{"id":19380,"date":"2012-08-03T02:42:14","date_gmt":"2012-08-03T06:42:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19380"},"modified":"2012-08-03T02:42:14","modified_gmt":"2012-08-03T06:42:14","slug":"august-2-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19380","title":{"rendered":"August 2, 2012"},"content":{"rendered":"

There’s some jostling over the YLO reorg<\/a>:<\/p>\n

Law firm McMillan, counsel for the company\u2019s lenders, said Wednesday the lenders, who weren\u2019t specified, are owed a principal amount of $369-million by Yellow Media as of Sept. 28, 2011.
…<\/b>
\u201cThe company put forward the proposed CBCA plan without notice to or prior consultation with the lenders or most of its other stakeholders,\u201d McMillan said in a news release.<\/p>\n

\u201cThe lenders have invited the company to withdraw the proposed CBCA plan forthwith and to engage in a more open and transparent consultation process with its stakeholders to see if an acceptable plan can be achieved.\u201d<\/p>\n

The lenders intend to bring a motion on Aug. 6 to protect their legal rights in the reorganization proceeding initiated by Yellow Media under the CBCA.<\/p><\/blockquote>\n

Goldman Sachs has developed a new kind of investment<\/a>:<\/p>\n

Under the Goldman Sachs-funded initiative, inmates aged 16 to 18 will receive education, training and counseling intended to reduce the likelihood of them reoffending after their release.
…<\/b>
City officials said Goldman would provide a $9.6-million loan to pay for the program at the Rikers Island jail complex. If recidivism drops by 10 per cent, the firm will get back the $9.6-million. If it drops even more, Goldman could make as much as $2.1-million in profit. If recidivism doesn’t drop by at least 10 percent, Goldman will lose as much as $2.4-million.<\/p>\n

Nearly half of the adolescents who leave city jails currently return within one year.<\/p>\n

Social impact bonds, also called pay-for-success bonds, were first used in Britain and are being explored in Australia and in the U.S.<\/p>\n

Massachusetts is negotiating with two nonprofit groups to finance juvenile justice and homelessness programs with the promise of repayment only if the programs work.<\/p><\/blockquote>\n

I don’t know why it’s called a “bond” rather than “an investment in a micro-cap that has a government contract”, but I suppose it helps sell the things.<\/p>\n

As of September 28, 2011? That was the date the banks tightened the screws<\/a> and DBRS slashed the rating<\/a>. But why it’s being used as a reference date for the challengers’ holdings is something I don’t know.<\/p>\n

Testing software is boring<\/a>:<\/p>\n

Knight Capital Group Inc. (KCG) said losses from yesterday\u2019s trading breakdown are $440 million, almost quadruple its 2011 net income and more than some analysts had estimated, and the firm is exploring strategic and financial alternatives. Its stock has lost 66 percent in two days.<\/p>\n

Knight said it will continue its trading and market-making today as it considers its options. Yesterday\u2019s issue was related to the installation of trading software and resulted in the company sending \u201cnumerous erroneous orders,\u201d the Jersey City, New Jersey-based firm said today. The stock tumbled 50 percent to $3.46 at 9:36 a.m. New York time today.
…<\/b>
The errors were caused by a malfunction in a trading algorithm, according to a person at Knight who asked to remain anonymous because the matter hasn\u2019t been publicized. <\/p><\/blockquote>\n

Apparently there’s some regulatory concern over the problem<\/a>:<\/p>\n

Yesterday\u2019s problem shows regulation is \u201cbroken\u201d and a study group should be convened to review technology and market structure, Arthur Levitt, former chairman of the Securities and Exchange Commission, said in an interview. Regulators would have been able to stop incidents such as yesterday\u2019s breakdown if they didn\u2019t face a lack of resources, he said.<\/p>\n

\u201cThe ability of regulators to do their job has never been weaker than it is today because of the failure of the oversight process,\u201d Levitt, 81, said today in an interview. \u201cCongress has a greater responsibility for what we\u2019re seeing today than any regulator or any particular part of the industry. They\u2019ve allowed this to happen.\u201d<\/p>\n

Kevin Callahan, a spokesman with the SEC, said in an e-mail that regulators are \u201cclosely monitoring the situation and in continuous contact with the NYSE and other market participants.”<\/p><\/blockquote>\n

I don’t understand this. A poorly-run company gave a $440-million gift to investors. Why is this a problem?<\/p>\n

In related news, a bug was discovered at Hymas Investment Management today:<\/p>\n

\"\"<\/a>
Click for big<\/i><\/div>\n

Company officials were quoted as saying “Now stop screwing around and do some damn work.”<\/p>\n

ING Bank Canada is for sale<\/a>:<\/p>\n

The sale process for ING Bank Canada has already kicked into high gear, and rival Canadian banks are heavily interested in scooping up their online-focused competitor.<\/p><\/blockquote>\n

I understand that central banks are using Google searches as indicators<\/a>:<\/p>\n

The Federal Reserve and the central banks of England, Italy, Spain and Chile have followed up with their own studies to see if search volumes track trends in the economies they oversee.
…<\/b>
It all started with a hunch in Mountain View, California. On the heels of developing a new website reporting how often users searched for certain keywords, Hal Varian, Google Inc.\u2019s chief economist, said he wondered whether this data could foreshadow what traditional economic reports would show later. So he ran the numbers.<\/p>\n

\u201cThe \u2018aha moment\u2019 was, gee, this actually works,\u201d Varian said in an interview.<\/p>\n

The result was a 23-page paper he co-wrote in April 2009, demonstrating how data reported on the Google Trends service improved forecasts of auto and home sales and retail spending in the U.S.<\/p><\/blockquote>\n

If they’re paying attention to my Google searches, banknotes will soon feature “scarlett johansson nude” in place of dead politicians. But other pornography<\/a> is good too!<\/p>\n

***********************
\nSorry, folks, the daily report will be delayed.<\/p>\n

I have been in Microsoft Version Hell for about ten-and-a-half hours now … and ain’t nuthin’ workin’.<\/p>\n

Update, 2012-8-3<\/b>: Finally!<\/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-0.1408 %<\/td>\n2,292.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1408 %<\/td>\n3,430.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.17 %<\/td>\n3.20 %<\/td>\n65,611<\/td>\n19.21<\/td>\n3<\/td>\n-0.1408 %<\/td>\n2,475.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.76 %<\/td>\n2.40 %<\/td>\n34,108<\/td>\n0.89<\/td>\n5<\/td>\n-0.0306 %<\/td>\n2,535.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.47 %<\/td>\n4.87 %<\/td>\n65,593<\/td>\n4.66<\/td>\n3<\/td>\n0.0799 %<\/td>\n2,767.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0306 %<\/td>\n2,318.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.30 %<\/td>\n3.92 %<\/td>\n103,946<\/td>\n1.16<\/td>\n28<\/td>\n0.0821 %<\/td>\n2,273.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.97 %<\/td>\n4.93 %<\/td>\n103,855<\/td>\n15.56<\/td>\n3<\/td>\n0.2239 %<\/td>\n2,514.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.99 %<\/td>\n3.05 %<\/td>\n181,877<\/td>\n3.95<\/td>\n71<\/td>\n-0.0656 %<\/td>\n2,422.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.95 %<\/td>\n2.96 %<\/td>\n142,532<\/td>\n0.80<\/td>\n46<\/td>\n0.0486 %<\/td>\n2,352.6<\/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
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-02
\nMaturity Price : 23.53
\nEvaluated at bid price : 25.80
\nBid-YTW : 3.05 %<\/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>\n121,160<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-02
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.17
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n105,926<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n
IAG.PR.C<\/td>\nFixedReset<\/td>\n89,180<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n57,027<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-02
\nMaturity Price : 23.73
\nEvaluated at bid price : 25.76
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n55,401<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n54,432<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.78
\nBid-YTW : 2.40 %<\/td>\n<\/tr>\n
There were 20 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
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.12 – 23.85
\nSpot Rate : 0.7300
\nAverage : 0.5176<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-02
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.12
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n

BMO.PR.P<\/td>\nFixedReset<\/td>\nQuote: 26.78 – 27.10
\nSpot Rate : 0.3200
\nAverage : 0.1878<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.78
\nBid-YTW : 2.40 %<\/td>\n<\/tr>\n

BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 25.20 – 25.50
\nSpot Rate : 0.3000
\nAverage : 0.1929<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.80 – 26.25
\nSpot Rate : 0.4500
\nAverage : 0.3447<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-08-02
\nMaturity Price : 23.53
\nEvaluated at bid price : 25.80
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.10 – 25.51
\nSpot Rate : 0.4100
\nAverage : 0.3092<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n

W.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.76 – 26.19
\nSpot Rate : 0.4300
\nAverage : 0.3381<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.76
\nBid-YTW : -0.60 %<\/td>\n<\/tr>\n<\/table>\n

Soon!<\/p>\n","protected":false},"excerpt":{"rendered":"

There’s some jostling over the YLO reorg: Law firm McMillan, counsel for the company\u2019s lenders, said Wednesday the lenders, who weren\u2019t specified, are owed a principal amount of $369-million by Yellow Media as of Sept. …<\/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-19380","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19380","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=19380"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19380\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}