Here’s a cheerful prediction from Italy:
Italy’s Prime Minister Mario Monti warned that Spain could reignite the European debt crisis as euro-area ministers this week prepare a deal to strengthen the region’s financial firewall.
Monti pointed to Spain’s struggle to control its finances ahead of a finance ministers meeting in Copenhagen starting on March 30, where officials will seek agreement to raise a 500 billion-euro ($664 billion) ceiling on bailout funding.
.“It doesn’t take much to recreate risks of contagion,” Monti said during the weekend at a conference in Cernobbio, Italy. Days after his Cabinet approved a bill to overhaul Italy’s labor laws, Monti praised Spain’s efforts to loosen work regulations while advising it to focus on cutting the national budget. Spain “hasn’t paid enough attention to its public accounts,” he said.
There are rumours that the acronym “HST” will soon stand for Hot Sex Tax.
It was a positive day overall for the Canadian preferred share market, with PerpetualPremiums down 6bp, FixedResets up 14bp and DeemedRetractibles winning 20bp. Sun Life and Manulife dominated the positive side of a relatively lengthy Performance Highlights table. Volume was almost average.
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 | 0.5591 % | 2,391.0 |
FixedFloater | 4.55 % | 3.94 % | 35,127 | 17.37 | 1 | 0.0000 % | 3,430.6 |
Floater | 3.02 % | 3.01 % | 45,812 | 19.69 | 3 | 0.5591 % | 2,581.7 |
OpRet | 4.93 % | 3.18 % | 65,545 | 1.20 | 6 | 0.1032 % | 2,499.8 |
SplitShare | 5.28 % | -3.88 % | 83,446 | 0.72 | 4 | 0.0199 % | 2,674.3 |
Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1032 % | 2,285.8 |
Perpetual-Premium | 5.45 % | 4.18 % | 98,442 | 0.18 | 25 | -0.0632 % | 2,203.1 |
Perpetual-Discount | 5.22 % | 5.32 % | 193,740 | 14.95 | 7 | 0.1149 % | 2,370.8 |
FixedReset | 5.06 % | 3.09 % | 194,014 | 2.24 | 67 | 0.1409 % | 2,380.9 |
Deemed-Retractible | 4.97 % | 4.07 % | 218,830 | 2.93 | 46 | 0.1987 % | 2,294.8 |
Performance Highlights | |||
Issue | Index | Change | Notes |
CIU.PR.A | Perpetual-Premium | -1.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-26 Maturity Price : 23.72 Evaluated at bid price : 24.00 Bid-YTW : 4.82 % |
CM.PR.P | Deemed-Retractible | -1.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2012-10-29 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 3.60 % |
BAM.PR.B | Floater | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-26 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 3.00 % |
MFC.PR.F | FixedReset | 1.16 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 3.86 % |
SLF.PR.C | Deemed-Retractible | 1.25 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.66 Bid-YTW : 5.73 % |
SLF.PR.A | Deemed-Retractible | 1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.70 Bid-YTW : 5.46 % |
SLF.PR.B | Deemed-Retractible | 1.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.83 Bid-YTW : 5.44 % |
MFC.PR.B | Deemed-Retractible | 1.64 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.61 Bid-YTW : 5.43 % |
SLF.PR.E | Deemed-Retractible | 1.70 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.78 Bid-YTW : 5.71 % |
Volume Highlights | |||
Issue | Index | Shares Traded |
Notes |
MFC.PR.A | OpRet | 590,370 | Nesbitt gone wild! Nesbitt crossed five blocks: 274,800 shares, 96,800 shares, 25,000 shares, 160,000 and 25,000, all at 25.85. YTW SCENARIO Maturity Type : Call Maturity Date : 2013-06-19 Maturity Price : 25.50 Evaluated at bid price : 25.80 Bid-YTW : 3.12 % |
BNS.PR.Z | FixedReset | 151,057 | RBC crossed 49,400 at 25.25; Desjardins crossed 25,000 at 25.29; TD crossed 35,000 at 25.25. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.23 Bid-YTW : 3.25 % |
MFC.PR.F | FixedReset | 105,865 | RBC crossed 99,400 at 24.47. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.45 Bid-YTW : 3.86 % |
GWO.PR.G | Deemed-Retractible | 85,000 | RBC crossed blocks of 23,000 and 50,000, both at 25.00. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.90 Bid-YTW : 5.28 % |
CM.PR.J | Deemed-Retractible | 80,353 | Called for redemption. YTW SCENARIO Maturity Type : Call Maturity Date : 2012-04-30 Maturity Price : 26.00 Evaluated at bid price : 25.96 Bid-YTW : 1.61 % |
ENB.PR.F | FixedReset | 54,200 | TD crossed 11,000 at 25.32. YTW SCENARIO Maturity Type : Call Maturity Date : 2018-06-01 Maturity Price : 25.00 Evaluated at bid price : 25.30 Bid-YTW : 3.94 % |
There were 29 other index-included issues trading in excess of 10,000 shares. |
Wide Spread Highlights | ||
Issue | Index | Quote Data and Yield Notes |
CM.PR.K | FixedReset | Quote: 26.08 – 26.79 Spot Rate : 0.7100 Average : 0.4943 YTW SCENARIO |
CM.PR.P | Deemed-Retractible | Quote: 25.15 – 25.60 Spot Rate : 0.4500 Average : 0.2651 YTW SCENARIO |
PWF.PR.P | FixedReset | Quote: 25.81 – 26.19 Spot Rate : 0.3800 Average : 0.2962 YTW SCENARIO |
CM.PR.M | FixedReset | Quote: 26.80 – 27.05 Spot Rate : 0.2500 Average : 0.1775 YTW SCENARIO |
ENB.PR.A | Perpetual-Premium | Quote: 25.75 – 26.00 Spot Rate : 0.2500 Average : 0.1849 YTW SCENARIO |
IGM.PR.B | Perpetual-Premium | Quote: 26.40 – 26.98 Spot Rate : 0.5800 Average : 0.5154 YTW SCENARIO |