{"id":20725,"date":"2012-12-31T20:57:43","date_gmt":"2013-01-01T00:57:43","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20725"},"modified":"2012-12-31T20:57:43","modified_gmt":"2013-01-01T00:57:43","slug":"december-31-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20725","title":{"rendered":"December 31, 2012"},"content":{"rendered":"

Fiscal madness continues in the US, with proposals to embed milkfare<\/a>:<\/p>\n

Under President Harry S. Truman\u2019s farm policy, the government bought supplies of a product until its price reached \u201cparity\u201d with the cost immediately before World War I. Adjusted for a century of inflation, the Agriculture Department\u2019s milk-support price today would be $39.08 per hundred pounds, more than double the dairy futures price of $18.60 at 8:34 a.m. in New York today.<\/p>\n

Under the revised dairy plan, written by [Minnesota Rep. Collin] Peterson [D], the government would manage the milk supply by setting milk- production limits for farmers who enroll in a market- stabilization program. The proposal eliminates programs that pay farmers when prices fall below a certain level, replacing them with initiatives designed to protect profit margins through insurance programs and by limiting output, which would raise prices.<\/p><\/blockquote>\n

The year ended on a positive note, with PerpetualPremiums and DeemedRetractibles both up 2bp and FixedResets winning 12bp. Volatility was muted. Volume was near non-existent.<\/p>\n

And that’s a wrap for 2012! The fund’s<\/a> done rather well over the year … I’ve earned an extra half spoonful of cinnamon in my coffee tonight!<\/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-0.1601 %<\/td>\n2,478.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.35 %<\/td>\n3.71 %<\/td>\n30,473<\/td>\n17.85<\/td>\n1<\/td>\n0.2294 %<\/td>\n3,700.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.81 %<\/td>\n3.00 %<\/td>\n54,001<\/td>\n19.72<\/td>\n4<\/td>\n-0.1601 %<\/td>\n2,676.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n1.63 %<\/td>\n53,688<\/td>\n0.46<\/td>\n4<\/td>\n0.1241 %<\/td>\n2,599.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.68 %<\/td>\n52,488<\/td>\n4.36<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,875.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1241 %<\/td>\n2,376.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.26 %<\/td>\n1.03 %<\/td>\n67,640<\/td>\n0.78<\/td>\n30<\/td>\n0.0194 %<\/td>\n2,331.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.86 %<\/td>\n4.89 %<\/td>\n129,708<\/td>\n15.69<\/td>\n4<\/td>\n-0.0305 %<\/td>\n2,639.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.92 %<\/td>\n2.89 %<\/td>\n212,650<\/td>\n4.25<\/td>\n77<\/td>\n0.1249 %<\/td>\n2,465.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.88 %<\/td>\n0.09 %<\/td>\n110,626<\/td>\n0.16<\/td>\n46<\/td>\n0.0193 %<\/td>\n2,429.5<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-31
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.23
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n<\/table>\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.T<\/td>\nFixedReset<\/td>\n24,165<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-31
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.21
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n18,397<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.92
\nBid-YTW : 3.19 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n15,467<\/td>\nRBC bought 13,300 from CIBC at 25.58.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n
MFC.PR.E<\/td>\nFixedReset<\/td>\n10,362<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nDeemed-Retractible<\/td>\n10,100<\/td>\nNational crossed 10,000 at 26.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.74
\nBid-YTW : -0.41 %<\/td>\n<\/tr>\n
There were 0 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.C<\/td>\nFloater<\/td>\nQuote: 17.47 – 19.00
\nSpot Rate : 1.5300
\nAverage : 0.8128<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-31
\nMaturity Price : 17.47
\nEvaluated at bid price : 17.47
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n

BNS.PR.J<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.82 – 26.28
\nSpot Rate : 0.4600
\nAverage : 0.2675<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-29
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.82
\nBid-YTW : 0.74 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.23 – 24.70
\nSpot Rate : 0.4700
\nAverage : 0.2905<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-31
\nMaturity Price : 23.75
\nEvaluated at bid price : 24.23
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 51.56 – 52.42
\nSpot Rate : 0.8600
\nAverage : 0.7270<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 51.56
\nBid-YTW : 1.03 %<\/td>\n<\/tr>\n

BNS.PR.O<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.26 – 26.55
\nSpot Rate : 0.2900
\nAverage : 0.1778<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-26
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.26
\nBid-YTW : 0.74 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 23.15 – 23.46
\nSpot Rate : 0.3100
\nAverage : 0.2078<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.15
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Fiscal madness continues in the US, with proposals to embed milkfare: Under President Harry S. Truman\u2019s farm policy, the government bought supplies of a product until its price reached \u201cparity\u201d with the cost immediately before …<\/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-20725","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20725","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=20725"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20725\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}