{"id":18516,"date":"2012-05-02T10:31:03","date_gmt":"2012-05-02T14:31:03","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18516"},"modified":"2012-05-02T10:31:03","modified_gmt":"2012-05-02T14:31:03","slug":"may-1-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18516","title":{"rendered":"May 1, 2012"},"content":{"rendered":"

There’s some sabre rattling from the Fed<\/a>:<\/p>\n

Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank needs to be ready to raise interest rates even if joblessness exceeds 7 percent.<\/p>\n

Speaking in an interview today at the Bloomberg Washington Summit hosted by Bloomberg Link, he said the Fed will probably have to raise rates in mid-2013. Adding more monetary stimulus now would raise inflation risks without doing much to boost growth, he said.<\/p>\n

Unemployment \u201ccould well be above 7 percent, and I think we have to prepare for that,\u201d Lacker said. \u201cI think it\u2019s a misconception to think we have to get unemployment all the way down to five or some number like that before we raise rates.\u201d<\/p>\n

Lacker has cast the only dissenting vote at each of the Federal Open Market Committee\u2019s policy meetings this year. He has opposed the Fed\u2019s statement that economic conditions will probably warrant \u201cexceptionally low\u201d levels of the federal funds rate at least through late-2014.<\/p><\/blockquote>\n

It was a strong day for the Canadian preferred share market, with PerpetualPremiums up 23bp, FixedResets gaining 8bp and DeemedRetractibles winning 39bp. The Performance Highlights table is comprised entirely of winners, with a preponderance of insurance DeemedRetractibles. Volume was high.<\/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>\n0.5455 %<\/td>\n2,535.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.36 %<\/td>\n3.72 %<\/td>\n32,185<\/td>\n17.90<\/td>\n1<\/td>\n1.8692 %<\/td>\n3,617.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.85 %<\/td>\n2.86 %<\/td>\n48,708<\/td>\n20.07<\/td>\n3<\/td>\n0.5455 %<\/td>\n2,737.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.75 %<\/td>\n2.71 %<\/td>\n53,502<\/td>\n1.13<\/td>\n5<\/td>\n-0.0917 %<\/td>\n2,510.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.25 %<\/td>\n4.28 %<\/td>\n68,049<\/td>\n0.62<\/td>\n4<\/td>\n0.0495 %<\/td>\n2,693.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0917 %<\/td>\n2,295.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n0.69 %<\/td>\n85,182<\/td>\n0.09<\/td>\n25<\/td>\n0.2268 %<\/td>\n2,230.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08 %<\/td>\n5.06 %<\/td>\n90,690<\/td>\n15.31<\/td>\n8<\/td>\n0.2325 %<\/td>\n2,436.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.03 %<\/td>\n2.99 %<\/td>\n186,717<\/td>\n2.17<\/td>\n68<\/td>\n0.0778 %<\/td>\n2,403.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.95 %<\/td>\n3.59 %<\/td>\n187,353<\/td>\n1.58<\/td>\n45<\/td>\n0.3931 %<\/td>\n2,326.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\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
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.19
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
CM.PR.D<\/td>\nPerpetual-Premium<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.13
\nBid-YTW : -42.60 %<\/td>\n<\/tr>\n
NA.PR.M<\/td>\nDeemed-Retractible<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-15
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.97
\nBid-YTW : 1.89 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 24.55
\nEvaluated at bid price : 24.87
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 2.86 %<\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-05-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.04
\nBid-YTW : -1.00 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.15
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.11
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n
IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.16
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 22.51
\nEvaluated at bid price : 21.80
\nBid-YTW : 3.72 %<\/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>\n101,450<\/td>\nRBC crossed blocks of 68,300 and 25,000, both at 25.44.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 23.22
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nDeemed-Retractible<\/td>\n95,584<\/td>\nRBC sold 10,000 to anonymous, 10,000 to TD and 10,500 to Desjardins, all at 25.50. TD crossed 25,000 at 25.49; Desjardins crossed 15,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-14
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.49
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n90,041<\/td>\nDesjardins crossed 10,000 at 26.06; RBC crossed blocks of 40,900 and 25,000, both at 26.08.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-05-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.04
\nBid-YTW : -1.00 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n79,680<\/td>\nRBC bought 25,000 from CIBC at 26.20, then crossed 40,700 at 26.21.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n75,432<\/td>\nRBC crossed 65,000 at 23.18.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.19
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n57,500<\/td>\nNesbitt crossed 50,000 at 26.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.82
\nBid-YTW : 2.51 %<\/td>\n<\/tr>\n
There were 42 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: 18.45 – 18.99
\nSpot Rate : 0.5400
\nAverage : 0.3883<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 2.86 %<\/td>\n<\/tr>\n

CIU.PR.B<\/td>\nFixedReset<\/td>\nQuote: 27.25 – 27.71
\nSpot Rate : 0.4600
\nAverage : 0.3186<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.25
\nBid-YTW : 2.81 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 26.52 – 26.91
\nSpot Rate : 0.3900
\nAverage : 0.2592<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.52
\nBid-YTW : 2.71 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.22 – 25.49
\nSpot Rate : 0.2700
\nAverage : 0.1687<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 24.91
\nEvaluated at bid price : 25.22
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.50 – 24.88
\nSpot Rate : 0.3800
\nAverage : 0.2914<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-01
\nMaturity Price : 24.20
\nEvaluated at bid price : 24.50
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n

BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.83 – 27.04
\nSpot Rate : 0.2100
\nAverage : 0.1360<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.83
\nBid-YTW : 2.17 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s some sabre rattling from the Fed: Federal Reserve Bank of Richmond President Jeffrey Lacker said the central bank needs to be ready to raise interest rates even if joblessness exceeds 7 percent. Speaking 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-18516","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18516","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=18516"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18516\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}