{"id":18638,"date":"2012-05-14T22:58:36","date_gmt":"2012-05-15T02:58:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18638"},"modified":"2012-05-14T22:58:36","modified_gmt":"2012-05-15T02:58:36","slug":"may-14-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18638","title":{"rendered":"May 14, 2012"},"content":{"rendered":"

Having destroyed Europe, the politicians are working on banking<\/a>:<\/p>\n

Banks may face tougher bonus curbs including a ban on awards stemming from carry-trade profits on cheap European Central Bank loans under proposed changes to a law on Basel capital rules endorsed by European Union lawmakers.<\/p>\n

Lenders should also be forbidden from giving staff bonus awards that exceed fixed salaries, in the proposals approved by members of the European Parliament\u2019s economic and monetary affairs committee in Brussels today. The amendments will be part of the EU assembly\u2019s negotiation position in talks with governments on the legislation. <\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums losing 11bp, FixedResets off 8bp and DeemedRetractibles gaining 2bp. Volatility was good, with no clear trend. Volume was extremely 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>\n0.3336 %<\/td>\n2,481.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.45 %<\/td>\n3.82 %<\/td>\n28,991<\/td>\n17.70<\/td>\n1<\/td>\n-0.8821 %<\/td>\n3,543.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.91 %<\/td>\n2.93 %<\/td>\n53,651<\/td>\n19.87<\/td>\n3<\/td>\n0.3336 %<\/td>\n2,679.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.76 %<\/td>\n2.79 %<\/td>\n53,815<\/td>\n1.09<\/td>\n5<\/td>\n0.1305 %<\/td>\n2,509.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.24 %<\/td>\n3.87 %<\/td>\n62,537<\/td>\n0.59<\/td>\n4<\/td>\n-0.1235 %<\/td>\n2,695.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1305 %<\/td>\n2,294.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n2.59 %<\/td>\n72,438<\/td>\n0.14<\/td>\n25<\/td>\n-0.1062 %<\/td>\n2,230.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.06 %<\/td>\n5.01 %<\/td>\n158,276<\/td>\n15.38<\/td>\n8<\/td>\n-0.1126 %<\/td>\n2,453.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.04 %<\/td>\n2.94 %<\/td>\n175,554<\/td>\n2.09<\/td>\n68<\/td>\n-0.0778 %<\/td>\n2,403.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.94 %<\/td>\n3.41 %<\/td>\n177,768<\/td>\n1.40<\/td>\n45<\/td>\n0.0235 %<\/td>\n2,332.2<\/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
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-14
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.63
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-14
\nMaturity Price : 18.09
\nEvaluated at bid price : 18.09
\nBid-YTW : 2.92 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-14
\nMaturity Price : 24.55
\nEvaluated at bid price : 24.85
\nBid-YTW : 5.38 %<\/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 : 26.30
\nBid-YTW : 5.44 %<\/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.C<\/td>\nOpRet<\/td>\n115,865<\/td>\nNational crossed 107,900 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-07-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.61
\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nDeemed-Retractible<\/td>\n56,732<\/td>\nDesjardins crossed 40,200 at 26.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-08-24
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.92
\nBid-YTW : 1.74 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n56,604<\/td>\nDesjardins crossed 45,200 at 26.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-13
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.06
\nBid-YTW : -0.07 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n50,064<\/td>\nNesbitt crossed 40,000 at 26.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.76
\nBid-YTW : 2.68 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n39,469<\/td>\nNesbitt sold 19,000 to anonymous at 25.60.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.68
\nBid-YTW : 2.91 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n36,633<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
There were 14 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
FBS.PR.C<\/td>\nSplitShare<\/td>\nQuote: 10.69 – 11.88
\nSpot Rate : 1.1900
\nAverage : 0.7170<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.69
\nBid-YTW : -5.40 %<\/td>\n<\/tr>\n

PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.20 – 26.52
\nSpot Rate : 0.3200
\nAverage : 0.2190<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 25.60 – 25.81
\nSpot Rate : 0.2100
\nAverage : 0.1324<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n

BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.63 – 23.97
\nSpot Rate : 0.3400
\nAverage : 0.2708<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-14
\nMaturity Price : 23.36
\nEvaluated at bid price : 23.63
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.52 – 25.80
\nSpot Rate : 0.2800
\nAverage : 0.2142<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.60 %<\/td>\n<\/tr>\n

BMO.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.69 – 25.85
\nSpot Rate : 0.1600
\nAverage : 0.1039<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : 1.53 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Having destroyed Europe, the politicians are working on banking: Banks may face tougher bonus curbs including a ban on awards stemming from carry-trade profits on cheap European Central Bank loans under proposed changes to a …<\/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-18638","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18638","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=18638"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18638\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}