{"id":14817,"date":"2011-04-20T23:59:53","date_gmt":"2011-04-21T03:59:53","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14817"},"modified":"2011-04-20T23:59:53","modified_gmt":"2011-04-21T03:59:53","slug":"april-20-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14817","title":{"rendered":"April 20, 2011"},"content":{"rendered":"

DBRS confirmed Transcontinental at Pfd-3(high)<\/a>; the ticker is TCL.PR.D.<\/p>\n

The Canadian preferred share market had mixed returns today as, in a reversal of recent form, PerpetualDiscounts lost 7bp, FixedResets were essentially flat and DeemedRetractibles gained 13bp. Volatility remained subdued. Volume was high.<\/p>\n

PerpetualDiscounts now yield 5.58%, equivalent to 7.25% interest at the standard equivalency factor of 1.3x. Long Corporates<\/a> now yield about 5.5%, so the pre-tax interest-equivalent spread (also called the Seniority Spread) is now about 175bp, a slight (and perhaps spurious) increase from the 170bp reported April 13<\/a>.<\/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>\n0.0833 %<\/td>\n2,414.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0833 %<\/td>\n3,630.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.50 %<\/td>\n2.26 %<\/td>\n36,155<\/td>\n21.64<\/td>\n4<\/td>\n0.0833 %<\/td>\n2,606.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.92 %<\/td>\n3.49 %<\/td>\n59,371<\/td>\n2.07<\/td>\n8<\/td>\n-0.1636 %<\/td>\n2,411.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.19 %<\/td>\n-1.55 %<\/td>\n89,901<\/td>\n0.65<\/td>\n6<\/td>\n0.3035 %<\/td>\n2,500.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1636 %<\/td>\n2,205.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.80 %<\/td>\n5.72 %<\/td>\n118,141<\/td>\n6.13<\/td>\n8<\/td>\n-0.0249 %<\/td>\n2,047.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.58 %<\/td>\n5.58 %<\/td>\n128,367<\/td>\n14.40<\/td>\n16<\/td>\n-0.0678 %<\/td>\n2,121.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.16 %<\/td>\n3.46 %<\/td>\n205,036<\/td>\n2.92<\/td>\n57<\/td>\n-0.0027 %<\/td>\n2,292.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.28 %<\/td>\n5.29 %<\/td>\n303,850<\/td>\n8.13<\/td>\n53<\/td>\n0.1294 %<\/td>\n2,073.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.17
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.66 %<\/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
CIU.PR.B<\/td>\nFixedReset<\/td>\n204,442<\/td>\nNesbitt crossed 200,000 at 27.65.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.61
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
BMO.PR.O<\/td>\nFixedReset<\/td>\n76,782<\/td>\nTD crossed blocks of 20,000 shares, 25,000 and 10,000, all at 27.66.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.69
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n54,670<\/td>\nDesjardins crossed 25,600 at 23.70.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n52,031<\/td>\nDesjardins crossed 30,000 at 24.47, then bought 12,000 from Nesbit at 24.45.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.39
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nDeemed-Retractible<\/td>\n40,122<\/td>\nTD bought 14,500 from RBC at 25.60, then crossed 15,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n34,275<\/td>\nRBC crossed 15,000 at 27.44.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.44
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
There were 45 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
FTS.PR.G<\/td>\nFixedReset<\/td>\nQuote: 26.21 – 26.71
\nSpot Rate : 0.5000
\nAverage : 0.3734<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.21
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.55 – 22.94
\nSpot Rate : 0.3900
\nAverage : 0.2853<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.55
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.23 – 22.60
\nSpot Rate : 0.3700
\nAverage : 0.2662<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.23
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n

TD.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.44 – 26.76
\nSpot Rate : 0.3200
\nAverage : 0.2256<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.44
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.30 – 24.69
\nSpot Rate : 0.3900
\nAverage : 0.3078<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-20
\nMaturity Price : 23.99
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.50 – 22.85
\nSpot Rate : 0.3500
\nAverage : 0.2729<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-20
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

DBRS confirmed Transcontinental at Pfd-3(high); the ticker is TCL.PR.D. The Canadian preferred share market had mixed returns today as, in a reversal of recent form, PerpetualDiscounts lost 7bp, FixedResets were essentially flat and DeemedRetractibles gained …<\/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-14817","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14817","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=14817"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14817\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}