{"id":18194,"date":"2012-03-23T20:07:04","date_gmt":"2012-03-24T00:07:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18194"},"modified":"2012-03-23T20:07:04","modified_gmt":"2012-03-24T00:07:04","slug":"march-23-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18194","title":{"rendered":"March 23, 2012"},"content":{"rendered":"

There may indeed have been some naughtiness at MF Global<\/a>:<\/p>\n

Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)\u2019s chief executive officer, gave \u201cdirect instructions\u201d to transfer $200 million from a customer fund account to meet an overdraft in one of the brokerage\u2019s JPMorgan Chase & Co. (JPM) accounts in London, according to an e-mail sent by a firm executive.<\/p>\n

Edith O\u2019Brien, a treasurer for the firm, said in an e-mail sent the afternoon of Oct. 28, three days before the company collapsed, that the transfer of the funds was \u201cPer JC\u2019s direct instructions,\u201d according to a copy of a memo drafted by congressional investigators and obtained by Bloomberg News.<\/p><\/blockquote>\n

There’s some kind of wierd scam going on. Twice in two days, I’ve received a call from somebody (different somebodies!) who asked – right off the bat – whether “you guys accept American Express”. The first time I wanted to know who he was and why he wanted to know – since he claimed to be from California and was only curious, I told him not to call again. The second time I asked who “Leah” worked for; she didn’t work for anybody, she was just curious.<\/p>\n

So – a scam. But I can’t figure out how it works!<\/p>\n

It was a day of modest gains in the Canadian preferred share market, with PerpetualPremiums gaining 4bp, FixedResets winning 11bp and DeemedRetractibles up 5bp. Considering the overall averages, the Performance Highlights table is relatively lengthy. Volume was very low.<\/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-0.9169 %<\/td>\n2,377.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.55 %<\/td>\n3.94 %<\/td>\n36,515<\/td>\n17.37<\/td>\n1<\/td>\n-0.0478 %<\/td>\n3,430.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.04 %<\/td>\n3.03 %<\/td>\n45,363<\/td>\n19.65<\/td>\n3<\/td>\n-0.9169 %<\/td>\n2,567.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.93 %<\/td>\n3.16 %<\/td>\n65,386<\/td>\n1.21<\/td>\n6<\/td>\n0.0000 %<\/td>\n2,497.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.29 %<\/td>\n-3.84 %<\/td>\n83,877<\/td>\n0.73<\/td>\n4<\/td>\n0.0299 %<\/td>\n2,673.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,283.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n3.32 %<\/td>\n100,830<\/td>\n0.83<\/td>\n25<\/td>\n0.0408 %<\/td>\n2,204.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.23 %<\/td>\n5.35 %<\/td>\n190,337<\/td>\n14.93<\/td>\n7<\/td>\n-0.5771 %<\/td>\n2,368.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.06 %<\/td>\n3.19 %<\/td>\n192,944<\/td>\n2.24<\/td>\n67<\/td>\n0.1085 %<\/td>\n2,377.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.98 %<\/td>\n4.07 %<\/td>\n209,361<\/td>\n2.93<\/td>\n46<\/td>\n0.0515 %<\/td>\n2,290.3<\/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
BAM.PR.B<\/td>\nFloater<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 22.13
\nEvaluated at bid price : 22.38
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 22.01
\nEvaluated at bid price : 22.26
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.76
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 17.31
\nEvaluated at bid price : 17.31
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.99
\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.55
\nBid-YTW : 2.53 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Premium<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 24.06
\nEvaluated at bid price : 24.35
\nBid-YTW : 4.75 %<\/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
BNS.PR.Z<\/td>\nFixedReset<\/td>\n211,309<\/td>\nTD crossed 55,000 and two blocks of 25,000 each at 25.25. RBC crossed 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nDeemed-Retractible<\/td>\n80,618<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.23
\nBid-YTW : 1.85 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n53,628<\/td>\nTD crossed blocks of 40,000 and 10,000 at 26.94.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.93
\nBid-YTW : 2.89 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n33,746<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\n28,250<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n27,354<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n
There were 14 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
BNS.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.65 – 26.32
\nSpot Rate : 0.6700
\nAverage : 0.3860<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.65
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.51 – 26.39
\nSpot Rate : 0.8800
\nAverage : 0.6663<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.38 – 22.97
\nSpot Rate : 0.5900
\nAverage : 0.4097<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-23
\nMaturity Price : 22.13
\nEvaluated at bid price : 22.38
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.40 – 26.99
\nSpot Rate : 0.5900
\nAverage : 0.4445<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n

BAM.PR.J<\/td>\nOpRet<\/td>\nQuote: 27.00 – 27.39
\nSpot Rate : 0.3900
\nAverage : 0.2680<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.00
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 26.11 – 27.00
\nSpot Rate : 0.8900
\nAverage : 0.7712<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.11
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There may indeed have been some naughtiness at MF Global: Jon S. Corzine, MF Global Holding Ltd. (MFGLQ)\u2019s chief executive officer, gave \u201cdirect instructions\u201d to transfer $200 million from a customer fund account to meet …<\/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-18194","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18194","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=18194"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18194\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}