{"id":22045,"date":"2013-05-24T00:43:39","date_gmt":"2013-05-24T04:43:39","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22045"},"modified":"2013-05-24T00:43:39","modified_gmt":"2013-05-24T04:43:39","slug":"may-23-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22045","title":{"rendered":"May 23, 2013"},"content":{"rendered":"

The war on bankers’ bonuses is having its intended effect<\/a>:<\/p>\n

TD Securities smoked past analysts\u2019 expectations for the unit\u2019s money-making ability, thanks in large part to the bond desk.<\/p>\n

Net income for the wholesale banking business (the way the bank reports its TD Securities income) came in at $220-million, up from $197-million the year before and roughly 10 per cent higher than the $198-million forecast by Peter Routledge of National Bank Financial.
…<\/b>
The other number that jumps out in TD\u2019s wholesale results is the 2.3-per cent decline in non-interest expenses, which at a securities firm includes payroll as one of its biggest components. That means TD reduced costs even as overall revenue increased, to $643-million from $608-million.<\/p><\/blockquote>\n

It was a quiet day for the Canadian preferred share market, with PerpetualPremiums down 3bp, FixedResets off 1bp and DeemedRetractibles flat. Volatility was minimal. Volume remained very 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>\n-0.5112 %<\/td>\n2,515.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n3.92 %<\/td>\n3.15 %<\/td>\n35,895<\/td>\n18.77<\/td>\n1<\/td>\n-0.0412 %<\/td>\n4,193.9<\/td>\n<\/tr>\n
Floater<\/td>\n2.77 %<\/td>\n3.02 %<\/td>\n78,836<\/td>\n19.63<\/td>\n4<\/td>\n-0.5112 %<\/td>\n2,715.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.83 %<\/td>\n0.82 %<\/td>\n69,048<\/td>\n0.11<\/td>\n5<\/td>\n0.0933 %<\/td>\n2,613.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.82 %<\/td>\n4.14 %<\/td>\n101,416<\/td>\n4.08<\/td>\n5<\/td>\n-0.0162 %<\/td>\n2,975.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0933 %<\/td>\n2,389.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.19 %<\/td>\n3.76 %<\/td>\n96,834<\/td>\n0.76<\/td>\n32<\/td>\n-0.0279 %<\/td>\n2,381.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.84 %<\/td>\n4.88 %<\/td>\n190,048<\/td>\n15.63<\/td>\n4<\/td>\n-0.0911 %<\/td>\n2,688.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.88 %<\/td>\n2.70 %<\/td>\n242,856<\/td>\n3.13<\/td>\n81<\/td>\n-0.0119 %<\/td>\n2,521.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.87 %<\/td>\n3.41 %<\/td>\n134,597<\/td>\n0.98<\/td>\n44<\/td>\n0.0035 %<\/td>\n2,463.3<\/td>\n<\/tr>\n<\/table>\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>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.87
\nBid-YTW : 2.04 %<\/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
ENB.PR.F<\/td>\nFixedReset<\/td>\n165,039<\/td>\nDesjardins crossed three blocks: 25,000 shares, 100,000 and 30,000, all at 25.72.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n118,247<\/td>\nDesjardins crossed blocks of 50,000 and 48,300, both at 25.55.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n73,604<\/td>\nScotia bought 24,800 from TD and crossed 17,900, both at 17.60, then sold 15,500 to National at 17.32.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-23
\nMaturity Price : 17.53
\nEvaluated at bid price : 17.53
\nBid-YTW : 3.02 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n47,684<\/td>\nScotia crossed 40,000 at 25.48.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-23
\nMaturity Price : 23.86
\nEvaluated at bid price : 25.47
\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n45,736<\/td>\nNesbitt crossed 40,000 at 25.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.83
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n45,500<\/td>\nScotia crossed 40,000 at 26.34.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.21
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
There were 18 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
CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 24.80 – 25.87
\nSpot Rate : 1.0700
\nAverage : 0.6273<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-23
\nMaturity Price : 23.30
\nEvaluated at bid price : 24.80
\nBid-YTW : 2.68 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 17.45 – 17.92
\nSpot Rate : 0.4700
\nAverage : 0.2997<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-23
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n

ABK.PR.C<\/td>\nSplitShare<\/td>\nQuote: 31.70 – 32.42
\nSpot Rate : 0.7200
\nAverage : 0.6045<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-10
\nMaturity Price : 31.64
\nEvaluated at bid price : 31.70
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.40 – 17.69
\nSpot Rate : 0.2900
\nAverage : 0.1887<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-23
\nMaturity Price : 17.40
\nEvaluated at bid price : 17.40
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.42 – 25.67
\nSpot Rate : 0.2500
\nAverage : 0.1733<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.42
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n

MFC.PR.A<\/td>\nOpRet<\/td>\nQuote: 25.56 – 25.79
\nSpot Rate : 0.2300
\nAverage : 0.1646<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-19
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.56
\nBid-YTW : 0.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The war on bankers’ bonuses is having its intended effect: TD Securities smoked past analysts\u2019 expectations for the unit\u2019s money-making ability, thanks in large part to the bond desk. Net income for the wholesale banking …<\/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-22045","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22045","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=22045"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22045\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}