{"id":22125,"date":"2013-06-04T00:57:56","date_gmt":"2013-06-04T04:57:56","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22125"},"modified":"2013-06-04T00:57:56","modified_gmt":"2013-06-04T04:57:56","slug":"june-3-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22125","title":{"rendered":"June 3, 2013"},"content":{"rendered":"

Julie Dickson gave a speech to the Institute of Internal Auditors<\/a>:<\/p>\n

This is not due to any particular incident, but rather seems to reflect a range of factors. Audit firm regulators such as the Canadian Public Accountability Board (CPAB), \u2013 and its counterparts around the world \u2013 which were largely set up in reaction to Enron, are up and running. And as usually happens when there is someone looking over your shoulder, these audit regulators are finding issues in external audits that require attention, such as a lack of professional skepticism on the part of external auditors.<\/p><\/blockquote>\n

Isn’t that amazing? Hire some nit-pickers, and they’ll nit-pick. Incredible.<\/p>\n

Another poor day for the Canadian preferred share market, with PerpetualPremiums losing 16bp, FixedResets down 15bp and DeemedRetractibles off 12bp. The performance highlights table is only of average size, but is comprised entirely of losers. Volume was on the high side of average.<\/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-0.0995 %<\/td>\n2,549.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.03 %<\/td>\n3.35 %<\/td>\n42,057<\/td>\n18.61<\/td>\n1<\/td>\n-0.5059 %<\/td>\n4,081.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.61 %<\/td>\n2.96 %<\/td>\n76,870<\/td>\n19.77<\/td>\n5<\/td>\n-0.0995 %<\/td>\n2,752.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.83 %<\/td>\n1.77 %<\/td>\n65,921<\/td>\n0.08<\/td>\n5<\/td>\n-0.2482 %<\/td>\n2,611.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.63 %<\/td>\n4.13 %<\/td>\n97,650<\/td>\n4.05<\/td>\n6<\/td>\n0.0713 %<\/td>\n2,988.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2482 %<\/td>\n2,388.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.25 %<\/td>\n3.82 %<\/td>\n86,303<\/td>\n0.36<\/td>\n32<\/td>\n-0.1583 %<\/td>\n2,367.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.79 %<\/td>\n4.93 %<\/td>\n388,558<\/td>\n15.53<\/td>\n6<\/td>\n-0.3129 %<\/td>\n2,645.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.91 %<\/td>\n2.85 %<\/td>\n245,934<\/td>\n3.33<\/td>\n81<\/td>\n-0.1506 %<\/td>\n2,507.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.91 %<\/td>\n3.72 %<\/td>\n136,997<\/td>\n1.65<\/td>\n44<\/td>\n-0.1173 %<\/td>\n2,450.4<\/td>\n<\/tr>\n<\/table>\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
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.33
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-03
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.82
\nBid-YTW : 1.77 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.00
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 2.98 %<\/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
MFC.PR.I<\/td>\nFixedReset<\/td>\n47,186<\/td>\nDesjardins crossed 20,000 at 26.35.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.18
\nBid-YTW : 3.18 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nDeemed-Retractible<\/td>\n36,777<\/td>\nTD crossed blocks of 10,000 and 25,000, both at 26.15.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nDeemed-Retractible<\/td>\n30,417<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-03
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 2.56 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Premium<\/td>\n29,825<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-03
\nMaturity Price : 24.48
\nEvaluated at bid price : 24.87
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n24,622<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n21,228<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-03
\nMaturity Price : 23.28
\nEvaluated at bid price : 25.31
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
There were 36 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
FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 25.82 – 26.29
\nSpot Rate : 0.4700
\nAverage : 0.3464<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-03
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.82
\nBid-YTW : 1.77 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 26.41 – 26.78
\nSpot Rate : 0.3700
\nAverage : 0.2704<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 2.97 %<\/td>\n<\/tr>\n

BNS.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 24.50 – 24.80
\nSpot Rate : 0.3000
\nAverage : 0.2025<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n

BNS.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.59 – 25.82
\nSpot Rate : 0.2300
\nAverage : 0.1367<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.59
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset<\/td>\nQuote: 25.23 – 25.50
\nSpot Rate : 0.2700
\nAverage : 0.1849<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-03
\nMaturity Price : 23.32
\nEvaluated at bid price : 25.23
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n

RY.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.53 – 25.76
\nSpot Rate : 0.2300
\nAverage : 0.1495<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.53
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n<\/table>\n

During the Credit Crunch, I wondered why CIT Group wasn’t an attractive takeover target. Now, nearly five years later, the speculation is spreading<\/a>:<\/p>\n

A Canadian lender such as Toronto-Dominion Bank could profit by using low-cost deposits to fund CIT\u2019s high-yielding commercial loans, Palmer said. Analysts including Bert Ely at
\nEly & Co. have said CIT could be a good match with San Francisco-based Wells Fargo & Co. (WFC), given the bank\u2019s involvement in similar markets such as factoring and small-business lending. Factoring involves buying receivables at a discount from manufacturers to provide them with cash.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Julie Dickson gave a speech to the Institute of Internal Auditors: This is not due to any particular incident, but rather seems to reflect a range of factors. Audit firm regulators such as the Canadian …<\/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-22125","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22125","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=22125"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22125\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}