{"id":21134,"date":"2013-02-16T00:39:41","date_gmt":"2013-02-16T04:39:41","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21134"},"modified":"2013-02-16T00:39:41","modified_gmt":"2013-02-16T04:39:41","slug":"february-15-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21134","title":{"rendered":"February 15, 2013"},"content":{"rendered":"

Has the tide turned for junk bonds<\/a>?<\/p>\n

The biggest buyers of junk bonds are in retreat as exchange-traded funds suffer unprecedented withdrawals with the debt facing its first losses in eight months.<\/p>\n

The outflows sent the combined value of the five biggest junk-debt funds down 7 percent from a four-month high in January to $29.8 billion, according to data compiled by Bloomberg. State Street Corp.\u2019s $11.9 billion fund reported withdrawals of about $988 million in the 12 days ended Feb. 13, the longest stretch since August 2011.<\/p>\n

A pullback three times bigger than that for mutual funds which cater to individuals suggests investors such as hedge funds and banks are cherry picking rather than investing in the broader market, said Peter Tchir of TF Market Advisors. Almost six years after the first high-yield ETF was created, the funds have been drawing the interest of institutions seeking rapid entries and exits with securities that traditionally were traded over the counter.<\/p><\/blockquote>\n

The best story I’ve seen so far on the Russian meteorite explosion<\/a> was in Cracked, an irreverent internet humour site.<\/p>\n

It was an unevenly positive day for the Canadian preferred share market, with PerpetualPremiums gaining 1bp, FixedResets winning 23bp and DeemedRetractibles up 6bp. Volatility picked up a bit. Volume was quite high.<\/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-0.3127 %<\/td>\n2,582.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.14 %<\/td>\n3.46 %<\/td>\n25,992<\/td>\n18.39<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,930.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.57 %<\/td>\n2.88 %<\/td>\n79,949<\/td>\n19.99<\/td>\n5<\/td>\n-0.3127 %<\/td>\n2,788.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n1.61 %<\/td>\n42,601<\/td>\n0.36<\/td>\n5<\/td>\n-0.1563 %<\/td>\n2,607.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.54 %<\/td>\n4.21 %<\/td>\n36,625<\/td>\n4.25<\/td>\n2<\/td>\n-0.0395 %<\/td>\n2,930.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1563 %<\/td>\n2,384.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.24 %<\/td>\n0.02 %<\/td>\n83,322<\/td>\n0.11<\/td>\n29<\/td>\n0.0120 %<\/td>\n2,358.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.85 %<\/td>\n4.90 %<\/td>\n130,580<\/td>\n15.60<\/td>\n4<\/td>\n-0.0812 %<\/td>\n2,645.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.89 %<\/td>\n2.68 %<\/td>\n274,247<\/td>\n3.07<\/td>\n78<\/td>\n0.2346 %<\/td>\n2,501.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.86 %<\/td>\n0.20 %<\/td>\n146,755<\/td>\n0.27<\/td>\n45<\/td>\n0.0586 %<\/td>\n2,440.7<\/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.A<\/td>\nFloater<\/td>\n-2.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-02-15
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.76
\nBid-YTW : 2.27 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Premium<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : -43.85 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.79
\nBid-YTW : 0.91 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.73
\nBid-YTW : 3.45 %<\/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
NA.PR.L<\/td>\nDeemed-Retractible<\/td>\n150,602<\/td>\nNesbitt crossed 50,000 at 25.75; TD crossed blocks of 50,000 and 40,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-17
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.75
\nBid-YTW : -7.01 %<\/td>\n<\/tr>\n
HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\n131,450<\/td>\nTD crossed blocks of 75,000 and 55,000, both at 25.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-06-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.66
\nBid-YTW : 2.37 %<\/td>\n<\/tr>\n
TD.PR.A<\/td>\nFixedReset<\/td>\n121,304<\/td>\nNesbitt crossed 50,000 at 25.76; Scotia crossed 16,400 at 25.73; TD crossed 50,000 at 25.76.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 2.18 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n116,641<\/td>\nNesbitt crossed 100,000 at 26.88.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.75
\nBid-YTW : 1.81 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n80,316<\/td>\nDesjardins crossed blocks of 46,700 and 30,900, both at 25.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-24
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.76
\nBid-YTW : 0.16 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n74,753<\/td>\nDesjardins crossed 39,000 at 25.78.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n
There were 47 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.A<\/td>\nFloater<\/td>\nQuote: 22.76 – 23.51
\nSpot Rate : 0.7500
\nAverage : 0.5512<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-02-15
\nMaturity Price : 22.50
\nEvaluated at bid price : 22.76
\nBid-YTW : 2.27 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.01 – 26.35
\nSpot Rate : 0.3400
\nAverage : 0.2135<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.01
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n

PWF.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.59 – 25.95
\nSpot Rate : 0.3600
\nAverage : 0.2386<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.59
\nBid-YTW : -19.36 %<\/td>\n<\/tr>\n

MFC.PR.A<\/td>\nOpRet<\/td>\nQuote: 25.85 – 26.12
\nSpot Rate : 0.2700
\nAverage : 0.1678<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-17
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.85
\nBid-YTW : -4.92 %<\/td>\n<\/tr>\n

BNS.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.91 – 26.20
\nSpot Rate : 0.2900
\nAverage : 0.2077<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-27
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.91
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset<\/td>\nQuote: 26.30 – 26.49
\nSpot Rate : 0.1900
\nAverage : 0.1197<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Has the tide turned for junk bonds? The biggest buyers of junk bonds are in retreat as exchange-traded funds suffer unprecedented withdrawals with the debt facing its first losses in eight months. The outflows sent …<\/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-21134","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21134","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=21134"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21134\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}