You know what the trouble with TARP is? I’ll tell you what the trouble with TARP is. The trouble with TARP is there’s not enough box-ticking and there’s not enough feel-goodism and there’s not enough publicity for regulators. Fortunately, the FDIC is taking proactive steps to proactively rectify these shortcomings in a proactive manner:
- The FDIC expects that state nonmember institutions (or their parent companies) will deploy funding received from these federal programs to prudently support credit needs in their market and strengthen bank capital.
- In order to assess how participation in these federal programs has helped the institution support lending and/or support efforts to work with existing mortgage borrowers to avoid unnecessary foreclosures, FDIC-supervised institutions should implement a process to document how these funds were used. State nonmember institutions should describe their utilization of this federal funding during bank examinations and are encouraged to summarize such information in published annual reports and financial statements. Including such information in public reports will provide important information for shareholder and public evaluation of participation in these programs.
All good things must come to an end, usually pretty soon, and the PerpetualDiscount winning streak was halted today. Just a whisker, but a loss never-the-less. Split-shares were hit hard, presumably due to stock market declines.
| 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 | 6.82 % | 7.43 % | 28,347 | 13.60 | 2 | 1.3045 % | 889.4 |
| FixedFloater | 7.33 % | 7.00 % | 153,264 | 13.60 | 8 | -0.1381 % | 1,395.6 |
| Floater | 5.44 % | 5.15 % | 36,352 | 15.26 | 4 | -0.3542 % | 1,120.8 |
| OpRet | 5.34 % | 4.80 % | 132,849 | 4.08 | 15 | 0.0561 % | 2,011.4 |
| SplitShare | 6.17 % | 9.48 % | 79,702 | 4.18 | 15 | -1.0475 % | 1,802.8 |
| Interest-Bearing | 7.21 % | 9.35 % | 44,575 | 0.92 | 2 | -0.0588 % | 1,963.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0236 % | 1,567.6 |
| Perpetual-Discount | 6.83 % | 6.85 % | 243,835 | 12.66 | 71 | -0.0236 % | 1,443.8 |
| FixedReset | 5.86 % | 4.82 % | 719,069 | 15.31 | 18 | 0.4960 % | 1,821.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.G | FixedFloater | -6.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 25.00 Evaluated at bid price : 11.00 Bid-YTW : 10.41 % |
| FBS.PR.B | SplitShare | -4.71 % | Asset coverage of 1.2-:1 as of January 8 according to TD Securities. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-12-15 Maturity Price : 10.00 Evaluated at bid price : 8.30 Bid-YTW : 12.05 % |
| SBC.PR.A | SplitShare | -4.40 % | Asset coverage of 1.5+:1 as of January 8, according to Brompton Group YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-11-30 Maturity Price : 10.00 Evaluated at bid price : 8.04 Bid-YTW : 11.75 % |
| DFN.PR.A | SplitShare | -3.53 % | Asset coverage of 1.7-:1 as of December 31, according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.75 Bid-YTW : 8.05 % |
| BAM.PR.K | Floater | -3.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 9.76 Evaluated at bid price : 9.76 Bid-YTW : 6.34 % |
| PPL.PR.A | SplitShare | -2.93 % | Asset coverage of 1.4+:1 as of December 31, according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.94 Bid-YTW : 8.28 % |
| POW.PR.B | Perpetual-Discount | -2.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 19.90 Evaluated at bid price : 19.90 Bid-YTW : 6.78 % |
| WFS.PR.A | SplitShare | -2.59 % | Asset coverage of 1.2+:1 as of December 31, according to Mulvihill. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-06-30 Maturity Price : 10.00 Evaluated at bid price : 9.01 Bid-YTW : 10.04 % |
| FIG.PR.A | Interest-Bearing | -2.41 % | Asset coverage of 1.1+:1 as of January 9, based on Capital Units NAV of 2.23 and 0.53 Capital Units per preferred. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2014-12-31 Maturity Price : 10.00 Evaluated at bid price : 7.30 Bid-YTW : 13.06 % |
| TD.PR.N | OpRet | -2.34 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2014-01-30 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.56 % |
| POW.PR.C | Perpetual-Discount | -2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 20.86 Evaluated at bid price : 20.86 Bid-YTW : 7.01 % |
| GWO.PR.H | Perpetual-Discount | -1.90 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 17.52 Evaluated at bid price : 17.52 Bid-YTW : 7.00 % |
| SLF.PR.B | Perpetual-Discount | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 7.23 % |
| PWF.PR.G | Perpetual-Discount | -1.66 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 7.14 % |
| BNS.PR.O | Perpetual-Discount | -1.62 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 6.62 % |
| RY.PR.F | Perpetual-Discount | -1.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 17.70 Evaluated at bid price : 17.70 Bid-YTW : 6.40 % |
| BAM.PR.J | OpRet | -1.27 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2018-03-30 Maturity Price : 25.00 Evaluated at bid price : 17.15 Bid-YTW : 11.02 % |
| CU.PR.A | Perpetual-Discount | -1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 21.75 Evaluated at bid price : 22.02 Bid-YTW : 6.69 % |
| PWF.PR.H | Perpetual-Discount | -1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 20.31 Evaluated at bid price : 20.31 Bid-YTW : 7.11 % |
| ALB.PR.A | SplitShare | -1.16 % | Asset coverage of 1.3-:1 as of January 8 according to Scotia Managed Companies. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2011-02-28 Maturity Price : 25.00 Evaluated at bid price : 21.26 Bid-YTW : 12.84 % |
| BNS.PR.R | FixedReset | -1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 21.97 Evaluated at bid price : 22.01 Bid-YTW : 4.54 % |
| FTN.PR.A | SplitShare | -1.08 % | Asset coverage of 1.4+:1 as of December 31 according to the company. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2015-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.21 Bid-YTW : 8.88 % |
| IAG.PR.C | FixedReset | -1.07 % | Much more of this and the inventory blow-out sale will fizzle. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 23.01 Evaluated at bid price : 23.05 Bid-YTW : 6.00 % |
| POW.PR.A | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 19.96 Evaluated at bid price : 19.96 Bid-YTW : 7.07 % |
| CIU.PR.A | Perpetual-Discount | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 16.51 Evaluated at bid price : 16.51 Bid-YTW : 7.09 % |
| CM.PR.K | FixedReset | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 21.95 Evaluated at bid price : 22.50 Bid-YTW : 4.82 % |
| BAM.PR.H | OpRet | 1.15 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2012-03-30 Maturity Price : 25.00 Evaluated at bid price : 22.00 Bid-YTW : 10.38 % |
| CM.PR.H | Perpetual-Discount | 1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 17.11 Evaluated at bid price : 17.11 Bid-YTW : 7.05 % |
| SLF.PR.E | Perpetual-Discount | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 15.90 Evaluated at bid price : 15.90 Bid-YTW : 7.16 % |
| HSB.PR.C | Perpetual-Discount | 1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 7.22 % |
| GWO.PR.I | Perpetual-Discount | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 16.37 Evaluated at bid price : 16.37 Bid-YTW : 6.95 % |
| TD.PR.A | FixedReset | 1.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 22.56 Evaluated at bid price : 22.60 Bid-YTW : 4.48 % |
| W.PR.H | Perpetual-Discount | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 7.71 % |
| NA.PR.M | Perpetual-Discount | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 7.09 % |
| BNS.PR.K | Perpetual-Discount | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 18.58 Evaluated at bid price : 18.58 Bid-YTW : 6.49 % |
| STW.PR.A | Interest-Bearing | 1.78 % | Asset coverage of 1.7+:1 based on Capital Unit NAV of 3.50 and 2.12 Capital Units per preferred. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2009-12-31 Maturity Price : 10.00 Evaluated at bid price : 9.70 Bid-YTW : 9.35 % |
| SLF.PR.C | Perpetual-Discount | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 15.91 Evaluated at bid price : 15.91 Bid-YTW : 7.07 % |
| BAM.PR.B | Floater | 1.99 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 9.75 Evaluated at bid price : 9.75 Bid-YTW : 6.35 % |
| BCE.PR.C | FixedFloater | 2.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 25.00 Evaluated at bid price : 15.95 Bid-YTW : 7.26 % |
| NA.PR.L | Perpetual-Discount | 2.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 17.29 Evaluated at bid price : 17.29 Bid-YTW : 7.03 % |
| TD.PR.S | FixedReset | 2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 23.48 Evaluated at bid price : 23.54 Bid-YTW : 3.95 % |
| BAM.PR.M | Perpetual-Discount | 2.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 12.94 Evaluated at bid price : 12.94 Bid-YTW : 9.32 % |
| BCE.PR.Z | FixedFloater | 2.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 25.00 Evaluated at bid price : 15.51 Bid-YTW : 7.36 % |
| W.PR.J | Perpetual-Discount | 2.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 18.51 Evaluated at bid price : 18.51 Bid-YTW : 7.63 % |
| BCE.PR.Y | Ratchet | 3.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 25.00 Evaluated at bid price : 14.51 Bid-YTW : 7.69 % |
| BNA.PR.C | SplitShare | 3.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2019-01-10 Maturity Price : 25.00 Evaluated at bid price : 10.87 Bid-YTW : 16.07 % |
| LBS.PR.A | SplitShare | 3.45 % | Asset coverage of 1.5-:1 as of January 9, according to Brompton. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2013-11-29 Maturity Price : 10.00 Evaluated at bid price : 8.40 Bid-YTW : 9.48 % |
| BAM.PR.I | OpRet | 3.57 % | YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2013-12-30 Maturity Price : 25.00 Evaluated at bid price : 21.75 Bid-YTW : 8.90 % |
| NA.PR.N | FixedReset | 4.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 22.45 Evaluated at bid price : 22.50 Bid-YTW : 4.63 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BCE.PR.A | FixedFloater | 218,797 | TD crossed 216,600 at 17.05. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 25.00 Evaluated at bid price : 16.88 Bid-YTW : 6.87 % |
| BAM.PR.B | Floater | 106,310 | TD crossed 100,000 at 9.95. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 9.75 Evaluated at bid price : 9.75 Bid-YTW : 6.35 % |
| SLF.PR.B | Perpetual-Discount | 66,650 | Nesbitt bought two blocks from RBC: 14,000 at 17.05 and 16,200 at 16.95. YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 16.80 Evaluated at bid price : 16.80 Bid-YTW : 7.23 % |
| GWO.PR.E | OpRet | 48,022 | Nesbitt crossed 24,400 at 25.25. YTW SCENARIO Maturity Type : Soft Maturity Maturity Date : 2014-03-30 Maturity Price : 25.00 Evaluated at bid price : 25.01 Bid-YTW : 4.75 % |
| PPL.PR.A | SplitShare | 39,303 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2012-12-01 Maturity Price : 10.00 Evaluated at bid price : 8.94 Bid-YTW : 8.28 % |
| BMO.PR.J | Perpetual-Discount | 31,620 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2039-01-12 Maturity Price : 16.95 Evaluated at bid price : 16.95 Bid-YTW : 6.76 % |
| There were 32 other index-included issues trading in excess of 10,000 shares. | |||