{"id":18116,"date":"2012-03-14T23:35:59","date_gmt":"2012-03-15T03:35:59","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18116"},"modified":"2012-03-14T23:35:59","modified_gmt":"2012-03-15T03:35:59","slug":"march-14-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18116","title":{"rendered":"March 14, 2012"},"content":{"rendered":"

Nice story about technological disruption<\/a> – a big change from The Diving Bell & the Butterfly<\/a>:<\/p>\n

Edwards, who suffered brain damage in 2001, can write e- mails, though, and she\u2019s revisiting a favorite pastime, sketching, for the first time in a decade, thanks to her iPad and software applications that can cost as little as $7.<\/p>\n

That\u2019s a switch from the $15,000 communication device she had tried, a 9-pound machine approved by her insurer that tracks eye movement on a special grid corresponding to the alphabet. That device kept her tied to those in the room around her. The iPad, along with several other consumer-driven apps, has reopened the world to her.<\/p><\/blockquote>\n

Fitch has indicated a negative outlook on UK debt<\/a>:<\/p>\n

Fitch Ratings said Britain risks losing its top investment grade because of its limited ability to deal with shocks, days before Chancellor of the Exchequer George Osborne will present his annual budget.<\/p>\n

Fitch changed the outlook on Britain to \u201cnegative\u201d from \u201cstable,\u201d indicating a \u201cslightly greater\u201d than 50 percent chance that the AAA rating will be reduced within two years, the company said in a statement in London late yesterday, citing the weak economic recovery, high debt levels and threats from Europe\u2019s debt crisis. Osborne will meet coalition partners later this week to agree on a budget he will present on March 21.<\/p><\/blockquote>\n

It was a quiet day for the Canadian preferred share market, with PerpetualPremiums gaining 3bp, FixedResets up 1bp and DeemedRetractibles off 1bp. There were no entries on the Performance Highlights table. Volume returned to average levels.<\/p>\n

PerpetualDiscounts now yield 5.10%, equivalent to 6.63% interest at the standard equivalency factor of 1.3x. Long Corporates<\/a> now yield about 4.60%, so the pre-tax interest-equivalent spread (which in this context is the Seniority Spread) is now about 205bp, a slight tightening from the 210bp reported March 7<\/a>.<\/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-0.2044 %<\/td>\n2,462.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.53 %<\/td>\n3.91 %<\/td>\n41,112<\/td>\n17.43<\/td>\n1<\/td>\n0.0477 %<\/td>\n3,445.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.93 %<\/td>\n2.92 %<\/td>\n50,831<\/td>\n19.94<\/td>\n3<\/td>\n-0.2044 %<\/td>\n2,658.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.93 %<\/td>\n2.96 %<\/td>\n54,307<\/td>\n1.26<\/td>\n6<\/td>\n-0.2444 %<\/td>\n2,497.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.28 %<\/td>\n-2.72 %<\/td>\n85,943<\/td>\n0.75<\/td>\n4<\/td>\n0.0897 %<\/td>\n2,679.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2444 %<\/td>\n2,283.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.39 %<\/td>\n-1.86 %<\/td>\n105,774<\/td>\n0.13<\/td>\n25<\/td>\n0.0327 %<\/td>\n2,218.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.10 %<\/td>\n5.07 %<\/td>\n176,953<\/td>\n15.29<\/td>\n7<\/td>\n0.1063 %<\/td>\n2,422.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n2.86 %<\/td>\n197,185<\/td>\n2.21<\/td>\n67<\/td>\n0.0097 %<\/td>\n2,386.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.93 %<\/td>\n3.80 %<\/td>\n201,107<\/td>\n2.58<\/td>\n46<\/td>\n-0.0136 %<\/td>\n2,311.3<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
No individual gains or losses exceeding 1%!<\/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
MFC.PR.H<\/td>\nFixedReset<\/td>\n135,321<\/td>\nRecent new issue<\/a>.
\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
TD.PR.G<\/td>\nFixedReset<\/td>\n123,244<\/td>\nTD crossed 50,000 at 27.05; then blocks of 21,300 and 13,700 at 27.04; and finally 10,800 at 27.03. Dejsardins bought 17,000 from TD at 27.04.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.04
\nBid-YTW : 2.65 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n93,390<\/td>\nTD crossed one block of 20,900 and two blocks of 13,700 each, all at 27.20; then 25,000 at 27.16. Anonymous bought 10,000 from TD at 27.18.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.19
\nBid-YTW : 2.77 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n88,947<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-14
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.86
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n83,229<\/td>\nTD crossed 80,000 at 26.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.12
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\n82,760<\/td>\nRBC crossed 80,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-13
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : -6.68 %<\/td>\n<\/tr>\n
There were 34 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
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.52 – 25.94
\nSpot Rate : 0.4200
\nAverage : 0.2531<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\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>\nQuote: 23.76 – 24.20
\nSpot Rate : 0.4400
\nAverage : 0.3190<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.76
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.82 – 26.10
\nSpot Rate : 0.2800
\nAverage : 0.1715<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-14
\nMaturity Price : 23.51
\nEvaluated at bid price : 25.82
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n

IAG.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.39 – 26.74
\nSpot Rate : 0.3500
\nAverage : 0.2453<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.39
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n

CM.PR.M<\/td>\nFixedReset<\/td>\nQuote: 27.11 – 27.40
\nSpot Rate : 0.2900
\nAverage : 0.1921<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.11
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.40 – 25.67
\nSpot Rate : 0.2700
\nAverage : 0.1738<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-13
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.40
\nBid-YTW : -4.82 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nice story about technological disruption – a big change from The Diving Bell & the Butterfly: Edwards, who suffered brain damage in 2001, can write e- mails, though, and she\u2019s revisiting a favorite pastime, sketching, …<\/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-18116","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18116","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=18116"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18116\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}