{"id":18089,"date":"2012-03-12T23:02:18","date_gmt":"2012-03-13T03:02:18","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18089"},"modified":"2012-03-12T23:02:18","modified_gmt":"2012-03-13T03:02:18","slug":"march-12-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18089","title":{"rendered":"March 12, 2012"},"content":{"rendered":"

Are the European dominoes falling<\/a>?<\/p>\n

The good news is Greece won\u2019t default on March 20, and 10-year borrowing costs for Spain and Italy have dropped below 5 percent. The bad news is similar- maturity Portuguese bonds still yield more than 13 percent.
…<\/b>
Unlimited European Central Bank loans to banks have halted a bond-market rout that prompted investors to drive German yields to record lows and yield premiums on the securities of its regional peers to euro-era highs. The Italian 10-year yield has dropped more than 150 basis points and the rate on similar- maturity Spanish debt is about 80 basis points lower since the ECB announced Dec. 8 it would offer loans to financial institutions through two longer-term refinancing operations.<\/p><\/blockquote>\n

It was another quiet day for the Canadian preferred share market, with PerpetualPremiums gaining 6bp, FixedResets exactly flat, and DeemedRetractibles winning 10bp. There was an appropriately small Performance Highlights table generated; volume was a little below 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>\n0.8800 %<\/td>\n2,451.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.53 %<\/td>\n3.92 %<\/td>\n40,938<\/td>\n17.42<\/td>\n1<\/td>\n-0.9924 %<\/td>\n3,438.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.92 %<\/td>\n2.94 %<\/td>\n49,891<\/td>\n19.79<\/td>\n3<\/td>\n0.8800 %<\/td>\n2,647.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.91 %<\/td>\n3.51 %<\/td>\n53,067<\/td>\n1.24<\/td>\n6<\/td>\n0.2187 %<\/td>\n2,493.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.28 %<\/td>\n-2.58 %<\/td>\n89,255<\/td>\n0.76<\/td>\n4<\/td>\n-0.0299 %<\/td>\n2,676.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2187 %<\/td>\n2,279.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n0.65 %<\/td>\n101,298<\/td>\n0.14<\/td>\n25<\/td>\n0.0568 %<\/td>\n2,217.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.10 %<\/td>\n5.09 %<\/td>\n178,569<\/td>\n15.26<\/td>\n7<\/td>\n-0.2645 %<\/td>\n2,416.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.04 %<\/td>\n2.83 %<\/td>\n194,348<\/td>\n2.23<\/td>\n66<\/td>\n0.0000 %<\/td>\n2,387.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.93 %<\/td>\n3.81 %<\/td>\n210,067<\/td>\n2.80<\/td>\n46<\/td>\n0.0986 %<\/td>\n2,314.2<\/td>\n<\/tr>\n<\/table>\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.C<\/td>\nFloater<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-12
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.68 %<\/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 : 5.22 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.54
\nBid-YTW : 2.33 %<\/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
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n85,130<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n78,734<\/td>\nNesbitt crossed 70,000 at 26.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.59
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n75,236<\/td>\nTD crossed 70,600 at 27.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.05
\nBid-YTW : 2.62 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n75,100<\/td>\nScotia crossed blocks of 49,900 and 20,000, both at 27.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.22
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n61,611<\/td>\nCIBC crossed 12,800 at 25.08.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-12
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.11
\nBid-YTW : 3.87 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nDeemed-Retractible<\/td>\n59,746<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.22
\nBid-YTW : 1.54 %<\/td>\n<\/tr>\n
There were 27 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
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.50 – 22.97
\nSpot Rate : 0.4700
\nAverage : 0.3111<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-12
\nMaturity Price : 22.21
\nEvaluated at bid price : 22.50
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n

CU.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.67 – 26.05
\nSpot Rate : 0.3800
\nAverage : 0.2647<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.67
\nBid-YTW : -22.88 %<\/td>\n<\/tr>\n

RY.PR.W<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.53 – 25.74
\nSpot Rate : 0.2100
\nAverage : 0.1294<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.53
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 18.00 – 18.40
\nSpot Rate : 0.4000
\nAverage : 0.3238<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-12
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n

NA.PR.P<\/td>\nFixedReset<\/td>\nQuote: 27.15 – 27.50
\nSpot Rate : 0.3500
\nAverage : 0.2797<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.15
\nBid-YTW : 2.29 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.40 – 24.74
\nSpot Rate : 0.3400
\nAverage : 0.2741<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-12
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Are the European dominoes falling? The good news is Greece won\u2019t default on March 20, and 10-year borrowing costs for Spain and Italy have dropped below 5 percent. The bad news is similar- maturity Portuguese …<\/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-18089","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18089","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=18089"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18089\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}