{"id":17879,"date":"2012-02-16T23:12:25","date_gmt":"2012-02-17T03:12:25","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17879"},"modified":"2012-02-16T23:12:25","modified_gmt":"2012-02-17T03:12:25","slug":"february-16-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17879","title":{"rendered":"February 16, 2012"},"content":{"rendered":"

The Europeans are going to solve all their problems by monetizing the Greek default<\/a>:<\/p>\n

European governments are considering cutting interest rates on emergency loans to Greece and using contributions from the European Central Bank to plug a new financing gap in the second bailout program for Athens, two people familiar with the discussions said.<\/p>\n

Finance ministers wrangled over how to close the funding hole in a teleconference last night after seeing estimates that Greece\u2019s debt would fall to 129 percent of gross domestic product in 2020, missing a target of 120 percent, said the people, who declined to be named because the talks are still in progress. Last year, the level was about 160 percent.<\/p><\/blockquote>\n

It was another down day for the Canadian preferred share market, with PerpetualPremiums off 5bp, and both FixedResets and DeemedRetractibles losing 31bp. PerpetualDiscounts (all four of them) were hammered for 194bp. Lots of volatility, heavily skewed towards losers. Volume was above 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-1.4402 %<\/td>\n2,407.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.55 %<\/td>\n3.92 %<\/td>\n38,276<\/td>\n17.46<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,428.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.77 %<\/td>\n3.02 %<\/td>\n61,887<\/td>\n19.65<\/td>\n3<\/td>\n-1.4402 %<\/td>\n2,599.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.88 %<\/td>\n2.50 %<\/td>\n59,222<\/td>\n1.32<\/td>\n6<\/td>\n0.0511 %<\/td>\n2,503.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.29 %<\/td>\n-0.76 %<\/td>\n81,635<\/td>\n0.81<\/td>\n4<\/td>\n-0.1495 %<\/td>\n2,645.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0511 %<\/td>\n2,289.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.41 %<\/td>\n4.02 %<\/td>\n116,607<\/td>\n1.58<\/td>\n26<\/td>\n-0.0493 %<\/td>\n2,190.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.20 %<\/td>\n5.20 %<\/td>\n78,648<\/td>\n15.08<\/td>\n4<\/td>\n-1.9413 %<\/td>\n2,376.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.07 %<\/td>\n2.92 %<\/td>\n214,787<\/td>\n2.28<\/td>\n65<\/td>\n-0.3066 %<\/td>\n2,373.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.96 %<\/td>\n3.93 %<\/td>\n201,544<\/td>\n3.03<\/td>\n45<\/td>\n-0.3134 %<\/td>\n2,282.6<\/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
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-3.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-3.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.75
\nBid-YTW : 2.39 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 23.00
\nEvaluated at bid price : 23.46
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.63
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 24.79
\nEvaluated at bid price : 25.11
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.92
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.16
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.93
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 24.00
\nEvaluated at bid price : 24.30
\nBid-YTW : 5.50 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.27
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nDeemed-Retractible<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.44
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.61
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.16
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.01 %<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nDeemed-Retractible<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-27
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.52
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.99
\nBid-YTW : 5.23 %<\/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.F<\/td>\nFixedReset<\/td>\n118,141<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n48,731<\/td>\nScotia crossed blocks of 16,900 and 25,000 at 27.10.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.14
\nBid-YTW : 2.69 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n48,482<\/td>\nRBC crossed blocks of 14,500 and 20,000 at 25.80.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 2.86 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n45,079<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.91
\nBid-YTW : 3.24 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n42,264<\/td>\nTD crossed 17,900 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nDeemed-Retractible<\/td>\n30,615<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-29
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
There were 41 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
W.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.11 – 25.99
\nSpot Rate : 0.8800
\nAverage : 0.5394<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 24.79
\nEvaluated at bid price : 25.11
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 26.30 – 27.00
\nSpot Rate : 0.7000
\nAverage : 0.4689<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 23.58
\nEvaluated at bid price : 26.30
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 23.92 – 24.64
\nSpot Rate : 0.7200
\nAverage : 0.5068<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.92
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.20 – 23.60
\nSpot Rate : 0.4000
\nAverage : 0.2783<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.20
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n

BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.60 – 25.89
\nSpot Rate : 0.2900
\nAverage : 0.1875<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-28
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.34 – 25.69
\nSpot Rate : 0.3500
\nAverage : 0.2505<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-16
\nMaturity Price : 23.36
\nEvaluated at bid price : 25.34
\nBid-YTW : 3.09 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Europeans are going to solve all their problems by monetizing the Greek default: European governments are considering cutting interest rates on emergency loans to Greece and using contributions from the European Central Bank 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-17879","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17879","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=17879"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17879\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}