{"id":17733,"date":"2012-02-04T01:22:05","date_gmt":"2012-02-04T05:22:05","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17733"},"modified":"2012-02-04T01:22:05","modified_gmt":"2012-02-04T05:22:05","slug":"february-3-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17733","title":{"rendered":"February 3, 2012"},"content":{"rendered":"

Very nice US jobs number today<\/a>:<\/p>\n

The U.S. jobless rate unexpectedly fell in January to the lowest in three years as payrolls climbed more than forecast, casting doubt on the Federal Reserve\u2019s plan to keep interest rates low until late 2014.<\/p>\n

The unemployment rate dropped to 8.3 percent, the lowest since February 2009, Labor Department figures showed today in Washington. The 243,000 increase in jobs was the biggest in nine months and exceeded the most optimistic forecast in a Bloomberg News survey. Service industries grew by the most in a year, according to a separate report.
…<\/b>
The Standard & Poor\u2019s 500 Index rose 1.5 percent to 1,344.90 at the close of trading in New York, extending the best start to a year since 1987. The index is up 6.9 percent in 2012. The yield on the benchmark 10-year Treasury note climbed to 1.92 percent from 1.82 percent late yesterday.<\/p>\n

The median projection in the Bloomberg survey called for payrolls to rise by 140,000. Estimates of the 89 economists ranged from increases of 95,000 to 225,000. Revisions added a total of 60,000 jobs to payrolls in November and December.<\/p><\/blockquote>\n

The most left wing PM since Trudeau just can’t stop meddling with the economy<\/a>:<\/p>\n

Prime Minister Stephen Harper drew an apparent line in the sand on foreign takeovers on Friday, saying he wanted to see BlackBerry-maker Research In Motion grow \u201cas a Canadian company\u201d and questioning whether hostile takeovers of key domestic firms are in the country\u2019s best interests.
…<\/b>
\u201cTakeovers of critical technology that the government\u2019s invested in, or \u2026 hostile takeovers of key Canadian businesses, are obviously something that I think is widely understood is not in this country\u2019s interest,\u201d Mr. Harper said.<\/p><\/blockquote>\n

Well, it’s been a week and I still don’t see OSFI doing the decent thing and releasing the documents obtained by Bloomberg with a Freedom of Information request<\/a>:<\/p>\n

Bank of Canada Governor Mark Carney talks about the potential impact of the so-called Volcker rule on the trading of government bonds, the European Central Bank’s efforts to ease the region’s debt crisis and bank capital regulations. He speaks with Bloomberg’s Erik Schatzker on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland. (Source: Bloomberg)
\nAttachment: Documents Obtained by Bloomberg. .Canadian lenders are loosening standards, offering mortgages similar to U.S. subprime loans that pose an \u201cemerging risk\u201d to financial institutions, according to the country\u2019s banking regulator.<\/p>\n

Banks and other lenders are becoming \u201cincreasingly liberal\u201d with mortgages and home-equity credit lines that don\u2019t require individuals to prove their income, according to 152 pages of documents obtained by Bloomberg News under freedom of information law from the Office of the Superintendent of Financial Institutions. The mortgages, typically granted to the self-employed and recent immigrants, \u201chave some similarities to non-prime loans in the U.S. retail lending market,\u201d the documents show.<\/p><\/blockquote>\n

But then, you don’t often see OSFI doing the decent thing.<\/p>\n

Another very strong day for the Canadian preferred share market, with PerpetualPremiums winning 33bp (taking the median YTW down to -8.58%), FixedResets gaining 28bp and DeemedRetractibles up 36bp. All fourteen entries on the Performance Highlights table wer winners. Volume continued to be extremely heavy.<\/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>\n0.7198 %<\/td>\n2,431.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.69 %<\/td>\n4.06 %<\/td>\n38,432<\/td>\n17.25<\/td>\n1<\/td>\n0.2475 %<\/td>\n3,323.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.75 %<\/td>\n2.96 %<\/td>\n61,915<\/td>\n19.82<\/td>\n3<\/td>\n0.7198 %<\/td>\n2,625.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.81 %<\/td>\n-1.15 %<\/td>\n67,462<\/td>\n1.29<\/td>\n6<\/td>\n0.1447 %<\/td>\n2,531.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.30 %<\/td>\n-0.84 %<\/td>\n79,540<\/td>\n0.85<\/td>\n4<\/td>\n0.0800 %<\/td>\n2,641.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1447 %<\/td>\n2,315.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.30 %<\/td>\n-8.58 %<\/td>\n109,158<\/td>\n0.09<\/td>\n26<\/td>\n0.3320 %<\/td>\n2,233.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.03 %<\/td>\n4.91 %<\/td>\n191,732<\/td>\n15.61<\/td>\n4<\/td>\n0.4240 %<\/td>\n2,456.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.00 %<\/td>\n2.45 %<\/td>\n222,931<\/td>\n2.32<\/td>\n65<\/td>\n0.2815 %<\/td>\n2,402.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.85 %<\/td>\n0.90 %<\/td>\n223,807<\/td>\n0.97<\/td>\n45<\/td>\n0.3607 %<\/td>\n2,336.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\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
PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.77
\nBid-YTW : -29.01 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-03
\nMaturity Price : 23.59
\nEvaluated at bid price : 26.15
\nBid-YTW : 2.75 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.04
\nBid-YTW : 2.01 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Premium<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-04
\nMaturity Price : 25.25
\nEvaluated at bid price : 26.38
\nBid-YTW : -42.20 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-11-25
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.10
\nBid-YTW : -0.52 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.24
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Premium<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-04
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.01
\nBid-YTW : -6.99 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-04
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : -14.15 %<\/td>\n<\/tr>\n
CU.PR.A<\/td>\nPerpetual-Premium<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-04
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.73
\nBid-YTW : -21.15 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-03
\nMaturity Price : 23.38
\nEvaluated at bid price : 25.76
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-03
\nMaturity Price : 21.59
\nEvaluated at bid price : 21.85
\nBid-YTW : 2.37 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-10-31
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.94
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.45
\nBid-YTW : 2.16 %<\/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
BMO.PR.N<\/td>\nFixedReset<\/td>\n94,751<\/td>\nNesbitt crossed 70,000 at 27.10.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.13
\nBid-YTW : 2.08 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n54,420<\/td>\nScotia crossed 53,000 at 25.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-30
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.79
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n47,181<\/td>\nRBC crossed 22,100 at 27.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.40
\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nFixedReset<\/td>\n40,077<\/td>\nTD crossed 24,900 at 26.95.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.91
\nBid-YTW : 2.27 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n38,487<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.21
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n34,802<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-03
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.41
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
There were 67 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
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.16 – 23.63
\nSpot Rate : 0.4700
\nAverage : 0.3164<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-03
\nMaturity Price : 22.73
\nEvaluated at bid price : 23.16
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n

CM.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.97 – 26.34
\nSpot Rate : 0.3700
\nAverage : 0.2298<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-10-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.97
\nBid-YTW : 0.28 %<\/td>\n<\/tr>\n

BAM.PR.O<\/td>\nOpRet<\/td>\nQuote: 25.96 – 26.49
\nSpot Rate : 0.5300
\nAverage : 0.3941<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.96
\nBid-YTW : 2.55 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.70 – 26.08
\nSpot Rate : 0.3800
\nAverage : 0.2608<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.70
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 26.72 – 27.00
\nSpot Rate : 0.2800
\nAverage : 0.1805<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.72
\nBid-YTW : 2.31 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.05 – 25.40
\nSpot Rate : 0.3500
\nAverage : 0.2593<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-03
\nMaturity Price : 24.76
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Very nice US jobs number today: The U.S. jobless rate unexpectedly fell in January to the lowest in three years as payrolls climbed more than forecast, casting doubt on the Federal Reserve\u2019s plan to keep …<\/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-17733","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17733","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=17733"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17733\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}