{"id":10067,"date":"2010-03-11T00:28:32","date_gmt":"2010-03-11T04:28:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=10067"},"modified":"2010-03-11T00:28:32","modified_gmt":"2010-03-11T04:28:32","slug":"march-10-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=10067","title":{"rendered":"March 10, 2010"},"content":{"rendered":"

No news worth reporting today. There was some more Greek speculator-blame being tossed around, but I can’t make fun of Greek politicians every day!<\/p>\n

It was a quiet day for Canadian preferred shares, but volume was good. PerpetualDiscounts lost 4bp and FixedResets gained 3bp, yields on the latter edging slowly, slowly, closer to 3.50%. Only a single entrant for the performance highlights; no prizes for guessing which sub-class of preferred!<\/p>\n

PerpetualDiscounts now yield 5.94%, equivalent to 8.32% interest at the standard equivalency ratio of 1.4x. Long Corporates<\/a> now yield about 5.9% – maybe a bit under – so the pre-tax interest-equivalent spread (also called the seniority spread) now stands at about 245bp, unchange from the level reported March 3<\/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>\n2.62 %<\/td>\n2.75 %<\/td>\n44,998<\/td>\n20.85<\/td>\n1<\/td>\n1.4609 %<\/td>\n2,106.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.09 %<\/td>\n3.21 %<\/td>\n42,536<\/td>\n19.94<\/td>\n1<\/td>\n-0.2336 %<\/td>\n3,103.9<\/td>\n<\/tr>\n
Floater<\/td>\n1.91 %<\/td>\n1.66 %<\/td>\n45,481<\/td>\n23.45<\/td>\n4<\/td>\n-0.1939 %<\/td>\n2,403.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.88 %<\/td>\n2.42 %<\/td>\n106,316<\/td>\n0.22<\/td>\n13<\/td>\n-0.0446 %<\/td>\n2,308.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.38 %<\/td>\n6.25 %<\/td>\n125,048<\/td>\n3.71<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,139.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0446 %<\/td>\n2,110.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.89 %<\/td>\n5.89 %<\/td>\n130,038<\/td>\n6.88<\/td>\n7<\/td>\n0.1308 %<\/td>\n1,888.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.89 %<\/td>\n5.94 %<\/td>\n175,216<\/td>\n13.98<\/td>\n71<\/td>\n-0.0363 %<\/td>\n1,791.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.40 %<\/td>\n3.52 %<\/td>\n319,539<\/td>\n3.71<\/td>\n42<\/td>\n0.0313 %<\/td>\n2,195.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-10
\nMaturity Price : 22.74
\nEvaluated at bid price : 21.53
\nBid-YTW : 2.75 %<\/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
TD.PR.E<\/td>\nFixedReset<\/td>\n155,869<\/td>\nNesbitt crossed 100,000 at 28.01; National crossed 35,000 at 28.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.05
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n112,002<\/td>\nNesbitt crossed 100,000 at 28.01.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.03
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nPerpetual-Discount<\/td>\n103,800<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-10
\nMaturity Price : 24.20
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n55,530<\/td>\nNational crossed 40,000 at 28.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 28.00
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n54,519<\/td>\nNational crossed 35,000 at 26.55.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.50
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n50,000<\/td>\nAlso on the Performers list. Nesbitt crossed 50,000 at 21.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-03-10
\nMaturity Price : 22.74
\nEvaluated at bid price : 21.53
\nBid-YTW : 2.75 %<\/td>\n<\/tr>\n
There were 40 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

No news worth reporting today. There was some more Greek speculator-blame being tossed around, but I can’t make fun of Greek politicians every day! It was a quiet day for Canadian preferred shares, but volume …<\/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-10067","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10067","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=10067"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10067\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}