{"id":18099,"date":"2012-03-14T01:36:13","date_gmt":"2012-03-14T05:36:13","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18099"},"modified":"2012-03-14T01:36:13","modified_gmt":"2012-03-14T05:36:13","slug":"march-13-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18099","title":{"rendered":"March 13, 2012"},"content":{"rendered":"

The FOMC Statement<\/a> was released:<\/p>\n

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1\/4 percent and currently anticipates that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
…<\/b>
Voting against the action was Jeffrey M. Lacker, who does not anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate through late 2014.<\/p><\/blockquote>\n

Due to the inability of the Toronto Stock Exchange to maintain a simple on-line database in a competent manner, today’s report is based on Yahoo! data, which at times can contain … interesting errors.<\/p>\n

It was a mostly-down day for the Canadian preferred share market, with PerpetualPremiums gaining 2bp, FixedResets down 6bp and DeemedRetractibles losing 11bp. The Performance Highlights table is suitably short. 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>\n0.6194 %<\/td>\n2,467.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.53 %<\/td>\n3.91 %<\/td>\n40,841<\/td>\n17.43<\/td>\n1<\/td>\n0.1432 %<\/td>\n3,443.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.93 %<\/td>\n2.92 %<\/td>\n49,898<\/td>\n19.95<\/td>\n3<\/td>\n0.6194 %<\/td>\n2,663.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.92 %<\/td>\n2.92 %<\/td>\n54,317<\/td>\n1.26<\/td>\n6<\/td>\n0.4103 %<\/td>\n2,503.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.28 %<\/td>\n-2.71 %<\/td>\n86,445<\/td>\n0.75<\/td>\n4<\/td>\n0.0249 %<\/td>\n2,676.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4103 %<\/td>\n2,289.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n-0.79 %<\/td>\n102,414<\/td>\n0.13<\/td>\n25<\/td>\n0.0187 %<\/td>\n2,218.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.11 %<\/td>\n5.09 %<\/td>\n177,161<\/td>\n15.25<\/td>\n7<\/td>\n0.1554 %<\/td>\n2,420.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n2.86 %<\/td>\n199,519<\/td>\n2.23<\/td>\n67<\/td>\n-0.0613 %<\/td>\n2,386.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.93 %<\/td>\n3.81 %<\/td>\n208,351<\/td>\n2.89<\/td>\n46<\/td>\n-0.1120 %<\/td>\n2,311.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-13
\nMaturity Price : 17.97
\nEvaluated at bid price : 17.97
\nBid-YTW : 2.91 %<\/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
BAM.PF.A<\/td>\nFixedReset<\/td>\n487,690<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-13
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n257,380<\/td>\nNesbitt crossed two blocks of 100,000 each and one of 50,000, all at 26.40.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.38
\nBid-YTW : 3.37 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n135,321<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nDeemed-Retractible<\/td>\n103,150<\/td>\nRBC crossed 100,000 at 25.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n96,400<\/td>\nRBC crossed 93,000 at 26.90.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.91
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Premium<\/td>\n87,015<\/td>\nDesjardins crossed 30,000 at 25.94; RBC crossed 49,900 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-12
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.96
\nBid-YTW : -19.68 %<\/td>\n<\/tr>\n
There were 28 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
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.70 – 24.20
\nSpot Rate : 0.5000
\nAverage : 0.3362<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-13
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.90 – 24.20
\nSpot Rate : 0.3000
\nAverage : 0.1863<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n

GWO.PR.J<\/td>\nFixedReset<\/td>\nQuote: 26.01 – 26.28
\nSpot Rate : 0.2700
\nAverage : 0.1701<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n

BNS.PR.R<\/td>\nFixedReset<\/td>\nQuote: 26.22 – 26.43
\nSpot Rate : 0.2100
\nAverage : 0.1275<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.22
\nBid-YTW : 2.64 %<\/td>\n<\/tr>\n

HSB.PR.E<\/td>\nFixedReset<\/td>\nQuote: 27.21 – 27.48
\nSpot Rate : 0.2700
\nAverage : 0.1947<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.21
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n

BAM.PR.O<\/td>\nOpRet<\/td>\nQuote: 25.60 – 25.99
\nSpot Rate : 0.3900
\nAverage : 0.3169<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 2.92 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The FOMC Statement was released: To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a …<\/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-18099","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18099","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=18099"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18099\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}