{"id":10015,"date":"2010-03-05T23:22:25","date_gmt":"2010-03-06T03:22:25","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=10015"},"modified":"2010-03-05T23:22:25","modified_gmt":"2010-03-06T03:22:25","slug":"march-5-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=10015","title":{"rendered":"March 5, 2010"},"content":{"rendered":"

European leaders are continuing their desperate efforts to divert attention from the causes of the Greek crisis<\/a>:<\/p>\n

German Chancellor Angela Merkel said that Greece doesn\u2019t need financial aid, as she turned her focus to restricting the use of derivatives to halt \u201cspeculators\u201d from exploiting countries\u2019 budget deficits.<\/p>\n

\u201cCredit-default swaps, where you insure your neighbor\u2019s house just to destroy it and make money from it, that\u2019s exactly what we have to curb,\u201d Merkel said at a joint press conference in Berlin today with Greek Prime Minister George Papandreou.
…<\/b>
Merkel said that Greece has done its work and that Europe and the U.S. must ensure that financial-market speculators aren\u2019t allowed to inflict further damage on Greece or on other countries.<\/p>\n

\u201cWe must succeed at putting a stop to the speculators\u2019 game with sovereign states,\u201d Merkel said. \u201cWe can\u2019t allow speculators to be the profiteers of Greece\u2019s difficult situation.\u201d While \u201ctechnically not easy,\u201d derivatives including credit-default swaps \u201cmust be curbed,\u201d she said.<\/p><\/blockquote>\n

The Greek situation has spiralled (almost?) out of control due to European complacency. After years of turning a blind eye to the problem, they now have to face it … and no politician likes problems. Shoot the messenger!<\/p>\n

Volume was good today but price action was muted, with PerpetualDiscounts gaining 2bp and FixedResets up 3bp. There were only two entries on the performance highlights tables – from the Floating Rate class, naturally enough<\/a>!<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n2.72 %<\/td>\n2.81 %<\/td>\n40,717<\/td>\n20.59<\/td>\n1<\/td>\n-0.0481 %<\/td>\n2,035.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.30 %<\/td>\n3.41 %<\/td>\n41,482<\/td>\n19.69<\/td>\n1<\/td>\n0.4410 %<\/td>\n2,980.3<\/td>\n<\/tr>\n
Floater<\/td>\n1.92 %<\/td>\n1.65 %<\/td>\n48,204<\/td>\n23.50<\/td>\n4<\/td>\n0.9833 %<\/td>\n2,398.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.88 %<\/td>\n2.28 %<\/td>\n109,170<\/td>\n0.23<\/td>\n13<\/td>\n0.1191 %<\/td>\n2,308.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.39 %<\/td>\n6.43 %<\/td>\n127,751<\/td>\n3.72<\/td>\n2<\/td>\n-0.1978 %<\/td>\n2,137.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1191 %<\/td>\n2,110.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.90 %<\/td>\n5.84 %<\/td>\n131,946<\/td>\n5.86<\/td>\n7<\/td>\n-0.0625 %<\/td>\n1,887.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.87 %<\/td>\n5.90 %<\/td>\n175,924<\/td>\n14.02<\/td>\n71<\/td>\n0.0161 %<\/td>\n1,798.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.40 %<\/td>\n3.55 %<\/td>\n317,315<\/td>\n3.72<\/td>\n42<\/td>\n0.0279 %<\/td>\n2,192.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-05
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 1.65 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nPerpetual-Discount<\/td>\n2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-05
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.39
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nPerpetual-Discount<\/td>\n153,219<\/td>\nTD crossed 25,000 at 20.05. Nesbitt crossed 100,000 at 20.07.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-05
\nMaturity Price : 19.96
\nEvaluated at bid price : 19.96
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TD.PR.P<\/td>\nPerpetual-Discount<\/td>\n108,820<\/td>\nNesbitt crossed 100,000 at 23.54.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-05
\nMaturity Price : 23.22
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n106,759<\/td>\nNesbitt crossed 19,900 at 26.10.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.11
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n106,348<\/td>\nNesbitt crossed 100,000 at 26.27.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.26
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nPerpetual-Discount<\/td>\n76,110<\/td>\nTD crossed 73,400 at 20.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-05
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n75,532<\/td>\nScotia crossed 62,000 at 18.60.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-05
\nMaturity Price : 18.61
\nEvaluated at bid price : 18.61
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
There were 37 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

European leaders are continuing their desperate efforts to divert attention from the causes of the Greek crisis: German Chancellor Angela Merkel said that Greece doesn\u2019t need financial aid, as she turned her focus to restricting …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-10015","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10015"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10015\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}