{"id":22083,"date":"2013-05-30T00:27:09","date_gmt":"2013-05-30T04:27:09","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22083"},"modified":"2013-05-30T00:27:09","modified_gmt":"2013-05-30T04:27:09","slug":"may-29-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22083","title":{"rendered":"May 29, 2013"},"content":{"rendered":"

Nothing happened today.<\/p>\n

PerpetualDiscounts now yield 4.94%, equivalent to 6.42% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.16% so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 225bp, a slight increase from the 220bp reported May 15<\/a>.<\/p>\n

A more severe drop for the Canadian preferred share market today, with PerpetualPremiums down 10bp, FixedResets off 6bp and DeemedRetractibles losing 22bp. Volatility was good, skewed to the downside. Volume was very 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>\n-0.4560 %<\/td>\n2,531.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n3.93 %<\/td>\n3.16 %<\/td>\n37,953<\/td>\n18.74<\/td>\n1<\/td>\n-0.2473 %<\/td>\n4,185.3<\/td>\n<\/tr>\n
Floater<\/td>\n2.75 %<\/td>\n2.99 %<\/td>\n75,607<\/td>\n19.69<\/td>\n4<\/td>\n-0.4560 %<\/td>\n2,733.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.83 %<\/td>\n0.97 %<\/td>\n69,360<\/td>\n0.09<\/td>\n5<\/td>\n-0.0776 %<\/td>\n2,614.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.16 %<\/td>\n100,910<\/td>\n4.07<\/td>\n5<\/td>\n-0.1728 %<\/td>\n2,984.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0776 %<\/td>\n2,390.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.20 %<\/td>\n4.05 %<\/td>\n98,696<\/td>\n0.74<\/td>\n32<\/td>\n-0.0971 %<\/td>\n2,378.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.88 %<\/td>\n4.94 %<\/td>\n197,272<\/td>\n15.52<\/td>\n4<\/td>\n-0.4475 %<\/td>\n2,667.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.89 %<\/td>\n2.66 %<\/td>\n246,907<\/td>\n3.14<\/td>\n81<\/td>\n-0.0580 %<\/td>\n2,518.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.90 %<\/td>\n3.57 %<\/td>\n139,179<\/td>\n1.51<\/td>\n44<\/td>\n-0.2175 %<\/td>\n2,458.3<\/td>\n<\/tr>\n<\/table>\n\n\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
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.32
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-29
\nMaturity Price : 23.52
\nEvaluated at bid price : 25.83
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-29
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.16
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.79
\nBid-YTW : 2.94 %<\/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
SLF.PR.F<\/td>\nFixedReset<\/td>\n257,480<\/td>\nRBC crossed three blocks: 50,400 shares, 99,400 and 75,000, all at 25.89. TD sold 11,000 to anonymous at 25.88.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 2.35 %<\/td>\n<\/tr>\n
BNS.PR.T<\/td>\nFixedReset<\/td>\n189,900<\/td>\nNesbitt crossed blocks of 80,500 and 100,000 at 26.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.03
\nBid-YTW : 2.19 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n68,240<\/td>\nNational crossed 47,000 at 24.82.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.79
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n61,021<\/td>\nScotia bought 20,000 from National at 25.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-29
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.32
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n58,950<\/td>\nTD crossed 50,000 at 26.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.23
\nBid-YTW : 2.29 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n46,857<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.98
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n
There were 54 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
ENB.PR.D<\/td>\nFixedReset<\/td>\nQuote: 25.46 – 25.90
\nSpot Rate : 0.4400
\nAverage : 0.2621<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-29
\nMaturity Price : 23.32
\nEvaluated at bid price : 25.46
\nBid-YTW : 3.54 %<\/td>\n<\/tr>\n

PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.64 – 27.00
\nSpot Rate : 0.3600
\nAverage : 0.2381<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.64
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n

BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.60 – 24.87
\nSpot Rate : 0.2700
\nAverage : 0.1559<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-29
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n

TRP.PR.B<\/td>\nFixedReset<\/td>\nQuote: 24.50 – 24.78
\nSpot Rate : 0.2800
\nAverage : 0.1664<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-05-29
\nMaturity Price : 23.37
\nEvaluated at bid price : 24.50
\nBid-YTW : 2.66 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.32 – 24.74
\nSpot Rate : 0.4200
\nAverage : 0.3205<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.32
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.09 – 26.45
\nSpot Rate : 0.3600
\nAverage : 0.2733<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.09
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nothing happened today. PerpetualDiscounts now yield 4.94%, equivalent to 6.42% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.16% so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is …<\/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-22083","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22083","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=22083"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22083\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}