July 8, 2024

My generation’s epitaph will be “well, we didn’t raise taxes!“:

Set atop a hill on the Italian island of Sicily, Agrigento is a heritage tourist’s paradise. Beneath the archaeological structures and relics of its Valley of the Temples lies an ancient maze-like aqueduct system that still captures water today.

But the aqueduct, and others built in modern times, are running so dry that small hotels and guesthouses in the city and nearby coast are being forced to turn tourists away. They don’t have enough water to guarantee their guests a toilet that flushes or a shower after a day out in the summer heat.

Francesco Picarella, head of Agrigento’s Hotel Federation, who also owns a hotel in the city center, says years of ineffective governance have made things worse. There has been talk of rebuilding the water network since 2011, but little progress has been made, he said.

“Today’s problem is the result of a failed water management policy that has been going on for 20 years,” he said. “The hotels that have their own reserves somehow compensate; the B&Bs in the historic center are in extreme difficulty.”

He said that the reservoirs are drying up because of lack of rain but also leaks.

In response to CNN’s request for comment, the Sicilian regional government’s office pointed to a study that outlined government plans to drill new wells, build more pipelines and bring aging desalination plants back online. The report also says Sicily has not received enough funds from Rome to carry out its plans.

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 -0.7036 % 2,153.2
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.7036 % 4,129.8
Floater 10.77 % 10.93 % 81,485 8.87 2 -0.7036 % 2,380.0
OpRet 0.00 % 0.00 % 0 0.00 0 0.5446 % 3,496.0
SplitShare 4.78 % 6.58 % 29,979 1.26 6 0.5446 % 4,175.0
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.5446 % 3,257.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 0.5027 % 2,708.6
Perpetual-Discount 6.35 % 6.55 % 52,551 13.07 28 0.5027 % 2,953.6
FixedReset Disc 5.15 % 6.86 % 110,419 12.46 49 0.2163 % 2,624.9
Insurance Straight 6.17 % 6.41 % 61,796 13.34 21 0.0260 % 2,895.0
FloatingReset 9.29 % 9.22 % 32,511 10.22 4 0.2070 % 2,769.6
FixedReset Prem 5.80 % 6.17 % 245,693 3.96 8 -0.1426 % 2,545.5
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 0.2163 % 2,683.1
FixedReset Ins Non 5.10 % 6.73 % 99,463 13.10 14 -0.3794 % 2,787.7
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -6.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 7.34 %
SLF.PR.H FixedReset Ins Non -2.29 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 18.81
Evaluated at bid price : 18.81
Bid-YTW : 7.01 %
CM.PR.Q FixedReset Disc -1.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 22.59
Evaluated at bid price : 23.10
Bid-YTW : 6.55 %
IFC.PR.E Insurance Straight -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.45 %
BN.PR.K Floater -1.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 11.28
Evaluated at bid price : 11.28
Bid-YTW : 10.95 %
PVS.PR.H SplitShare -1.03 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2027-02-28
Maturity Price : 25.00
Evaluated at bid price : 24.00
Bid-YTW : 6.58 %
NA.PR.C FixedReset Prem 1.01 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-11-15
Maturity Price : 25.00
Evaluated at bid price : 25.42
Bid-YTW : 6.28 %
GWO.PR.N FixedReset Ins Non 1.03 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 14.75
Evaluated at bid price : 14.75
Bid-YTW : 7.59 %
NA.PR.G FixedReset Prem 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 23.34
Evaluated at bid price : 25.40
Bid-YTW : 6.28 %
CU.PR.G Perpetual-Discount 1.14 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.44 %
FTS.PR.J Perpetual-Discount 1.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 19.33
Evaluated at bid price : 19.33
Bid-YTW : 6.24 %
PWF.PR.O Perpetual-Discount 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 22.15
Evaluated at bid price : 22.43
Bid-YTW : 6.60 %
CU.PR.C FixedReset Disc 1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 6.98 %
PVS.PR.K SplitShare 1.77 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2029-05-31
Maturity Price : 25.00
Evaluated at bid price : 23.51
Bid-YTW : 6.00 %
TD.PF.D FixedReset Disc 2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 23.48
Evaluated at bid price : 24.00
Bid-YTW : 6.37 %
PVS.PR.J SplitShare 2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2028-02-29
Maturity Price : 25.00
Evaluated at bid price : 23.70
Bid-YTW : 6.16 %
PWF.PR.G Perpetual-Discount 2.23 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 22.66
Evaluated at bid price : 22.90
Bid-YTW : 6.57 %
CU.PR.I FixedReset Disc 3.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 22.66
Evaluated at bid price : 23.10
Bid-YTW : 7.54 %
PWF.PR.L Perpetual-Discount 4.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 19.85
Evaluated at bid price : 19.85
Bid-YTW : 6.57 %
Volume Highlights
Issue Index Shares
Traded
Notes
CM.PR.O FixedReset Disc 123,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 23.98
Evaluated at bid price : 24.92
Bid-YTW : 5.80 %
PWF.PR.Z Perpetual-Discount 98,900 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.47 %
TD.PF.I FixedReset Prem 88,500 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2027-10-31
Maturity Price : 25.00
Evaluated at bid price : 25.70
Bid-YTW : 5.28 %
BN.PF.C Perpetual-Discount 61,011 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 18.05
Evaluated at bid price : 18.05
Bid-YTW : 6.78 %
RY.PR.N Perpetual-Discount 60,001 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 24.00
Evaluated at bid price : 24.30
Bid-YTW : 5.10 %
GWO.PR.Y Insurance Straight 59,760 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 17.78
Evaluated at bid price : 17.78
Bid-YTW : 6.39 %
There were 20 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IFC.PR.A FixedReset Ins Non Quote: 17.62 – 19.40
Spot Rate : 1.7800
Average : 1.1936

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 17.62
Evaluated at bid price : 17.62
Bid-YTW : 7.34 %

PWF.PR.P FixedReset Disc Quote: 14.08 – 15.68
Spot Rate : 1.6000
Average : 1.3558

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 14.08
Evaluated at bid price : 14.08
Bid-YTW : 8.46 %

BN.PF.H FixedReset Disc Quote: 24.40 – 24.90
Spot Rate : 0.5000
Average : 0.3172

YTW SCENARIO
Maturity Type : Call
Maturity Date : 2025-12-31
Maturity Price : 25.00
Evaluated at bid price : 24.40
Bid-YTW : 6.84 %

BN.PR.R FixedReset Disc Quote: 16.53 – 17.50
Spot Rate : 0.9700
Average : 0.7969

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 16.53
Evaluated at bid price : 16.53
Bid-YTW : 8.22 %

CM.PR.Q FixedReset Disc Quote: 23.10 – 23.94
Spot Rate : 0.8400
Average : 0.6691

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 22.59
Evaluated at bid price : 23.10
Bid-YTW : 6.55 %

IFC.PR.E Insurance Straight Quote: 20.35 – 21.52
Spot Rate : 1.1700
Average : 1.0069

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2054-07-08
Maturity Price : 20.35
Evaluated at bid price : 20.35
Bid-YTW : 6.45 %

5 Responses to “July 8, 2024”

  1. Nestor says:

    it’s amazing to me how many people go and see these ancient ruins … last summer they shut down the Acropolis between noon and 4? during the heat waves. by the end of the summer, they put in a new limit as to how many visitors they could have daily. they limited it to 22,000(?) per day. they were getting in the 25-28,000 (?) daily. it was crazy.

  2. DR says:

    “well we didn’t raise taxes” or

    “boy we sure tricked the kids”

  3. DR says:

    nestor

    next time try persepolis, babylon, leptis magna or bamiyan. no tourists at all and just as spectacular

  4. IrateAR says:

    https://newsroom.bmo.com/2024-07-09-Bank-of-Montreal-Announces-AT1-Limited-Recourse-Capital-Notes-Issue

    BMO.PR.T is due for an extension/redemption announcement this month…

  5. Nestor says:

    DR…. all places i would love to go and see one day.

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