{"id":15075,"date":"2011-05-18T00:20:30","date_gmt":"2011-05-18T04:20:30","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15075"},"modified":"2011-05-18T00:20:30","modified_gmt":"2011-05-18T04:20:30","slug":"may-17-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15075","title":{"rendered":"May 17, 2011"},"content":{"rendered":"

Glad to see that some people take piracy seriously<\/a>:<\/p>\n

About 20 percent of ships in the Indian Ocean and Gulf of Aden will use armed guards within the next 18 months, up from 12 percent, Peter Cook, spokesman for the Security Association for the Maritime Industry, said after a presentation yesterday in London.
…<\/b>
There have been 145 attacks and 22 ships hijacked by Somali pirates in the Indian Ocean so far this year, according to the International Maritime Organization, the shipping division of the United Nations. Somali pirates added at least $2.4 billion to transportation costs in 2010 as ships were diverted to avoid attacks off east Africa, said One Earth, a non-profit group.<\/p>\n

The IMO, which had advised shipowners to avoid using armed guards, will probably approve vetting procedures for security operators this week, paving the way for their increased use, Cook said. The organization will discuss guidelines for hiring private armed guards this week, it said by e-mail on May 9.<\/p><\/blockquote>\n

Used to be that governments understood that their main business was promoting trade. Not any more.<\/p>\n

There are some worries about the Toronto condo market<\/a>:<\/p>\n

Worries about the sustainability of the housing market could be stoked by a report from Urbanation Inc., which monitors the Toronto condominium market. The group says more than 50% of condominiums purchased in the last year were by buyers who do not intend to occupy their units and plan to rent in many instances.<\/p>\n

Condominium rents in Toronto in the first quarter of 2011 were $2.11 per square foot compared to $2.09 a year earlier, a 0.8% increase. Condominiums being registered now and ready to be occupied are priced for sale at $450 per square foot range while newer units are going for $550 per square foot.<\/p>\n

\u201cWhat happens when these newer units hit the market?\u201d said Ben Myers, executive vice-president of Urbanation. \u201cAt $550 per square foot a 750 square feet [condominium] is $413,000. You put 25% down and you have a mortgage of $310,000. Take a five-year variable rate mortgage at 3% with 25-year amortization and you get $1,475 a month mortgage. Your condo fee is $345, property tax is another $345 and you are up to $2,200 in carrying costs. That\u2019s a huge [operating] loss [given the average rental rate would bring in just under $1,600\/month]. People are buying these for capital appreciation.\u201d<\/p><\/blockquote>\n

Ir was another good day for the Canadian preferred share market, with PerpetualDiscounts up 16bp, FixedResets winning 5bp and DeemedRetractibles gaining 7bp. Volatility was muted. Volume was relatively 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-0.0702 %<\/td>\n2,452.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0702 %<\/td>\n3,688.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.46 %<\/td>\n2.26 %<\/td>\n41,173<\/td>\n21.61<\/td>\n4<\/td>\n-0.0702 %<\/td>\n2,648.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n3.50 %<\/td>\n61,782<\/td>\n0.44<\/td>\n9<\/td>\n0.1204 %<\/td>\n2,419.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.19 %<\/td>\n-1.73 %<\/td>\n57,715<\/td>\n0.58<\/td>\n6<\/td>\n0.0727 %<\/td>\n2,508.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1204 %<\/td>\n2,212.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.74 %<\/td>\n5.19 %<\/td>\n128,134<\/td>\n1.00<\/td>\n9<\/td>\n0.0971 %<\/td>\n2,064.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.51 %<\/td>\n5.53 %<\/td>\n120,640<\/td>\n14.53<\/td>\n15<\/td>\n0.1578 %<\/td>\n2,155.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.14 %<\/td>\n3.21 %<\/td>\n196,936<\/td>\n2.88<\/td>\n57<\/td>\n0.0509 %<\/td>\n2,311.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n4.91 %<\/td>\n293,766<\/td>\n8.07<\/td>\n53<\/td>\n0.0742 %<\/td>\n2,124.1<\/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
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-17
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-17
\nMaturity Price : 23.40
\nEvaluated at bid price : 23.66
\nBid-YTW : 5.27 %<\/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.D<\/td>\nDeemed-Retractible<\/td>\n87,684<\/td>\nTD crossed 78,700 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-06-16
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.49
\nBid-YTW : -2.61 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nDeemed-Retractible<\/td>\n80,550<\/td>\nTD crossed 79,000 at 25.39.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
BAM.PR.I<\/td>\nOpRet<\/td>\n70,800<\/td>\nNesbitt crossed 70,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-07-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n60,523<\/td>\nNesbitt crossed 50,000 at 26.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.74
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n39,231<\/td>\nTD crossed 24,900 at 25.70.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n33,360<\/td>\nRBC crossed 25,000 at 27.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.45
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
There were 27 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.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.46 – 23.75
\nSpot Rate : 0.2900
\nAverage : 0.2122<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-17
\nMaturity Price : 23.24
\nEvaluated at bid price : 23.46
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n

CM.PR.K<\/td>\nFixedReset<\/td>\nQuote: 26.90 – 27.15
\nSpot Rate : 0.2500
\nAverage : 0.1739<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n

POW.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.48 – 24.75
\nSpot Rate : 0.2700
\nAverage : 0.1950<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-17
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.48
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.43 – 22.80
\nSpot Rate : 0.3700
\nAverage : 0.2984<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-17
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.43
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.78 – 25.99
\nSpot Rate : 0.2100
\nAverage : 0.1455<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.78
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.98 – 26.16
\nSpot Rate : 0.1800
\nAverage : 0.1209<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.98
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Glad to see that some people take piracy seriously: About 20 percent of ships in the Indian Ocean and Gulf of Aden will use armed guards within the next 18 months, up from 12 percent, …<\/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-15075","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15075","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=15075"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15075\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}