{"id":22166,"date":"2013-06-07T02:55:38","date_gmt":"2013-06-07T06:55:38","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22166"},"modified":"2013-06-07T02:55:38","modified_gmt":"2013-06-07T06:55:38","slug":"june-6-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22166","title":{"rendered":"June 6, 2013"},"content":{"rendered":"

NextEra’s legal tactics<\/a> and understanding of the word “terror” terrify me.<\/p>\n

The losing streak on the Canadian preferred share market continued today, with PerpetualPremiums losing 17bp, FixedResets down 14bp and DeemedRetractibles off 11bp. The performance highlights table is comprised entirely of losers, mostly Straight Perpetuals – but it’s only a little above average in length! Volume was 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>\n0.1593 %<\/td>\n2,554.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.03 %<\/td>\n3.35 %<\/td>\n40,545<\/td>\n18.60<\/td>\n1<\/td>\n0.3828 %<\/td>\n4,081.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.61 %<\/td>\n2.94 %<\/td>\n77,405<\/td>\n19.80<\/td>\n5<\/td>\n0.1593 %<\/td>\n2,757.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.82 %<\/td>\n1.49 %<\/td>\n64,165<\/td>\n0.08<\/td>\n5<\/td>\n0.0000 %<\/td>\n2,615.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.65 %<\/td>\n4.18 %<\/td>\n100,358<\/td>\n4.05<\/td>\n6<\/td>\n-0.1576 %<\/td>\n2,975.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,391.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.27 %<\/td>\n3.73 %<\/td>\n85,550<\/td>\n0.72<\/td>\n32<\/td>\n-0.1671 %<\/td>\n2,354.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.89 %<\/td>\n5.00 %<\/td>\n386,432<\/td>\n15.41<\/td>\n6<\/td>\n-0.5539 %<\/td>\n2,593.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.90 %<\/td>\n2.87 %<\/td>\n241,366<\/td>\n3.28<\/td>\n82<\/td>\n-0.1363 %<\/td>\n2,506.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.94 %<\/td>\n3.92 %<\/td>\n146,106<\/td>\n1.65<\/td>\n44<\/td>\n-0.1072 %<\/td>\n2,439.6<\/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
ABK.PR.C<\/td>\nSplitShare<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-10
\nMaturity Price : 31.64
\nEvaluated at bid price : 31.72
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.61
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Premium<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Premium<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 24.41
\nEvaluated at bid price : 24.80
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n<\/table>\n\n\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.Y<\/td>\nFixedReset<\/td>\n1,482,004<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.16
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n335,902<\/td>\nNesbitt crossed two blocks of 100,000 each, both at 25.90. Desjardins crossed 100,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.87
\nBid-YTW : 2.97 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Premium<\/td>\n181,680<\/td>\nRBC crossed blocks of 49,300 and 100,000, both at 24.90.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 24.46
\nEvaluated at bid price : 24.85
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n156,620<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 23.97
\nEvaluated at bid price : 24.32
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n118,869<\/td>\nDesjardins crossed 100,000 at 23.57.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.50
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n116,855<\/td>\nRBC crossed 105,900 at 25.39.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.38
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
RY.PR.X<\/td>\nFixedReset<\/td>\n114,765<\/td>\nNesbitt crossed 100,000 at 26.26.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.23
\nBid-YTW : 2.33 %<\/td>\n<\/tr>\n
CIU.PR.B<\/td>\nFixedReset<\/td>\n100,600<\/td>\nNesbitt crossed 100,000 at 26.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 2.49 %<\/td>\n<\/tr>\n
There were 41 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.R<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.16 – 27.00
\nSpot Rate : 0.8400
\nAverage : 0.5309<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.16
\nBid-YTW : 4.90 %<\/td>\n<\/tr>\n

ABK.PR.C<\/td>\nSplitShare<\/td>\nQuote: 31.72 – 32.40
\nSpot Rate : 0.6800
\nAverage : 0.4391<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-10
\nMaturity Price : 31.64
\nEvaluated at bid price : 31.72
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 23.35 – 23.84
\nSpot Rate : 0.4900
\nAverage : 0.3582<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 23.09
\nEvaluated at bid price : 23.35
\nBid-YTW : 2.23 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset<\/td>\nQuote: 25.55 – 25.85
\nSpot Rate : 0.3000
\nAverage : 0.1913<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n

NA.PR.O<\/td>\nFixedReset<\/td>\nQuote: 25.66 – 25.90
\nSpot Rate : 0.2400
\nAverage : 0.1484<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.32 – 24.65
\nSpot Rate : 0.3300
\nAverage : 0.2510<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-06
\nMaturity Price : 23.97
\nEvaluated at bid price : 24.32
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

NextEra’s legal tactics and understanding of the word “terror” terrify me. The losing streak on the Canadian preferred share market continued today, with PerpetualPremiums losing 17bp, FixedResets down 14bp and DeemedRetractibles off 11bp. The performance …<\/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-22166","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22166","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=22166"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22166\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}