{"id":18775,"date":"2012-06-01T21:41:44","date_gmt":"2012-06-02T01:41:44","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=18775"},"modified":"2012-06-01T21:41:44","modified_gmt":"2012-06-02T01:41:44","slug":"june-1-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=18775","title":{"rendered":"June 1, 2012"},"content":{"rendered":"

Berlusconi is hardly considered an elder statesman, but he’s indicative of the mood<\/a>:<\/p>\n

Former Premier Silvio Berlusconi said Italy should say \u201cciao, euro\u201d if the European Central Bank doesn\u2019t start printing money to tackle the debt crisis and Germany should quit the single currency if it won\u2019t back a bolder role for ECB.<\/p>\n

\u201cThe economic crisis can\u2019t be solved\u201d in Italy, Berlusconi said in comments posted on his party\u2019s website today. He called on Prime Minister Mario Monti to \u201cchange his political line\u201d and lobby European leaders to back a money- printing campaign by the Frankfurt-based ECB. If the central bank doesn\u2019t become a \u201clender of last resort,\u201d Italy should say \u201cciao, euro,\u201d the former premier said.<\/p><\/blockquote>\n

The malaise may spread to America<\/a>:<\/p>\n

U.S. stocks tumbled, erasing the 2012 advance in the Dow Jones Industrial Average, as employers added the fewest workers in a year, the unemployment rate rose while manufacturing output shrank in Europe and slowed in China.
…<\/b>
Equities slumped as American employers in May added the fewest workers in a year and the unemployment rate unexpectedly increased as job-seekers re-entered the workforce. Payrolls climbed by 69,000 last month, less than the most-pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated. The median estimate called for a 150,000 May advance. The jobless rate rose to 8.2 percent from 8.1 percent, while hours worked declined.<\/p><\/blockquote>\n

The Treasury market was pleased<\/a>:<\/p>\n

The benchmark 10-year yield fell nine basis points, or 0.09 percentage point, to 1.47 percent in New York time, according to Bloomberg Bond Traders prices. Thirty-year bond yields declined nine basis points to 2.55 percent, reaching 2.5089 percent, below the record 2.5090 percent on Dec. 18, 2008, according to Federal Reserve figures beginning in 1953.<\/p><\/blockquote>\n

Things are going the other way in Spain<\/a>:<\/p>\n

Spain\u2019s campaign to cajole the European Central Bank into buying its bonds is backfiring.<\/p>\n

The nation\u2019s 10-year borrowing cost has jumped more than half a point to 6.62 percent since Jaime Garcia-Legaz, the deputy minister for trade, became the country\u2019s first official to urge the ECB to support its bonds on April 13. Yield increases accelerated after May 24 when Prime Minister Mariano Rajoy signalled that Spain\u2019s debt sustainability may be in danger, and peaked at 6.70 percent on May 30, moving closer to the 7 percent level that forced Greece, Portugal and Ireland to seek outside aid.<\/p><\/blockquote>\n

The morons at the Toronto Water department have given the city another black eye<\/a>:<\/p>\n

Subway service around Toronto\u2019s Union Station remains suspended Friday evening after an apparent sewer back-up or break sent water gushing into Canada\u2019s busiest rail hub.
…<\/b>
The flooding has spread to the PATH system, closing the portion of the underground retail concourse south of Wellington Street, Mr. Ross added.<\/p>\n

The scene around Union Station Friday was chaotic. Toronto police cars with lights flashing shut down the section of Front Street from York to Yonge streets.<\/p><\/blockquote>\n

Will wonders never cease? There’s a prominent Republican speaking halfway reasonably<\/a>:<\/p>\n

Former Florida Governor Jeb Bush, in a break with his party, said he could support tax increases to help reduce the federal government\u2019s budget deficit.<\/p>\n

The brother of former President George W. Bush told a congressional panel in Washington today that he could back a theoretical deficit-reduction package that would include $1 in tax increases for every $10 in spending cuts.<\/p><\/blockquote>\n

Fortunately, there are other Republicans maintaining the party’s reputation by supporting Al-Qaeda’s thesis<\/a> that there’s some kind of religious war going on:<\/p>\n

The opponents of the Tennessee mosque have fought for two years to stop construction. During lengthy hearings in 2010, they presented testimony that in effect put Islam on trial. A string of witnesses questioned whether Islam is a legitimate religion and promoted a theory that American Muslims want to replace the Constitution with extremist Islamic law and the mosque was a part of that plot.
…<\/b>
The mosque also became an issue in a local congressional race, with Republican candidate Lou Ann Zelenik calling it a threat to the state\u2019s moral and political foundation.<\/p>\n

Later, a dump truck on the site was burned in what federal officials determined was arson.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 10bp, FixedResets up 3bp and DeemedRetractibles down 14bp. Volatility was good. Volume was light.<\/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>\n-1.4095 %<\/td>\n2,436.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.50 %<\/td>\n3.85 %<\/td>\n30,692<\/td>\n17.56<\/td>\n1<\/td>\n-0.5647 %<\/td>\n3,506.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.96 %<\/td>\n2.97 %<\/td>\n74,275<\/td>\n19.74<\/td>\n3<\/td>\n-1.4095 %<\/td>\n2,631.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.81 %<\/td>\n3.04 %<\/td>\n40,525<\/td>\n1.04<\/td>\n5<\/td>\n-0.2623 %<\/td>\n2,498.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.31 %<\/td>\n-1.44 %<\/td>\n49,629<\/td>\n0.54<\/td>\n4<\/td>\n-0.1700 %<\/td>\n2,697.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2623 %<\/td>\n2,284.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.46 %<\/td>\n2.95 %<\/td>\n75,295<\/td>\n0.61<\/td>\n25<\/td>\n0.0972 %<\/td>\n2,226.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.07 %<\/td>\n5.09 %<\/td>\n78,300<\/td>\n15.26<\/td>\n8<\/td>\n0.3507 %<\/td>\n2,447.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.07 %<\/td>\n3.31 %<\/td>\n192,932<\/td>\n7.83<\/td>\n70<\/td>\n0.0320 %<\/td>\n2,384.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.02 %<\/td>\n3.87 %<\/td>\n158,304<\/td>\n2.99<\/td>\n45<\/td>\n-0.1418 %<\/td>\n2,303.5<\/td>\n<\/tr>\n<\/table>\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
BAM.PR.C<\/td>\nFloater<\/td>\n-2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-06-01
\nMaturity Price : 17.48
\nEvaluated at bid price : 17.48
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.05
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n
SLF.PR.D<\/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 : 22.04
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.32
\nBid-YTW : 2.53 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-06-01
\nMaturity Price : 23.65
\nEvaluated at bid price : 26.48
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-06-01
\nMaturity Price : 23.37
\nEvaluated at bid price : 23.77
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.57
\nBid-YTW : 5.35 %<\/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
IAG.PR.G<\/td>\nFixedReset<\/td>\n353,936<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nDeemed-Retractible<\/td>\n54,400<\/td>\nRBC crossed 49,700 at 25.65.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.61
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
BMO.PR.N<\/td>\nFixedReset<\/td>\n52,700<\/td>\nNational crossed 50,000 at 26.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.46
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n50,000<\/td>\nTD crossed 49,400 at 25.40.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
RY.PR.B<\/td>\nDeemed-Retractible<\/td>\n42,615<\/td>\nDesjardins crossed 34,700 at 25.76.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n41,935<\/td>\nNesbitt crossed 40,000 at 26.68.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.62
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n
There were 18 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
ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.52 – 25.85
\nSpot Rate : 0.3300
\nAverage : 0.2195<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : -18.65 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.03 – 52.49
\nSpot Rate : 0.4600
\nAverage : 0.3619<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.03
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 26.32 – 26.60
\nSpot Rate : 0.2800
\nAverage : 0.1878<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.32
\nBid-YTW : 2.53 %<\/td>\n<\/tr>\n

BAM.PR.O<\/td>\nOpRet<\/td>\nQuote: 25.73 – 26.00
\nSpot Rate : 0.2700
\nAverage : 0.1844<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.73
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n

BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 24.52 – 24.90
\nSpot Rate : 0.3800
\nAverage : 0.2959<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.52
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.65 – 25.90
\nSpot Rate : 0.2500
\nAverage : 0.1701<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.65
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Berlusconi is hardly considered an elder statesman, but he’s indicative of the mood: Former Premier Silvio Berlusconi said Italy should say \u201cciao, euro\u201d if the European Central Bank doesn\u2019t start printing money to tackle the …<\/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-18775","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18775","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=18775"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/18775\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}