{"id":21718,"date":"2013-04-12T19:30:06","date_gmt":"2013-04-12T23:30:06","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21718"},"modified":"2013-04-12T19:30:06","modified_gmt":"2013-04-12T23:30:06","slug":"april-12-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21718","title":{"rendered":"April 12, 2013"},"content":{"rendered":"<p>Nothing happened today.<\/p>\n<p>It was another mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 4bp, FixedResets down 9bp and DeemedRetractibles flat. Volatility was low. Volume was average, with the highlights comprised entirely of FixedResets.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.4865 %<\/td>\n<td>2,601.0<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.10 %<\/td>\n<td>3.40 %<\/td>\n<td>32,621<\/td>\n<td>18.58<\/td>\n<td>1<\/td>\n<td>-0.2155 %<\/td>\n<td>4,003.7<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.68 %<\/td>\n<td>2.88 %<\/td>\n<td>92,331<\/td>\n<td>20.06<\/td>\n<td>4<\/td>\n<td>0.4865 %<\/td>\n<td>2,808.4<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.79 %<\/td>\n<td>1.33 %<\/td>\n<td>53,589<\/td>\n<td>0.19<\/td>\n<td>5<\/td>\n<td>-0.1232 %<\/td>\n<td>2,616.5<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.80 %<\/td>\n<td>4.01 %<\/td>\n<td>133,931<\/td>\n<td>4.14<\/td>\n<td>5<\/td>\n<td>0.0550 %<\/td>\n<td>2,961.6<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.1232 %<\/td>\n<td>2,392.5<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.18 %<\/td>\n<td>1.63 %<\/td>\n<td>86,433<\/td>\n<td>0.50<\/td>\n<td>32<\/td>\n<td>0.0393 %<\/td>\n<td>2,382.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>4.83 %<\/td>\n<td>4.82 %<\/td>\n<td>179,843<\/td>\n<td>15.77<\/td>\n<td>4<\/td>\n<td>0.0304 %<\/td>\n<td>2,692.4<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.92 %<\/td>\n<td>2.78 %<\/td>\n<td>257,408<\/td>\n<td>3.79<\/td>\n<td>80<\/td>\n<td>-0.0940 %<\/td>\n<td>2,510.3<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.86 %<\/td>\n<td>2.28 %<\/td>\n<td>127,207<\/td>\n<td>0.46<\/td>\n<td>44<\/td>\n<td>-0.0026 %<\/td>\n<td>2,459.3<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>-1.24 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2016-12-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.26<br \/>\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-12<br \/>\nMaturity Price  : 23.58<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : 2.75 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.05 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-12<br \/>\nMaturity Price  : 18.33<br \/>\nEvaluated at bid price : 18.33<br \/>\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>TD.PR.S<\/td>\n<td>FixedReset<\/td>\n<td>273,814<\/td>\n<td>National crossed blocks of 35,000 and 30,000, both at 24.85. RBC crossed three blocks: 75,000 shares, 15,400 and 24,300, all at 24.85. Scotia crossed 66,300 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.78<br \/>\nBid-YTW : 2.93 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>238,215<\/td>\n<td>National crossed blocks of 35,000 and 30,000 at 25.15. RBC crossed blocks of 75,000 and 22,900 at the same price.<\/p>\n<p>Note that this will not be called. It will <a href=\"http:\/\/www.prefblog.com\/?p=21555\">reset to 3.35%<\/a>.<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2013-05-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.15<br \/>\nBid-YTW : -2.17 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>168,248<\/td>\n<td>Scotia crossed 75,000 at 26.05, then another 58,200 at 26.04. National crossed 25,000 at 26.03.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-06-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.02<br \/>\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.T<\/td>\n<td>FixedReset<\/td>\n<td>154,325<\/td>\n<td>Nesbitt crossed 150,000 at 26.00.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-04-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.02<br \/>\nBid-YTW : 1.95 %<\/td>\n<\/tr>\n<tr>\n<td>HSB.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>57,000<\/td>\n<td>Nesbitt crossed 50,000 at 26.40.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-06-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.32<br \/>\nBid-YTW : 2.36 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>55,400<\/td>\n<td>National crossed 38,900 at 26.27.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2016-12-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.23<br \/>\nBid-YTW : 2.90 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 33 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.G<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 26.26 &#8211; 26.60<br \/>\nSpot Rate  :  0.3400<br \/>\nAverage  :  0.1876<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2016-12-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.26<br \/>\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>Quote: 17.80 &#8211; 18.20<br \/>\nSpot Rate  :  0.4000<br \/>\nAverage  :  0.2772<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-12<br \/>\nMaturity Price  : 17.80<br \/>\nEvaluated at bid price : 17.80<br \/>\nBid-YTW : 2.96 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.71 &#8211; 25.05<br \/>\nSpot Rate  :  0.3400<br \/>\nAverage  :  0.2432<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-04-12<br \/>\nMaturity Price  : 23.25<br \/>\nEvaluated at bid price : 24.71<br \/>\nBid-YTW : 2.62 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.75 &#8211; 24.95<br \/>\nSpot Rate  :  0.2000<br \/>\nAverage  :  0.1142<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.75<br \/>\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.C<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.00 &#8211; 25.24<br \/>\nSpot Rate  :  0.2400<br \/>\nAverage  :  0.1591<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2019-01-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.Q<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 26.02 &#8211; 26.25<br \/>\nSpot Rate  :  0.2300<br \/>\nAverage  :  0.1641<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.02<br \/>\nBid-YTW : 4.62 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Nothing happened today. It was another mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 4bp, FixedResets down 9bp and DeemedRetractibles flat. Volatility was low. Volume was average, with the highlights comprised entirely &hellip;<\/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-21718","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21718","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=21718"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21718\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}