{"id":18436,"date":"2012-04-21T14:58:48","date_gmt":"2012-04-21T18:58:48","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18436"},"modified":"2012-04-21T14:58:48","modified_gmt":"2012-04-21T18:58:48","slug":"april-20-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18436","title":{"rendered":"April 20, 2012"},"content":{"rendered":"

Nothing happened today, so I went to a flamenco show<\/a>. During an informal question and answer period after the show (you aren’t allowed to merely enjoy anything nowadays, particularly dance: you must show diligence in getting booked up) Ms. Enrique explained that the large fans held by the women were mocking the fans held at one time by the nobility at court, exaggerated for satirical purposes; the long trains on some of the dresses are in the same vein.<\/p>\n

Which got me to wondering: how are the rich mocked today? I’m not convinced that they are, at least not in North America, where there is a degree of social mobility lacking in a structured society. We don’t mock their wine cellars – because we all want a 5,000 bottle wine cellar. We don’t mock their private planes – because we all want a private plane. Even rap artists, who one might expect to be the most logical source of mockery, make a big fuss about how wonderful it is to have big cars and drink champagne and all the rest of it. We don’t mock the rich, because they are us. The rich are not like you and me – they have more money!<\/p>\n

It was a soft day for the Canadian preferred share market, with PerpetualPremiums gaining 3bp, FixedResets losing 16bp and DeemedRetractibles down 11bp. Volatility was good. Volume was heavy, with quite a few issues trading more than 100,000 shares.<\/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>\n0.2673 %<\/td>\n2,407.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.44 %<\/td>\n3.79 %<\/td>\n33,988<\/td>\n17.79<\/td>\n1<\/td>\n-1.2903 %<\/td>\n3,554.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.00 %<\/td>\n3.03 %<\/td>\n43,249<\/td>\n19.65<\/td>\n3<\/td>\n0.2673 %<\/td>\n2,599.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.76 %<\/td>\n2.88 %<\/td>\n46,568<\/td>\n1.16<\/td>\n5<\/td>\n-0.2216 %<\/td>\n2,506.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.25 %<\/td>\n0.33 %<\/td>\n80,666<\/td>\n0.65<\/td>\n4<\/td>\n0.0149 %<\/td>\n2,689.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2216 %<\/td>\n2,292.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.46 %<\/td>\n1.66 %<\/td>\n82,110<\/td>\n0.12<\/td>\n23<\/td>\n0.0306 %<\/td>\n2,224.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.19 %<\/td>\n5.24 %<\/td>\n156,312<\/td>\n15.08<\/td>\n10<\/td>\n0.2913 %<\/td>\n2,403.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.01 %<\/td>\n3.02 %<\/td>\n191,117<\/td>\n2.17<\/td>\n67<\/td>\n-0.1589 %<\/td>\n2,396.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n3.80 %<\/td>\n198,511<\/td>\n2.86<\/td>\n46<\/td>\n-0.1111 %<\/td>\n2,306.8<\/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
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.46
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 22.26
\nEvaluated at bid price : 21.42
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.77
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.75
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.71
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\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
BMO.PR.P<\/td>\nFixedReset<\/td>\n174,877<\/td>\nRBC crossed 150,000 at 26.95.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.90
\nBid-YTW : 2.92 %<\/td>\n<\/tr>\n
CM.PR.J<\/td>\nDeemed-Retractible<\/td>\n154,240<\/td>\nCalled for redemption<\/a>
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-30
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.98
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n141,525<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.42
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n136,477<\/td>\nRBC crossed 119,700 at 25.62.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.49
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n119,350<\/td>\nRBC bought three blocks from anonymous, two of 10,000 shares, one of 14,200, all at 25.45. Nesbitt crossed 40,000 at 25.44.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 23.21
\nEvaluated at bid price : 25.36
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n115,110<\/td>\nTD crossed 50,000 at 26.82; Nesbitt crossed 60,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.75
\nBid-YTW : 2.61 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n109,249<\/td>\nNesbitt crossed 98,400 at 26.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.45
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n
FTS.PR.C<\/td>\nOpRet<\/td>\n108,702<\/td>\nNesbitt crossed 100,000 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.57
\nBid-YTW : 0.79 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n105,300<\/td>\nNesbitt crossed 35,600 at 25.99 and 20,000 at 25.98.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.91
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n101,300<\/td>\nNesbitt crossed 36,800 at 25.99 and bought 10,000 from anonymous at 25.95.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
There were 47 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
BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 17.70 – 18.70
\nSpot Rate : 1.0000
\nAverage : 0.5966<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.41 – 18.00
\nSpot Rate : 0.5900
\nAverage : 0.4000<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 17.41
\nEvaluated at bid price : 17.41
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.75 – 53.25
\nSpot Rate : 0.5000
\nAverage : 0.3297<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.75
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 21.42 – 22.10
\nSpot Rate : 0.6800
\nAverage : 0.5259<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-20
\nMaturity Price : 22.26
\nEvaluated at bid price : 21.42
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n

BNS.PR.X<\/td>\nFixedReset<\/td>\nQuote: 26.65 – 26.95
\nSpot Rate : 0.3000
\nAverage : 0.1870<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n

SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.46 – 23.73
\nSpot Rate : 0.2700
\nAverage : 0.1599<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.46
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nothing happened today, so I went to a flamenco show. During an informal question and answer period after the show (you aren’t allowed to merely enjoy anything nowadays, particularly dance: you must show diligence 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-18436","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18436","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=18436"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18436\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}