{"id":18449,"date":"2012-04-23T22:31:56","date_gmt":"2012-04-24T02:31:56","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18449"},"modified":"2012-04-23T22:31:56","modified_gmt":"2012-04-24T02:31:56","slug":"april-23-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18449","title":{"rendered":"April 23, 2012"},"content":{"rendered":"

The Dutch government is in disarray<\/a>:<\/p>\n

Dutch Prime Minister Mark Rutte offered to quit, a move that would trigger early elections, as he sought to win parliamentary support for additional budget cuts needed to steer the Netherlands clear of the debt crisis.
…<\/b>
With budget deliberations dragging on since March 5, the fate of Rutte\u2019s minority government was thrown into doubt on April 21 when Wilders and his Freedom Party unexpectedly withdrew its support over how to narrow the shortfall. That prompted Rutte to cite new elections as \u201can obvious scenario\u201d to try to resolve the deadlock.<\/p>\n

In the Netherlands, the euro-area\u2019s fifth biggest economy, the 2013 budget shortfall is currently forecast at 4.6 percent of gross domestic product. To pare it to 3 percent as specified by the European Commission, Rutte needs to find at least 9.5 billion euros of extra cuts to submit to Brussels by April 30.<\/p>\n

\u201cThe package is way too rigorous and it\u2019s bad for the economy,\u201d Emile Roemer, head of the Socialist Party, which would double its seats to 30 according to latest polls, said in broadcast remarks. \u201cWe need to have elections and clarity as soon as possible.\u201d<\/p>\n

The opposition Labor Party is willing to cooperate with the government on preparing a complete 2013 budget only if elections are held in September, party leader Diederik Samsom told NOS television April 21. Economic growth is more important than meeting the 3 percent deficit target, Samsom said.<\/p><\/blockquote>\n

I mentioned a classic example of how investment managers are hired on April 18, 2011<\/a>. The CalPERS story continues<\/a>:<\/p>\n

The former chief executive of the California Public Employees\u2019 Retirement System was sued by U.S. regulators over claims he defrauded an investment firm into paying $20 million in fees to a friend\u2019s placement agencies.<\/p>\n

Federico Buenrostro, who served as Calpers CEO from 2002 to 2008, and his friend Alfred Villalobos, the former deputy mayor of Los Angeles, fabricated documents given to New York-based private-equity firm Apollo Global Management (APO), the Securities and Exchange Commission said today in a lawsuit filed in U.S. District Court in Nevada. California regulators sued the two men in May 2010 over similar claims.
…<\/b>
The documents gave the false impression that Calpers had reviewed and signed placement-agent fee-disclosure letters in accordance with its established procedures, the SEC said. The lawsuit also names Villalobos and his firm ARVCO Capital Research LLC as defendants.<\/p>\n

\u201cBuenrostro and Villalobos not only tricked Apollo into paying more than $20 million in placement agent fees it would not otherwise have paid, but also undermined procedures designed to ensure that investors like Calpers have full disclosure of such fees,\u201d John McCoy, associate regional director of the SEC\u2019s Los Angeles office, said in a statement. <\/p><\/blockquote>\n

DBRS has released<\/a> the Split Share Funds Quarterly Report \u2013 Q1 2012<\/a>.<\/p>\n

It was a mixed, unexciting day for the Canadian preferred share market, with PerpetualPremiums down 4bp, FixedResets up 5bp and DeemedRetractibles gaining 1bp. Volatility was muted. Volume was 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>\n0.8570 %<\/td>\n2,427.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.43 %<\/td>\n3.79 %<\/td>\n33,588<\/td>\n17.80<\/td>\n1<\/td>\n0.1401 %<\/td>\n3,559.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n3.00 %<\/td>\n42,610<\/td>\n19.74<\/td>\n3<\/td>\n0.8570 %<\/td>\n2,621.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.76 %<\/td>\n2.72 %<\/td>\n48,950<\/td>\n1.15<\/td>\n5<\/td>\n0.0230 %<\/td>\n2,507.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.26 %<\/td>\n1.48 %<\/td>\n77,498<\/td>\n0.65<\/td>\n4<\/td>\n-0.0843 %<\/td>\n2,687.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0230 %<\/td>\n2,292.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.47 %<\/td>\n1.73 %<\/td>\n81,031<\/td>\n0.11<\/td>\n23<\/td>\n-0.0363 %<\/td>\n2,224.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.20 %<\/td>\n5.28 %<\/td>\n155,073<\/td>\n15.01<\/td>\n10<\/td>\n-0.0705 %<\/td>\n2,401.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.02 %<\/td>\n3.10 %<\/td>\n192,281<\/td>\n2.19<\/td>\n67<\/td>\n0.0496 %<\/td>\n2,397.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n3.79 %<\/td>\n196,016<\/td>\n1.99<\/td>\n46<\/td>\n0.0081 %<\/td>\n2,307.0<\/td>\n<\/tr>\n<\/table>\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.D<\/td>\nDeemed-Retractible<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.21
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-23
\nMaturity Price : 17.91
\nEvaluated at bid price : 17.91
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-23
\nMaturity Price : 17.62
\nEvaluated at bid price : 17.62
\nBid-YTW : 3.00 %<\/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
FTS.PR.E<\/td>\nOpRet<\/td>\n117,200<\/td>\nNesbitt crossed blocks of 40,000 and 75,000, both at 26.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.50
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n86,180<\/td>\nRBC crossed 80,000 at 22.75.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
FTS.PR.C<\/td>\nOpRet<\/td>\n84,079<\/td>\nNesbitt crossed 75,000 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.60
\nBid-YTW : -0.25 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nDeemed-Retractible<\/td>\n58,935<\/td>\nTD crossed 49,900 at 26.48.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-29
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.43
\nBid-YTW : 2.77 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nDeemed-Retractible<\/td>\n54,515<\/td>\nTD crossed 49,100 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\n41,200<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-23
\nMaturity Price : 24.56
\nEvaluated at bid price : 24.95
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
There were 23 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.K<\/td>\nFloater<\/td>\nQuote: 17.43 – 18.75
\nSpot Rate : 1.3200
\nAverage : 0.8811<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-04-23
\nMaturity Price : 17.43
\nEvaluated at bid price : 17.43
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n

FTS.PR.C<\/td>\nOpRet<\/td>\nQuote: 25.60 – 25.95
\nSpot Rate : 0.3500
\nAverage : 0.2271<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.60
\nBid-YTW : -0.25 %<\/td>\n<\/tr>\n

RY.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 26.69 – 26.95
\nSpot Rate : 0.2600
\nAverage : 0.1627<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.69
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.90 – 26.19
\nSpot Rate : 0.2900
\nAverage : 0.2054<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n

CM.PR.K<\/td>\nFixedReset<\/td>\nQuote: 26.21 – 26.61
\nSpot Rate : 0.4000
\nAverage : 0.3288<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.21
\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n

POW.PR.G<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.80 – 26.03
\nSpot Rate : 0.2300
\nAverage : 0.1596<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Dutch government is in disarray: Dutch Prime Minister Mark Rutte offered to quit, a move that would trigger early elections, as he sought to win parliamentary support for additional budget cuts needed to steer …<\/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-18449","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18449","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=18449"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18449\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}