{"id":17155,"date":"2011-11-30T00:40:28","date_gmt":"2011-11-30T04:40:28","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17155"},"modified":"2011-11-30T00:40:28","modified_gmt":"2011-11-30T04:40:28","slug":"november-29-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17155","title":{"rendered":"November 29, 2011"},"content":{"rendered":"

S&P had an exciting day, downgrading HSB preferreds<\/a> as well as a few other important names<\/a>:<\/p>\n

Bank of America Corp. (BAC), Goldman Sachs Group Inc. (GS) and Citigroup Inc. had long-term credit grades reduced to A- from A by Standard & Poor\u2019s after the ratings firm revised criteria for dozens of the world\u2019s biggest lenders.<\/p>\n

S&P made the same cut to Morgan Stanley and Bank of America\u2019s Merrill Lynch unit today. JPMorgan Chase & Co. (JPM) was reduced one level to A from A+. S&P upgraded Bank of China Ltd. (3988) and China Construction Bank Corp. to A from A- and maintained the A rating on Industrial & Commercial Bank of China Ltd. (1398), giving all three lenders higher grades than most big U.S. banks.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 21bp, FixedResets down 9bp and DeemedRetractibles off 9bp. 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-0.0977 %<\/td>\n2,102.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.92 %<\/td>\n4.66 %<\/td>\n28,947<\/td>\n17.06<\/td>\n1<\/td>\n0.1036 %<\/td>\n3,134.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.42 %<\/td>\n3.44 %<\/td>\n149,340<\/td>\n18.60<\/td>\n2<\/td>\n-0.0977 %<\/td>\n2,269.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.96 %<\/td>\n0.72 %<\/td>\n49,208<\/td>\n1.46<\/td>\n7<\/td>\n-0.1646 %<\/td>\n2,478.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.82 %<\/td>\n6.58 %<\/td>\n57,299<\/td>\n5.14<\/td>\n3<\/td>\n-0.4786 %<\/td>\n2,523.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1646 %<\/td>\n2,266.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.57 %<\/td>\n2.51 %<\/td>\n99,834<\/td>\n0.11<\/td>\n13<\/td>\n0.1894 %<\/td>\n2,154.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.31 %<\/td>\n5.17 %<\/td>\n103,577<\/td>\n14.67<\/td>\n17<\/td>\n0.2082 %<\/td>\n2,296.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.11 %<\/td>\n3.02 %<\/td>\n214,104<\/td>\n2.46<\/td>\n64<\/td>\n-0.0941 %<\/td>\n2,338.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n4.44 %<\/td>\n196,609<\/td>\n3.85<\/td>\n46<\/td>\n-0.0900 %<\/td>\n2,214.6<\/td>\n<\/tr>\n<\/table>\n\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.B<\/td>\nDeemed-Retractible<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.82
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 23.66
\nEvaluated at bid price : 24.14
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.42 %<\/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 : 3.86 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.79
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.10
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.92
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.45
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.66
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 23.24
\nEvaluated at bid price : 23.71
\nBid-YTW : 5.06 %<\/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
ENB.PR.D<\/td>\nFixedReset<\/td>\n303,480<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 23.13
\nEvaluated at bid price : 25.10
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetual-Discount<\/td>\n79,262<\/td>\nDesjardins crossed 40,000 at 24.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 24.57
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n58,501<\/td>\nRBC crossed 30,000 at 27.00; Scotia crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 2.78 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\n43,057<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 24.70
\nEvaluated at bid price : 25.00
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n37,942<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 23.26
\nEvaluated at bid price : 25.40
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n27,431<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.10
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n
There were 30 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.R<\/td>\nFixedReset<\/td>\nQuote: 26.01 – 26.70
\nSpot Rate : 0.6900
\nAverage : 0.4374<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 23.49
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.70 – 25.23
\nSpot Rate : 0.5300
\nAverage : 0.3770<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n

RY.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.51 – 26.92
\nSpot Rate : 0.4100
\nAverage : 0.2785<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.51
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.14 – 24.60
\nSpot Rate : 0.4600
\nAverage : 0.3405<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-11-29
\nMaturity Price : 23.66
\nEvaluated at bid price : 24.14
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n

BMO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 27.01 – 27.43
\nSpot Rate : 0.4200
\nAverage : 0.3084<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.01
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 23.67 – 23.95
\nSpot Rate : 0.2800
\nAverage : 0.1689<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.67
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

S&P had an exciting day, downgrading HSB preferreds as well as a few other important names: Bank of America Corp. (BAC), Goldman Sachs Group Inc. (GS) and Citigroup Inc. had long-term credit grades reduced to …<\/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-17155","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17155","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=17155"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17155\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}