{"id":17584,"date":"2012-01-16T23:43:29","date_gmt":"2012-01-17T03:43:29","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17584"},"modified":"2012-01-16T23:43:29","modified_gmt":"2012-01-17T03:43:29","slug":"january-16-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17584","title":{"rendered":"January 16, 2012"},"content":{"rendered":"

Austria may have experienced a Chretien moment<\/a>:<\/p>\n

It is evident, but again that Austria must be more independent from the financial markets.<\/p>\n

-Werner Faymann, Austrian Chancellor (translation by Bing)<\/p><\/blockquote>\n

Remember Chretien back in 1994? ‘We aren’t doing this [austerity programme] because the bond markets think we should! We are doing this because we don’t want to care what the bond markets think!’ or words to that effect. It was the only intelligent thing ever said by a senior politician about national debt. Ever. Until Faymann.<\/p>\n

Wikipedia is going dark on Wednesday<\/a> to protest the US Stop Online Piracy Act. Good for them!<\/p>\n

It was a mixed day on light volume for the Canadian preferred share market, with PerpetualDiscounts losing 32bp, FixedResets off 4bp and DeemedRetractibles gaining 5bp. Not much volatility, with only four entries in the Performance Highlights table. As noted, volume was light.<\/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-0.0365 %<\/td>\n2,313.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.75 %<\/td>\n4.12 %<\/td>\n42,390<\/td>\n17.21<\/td>\n1<\/td>\n0.1502 %<\/td>\n3,282.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.88 %<\/td>\n3.04 %<\/td>\n68,713<\/td>\n19.64<\/td>\n3<\/td>\n-0.0365 %<\/td>\n2,497.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.96 %<\/td>\n1.40 %<\/td>\n64,744<\/td>\n1.33<\/td>\n7<\/td>\n-0.0549 %<\/td>\n2,490.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.37 %<\/td>\n0.69 %<\/td>\n67,217<\/td>\n0.90<\/td>\n4<\/td>\n0.1014 %<\/td>\n2,605.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0549 %<\/td>\n2,277.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.42 %<\/td>\n-3.19 %<\/td>\n88,986<\/td>\n0.09<\/td>\n23<\/td>\n0.0712 %<\/td>\n2,204.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.06 %<\/td>\n4.95 %<\/td>\n145,292<\/td>\n15.52<\/td>\n7<\/td>\n-0.3196 %<\/td>\n2,393.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.06 %<\/td>\n2.81 %<\/td>\n207,306<\/td>\n2.40<\/td>\n64<\/td>\n-0.0428 %<\/td>\n2,375.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.92 %<\/td>\n3.56 %<\/td>\n191,542<\/td>\n1.71<\/td>\n46<\/td>\n0.0545 %<\/td>\n2,290.1<\/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
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-01-16
\nMaturity Price : 23.57
\nEvaluated at bid price : 24.04
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-01-16
\nMaturity Price : 23.79
\nEvaluated at bid price : 24.08
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Premium<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : -24.34 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.82
\nBid-YTW : 4.31 %<\/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.Z<\/td>\nFixedReset<\/td>\n197,909<\/td>\nNesbitt crossed 75,000 at 25.95. RBC crossed four blocks: 29,400 and 14,700 shares, as well as 14,700 and 11,300, all at the same price. Nesbitt bought 10,000 from Scotia at 25.91.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-01-16
\nMaturity Price : 23.38
\nEvaluated at bid price : 25.92
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n88,855<\/td>\nDesjardins crossed blocks of 54,000 and 20,000 at 25.95.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-01-16
\nMaturity Price : 23.49
\nEvaluated at bid price : 25.87
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n82,375<\/td>\nTD crossed blocks of 50,000 and 30,000 at 26.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.07
\nBid-YTW : 2.54 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n80,619<\/td>\nRBC crossed 79,500 at 25.65.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : -19.50 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nDeemed-Retractible<\/td>\n48,743<\/td>\nNesbitt crossed 40,500 at 27.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.10
\nBid-YTW : 2.82 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n42,160<\/td>\nRBC crossed 30,000 at 24.85.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
There were 19 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
PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 20.10 – 21.29
\nSpot Rate : 1.1900
\nAverage : 0.9423<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-01-16
\nMaturity Price : 20.10
\nEvaluated at bid price : 20.10
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 27.08 – 27.60
\nSpot Rate : 0.5200
\nAverage : 0.3356<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 27.08
\nBid-YTW : 1.40 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.01 – 26.50
\nSpot Rate : 0.4900
\nAverage : 0.3393<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n

CIU.PR.B<\/td>\nFixedReset<\/td>\nQuote: 27.51 – 27.95
\nSpot Rate : 0.4400
\nAverage : 0.2932<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.51
\nBid-YTW : 2.70 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 20.00 – 20.35
\nSpot Rate : 0.3500
\nAverage : 0.2240<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-01-16
\nMaturity Price : 21.34
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.36 – 25.80
\nSpot Rate : 0.4400
\nAverage : 0.3214<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Austria may have experienced a Chretien moment: It is evident, but again that Austria must be more independent from the financial markets. -Werner Faymann, Austrian Chancellor (translation by Bing) Remember Chretien back in 1994? ‘We …<\/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-17584","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17584","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=17584"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17584\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}