{"id":19255,"date":"2012-07-17T22:59:02","date_gmt":"2012-07-18T02:59:02","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19255"},"modified":"2012-07-17T22:59:02","modified_gmt":"2012-07-18T02:59:02","slug":"july-17-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19255","title":{"rendered":"July 17, 2012"},"content":{"rendered":"

The bank rate is unchanged<\/a>:<\/p>\n

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1\/4 per cent and the deposit rate is 3\/4 per cent.<\/p>\n

Global growth prospects have weakened since the Bank\u2019s April Monetary Policy Report (MPR). While the economic expansion in the United States continues at a gradual but somewhat slower pace, developments in Europe point to a renewed contraction. In China and other emerging economies, the deceleration in growth has been greater than anticipated, reflecting past policy tightening and weaker external demand. This slowdown in global activity has led to a sizeable reduction in commodity prices, although they remain elevated. The combination of increasing global excess capacity over the projection horizon and reduced commodity prices is expected to moderate global inflationary pressures. Global financial conditions have also deteriorated since April, with periods of considerable volatility. The Bank\u2019s base case projection assumes that the European crisis will continue to be contained, although this assumption is subject to downside risks.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums down 10bp, FixedResets gaining 13bp and DeemedRetractibles up 11bp. Volatility was almost non-existent. While there were a few issues with very good volumes (with a very high correlation to the recent TXPR rebalancing<\/a>), overall 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-0.0404 %<\/td>\n2,288.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0404 %<\/td>\n3,423.8<\/td>\n<\/tr>\n
Floater<\/td>\n3.18 %<\/td>\n3.20 %<\/td>\n76,831<\/td>\n19.24<\/td>\n3<\/td>\n-0.0404 %<\/td>\n2,471.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n3.39 %<\/td>\n42,463<\/td>\n0.93<\/td>\n5<\/td>\n0.0539 %<\/td>\n2,522.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.48 %<\/td>\n4.92 %<\/td>\n73,973<\/td>\n4.70<\/td>\n3<\/td>\n0.0400 %<\/td>\n2,759.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0539 %<\/td>\n2,307.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.36 %<\/td>\n3.29 %<\/td>\n93,542<\/td>\n0.54<\/td>\n28<\/td>\n-0.1047 %<\/td>\n2,257.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.98 %<\/td>\n4.93 %<\/td>\n106,328<\/td>\n15.56<\/td>\n6<\/td>\n0.1782 %<\/td>\n2,502.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.99 %<\/td>\n3.04 %<\/td>\n184,600<\/td>\n4.18<\/td>\n71<\/td>\n0.1267 %<\/td>\n2,415.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n3.71 %<\/td>\n148,044<\/td>\n2.86<\/td>\n46<\/td>\n0.1061 %<\/td>\n2,337.1<\/td>\n<\/tr>\n<\/table>\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.H<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.72
\nBid-YTW : 3.79 %<\/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.N<\/td>\nFixedReset<\/td>\n1,205,755<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-07-17
\nMaturity Price : 23.12
\nEvaluated at bid price : 25.06
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n220,309<\/td>\nTXPR Deletion<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.21
\nBid-YTW : 5.01 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n211,000<\/td>\nTXPR Addition<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.33
\nBid-YTW : 2.09 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n112,387<\/td>\nTXPR Addition<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-01
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.95
\nBid-YTW : 0.12 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n73,230<\/td>\nRecent reopening<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n55,640<\/td>\nTXPR Deletion<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-07-17
\nMaturity Price : 23.54
\nEvaluated at bid price : 25.40
\nBid-YTW : 2.66 %<\/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
BNA.PR.D<\/td>\nSplitShare<\/td>\nQuote: 26.80 – 28.99
\nSpot Rate : 2.1900
\nAverage : 1.2270<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-08-16
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.80
\nBid-YTW : -19.70 %<\/td>\n<\/tr>\n

RY.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.75 – 26.25
\nSpot Rate : 0.5000
\nAverage : 0.2913<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 25.26 – 26.00
\nSpot Rate : 0.7400
\nAverage : 0.5660<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-07-17
\nMaturity Price : 24.96
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.03 – 26.45
\nSpot Rate : 0.4200
\nAverage : 0.2679<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.03
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.60 – 25.89
\nSpot Rate : 0.2900
\nAverage : 0.2116<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-07-17
\nMaturity Price : 23.49
\nEvaluated at bid price : 25.60
\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n

TD.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.66 – 25.87
\nSpot Rate : 0.2100
\nAverage : 0.1364<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The bank rate is unchanged: The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1\/4 per cent and …<\/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-19255","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19255","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=19255"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19255\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}