{"id":18153,"date":"2012-03-21T01:26:30","date_gmt":"2012-03-21T05:26:30","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18153"},"modified":"2012-03-21T01:26:30","modified_gmt":"2012-03-21T05:26:30","slug":"march-20-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18153","title":{"rendered":"March 20, 2012"},"content":{"rendered":"<p>First day of Spring! I was too busy planning the sacred rites that will help my garden grow to pay much attention to the news. Sorry!<\/p>\n<p>The Canadian preferred share market got knocked down today, with PerpetualPremiums down 13bp, FixedResets losing 32bp and DeemedRetractibls off 19bp. The Performance Highlights table was appropriately long and uniformly negative, with BAM and SLF issues conspicuous amongst the losers. Volume leapt upwards, to above average levels.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-2.2334 %<\/td>\n<td>2,408.0<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.56 %<\/td>\n<td>3.95 %<\/td>\n<td>38,350<\/td>\n<td>17.35<\/td>\n<td>1<\/td>\n<td>-0.4304 %<\/td>\n<td>3,417.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>3.00 %<\/td>\n<td>2.98 %<\/td>\n<td>47,664<\/td>\n<td>19.77<\/td>\n<td>3<\/td>\n<td>-2.2334 %<\/td>\n<td>2,600.0<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.95 %<\/td>\n<td>3.44 %<\/td>\n<td>51,875<\/td>\n<td>1.93<\/td>\n<td>6<\/td>\n<td>-0.6044 %<\/td>\n<td>2,489.3<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>5.28 %<\/td>\n<td>-3.80 %<\/td>\n<td>84,501<\/td>\n<td>0.74<\/td>\n<td>4<\/td>\n<td>-0.1940 %<\/td>\n<td>2,675.1<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.6044 %<\/td>\n<td>2,276.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.41 %<\/td>\n<td>0.38 %<\/td>\n<td>99,801<\/td>\n<td>0.12<\/td>\n<td>25<\/td>\n<td>-0.1293 %<\/td>\n<td>2,212.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.12 %<\/td>\n<td>5.10 %<\/td>\n<td>188,892<\/td>\n<td>15.24<\/td>\n<td>7<\/td>\n<td>-0.3011 %<\/td>\n<td>2,413.7<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.06 %<\/td>\n<td>3.14 %<\/td>\n<td>193,208<\/td>\n<td>2.21<\/td>\n<td>67<\/td>\n<td>-0.3151 %<\/td>\n<td>2,377.7<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.96 %<\/td>\n<td>3.98 %<\/td>\n<td>212,798<\/td>\n<td>3.09<\/td>\n<td>46<\/td>\n<td>-0.1853 %<\/td>\n<td>2,297.4<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>-2.52 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2042-03-20<br \/>\nMaturity Price  : 17.40<br \/>\nEvaluated at bid price : 17.40<br \/>\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>-2.28 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2042-03-20<br \/>\nMaturity Price  : 17.57<br \/>\nEvaluated at bid price : 17.57<br \/>\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-1.90 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2042-03-20<br \/>\nMaturity Price  : 17.56<br \/>\nEvaluated at bid price : 17.56<br \/>\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.E<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.56 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.69<br \/>\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.C<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.53 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.M<\/td>\n<td>Perpetual-Discount<\/td>\n<td>-1.52 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2042-03-20<br \/>\nMaturity Price  : 22.84<br \/>\nEvaluated at bid price : 23.28<br \/>\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.48 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.55<br \/>\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.E<\/td>\n<td>OpRet<\/td>\n<td>-1.40 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2016-08-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.03<br \/>\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-02-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.81<br \/>\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.D<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.22 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 22.58<br \/>\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.Q<\/td>\n<td>FixedReset<\/td>\n<td>-1.16 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.60<br \/>\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.E<\/td>\n<td>SplitShare<\/td>\n<td>-1.13 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2017-12-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.40<br \/>\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.D<\/td>\n<td>Deemed-Retractible<\/td>\n<td>-1.06 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.23<br \/>\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>-1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.42<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.R<\/td>\n<td>FixedReset<\/td>\n<td>-1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-01-26<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.97<br \/>\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>191,679<\/td>\n<td>Desjardins crossed 38,600 at 25.45.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-06-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.30<br \/>\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.A<\/td>\n<td>FixedReset<\/td>\n<td>172,710<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=18097\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2042-03-20<br \/>\nMaturity Price  : 23.07<br \/>\nEvaluated at bid price : 24.93<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.S<\/td>\n<td>FixedReset<\/td>\n<td>91,983<\/td>\n<td>Desjardins crossed blocks of 45,000 and 44,900 shares, both at 26.00.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2013-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.91<br \/>\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.F<\/td>\n<td>Perpetual-Premium<\/td>\n<td>90,150<\/td>\n<td>Desjardins crossed blocks of 21,900 at 25.40 and 57,000 at 25.43.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-12-01<br \/>\nMaturity Price  : 25.25<br \/>\nEvaluated at bid price : 25.36<br \/>\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.K<\/td>\n<td>Deemed-Retractible<\/td>\n<td>57,723<\/td>\n<td>RBC crossed 23,400 at 25.57; Desjardins crossed 20,000 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2012-05-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : -4.05 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.J<\/td>\n<td>Deemed-Retractible<\/td>\n<td>48,582<\/td>\n<td>CIBC crossed 12,000 at 26.23.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2012-04-30<br \/>\nMaturity Price  : 26.00<br \/>\nEvaluated at bid price : 26.23<br \/>\nBid-YTW : 1.71 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 42 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.E<\/td>\n<td>OpRet<\/td>\n<td>Quote: 26.03 &#8211; 26.74<br \/>\nSpot Rate  :  0.7100<br \/>\nAverage  :  0.4565<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Soft Maturity<br \/>\nMaturity Date\t: 2016-08-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.03<br \/>\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.00 &#8211; 24.32<br \/>\nSpot Rate  :  0.3200<br \/>\nAverage  :  0.2199<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.00<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.C<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.56 &#8211; 25.85<br \/>\nSpot Rate  :  0.2900<br \/>\nAverage  :  0.1998<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2015-11-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.56<br \/>\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>Quote: 17.40 &#8211; 17.70<br \/>\nSpot Rate  :  0.3000<br \/>\nAverage  :  0.2276<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2042-03-20<br \/>\nMaturity Price  : 17.40<br \/>\nEvaluated at bid price : 17.40<br \/>\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n<tr>\n<td>NA.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.91 &#8211; 27.14<br \/>\nSpot Rate  :  0.2300<br \/>\nAverage  :  0.1659<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-02-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.91<br \/>\nBid-YTW : 2.82 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.B<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.70 &#8211; 25.89<br \/>\nSpot Rate  :  0.1900<br \/>\nAverage  :  0.1275<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2015-08-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.70<br \/>\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>First day of Spring! I was too busy planning the sacred rites that will help my garden grow to pay much attention to the news. Sorry! The Canadian preferred share market got knocked down today, &hellip;<\/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-18153","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18153","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=18153"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18153\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}