{"id":22806,"date":"2013-08-16T20:25:36","date_gmt":"2013-08-17T00:25:36","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22806"},"modified":"2013-08-16T20:25:36","modified_gmt":"2013-08-17T00:25:36","slug":"august-16-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22806","title":{"rendered":"August 16, 2013"},"content":{"rendered":"

The Great White Short<\/a>?:<\/p>\n

Foreign investors went on an unprecedented selling spree of Canadian bonds in June, offering further evidence of Canada\u2019s fading international appeal.<\/p>\n

A record $19-billion decline in foreign-held bonds, more than double the previous high set a decade ago, slashed what has become a reliable source of investment driven by Canada\u2019s stellar reputation for financial outperformance.
…<\/b>
Recent years saw a consistent net inflow of foreign funds into Canadian securities in excess of $100-billion annually. But of late, the global investing community has grown leery of Canadian real estate, slowing growth and vulnerability to softening commodity prices. Hedge funds lined up to bet against Canada \u2013 the trade dubbed the Great White Short.<\/p>\n

Over the first half of this year, net spending on Canadian bonds by non-residents amount to $16-billion, \u201ca fraction of the net inflow chalked up during the first half of each of the prior five years,\u201d Warren Lovely, an economist at CIBC World Markets, said in a research note.
…<\/b>
The Canadian dollar would certainly feel the effect of any sustained deterioration in the demand for Canadian bonds. That relationship could also help explain some of the dramatic currency volatility seen from mid-June to early July, when the Canadian dollar dropped by four cents against its U.S. counterpart, [chief currency strategist at Bank of Nova Scotia] Ms. [Camilla] Sutton said.<\/p><\/blockquote>\n

Just in time for Christmas<\/a>:<\/p>\n

Samsung Electronics Co. (005930) will introduce a wristwatch-like device named the Galaxy Gear next month that can make phone calls, surf the Web and handle e-mails, according to two people familiar with the matter.<\/p>\n

The Galaxy Gear will be powered by Google Inc.\u2019s Android operating system and go on sale this year to beat a potentially competing product from Apple Inc. (AAPL), the people said. <\/p><\/blockquote>\n

\"\"<\/a><\/div>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 3bp, FixedResets gaining 5bp and DeemedRetractibles down 22bp. The performance highlights table is as lengthy as we have come to expect recently: insurers are notable on the losers’ end, but somebody has decided they really, really like BAM! Volume was well above 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-0.0292 %<\/td>\n2,630.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.37 %<\/td>\n3.66 %<\/td>\n30,706<\/td>\n18.04<\/td>\n1<\/td>\n1.6355 %<\/td>\n3,801.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.56 %<\/td>\n2.89 %<\/td>\n71,469<\/td>\n19.97<\/td>\n5<\/td>\n-0.0292 %<\/td>\n2,840.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.68 %<\/td>\n4.37 %<\/td>\n73,409<\/td>\n2.82<\/td>\n3<\/td>\n-0.2633 %<\/td>\n2,597.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.88 %<\/td>\n53,787<\/td>\n4.12<\/td>\n6<\/td>\n-0.2333 %<\/td>\n2,947.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2633 %<\/td>\n2,374.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.78 %<\/td>\n5.85 %<\/td>\n96,831<\/td>\n14.09<\/td>\n12<\/td>\n-0.2971 %<\/td>\n2,243.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.71 %<\/td>\n5.79 %<\/td>\n152,002<\/td>\n14.20<\/td>\n25<\/td>\n-0.0325 %<\/td>\n2,259.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.03 %<\/td>\n3.85 %<\/td>\n241,222<\/td>\n7.06<\/td>\n85<\/td>\n0.0516 %<\/td>\n2,420.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.26 %<\/td>\n5.28 %<\/td>\n200,676<\/td>\n6.96<\/td>\n43<\/td>\n-0.2231 %<\/td>\n2,300.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n-2.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.51
\nBid-YTW : 6.58 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n-2.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.47
\nBid-YTW : 6.76 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 20.79
\nEvaluated at bid price : 20.79
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 20.98
\nEvaluated at bid price : 20.98
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2016-08-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 24.38
\nEvaluated at bid price : 24.84
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 21.64
\nEvaluated at bid price : 21.64
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
BNA.PR.C<\/td>\nSplitShare<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.10
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.10
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
SLF.PR.E<\/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 : 20.77
\nBid-YTW : 6.75 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n-1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 22.33
\nEvaluated at bid price : 23.05
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
BNS.PR.M<\/td>\nDeemed-Retractible<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.29
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 21.54
\nEvaluated at bid price : 21.80
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 19.98
\nEvaluated at bid price : 19.98
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 22.27
\nEvaluated at bid price : 21.75
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.93 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 19.58
\nEvaluated at bid price : 19.58
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.68
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.55
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 19.92
\nEvaluated at bid price : 19.92
\nBid-YTW : 6.06 %<\/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
RY.PR.T<\/td>\nFixedReset<\/td>\n106,136<\/td>\nTD crossed blocks of 69,900 and 30,000, both at 25.88.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n47,700<\/td>\nTD bought 10,000 from National at 20.71.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.66
\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n
TD.PR.C<\/td>\nFixedReset<\/td>\n45,848<\/td>\nTD crossed 40,000 at 25.28.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n39,900<\/td>\nTD crossed 25,000 at 25.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n38,575<\/td>\nTD crossed 30,000 at 25.67.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n
BNS.PR.Q<\/td>\nFixedReset<\/td>\n32,372<\/td>\nNesbitt crossed 25,000 at 24.80.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.79
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
There were 46 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
GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 21.70 – 22.49
\nSpot Rate : 0.7900
\nAverage : 0.4631<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.70
\nBid-YTW : 4.80 %<\/td>\n<\/tr>\n

TD.PR.O<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.43 – 24.98
\nSpot Rate : 0.5500
\nAverage : 0.3305<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.43
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n

FTS.PR.E<\/td>\nOpRet<\/td>\nQuote: 25.16 – 25.92
\nSpot Rate : 0.7600
\nAverage : 0.5582<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2016-08-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n

MFC.PR.H<\/td>\nFixedReset<\/td>\nQuote: 25.25 – 25.79
\nSpot Rate : 0.5400
\nAverage : 0.3386<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.79 – 21.30
\nSpot Rate : 0.5100
\nAverage : 0.3773<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-16
\nMaturity Price : 20.79
\nEvaluated at bid price : 20.79
\nBid-YTW : 5.79 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 23.75 – 24.30
\nSpot Rate : 0.5500
\nAverage : 0.4427<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The Great White Short?: Foreign investors went on an unprecedented selling spree of Canadian bonds in June, offering further evidence of Canada\u2019s fading international appeal. A record $19-billion decline in foreign-held bonds, more than double …<\/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-22806","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22806","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=22806"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22806\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}