{"id":14892,"date":"2011-04-29T20:04:33","date_gmt":"2011-04-30T00:04:33","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14892"},"modified":"2011-04-29T20:04:33","modified_gmt":"2011-04-30T00:04:33","slug":"april-29-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14892","title":{"rendered":"April 29, 2011"},"content":{"rendered":"

Elections have consequences<\/a>!<\/p>\n

The TMX Group Inc.’ s plan to merge with London Stock Exchange Group Plc wouldn’t get federal government approval if Jack Layton has any say — and polls say that the New Democratic Party leader may have a lot of say after Monday’s federal election.<\/p>\n

Speaking Friday as his party surges in popularity, Mr. Layton said he saw too much risk to approve the deal.
…<\/b>
“We worry that Canadian business trying to access capital might have greater difficulty. As much as one might want to pretend that nothing will change, we find that hard to believe,” he said, according to Reuters.<\/p><\/blockquote>\n

But there’s a decent chance the deal will be approved before the new Minister’s office is painted orange<\/a>:<\/p>\n

On Friday TMX Group (X-T40.080.150.38%) and London Stock Exchange Group cast any questions aside by starting the formal application process with federal and provincial authorities regarding their proposed combination.<\/p>\n

That means TMX has submitted its application to Investment Canada, which now has 75 days at most to review the proposal. Formal filings with the four provincial regulators who have a say will come in the next few weeks.<\/p><\/blockquote>\n

It was another mixed and somewhat strange day on the Canadian preferred share market – it appears that the announcement that CM will prioritize preferred share redemptions<\/a> is having some effect. PerpetualDiscounts gained 20bp, FixedResets were down 4bp and DeemedRetractibles won 44bp. DeemedRetractibles dominated the Performance Highlights table, with a few insurer issues nestled amongst the banks. Volume was good.<\/p>\n

And that’s a wrap for another month! Final figures aren’t in yet, but it looks like the overall market was basically flat on the month.<\/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>\n0.2135 %<\/td>\n2,424.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2135 %<\/td>\n3,646.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.49 %<\/td>\n2.26 %<\/td>\n35,609<\/td>\n21.62<\/td>\n4<\/td>\n0.2135 %<\/td>\n2,618.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.91 %<\/td>\n3.62 %<\/td>\n58,150<\/td>\n2.05<\/td>\n8<\/td>\n0.0578 %<\/td>\n2,414.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.21 %<\/td>\n-2.05 %<\/td>\n80,405<\/td>\n0.63<\/td>\n6<\/td>\n0.0022 %<\/td>\n2,495.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0578 %<\/td>\n2,208.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.78 %<\/td>\n5.66 %<\/td>\n123,843<\/td>\n6.12<\/td>\n8<\/td>\n0.0844 %<\/td>\n2,054.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.57 %<\/td>\n5.58 %<\/td>\n144,536<\/td>\n14.41<\/td>\n16<\/td>\n0.2049 %<\/td>\n2,126.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.18 %<\/td>\n3.46 %<\/td>\n214,695<\/td>\n2.90<\/td>\n57<\/td>\n-0.0366 %<\/td>\n2,292.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.24 %<\/td>\n5.07 %<\/td>\n317,498<\/td>\n8.13<\/td>\n53<\/td>\n0.4354 %<\/td>\n2,094.5<\/td>\n<\/tr>\n<\/table>\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
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-29
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.62
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.44
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.01
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.46
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.46
\nBid-YTW : 6.25 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.95 %<\/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
CM.PR.J<\/td>\nDeemed-Retractible<\/td>\n72,205<\/td>\nTD crossed 42,400 at 24.05.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n43,326<\/td>\nNesbitt bought 10,000 from anonymous at 26.00; Desjardins crossed 25,000 at 26.02.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n42,719<\/td>\nRBC bought two blocks of 10,000 each from anonymous at 23.50, then crossed 11,000 at 23.60.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-29
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
CM.PR.I<\/td>\nDeemed-Retractible<\/td>\n33,700<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
HSB.PR.E<\/td>\nFixedReset<\/td>\n31,305<\/td>\nDesjardins crossed 10,000 at 27.32.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.35
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n29,723<\/td>\nDesjardins crossed 25,000 at 23.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-29
\nMaturity Price : 22.78
\nEvaluated at bid price : 22.97
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
There were 38 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
BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 25.60 – 26.18
\nSpot Rate : 0.5800
\nAverage : 0.4320<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

TD.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.41 – 26.80
\nSpot Rate : 0.3900
\nAverage : 0.2844<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.73 – 23.05
\nSpot Rate : 0.3200
\nAverage : 0.2157<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-29
\nMaturity Price : 22.54
\nEvaluated at bid price : 22.73
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.60 – 25.86
\nSpot Rate : 0.2600
\nAverage : 0.1640<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 24.55 – 24.85
\nSpot Rate : 0.3000
\nAverage : 0.2296<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 19.20 – 19.39
\nSpot Rate : 0.1900
\nAverage : 0.1263<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-04-29
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 2.75 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Elections have consequences! The TMX Group Inc.’ s plan to merge with London Stock Exchange Group Plc wouldn’t get federal government approval if Jack Layton has any say — and polls say that the New …<\/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-14892","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14892","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=14892"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14892\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}