{"id":18206,"date":"2012-03-27T22:17:34","date_gmt":"2012-03-28T02:17:34","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18206"},"modified":"2012-03-27T22:17:34","modified_gmt":"2012-03-28T02:17:34","slug":"march-27-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18206","title":{"rendered":"March 27, 2012"},"content":{"rendered":"

US house prices continue to drop<\/a>:<\/p>\n

Home prices in 20 U.S. cities dropped at a slower pace in January, pointing to stabilization in the real estate market.<\/p>\n

The S&P\/Case-Shiller index (SPX) of property values in 20 cities fell 3.8 percent from a year earlier, matching the median forecast of 32 economists surveyed by Bloomberg News, after decreasing 4.1 percent in December, a report from the group showed today in New York. Prices were little changed in January from the prior month, the best performance since July.<\/p><\/blockquote>\n

But some straws in the wind suggest a bottom<\/a>:<\/p>\n

Bidding wars, absent from most parts of the U.S. residential market since its peak in 2006, are erupting from Seattle and Silicon Valley to Miami and Washington, D.C. The inventory of homes hovers close to a six-year low, while an increase in jobs and record affordability are tempting more buyers. The number of contracts to buy previously owned homes jumped 14 percent in February from a year earlier, the National Association of Realtors reported yesterday.<\/p><\/blockquote>\n

There wasn’t much of interest in today’s Ontario budget<\/a>. As usual, the politicians are all excited about targetting a balanced budget<\/a>, and couldn’t care less about repaying today’s borrowings – nor are they interested in making a realistic projection of a business cycle and providing estimates and targets for the budget balance through the cycle.<\/p>\n

It was a positive day for the Canadian preferred share market,with PerpetualPremiums gaining 14bp, FixedResets up 3bp and DeemedRetractibles winning 15bp. Volatility was moderate. Volume was 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>\n-0.0192 %<\/td>\n2,390.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.49 %<\/td>\n3.84 %<\/td>\n36,010<\/td>\n17.43<\/td>\n1<\/td>\n1.1962 %<\/td>\n3,471.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.02 %<\/td>\n3.01 %<\/td>\n45,562<\/td>\n19.69<\/td>\n3<\/td>\n-0.0192 %<\/td>\n2,581.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.90 %<\/td>\n2.53 %<\/td>\n47,570<\/td>\n1.22<\/td>\n6<\/td>\n0.5927 %<\/td>\n2,514.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.27 %<\/td>\n-4.03 %<\/td>\n82,531<\/td>\n0.72<\/td>\n4<\/td>\n0.3241 %<\/td>\n2,683.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5927 %<\/td>\n2,299.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n3.34 %<\/td>\n97,216<\/td>\n0.18<\/td>\n25<\/td>\n0.1430 %<\/td>\n2,206.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.23 %<\/td>\n5.35 %<\/td>\n196,344<\/td>\n14.90<\/td>\n7<\/td>\n-0.0242 %<\/td>\n2,370.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.06 %<\/td>\n3.08 %<\/td>\n196,826<\/td>\n2.23<\/td>\n67<\/td>\n0.0304 %<\/td>\n2,381.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n4.02 %<\/td>\n218,404<\/td>\n2.85<\/td>\n46<\/td>\n0.1483 %<\/td>\n2,298.2<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.19
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.35
\nBid-YTW : 2.76 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-27
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.15
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
BNA.PR.E<\/td>\nSplitShare<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.80
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n3.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.91
\nBid-YTW : 1.20 %<\/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>\n167,575<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-27
\nMaturity Price : 23.08
\nEvaluated at bid price : 24.96
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n164,463<\/td>\nRBC crossed 100,000 at 25.25; Desjardins crossed 40,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 3.24 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Premium<\/td>\n50,225<\/td>\nDesjardins crossed 40,000 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-04-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : -9.74 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n44,770<\/td>\nDesjardins bought two blocks of 10,000 each from National, both at 25.15.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-03-27
\nMaturity Price : 23.18
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n44,280<\/td>\nRBC crossed 11,700 at 26.01.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n39,200<\/td>\nRBC crossed blocks of 20,000 and 16,500, both at 26.06.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.04
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
There were 35 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
MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 24.19 – 24.49
\nSpot Rate : 0.3000
\nAverage : 0.1798<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.19
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

TD.PR.S<\/td>\nFixedReset<\/td>\nQuote: 26.00 – 26.30
\nSpot Rate : 0.3000
\nAverage : 0.2072<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 2.56 %<\/td>\n<\/tr>\n

MFC.PR.D<\/td>\nFixedReset<\/td>\nQuote: 26.78 – 27.00
\nSpot Rate : 0.2200
\nAverage : 0.1404<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.78
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n

BNA.PR.C<\/td>\nSplitShare<\/td>\nQuote: 22.67 – 22.95
\nSpot Rate : 0.2800
\nAverage : 0.2016<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.67
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n

CM.PR.L<\/td>\nFixedReset<\/td>\nQuote: 26.66 – 26.88
\nSpot Rate : 0.2200
\nAverage : 0.1432<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.66
\nBid-YTW : 2.92 %<\/td>\n<\/tr>\n

TD.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 26.03 – 26.26
\nSpot Rate : 0.2300
\nAverage : 0.1554<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.03
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

US house prices continue to drop: Home prices in 20 U.S. cities dropped at a slower pace in January, pointing to stabilization in the real estate market. The S&P\/Case-Shiller index (SPX) of property values in …<\/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-18206","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18206","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=18206"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18206\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}