{"id":15115,"date":"2011-05-19T22:04:47","date_gmt":"2011-05-20T02:04:47","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15115"},"modified":"2011-05-19T22:04:47","modified_gmt":"2011-05-20T02:04:47","slug":"may-19-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15115","title":{"rendered":"May 19, 2011"},"content":{"rendered":"

The lifecos continue to whine about new capital requirements<\/a>:<\/p>\n

International Financial Reporting Standards (IFRS) set to take effect 2014 \u201cwill severely inhibit\u201d the core business of Canadian lifecos, Donald Stewart, chief executive of Sun Life Financial Inc., told the company\u2019s meeting Wednesday.<\/p>\n

One of the main problems with IFRS is that it changes the way companies value products such as life insurance policies, potentially forcing companies to hike prices beyond the reach of many Canadians. Mr. Stewart warned this wouldn\u2019t benefit either the industry or the country.<\/p>\n

Meanwhile, insurers are also bracing for the impact of new capital rules that are \u201csignificantly more onerous\u201d than existing regulations, he said.<\/p>\n

The industry is working with the Office of the Superintendent of Financial institutions, the regulator, to try to ensure that the new capital rules are not excessively stringent.
…<\/b>
The comments echo recent statements made by Don Guloien, chief executive of Manulife Financial Corp. Mr. Guloien told his company\u2019s annual meeting May 5 that new accounting and capital rules constitute one of the single biggest risks that Manulife currently faces.<\/p>\n

The industry is particularly concerned that the new IFRS accounting rules will make earnings more volatile. That could have a negative impact on capital and on key capital ratios used by the regulator to determine a company\u2019s financial health.<\/p><\/blockquote>\n

DSK has quit the IMF<\/a> to pursue other interests.<\/p>\n

Here’s a straw in the wind<\/a>:<\/p>\n

Amazon.com Inc. (AMZN) now sells 105 books for its Kindle electronic-readers for every 100 printed books.<\/p>\n

Sales of the e-books for the Kindle, introduced in 2007, surpassed hardcover titles in July 2010, and overtook paperbacks six months later, the Seattle-based company said today in a statement.<\/p><\/blockquote>\n

It was a strong day in the Canadian preferred share market, with PerpetualDiscounts gaining 20bp, FixedResets up 5bp and DeemedRetractibles leaping ahead 38bp. The Performance Highlights table told a tale, with nine entries, all DeemedRetractible and mostly insurers – which was also the tilt on the volume table, although not to as large an extent. Volume was comfortably above average.<\/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-0.0350 %<\/td>\n2,455.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0350 %<\/td>\n3,693.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.45 %<\/td>\n2.25 %<\/td>\n41,884<\/td>\n21.64<\/td>\n4<\/td>\n-0.0350 %<\/td>\n2,651.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n3.51 %<\/td>\n61,098<\/td>\n1.15<\/td>\n9<\/td>\n0.1804 %<\/td>\n2,423.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.24 %<\/td>\n-1.75 %<\/td>\n56,727<\/td>\n0.57<\/td>\n6<\/td>\n-0.0505 %<\/td>\n2,504.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1804 %<\/td>\n2,215.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.74 %<\/td>\n4.88 %<\/td>\n126,595<\/td>\n0.84<\/td>\n9<\/td>\n0.0551 %<\/td>\n2,065.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.49 %<\/td>\n5.51 %<\/td>\n120,608<\/td>\n14.56<\/td>\n15<\/td>\n0.2021 %<\/td>\n2,163.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.15 %<\/td>\n3.29 %<\/td>\n195,962<\/td>\n2.88<\/td>\n57<\/td>\n0.0509 %<\/td>\n2,308.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n4.90 %<\/td>\n322,437<\/td>\n8.11<\/td>\n53<\/td>\n0.3755 %<\/td>\n2,134.4<\/td>\n<\/tr>\n<\/table>\n\n\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
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.30
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.93
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
SLF.PR.D<\/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 : 22.18
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.09
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.67
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.83 %<\/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
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n123,976<\/td>\nNesbitt crossed 100,000 at 23.34.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.45
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n101,512<\/td>\nNesbitt crossed 100,000 at 26.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.75
\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n86,594<\/td>\nNesbitt crossed 25,000 at 22.10; RBC crossed 27,200 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.16
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n67,453<\/td>\nDesjardins crossed 15,000 at 22.44, then another 40,000 at 22.62.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n65,904<\/td>\nTD crossed 25,000 at 27.90; Desjardins crossed 31,900 at 28.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.90
\nBid-YTW : 2.90 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n59,013<\/td>\nScotia crossed two blocks of 25,000 each at 25.70.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
There were 41 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
W.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.41 – 25.00
\nSpot Rate : 0.5900
\nAverage : 0.3692<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-19
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

SLF.PR.F<\/td>\nFixedReset<\/td>\nQuote: 27.41 – 27.75
\nSpot Rate : 0.3400
\nAverage : 0.2392<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.41
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.20 – 25.49
\nSpot Rate : 0.2900
\nAverage : 0.2050<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.65 – 22.98
\nSpot Rate : 0.3300
\nAverage : 0.2633<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.01 – 22.24
\nSpot Rate : 0.2300
\nAverage : 0.1647<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.01
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.20 – 22.45
\nSpot Rate : 0.2500
\nAverage : 0.1896<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.20
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The lifecos continue to whine about new capital requirements: International Financial Reporting Standards (IFRS) set to take effect 2014 \u201cwill severely inhibit\u201d the core business of Canadian lifecos, Donald Stewart, chief executive of Sun Life …<\/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-15115","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15115","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=15115"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15115\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}