{"id":18668,"date":"2012-05-17T23:20:51","date_gmt":"2012-05-18T03:20:51","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18668"},"modified":"2012-05-17T23:20:51","modified_gmt":"2012-05-18T03:20:51","slug":"may-17-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18668","title":{"rendered":"May 17, 2012"},"content":{"rendered":"

Fitch downgraded Greece<\/a>:<\/p>\n

Greece\u2019s credit rating was downgraded one level by Fitch Ratings on \u201cheightened risk\u201d that the country will not be able to sustain its membership of the euro area after inconclusive elections left the country without a stable government.<\/p>\n

Greece was cut to CCC from B- by Fitch, according to an e- mailed statement today in London. The country\u2019s ceiling was revised to B-, Fitch said in the statement.<\/p>\n

\u201cThe strong showing of \u2018anti-austerity\u2019 parties in the May 6 parliamentary elections and subsequent failure to form a government underscores the lack of public and political support for\u201d the country\u2019s bailout from the European Union and the International Monetary Fund, Fitch said in the statement.<\/p><\/blockquote>\n

Moody’s downgraded a swathe of Spanish banks<\/a>:<\/p>\n

Banco Santander (SAN) SA and Banco Bilbao Vizcaya Argentaria SA, Spain\u2019s biggest lenders, were cut three levels by Moody\u2019s Investors Service, which cited a recession and mounting loan losses in downgrading 16 of the nation\u2019s banks.<\/p>\n

Nine firms were cut three notches and seven were kept on review for further reductions, Moody\u2019s said yesterday in a statement. Santander\u2019s U.K.-based subsidiary also was cut.<\/p>\n

The moves followed Moody\u2019s May 14 downgrade of 26 Italian banks and its Feb. 13 cut of Spain\u2019s sovereign debt. The main drivers for the Spanish bank downgrades were a surge in soured loans, the recession, restricted funding access and the reduced ability of the government to support lenders as its own creditworthiness diminishes, Moody\u2019s said.<\/p><\/blockquote>\n

Nexen, proud issuer of NXY.PR.A was confirmed at Pfd-3 by DBRS<\/a>:<\/p>\n

DBRS has today confirmed the ratings of Nexen Inc.\u2019s (Nexen or the Company) Long-Term Unsecured Debt at BBB, Subordinated Unsecured Notes at BBB (low) and Preferred Shares at Pfd-3, all with Stable trends. The rating confirmations reflect the Company\u2019s adequate credit metrics and potential future reserve and production growth profile.<\/p>\n

Nexen\u2019s financial profile continued to improve in 2011 and Q1 2012, mainly attributable to top-of-cycle oil prices and execution on its aggressive debt reduction strategy. Nexen has used proceeds of asset sales to reduce its debt-to-capital ratio to 33% at March 31, 2012, down from 49% at year-end 2009. Nexen\u2019s debt-to-cash flow ratios have decreased substantially, from 2.64 times (x) in 2010 to 1.93x in the 12 months ending March 31, 2012. Continued improvement will depend largely on Nexen\u2019s ability to successfully ramp-up production at Long Lake, and to ensure reliability of production at Buzzard. Going forward, DBRS expects Nexen to continue to manage its debt levels in a manner consistent with its BBB rating category. <\/p><\/blockquote>\n

It was an uneventful day for the Canadian preferred share market,with PerpetualPremiums down 1bp, FixedResets up 4bp and DeemedRetractibles gaining 2bp. Lots of volatility, heavily skewed to the downside. Volume was 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>\n0.9444 %<\/td>\n2,498.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.38 %<\/td>\n3.75 %<\/td>\n30,310<\/td>\n17.81<\/td>\n1<\/td>\n0.0924 %<\/td>\n3,596.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.89 %<\/td>\n2.91 %<\/td>\n55,079<\/td>\n19.92<\/td>\n3<\/td>\n0.9444 %<\/td>\n2,698.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n2.75 %<\/td>\n52,878<\/td>\n1.08<\/td>\n5<\/td>\n0.0154 %<\/td>\n2,512.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.25 %<\/td>\n-5.95 %<\/td>\n56,146<\/td>\n0.58<\/td>\n4<\/td>\n0.4516 %<\/td>\n2,717.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0154 %<\/td>\n2,297.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n1.64 %<\/td>\n78,355<\/td>\n0.65<\/td>\n25<\/td>\n-0.0133 %<\/td>\n2,229.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.09 %<\/td>\n5.07 %<\/td>\n87,897<\/td>\n15.22<\/td>\n8<\/td>\n-0.0876 %<\/td>\n2,438.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.05 %<\/td>\n2.97 %<\/td>\n175,097<\/td>\n2.13<\/td>\n68<\/td>\n0.0396 %<\/td>\n2,400.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.95 %<\/td>\n3.49 %<\/td>\n177,181<\/td>\n0.99<\/td>\n45<\/td>\n0.0183 %<\/td>\n2,330.0<\/td>\n<\/tr>\n<\/table>\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
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 23.43
\nEvaluated at bid price : 25.53
\nBid-YTW : 3.26 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 5.11 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.64
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 24.39
\nEvaluated at bid price : 24.72
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/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 : 24.60
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.17
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.90
\nBid-YTW : 1.64 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 23.64
\nEvaluated at bid price : 26.22
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
BNA.PR.E<\/td>\nSplitShare<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.88
\nBid-YTW : 4.92 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 18.34
\nEvaluated at bid price : 18.34
\nBid-YTW : 2.88 %<\/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
TD.PR.I<\/td>\nFixedReset<\/td>\n111,780<\/td>\nNational crossed 100,000 at 26.89.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.89
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n73,797<\/td>\nNesbitt crossed 53,800 at 25.53.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n55,170<\/td>\nRBC crossed 23,100 at 26.86.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.81
\nBid-YTW : 3.07 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n46,991<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n41,878<\/td>\nScotia crossed 16,600 at 25.75; RBC crossed 16,300 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-30
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.80
\nBid-YTW : 0.46 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nDeemed-Retractible<\/td>\n39,365<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-06-16
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.13
\nBid-YTW : -10.21 %<\/td>\n<\/tr>\n
There were 31 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: 18.34 – 19.00
\nSpot Rate : 0.6600
\nAverage : 0.4667<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 18.34
\nEvaluated at bid price : 18.34
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.50 – 52.99
\nSpot Rate : 0.4900
\nAverage : 0.3218<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.50
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.72 – 25.20
\nSpot Rate : 0.4800
\nAverage : 0.3391<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-05-17
\nMaturity Price : 24.39
\nEvaluated at bid price : 24.72
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 26.65 – 27.12
\nSpot Rate : 0.4700
\nAverage : 0.3302<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.65
\nBid-YTW : 1.20 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.73 – 26.30
\nSpot Rate : 0.5700
\nAverage : 0.4311<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.73
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

RY.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.61 – 27.03
\nSpot Rate : 0.4200
\nAverage : 0.2811<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.61
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Fitch downgraded Greece: Greece\u2019s credit rating was downgraded one level by Fitch Ratings on \u201cheightened risk\u201d that the country will not be able to sustain its membership of the euro area after inconclusive elections left …<\/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-18668","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18668","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=18668"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18668\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}