{"id":18200,"date":"2012-03-26T22:57:00","date_gmt":"2012-03-27T02:57:00","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18200"},"modified":"2012-03-26T22:57:00","modified_gmt":"2012-03-27T02:57:00","slug":"march-26-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18200","title":{"rendered":"March 26, 2012"},"content":{"rendered":"

Here’s a cheerful prediction from Italy<\/a>:<\/p>\n

Italy\u2019s Prime Minister Mario Monti warned that Spain could reignite the European debt crisis as euro-area ministers this week prepare a deal to strengthen the region\u2019s financial firewall.<\/p>\n

Monti pointed to Spain\u2019s struggle to control its finances ahead of a finance ministers meeting in Copenhagen starting on March 30, where officials will seek agreement to raise a 500 billion-euro ($664 billion) ceiling on bailout funding.<\/p>\n

.\u201cIt doesn\u2019t take much to recreate risks of contagion,\u201d Monti said during the weekend at a conference in Cernobbio, Italy. Days after his Cabinet approved a bill to overhaul Italy\u2019s labor laws, Monti praised Spain\u2019s efforts to loosen work regulations while advising it to focus on cutting the national budget. Spain \u201chasn\u2019t paid enough attention to its public accounts,\u201d he said.<\/p><\/blockquote>\n

There are rumours that the acronym “HST” will soon stand for Hot Sex Tax<\/a>.<\/p>\n

It was a positive day overall for the Canadian preferred share market, with PerpetualPremiums down 6bp, FixedResets up 14bp and DeemedRetractibles winning 20bp. Sun Life and Manulife dominated the positive side of a relatively lengthy Performance Highlights table. Volume was almost 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>\n0.5591 %<\/td>\n2,391.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.55 %<\/td>\n3.94 %<\/td>\n35,127<\/td>\n17.37<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,430.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.02 %<\/td>\n3.01 %<\/td>\n45,812<\/td>\n19.69<\/td>\n3<\/td>\n0.5591 %<\/td>\n2,581.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.93 %<\/td>\n3.18 %<\/td>\n65,545<\/td>\n1.20<\/td>\n6<\/td>\n0.1032 %<\/td>\n2,499.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.28 %<\/td>\n-3.88 %<\/td>\n83,446<\/td>\n0.72<\/td>\n4<\/td>\n0.0199 %<\/td>\n2,674.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1032 %<\/td>\n2,285.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n4.18 %<\/td>\n98,442<\/td>\n0.18<\/td>\n25<\/td>\n-0.0632 %<\/td>\n2,203.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.22 %<\/td>\n5.32 %<\/td>\n193,740<\/td>\n14.95<\/td>\n7<\/td>\n0.1149 %<\/td>\n2,370.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.06 %<\/td>\n3.09 %<\/td>\n194,014<\/td>\n2.24<\/td>\n67<\/td>\n0.1409 %<\/td>\n2,380.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n4.07 %<\/td>\n218,830<\/td>\n2.93<\/td>\n46<\/td>\n0.1987 %<\/td>\n2,294.8<\/td>\n<\/tr>\n<\/table>\n\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
CIU.PR.A<\/td>\nPerpetual-Premium<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-26
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nDeemed-Retractible<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-10-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-26
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.45
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.73 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.83
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.61
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.78
\nBid-YTW : 5.71 %<\/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.A<\/td>\nOpRet<\/td>\n590,370<\/td>\nNesbitt gone wild! Nesbitt crossed five blocks: 274,800 shares, 96,800 shares, 25,000 shares, 160,000 and 25,000, all at 25.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.80
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n151,057<\/td>\nRBC crossed 49,400 at 25.25; Desjardins crossed 25,000 at 25.29; TD crossed 35,000 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n105,865<\/td>\nRBC crossed 99,400 at 24.47.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.45
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n85,000<\/td>\nRBC crossed blocks of 23,000 and 50,000, both at 25.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.90
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nDeemed-Retractible<\/td>\n80,353<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-30
\nMaturity Price : 26.00
\nEvaluated at bid price : 25.96
\nBid-YTW : 1.61 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n54,200<\/td>\nTD crossed 11,000 at 25.32.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
There were 29 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
CM.PR.K<\/td>\nFixedReset<\/td>\nQuote: 26.08 – 26.79
\nSpot Rate : 0.7100
\nAverage : 0.4943<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.08
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n

CM.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.15 – 25.60
\nSpot Rate : 0.4500
\nAverage : 0.2651<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-10-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.81 – 26.19
\nSpot Rate : 0.3800
\nAverage : 0.2962<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-26
\nMaturity Price : 23.51
\nEvaluated at bid price : 25.81
\nBid-YTW : 3.19 %<\/td>\n<\/tr>\n

CM.PR.M<\/td>\nFixedReset<\/td>\nQuote: 26.80 – 27.05
\nSpot Rate : 0.2500
\nAverage : 0.1775<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n

ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.75 – 26.00
\nSpot Rate : 0.2500
\nAverage : 0.1849<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : -24.33 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.40 – 26.98
\nSpot Rate : 0.5800
\nAverage : 0.5154<\/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<\/table>\n","protected":false},"excerpt":{"rendered":"

Here’s a cheerful prediction from Italy: Italy\u2019s Prime Minister Mario Monti warned that Spain could reignite the European debt crisis as euro-area ministers this week prepare a deal to strengthen the region\u2019s financial firewall. Monti …<\/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-18200","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18200","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=18200"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18200\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}