{"id":21385,"date":"2013-03-12T22:52:57","date_gmt":"2013-03-13T02:52:57","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21385"},"modified":"2013-03-12T22:52:57","modified_gmt":"2013-03-13T02:52:57","slug":"march-12-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21385","title":{"rendered":"March 12, 2013"},"content":{"rendered":"

The What-Debt? government has given more help to its buddies at Air Canada<\/a>:<\/p>\n

The federal government has approved Air Canada\u2019s request for a reprieve from funding its pension deficit, but has imposed a host of conditions \u2013 including a freeze on executive pay and a ban on dividends or share repurchases.<\/p>\n

The deal requires the airline to make contributions to the plan of at least $150-million a year totalling at least $1.4-billion over seven years. The special contributions would be on top of the current service payments required by the pension plan.<\/p><\/blockquote>\n

More micro-managing and more interference in labour relations! This follows a suspension of the right to strike<\/a> and protection from competition<\/a>.<\/p>\n

It was a fine day for the Canadian preferred share market, with PerpetualPremiums up 9bp, FixedResets winning 20bp and DeemedRetractibles gaining 7bp. Volatility was minimal. Volume was 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>\n0.2523 %<\/td>\n2,616.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.09 %<\/td>\n3.44 %<\/td>\n28,906<\/td>\n18.41<\/td>\n1<\/td>\n-0.4292 %<\/td>\n3,971.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.54 %<\/td>\n2.86 %<\/td>\n88,982<\/td>\n20.01<\/td>\n5<\/td>\n0.2523 %<\/td>\n2,824.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.80 %<\/td>\n2.34 %<\/td>\n51,224<\/td>\n0.30<\/td>\n5<\/td>\n-0.0540 %<\/td>\n2,599.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.29 %<\/td>\n4.04 %<\/td>\n727,784<\/td>\n4.22<\/td>\n4<\/td>\n-0.0299 %<\/td>\n2,934.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0540 %<\/td>\n2,377.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.20 %<\/td>\n-0.27 %<\/td>\n90,484<\/td>\n0.09<\/td>\n31<\/td>\n0.0949 %<\/td>\n2,357.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.81 %<\/td>\n4.85 %<\/td>\n150,511<\/td>\n15.63<\/td>\n4<\/td>\n0.0506 %<\/td>\n2,659.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.88 %<\/td>\n2.52 %<\/td>\n290,115<\/td>\n3.31<\/td>\n80<\/td>\n0.1955 %<\/td>\n2,515.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.86 %<\/td>\n3.31 %<\/td>\n139,108<\/td>\n0.62<\/td>\n44<\/td>\n0.0679 %<\/td>\n2,446.4<\/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
TRI.PR.B<\/td>\nFloater<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-03-12
\nMaturity Price : 24.10
\nEvaluated at bid price : 24.36
\nBid-YTW : 2.15 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : 2.78 %<\/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
TRP.PR.D<\/td>\nFixedReset<\/td>\n116,365<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-03-12
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.47
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n107,475<\/td>\nNesbitt crossed blocks of 50,000 and 35,000, both at 26.40. TD crossed 15,000 at 26.43.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.40
\nBid-YTW : 1.80 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n103,475<\/td>\nDesjardins crossed 45,500 at 25.40. RBC crossed 36,500 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.39
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n94,520<\/td>\nDesjardins crossed 50,000 at 25.15.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.17
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n91,085<\/td>\nTD crossed 10,000 at 25.64; Scotia crossed 50,000 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.68
\nBid-YTW : 3.53 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n72,085<\/td>\nNesbitt crossed blocks of 40,000 and 12,500, both at 26.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 1.94 %<\/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: 23.66 – 24.50
\nSpot Rate : 0.8400
\nAverage : 0.7551<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-03-12
\nMaturity Price : 23.37
\nEvaluated at bid price : 23.66
\nBid-YTW : 2.20 %<\/td>\n<\/tr>\n

BMO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 26.24 – 26.44
\nSpot Rate : 0.2000
\nAverage : 0.1250<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.24
\nBid-YTW : 1.58 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 27.07 – 27.27
\nSpot Rate : 0.2000
\nAverage : 0.1268<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.07
\nBid-YTW : 3.10 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 51.20 – 51.46
\nSpot Rate : 0.2600
\nAverage : 0.1951<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-15
\nMaturity Price : 50.00
\nEvaluated at bid price : 51.20
\nBid-YTW : 2.58 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 52.10 – 52.30
\nSpot Rate : 0.2000
\nAverage : 0.1400<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 52.10
\nBid-YTW : 1.89 %<\/td>\n<\/tr>\n

HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.89 – 26.47
\nSpot Rate : 0.5800
\nAverage : 0.5231<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-04-11
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.89
\nBid-YTW : -2.04 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The What-Debt? government has given more help to its buddies at Air Canada: The federal government has approved Air Canada\u2019s request for a reprieve from funding its pension deficit, but has imposed a host of …<\/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-21385","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21385","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=21385"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21385\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}