{"id":17829,"date":"2012-02-14T12:34:19","date_gmt":"2012-02-14T16:34:19","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17829"},"modified":"2012-02-14T12:34:19","modified_gmt":"2012-02-14T16:34:19","slug":"february-13-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17829","title":{"rendered":"February 13, 2012"},"content":{"rendered":"

The Greek austerity measures passed<\/a>:<\/p>\n

Greek Prime Minister Lucas Papademos won parliamentary approval for austerity measures to secure an international bailout after rioters protesting the measures battled police and set fire to buildings in downtown Athens.<\/p>\n

A total of 199 lawmakers voted in favor and 74 against, Parliament Speaker Filippos Petsalnikos said in remarks carried live on state-run Vouli TV. When, on Nov. 16, Papademos won a mandate from the Parliament to implement budget measures and secure the bailout of 130 billion euros ($172 billion) he received the support of 255 lawmakers in the 300-strong chamber.<\/p>\n

\u201cIt is up to us, our vote, whether the country will remain in the euro or be led to a disorderly default,\u201d Papademos told parliament. \u201cVoting for the economic program and opening the road for a loan accord sets the basis for the modernization and recovery of the economy.\u201d<\/p><\/blockquote>\n

OK, so parliament’s voted for it and all the senior party leaders are on board. So what? There will be elections soon – will any of the major parties now be major parties in June? There really needs to be a referendum on this, because I’m not convinced the political class can deliver.<\/p>\n

Meanwhile Moody’s used its knife<\/a>:<\/p>\n

Moody\u2019s Investors Service cut the debt ratings of six European countries including Italy, Spain and Portugal and revised its outlook on the U.K.\u2019s and France\u2019s top Aaa rating to \u201cnegative.\u201d<\/p>\n

Spain was downgraded to A3 from A1 with a negative outlook, Italy was downgraded to A3 from A2 with a negative outlook and Portugal was downgraded to Ba3 from Ba2 with a negative outlook, Moody\u2019s said. It also cut Slovakia\u2019s, Slovenia\u2019s and Malta\u2019s ratings.<\/p>\n

\u201cThe uncertainty over the euro area\u2019s prospects for institutional reform of its fiscal and economic framework\u201d and the resources that will be made available to deal with the crisis, are among the main drivers of Moody\u2019s action, the ratings company said.<\/p>\n

\u201cEurope\u2019s increasingly weak macroeconomic prospects, which threaten the implementation of domestic austerity programs and the structural reforms that are needed to promote competitiveness,\u201d are also factors, it said. These factors will continue to affect market confidence, \u201cwhich is likely to remain fragile, with a high potential for further shocks to funding conditions for stressed sovereigns and banks.\u201d<\/p><\/blockquote>\n

Call the papers! There’s been an outbreak of common sense in Europe<\/a>!<\/p>\n

The European Parliament may scrap plans to force firms that use algorithmic-trading programs to continue trading throughout the day, said Markus Ferber, the lawmaker writing the assembly\u2019s response to the proposals. The measure was meant to prevent them creating volatility by diving in and out of the markets.<\/p>\n

\u201cWe are really rethinking on the whole approach the European Commission has proposed,\u201d Ferber said in an interview. The all-day trading rule was intended to promote market liquidity by ensuring a steady supply of buyers and sellers. \u201cNo one can answer me\u201d why such firms should be expected to provide liquidity throughout the trading day, Ferber said.<\/p><\/blockquote>\n

Sorry, folks, but PrefLetter Weekend knocked me for a loop this time ’round. I’ll update with Monday’s performance when I get a chance.<\/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-0.1040 %<\/td>\n2,442.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.56 %<\/td>\n3.93 %<\/td>\n39,291<\/td>\n17.45<\/td>\n1<\/td>\n-0.3828 %<\/td>\n3,417.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.73 %<\/td>\n2.99 %<\/td>\n62,283<\/td>\n19.72<\/td>\n3<\/td>\n-0.1040 %<\/td>\n2,637.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.86 %<\/td>\n2.46 %<\/td>\n60,536<\/td>\n1.32<\/td>\n6<\/td>\n0.0423 %<\/td>\n2,515.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.28 %<\/td>\n-0.53 %<\/td>\n81,644<\/td>\n0.82<\/td>\n4<\/td>\n0.0448 %<\/td>\n2,651.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0423 %<\/td>\n2,300.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.36 %<\/td>\n-0.19 %<\/td>\n119,357<\/td>\n0.21<\/td>\n26<\/td>\n-0.5674 %<\/td>\n2,210.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.03 %<\/td>\n4.85 %<\/td>\n197,597<\/td>\n15.70<\/td>\n4<\/td>\n0.0926 %<\/td>\n2,459.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.02 %<\/td>\n2.68 %<\/td>\n217,220<\/td>\n2.29<\/td>\n65<\/td>\n-0.0838 %<\/td>\n2,393.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.90 %<\/td>\n3.54 %<\/td>\n225,355<\/td>\n1.77<\/td>\n45<\/td>\n-0.0959 %<\/td>\n2,312.5<\/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
PWF.PR.K<\/td>\nPerpetual-Premium<\/td>\n-2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-13
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.73
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-2.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.25
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-13
\nMaturity Price : 24.50
\nEvaluated at bid price : 25.02
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Premium<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-13
\nMaturity Price : 24.67
\nEvaluated at bid price : 24.93
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 27.01
\nBid-YTW : 0.80 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.22
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Premium<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
FTS.PR.C<\/td>\nOpRet<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-14
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.16
\nBid-YTW : -26.82 %<\/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
BNS.PR.Z<\/td>\nFixedReset<\/td>\n342,950<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n85,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.91
\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n80,046<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\n41,770<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-28
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.89
\nBid-YTW : -1.95 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n35,466<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.75
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n34,975<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n
There were 34 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
GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.08 – 26.48
\nSpot Rate : 0.4000
\nAverage : 0.2803<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.08
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset<\/td>\nQuote: 25.18 – 25.44
\nSpot Rate : 0.2600
\nAverage : 0.1695<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-13
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.18
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n

RY.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.78 – 25.96
\nSpot Rate : 0.1800
\nAverage : 0.1009<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.78
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n

BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 27.22 – 27.44
\nSpot Rate : 0.2200
\nAverage : 0.1480<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.22
\nBid-YTW : 1.71 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 17.70 – 17.91
\nSpot Rate : 0.2100
\nAverage : 0.1383<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-13
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 2.99 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 24.76 – 24.97
\nSpot Rate : 0.2100
\nAverage : 0.1394<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.76
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Greek austerity measures passed: Greek Prime Minister Lucas Papademos won parliamentary approval for austerity measures to secure an international bailout after rioters protesting the measures battled police and set fire to buildings in downtown …<\/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-17829","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17829","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=17829"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17829\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}