{"id":13551,"date":"2010-12-31T20:11:36","date_gmt":"2011-01-01T00:11:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=13551"},"modified":"2010-12-31T20:11:36","modified_gmt":"2011-01-01T00:11:36","slug":"december-31-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=13551","title":{"rendered":"December 31, 2010"},"content":{"rendered":"

It was an extremely slow and boring day on the Canadian preferred share market to end the year, with PerpetualDiscounts up about half a beep and FixedResets losing 6bp.<\/p>\n

PerpetualDiscounts now yield 5.48%, equivalent to 7.67% interest at the standard equivalency factor of 1.4x. Long Corporates<\/a> now yield about 5.4%, so the pre-tax interest-equivalent spread is now about 225bp, a slight (and perhaps spurious) widening from the 220bp reported December 29<\/a><\/p>\n

Malachite Aggressive Preferred Fund<\/a> has had another good year – I’ll put a little cinnamon in my coffee tonight, to celebrate – but I’ll have the final report out on that in the near future.<\/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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1726 %<\/td>\n2,306.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.83 %<\/td>\n3.55 %<\/td>\n30,055<\/td>\n18.92<\/td>\n1<\/td>\n-0.2656 %<\/td>\n3,484.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.59 %<\/td>\n2.39 %<\/td>\n49,815<\/td>\n21.23<\/td>\n4<\/td>\n-0.1726 %<\/td>\n2,490.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n3.31 %<\/td>\n61,323<\/td>\n2.35<\/td>\n8<\/td>\n-0.0287 %<\/td>\n2,397.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.34 %<\/td>\n1.28 %<\/td>\n749,483<\/td>\n0.94<\/td>\n4<\/td>\n0.0807 %<\/td>\n2,446.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0287 %<\/td>\n2,192.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.69 %<\/td>\n5.48 %<\/td>\n147,666<\/td>\n5.40<\/td>\n27<\/td>\n0.0198 %<\/td>\n2,019.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.40 %<\/td>\n5.46 %<\/td>\n263,803<\/td>\n14.74<\/td>\n51<\/td>\n0.0052 %<\/td>\n2,029.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.22 %<\/td>\n3.33 %<\/td>\n320,324<\/td>\n3.10<\/td>\n52<\/td>\n-0.0625 %<\/td>\n2,271.6<\/td>\n<\/tr>\n<\/table>\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
SLF.PR.E<\/td>\nPerpetual-Discount<\/td>\n-2.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-12-31
\nMaturity Price : 19.91
\nEvaluated at bid price : 19.91
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n-1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.00
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
NA.PR.N<\/td>\nFixedReset<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-09-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nPerpetual-Premium<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-12-31
\nMaturity Price : 23.54
\nEvaluated at bid price : 24.82
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-12-31
\nMaturity Price : 23.31
\nEvaluated at bid price : 23.57
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n<\/table>\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
BNA.PR.D<\/td>\nSplitShare<\/td>\n15,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-01-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.87
\nBid-YTW : -25.77 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nPerpetual-Discount<\/td>\n15,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-12-31
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.94
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n13,353<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-12-31
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.01
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
There were 0 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

It was an extremely slow and boring day on the Canadian preferred share market to end the year, with PerpetualDiscounts up about half a beep and FixedResets losing 6bp. PerpetualDiscounts now yield 5.48%, equivalent 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-13551","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/13551","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=13551"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/13551\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}