{"id":22989,"date":"2013-09-05T20:56:39","date_gmt":"2013-09-06T00:56:39","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22989"},"modified":"2013-09-05T20:56:39","modified_gmt":"2013-09-06T00:56:39","slug":"september-5-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22989","title":{"rendered":"September 5, 2013"},"content":{"rendered":"

Wow! Not a nice day to own Treasuries<\/a>:<\/p>\n

Benchmark 10-year yields rose eight basis points, or 0.08 percentage point, to 2.98 percent at 1:49 p.m. New York time, the highest level since July 28, 2011, according to Bloomberg Bond Trader data. The 2.5 percent note due in August 2023 fell 22\/32, or $6.88 per $1,000 face amount, to 95 29\/32.<\/p>\n

The yield is up from a 2013 low of 1.61 percent on May 1 and threatened to breach 3 percent for the first time since July 27, 2011, when lawmakers debated raising the nation\u2019s debt limit.
…<\/b>
Companies boosted employment by 176,000 workers in August from a 198,000 gain in July that was revised down, figures from the Roseland, New Jersey-based ADP showed today. The median forecast of 43 economists surveyed by Bloomberg called for a 184,000 gain.<\/p>\n

A Labor Department report tomorrow may show companies added 180,000 workers last month, according to the median estimate in a Bloomberg survey. The unemployment rate probably held at 7.4 percent, the lowest level since December 2008.<\/p><\/blockquote>\n

Much the same thing happened to Canadas<\/a>.<\/p>\n

And, as might be expected, it was not a nice day for the Canadian preferred share market, with PerpetualDiscounts losing 28bp, FixedResets down 10bp and DeemedRetractibles off 8bp. There is another very lengthy Performance Highlights table, heavily weighted towards the downside. 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>\n0.2779 %<\/td>\n2,588.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.19 %<\/td>\n3.49 %<\/td>\n35,168<\/td>\n18.33<\/td>\n1<\/td>\n3.5584 %<\/td>\n3,967.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.60 %<\/td>\n2.91 %<\/td>\n69,008<\/td>\n19.90<\/td>\n5<\/td>\n0.2779 %<\/td>\n2,795.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.64 %<\/td>\n2.92 %<\/td>\n66,131<\/td>\n0.77<\/td>\n3<\/td>\n0.0773 %<\/td>\n2,620.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.76 %<\/td>\n4.91 %<\/td>\n56,376<\/td>\n4.11<\/td>\n6<\/td>\n-0.1402 %<\/td>\n2,942.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0773 %<\/td>\n2,396.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.92 %<\/td>\n4.94 %<\/td>\n116,702<\/td>\n0.08<\/td>\n2<\/td>\n-0.2978 %<\/td>\n2,239.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.68 %<\/td>\n5.78 %<\/td>\n127,289<\/td>\n14.17<\/td>\n36<\/td>\n-0.2844 %<\/td>\n2,286.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.93 %<\/td>\n3.79 %<\/td>\n241,843<\/td>\n3.85<\/td>\n85<\/td>\n-0.0966 %<\/td>\n2,452.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.18 %<\/td>\n4.95 %<\/td>\n198,225<\/td>\n6.95<\/td>\n43<\/td>\n-0.0760 %<\/td>\n2,348.6<\/td>\n<\/tr>\n<\/table>\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
TRP.PR.B<\/td>\nFixedReset<\/td>\n-3.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 20.64
\nEvaluated at bid price : 20.64
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-3.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.32
\nEvaluated at bid price : 22.70
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n-1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.91
\nEvaluated at bid price : 24.01
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nDeemed-Retractible<\/td>\n-1.56 %<\/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 : 6.23 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.60
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.55
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.16
\nBid-YTW : 2.25 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n3.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.93
\nEvaluated at bid price : 22.70
\nBid-YTW : 3.49 %<\/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
ENB.PR.Y<\/td>\nFixedReset<\/td>\n104,447<\/td>\nScotia crossed blocks of 20,400 and 25,000 at 23.90; Nesbitt crossed 25,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.60
\nEvaluated at bid price : 23.72
\nBid-YTW : 4.44 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n95,715<\/td>\nNesbitt crossed 90,000 at 24.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 23.63
\nEvaluated at bid price : 23.90
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n46,080<\/td>\nScotia crossed 30,000 at 25.55.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n27,705<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 2.71 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n26,835<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 20.64
\nEvaluated at bid price : 20.64
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n26,435<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 23.05
\nEvaluated at bid price : 24.78
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
There were 35 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.H<\/td>\nFixedReset<\/td>\nQuote: 21.02 – 21.75
\nSpot Rate : 0.7300
\nAverage : 0.5734<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Discount<\/td>\nQuote: 49.01 – 49.99
\nSpot Rate : 0.9800
\nAverage : 0.8636<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 48.47
\nEvaluated at bid price : 49.01
\nBid-YTW : 5.78 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.34 – 21.79
\nSpot Rate : 0.4500
\nAverage : 0.3390<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.34
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n

TRI.PR.B<\/td>\nFloater<\/td>\nQuote: 23.16 – 24.00
\nSpot Rate : 0.8400
\nAverage : 0.7371<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.89
\nEvaluated at bid price : 23.16
\nBid-YTW : 2.25 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 23.50 – 23.75
\nSpot Rate : 0.2500
\nAverage : 0.1666<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 22.81
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.71 – 21.00
\nSpot Rate : 0.2900
\nAverage : 0.2220<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-05
\nMaturity Price : 20.71
\nEvaluated at bid price : 20.71
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Wow! Not a nice day to own Treasuries: Benchmark 10-year yields rose eight basis points, or 0.08 percentage point, to 2.98 percent at 1:49 p.m. New York time, the highest level since July 28, 2011, …<\/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-22989","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22989","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=22989"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22989\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}