{"id":14975,"date":"2011-05-06T22:54:38","date_gmt":"2011-05-07T02:54:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=14975"},"modified":"2011-05-06T22:54:38","modified_gmt":"2011-05-07T02:54:38","slug":"may-6-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=14975","title":{"rendered":"May 6, 2011"},"content":{"rendered":"

Remember the good old days of 2008-09? When every Friday night we could make a batch of popcorn and watch the parade of bankrupts? This weekend might have some interesting European news<\/a>:<\/p>\n

European finance officials are meeting in Luxembourg for an unscheduled session that may address proposals for restructuring Greek debt, said two European officials familiar with the situation.<\/p>\n

A German official said the discussions would include a German paper on options for confronting Greece\u2019s growing debt load, which has spurred speculation by investors that a restructuring was likely.<\/p>\n

Earlier, Spiegel magazine reported that ministers are convening an emergency meeting after Greece threatened to withdraw from the euro region. Greece rejected the report, according to a finance ministry statement. German Chancellor Angela Merkel\u2019s chief spokesman \u201ccategorically\u201d denied that any discussions on a Greek exit were under way. He declined to comment when asked whether officials were meeting tonight.<\/p><\/blockquote>\n

Looks like the Bloc Quebecois can envy Scotland<\/a>:<\/p>\n

First Minister Alex Salmond\u2019s pro- independence party won an unprecedented majority in elections to the Scottish Parliament, handing him a second term and a mandate to push for greater autonomy for Scotland.<\/p>\n

British Prime Minister David Cameron vowed to defend the U.K. from potential breakup even as he congratulated Salmond on an \u201cemphatic win\u201d in yesterday\u2019s vote. Salmond\u2019s Scottish National Party crossed the 65-seat threshold for the first overall majority since the 129-member parliament in Edinburgh was established in 1999.<\/p><\/blockquote>\n

It was a strong day for the Canadian preferred share market, with PerpetualDiscounts roaring ahead by 29bp, FixedResets gaining 5bp and DeemedRetractibles picking up 10bp. There were only three entries in the Performance Highlights table – one from each of the main classes, oddly enough – but all were positive. Volume was low.<\/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>\n-0.1411 %<\/td>\n2,437.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1411 %<\/td>\n3,666.2<\/td>\n<\/tr>\n
Floater<\/td>\n2.47 %<\/td>\n2.26 %<\/td>\n39,321<\/td>\n21.61<\/td>\n4<\/td>\n-0.1411 %<\/td>\n2,632.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.85 %<\/td>\n3.63 %<\/td>\n61,560<\/td>\n1.18<\/td>\n9<\/td>\n0.1199 %<\/td>\n2,420.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.20 %<\/td>\n-1.49 %<\/td>\n69,539<\/td>\n0.61<\/td>\n6<\/td>\n-0.0463 %<\/td>\n2,499.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1199 %<\/td>\n2,213.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.74 %<\/td>\n5.53 %<\/td>\n142,596<\/td>\n1.03<\/td>\n9<\/td>\n0.1441 %<\/td>\n2,060.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.59 %<\/td>\n119,270<\/td>\n14.48<\/td>\n15<\/td>\n0.2888 %<\/td>\n2,138.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.16 %<\/td>\n3.35 %<\/td>\n205,568<\/td>\n2.88<\/td>\n57<\/td>\n0.0548 %<\/td>\n2,301.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.21 %<\/td>\n5.02 %<\/td>\n308,926<\/td>\n8.13<\/td>\n53<\/td>\n0.0950 %<\/td>\n2,106.7<\/td>\n<\/tr>\n<\/table>\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
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.67
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-06
\nMaturity Price : 22.45
\nEvaluated at bid price : 22.61
\nBid-YTW : 5.08 %<\/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
MFC.PR.D<\/td>\nFixedReset<\/td>\n60,929<\/td>\nTD crossed blocks of 40,000 and 10,000, both at 27.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.45
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n49,300<\/td>\nDesjardins crossed 35,400 at 24.92 and 10,000 at 24.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-06
\nMaturity Price : 23.08
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n39,184<\/td>\nRBC crossed 25,000 at 23.90.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
BMO.PR.O<\/td>\nFixedReset<\/td>\n34,483<\/td>\nNesbitt crossed 30,000 at 27.32.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.31
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n25,610<\/td>\nCIBC crossed 17,900 at 25.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-11-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\n24,292<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
There were 25 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.C<\/td>\nOpRet<\/td>\nQuote: 26.06 – 26.48
\nSpot Rate : 0.4200
\nAverage : 0.2477<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-07-01
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.06
\nBid-YTW : -2.70 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.42 – 23.87
\nSpot Rate : 0.4500
\nAverage : 0.2939<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-06
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.42
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

BAM.PR.P<\/td>\nFixedReset<\/td>\nQuote: 27.55 – 27.85
\nSpot Rate : 0.3000
\nAverage : 0.2007<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.55
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n

SLF.PR.F<\/td>\nFixedReset<\/td>\nQuote: 27.10 – 27.45
\nSpot Rate : 0.3500
\nAverage : 0.2545<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.10
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n

NA.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.16 – 26.48
\nSpot Rate : 0.3200
\nAverage : 0.2248<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.16
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 24.95 – 25.29
\nSpot Rate : 0.3400
\nAverage : 0.2620<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Remember the good old days of 2008-09? When every Friday night we could make a batch of popcorn and watch the parade of bankrupts? This weekend might have some interesting European news: European finance officials …<\/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-14975","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14975","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=14975"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/14975\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}