{"id":15827,"date":"2011-07-29T00:47:34","date_gmt":"2011-07-29T04:47:34","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15827"},"modified":"2011-07-29T00:47:34","modified_gmt":"2011-07-29T04:47:34","slug":"july-28-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15827","title":{"rendered":"July 28, 2011"},"content":{"rendered":"

According to the chatterati, credit rating agencies are heroes this week<\/a>:<\/p>\n

At a House subcommittee hearing yesterday, U.S. financial regulators acknowledged that the rating companies lately have been doing a better job<\/a>. Alarmed by Greece\u2019s unsustainable borrowing, the companies have slashed Greek debt to below investment grade. Troubles in Ireland, Portugal and Spain aren\u2019t as severe, but those countries are under appropriately close scrutiny by rating services. Even the U.S. has been tagged for a downgrade if it can\u2019t sort out its debt-ceiling and spending problems — and maybe even if it does.<\/p><\/blockquote>\n

It was a quiet, slightly negative day for the Canadian preferred share market, with PerpetualDiscounts up 2bp, FixedResets losing 6bp and DeemedRetractibles down 3bp. Big volume continued for BNS.PR.Z, but was otherwise volume was only 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-0.0942 %<\/td>\n2,449.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0942 %<\/td>\n3,683.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.48 %<\/td>\n2.24 %<\/td>\n35,654<\/td>\n21.68<\/td>\n4<\/td>\n-0.0942 %<\/td>\n2,644.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.84 %<\/td>\n1.74 %<\/td>\n56,737<\/td>\n0.17<\/td>\n9<\/td>\n0.1965 %<\/td>\n2,457.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.24 %<\/td>\n2.23 %<\/td>\n52,602<\/td>\n0.58<\/td>\n6<\/td>\n0.0265 %<\/td>\n2,511.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1965 %<\/td>\n2,247.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.68 %<\/td>\n4.83 %<\/td>\n132,372<\/td>\n0.81<\/td>\n13<\/td>\n-0.1535 %<\/td>\n2,094.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.41 %<\/td>\n5.41 %<\/td>\n110,846<\/td>\n14.76<\/td>\n17<\/td>\n0.0222 %<\/td>\n2,215.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.15 %<\/td>\n3.11 %<\/td>\n217,641<\/td>\n2.63<\/td>\n58<\/td>\n-0.0551 %<\/td>\n2,326.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n4.67 %<\/td>\n275,572<\/td>\n7.82<\/td>\n47<\/td>\n-0.0271 %<\/td>\n2,177.5<\/td>\n<\/tr>\n<\/table>\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
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-07-28
\nMaturity Price : 24.18
\nEvaluated at bid price : 24.44
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 27.35
\nBid-YTW : 1.74 %<\/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
BNS.PR.Z<\/td>\nFixedReset<\/td>\n901,885<\/td>\nTD crossed two blocks of 100,000 each and one of 30,000, all at 24.25. RBC crossed blocks of 500,000 shares, 112,000 and 50,000, all at 24.25.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.25
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n108,993<\/td>\nRBC crossed 100,000 at 27.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.17
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n80,961<\/td>\nNesbitt crossed blocks of 50,000 and 26,000, both at 26.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 2.99 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n80,960<\/td>\nRBC crossed 18,300 at 27.00; Nesbitt crossed 50,000 at 26.95.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 2.70 %<\/td>\n<\/tr>\n
TD.PR.N<\/td>\nOpRet<\/td>\n80,275<\/td>\nDesjardins crossed blocks of 60,000 and 15,000, both at 25.55.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-08-27
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.61
\nBid-YTW : -1.18 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n78,904<\/td>\nDesjardins crossed 75,000 at 22.10.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.09
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n
There were 34 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
IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.95 – 27.27
\nSpot Rate : 0.3200
\nAverage : 0.2020<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.95
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 24.90 – 25.49
\nSpot Rate : 0.5900
\nAverage : 0.4754<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-07-28
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.90
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n

POW.PR.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 25.06 – 25.43
\nSpot Rate : 0.3700
\nAverage : 0.2581<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-12-06
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.06
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.87 – 24.24
\nSpot Rate : 0.3700
\nAverage : 0.2691<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-07-28
\nMaturity Price : 23.59
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n

IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.92 – 26.25
\nSpot Rate : 0.3300
\nAverage : 0.2353<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.92
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n

FTS.PR.H<\/td>\nFixedReset<\/td>\nQuote: 25.35 – 25.80
\nSpot Rate : 0.4500
\nAverage : 0.3671<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-07-28
\nMaturity Price : 23.38
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

According to the chatterati, credit rating agencies are heroes this week: At a House subcommittee hearing yesterday, U.S. financial regulators acknowledged that the rating companies lately have been doing a better job. Alarmed by Greece\u2019s …<\/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-15827","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15827","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=15827"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15827\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}