{"id":20430,"date":"2012-11-30T23:27:01","date_gmt":"2012-12-01T03:27:01","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20430"},"modified":"2012-11-30T23:27:01","modified_gmt":"2012-12-01T03:27:01","slug":"november-30-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20430","title":{"rendered":"November 30, 2012"},"content":{"rendered":"

I have long been amused that monetary loosening intended to provoke investment in productivity enhancing endeavors has instead had the result of inflating housing bubbles; and now Citibank says there’s another problem<\/a>:<\/p>\n

Worldwide quantitative easing may be making investors richer rather than encouraging business investment, according to Citigroup Inc. (C)<\/p>\n

Fulfilling the goals of central bankers such as Federal Reserve Chairman Ben S. Bernanke, ultra-low interest rates and bond purchases are encouraging investors to buy stocks. Policy makers\u2019 intent was that asset prices and wealth would rise, encouraging consumers and businesses to spend more.<\/p>\n

The sticking point is the particular equities investors are favoring, Robert Buckland, Citigroup\u2019s London-based chief global equity strategist, said in a Nov. 21 report. His research suggests they tend to choose companies that issue dividends and buy back shares rather than those that invest in the economy.<\/p><\/blockquote>\n

It was a modest day in the Canadian preferred share market, with PerpetualPremiums up 4bp while FixedResets and DeemedRetractibles both gained 2bp. Volatility was low but entirely comprised of losers. Volume was high.<\/p>\n

And that’s it for another month!<\/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>\n0.1600 %<\/td>\n2,470.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.18 %<\/td>\n3.53 %<\/td>\n27,289<\/td>\n18.24<\/td>\n1<\/td>\n0.3532 %<\/td>\n3,849.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.80 %<\/td>\n3.00 %<\/td>\n58,323<\/td>\n19.66<\/td>\n4<\/td>\n0.1600 %<\/td>\n2,667.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n2.67 %<\/td>\n49,529<\/td>\n0.54<\/td>\n4<\/td>\n-0.2937 %<\/td>\n2,591.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.45 %<\/td>\n4.85 %<\/td>\n66,461<\/td>\n4.44<\/td>\n3<\/td>\n0.0000 %<\/td>\n2,855.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2937 %<\/td>\n2,369.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.25 %<\/td>\n1.71 %<\/td>\n72,608<\/td>\n0.23<\/td>\n30<\/td>\n0.0362 %<\/td>\n2,319.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.86 %<\/td>\n4.89 %<\/td>\n125,232<\/td>\n15.58<\/td>\n4<\/td>\n0.2651 %<\/td>\n2,618.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.00 %<\/td>\n2.98 %<\/td>\n210,799<\/td>\n4.17<\/td>\n75<\/td>\n0.0176 %<\/td>\n2,446.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.91 %<\/td>\n2.39 %<\/td>\n116,928<\/td>\n0.48<\/td>\n46<\/td>\n0.0178 %<\/td>\n2,406.4<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.G<\/td>\nFixedReset<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
BAM.PR.O<\/td>\nOpRet<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.60
\nBid-YTW : 3.68 %<\/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
FTS.PR.J<\/td>\nPerpetual-Premium<\/td>\n186,070<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n185,604<\/td>\nNational crossed blocks of 40,000 shares, 49,800 and 80,000, all at 26.65.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 2.40 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n144,246<\/td>\nNesbitt crossed 35,000 at 26.90; RBC crossed 100,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.85
\nBid-YTW : 2.05 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n128,253<\/td>\nRBC crossed 100,000 at 24.72.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.72
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
TD.PR.Q<\/td>\nDeemed-Retractible<\/td>\n127,800<\/td>\nScotia crossed 75,000 at 26.50, then bought blocks of 14,200 shares, 10,800 and 12,400 from Nesbitt at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.45
\nBid-YTW : -2.16 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n106,760<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-11-30
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.58
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
There were 41 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.O<\/td>\nOpRet<\/td>\nQuote: 25.51 – 26.01
\nSpot Rate : 0.5000
\nAverage : 0.3118<\/p>\n

YTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n

MFC.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.40 – 25.78
\nSpot Rate : 0.3800
\nAverage : 0.2113<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n

MFC.PR.A<\/td>\nOpRet<\/td>\nQuote: 25.63 – 26.22
\nSpot Rate : 0.5900
\nAverage : 0.4486<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.63
\nBid-YTW : 2.74 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.53 – 26.77
\nSpot Rate : 0.2400
\nAverage : 0.1457<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.53
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n

POW.PR.G<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.86 – 27.19
\nSpot Rate : 0.3300
\nAverage : 0.2468<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-15
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.86
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.94 – 24.14
\nSpot Rate : 0.2000
\nAverage : 0.1332<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.94
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I have long been amused that monetary loosening intended to provoke investment in productivity enhancing endeavors has instead had the result of inflating housing bubbles; and now Citibank says there’s another problem: Worldwide quantitative easing …<\/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-20430","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20430","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=20430"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20430\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}