Moody’s has put the US on Outlook-Negative:
Moody’s Investors Service (Moody’s) has today changed the outlook on Government of United States of America’s (US) ratings to negative from stable and affirmed the long-term issuer and senior unsecured ratings at Aaa.
The key driver of the outlook change to negative is Moody’s assessment that the downside risks to the US’ fiscal strength have increased and may no longer be fully offset by the sovereign’s unique credit strengths. In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues, Moody’s expects that the US’ fiscal deficits will remain very large, significantly weakening debt affordability. Continued political polarization within US Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability.
| 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 | -0.2360 % | 2,042.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2360 % | 3,917.9 |
| Floater | 11.92 % | 12.24 % | 35,756 | 7.95 | 2 | -0.2360 % | 2,257.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0483 % | 3,330.4 |
| SplitShare | 5.04 % | 8.28 % | 41,048 | 1.84 | 8 | 0.0483 % | 3,977.2 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0483 % | 3,103.2 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.5880 % | 2,443.5 |
| Perpetual-Discount | 6.99 % | 7.16 % | 48,298 | 12.33 | 33 | -0.5880 % | 2,664.6 |
| FixedReset Disc | 6.05 % | 8.78 % | 119,096 | 10.96 | 55 | -0.0216 % | 2,111.4 |
| Insurance Straight | 6.86 % | 7.05 % | 63,396 | 12.44 | 19 | -0.5674 % | 2,628.4 |
| FloatingReset | 11.34 % | 11.65 % | 32,579 | 8.31 | 1 | -2.0408 % | 2,316.1 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0216 % | 2,387.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0216 % | 2,158.3 |
| FixedReset Ins Non | 6.06 % | 8.58 % | 80,534 | 11.28 | 14 | 0.8755 % | 2,346.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.E | FixedReset Disc | -5.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 13.00 Evaluated at bid price : 13.00 Bid-YTW : 11.93 % |
| GWO.PR.T | Insurance Straight | -4.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 7.41 % |
| SLF.PR.H | FixedReset Ins Non | -3.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 15.76 Evaluated at bid price : 15.76 Bid-YTW : 8.78 % |
| GWO.PR.Y | Insurance Straight | -3.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 15.98 Evaluated at bid price : 15.98 Bid-YTW : 7.17 % |
| BN.PR.Z | FixedReset Disc | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 10.10 % |
| SLF.PR.J | FloatingReset | -2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 14.40 Evaluated at bid price : 14.40 Bid-YTW : 11.65 % |
| BN.PR.T | FixedReset Disc | -1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.30 Evaluated at bid price : 12.30 Bid-YTW : 11.41 % |
| GWO.PR.M | Insurance Straight | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 7.20 % |
| PWF.PR.G | Perpetual-Discount | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 7.24 % |
| BN.PR.R | FixedReset Disc | -1.86 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.16 Evaluated at bid price : 12.16 Bid-YTW : 11.62 % |
| GWO.PR.P | Insurance Straight | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.96 Evaluated at bid price : 18.96 Bid-YTW : 7.25 % |
| BN.PR.X | FixedReset Disc | -1.72 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 10.98 % |
| POW.PR.C | Perpetual-Discount | -1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 7.00 % |
| PWF.PR.O | Perpetual-Discount | -1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 20.24 Evaluated at bid price : 20.24 Bid-YTW : 7.24 % |
| GWO.PR.I | Insurance Straight | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 16.34 Evaluated at bid price : 16.34 Bid-YTW : 7.01 % |
| BN.PF.I | FixedReset Disc | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 16.84 Evaluated at bid price : 16.84 Bid-YTW : 10.72 % |
| PWF.PR.H | Perpetual-Discount | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 20.04 Evaluated at bid price : 20.04 Bid-YTW : 7.25 % |
| FTS.PR.F | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.77 Evaluated at bid price : 18.77 Bid-YTW : 6.68 % |
| PWF.PR.K | Perpetual-Discount | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.27 Evaluated at bid price : 17.27 Bid-YTW : 7.24 % |
| GWO.PR.L | Insurance Straight | -1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 20.00 Evaluated at bid price : 20.00 Bid-YTW : 7.19 % |
| GWO.PR.S | Insurance Straight | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 7.20 % |
| MFC.PR.C | Insurance Straight | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.20 Evaluated at bid price : 17.20 Bid-YTW : 6.67 % |
| PWF.PR.F | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 7.23 % |
| BIP.PR.E | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 8.78 % |
| PWF.PR.Z | Perpetual-Discount | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.08 Evaluated at bid price : 18.08 Bid-YTW : 7.20 % |
| GWO.PR.Q | Insurance Straight | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.26 Evaluated at bid price : 18.26 Bid-YTW : 7.18 % |
| BNS.PR.I | FixedReset Disc | 1.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 21.77 Evaluated at bid price : 22.20 Bid-YTW : 7.27 % |
| MFC.PR.L | FixedReset Ins Non | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.97 Evaluated at bid price : 17.97 Bid-YTW : 8.58 % |
| TD.PF.E | FixedReset Disc | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.76 Evaluated at bid price : 17.76 Bid-YTW : 8.97 % |
| CM.PR.P | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 9.05 % |
| CM.PR.O | FixedReset Disc | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.30 Evaluated at bid price : 18.30 Bid-YTW : 8.47 % |
| RY.PR.Z | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.15 Evaluated at bid price : 18.15 Bid-YTW : 8.49 % |
| PWF.PR.P | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 9.95 % |
| MFC.PR.F | FixedReset Ins Non | 1.63 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 13.11 Evaluated at bid price : 13.11 Bid-YTW : 9.23 % |
| TD.PF.D | FixedReset Disc | 2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.56 Evaluated at bid price : 17.56 Bid-YTW : 9.07 % |
| GWO.PR.N | FixedReset Ins Non | 2.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.45 Evaluated at bid price : 12.45 Bid-YTW : 9.38 % |
| MFC.PR.Q | FixedReset Ins Non | 3.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 20.03 Evaluated at bid price : 20.03 Bid-YTW : 8.08 % |
| IFC.PR.F | Insurance Straight | 3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 7.02 % |
| IFC.PR.I | Insurance Straight | 5.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 19.95 Evaluated at bid price : 19.95 Bid-YTW : 6.88 % |
| MFC.PR.N | FixedReset Ins Non | 7.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 8.85 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CM.PR.P | FixedReset Disc | 100,200 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 16.68 Evaluated at bid price : 16.68 Bid-YTW : 9.05 % |
| BN.PR.X | FixedReset Disc | 28,421 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.60 Evaluated at bid price : 12.60 Bid-YTW : 10.98 % |
| BN.PF.J | FixedReset Disc | 23,352 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 17.40 Evaluated at bid price : 17.40 Bid-YTW : 9.96 % |
| MFC.PR.F | FixedReset Ins Non | 13,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 13.11 Evaluated at bid price : 13.11 Bid-YTW : 9.23 % |
| PWF.PR.P | FixedReset Disc | 13,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 9.95 % |
| FTS.PR.J | Perpetual-Discount | 13,407 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2053-11-10 Maturity Price : 18.10 Evaluated at bid price : 18.10 Bid-YTW : 6.71 % |
| There were 7 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.H | FixedReset Ins Non | Quote: 15.76 – 16.83 Spot Rate : 1.0700 Average : 0.6959 YTW SCENARIO |
| PWF.PR.K | Perpetual-Discount | Quote: 17.27 – 18.40 Spot Rate : 1.1300 Average : 0.7625 YTW SCENARIO |
| IFC.PR.C | FixedReset Ins Non | Quote: 16.88 – 18.75 Spot Rate : 1.8700 Average : 1.5229 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 16.55 – 18.28 Spot Rate : 1.7300 Average : 1.4848 YTW SCENARIO |
| GWO.PR.Y | Insurance Straight | Quote: 15.98 – 16.80 Spot Rate : 0.8200 Average : 0.5815 YTW SCENARIO |
| BN.PF.E | FixedReset Disc | Quote: 13.00 – 14.00 Spot Rate : 1.0000 Average : 0.7641 YTW SCENARIO |