{"id":10620,"date":"2010-04-26T18:56:51","date_gmt":"2010-04-26T22:56:51","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=10620"},"modified":"2010-04-26T18:56:51","modified_gmt":"2010-04-26T22:56:51","slug":"april-26-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=10620","title":{"rendered":"April 26, 2010"},"content":{"rendered":"

IIROC has announced that downtown Toronto will be safe and accessible under any conceivable conditions<\/a>:<\/p>\n

IIROC recently decided to cancel the industry business continuity planning test that was scheduled for June 26, 2010 due to complications associated with the G20 meeting which is now scheduled in Toronto for June 26-27, 2010. IIROC considered rescheduling the test for the latter part of 2010 but that again proved to be impractical considering the length of time utilities require for participation in such tests.<\/p>\n

As a result we have rescheduled the industry test to September 10, 2011. Subsequent business continuity planning tests will be conducted on a bi-annual basis thereafter.<\/p><\/blockquote>\n

We can only hope that when Al-Quaeda decides to nuke Toronto, they give the utilities proper notice. It is of interest to learn that firms must, by regulatory decree, prepare for fire, famine, earthquakes, terrorism, tornados and plagues of frogs; but that G-20 meetings are considered Acts of God. Our glorious Finance Minister will be pleased!<\/p>\n

Senator Carl Levin is shocked at Goldman Sachs’ attitude<\/a>:<\/p>\n

\u201cInvestment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis,\u201d Levin, 75, said in a statement released with the e-mails.<\/p><\/blockquote>\n

Self-interest? Promotion? In the co-operative game that is the financial world? Oh, the horror!<\/p>\n

At least Fabulous Fab writes entertaining eMails<\/a>:<\/p>\n

The so-called ABX index is \u201cthe type of thing which you invent telling yourself: \u2018Well, what if we created a \u2018thing,\u2019 which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?\u2019\u201d [Goldman Sachs executive director Fabrice] Tourre said in a Jan. 29, 2007, e-mail released yesterday by Goldman Sachs. Watching the index fall is \u201ca little like Frankenstein turning against his own inventor.\u201d <\/p><\/blockquote>\n

The shortcomings – well, they’re more like odd nuances, actually – of the ABX index have been discussed on PrefBlog<\/a> throughout the Credit Crunch.<\/p>\n

DBRS has commented on the Bank of Ireland capital raise<\/a>:<\/p>\n

Today\u2019s comment follows Bank of Ireland\u2019s announcement of a fully underwritten proposal to raise EUR 3.421 billion equity tier 1 capital. This proposal includes a EUR 0.5 billion institutional placing of ordinary shares, a partial conversion of the Irish Government\u2019s preference shares of EUR 1.036 billion to ordinary shares, and a rights issue of up to EUR 1.885 billion. The latter rights issue may be reduced by the equity generation and profits from the also just announced debt for equity exchange offer.
…<\/b>
Importantly, the completion of the proposed actions will allow Bank of Ireland to fulfil its obligation to raise an additional EUR 2.7 billion of equity capital to meet the requirement established as part of the completion of the Financial Regulator\u2019s Prudential Capital Assessment Review for the Irish banking sector. As a result of these actions and the expected National Asset Management Agency (NAMA) transfers, the Group\u2019s equity tier 1 capital ratio, on a pro-forma basis, at 31 December 2009, will increase to 8.0% and the Group will be able to maintain a minimum equity tier 1 ratio of greater than 7% going forward. Moreover, the announcement includes the full cancellation of the Government\u2019s warrants in the Group in return for a cash payment of EUR 491 million, reducing the potential for the Government to increase its holdings in the Group. As a result, the Irish Government\u2019s maximum ownership will be 36% that compares to a current fully diluted ownership of 34%, prior to completion of this transaction.<\/p><\/blockquote>\n

The Irish bank capital requirements<\/a> have been previously discussed.<\/p>\n

PerpetualDiscounts were hit hard today, losing 26bp on heavy volume while FixedResets lost a mere 4bp,<\/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>\n2.56 %<\/td>\n2.63 %<\/td>\n52,706<\/td>\n20.93<\/td>\n1<\/td>\n1.8519 %<\/td>\n2,157.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.92 %<\/td>\n2.99 %<\/td>\n45,504<\/td>\n20.40<\/td>\n1<\/td>\n-0.4504 %<\/td>\n3,252.7<\/td>\n<\/tr>\n
Floater<\/td>\n1.92 %<\/td>\n1.67 %<\/td>\n49,284<\/td>\n23.43<\/td>\n4<\/td>\n0.0122 %<\/td>\n2,409.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.91 %<\/td>\n3.86 %<\/td>\n136,725<\/td>\n1.21<\/td>\n10<\/td>\n-0.0078 %<\/td>\n2,301.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.40 %<\/td>\n6.53 %<\/td>\n139,614<\/td>\n3.58<\/td>\n2<\/td>\n-0.2642 %<\/td>\n2,131.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0078 %<\/td>\n2,104.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.91 %<\/td>\n4.77 %<\/td>\n29,566<\/td>\n15.86<\/td>\n2<\/td>\n0.0410 %<\/td>\n1,823.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.26 %<\/td>\n6.32 %<\/td>\n215,287<\/td>\n13.47<\/td>\n76<\/td>\n-0.2620 %<\/td>\n1,704.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.53 %<\/td>\n4.39 %<\/td>\n522,550<\/td>\n3.61<\/td>\n44<\/td>\n-0.0371 %<\/td>\n2,139.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 20.28
\nEvaluated at bid price : 20.28
\nBid-YTW : 6.50 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 6.46 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 6.51 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 18.78
\nEvaluated at bid price : 18.78
\nBid-YTW : 6.47 %<\/td>\n<\/tr>\n
BAM.PR.E<\/td>\nRatchet<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.00
\nBid-YTW : 2.63 %<\/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.X<\/td>\nFixedReset<\/td>\n286,007<\/td>\nDesjardins crossed blocks of 249,900 and 25,000, both at 26.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nPerpetual-Discount<\/td>\n103,663<\/td>\nDesjardins crossed 50,000 at 19.11.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 19.08
\nEvaluated at bid price : 19.08
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nPerpetual-Discount<\/td>\n69,393<\/td>\nDesjardins crossed 50,000 at 24.05.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 23.80
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nPerpetual-Discount<\/td>\n54,612<\/td>\nTD crossed 32,700 at 22.40.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-04-26
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.16
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n51,655<\/td>\nTD crossed 20,000 at 26.95.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.95
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n51,505<\/td>\nRBC crossed 20,000 at 25.19.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
There were 64 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

IIROC has announced that downtown Toronto will be safe and accessible under any conceivable conditions: IIROC recently decided to cancel the industry business continuity planning test that was scheduled for June 26, 2010 due to …<\/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-10620","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10620","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=10620"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/10620\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}