{"id":11400,"date":"2010-07-02T18:55:22","date_gmt":"2010-07-02T22:55:22","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11400"},"modified":"2010-07-02T18:55:22","modified_gmt":"2010-07-02T22:55:22","slug":"july-2-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11400","title":{"rendered":"July 2, 2010"},"content":{"rendered":"

The US jobs number was poor<\/a>:<\/p>\n

Employment at companies rose 83,000, less than the 110,000 gain forecast by economists in a Bloomberg News survey. Including government, payrolls fell for the first time this year because of a drop in federal census workers. The jobless rate dropped to 9.5 percent from 9.7 percent as the labor force shrank, the Labor Department reported today in Washington.<\/p><\/blockquote>\n

OSFI has published<\/a> a presentation by Michel Montambeault, Director, to the Canada Institute of Actuaries (CIA) Annual Meeting, on the topic of \u201cCanadian Mortality Experience\u201d, 29 June 2010, Vancouver, British Columbia. In related news, a cluster of longevity genes has been identified<\/a>:<\/p>\n

U.S. scientists say they have discovered the genetic signature of an exceptionally long life, and with nothing more than a DNA sample they can predict \u2013 with 77 per cent accuracy \u2013 those biologically built to live beyond a century.<\/p>\n

They also predict that such a test, based on a set of 150 genetic markers, will be available to the curious by summer\u2019s end.<\/p>\n

\u201cIt\u2019s really quite revolutionary,\u201d said Thomas Perls, associate professor of medicine at Boston University and senior author of a research paper published online Thursday by the journal Science. \u201cWith the accuracy we\u2019ve demonstrated, companies are going to pick this up. We\u2019ll see it on the market in a month.\u201d<\/p><\/blockquote>\n

Adverse selection just became a bigger risk for the insurance companies!<\/p>\n

I sent an eMail to the Toronto Stock Exchange:<\/p>\n

On June 30, MFC.PR.B traded 5,792 shares on the TSX in a range of 19.63-80 and closed at 19.01-66, 10\u00d712. The last trade was at 3:58pm, 300 shares at 19.66.<\/p>\n

I have a number of questions:
\ni) Who is the market maker for this issue?
\nii) Which firm employs the market maker?
\niii) What committments were made regarding spreads by the market maker?
\niv) How have these committments been kept over the past year?
\nv) How have other committments made by this market maker been kept over the past year?
\nvi) How have other committments made by the market maker’s firm been kept over the past year?\n<\/p><\/blockquote>\n

We’ll see what happens with that! (Fearless prediction: Nothing).<\/p>\n

On an extremely quiet day in the Canadian preferred share market, PerpetualDiscounts lost 4bp while FixedResets gained 14bp.<\/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>\n2.82 %<\/td>\n2.92 %<\/td>\n26,768<\/td>\n20.33<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,048.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.0732 %<\/td>\n3,107.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.32 %<\/td>\n1.97 %<\/td>\n46,034<\/td>\n22.46<\/td>\n4<\/td>\n-1.0732 %<\/td>\n2,215.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n3.59 %<\/td>\n79,627<\/td>\n0.88<\/td>\n11<\/td>\n-0.0671 %<\/td>\n2,334.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.38 %<\/td>\n6.36 %<\/td>\n87,888<\/td>\n3.46<\/td>\n2<\/td>\n-0.2195 %<\/td>\n2,173.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0671 %<\/td>\n2,134.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.98 %<\/td>\n5.88 %<\/td>\n121,604<\/td>\n1.86<\/td>\n4<\/td>\n-0.2973 %<\/td>\n1,910.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.94 %<\/td>\n6.01 %<\/td>\n188,996<\/td>\n13.90<\/td>\n73<\/td>\n-0.0418 %<\/td>\n1,813.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.37 %<\/td>\n3.90 %<\/td>\n325,073<\/td>\n3.49<\/td>\n47<\/td>\n0.1434 %<\/td>\n2,192.4<\/td>\n<\/tr>\n<\/table>\n\n\n\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
BAM.PR.B<\/td>\nFloater<\/td>\n-2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 14.99
\nEvaluated at bid price : 14.99
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 15.00
\nEvaluated at bid price : 15.00
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-08-01
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.60
\nBid-YTW : 1.24 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.00
\nBid-YTW : 1.97 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 23.58
\nEvaluated at bid price : 23.76
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 23.26
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.99
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
NA.PR.O<\/td>\nFixedReset<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.94
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n2.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 6.01 %<\/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
RY.PR.R<\/td>\nFixedReset<\/td>\n31,130<\/td>\nDesjardins crossed 27,400 at 27.37.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.50
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\n25,703<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n19,477<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.50
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n14,275<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.96
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nPerpetual-Discount<\/td>\n13,990<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-02
\nMaturity Price : 22.42
\nEvaluated at bid price : 22.55
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n13,735<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.78
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
There were 5 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The US jobs number was poor: Employment at companies rose 83,000, less than the 110,000 gain forecast by economists in a Bloomberg News survey. Including government, payrolls fell for the first time this year because …<\/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-11400","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11400","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=11400"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11400\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}