{"id":11442,"date":"2010-07-06T19:50:42","date_gmt":"2010-07-06T23:50:42","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11442"},"modified":"2010-07-06T19:50:42","modified_gmt":"2010-07-06T23:50:42","slug":"july-6-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11442","title":{"rendered":"July 6, 2010"},"content":{"rendered":"

There’s some interesting speculation about credit spreads<\/a>:<\/p>\n

Executives who run big companies and big funds expect to be dealing with sovereign debt problems for years to come.<\/p>\n

That’s one of the big conclusions from a survey of executives commissioned by Royal Bank of Canada’s capital markets unit.<\/p>\n

Some of the most striking findings were a high degree of concern that a Group of Twenty country would default in the coming three years (Italy was voted most likely), skepticism that the euro-zone would survive that period intact, and a belief that high quality corporate bonds might be safer than some government bonds.<\/p>\n

A full 40 per cent of respondents said that they expected yields on the highest level of corporate debt to drop below yields on sovereign debt of the countries where they are based, according to the poll of about 440 executives around the world.<\/p><\/blockquote>\n

Geez … you mean we have to re-write the textbooks again? We haven’t even finished rewriting the sections on monetary policy!<\/p>\n

A good day in the Canadian preferred share market, with PerpetualDiscounts up 32bp and FixedResets gaining 7bp, with good volume.<\/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>\n2.93 %<\/td>\n25,298<\/td>\n20.30<\/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>\n0.0398 %<\/td>\n3,098.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.32 %<\/td>\n1.97 %<\/td>\n47,770<\/td>\n22.47<\/td>\n4<\/td>\n0.0398 %<\/td>\n2,208.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n2.85 %<\/td>\n76,683<\/td>\n0.09<\/td>\n11<\/td>\n0.1415 %<\/td>\n2,340.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.33 %<\/td>\n6.33 %<\/td>\n89,679<\/td>\n3.45<\/td>\n2<\/td>\n0.3943 %<\/td>\n2,191.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1415 %<\/td>\n2,140.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.96 %<\/td>\n5.70 %<\/td>\n120,189<\/td>\n1.85<\/td>\n4<\/td>\n0.1092 %<\/td>\n1,915.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.91 %<\/td>\n5.98 %<\/td>\n185,432<\/td>\n13.96<\/td>\n73<\/td>\n0.3160 %<\/td>\n1,823.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.36 %<\/td>\n3.80 %<\/td>\n319,266<\/td>\n3.49<\/td>\n47<\/td>\n0.0745 %<\/td>\n2,199.1<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\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
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 22.25
\nEvaluated at bid price : 22.65
\nBid-YTW : 6.18 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 23.57
\nEvaluated at bid price : 23.85
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 20.17
\nEvaluated at bid price : 20.17
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 20.42
\nEvaluated at bid price : 20.42
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.70
\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.49
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
TD.PR.R<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.44
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.83
\nBid-YTW : 3.84 %<\/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
TRP.PR.C<\/td>\nFixedReset<\/td>\n131,715<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 23.11
\nEvaluated at bid price : 24.96
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n75,914<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 23.17
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n53,600<\/td>\nScotia crossed 50,000 at 23.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.09
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nPerpetual-Discount<\/td>\n51,607<\/td>\nDesjardins crossed two blocks of 10,000 each at 18.47 and 18.48. Nesbitt crossed 12,300 at 18.48.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-07-06
\nMaturity Price : 18.47
\nEvaluated at bid price : 18.47
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
PWF.PR.J<\/td>\nOpRet<\/td>\n38,220<\/td>\nTD crossed 16,300 at 25.76.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2010-08-05
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.75
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n36,821<\/td>\nTD crossed 25,000 at 27.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.70
\nBid-YTW : 3.70 %<\/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":"

There’s some interesting speculation about credit spreads: Executives who run big companies and big funds expect to be dealing with sovereign debt problems for years to come. That’s one of the big conclusions from a …<\/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-11442","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11442","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=11442"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11442\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}