{"id":20174,"date":"2012-11-03T01:11:33","date_gmt":"2012-11-03T05:11:33","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20174"},"modified":"2012-11-03T01:11:33","modified_gmt":"2012-11-03T05:11:33","slug":"november-2-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20174","title":{"rendered":"November 2, 2012"},"content":{"rendered":"

There was a good US jobs number<\/a>:<\/p>\n

American employers added more workers than forecast in October and a rush of people entering the labor force pushed the jobless rate higher, according to the last report on the labor market before next week\u2019s presidential election.<\/p>\n

Broad-based gains in employment — from car dealers and hospitals to factories and construction sites — indicate consumers are likely to spend more freely and shore up the three-year expansion in the face of a global economic slowdown and political gridlock in Washington over taxes and spending.<\/p>\n

Hiring increased by 171,000 workers after a 148,000 gain in September that was bigger than first estimated, Labor Department figures showed today in Washington. October\u2019s increase exceeded the most optimistic forecast in a Bloomberg survey with a median projection of a 125,000 gain. Unemployment rose to 7.9 percent.<\/p><\/blockquote>\n

Federal Reserve Bank of San Francisco President John Williams spoke in defense of QE3<\/a> today:<\/p>\n

Concern that large-scale asset purchases \u201cmight ignite a bout of inflation\u201d are unwarranted because price increases are being held in check by elevated unemployment and an economy that \u201cisn\u2019t operating at full speed,\u201d Williams said.<\/p>\n

\u201cUnemployment is — and should be — a central focus of monetary policy right now,\u201d Williams said. \u201cThis concentration on getting unemployment down in no way represents a lessening of the importance of price stability,\u201d he said, adding that inflation may slow well below the Fed\u2019s 2 percent goal if the U.S. recovery falters.<\/p>\n

Williams said central bank purchases of bonds will help spur U.S. economic growth to 2.5 percent next year and 3.5 percent in 2014 while not fueling inflation.<\/p>\n

\u201cOur policy measures are having the desired effects,\u201d Williams said today in remarks prepared for a speech in Salt Lake City. \u201cWe have substantial scope to use monetary policy to stimulate the economy without creating too much upward pressure on prices.\u201d<\/p><\/blockquote>\n

It was a modestly good day for the Canadian preferred share market, with PerpetualPremiums up 9bp, FixedResets flat and DeemedRetractibles gaining 8bp. Volatility was at normal levels, all to the upside with a preponderance of insurance issues. 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>\n0.5756 %<\/td>\n2,471.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.11 %<\/td>\n3.45 %<\/td>\n35,122<\/td>\n18.43<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,912.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.80 %<\/td>\n2.99 %<\/td>\n58,877<\/td>\n19.74<\/td>\n4<\/td>\n0.5756 %<\/td>\n2,668.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n0.72 %<\/td>\n42,941<\/td>\n0.61<\/td>\n4<\/td>\n-0.0855 %<\/td>\n2,577.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.37 %<\/td>\n4.58 %<\/td>\n63,472<\/td>\n4.47<\/td>\n3<\/td>\n-0.0783 %<\/td>\n2,857.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0855 %<\/td>\n2,356.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.27 %<\/td>\n1.71 %<\/td>\n71,814<\/td>\n0.31<\/td>\n29<\/td>\n0.0889 %<\/td>\n2,314.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.91 %<\/td>\n4.93 %<\/td>\n105,156<\/td>\n15.56<\/td>\n3<\/td>\n0.2347 %<\/td>\n2,593.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.00 %<\/td>\n3.02 %<\/td>\n213,547<\/td>\n3.94<\/td>\n74<\/td>\n-0.0042 %<\/td>\n2,444.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.92 %<\/td>\n3.49 %<\/td>\n133,721<\/td>\n1.12<\/td>\n46<\/td>\n0.0772 %<\/td>\n2,392.7<\/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
PWF.PR.M<\/td>\nFixedReset<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 2.11 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.98
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-02
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.23
\nBid-YTW : 2.35 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nDeemed-Retractible<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.68
\nBid-YTW : 4.60 %<\/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
BNS.PR.Z<\/td>\nFixedReset<\/td>\n174,415<\/td>\nDesjardins crossed 150,000 at 25.13.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n173,896<\/td>\nDesjardins crossed three blocks: 85,000 and two of 42,300 each, all at 26.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.04
\nBid-YTW : 2.84 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n102,944<\/td>\nTD crossed 100,000 at 25.65.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-02
\nMaturity Price : 23.65
\nEvaluated at bid price : 25.60
\nBid-YTW : 2.76 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n82,691<\/td>\nRBC crossed blocks of 30,000 shares, 10,000 and 38,100, all at 24.25.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-02
\nMaturity Price : 23.98
\nEvaluated at bid price : 24.27
\nBid-YTW : 4.93 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n81,001<\/td>\nRBC crossed 74,000 at 27.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 27.39
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n65,131<\/td>\nTD crossed 60,300 at 26.55.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.46
\nBid-YTW : 2.26 %<\/td>\n<\/tr>\n
There were 24 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
BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.12 – 26.68
\nSpot Rate : 0.5600
\nAverage : 0.3322<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-25
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.12
\nBid-YTW : -0.32 %<\/td>\n<\/tr>\n

W.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.53 – 26.00
\nSpot Rate : 0.4700
\nAverage : 0.3322<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.53
\nBid-YTW : -3.53 %<\/td>\n<\/tr>\n

MFC.PR.E<\/td>\nFixedReset<\/td>\nQuote: 26.23 – 26.48
\nSpot Rate : 0.2500
\nAverage : 0.1708<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.23
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n

PWF.PR.I<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.48 – 25.74
\nSpot Rate : 0.2600
\nAverage : 0.1810<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-02
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.48
\nBid-YTW : -16.09 %<\/td>\n<\/tr>\n

SLF.PR.F<\/td>\nFixedReset<\/td>\nQuote: 26.47 – 26.73
\nSpot Rate : 0.2600
\nAverage : 0.1947<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.47
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n

BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 25.52 – 25.77
\nSpot Rate : 0.2500
\nAverage : 0.1915<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There was a good US jobs number: American employers added more workers than forecast in October and a rush of people entering the labor force pushed the jobless rate higher, according to the last report …<\/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-20174","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20174","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=20174"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20174\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}