{"id":21696,"date":"2013-04-12T02:34:52","date_gmt":"2013-04-12T06:34:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21696"},"modified":"2013-04-12T02:34:52","modified_gmt":"2013-04-12T06:34:52","slug":"april-11-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21696","title":{"rendered":"April 11, 2013"},"content":{"rendered":"

There has been a lot of yammering about income inequality<\/a> in the past few years, as I mentioned on March 15<\/a>. I’ve found some more source data<\/a>:<\/p>\n

In the next calculation, the world Gini index is recalculated by weighting countries by their population size. This means that countries with large populations have a larger impact on the Gini index than do countries with smaller populations. The population-weighted Gini index was calculated by Branko Milanovic and published in his book Worlds Apart: Measuring International and Global Inequality.13 The chart below compares the population-weighted Gini index (red line) with the unweighted Gini index shown in the previous chart (black line).<\/p>\n

This weighted world Gini index declines almost consistently from 1962 onward. This is mainly due to the phenomenal economic growth in China and India relative to richer countries. Because China and India together account for over one-third of the world\u2019s population, these two countries have a very strong impact on the population-weighted Gini results. But if China and India are removed from the calculation, the population-weighted Gini index trends upward after 1982 (as does the unweighted Gini index), meaning that overall income inequality is increasing in the rest of the world.<\/p><\/blockquote>\n

There’s a great graph, but it’s Flash (Wow! Way cool!), so go look for yourself. I like the last sentence from the quoted verbiage – ‘if we remove enough data, we can prove our point!’<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums up 15bp, FixedResets down 9bp and DeemedRetractibles gaining 8bp. Volatility was average. Volume was low.<\/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>\n0.3598 %<\/td>\n2,588.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.09 %<\/td>\n3.40 %<\/td>\n33,949<\/td>\n18.60<\/td>\n1<\/td>\n0.9802 %<\/td>\n4,012.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.69 %<\/td>\n2.91 %<\/td>\n92,824<\/td>\n19.98<\/td>\n4<\/td>\n0.3598 %<\/td>\n2,794.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.78 %<\/td>\n1.33 %<\/td>\n54,133<\/td>\n0.19<\/td>\n5<\/td>\n0.0385 %<\/td>\n2,619.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.01 %<\/td>\n134,965<\/td>\n4.14<\/td>\n5<\/td>\n0.0241 %<\/td>\n2,960.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0385 %<\/td>\n2,395.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.18 %<\/td>\n1.41 %<\/td>\n86,725<\/td>\n0.51<\/td>\n32<\/td>\n0.1508 %<\/td>\n2,382.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.83 %<\/td>\n4.82 %<\/td>\n180,886<\/td>\n15.76<\/td>\n4<\/td>\n0.2843 %<\/td>\n2,691.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.91 %<\/td>\n2.67 %<\/td>\n260,857<\/td>\n3.44<\/td>\n80<\/td>\n-0.0930 %<\/td>\n2,512.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.86 %<\/td>\n2.42 %<\/td>\n124,595<\/td>\n0.46<\/td>\n44<\/td>\n0.0757 %<\/td>\n2,459.4<\/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
CU.PR.C<\/td>\nFixedReset<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.55
\nBid-YTW : 2.54 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-11
\nMaturity Price : 23.77
\nEvaluated at bid price : 25.65
\nBid-YTW : 2.57 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Premium<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : -27.69 %<\/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
BAM.PR.P<\/td>\nFixedReset<\/td>\n108,303<\/td>\nScotia crossed 50,000 at 26.65; TD crossed 51,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.63
\nBid-YTW : 2.61 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n68,663<\/td>\nDesjardins crossed 25,000 at 26.02; National crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n54,824<\/td>\nDesjardins crossed 50,000 at 25.96.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.96
\nBid-YTW : 3.37 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n48,902<\/td>\nRBC crossed 37,200 at 24.15.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.15
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n35,853<\/td>\nRBC crossed 16,300 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n35,044<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.08
\nBid-YTW : 0.18 %<\/td>\n<\/tr>\n
There were 23 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.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.70 – 26.22
\nSpot Rate : 0.5200
\nAverage : 0.3224<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : -29.24 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 26.55 – 26.95
\nSpot Rate : 0.4000
\nAverage : 0.2510<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.55
\nBid-YTW : 2.54 %<\/td>\n<\/tr>\n

FTS.PR.H<\/td>\nFixedReset<\/td>\nQuote: 25.65 – 25.97
\nSpot Rate : 0.3200
\nAverage : 0.2101<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-04-11
\nMaturity Price : 23.77
\nEvaluated at bid price : 25.65
\nBid-YTW : 2.57 %<\/td>\n<\/tr>\n

CM.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.71 – 25.92
\nSpot Rate : 0.2100
\nAverage : 0.1186<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-05-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : -29.61 %<\/td>\n<\/tr>\n

ENB.PR.B<\/td>\nFixedReset<\/td>\nQuote: 25.88 – 26.10
\nSpot Rate : 0.2200
\nAverage : 0.1532<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 3.22 %<\/td>\n<\/tr>\n

BNS.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 25.01 – 25.20
\nSpot Rate : 0.1900
\nAverage : 0.1260<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There has been a lot of yammering about income inequality in the past few years, as I mentioned on March 15. I’ve found some more source data: In the next calculation, the world Gini index …<\/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-21696","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21696","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=21696"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21696\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}