{"id":16997,"date":"2011-11-11T01:46:07","date_gmt":"2011-11-11T05:46:07","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16997"},"modified":"2011-11-11T01:46:07","modified_gmt":"2011-11-11T05:46:07","slug":"november-10-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16997","title":{"rendered":"November 10, 2011"},"content":{"rendered":"

Whoopsy! S&P jumped the gun on France<\/a>:<\/p>\n

Standard & Poor\u2019s roiled global equity, bond, currency and commodity markets when it sent and then corrected an erroneous message to subscribers suggesting France\u2019s top credit rating had been downgraded.<\/p>\n

The benchmark Stoxx Europe 600 Index extended its decline to 1.5 percent to 234.11 and French 10-year bond yields surged as much as 28 basis points to 3.48 percent, the highest level since July. The euro pared gains and U.S. equities briefly dropped after the mistaken announcement. Commodities erased gains before resuming increases after S&P affirmed France\u2019s AAA rating in a later statement.
…<\/b>
S&P\u2019s erroneous message was put out at 3:57 p.m. Paris time. The company sent a release at 5:40 p.m. Paris time saying the message was incorrect and affirming France\u2019s rating.<\/p><\/blockquote>\n

Meanwhile Cameron appears to favour monetization of European debt<\/a>:<\/p>\n

U.K. Prime Minister David Cameron suggested that the European Central Bank should use its resources to underpin the euro-area bailout fund and give it enough capacity to rescue the region\u2019s larger economies.<\/p>\n

\u201cIf the leaders of the euro zone want to save their currency then they, together with institutions of the euro zone, must act now,\u201d Cameron said in a speech in London today. \u201cThe longer the delay, the greater the danger.\u201d
…<\/b>
Cameron said yesterday Italy\u2019s position is close to being unsustainable, given the rise in bond yields.<\/p>\n

\u201cIf you don\u2019t have credibility about your plans to deal with your debts and deal with your deficits, whether you like the markets or not, they won\u2019t lend you any money,\u201d Cameron told lawmakers. \u201cThat\u2019s what we are seeing in countries like Greece and now tragically in Italy, where the price of borrowing money is getting to a totally unsustainable level.\u201d<\/p><\/blockquote>\n

Greece finally got a new Prime Minister<\/a>:<\/p>\n

Lucas Papademos, named today to be interim prime minister of Greece, steered the country into the euro region as central bank governor more than a decade ago. Now the former European Central Bank vice president will have to secure the country\u2019s euro membership for a second time.<\/p>\n

Papademos, who has never held elected office, helped foster economic growth rates that surpassed Germany\u2019s and France\u2019s in his eight years at Greece\u2019s central bank before moving to the ECB in 2002. Most recently a visiting professor at Harvard University in Cambridge, Massachusetts, and an adviser to departing Prime Minister George Papandreou, Papademos takes over a country weeks from being unable to meet its debt obligations.<\/p><\/blockquote>\n

The OSC has provided a report on Dialogue 2011<\/a>, referred to as “an important forum to consult with our stakeholders”, held on November 1.<\/p>\n

The Toronto Stock Exchange’s DataLinx service is having problems again, so this report has been prepared using prices from Yahoo!<\/p>\n

It was an uneventful day in the Canadian preferred share market, with PerpetualDiscounts up 2bp, FixedResets gaining 5bp and DeemedRetractibles down 5bp. Volatility was good. Volume was 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-0.2576 %<\/td>\n2,122.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.82 %<\/td>\n4.53 %<\/td>\n26,163<\/td>\n17.26<\/td>\n1<\/td>\n0.1524 %<\/td>\n3,197.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.39 %<\/td>\n3.41 %<\/td>\n159,606<\/td>\n18.70<\/td>\n2<\/td>\n-0.2576 %<\/td>\n2,291.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.96 %<\/td>\n0.94 %<\/td>\n54,498<\/td>\n1.51<\/td>\n7<\/td>\n-0.1646 %<\/td>\n2,479.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.77 %<\/td>\n6.60 %<\/td>\n59,674<\/td>\n5.13<\/td>\n3<\/td>\n0.2953 %<\/td>\n2,509.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1646 %<\/td>\n2,267.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.57 %<\/td>\n2.73 %<\/td>\n103,756<\/td>\n0.15<\/td>\n13<\/td>\n0.0251 %<\/td>\n2,156.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.32 %<\/td>\n5.21 %<\/td>\n108,941<\/td>\n14.73<\/td>\n17<\/td>\n0.0218 %<\/td>\n2,290.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.11 %<\/td>\n2.96 %<\/td>\n211,446<\/td>\n2.51<\/td>\n63<\/td>\n0.0542 %<\/td>\n2,344.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.04 %<\/td>\n4.36 %<\/td>\n205,970<\/td>\n3.46<\/td>\n46<\/td>\n-0.0497 %<\/td>\n2,216.2<\/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
MFC.PR.E<\/td>\nFixedReset<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.96
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nDeemed-Retractible<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-04-28
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.39
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.07
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nDeemed-Retractible<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-10-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 1.97 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-10
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.41
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.65
\nBid-YTW : 4.43 %<\/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.I<\/td>\nFixedReset<\/td>\n398,680<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\n160,844<\/td>\nNesbitt crossed 100,000 at 25.00; Scotia crossed 25,000 at 24.99.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-10
\nMaturity Price : 24.69
\nEvaluated at bid price : 24.99
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetual-Premium<\/td>\n109,636<\/td>\nScotia crossed blocks of 25,000 and 19,000, both at 25.32. RBC crossed 49,900 at 25.33.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n73,802<\/td>\nRecent secondary offering<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.99
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n59,039<\/td>\nScotia crossed blocks of 30,00 and 26,500, both at 27.40.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.44
\nBid-YTW : 2.60 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n54,828<\/td>\nRBC crossed blocks of 24,900 and 25,000, both at 27.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.30
\nBid-YTW : 2.46 %<\/td>\n<\/tr>\n
There were 32 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
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.02 – 23.45
\nSpot Rate : 0.4300
\nAverage : 0.3218<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-10
\nMaturity Price : 22.64
\nEvaluated at bid price : 23.02
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 19.71 – 19.99
\nSpot Rate : 0.2800
\nAverage : 0.1992<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.71
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n

RY.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.11 – 25.50
\nSpot Rate : 0.3900
\nAverage : 0.3119<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.75 – 26.05
\nSpot Rate : 0.3000
\nAverage : 0.2238<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-10
\nMaturity Price : 23.44
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n

CM.PR.M<\/td>\nFixedReset<\/td>\nQuote: 27.36 – 27.82
\nSpot Rate : 0.4600
\nAverage : 0.3845<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.36
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n

GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\nQuote: 22.56 – 22.87
\nSpot Rate : 0.3100
\nAverage : 0.2536<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.56
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Whoopsy! S&P jumped the gun on France: Standard & Poor\u2019s roiled global equity, bond, currency and commodity markets when it sent and then corrected an erroneous message to subscribers suggesting France\u2019s top credit rating had …<\/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-16997","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16997","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=16997"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16997\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}