{"id":17999,"date":"2012-03-02T23:19:14","date_gmt":"2012-03-03T03:19:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=17999"},"modified":"2012-03-02T23:19:14","modified_gmt":"2012-03-03T03:19:14","slug":"march-2-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=17999","title":{"rendered":"March 2, 2012"},"content":{"rendered":"

IIROC has repealed the tick-test on short sales<\/a>, effective 2012-9-1. But fear not, regulation fans! They will also be “enhancing monitoring of short sales and failed trades”, so there will still be plenty of paperwork.<\/p>\n

Moody’s cut Greece<\/a>:<\/p>\n

Greece\u2019s credit ratings were cut to \u201cC\u201d by Moody\u2019s Investors Service after it negotiated the biggest sovereign debt restructuring ever.<\/p>\n

Moody\u2019s dropped Greece\u2019s rating to the lowest level from Ca, saying in a statement today that investors who participate in the nation\u2019s debt exchange will get about 70 percent less than the face value of their holdings. The deal constitutes \u201ca distressed exchange, and hence a default,\u201d the New York-based rating company said.<\/p><\/blockquote>\n

It was a relatively uneventful day for the Canadian preferred share market, with PerpetualPremiums unchanged, FixedResets up 9bp and DeemedRetractibles down 4bp; however the Performance Highlights table is fairly lengthy considering the lack of overall movement. Volume was below average – and surprisingly, only one of the recent new issues made the Volume Highlights list.<\/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>\n0.7506 %<\/td>\n2,382.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.53 %<\/td>\n3.91 %<\/td>\n39,661<\/td>\n17.45<\/td>\n1<\/td>\n0.0956 %<\/td>\n3,438.8<\/td>\n<\/tr>\n
Floater<\/td>\n3.01 %<\/td>\n3.04 %<\/td>\n50,782<\/td>\n19.56<\/td>\n3<\/td>\n0.7506 %<\/td>\n2,572.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.87 %<\/td>\n2.83 %<\/td>\n52,352<\/td>\n1.27<\/td>\n6<\/td>\n-0.1906 %<\/td>\n2,513.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.27 %<\/td>\n-0.93 %<\/td>\n87,183<\/td>\n0.77<\/td>\n4<\/td>\n0.2994 %<\/td>\n2,680.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1906 %<\/td>\n2,298.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n-1.65 %<\/td>\n113,693<\/td>\n0.16<\/td>\n25<\/td>\n0.0008 %<\/td>\n2,218.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.06 %<\/td>\n5.11 %<\/td>\n192,502<\/td>\n15.24<\/td>\n7<\/td>\n-0.2450 %<\/td>\n2,435.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.04 %<\/td>\n2.86 %<\/td>\n212,449<\/td>\n2.24<\/td>\n66<\/td>\n0.0872 %<\/td>\n2,389.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.92 %<\/td>\n3.72 %<\/td>\n236,029<\/td>\n2.92<\/td>\n46<\/td>\n-0.0356 %<\/td>\n2,315.7<\/td>\n<\/tr>\n<\/table>\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
IAG.PR.C<\/td>\nFixedReset<\/td>\n-2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.22 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.91
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-02
\nMaturity Price : 23.66
\nEvaluated at bid price : 26.62
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-02
\nMaturity Price : 23.54
\nEvaluated at bid price : 25.95
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-02
\nMaturity Price : 23.55
\nEvaluated at bid price : 26.05
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-02
\nMaturity Price : 17.54
\nEvaluated at bid price : 17.54
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.85 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-02
\nMaturity Price : 23.24
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.38 %<\/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.P<\/td>\nFixedReset<\/td>\n174,753<\/td>\nTD crossed blocks of 25,000 shares, 50,000 and 59,300, all at 26.87. RBC crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.87
\nBid-YTW : 2.82 %<\/td>\n<\/tr>\n
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\n81,555<\/td>\nRBC crossed 35,000 at 26.54.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-11-25
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.51
\nBid-YTW : 2.48 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n78,035<\/td>\nRBC crossed blocks of 35,800 and 13,900, both at 26.60. Desjardins crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.64
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n65,602<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n30,590<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
BAM.PR.H<\/td>\nOpRet<\/td>\n27,797<\/td>\nTD crossed 12,300 at 25.35.
\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2012-04-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : -0.03 %<\/td>\n<\/tr>\n
There were 25 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
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.95 – 27.30
\nSpot Rate : 0.3500
\nAverage : 0.2314<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.95
\nBid-YTW : 4.50 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.27 – 52.65
\nSpot Rate : 0.3800
\nAverage : 0.2963<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.27
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.78 – 24.13
\nSpot Rate : 0.3500
\nAverage : 0.2732<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.78
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n

GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.21 – 24.48
\nSpot Rate : 0.2700
\nAverage : 0.1946<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.21
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n

PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.51 – 25.79
\nSpot Rate : 0.2800
\nAverage : 0.2092<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : -12.72 %<\/td>\n<\/tr>\n

NA.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 27.05 – 27.33
\nSpot Rate : 0.2800
\nAverage : 0.2126<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-15
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.05
\nBid-YTW : 2.56 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

IIROC has repealed the tick-test on short sales, effective 2012-9-1. But fear not, regulation fans! They will also be “enhancing monitoring of short sales and failed trades”, so there will still be plenty of paperwork. …<\/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-17999","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17999","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=17999"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/17999\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}