{"id":11013,"date":"2010-06-01T20:54:21","date_gmt":"2010-06-02T00:54:21","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11013"},"modified":"2010-06-01T20:54:21","modified_gmt":"2010-06-02T00:54:21","slug":"june-1-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11013","title":{"rendered":"June 1, 2010"},"content":{"rendered":"<p>The Kansas City Fed has published the <a href=\"http:\/\/www.kansascityfed.org\/home\/subwebnav.cfm?level=3&#038;theID=10841&#038;SubWeb=10660\">Spring 2010 edition of TEN Magazine<\/a> with articles on:<\/p>\n<ul>\n<li>A PIVOTAL INDUSTRY: Energy\u2019s ups and downs drive economies\n<li>A COMMUNITY AFFAIR: Kansas City Fed programs take policymakers to the front lines\n<li>CONFERENCE ROOM TO CLASSROOM: Financial education in the workplace benefits employees, employers\n<li>FINANCIAL STABILITY REPORTS: How useful during a financial crisis?\n<li>REGIONAL CONNECTIONS TO NATIONAL POLICY: The directors of the Federal Reserve Bank of Kansas City<\/ul>\n<p><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&#038;sid=aCjD8R_0OBVA&#038;pos=4\">Corporate bond sales are slow<\/a>:<\/p>\n<blockquote><p>There were no corporate bond sales in the U.S. today, compared with $2.2 billion on the corresponding day following the holiday weekend in 2009, according to data compiled by Bloomberg. In Europe, 1.35 billion euros ($1.66 billion) was raised from two sales of covered bonds, versus 6.5 billion euros of bond issuance a year earlier, Bloomberg data show.<\/p>\n<p>The global new issue market failed to revive after declining to $70 billion last month, less than half of April\u2019s tally and the least since August 2003, Bloomberg data show. The Frankfurt-based European Central Bank forecast that banks will have to write off 195 billion euros of bad debts by 2011, according to a biannual report published May 31.<\/p><\/blockquote>\n<p>I just read John Mortimer&#8217;s <a href=\"http:\/\/www.amazon.com\/Rumpole-Misbehaves-John-Mortimer\/dp\/0143114115\/ref=sr_1_1?ie=UTF8&#038;s=books&#038;qid=1275376115&#038;sr=1-1\">Rumpole Misbehaves<\/a>, an entertaining if rather lightweight romp, in which the UK&#8217;s Anti-Social Behaviour Orders figure in the plot. I&#8217;m surprised they haven&#8217;t been discussed much here, as they unite many elements of current fashion: the ability to denounce your neighbors to the police and the ability of bureaucrats to invent new crimes and punish transgressors. Anyway, in the course of poking around to see <a href=\"http:\/\/www.forteantimes.com\/forum\/viewtopic.php?t=28320&#038;postdays=0&#038;postorder=asc&#038;start=0\">what ASBOs are all about<\/a>, I found <a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/uk_news\/england\/merseyside\/8640048.stm\">this story<\/a> which may &#8211; but probably won&#8217;t &#8211; give pause to those who self-righteously exercise their right to draw pictures of Mohammed, since apparently 1,000 years of trespassing precedents aren&#8217;t enough to protect property right:<\/p>\n<blockquote><p>Harry Taylor, 59, of Salford, left images of religious figures in sexual poses on three occasions in 2008.<\/p>\n<p>Jurors found him guilty of causing religiously aggravated intentional harassment, alarm or distress in March.<\/p>\n<p>He was also given a five-year Anti-social Behaviour Order (Asbo) at Liverpool Crown Court.<\/p>\n<p>Among the posters, one image showed a smiling crucified Christ next to an advert for a brand of &#8220;no nails&#8221; glue.<\/p>\n<p>In another, Islamic suicide bombers at the gates of paradise were told: &#8220;Stop, stop, we&#8217;ve run out of virgins.&#8221;<br \/><b>&#8230;<\/b><br \/>The chaplain at the airport was &#8220;severely distressed&#8221; by the discoveries, the court heard.<\/p><\/blockquote>\n<p>Well, well! We can&#8217;t have chaplains being &#8220;severely distressed&#8221;, now, can we? Let&#8217;s put somebody in jail instead.<\/p>\n<p>The first day of the <a href=\"http:\/\/www.prefblog.com\/?p=11020\">Dreaded Rise in Interest Rates<\/a> didn&#8217;t interupt the recent rally in the Canadian preferred share market, with PerpetualDiscounts up 47bp on the day and FixedResets up 14 bp. Volume returned to average-to-elevated levels.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>2.65 %<\/td>\n<td>2.71 %<\/td>\n<td>43,704<\/td>\n<td>20.74<\/td>\n<td>1<\/td>\n<td>0.7109 %<\/td>\n<td>2,092.7<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>5.22 %<\/td>\n<td>3.28 %<\/td>\n<td>31,479<\/td>\n<td>19.97<\/td>\n<td>1<\/td>\n<td>-0.4773 %<\/td>\n<td>3,068.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.17 %<\/td>\n<td>2.52 %<\/td>\n<td>96,459<\/td>\n<td>20.95<\/td>\n<td>3<\/td>\n<td>-0.3473 %<\/td>\n<td>2,241.3<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.90 %<\/td>\n<td>3.91 %<\/td>\n<td>99,001<\/td>\n<td>1.71<\/td>\n<td>11<\/td>\n<td>0.0284 %<\/td>\n<td>2,302.0<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>6.44 %<\/td>\n<td>5.64 %<\/td>\n<td>110,459<\/td>\n<td>0.08<\/td>\n<td>2<\/td>\n<td>0.1779 %<\/td>\n<td>2,153.9<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0284 %<\/td>\n<td>2,105.0<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4687 %<\/td>\n<td>1,825.5<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>6.20 %<\/td>\n<td>6.25 %<\/td>\n<td>209,589<\/td>\n<td>13.55<\/td>\n<td>77<\/td>\n<td>0.4687 %<\/td>\n<td>1,729.8<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.47 %<\/td>\n<td>4.25 %<\/td>\n<td>436,981<\/td>\n<td>3.53<\/td>\n<td>45<\/td>\n<td>0.1406 %<\/td>\n<td>2,156.6<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 23.93<br \/>\nEvaluated at bid price : 24.30<br \/>\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 15.74<br \/>\nEvaluated at bid price : 15.74<br \/>\nBid-YTW : 2.52 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 23.40<br \/>\nEvaluated at bid price : 23.70<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 22.30<br \/>\nEvaluated at bid price : 22.57<br \/>\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>1.15 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 24.56<br \/>\nEvaluated at bid price : 24.61<br \/>\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 19.72<br \/>\nEvaluated at bid price : 19.72<br \/>\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.A<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 17.88<br \/>\nEvaluated at bid price : 17.88<br \/>\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.25 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 17.75<br \/>\nEvaluated at bid price : 17.75<br \/>\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.L<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 20.16<br \/>\nEvaluated at bid price : 20.16<br \/>\nBid-YTW : 6.42 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.27 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 22.96<br \/>\nEvaluated at bid price : 23.10<br \/>\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.B<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 18.89<br \/>\nEvaluated at bid price : 18.89<br \/>\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.31 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 17.02<br \/>\nEvaluated at bid price : 17.02<br \/>\nBid-YTW : 7.11 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.K<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.44 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 19.71<br \/>\nEvaluated at bid price : 19.71<br \/>\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.46 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 20.80<br \/>\nEvaluated at bid price : 20.80<br \/>\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.I<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.47 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 17.90<br \/>\nEvaluated at bid price : 17.90<br \/>\nBid-YTW : 6.30 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.J<\/td>\n<td>OpRet<\/td>\n<td>1.49 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2010-07-01<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 25.90<br \/>\nBid-YTW : -9.24 %<\/td>\n<\/tr>\n<tr>\n<td>POW.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.57 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 20.08<br \/>\nEvaluated at bid price : 20.08<br \/>\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>165,785<\/td>\n<td>Nesbitt crossed blocks of 40,000 and 60,000, both at 18.25.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 18.27<br \/>\nEvaluated at bid price : 18.27<br \/>\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.D<\/td>\n<td>OpRet<\/td>\n<td>91,900<\/td>\n<td>RBC crossed 50,000 at 25.70 and bought 28,000 from Nesbitt at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2010-11-30<br \/>\nMaturity Price  : 25.40<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>63,430<\/td>\n<td>Nesbitt crossed 50,000 at 26.95.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-05-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.95<br \/>\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>52,855<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=10968\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 24.31<br \/>\nEvaluated at bid price : 24.36<br \/>\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.O<\/td>\n<td>Perpetual-Discount<\/td>\n<td>40,947<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 20.42<br \/>\nEvaluated at bid price : 20.42<br \/>\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>37,200<\/td>\n<td>RBC crossed 25,000 at 24.20.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2040-06-01<br \/>\nMaturity Price  : 24.14<br \/>\nEvaluated at bid price : 24.18<br \/>\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 31 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Kansas City Fed has published the Spring 2010 edition of TEN Magazine with articles on: A PIVOTAL INDUSTRY: Energy\u2019s ups and downs drive economies A COMMUNITY AFFAIR: Kansas City Fed programs take policymakers to &hellip;<\/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-11013","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11013","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=11013"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11013\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}