Partner, Voorheis & Co. LLP and member of the Special Committee established by the Coventree Board of Directors
PLACE: Rotman School (South) Room 209 – 149 College Street, Toronto (ON)
TO REGISTER: www.rotman.utoronto.ca/cmi-dec19
QUESTIONS: 416.978.5654 or email Kathleen.Coulson@Rotman.Utoronto.Ca
Greece is engaged in talkes regarding how to default without defaulting. No doubt they are hoping that Pythagorus will come back to square the circle:
Greece and its private creditors are involved in “complicated” negotiations on a debt-swap agreement and scenarios coming to light shouldn’t be seen as indicative of the final result, said Prime Minister Lucas Papademos.
“Each side has its strategies and has starting positions,” Papademos said today in comments to lawmakers televised live on Vouli TV. “Greece’s national interest is our basic goal and the basis supporting our position. That’s self- evident and a given.”
…
Greece’s 206 billion euros of privately held debt would be reduced by 50 percent under an agreement announced at an Oct. 26 summit of European leaders in Brussels. The accord didn’t resolve details of the swap, such as the reduction in net present value investors would face.
…
Greece and its private creditors are in disagreement over the interest rate on new bonds and how 30 billion euros intended to sweeten the deal will be used, said a person who is on the lenders’ negotiating committee. Greece is pushing for a coupon of 4.5 percent on new 20-year to 30-year bonds, while the banks are seeking a rate of 7 percent to 8 percent, said the person, who declined to be identified because the discussions are private.
The TMX DataLinx service has collywobbles again, so today’s data have been prepared using unofficial data from Yahoo!
It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 29bp, FixedResets up 3bp and DeemedRetractibles gaining 17bp. Volatility was reasonable. Volume was average.
| 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 | -1.3690 % | 2,060.5 |
| FixedFloater | 4.90 % | 4.63 % | 31,463 | 17.08 | 1 | 0.4661 % | 3,147.0 |
| Floater | 3.21 % | 3.53 % | 65,776 | 18.38 | 3 | -1.3690 % | 2,224.8 |
| OpRet | 4.90 % | 1.01 % | 52,664 | 1.45 | 6 | -0.1408 % | 2,473.5 |
| SplitShare | 5.85 % | 6.67 % | 57,976 | 5.13 | 3 | 0.1567 % | 2,509.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1408 % | 2,261.8 |
| Perpetual-Premium | 5.53 % | 3.20 % | 99,167 | 1.07 | 18 | 0.0839 % | 2,156.9 |
| Perpetual-Discount | 5.25 % | 5.19 % | 107,797 | 15.05 | 12 | 0.2880 % | 2,303.0 |
| FixedReset | 5.12 % | 3.05 % | 222,946 | 2.45 | 63 | 0.0287 % | 2,337.6 |
| Deemed-Retractible | 5.05 % | 4.47 % | 192,694 | 3.83 | 46 | 0.1732 % | 2,220.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.B | Floater | -2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-12-02 Maturity Price : 15.02 Evaluated at bid price : 15.02 Bid-YTW : 3.53 % |
| BAM.PR.K | Floater | -1.71 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-12-02 Maturity Price : 14.96 Evaluated at bid price : 14.96 Bid-YTW : 3.55 % |
| HSB.PR.C | Deemed-Retractible | -1.06 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.18 Bid-YTW : 5.15 % |
| TD.PR.Q | Deemed-Retractible | 1.28 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2013-01-31 Maturity Price : 26.00 Evaluated at bid price : 26.97 Bid-YTW : 2.53 % |
| CIU.PR.A | Perpetual-Discount | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-12-02 Maturity Price : 23.95 Evaluated at bid price : 24.45 Bid-YTW : 4.70 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| ENB.PR.D | FixedReset | 173,843 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-12-02 Maturity Price : 23.15 Evaluated at bid price : 25.15 Bid-YTW : 3.73 % |
| BAM.PR.Z | FixedReset | 66,648 | Recent new issue. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-12-02 Maturity Price : 23.17 Evaluated at bid price : 25.20 Bid-YTW : 4.41 % |
| BNS.PR.T | FixedReset | 55,325 | Desjardins crossed 20,000 at 27.10; TD crossed 24,700 at the same price. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-04-25 Maturity Price : 25.00 Evaluated at bid price : 27.08 Bid-YTW : 2.88 % |
| TD.PR.I | FixedReset | 42,754 | Scotia crossed 25,000 at 27.25. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 27.28 Bid-YTW : 2.90 % |
| SLF.PR.I | FixedReset | 37,948 | Recent new issue. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-12-31 Maturity Price : 25.00 Evaluated at bid price : 24.08 Bid-YTW : 4.70 % |
| CM.PR.G | Perpetual-Discount | 37,315 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2041-12-02 Maturity Price : 24.74 Evaluated at bid price : 25.06 Bid-YTW : 5.44 % |
| There were 34 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.B | Deemed-Retractible | Quote: 21.65 – 22.09 Spot Rate : 0.4400 Average : 0.2454 YTW SCENARIO |
| BAM.PR.J | OpRet | Quote: 26.87 – 27.51 Spot Rate : 0.6400 Average : 0.4543 YTW SCENARIO |
| TCA.PR.Y | Perpetual-Premium | Quote: 52.85 – 53.39 Spot Rate : 0.5400 Average : 0.3963 YTW SCENARIO |
| HSB.PR.C | Deemed-Retractible | Quote: 25.18 – 25.68 Spot Rate : 0.5000 Average : 0.3773 YTW SCENARIO |
| HSB.PR.E | FixedReset | Quote: 27.20 – 27.60 Spot Rate : 0.4000 Average : 0.3036 YTW SCENARIO |
| BAM.PR.M | Perpetual-Discount | Quote: 23.32 – 23.66 Spot Rate : 0.3400 Average : 0.2529 YTW SCENARIO |