{"id":17891,"date":"2012-02-17T21:59:39","date_gmt":"2012-02-18T01:59:39","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17891"},"modified":"2012-02-17T21:59:39","modified_gmt":"2012-02-18T01:59:39","slug":"february-17-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17891","title":{"rendered":"February 17, 2012"},"content":{"rendered":"

Greece is preparing a collective action clause<\/a>:<\/p>\n

The Greek government is drawing up legislation that could be used to impose losses on investors who don\u2019t support the debt swap that\u2019s part of the country\u2019s new bailout package, said two euro-region officials familiar with the situation.<\/p>\n

The law may be introduced to parliament in Athens in the coming days, said one of the officials, who spoke on condition of anonymity because the deliberations are confidential. Euro region finance ministers are prepared to back the use of so- called collective action clauses if a voluntary debt swap doesn\u2019t draw enough participation, the other person said.<\/p><\/blockquote>\n

Collective action will trigger payments on Credit Default Swaps. But here’s the really disgraceful part<\/a>:<\/p>\n

The European Central Bank is swapping its Greek bonds for new ones to ensure it isn\u2019t forced to take losses in a debt restructuring, three euro-area officials said.<\/p>\n

The Frankfurt-based ECB is exchanging its Greek bonds for bonds of an identical structure and nominal value, the only difference being that they would be exempt from so-called collective action clauses, the officials said late yesterday on condition of anonymity. One said the bonds have a face value of about 50 billion euros ($65 billion).<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 8bp, FixedResets off 1bp and DeemedRetractibles also gaining 8bp. There was good volatility, with all three Floaters listed in the Performance Highlights on the losing side. Volume was 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-1.3204 %<\/td>\n2,375.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.55 %<\/td>\n3.92 %<\/td>\n38,156<\/td>\n17.46<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,428.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.81 %<\/td>\n3.06 %<\/td>\n59,933<\/td>\n19.54<\/td>\n3<\/td>\n-1.3204 %<\/td>\n2,565.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.89 %<\/td>\n2.65 %<\/td>\n60,403<\/td>\n1.31<\/td>\n6<\/td>\n0.0933 %<\/td>\n2,505.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.31 %<\/td>\n-0.65 %<\/td>\n82,278<\/td>\n0.81<\/td>\n4<\/td>\n0.5520 %<\/td>\n2,659.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0933 %<\/td>\n2,291.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.40 %<\/td>\n3.45 %<\/td>\n115,412<\/td>\n0.93<\/td>\n26<\/td>\n0.0804 %<\/td>\n2,192.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.19 %<\/td>\n5.20 %<\/td>\n77,833<\/td>\n15.09<\/td>\n4<\/td>\n0.1809 %<\/td>\n2,380.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.07 %<\/td>\n2.94 %<\/td>\n215,500<\/td>\n2.30<\/td>\n65<\/td>\n-0.0107 %<\/td>\n2,372.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.96 %<\/td>\n3.85 %<\/td>\n200,669<\/td>\n2.62<\/td>\n45<\/td>\n0.0790 %<\/td>\n2,284.4<\/td>\n<\/tr>\n<\/table>\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
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.55
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 17.24
\nEvaluated at bid price : 17.24
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 17.31
\nEvaluated at bid price : 17.31
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 2.45 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 23.44
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.40
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
BNA.PR.E<\/td>\nSplitShare<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 5.19 %<\/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
SLF.PR.F<\/td>\nFixedReset<\/td>\n63,401<\/td>\nRBC crossed 50,100 at 26.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n54,134<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n46,243<\/td>\nNesbitt crossed 12,000 at 25.57.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n42,111<\/td>\nTD crossed 32,800 at 27.00
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.03
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n24,656<\/td>\nRBC crossed 11,000 at 25.46.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n22,685<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
There were 32 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
CIU.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.44 – 24.85
\nSpot Rate : 0.4100
\nAverage : 0.2799<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.44
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n

HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.55 – 25.89
\nSpot Rate : 0.3400
\nAverage : 0.2246<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.55
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n

BNS.PR.O<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.75 – 27.10
\nSpot Rate : 0.3500
\nAverage : 0.2384<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-26
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.75
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n

RY.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.41 – 25.65
\nSpot Rate : 0.2400
\nAverage : 0.1479<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-24
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.41
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.41 – 24.80
\nSpot Rate : 0.3900
\nAverage : 0.3003<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 24.11
\nEvaluated at bid price : 24.41
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

POW.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.85 – 25.13
\nSpot Rate : 0.2800
\nAverage : 0.1996<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-02-17
\nMaturity Price : 24.60
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Greece is preparing a collective action clause: The Greek government is drawing up legislation that could be used to impose losses on investors who don\u2019t support the debt swap that\u2019s part of the country\u2019s new …<\/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-17891","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17891","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=17891"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17891\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}