{"id":20792,"date":"2013-01-11T00:17:23","date_gmt":"2013-01-11T04:17:23","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20792"},"modified":"2013-01-11T00:17:23","modified_gmt":"2013-01-11T04:17:23","slug":"january-10-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20792","title":{"rendered":"January 10, 2013"},"content":{"rendered":"

Work sharing is becoming more common in the US<\/a>:<\/p>\n

Instead of dismissal notices, employees get a shortened work week, with unemployment benefits partially compensating for lost wages. Popularly known as work sharing, the program holds out the promise of fewer layoffs and less painful economic downturns.
…<\/b>
While work share can be useful, policymakers and businesses need to proceed with caution, said Douglas Holmes, president of UWC-Strategic Services on Unemployment & Workers\u2019 Compensation, a Washington-based business group that lobbies on unemployment insurance issues. The programs could drain already stressed unemployment insurance funds and, if used inappropriately, could delay inevitable economic disruptions, he said.<\/p>\n

One reason Blue Crown cites for the drop in orders, for example, is that more dentists are sending work to China.<\/p>\n

\u201cIf an individual continues to do the same job because this policy permits them to, when they would be better off spending time improving their skills doing the next job, that\u2019s a factor that has to be taken into consideration,\u201d Holmes said. \u201cThat turns the program from being a temporary measure to address a fluctuation in demand into one that becomes a long- term wage subsidy.\u201d<\/p>\n

At Blue Crown, where the least-experienced dental technician makes $17.50 an hour, orders still haven\u2019t bounced back and co-owner Roberts is applying for her third year of work share.<\/p><\/blockquote>\n

Liquidity is becoming more important in US corporate bond pricing<\/a>:<\/p>\n

Investors\u2019 preference for the most- liquid corporate debt is running higher than any time since the credit crisis, a signal they\u2019re preparing for the four-year rally to end.<\/p>\n

The expense incurred by credit traders to complete bond transactions was the lowest last year relative to costs implied by the market\u2019s average bid-ask spread since 2009, according to Barclays Plc. The shift, a sign that buyers are favoring securities that are easiest to trade, has helped financial bonds beat industrial debt by the biggest margin on record, Bank of America Merrill Lynch index data show.
…<\/b>
Buyers are seeking flexibility as a 6 percent increase in trading volumes fails to keep up with a 13 percent rise in the size of the dollar-denominated market, data from Bloomberg and Bank of America Merrill Lynch show.<\/p>\n

The average daily volume of bonds changing hands last year accounted for 0.29 percent of outstanding debt, the lowest proportion since at least 2005, according to data compiled by Bloomberg and Trace.<\/p>\n

The 21 primary dealers with the Federal Reserve, which traditionally used their own money to facilitate trading, have reduced their corporate-bond inventories 76 percent since October 2007 to $57.49 billion, Bloomberg data show.<\/p><\/blockquote>\n

US housing horror stories never seem to end<\/a>:<\/p>\n

Six years in, thousands of homeowners are finding themselves legally liable for houses they didn\u2019t know they still owned after banks decided it wasn\u2019t worth their while to complete foreclosures on them. With impunity, banks have been walking away from foreclosures much the way some homeowners walked away from their mortgages when the housing market first crashed.<\/p>\n

\u201cThe banks are just deciding not to foreclose, even though the homeowners never caught up with their payments,\u201d says Daren Blomquist, vice-president at RealtyTrac, a real-estate information company in Irvine, California.<\/p><\/blockquote>\n

FTN.PR.A was confirmed at Pfd-4(high) by DBRS<\/a>:<\/p>\n

Over the past year, the performance of the Portfolio experienced some volatility, with the month-end NAV of the Company fluctuating between $18.07 and $19.02 per unit. The current dividend coverage ratio is around 0.66, but the Company has also written covered call options in order to generate additional income for distributions. The rating of Pfd-4 (high) is sufficient based on the current level of downside protection available to the Preferred Shares. As a result, the rating has been confirmed at Pfd-4 (high).<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums up 8bp, FixedResets off 1bp and DeemedRetractibles gaining 3bp. Volatility was low. Volume was significantly above 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>\n0.3599 %<\/td>\n2,494.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.25 %<\/td>\n3.62 %<\/td>\n29,582<\/td>\n18.00<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,785.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.79 %<\/td>\n3.01 %<\/td>\n55,807<\/td>\n19.71<\/td>\n4<\/td>\n0.3599 %<\/td>\n2,692.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n-4.82 %<\/td>\n51,810<\/td>\n0.39<\/td>\n4<\/td>\n0.0953 %<\/td>\n2,601.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.60 %<\/td>\n4.57 %<\/td>\n44,130<\/td>\n4.34<\/td>\n2<\/td>\n0.0200 %<\/td>\n2,893.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0953 %<\/td>\n2,379.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.26 %<\/td>\n0.45 %<\/td>\n75,396<\/td>\n0.75<\/td>\n30<\/td>\n0.0769 %<\/td>\n2,343.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.82 %<\/td>\n4.83 %<\/td>\n132,628<\/td>\n15.79<\/td>\n4<\/td>\n-0.1211 %<\/td>\n2,660.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.92 %<\/td>\n2.95 %<\/td>\n209,779<\/td>\n3.61<\/td>\n78<\/td>\n-0.0099 %<\/td>\n2,472.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.87 %<\/td>\n-0.72 %<\/td>\n111,368<\/td>\n0.30<\/td>\n46<\/td>\n0.0345 %<\/td>\n2,435.7<\/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
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.96
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-01-10
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.80
\nBid-YTW : 2.28 %<\/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.P<\/td>\nFixedReset<\/td>\n205,027<\/td>\nRBC crossed blocks of 150,000 and 40,000, both at 27.11.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.11
\nBid-YTW : 1.68 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n172,354<\/td>\nRBC crossed blocks of 88,000 shares, 39,079 and 14,660, all at 25.65, then sold 10,000 to anonymous at 25.67.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.67
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
CM.PR.L<\/td>\nFixedReset<\/td>\n167,734<\/td>\nRBC crossed 100,000 at 26.45; National crossed 61,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.38
\nBid-YTW : 1.92 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n136,912<\/td>\nNesbitt crossed blocks of 59,840 and 48,472, both at 24.45.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-01-10
\nMaturity Price : 23.26
\nEvaluated at bid price : 24.43
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n95,920<\/td>\nRBC crossed blocks of 26,265 and 37,219, both at 25.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
BMO.PR.H<\/td>\nDeemed-Retractible<\/td>\n91,597<\/td>\nNational crossed 18,700 at 25.45; TD crossed 70,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.39
\nBid-YTW : -1.75 %<\/td>\n<\/tr>\n
There were 38 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
PWF.PR.K<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.36 – 26.00
\nSpot Rate : 0.6400
\nAverage : 0.3766<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 22.96 – 23.55
\nSpot Rate : 0.5900
\nAverage : 0.4029<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.96
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n

PWF.PR.M<\/td>\nFixedReset<\/td>\nQuote: 25.74 – 26.15
\nSpot Rate : 0.4100
\nAverage : 0.2846<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.74
\nBid-YTW : 2.83 %<\/td>\n<\/tr>\n

ENB.PR.F<\/td>\nFixedReset<\/td>\nQuote: 25.49 – 25.70
\nSpot Rate : 0.2100
\nAverage : 0.1351<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.49
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 51.80 – 52.10
\nSpot Rate : 0.3000
\nAverage : 0.2313<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 51.80
\nBid-YTW : 0.45 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 26.40 – 26.62
\nSpot Rate : 0.2200
\nAverage : 0.1543<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Work sharing is becoming more common in the US: Instead of dismissal notices, employees get a shortened work week, with unemployment benefits partially compensating for lost wages. Popularly known as work sharing, the program holds …<\/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-20792","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20792","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=20792"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20792\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}