November 1, 2016

Today’s top news story is that people lash out when disturbed by change:

In this western Wisconsin enclave and other pockets of the rural Midwest, Mr. Trump’s pledge to build a wall along the Mexican border and prioritize jobs for American workers has struck a chord with some whites uneasy over rapidly changing demographics. They said they are worried illegal immigrants are crowding schools and unfairly tapping public assistance, problems they believe Mr. Trump would fix.

The Journal identified the epicenter of this shift using the diversity index, a tool often used by social scientists and economists. It measures the chance that any two people in a county will have a different race or ethnicity. In 244 counties, that diversity index at least doubled between 2000 and 2015, and more than half those counties were in the cluster of five Midwestern states. The analysis excludes tiny counties that produce numeric aberrations.

Traditional immigrant gateways like Los Angeles, Miami and Queens, N.Y., draw a far greater number of Latino and other minority residents, but because they have long been melting pots, their diversity has barely changed over the past 15 years.

In 88% of the rapidly diversifying counties, Latino population growth was the main driver. In about two-thirds of counties, newcomers helped expand the overall population. In the remaining third, the population fell despite an influx of new arrivals, which magnified the shift for locals as their peers died or moved away.

diversityChanges
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diversityEffects
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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 0.0231 % 1,714.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 0.0231 % 3,132.4
Floater 4.37 % 4.53 % 42,743 16.33 4 0.0231 % 1,805.2
OpRet 0.00 % 0.00 % 0 0.00 0 0.1057 % 2,906.3
SplitShare 4.82 % 4.67 % 41,885 2.06 6 0.1057 % 3,470.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1057 % 2,708.0
Perpetual-Premium 5.35 % 4.65 % 72,266 0.40 23 -0.0326 % 2,702.7
Perpetual-Discount 5.10 % 5.11 % 92,398 15.29 15 -0.0084 % 2,925.7
FixedReset 4.83 % 4.24 % 180,649 6.88 93 0.0052 % 2,106.9
Deemed-Retractible 5.03 % 4.66 % 117,303 1.12 32 -0.2417 % 2,804.6
FloatingReset 2.86 % 3.49 % 40,906 4.93 12 0.2742 % 2,289.9
Performance Highlights
Issue Index Change Notes
TRP.PR.C FixedReset -2.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 4.27 %
TRP.PR.B FixedReset -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 11.95
Evaluated at bid price : 11.95
Bid-YTW : 4.27 %
TRP.PR.D FixedReset -1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 18.13
Evaluated at bid price : 18.13
Bid-YTW : 4.45 %
PWF.PR.P FixedReset -1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 4.30 %
HSE.PR.G FixedReset 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 21.70
Evaluated at bid price : 22.00
Bid-YTW : 4.93 %
IFC.PR.A FixedReset 1.08 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.95
Bid-YTW : 9.24 %
HSE.PR.A FixedReset 1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 12.27
Evaluated at bid price : 12.27
Bid-YTW : 5.01 %
HSE.PR.C FixedReset 1.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 19.82
Evaluated at bid price : 19.82
Bid-YTW : 5.07 %
HSE.PR.E FixedReset 1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 21.44
Evaluated at bid price : 21.78
Bid-YTW : 5.00 %
IFC.PR.D FloatingReset 1.60 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.05
Bid-YTW : 7.05 %
Volume Highlights
Issue Index Shares
Traded
Notes
BMO.PR.B FixedReset 1,463,200 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-02-25
Maturity Price : 25.00
Evaluated at bid price : 25.76
Bid-YTW : 4.26 %
TD.PF.H FixedReset 170,496 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.75
Bid-YTW : 4.24 %
NA.PR.X FixedReset 131,398 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-15
Maturity Price : 25.00
Evaluated at bid price : 26.68
Bid-YTW : 3.94 %
RY.PR.Q FixedReset 112,295 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-05-24
Maturity Price : 25.00
Evaluated at bid price : 26.65
Bid-YTW : 3.85 %
CM.PR.P FixedReset 102,160 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 18.92
Evaluated at bid price : 18.92
Bid-YTW : 4.11 %
TD.PF.B FixedReset 91,096 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 18.82
Evaluated at bid price : 18.82
Bid-YTW : 4.13 %
There were 41 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.K FloatingReset Quote: 16.35 – 17.00
Spot Rate : 0.6500
Average : 0.5307

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 16.35
Bid-YTW : 8.66 %

GWO.PR.P Deemed-Retractible Quote: 25.15 – 25.43
Spot Rate : 0.2800
Average : 0.1796

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 25.15
Bid-YTW : 5.42 %

TRP.PR.F FloatingReset Quote: 14.39 – 14.70
Spot Rate : 0.3100
Average : 0.2218

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 14.39
Evaluated at bid price : 14.39
Bid-YTW : 4.21 %

TRP.PR.C FixedReset Quote: 13.25 – 13.51
Spot Rate : 0.2600
Average : 0.1767

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 13.25
Evaluated at bid price : 13.25
Bid-YTW : 4.27 %

NA.PR.Q FixedReset Quote: 24.52 – 24.75
Spot Rate : 0.2300
Average : 0.1598

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 24.52
Bid-YTW : 3.66 %

PWF.PR.P FixedReset Quote: 13.51 – 13.75
Spot Rate : 0.2400
Average : 0.1714

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2046-11-01
Maturity Price : 13.51
Evaluated at bid price : 13.51
Bid-YTW : 4.30 %

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