{"id":23405,"date":"2013-10-18T00:30:40","date_gmt":"2013-10-18T04:30:40","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23405"},"modified":"2013-10-18T00:30:40","modified_gmt":"2013-10-18T04:30:40","slug":"october-17-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23405","title":{"rendered":"October 17, 2013"},"content":{"rendered":"

It appears that some people are ecstatic that Armageddon has been delayed by three months<\/a>:<\/p>\n

U.S. stocks rose, sending the Standard & Poor\u2019s 500 Index to a record, as speculation grew that the Federal Reserve will maintain the pace of stimulus after Congress ended the budget standoff.
…<\/b>
The S&P 500 rose 0.7 percent to 1,733.15 at 4 p.m. in New York, surpassing the previous record of 1,725.52 from Sept. 18. The Dow Jones Industrial Average fell 2.18 points to 15,371.65, held down by IBM and Goldman Sachs. About 6.6 billion shares changed hands on U.S. exchanges, 12 percent above the three-month average.<\/p>\n

\u201cThe taper seems a little bit further out, certainly than anybody expected eight weeks ago and maybe even just a couple of weeks ago,\u201d Walter Todd, chief investment officer at Greenwood Capital Inc., said in a phone interview from Greenwood, South Carolina. He helps manage $950 million. \u201cIt keeps a lid on rates and provides more liquidity for risk assets like stocks. People are back to focusing on the individual company dynamics that occur during earnings season.”<\/p>\n

The S&P 500 gained 2.4 percent during the 16-day government closure that ended yesterday after President Barack Obama signed a bill to fund the government through Jan. 15 and extend the borrowing authority through Feb. 7.<\/p><\/blockquote>\n

My favourite Fed President, Richard Fisher, has some interesting views on US housing<\/a>:<\/p>\n

A top Federal Reserve official said on Thursday he is seeing fresh signs of a U.S. \u201chousing bubble\u201d and warned about the central bank\u2019s ongoing purchases of mortgage-based bonds.<\/p>\n

\u201cI\u2019m beginning to see signs not just in my district but across the country that we are entering, once again, a housing bubble,\u201d Dallas Fed President Richard Fisher told reporters after a speech in New York. \u201cSo that leads me … to be very cautious about our mortgage-backed securities purchase program.\u201d
…<\/b>
Fisher, a vocal hawk on monetary policy, repeated he would not support a reduction in the quantitative easing (QE) program at a Fed meeting later this month in large part because of the fiscal \u201cmess\u201d in Washington.<\/p>\n

But citing rising year-on-year house prices in Texas cities, and elsewhere in the country, he warned that the central bank\u2019s hyper-accommodative policies could be inflating dangerous asset price bubbles.<\/p><\/blockquote>\n

It was a fine day for the Canadian preferred share market, with PerpetualDiscounts winning 42bp, FixedResets gaining 5bp and DeemedRetractibles up 20bp. The Performance Highlights table is heavily skewed towards the two better classes. Volume was high, with the Volume Highlights table comprised entirely of FixedResets.<\/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>\n0.1896 %<\/td>\n2,449.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.30 %<\/td>\n3.57 %<\/td>\n27,863<\/td>\n18.29<\/td>\n1<\/td>\n0.4089 %<\/td>\n3,904.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.76 %<\/td>\n2.98 %<\/td>\n64,182<\/td>\n19.78<\/td>\n5<\/td>\n0.1896 %<\/td>\n2,644.3<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n2.59 %<\/td>\n65,012<\/td>\n0.61<\/td>\n3<\/td>\n-0.0642 %<\/td>\n2,640.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n5.28 %<\/td>\n61,734<\/td>\n3.99<\/td>\n6<\/td>\n-0.3308 %<\/td>\n2,938.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0642 %<\/td>\n2,414.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.83 %<\/td>\n4.16 %<\/td>\n108,489<\/td>\n0.08<\/td>\n7<\/td>\n-0.0228 %<\/td>\n2,280.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.56 %<\/td>\n5.59 %<\/td>\n158,504<\/td>\n14.46<\/td>\n30<\/td>\n0.4166 %<\/td>\n2,342.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.97 %<\/td>\n3.79 %<\/td>\n233,547<\/td>\n3.41<\/td>\n85<\/td>\n0.0460 %<\/td>\n2,442.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n4.45 %<\/td>\n190,418<\/td>\n6.85<\/td>\n43<\/td>\n0.1963 %<\/td>\n2,377.0<\/td>\n<\/tr>\n<\/table>\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
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 5.90 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 22.33
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.90
\nBid-YTW : 4.47 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 23.27
\nEvaluated at bid price : 23.77
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.05
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 20.65
\nEvaluated at bid price : 20.65
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.85
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 20.26
\nEvaluated at bid price : 20.26
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\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
TRP.PR.D<\/td>\nFixedReset<\/td>\n107,851<\/td>\nScotia crossed 100,000 at 24.87.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.71
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
TD.PR.S<\/td>\nFixedReset<\/td>\n106,062<\/td>\nScotia crossed 37,300 at 24.50; Nesbitt crossed 63,800 at 24.50.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.47
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
BMO.PR.M<\/td>\nFixedReset<\/td>\n93,020<\/td>\nNesbitt crossed blocks of 25,000 and 50,000, both at 24.58. According to TMXMoney, anyway. The Financial Post report is difficult to make out.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n73,976<\/td>\nScotia crossed 70,500 at 25.17.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n63,749<\/td>\nScotia crossed 56,500 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n63,545<\/td>\nScotia crossed 50,000 at 24.33.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
There were 48 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
BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 24.47 – 24.87
\nSpot Rate : 0.4000
\nAverage : 0.2807<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.47
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

GCS.PR.A<\/td>\nSplitShare<\/td>\nQuote: 24.73 – 25.00
\nSpot Rate : 0.2700
\nAverage : 0.1632<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.73
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 23.45 – 23.85
\nSpot Rate : 0.4000
\nAverage : 0.3032<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.45
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n

BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.65 – 19.92
\nSpot Rate : 0.2700
\nAverage : 0.1842<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 6.11 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 22.01 – 22.34
\nSpot Rate : 0.3300
\nAverage : 0.2478<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 21.60
\nEvaluated at bid price : 22.01
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

W.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.71 – 24.98
\nSpot Rate : 0.2700
\nAverage : 0.1894<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-10-17
\nMaturity Price : 24.47
\nEvaluated at bid price : 24.71
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

It appears that some people are ecstatic that Armageddon has been delayed by three months: U.S. stocks rose, sending the Standard & Poor\u2019s 500 Index to a record, as speculation grew that the Federal Reserve …<\/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-23405","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23405","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=23405"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23405\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}