July 11, 2016

To every action there is an equal and opposite reaction:

As recreational and commercially available drones become more advanced, areas that are off limits are having to develop plans to keep drones out. Other than taking a rifle and shooting one down, there really aren’t many options on the market to keep drones away from places like prisons, military bases, and other restricted air spaces. Dedrone is a company seeking to bridge that market gap by creating a drone detection and jamming system. Using an array of sensors, lasers, and jammers, the Dedrone system will detect when a malicious drone enters designated airspace and automatically take defensive action.

There’s a causal link between Brexit and the commercial property chaos:

Some commercial property buyers are invoking “Brexit clauses” written into contracts agreed before Britain voted to leave the European Union, allowing them to walk away from the deals.

In other cases buyers have yet to exercise such get-out clauses but are keeping the option open to try to renegotiate the price down, according to property lawyers and managers.

A third group is playing for time in the hope that the effect of the June 23 referendum result on values becomes clearer, they say.

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 0.2017 % 1,644.3
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.2017 % 3,003.7
Floater 4.99 % 4.78 % 93,101 15.91 4 0.2017 % 1,731.1
OpRet 4.85 % 1.28 % 38,543 0.14 1 0.1983 % 2,843.6
SplitShare 5.14 % 5.65 % 96,689 4.60 5 0.1051 % 3,352.3
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1051 % 2,615.6
Perpetual-Premium 5.50 % -12.75 % 81,706 0.09 12 0.3725 % 2,670.5
Perpetual-Discount 5.27 % 5.23 % 100,367 15.01 26 0.7106 % 2,809.3
FixedReset 5.15 % 4.38 % 149,564 7.18 88 0.3776 % 1,968.7
Deemed-Retractible 5.03 % 5.02 % 130,158 4.86 33 0.3191 % 2,757.1
FloatingReset 2.98 % 4.90 % 35,226 5.17 11 0.3225 % 2,094.8
Performance Highlights
Issue Index Change Notes
BIP.PR.B FixedReset 1.02 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.78
Bid-YTW : 4.79 %
SLF.PR.D Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.17
Bid-YTW : 6.23 %
SLF.PR.G FixedReset 1.07 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.15
Bid-YTW : 9.75 %
MFC.PR.B Deemed-Retractible 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.33
Bid-YTW : 5.72 %
BAM.PR.M Perpetual-Discount 1.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 21.46
Evaluated at bid price : 21.46
Bid-YTW : 5.58 %
CU.PR.G Perpetual-Discount 1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 21.61
Evaluated at bid price : 21.89
Bid-YTW : 5.19 %
BNS.PR.C FloatingReset 1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.81
Bid-YTW : 4.90 %
RY.PR.P Perpetual-Premium 1.12 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-02-24
Maturity Price : 25.00
Evaluated at bid price : 26.09
Bid-YTW : 4.75 %
MFC.PR.C Deemed-Retractible 1.13 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.33
Bid-YTW : 6.20 %
RY.PR.J FixedReset 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 19.52
Evaluated at bid price : 19.52
Bid-YTW : 4.32 %
PWF.PR.E Perpetual-Premium 1.16 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2016-08-10
Maturity Price : 25.00
Evaluated at bid price : 25.31
Bid-YTW : -12.75 %
SLF.PR.C Deemed-Retractible 1.19 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.17
Bid-YTW : 6.23 %
MFC.PR.J FixedReset 1.21 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.41
Bid-YTW : 7.65 %
TRP.PR.B FixedReset 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 4.19 %
MFC.PR.L FixedReset 1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.59
Bid-YTW : 8.11 %
MFC.PR.M FixedReset 1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.32
Bid-YTW : 7.75 %
NA.PR.S FixedReset 1.54 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 17.82
Evaluated at bid price : 17.82
Bid-YTW : 4.33 %
IAG.PR.G FixedReset 1.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 18.90
Bid-YTW : 7.44 %
CU.PR.F Perpetual-Discount 1.73 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 21.47
Evaluated at bid price : 21.80
Bid-YTW : 5.21 %
FTS.PR.J Perpetual-Discount 1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 23.55
Evaluated at bid price : 24.01
Bid-YTW : 4.98 %
NA.PR.W FixedReset 1.89 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 17.28
Evaluated at bid price : 17.28
Bid-YTW : 4.30 %
TRP.PR.C FixedReset 1.95 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 4.38 %
CU.PR.D Perpetual-Discount 2.12 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 23.61
Evaluated at bid price : 24.06
Bid-YTW : 5.13 %
CU.PR.E Perpetual-Discount 2.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 23.64
Evaluated at bid price : 24.09
Bid-YTW : 5.13 %
Volume Highlights
Issue Index Shares
Traded
Notes
BIP.PR.B FixedReset 94,530 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2020-12-31
Maturity Price : 25.00
Evaluated at bid price : 25.78
Bid-YTW : 4.79 %
BMO.PR.R FloatingReset 66,650 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.51
Bid-YTW : 5.05 %
BAM.PR.R FixedReset 63,159 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 15.41
Evaluated at bid price : 15.41
Bid-YTW : 4.69 %
RY.PR.Q FixedReset 60,149 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.65
Bid-YTW : 4.18 %
TD.PR.Y FixedReset 50,600 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.43
Bid-YTW : 4.04 %
TD.PR.Z FloatingReset 50,100 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.56
Bid-YTW : 4.92 %
There were 32 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
PWF.PR.T FixedReset Quote: 19.59 – 20.25
Spot Rate : 0.6600
Average : 0.4958

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 19.59
Evaluated at bid price : 19.59
Bid-YTW : 3.90 %

RY.PR.I FixedReset Quote: 23.42 – 23.71
Spot Rate : 0.2900
Average : 0.1809

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.42
Bid-YTW : 4.37 %

TRP.PR.B FixedReset Quote: 11.25 – 11.65
Spot Rate : 0.4000
Average : 0.2919

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 11.25
Evaluated at bid price : 11.25
Bid-YTW : 4.19 %

MFC.PR.F FixedReset Quote: 13.60 – 13.93
Spot Rate : 0.3300
Average : 0.2460

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 13.60
Bid-YTW : 10.28 %

BNS.PR.Z FixedReset Quote: 19.70 – 19.95
Spot Rate : 0.2500
Average : 0.1737

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.70
Bid-YTW : 6.65 %

BIP.PR.A FixedReset Quote: 19.00 – 19.30
Spot Rate : 0.3000
Average : 0.2253

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-07-11
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.54 %

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