{"id":15020,"date":"2011-05-12T22:49:51","date_gmt":"2011-05-13T02:49:51","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15020"},"modified":"2011-05-12T22:49:51","modified_gmt":"2011-05-13T02:49:51","slug":"may-12-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15020","title":{"rendered":"May 12, 2011"},"content":{"rendered":"

Foreclosures are down in the States, but it’s not really good news<\/a>:<\/p>\n

Foreclosure filings in the U.S. fell 34 percent last month from a year earlier as lenders already swamped with seized homes delayed action on thousands of additional delinquent mortgages, RealtyTrac Inc. said.<\/p>\n

A total of 219,258 properties received default, auction or repossession notices in April, the fewest in 40 months, the Irvine, California-based data seller said today in a statement. It was the seventh straight month that filings dropped from a year earlier. They were down 9 percent from March. One in 593 U.S. households got a notice.<\/p>\n

\u201cBanks already sitting on thousands of properties they can\u2019t sell as quickly and profitably as they\u2019d like aren\u2019t going to be anxious to accelerate foreclosures on tens of thousands more,\u201d Rick Sharga, RealtyTrac\u2019s senior vice president, said in an e-mail.<\/p><\/blockquote>\n

But commercial real-estate is doing well enough<\/a>:<\/p>\n

Investors are turning to secondary markets as credit availability improves and surging demand for properties in New York, Washington and San Francisco boosts prices and reduces returns in those areas. Cities such as Dallas and Houston are attracting real estate buyers because of the prospects for job and population growth, according to Robert Bach, chief economist for Grubb & Ellis Co., a Santa Ana, California-based broker.<\/p><\/blockquote>\n

Jonathan Weil made a good observation yesterday<\/a>:<\/p>\n

Whenever you see an issuer of securities — be it a sovereign nation or a Wall Street bank — blame speculators, journalists or rumor- mongerers for its troubles, you know the bosses there are panicking.<\/p><\/blockquote>\n

One could even add “bloggers” to that list, nowadays!<\/p>\n

It was a mixed day in the Canadian preferred share market, with PerpetualDiscounts off 6bp, FixedResets up 3bp and DeemedRetractibles gaining 12bp; but all three entries in the Performance Highlights table were positive. Volume was very light and spreads on some of the less liquid issues reached ridiculous levels.<\/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-0.1524 %<\/td>\n2,444.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1524 %<\/td>\n3,676.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.47 %<\/td>\n2.26 %<\/td>\n38,498<\/td>\n21.60<\/td>\n4<\/td>\n-0.1524 %<\/td>\n2,639.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n3.63 %<\/td>\n62,588<\/td>\n0.46<\/td>\n9<\/td>\n-0.0643 %<\/td>\n2,421.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.20 %<\/td>\n-1.69 %<\/td>\n64,323<\/td>\n0.59<\/td>\n6<\/td>\n0.2219 %<\/td>\n2,506.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0643 %<\/td>\n2,213.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.74 %<\/td>\n4.96 %<\/td>\n132,218<\/td>\n1.01<\/td>\n9<\/td>\n-0.0463 %<\/td>\n2,063.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.53 %<\/td>\n5.55 %<\/td>\n118,497<\/td>\n14.52<\/td>\n15<\/td>\n-0.0649 %<\/td>\n2,148.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.14 %<\/td>\n3.24 %<\/td>\n205,004<\/td>\n2.86<\/td>\n57<\/td>\n0.0264 %<\/td>\n2,310.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.18 %<\/td>\n4.91 %<\/td>\n297,928<\/td>\n8.08<\/td>\n53<\/td>\n0.1238 %<\/td>\n2,120.6<\/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
TDS.PR.C<\/td>\nSplitShare<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.38
\nBid-YTW : -1.69 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-12
\nMaturity Price : 23.06
\nEvaluated at bid price : 24.87
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.15
\nBid-YTW : 6.17 %<\/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>\n232,222<\/td>\nRBC crossed blocks of 100,000 and 114,800, both at 27.55.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.51
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n38,231<\/td>\nDesjardins crossed 29,400 at 26.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.02
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n34,600<\/td>\nTD crossed 25,000 at 27.40.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.35
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n29,430<\/td>\nTD crossed 25,000 at 25.80.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.64 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n27,637<\/td>\nDesjardins bought 11,500 from Nesbitt at 24.40.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.37
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nDeemed-Retractible<\/td>\n24,243<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.24
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
There were 23 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.J<\/td>\nOpRet<\/td>\nQuote: 26.86 – 28.66
\nSpot Rate : 1.8000
\nAverage : 1.0566<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.86
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n

IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.95 – 28.25
\nSpot Rate : 1.3000
\nAverage : 0.9425<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.95
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n

BNS.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 24.77 – 25.45
\nSpot Rate : 0.6800
\nAverage : 0.5586<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.77
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 23.49 – 23.80
\nSpot Rate : 0.3100
\nAverage : 0.2139<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-12
\nMaturity Price : 23.19
\nEvaluated at bid price : 23.49
\nBid-YTW : 2.20 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 26.02 – 26.25
\nSpot Rate : 0.2300
\nAverage : 0.1476<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.02
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.10 – 23.33
\nSpot Rate : 0.2300
\nAverage : 0.1499<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-12
\nMaturity Price : 22.90
\nEvaluated at bid price : 23.10
\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Foreclosures are down in the States, but it’s not really good news: Foreclosure filings in the U.S. fell 34 percent last month from a year earlier as lenders already swamped with seized homes delayed action …<\/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-15020","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15020","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=15020"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15020\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}