{"id":21179,"date":"2013-02-23T02:17:12","date_gmt":"2013-02-23T06:17:12","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21179"},"modified":"2013-02-23T02:17:12","modified_gmt":"2013-02-23T06:17:12","slug":"february-22-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21179","title":{"rendered":"February 22, 2013"},"content":{"rendered":"

Moody’s downgraded the UK<\/a>:<\/p>\n

Britain lost its top credit rating by Moody\u2019s Investors Service, which cited the continuing weakness in the nation\u2019s growth outlook and the challenges that presents to the government\u2019s fiscal consolidation program.<\/p>\n

The rating on the U.K. was lowered one level to Aa1 from Aaa and the outlook on the nation\u2019s debt changed to stable, Moody\u2019s said in a statement today. With the U.K.\u2019s high and rising debt burden, a deterioration in the government\u2019s balance sheet is unlikely to be reversed before 2016, Moody\u2019s said in the statement.<\/p><\/blockquote>\n

Yen Lee, a successful IT entrepreneur, has some hard truths about Canadians<\/a>:<\/p>\n

Canadians in general are looking for safe day jobs. Because Vancouver and Canada in general have not had the history of the home runs, like the Googles and the Yahoos and the Facebooks. And so, because they don\u2019t see the upside, all they see is the risk involved with a start-up\u2014because start-ups in Canada are sub-scale and don\u2019t end up being big enough to exit. And that leaves the folks who are willing, that have a desire to be disruptive, the folks with an appetite for risk; those folks in Canada usually end up in the U.S.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums down 10bp, FixedResets gaining 4bp and DeemedRetractibles off 4bp. Volatility was minor. Volume was 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>\n-0.4937 %<\/td>\n2,602.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.13 %<\/td>\n3.46 %<\/td>\n24,661<\/td>\n18.38<\/td>\n1<\/td>\n-0.9483 %<\/td>\n3,934.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.55 %<\/td>\n2.85 %<\/td>\n83,800<\/td>\n20.05<\/td>\n5<\/td>\n-0.4937 %<\/td>\n2,810.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.79 %<\/td>\n2.30 %<\/td>\n45,811<\/td>\n0.34<\/td>\n5<\/td>\n-0.0462 %<\/td>\n2,602.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.57 %<\/td>\n4.14 %<\/td>\n40,500<\/td>\n4.28<\/td>\n2<\/td>\n-0.0397 %<\/td>\n2,946.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0462 %<\/td>\n2,379.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.25 %<\/td>\n0.03 %<\/td>\n88,977<\/td>\n0.09<\/td>\n29<\/td>\n-0.0986 %<\/td>\n2,352.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.84 %<\/td>\n4.90 %<\/td>\n132,272<\/td>\n15.60<\/td>\n4<\/td>\n0.0406 %<\/td>\n2,649.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.88 %<\/td>\n2.60 %<\/td>\n275,100<\/td>\n3.05<\/td>\n78<\/td>\n0.0424 %<\/td>\n2,504.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.87 %<\/td>\n2.42 %<\/td>\n146,202<\/td>\n0.25<\/td>\n45<\/td>\n-0.0370 %<\/td>\n2,437.3<\/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
BAM.PR.K<\/td>\nFloater<\/td>\n-1.83 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-02-22
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 2.91 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.19
\nBid-YTW : 2.07 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.02
\nBid-YTW : 3.11 %<\/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.F<\/td>\nPerpetual-Premium<\/td>\n185,500<\/td>\nDesjardins crossed blocks of 108,700 at 25.80 and 50,000 at 25.82.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-24
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.80
\nBid-YTW : 1.28 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n131,621<\/td>\nNational crossed 47,600 at 18.60; RBC crossed 74,800 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-02-22
\nMaturity Price : 18.54
\nEvaluated at bid price : 18.54
\nBid-YTW : 2.85 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n74,572<\/td>\nNational crossed 64,600 at 25.10.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.07
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n72,442<\/td>\nNational crossed 50,000 at 24.70.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.28 %<\/td>\n<\/tr>\n
TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\n62,416<\/td>\nDesjardins crossed 57,000 at 52.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.15
\nBid-YTW : 1.70 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n29,490<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 3.04 %<\/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
TD.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.36 – 26.70
\nSpot Rate : 0.3400
\nAverage : 0.2127<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-03-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.36
\nBid-YTW : -8.03 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 18.20 – 18.51
\nSpot Rate : 0.3100
\nAverage : 0.2171<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-02-22
\nMaturity Price : 18.20
\nEvaluated at bid price : 18.20
\nBid-YTW : 2.91 %<\/td>\n<\/tr>\n

BNS.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.90 – 26.14
\nSpot Rate : 0.2400
\nAverage : 0.1611<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-26
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.90
\nBid-YTW : 2.44 %<\/td>\n<\/tr>\n

BMO.PR.P<\/td>\nFixedReset<\/td>\nQuote: 26.65 – 26.85
\nSpot Rate : 0.2000
\nAverage : 0.1242<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.65
\nBid-YTW : 2.03 %<\/td>\n<\/tr>\n

ENB.PR.B<\/td>\nFixedReset<\/td>\nQuote: 25.70 – 25.89
\nSpot Rate : 0.1900
\nAverage : 0.1257<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.33 – 25.50
\nSpot Rate : 0.1700
\nAverage : 0.1079<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Moody’s downgraded the UK: Britain lost its top credit rating by Moody\u2019s Investors Service, which cited the continuing weakness in the nation\u2019s growth outlook and the challenges that presents to the government\u2019s fiscal consolidation program. …<\/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-21179","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21179","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=21179"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21179\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}