There are fears the Greek bank run is accellerating:
Greek President Karolos Papoulias was told by the nation’s central bank chief that financial institutions are worried about their survival as Greeks pull out euros amid a deepening political crisis.
Central bank head George Provopoulos told Papoulias that Greeks have withdrawn as much as 700 million euros ($891 million) and the situation could worsen, according to the transcript of the president’s meeting with party leaders on May 14 that was published yesterday.
…
Banks in downtown in Athens were open as normal today with no signs of unusual activity. Deposits by businesses and households held in Greek banks stood at 165.4 billion euros in March, according to the last available data from the Bank of Greece. (TELL) In 2011, deposits declined 35.4 billion euros, or 17 percent.
The report of the Office of the Independent Police Review Director regarding police conduct during the G-20 has been released. In a nutshell (nut’s hell?) the police acted like maniacs. Unfortunately, Blair and his thugs still have jobs.
It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 4bp, FixedResets losing 6bp and DeemedRetractibles down 2bp. Volatility was minor. Volume was well above 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 | -0.7535 % | 2,475.4 |
| FixedFloater | 4.39 % | 3.75 % | 30,604 | 17.81 | 1 | 0.6977 % | 3,592.7 |
| Floater | 2.92 % | 2.94 % | 54,323 | 19.85 | 3 | -0.7535 % | 2,672.8 |
| OpRet | 4.78 % | 2.49 % | 54,983 | 1.09 | 5 | 0.1001 % | 2,512.4 |
| SplitShare | 5.22 % | -2.62 % | 58,016 | 0.58 | 4 | -0.4758 % | 2,705.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1001 % | 2,297.3 |
| Perpetual-Premium | 5.45 % | 2.47 % | 72,527 | 0.13 | 25 | 0.0438 % | 2,230.0 |
| Perpetual-Discount | 5.08 % | 5.04 % | 86,336 | 15.25 | 8 | -0.2775 % | 2,440.4 |
| FixedReset | 5.05 % | 2.98 % | 174,804 | 2.08 | 68 | -0.0605 % | 2,399.8 |
| Deemed-Retractible | 4.95 % | 3.26 % | 177,020 | 1.00 | 45 | -0.0235 % | 2,329.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| FBS.PR.C | SplitShare | -1.74 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2012-12-15 Maturity Price : 10.00 Evaluated at bid price : 10.72 Bid-YTW : -5.93 % |
| BAM.PR.K | Floater | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-05-16 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 2.94 % |
| MFC.PR.G | FixedReset | -1.19 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2016-12-19 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 4.32 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| RY.PR.X | FixedReset | 102,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-08-24 Maturity Price : 25.00 Evaluated at bid price : 26.81 Bid-YTW : 2.90 % |
| ENB.PR.D | FixedReset | 98,349 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-03-01 Maturity Price : 25.00 Evaluated at bid price : 25.38 Bid-YTW : 3.69 % |
| TD.PR.K | FixedReset | 95,400 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-07-31 Maturity Price : 25.00 Evaluated at bid price : 26.90 Bid-YTW : 2.83 % |
| BAM.PR.B | Floater | 89,778 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-05-16 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 2.94 % |
| TRP.PR.A | FixedReset | 83,997 | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.04 Bid-YTW : 3.18 % |
| BMO.PR.J | Deemed-Retractible | 65,040 | YTW SCENARIO Maturity Type : Call Maturity Date : 2012-06-15 Maturity Price : 26.00 Evaluated at bid price : 26.20 Bid-YTW : -6.21 % |
| There were 41 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.B | Floater | Quote: 18.00 – 18.35 Spot Rate : 0.3500 Average : 0.2546 YTW SCENARIO |
| BAM.PR.K | Floater | Quote: 18.00 – 18.35 Spot Rate : 0.3500 Average : 0.2548 YTW SCENARIO |
| BAM.PR.Z | FixedReset | Quote: 25.90 – 26.18 Spot Rate : 0.2800 Average : 0.1923 YTW SCENARIO |
| BNA.PR.D | SplitShare | Quote: 26.55 – 26.75 Spot Rate : 0.2000 Average : 0.1366 YTW SCENARIO |
| CU.PR.A | Perpetual-Premium | Quote: 25.52 – 25.70 Spot Rate : 0.1800 Average : 0.1166 YTW SCENARIO |
| ELF.PR.F | Perpetual-Discount | Quote: 24.66 – 24.96 Spot Rate : 0.3000 Average : 0.2438 YTW SCENARIO |