{"id":18643,"date":"2012-05-16T00:46:22","date_gmt":"2012-05-16T04:46:22","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18643"},"modified":"2012-05-16T00:46:22","modified_gmt":"2012-05-16T04:46:22","slug":"may-15-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18643","title":{"rendered":"May 15, 2012"},"content":{"rendered":"

There will be new elections in Greece<\/a>:<\/p>\n

Greece will hold new elections after President Karolos Papoulias failed to broker a governing coalition following an inconclusive May 6 vote, raising concern it may exit the euro. The currency and euro-area stocks fell.<\/p>\n

\u201cThe country is once again headed to elections in a few days under adverse conditions,\u201d Evangelos Venizelos, the leader of the socialist Pasok party said. \u201cThe Greek people told us they didn\u2019t want elections but a coalition government, that they want Greece in the euro.\u201d
…<\/b>
Greece\u2019s political impasse means the new vote will have to be held as early as next month, with polls showing that could boost the anti-bailout Syriza party to the top spot. The country may run out of money by early July. <\/p><\/blockquote>\n

If the Greeks are playing good cop bad cop, it’s working<\/a>:<\/p>\n

German Chancellor Angela Merkel and French President Francois Hollande said they would consider measures to spur economic growth in Greece as long as voters there committed to the austerity demanded to stay in the euro.<\/p>\n

Requests for measures to bolster growth will be \u201cconsidered\u201d and the European Union may also \u201capproach Greece with proposals,\u201d Merkel said late yesterday at a joint press conference with Hollande during his first official visit to Berlin. \u201cGreece can stay in the euro area,\u201d and \u201cGreek citizens will be voting on exactly that.\u201d <\/p><\/blockquote>\n

Smoke and mirrors? I wouldn’t be surprised.<\/p>\n

All the fuss about Greece has me thinking … much the same sort of thing applies to Canadian provinces. They, too, can borrow cheaply with a generally narrow spread off Canadas; they, too, do not have the ability to devalue their currency. What would happen if Quebec – just to pick a provincial name at random – were to start to drown under its own debt? What then?<\/p>\n

It was a negative day for the Canadian preferred share market, with PerpetualPremiums down 5bp and both FixedResets and DeemedRetractibles losing 9bp. Volatility was muted. It was Enbridge Day as far as blocks were concerned, but otherwise volume was below 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>\n0.5173 %<\/td>\n2,494.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.42 %<\/td>\n3.79 %<\/td>\n29,542<\/td>\n17.76<\/td>\n1<\/td>\n0.7026 %<\/td>\n3,567.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.89 %<\/td>\n2.91 %<\/td>\n53,372<\/td>\n19.91<\/td>\n3<\/td>\n0.5173 %<\/td>\n2,693.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n2.71 %<\/td>\n55,865<\/td>\n1.09<\/td>\n5<\/td>\n0.0283 %<\/td>\n2,509.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.20 %<\/td>\n-2.84 %<\/td>\n60,268<\/td>\n0.59<\/td>\n4<\/td>\n0.8309 %<\/td>\n2,718.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0283 %<\/td>\n2,295.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n2.54 %<\/td>\n71,934<\/td>\n0.13<\/td>\n25<\/td>\n-0.0522 %<\/td>\n2,229.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.07 %<\/td>\n5.05 %<\/td>\n86,083<\/td>\n15.31<\/td>\n8<\/td>\n-0.2665 %<\/td>\n2,447.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n3.01 %<\/td>\n175,619<\/td>\n2.13<\/td>\n68<\/td>\n-0.0889 %<\/td>\n2,401.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.95 %<\/td>\n3.56 %<\/td>\n177,064<\/td>\n2.75<\/td>\n45<\/td>\n-0.0912 %<\/td>\n2,330.1<\/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
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-15
\nMaturity Price : 23.23
\nEvaluated at bid price : 23.70
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.55
\nBid-YTW : 2.77 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-15
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 2.90 %<\/td>\n<\/tr>\n
FBS.PR.C<\/td>\nSplitShare<\/td>\n2.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-15
\nMaturity Price : 10.00
\nEvaluated at bid price : 10.91
\nBid-YTW : -8.83 %<\/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
ENB.PR.H<\/td>\nFixedReset<\/td>\n89,430<\/td>\nRBC crossed 41,000 at 25.40.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-15
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.33
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n62,106<\/td>\nRBC crossed 24,100 at 25.40.
\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
ENB.PR.B<\/td>\nFixedReset<\/td>\n50,550<\/td>\nTD crossed two blocks of 10,000 each, both at 25.40.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n37,647<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-15
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n36,083<\/td>\nDesjardins crossed 10,000 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n35,700<\/td>\nRBC crossed 34,200 at 25.65.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-15
\nMaturity Price : 23.44
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
There were 26 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
FTS.PR.C<\/td>\nOpRet<\/td>\nQuote: 25.40 – 25.80
\nSpot Rate : 0.4000
\nAverage : 0.2484<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-07-01
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.40
\nBid-YTW : -1.16 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.56 – 26.00
\nSpot Rate : 0.4400
\nAverage : 0.3323<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.52 – 23.75
\nSpot Rate : 0.2300
\nAverage : 0.1403<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.52
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n

POW.PR.C<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.46 – 25.72
\nSpot Rate : 0.2600
\nAverage : 0.1832<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : -10.37 %<\/td>\n<\/tr>\n

BNS.PR.T<\/td>\nFixedReset<\/td>\nQuote: 26.70 – 26.96
\nSpot Rate : 0.2600
\nAverage : 0.1888<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 2.80 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.50 – 25.75
\nSpot Rate : 0.2500
\nAverage : 0.1888<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-15
\nMaturity Price : 23.44
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There will be new elections in Greece: Greece will hold new elections after President Karolos Papoulias failed to broker a governing coalition following an inconclusive May 6 vote, raising concern it may exit the euro. …<\/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-18643","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18643","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=18643"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18643\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}