{"id":22365,"date":"2013-06-28T00:29:48","date_gmt":"2013-06-28T04:29:48","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22365"},"modified":"2013-06-28T00:29:48","modified_gmt":"2013-06-28T04:29:48","slug":"june-27-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22365","title":{"rendered":"June 27, 2013"},"content":{"rendered":"

The Fed is trying to get the show back on the road<\/a>:<\/p>\n

Federal Reserve officials stepped up their campaign to stem an increase in long-term borrowing costs that threatens to blunt the U.S. expansion and sought to clarify comments by Chairman Ben S. Bernanke that sparked turmoil in global financial markets.<\/p>\n

William C. Dudley, president of the Federal Reserve Bank of New York, said any decision to reduce the pace of asset purchases wouldn\u2019t represent a withdrawal of stimulus, and that an increase in the Fed\u2019s benchmark interest rate is \u201cvery likely to be a long way off.\u201d He said bond purchases could be prolonged if economic performance fails to meet the Fed\u2019s forecasts.
…<\/b>
[Atlanta Fed President Dennis] Lockhart, using a smoking metaphor, said the investors had misinterpreted the Chairman\u2019s remarks. \u201cIt seems to me the Chairman said we\u2019ll use the patch, and use it flexibly, and some in the markets reacted as if he said \u2018cold turkey,\u201d Lockhart said in a speech to the Kiwanis Club of Marietta in Georgia.<\/p>\n

[Fed Governor Jerome ] Powell said and decision to reduce purchases would depend on economic data, and that there\u2019s no set timetable.<\/p>\n

\u201cI want to emphasize the importance of data over date,\u201d Powell said at the Bipartisan Policy Center in Washington. \u201cIn all likelihood, the current\u201d large-scale asset purchases \u201cwill continue for some time.\u201d<\/p><\/blockquote>\n

There was continued recovery for the Canadian preferred share market today, with PerpetualPremiums up 30bp, FixedResets gaining 19bp and DeemedRetractibles winning 46bp. There was, naturally enough, another bumper harvest of Performance Highlights. Volume was 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>\n0.1827 %<\/td>\n2,564.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.28 %<\/td>\n3.61 %<\/td>\n46,334<\/td>\n18.06<\/td>\n1<\/td>\n1.3699 %<\/td>\n3,839.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.74 %<\/td>\n2.89 %<\/td>\n78,506<\/td>\n19.99<\/td>\n4<\/td>\n0.1827 %<\/td>\n2,769.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.85 %<\/td>\n3.36 %<\/td>\n69,359<\/td>\n0.08<\/td>\n5<\/td>\n0.0782 %<\/td>\n2,612.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.29 %<\/td>\n84,622<\/td>\n3.99<\/td>\n6<\/td>\n0.2750 %<\/td>\n2,954.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0782 %<\/td>\n2,388.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.47 %<\/td>\n5.33 %<\/td>\n128,083<\/td>\n14.48<\/td>\n33<\/td>\n0.2958 %<\/td>\n2,267.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.51 %<\/td>\n5.59 %<\/td>\n257,038<\/td>\n14.57<\/td>\n5<\/td>\n0.7677 %<\/td>\n2,371.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.96 %<\/td>\n3.47 %<\/td>\n249,355<\/td>\n3.62<\/td>\n83<\/td>\n0.1938 %<\/td>\n2,475.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.07 %<\/td>\n4.85 %<\/td>\n184,180<\/td>\n7.07<\/td>\n44<\/td>\n0.4635 %<\/td>\n2,382.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\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
TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\n-4.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 46.96
\nEvaluated at bid price : 47.50
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 17.44
\nEvaluated at bid price : 17.44
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Premium<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.58
\nEvaluated at bid price : 23.92
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 22.99
\nEvaluated at bid price : 24.01
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.52
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.06
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.36
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.13
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.34
\nEvaluated at bid price : 24.40
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.29
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.70
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Premium<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.67
\nEvaluated at bid price : 24.02
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.20
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Premium<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.68
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.17
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Premium<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 24.16
\nEvaluated at bid price : 24.42
\nBid-YTW : 5.64 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.25
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
GCS.PR.A<\/td>\nSplitShare<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.20
\nEvaluated at bid price : 23.50
\nBid-YTW : 2.20 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.31
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Premium<\/td>\n2.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.43
\nEvaluated at bid price : 23.75
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
PWF.PR.K<\/td>\nPerpetual-Premium<\/td>\n2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.28
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 5.25 %<\/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
TD.PR.S<\/td>\nFixedReset<\/td>\n91,400<\/td>\nWill not be called on Exchange Date<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n53,530<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\n47,009<\/td>\nRBC bought three blocks of 10,000 each from UBS, all at 25.20.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n46,374<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.14
\nEvaluated at bid price : 25.06
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Premium<\/td>\n41,825<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.64
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset<\/td>\n40,316<\/td>\nRBC crossed 25,000 at 25.63.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
There were 33 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
TCA.PR.X<\/td>\nPerpetual-Premium<\/td>\nQuote: 47.50 – 50.01
\nSpot Rate : 2.5100
\nAverage : 1.4127<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 46.96
\nEvaluated at bid price : 47.50
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 22.20 – 23.37
\nSpot Rate : 1.1700
\nAverage : 0.8838<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.20
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n

TD.PR.Q<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.02 – 26.64
\nSpot Rate : 0.6200
\nAverage : 0.4298<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.02
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 25.96 – 26.51
\nSpot Rate : 0.5500
\nAverage : 0.3792<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-07-27
\nMaturity Price : 25.75
\nEvaluated at bid price : 25.96
\nBid-YTW : -1.04 %<\/td>\n<\/tr>\n

CU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 25.60 – 26.00
\nSpot Rate : 0.4000
\nAverage : 0.2618<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 22.82 – 23.21
\nSpot Rate : 0.3900
\nAverage : 0.2633<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-06-27
\nMaturity Price : 22.53
\nEvaluated at bid price : 22.82
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Fed is trying to get the show back on the road: Federal Reserve officials stepped up their campaign to stem an increase in long-term borrowing costs that threatens to blunt the U.S. expansion and …<\/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-22365","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22365","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=22365"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22365\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}