{"id":20323,"date":"2012-11-20T02:36:19","date_gmt":"2012-11-20T06:36:19","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20323"},"modified":"2012-11-20T02:36:19","modified_gmt":"2012-11-20T06:36:19","slug":"november-19-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20323","title":{"rendered":"November 19, 2012"},"content":{"rendered":"

Location, location, location<\/a>!<\/p>\n

Prices in the U.K. capital increased 1.2 percent to an average 483,709 pounds ($766,500), the operator of Britain\u2019s biggest property website said in a report today. Properties in the city\u2019s nine most expensive districts — where average prices exceed 600,000 pounds — surged 3.4 percent. Nationally, values fell 2.6 percent.
…<\/b>
London\u2019s most expensive districts are attracting investors looking for safer investments and luxury-home values are now 16 percent higher than their previous peak in March 2008, according to property consultant firm Knight Frank LLP. International buyers accounted for 41 percent of London houses bought for at least 1 million pounds in September.<\/p>\n

London continues to buck the trend nationally, according to Rightmove\u2019s data. The decline in asking prices in England and Wales this month was the biggest in almost a year and left the average at 236,761 pounds. From a year earlier, national prices were up 2 percent versus an 8.8 percent gain in London.<\/p><\/blockquote>\n

Muddy Waters has blown another whistle<\/a>:<\/p>\n

Olam International Ltd. (OLMIF), the commodities trader part owned by Singapore\u2019s state-owned investment company, plunged the most in four years in U.S. trading after short-seller Carson Block questioned the company\u2019s accounting methods.<\/p>\n

The supplier of 20 agricultural goods from cocoa to rubber halted its shares from trading in Singapore today, after it fell 21 percent in over-the-counter trading in New York yesterday, according to data compiled by Bloomberg. The company is booking profits on transactions before it\u2019s clear how the deals will work out over time, Block said.<\/p>\n

Olam is \u201cdismayed at the nature and lack of substance\u201d of Block\u2019s comments and wasn\u2019t contacted before by him or his Muddy Waters LLC research firm, Chief Executive Officer Sunny Verghese said in an e-mailed statement. He\u2019s waiting for a report from Muddy Waters and \u201cwill strongly defend Olam\u2019s excellent reputation for transparency and good governance,\u201d he said.<\/p><\/blockquote>\n

Equities did well<\/a>:<\/p>\n

U.S. stocks rose, giving the Standard & Poor\u2019s 500 Index its biggest advance in two months, amid better-than-forecast housing data and as President Barack Obama expressed confidence on a budget agreement with Congress.
…<\/b>
The S&P 500 rose 2 percent to 1,386.89 at 4 p.m. in New York. The benchmark gauge for U.S. equities gained 2.5 percent in two days, the most since July. The Dow Jones Industrial Average added 207.65 points, or 1.7 percent, to 12,795.96. Volume for exchange-listed stocks in the U.S. was 6.2 billion shares, about in line with the three-month daily average.<\/p><\/blockquote>\n

The Euro, not so much<\/a>:<\/p>\n

The euro slid versus most of its 16 major counterparts after Moody\u2019s Investors Service stripped France of its top government bond rating, renewing concern the currency bloc\u2019s debt crisis is deepening.<\/p>\n

The 17-nation euro fell against the dollar and yen after Moody\u2019s cut France by one grade to Aa1 and said its outlook remains negative.
…<\/b>
\u201cFrance\u2019s fiscal outlook is uncertain as a result of its deteriorating economic prospects,\u201d Moody\u2019s said in a statement dated yesterday. Moody\u2019s downgrade of the nation follows similar action by Standard & Poor\u2019s in January.<\/p>\n

A preliminary reading of a gauge of French manufacturing will probably indicate contraction for a ninth-straight month in November, according to the median estimate of economists surveyed by Bloomberg News before the figures are released on Nov. 22. A similar index for services may indicate shrinkage for a fourth consecutive period, a separate poll showed.<\/p><\/blockquote>\n

The perennial national security regulator revival<\/a> is going through another whirl:<\/p>\n

Three of Canada\u2019s largest provinces are leading a revived effort to create a single agency to oversee the country\u2019s securities markets, an initiative that comes nearly one year after the Supreme Court\u2019s rejection of a national regulator.<\/p><\/blockquote>\n

I’ve been saying for at least ten years that a truly national securities regulator will not happen. So what? Create a voluntary, opt-in, national regulator. Even if it’s just Ontario and Prince Edward Island, I’m still better off – marginally, to be sure, but measurably – than I am now.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums up 8bp, FixedResets off 1bp and DeemedRetractibles gaining 14bp. Volatility was very low. 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>\n0.0671 %<\/td>\n2,452.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.18 %<\/td>\n3.52 %<\/td>\n29,274<\/td>\n18.27<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,853.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.82 %<\/td>\n3.02 %<\/td>\n54,860<\/td>\n19.62<\/td>\n4<\/td>\n0.0671 %<\/td>\n2,648.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n0.90 %<\/td>\n36,187<\/td>\n0.60<\/td>\n4<\/td>\n0.0190 %<\/td>\n2,592.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.39 %<\/td>\n4.78 %<\/td>\n55,579<\/td>\n4.42<\/td>\n3<\/td>\n0.1311 %<\/td>\n2,848.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0190 %<\/td>\n2,370.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.25 %<\/td>\n2.41 %<\/td>\n72,780<\/td>\n0.27<\/td>\n30<\/td>\n0.0846 %<\/td>\n2,321.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.87 %<\/td>\n4.91 %<\/td>\n101,601<\/td>\n15.56<\/td>\n3<\/td>\n0.1368 %<\/td>\n2,614.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.98 %<\/td>\n2.90 %<\/td>\n198,133<\/td>\n3.94<\/td>\n75<\/td>\n-0.0124 %<\/td>\n2,450.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.90 %<\/td>\n3.36 %<\/td>\n120,793<\/td>\n0.75<\/td>\n46<\/td>\n0.1413 %<\/td>\n2,401.5<\/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
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.54 %<\/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
BMO.PR.Q<\/td>\nFixedReset<\/td>\n148,529<\/td>\nScotia crossed 50,000 at 25.15; RBC crossed 50,000 at the same price; TD crossed 10,000 at the same price again.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.12
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Premium<\/td>\n109,342<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n59,800<\/td>\nScotia crossed 30,000 at 25.01; TD crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.97
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n55,386<\/td>\nNesbitt crossed 50,000 at 24.10.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n49,010<\/td>\nRBC crossed blocks of 28,200 and 15,000, both at 26.10.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.02
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n37,085<\/td>\nRBC crossed 14,600 at 25.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
There were 25 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.B<\/td>\nFloater<\/td>\nQuote: 17.50 – 18.00
\nSpot Rate : 0.5000
\nAverage : 0.3267<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-19
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n

GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.81 – 27.20
\nSpot Rate : 0.3900
\nAverage : 0.2546<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.81
\nBid-YTW : 4.28 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.16 – 52.58
\nSpot Rate : 0.4200
\nAverage : 0.3043<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.16
\nBid-YTW : 2.41 %<\/td>\n<\/tr>\n

MFC.PR.A<\/td>\nOpRet<\/td>\nQuote: 25.55 – 25.88
\nSpot Rate : 0.3300
\nAverage : 0.2262<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.06 – 26.35
\nSpot Rate : 0.2900
\nAverage : 0.1903<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.80 – 26.48
\nSpot Rate : 0.6800
\nAverage : 0.5947<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2012-12-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.80
\nBid-YTW : -0.98 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Location, location, location! Prices in the U.K. capital increased 1.2 percent to an average 483,709 pounds ($766,500), the operator of Britain\u2019s biggest property website said in a report today. Properties in the city\u2019s nine most …<\/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-20323","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20323","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=20323"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20323\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}