{"id":14447,"date":"2011-03-17T08:32:24","date_gmt":"2011-03-17T12:32:24","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14447"},"modified":"2011-03-17T08:32:24","modified_gmt":"2011-03-17T12:32:24","slug":"march-16-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14447","title":{"rendered":"March 16, 2011"},"content":{"rendered":"

There are rising doubts about UK growth<\/a>:<\/p>\n

The Organization for Economic Cooperation and Development cut its forecast for U.K. economic growth in 2011 and said the Bank of England should refrain from increasing interest rates until the second half of the year.<\/p>\n

Gross domestic product will expand 1.5 percent instead of the 1.7 percent predicted in November, the Paris-based group said in its economic survey of the U.K. published today. It maintained its 2 percent growth forecast for next year.<\/p>\n

\u201cThe recovery is likely to remain subdued in 2011, as the necessary fiscal tightening and a fading rebound in world trade create headwinds, before picking up again in 2012,\u201d it said.<\/p><\/blockquote>\n

… and Moody’s downgraded Portugal<\/a>:<\/p>\n

The euro halted three days of gains versus the dollar after Moody\u2019s Investors Service downgraded Portugal\u2019s credit rating, reviving concern about Europe\u2019s ability to solve its debt crisis.<\/p>\n

The 17-nation common currency depreciated versus all but two its major counterparts after Portugal was cut two steps by Moody\u2019s yesterday to A3, four steps from so-called junk status.<\/p><\/blockquote>\n

It was a good day overall for the Canadian preferred share market, with PerpetualDiscounts up 30bp, FixedResets losing 4bp and DeemedRetractibles up 6bp. Volume was average.<\/p>\n\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>\n0.4957 %<\/td>\n2,381.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4957 %<\/td>\n3,581.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.53 %<\/td>\n2.35 %<\/td>\n47,061<\/td>\n21.38<\/td>\n4<\/td>\n0.4957 %<\/td>\n2,571.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.89 %<\/td>\n3.57 %<\/td>\n54,435<\/td>\n1.16<\/td>\n9<\/td>\n0.0820 %<\/td>\n2,396.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.09 %<\/td>\n3.52 %<\/td>\n172,659<\/td>\n1.01<\/td>\n5<\/td>\n-0.1259 %<\/td>\n2,484.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0820 %<\/td>\n2,191.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.75 %<\/td>\n5.64 %<\/td>\n132,023<\/td>\n13.91<\/td>\n10<\/td>\n0.0617 %<\/td>\n2,030.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.54 %<\/td>\n121,854<\/td>\n14.40<\/td>\n14<\/td>\n0.3019 %<\/td>\n2,117.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.20 %<\/td>\n3.64 %<\/td>\n236,569<\/td>\n2.96<\/td>\n56<\/td>\n-0.0359 %<\/td>\n2,271.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.26 %<\/td>\n5.38 %<\/td>\n359,084<\/td>\n8.28<\/td>\n53<\/td>\n0.0637 %<\/td>\n2,067.3<\/td>\n<\/tr>\n<\/table>\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
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.50
\nBid-YTW : 7.32 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-03-16
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.25
\nBid-YTW : 2.35 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-03-16
\nMaturity Price : 23.00
\nEvaluated at bid price : 24.69
\nBid-YTW : 4.71 %<\/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
TD.PR.O<\/td>\nDeemed-Retractible<\/td>\n158,410<\/td>\nRBC crossed 50,000 at 24.70; Desjardins crossed 100,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.66
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nDeemed-Retractible<\/td>\n125,375<\/td>\nNesbitt crossed 100,000 at 23.40.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.42
\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n112,025<\/td>\nAnonymous sold 19,500 to Nesbitt and three blocks of 10,000 each to RBC, all at 25.25. RBC crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-03-16
\nMaturity Price : 25.15
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nDeemed-Retractible<\/td>\n111,520<\/td>\nNesbitt crossed 100,000 at 23.20.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.18
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n103,200<\/td>\nNesbitt crossed 100,000 at 27.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.31
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n102,730<\/td>\nNesbitt crossed 100,000 at 26.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.71
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
There were 31 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.75 – 24.29
\nSpot Rate : 0.5400
\nAverage : 0.3537<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-03-16
\nMaturity Price : 23.52
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n

FTS.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.56 – 25.90
\nSpot Rate : 0.3400
\nAverage : 0.2341<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n

RY.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.38 – 23.75
\nSpot Rate : 0.3700
\nAverage : 0.2649<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.38
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

GWO.PR.J<\/td>\nFixedReset<\/td>\nQuote: 26.76 – 27.10
\nSpot Rate : 0.3400
\nAverage : 0.2477<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.76
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n

W.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.00 – 24.27
\nSpot Rate : 0.2700
\nAverage : 0.1927<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-03-16
\nMaturity Price : 23.70
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 24.40 – 24.69
\nSpot Rate : 0.2900
\nAverage : 0.2148<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There are rising doubts about UK growth: The Organization for Economic Cooperation and Development cut its forecast for U.K. economic growth in 2011 and said the Bank of England should refrain from increasing interest rates …<\/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-14447","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14447","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=14447"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14447\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}