{"id":17846,"date":"2012-02-14T23:30:47","date_gmt":"2012-02-15T03:30:47","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17846"},"modified":"2012-02-14T23:30:47","modified_gmt":"2012-02-15T03:30:47","slug":"february-14-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17846","title":{"rendered":"February 14, 2012"},"content":{"rendered":"

Greece is unloved<\/a>:<\/p>\n

European officials jacked up the pressure on the Greek government to deliver budget cuts in exchange for a second bailout as they insisted that default is not an option.<\/p>\n

Finance ministers canceled a Brussels meeting slated for tomorrow and will hold a teleconference instead to prod Greece to do more to clinch an aid package worth 130 billion euros ($170 billion) along with roughly 100 billion euros of debt relief from private bondholders.<\/p>\n

\u201cI did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the program,\u201d Luxembourg Prime Minister Jean- Claude Juncker, chairman of the euro finance panel [and liar – JH], said in a statement today.<\/p><\/blockquote>\n

Surprise, surprise<\/a>:<\/p>\n

Antonis Samaras, leader of Greece\u2019s conservative New Democracy party and early favourite to win the next election in the spring, told party members to approve the budget cuts in a parliamentary vote on the weekend. But he angered the Europeans by signalling his intention to renegotiate the terms after voters replace the current caretaker government.<\/p>\n

\u201cI want to avoid jumping over the cliff today, to buy time, and to go to elections tomorrow,\u201d he said.<\/p>\n

Mr. Samaras at first refused to commit to the budget cuts in writing, a condition demanded of all the Greek party leaders by Brussels. But he is now expected to sign and deliver the necessary letter on Wednesday, clearing one more obstacle to the rescue.<\/p><\/blockquote>\n

Maybe he should bring in the Canadian defense minister<\/a> as a consultant on signing the letter!<\/p>\n

There were big losses in the Canadian preferred share market today – perhaps the recent spate of new issues has made the cunning folk nervous! PerpetualPremiums were down 59bp, FixedResets were off 44bp and DeemedRetractibles lost 64bp. The Performance Highlights table was not only very lengthy, but comprised entirely of losers, with insurance issues dominating the list. The volume table was similarly dominated by insurers – only one bank! Volume was high.<\/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>\n0.4685 %<\/td>\n2,454.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.56 %<\/td>\n3.93 %<\/td>\n37,842<\/td>\n17.44<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,417.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.72 %<\/td>\n2.98 %<\/td>\n62,861<\/td>\n19.75<\/td>\n3<\/td>\n0.4685 %<\/td>\n2,650.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n0.65 %<\/td>\n59,578<\/td>\n1.26<\/td>\n6<\/td>\n-0.1905 %<\/td>\n2,510.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.27 %<\/td>\n-0.64 %<\/td>\n81,242<\/td>\n0.82<\/td>\n4<\/td>\n0.1643 %<\/td>\n2,655.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1905 %<\/td>\n2,296.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n3.14 %<\/td>\n115,974<\/td>\n0.21<\/td>\n26<\/td>\n-0.5938 %<\/td>\n2,197.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.07 %<\/td>\n4.90 %<\/td>\n197,351<\/td>\n15.57<\/td>\n4<\/td>\n-0.8638 %<\/td>\n2,438.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n2.80 %<\/td>\n219,693<\/td>\n2.29<\/td>\n65<\/td>\n-0.4387 %<\/td>\n2,383.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.93 %<\/td>\n3.67 %<\/td>\n225,073<\/td>\n2.62<\/td>\n45<\/td>\n-0.6422 %<\/td>\n2,297.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\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
MFC.PR.F<\/td>\nFixedReset<\/td>\n-2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.09
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n-2.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.69
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
MFC.PR.E<\/td>\nFixedReset<\/td>\n-2.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.91
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n-2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nDeemed-Retractible<\/td>\n-2.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.69
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n-2.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Premium<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.56
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.76 %<\/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 : 5.74 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.35
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.47
\nEvaluated at bid price : 25.71
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.35
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.46
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.60
\nBid-YTW : 2.68 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.50
\nEvaluated at bid price : 25.51
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Premium<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 24.33
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.93
\nEvaluated at bid price : 24.43
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.93
\nBid-YTW : 2.58 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 24.11
\nEvaluated at bid price : 24.42
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.32
\nEvaluated at bid price : 25.53
\nBid-YTW : 3.73 %<\/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
MFC.PR.G<\/td>\nFixedReset<\/td>\n235,627<\/td>\nNesbitt sold 10,300 to RBC at 25.05 and 14,100 to anonymous at 25.00. RBC crossed blocks of 10,000 and 34,800 at 25.00. Scotia crossed 25,000 at 24.85. TD crossed 26,200 at 24.86.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.57 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n205,390<\/td>\nDesjardins crossed blocks of 20,400 shares, 12,000 and 45,700 at 25.10, and bought blocks of 42,700 and 18,000 from Nesbitt and 24,000 from TD at the same price.
\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
GWO.PR.N<\/td>\nFixedReset<\/td>\n138,466<\/td>\nTD crossed 120,000 at 24.87.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.75
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\n102,698<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 24.05
\nEvaluated at bid price : 24.56
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n84,366<\/td>\nRBC crossed 40,000 at 24.35; TD crossed 28,000 at 24.40.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Premium<\/td>\n53,077<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.25
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
There were 46 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: 22.70 – 25.00
\nSpot Rate : 2.3000
\nAverage : 1.2904<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 22.44
\nEvaluated at bid price : 22.70
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.55 – 52.94
\nSpot Rate : 0.3900
\nAverage : 0.2525<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.55
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n

MFC.PR.D<\/td>\nFixedReset<\/td>\nQuote: 26.65 – 26.99
\nSpot Rate : 0.3400
\nAverage : 0.2080<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n

FTS.PR.H<\/td>\nFixedReset<\/td>\nQuote: 25.51 – 25.88
\nSpot Rate : 0.3700
\nAverage : 0.2488<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-14
\nMaturity Price : 23.50
\nEvaluated at bid price : 25.51
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.49 – 26.86
\nSpot Rate : 0.3700
\nAverage : 0.2615<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.49
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.60 – 25.85
\nSpot Rate : 0.2500
\nAverage : 0.1578<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-03-15
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.60
\nBid-YTW : -2.23 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Greece is unloved: European officials jacked up the pressure on the Greek government to deliver budget cuts in exchange for a second bailout as they insisted that default is not an option. Finance ministers canceled …<\/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-17846","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17846","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=17846"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17846\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}