{"id":23045,"date":"2013-09-12T21:56:09","date_gmt":"2013-09-13T01:56:09","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23045"},"modified":"2013-09-12T21:56:09","modified_gmt":"2013-09-13T01:56:09","slug":"september-12-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23045","title":{"rendered":"September 12, 2013"},"content":{"rendered":"

In the latest installment of Fed Governorship chatter, Bloomberg has released a poll of its subscribers<\/a>, which can be taken as a reasonable proxy for ‘the market’:<\/p>\n

Thirty-five percent of investors, analysts and traders who are Bloomberg subscribers say Summers may provide less stimulus than Bernanke, whose chairmanship ends in January, compared with 13 percent who see Summers with looser policy and 22 percent saying it\u2019d be the same. Forty-seven percent see Yellen presiding over the same policy, with 17 percent saying it\u2019d be looser and 8 percent saying tighter. The rest said they don\u2019t know how it would change.
…<\/b>
The poll, conducted Sept. 10, showed 40 percent of respondents see Summers getting the job, compared with 33 percent for Yellen, the Fed\u2019s vice chairman. Three percent see Obama opting for former Fed Vice Chairman Donald Kohn, while the remainder said they didn\u2019t know or expected Obama to pick someone else.<\/p>\n

In a May 14 poll of investors, Yellen was seen as the most likely selection by 34 percent of investors, more than any other candidate. Twenty-seven percent of investors thought that Bernanke would be reappointed. Summers was seen as a long-shot, with only 4 percent of investors saying he was likely to be Obama\u2019s pick.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market today, with PerpetualDiscounts up 12bp, FixedResets off 1bp and DeemedRetractibles gaining 7bp. Volatility was much lower than current standards imply, but still above the average of the first five months of this year. Volume was a little 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>\n0.2312 %<\/td>\n2,590.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.32 %<\/td>\n3.63 %<\/td>\n31,716<\/td>\n18.07<\/td>\n1<\/td>\n-0.9009 %<\/td>\n3,845.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.61 %<\/td>\n2.88 %<\/td>\n68,104<\/td>\n20.04<\/td>\n5<\/td>\n0.2312 %<\/td>\n2,797.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.64 %<\/td>\n2.62 %<\/td>\n69,569<\/td>\n0.08<\/td>\n3<\/td>\n0.1677 %<\/td>\n2,632.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.79 %<\/td>\n57,016<\/td>\n4.09<\/td>\n6<\/td>\n0.0135 %<\/td>\n2,946.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1677 %<\/td>\n2,406.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.93 %<\/td>\n6.06 %<\/td>\n116,451<\/td>\n13.76<\/td>\n2<\/td>\n0.1398 %<\/td>\n2,235.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.66 %<\/td>\n5.76 %<\/td>\n129,640<\/td>\n14.18<\/td>\n36<\/td>\n0.1194 %<\/td>\n2,297.8<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.95 %<\/td>\n3.89 %<\/td>\n243,663<\/td>\n3.67<\/td>\n85<\/td>\n-0.0074 %<\/td>\n2,446.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.19 %<\/td>\n4.90 %<\/td>\n189,409<\/td>\n6.93<\/td>\n43<\/td>\n0.0715 %<\/td>\n2,345.1<\/td>\n<\/tr>\n<\/table>\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
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.12
\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.04
\nBid-YTW : 2.26 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 22.36
\nEvaluated at bid price : 23.01
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.37
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.85
\nBid-YTW : 6.55 %<\/td>\n<\/tr>\n
POW.PR.C<\/td>\nPerpetual-Discount<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-10-12
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n3.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 23.10
\nEvaluated at bid price : 23.36
\nBid-YTW : 2.21 %<\/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
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n66,250<\/td>\nNesbitt crossed blocks of 50,000 and 15,000, both at 23.55.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 23.16
\nEvaluated at bid price : 23.42
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
BMO.PR.O<\/td>\nFixedReset<\/td>\n43,435<\/td>\nTD crossed two blocks of 20,000 each, both at 25.79.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n35,004<\/td>\nTD crossed 20,000 at 25.91.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 2.73 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n32,632<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n32,530<\/td>\nNesbitt crossed 25,000 at 24.58.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Discount<\/td>\n32,523<\/td>\nNesbitt crossed 20,000 at 24.98.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 24.69
\nEvaluated at bid price : 25.01
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
There were 37 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
BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 23.51 – 24.40
\nSpot Rate : 0.8900
\nAverage : 0.5410<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.51
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n

BAM.PR.J<\/td>\nOpRet<\/td>\nQuote: 26.22 – 26.97
\nSpot Rate : 0.7500
\nAverage : 0.4959<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.22
\nBid-YTW : 3.21 %<\/td>\n<\/tr>\n

PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 23.04 – 23.94
\nSpot Rate : 0.9000
\nAverage : 0.6641<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.04
\nBid-YTW : 2.26 %<\/td>\n<\/tr>\n

BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 25.10 – 25.74
\nSpot Rate : 0.6400
\nAverage : 0.4216<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 22.00 – 22.92
\nSpot Rate : 0.9200
\nAverage : 0.7470<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-09-12
\nMaturity Price : 22.43
\nEvaluated at bid price : 22.00
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n

BNS.PR.Y<\/td>\nFixedReset<\/td>\nQuote: 23.26 – 23.65
\nSpot Rate : 0.3900
\nAverage : 0.2268<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.26
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

In the latest installment of Fed Governorship chatter, Bloomberg has released a poll of its subscribers, which can be taken as a reasonable proxy for ‘the market’: Thirty-five percent of investors, analysts and traders who …<\/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-23045","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23045","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=23045"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23045\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}