{"id":16100,"date":"2011-08-23T22:01:48","date_gmt":"2011-08-24T02:01:48","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16100"},"modified":"2011-08-23T22:01:48","modified_gmt":"2011-08-24T02:01:48","slug":"august-23-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16100","title":{"rendered":"August 23, 2011"},"content":{"rendered":"

Some parts of the US economy are growing rapidly<\/a>:<\/p>\n

At least one sector of the economy is booming, and President Barack Obama can legitimately take credit for it. Since he took office, employment has surged 13 percent at federal regulatory agencies. The regulators\u2019 budgets are up 16 percent. (These numbers are derived from a May report published by Washington University and George Washington University.) And that\u2019s before some of the major regulatory initiatives of the administration — the financial-reform bill and the health-care overhaul — are fully implemented.<\/p>\n

Obama understands that a reputation for regulatory hyperactivity in the midst of a weak economy wouldn\u2019t help his re-election prospects. In January, he promised \u201ca government- wide review of the rules already on the books to remove outdated regulations that stifle job creation and make our economy less competitive.\u201d That review led to some modest improvements: The Environmental Protection Agency pulled back a rule that would have treated dairy spills on farms as though they were oil spills.<\/p><\/blockquote>\n

Equitable Group, proud issuer of ETC.PR.A has announced<\/a>:<\/p>\n

that it has become aware of a suspected fraud relating to four loans having a total outstanding balance of approximately $14.0 million. The amount of the total loss, if any, cannot be determined at this time. The matter is presently being investigated with a view to minimizing any potential losses to the Company.<\/p>\n

Equitable is currently reviewing its legal options for commencing claims against several parties to the subject loan transactions and is consulting with legal counsel in this regard. In addition, Equitable maintains insurance that is intended to cover such occurrences. There is no assurance that the proceeds or recoveries, if any, will be received in a timely manner, or that such proceeds or recoveries will be sufficient to recover the full amount of the loans.<\/p><\/blockquote>\n

If totally lost, that’s enough to wipe out a whole quarter’s profit<\/a>.<\/p>\n

It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 22bp, FixedResets gaining 4bp and DeemedRetractibles up 8bp. Volatility was low, volume was on the low side.<\/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>\n0.2967 %<\/td>\n2,146.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2967 %<\/td>\n3,228.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.82 %<\/td>\n2.55 %<\/td>\n28,303<\/td>\n20.95<\/td>\n4<\/td>\n0.2967 %<\/td>\n2,318.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.89 %<\/td>\n1.87 %<\/td>\n57,203<\/td>\n0.58<\/td>\n9<\/td>\n0.0000 %<\/td>\n2,439.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.41 %<\/td>\n0.94 %<\/td>\n60,758<\/td>\n0.51<\/td>\n4<\/td>\n0.2200 %<\/td>\n2,479.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,230.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.68 %<\/td>\n5.21 %<\/td>\n130,734<\/td>\n1.18<\/td>\n14<\/td>\n-0.0169 %<\/td>\n2,101.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.35 %<\/td>\n5.46 %<\/td>\n99,896<\/td>\n14.64<\/td>\n16<\/td>\n0.2230 %<\/td>\n2,230.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.14 %<\/td>\n3.14 %<\/td>\n207,109<\/td>\n2.69<\/td>\n60<\/td>\n0.0407 %<\/td>\n2,319.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n4.69 %<\/td>\n263,565<\/td>\n7.95<\/td>\n46<\/td>\n0.0771 %<\/td>\n2,184.1<\/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
CIU.PR.C<\/td>\nFixedReset<\/td>\n-4.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-23
\nMaturity Price : 22.80
\nEvaluated at bid price : 24.01
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.48
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-23
\nMaturity Price : 24.04
\nEvaluated at bid price : 24.33
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-23
\nMaturity Price : 22.56
\nEvaluated at bid price : 22.85
\nBid-YTW : 5.87 %<\/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
BAM.PR.B<\/td>\nFloater<\/td>\n107,789<\/td>\nNesbitt crossed 100,000 at 15.75.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-23
\nMaturity Price : 15.96
\nEvaluated at bid price : 15.96
\nBid-YTW : 3.32 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n90,350<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.75
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n85,012<\/td>\nTD bought blocks of 10,000 and 12,800 from anonymous, both at 25.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nDeemed-Retractible<\/td>\n64,331<\/td>\nTD bought two blocks of 20,000 each and one of 12,700 from Nesbitt, all at 24.74.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.71
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n57,790<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n51,571<\/td>\nTD crossed 50,000 at 27.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.94
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n
There were 26 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.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 50.66 – 51.15
\nSpot Rate : 0.4900
\nAverage : 0.3525<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 50.66
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.13 – 22.52
\nSpot Rate : 0.3900
\nAverage : 0.2935<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.13
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.73 – 21.14
\nSpot Rate : 0.4100
\nAverage : 0.3265<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-23
\nMaturity Price : 20.73
\nEvaluated at bid price : 20.73
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.50 – 25.85
\nSpot Rate : 0.3500
\nAverage : 0.2666<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

W.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.87 – 25.16
\nSpot Rate : 0.2900
\nAverage : 0.2121<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-23
\nMaturity Price : 24.61
\nEvaluated at bid price : 24.87
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n

BNA.PR.C<\/td>\nSplitShare<\/td>\nQuote: 21.56 – 21.99
\nSpot Rate : 0.4300
\nAverage : 0.3560<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.56
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Some parts of the US economy are growing rapidly: At least one sector of the economy is booming, and President Barack Obama can legitimately take credit for it. Since he took office, employment has surged …<\/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-16100","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16100","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=16100"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16100\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}