{"id":15207,"date":"2011-05-30T23:59:59","date_gmt":"2011-05-31T03:59:59","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15207"},"modified":"2011-05-30T23:59:59","modified_gmt":"2011-05-31T03:59:59","slug":"may-30-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15207","title":{"rendered":"May 30, 2011"},"content":{"rendered":"

Greece is sliding closer to bankruptcy<\/a>:<\/p>\n

The European Union may withhold the next amount of credit to Greece after a report by an international panel of inspectors concluded that the debt-laden country has missed all the fiscal targets agreed in its rescue plan, Der Spiegel said, without saying how it obtained the information.<\/p>\n

Portuguese 10-year bonds fell the most in a week, sending the yield spread with German bunds, Europe\u2019s benchmark government security, 18 basis points higher to 678 basis points, the most since Bloomberg began gathering the data in 1997. Italian 10-year yields rose six basis points to 4.81 percent after the government sold 8.3 billion euros ($12 billion) debt. Spain is due to sell debt on June 2.<\/p><\/blockquote>\n

and Moody’s put Japan on Review-Negative<\/a>.<\/p>\n

Yellow bellies continued to panic.<\/p>\n

\n\n\n\n\n\n\n\n
YLO Issues, 2011-5-30<\/td>\n<\/tr>\n
Ticker<\/td>\nQuote
5\/27<\/td>\n		Quote
5\/30<\/td>\n		Bid YTW
5\/30<\/td>\n		YTW
Scenario
5\/30<\/td>\n		Performance
5\/30
(bid\/bid)<\/td>\n<\/tr>\n
YLO.PR.A<\/td>\n23.10-20<\/td>\n22.80-90<\/td>\n10.97%<\/td>\nSoft Maturity
2012-12-30<\/td>\n		-1.30%<\/td>\n<\/tr>\n
YLO.PR.B<\/td>\n16.40-82<\/td>\n15.64-80<\/p>\n14.86%<\/td>\nSoft Maturity
2017-06-29<\/td>\n		-4.63%<\/td>\n<\/tr>\n
YLO.PR.C<\/td>\n17.67-33<\/td>\n16.57-70<\/td>\n10.08%<\/td>\nLimit Maturity<\/td>\n-6.23%<\/td>\n<\/tr>\n
YLO.PR.D<\/td>\n18.32-40<\/td>\n17.85-00<\/td>\n9.52%<\/td>\nLimit Maturity<\/td>\n-2.57%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

It was a mixed day on the Canadian preferred share market, with PerpetualDiscounts gaining 17bp, FixedResets basically flat, and DeemedRetractibles down 4bp. Volatility was minimal, with only one entry in the Performance Highlights table. Volume was OK, a little on the low side, as befits a day when the US market was closed.<\/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-0.0349 %<\/td>\n2,462.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0349 %<\/td>\n3,704.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.45 %<\/td>\n2.24 %<\/td>\n43,170<\/td>\n21.63<\/td>\n4<\/td>\n-0.0349 %<\/td>\n2,659.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n2.67 %<\/td>\n63,149<\/td>\n0.41<\/td>\n9<\/td>\n0.0772 %<\/td>\n2,423.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.23 %<\/td>\n-0.60 %<\/td>\n60,309<\/td>\n0.54<\/td>\n6<\/td>\n-0.2393 %<\/td>\n2,505.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0772 %<\/td>\n2,215.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n4.81 %<\/td>\n165,879<\/td>\n1.43<\/td>\n12<\/td>\n0.0872 %<\/td>\n2,074.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.45 %<\/td>\n5.54 %<\/td>\n125,579<\/td>\n14.46<\/td>\n18<\/td>\n0.1709 %<\/td>\n2,177.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.15 %<\/td>\n3.18 %<\/td>\n196,125<\/td>\n2.85<\/td>\n57<\/td>\n0.0046 %<\/td>\n2,310.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n4.92 %<\/td>\n302,894<\/td>\n8.14<\/td>\n47<\/td>\n-0.0378 %<\/td>\n2,149.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.19
\nBid-YTW : 2.94 %<\/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.G<\/td>\nPerpetual-Premium<\/td>\n100,850<\/td>\nSeeking NVCC status<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n100,000<\/td>\nRBC crossed blocks of 30,000 and 70,000, both at 22.51.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-30
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
CM.PR.H<\/td>\nDeemed-Retractible<\/td>\n84,032<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-06-29
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.90
\nBid-YTW : 2.23 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Discount<\/td>\n61,841<\/td>\nRBC bought 11,300 from TD at 24.89.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-30
\nMaturity Price : 24.44
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n45,940<\/td>\nTD crossed 40,000 at 27.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-23
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.40
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n36,977<\/td>\nTD crossed 30,000 at 27.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.58
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n
There were 29 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
TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 50.32 – 50.74
\nSpot Rate : 0.4200
\nAverage : 0.2623<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-30
\nMaturity Price : 47.07
\nEvaluated at bid price : 50.32
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n

IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.82 – 27.25
\nSpot Rate : 0.4300
\nAverage : 0.2915<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.82
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n

BNS.PR.O<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.95 – 26.34
\nSpot Rate : 0.3900
\nAverage : 0.2594<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-05-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.43 – 24.78
\nSpot Rate : 0.3500
\nAverage : 0.2285<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-30
\nMaturity Price : 24.17
\nEvaluated at bid price : 24.43
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n

TRI.PR.B<\/td>\nFloater<\/td>\nQuote: 23.26 – 23.75
\nSpot Rate : 0.4900
\nAverage : 0.3860<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-05-30
\nMaturity Price : 22.99
\nEvaluated at bid price : 23.26
\nBid-YTW : 2.24 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.60 – 25.85
\nSpot Rate : 0.2500
\nAverage : 0.1547<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Greece is sliding closer to bankruptcy: The European Union may withhold the next amount of credit to Greece after a report by an international panel of inspectors concluded that the debt-laden country has missed all …<\/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-15207","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15207","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=15207"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15207\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}