{"id":23531,"date":"2013-11-01T22:27:22","date_gmt":"2013-11-02T02:27:22","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23531"},"modified":"2013-11-01T22:27:22","modified_gmt":"2013-11-02T02:27:22","slug":"november-1-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23531","title":{"rendered":"November 1, 2013"},"content":{"rendered":"

There was a little pop in bond yields today<\/a>:<\/p>\n

Treasury 10-year note yields (USGG10YR) rose to the highest levels in two weeks after a gauge of U.S. manufacturing expanded at a faster pace than forecast, weakening the case for the Federal Reserve to maintain stimulus.<\/p>\n

The benchmark securities extended the first five-day drop in three weeks as Fed Bank of St. Louis President James Bullard said labor market gains in the past year could warrant a cut in the bond buying. Fed policy makers said Oct. 30 that the economy showed signs of \u201cunderlying strength\u201d even as they maintained their $85 billion of monthly asset purchases.<\/p><\/blockquote>\n

Want a raise? Go west, young man<\/a>!<\/p>\n

Data released yesterday by Statistics Canada showed the difference in average hourly wages in Alberta and the rest of the country, but for Saskatchewan, widened again in August.<\/p>\n

\u201cNote that hourly wages are now nearly $6 less in Atlantic Canada than in Alberta, the widest gap on record, a factor that has contributed to pushing more than 11,000 migrants out of the region in the past year – a major headache for housing markets, government finances, etc.,\u201d said senior economist Robert Kavcic of BMO Nesbitt Burns.<\/p>\n

\u201cEven B.C. is seeing the wage gap approach $4\/hour versus Alberta, and not coincidentally is also seeing a decade-high net outflow of workers.\u201d<\/p><\/blockquote>\n

The StatsCan report<\/a> indicates that a decent economy is still comfortably far away:<\/p>\n

\"\"<\/a>
Click for Big<\/i><\/div>\n

… with an implication that those who decided to earn a living filing paperwork for construction companies are getting vindicated …<\/p>\n

\"\"<\/a>
Click for Big<\/i><\/div>\n

DBRS confirmed Enbridge at Pfd-2(low)<\/a>:<\/p>\n

DBRS has today confirmed the Issuer Rating of Enbridge Inc. (ENB or the Company) at A (low) and ratings on ENB\u2019s Medium-Term Notes & Unsecured Debentures, Commercial Paper and Cumulative Redeemable Preferred Shares ratings at A (low), R-1 (low) and Pfd-2 (low), respectively, all with Stable trends. The ratings reflect (1) a relatively strong business risk profile, (2) pressure on ENB\u2019s near-to-medium-term credit metrics and (3) results under the ten-year Competitive Tolling Settlement (CTS), effective July 1, 2011.<\/p><\/blockquote>\n

Enbridge is the proud issuer of ENB.PR.A, ENB.PR.B, ENB.PR.D, ENB.PR.F, ENB.PR.H, ENB.PR.N, ENB.PR.P, ENB.PR.T and ENB.PR.Y, as well as some US-Pay stuff<\/a> that I don’t track.<\/p>\n

It was a negative day for the Canadian preferred share market, with PerpetualDiscounts down 11bp, FixedResets off 3bp and DeemedRetractibles losing 18bp. The Performance Highlights table is longer than one might expect given the modest overall moves, with a preponderance of Straight losers. Volume was on the low side of average.<\/p>\n\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>\n0.2682 %<\/td>\n2,465.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.18 %<\/td>\n3.46 %<\/td>\n27,003<\/td>\n18.46<\/td>\n1<\/td>\n0.1323 %<\/td>\n4,012.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.01 %<\/td>\n3.03 %<\/td>\n62,859<\/td>\n19.64<\/td>\n3<\/td>\n0.2682 %<\/td>\n2,662.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.63 %<\/td>\n3.38 %<\/td>\n67,802<\/td>\n0.57<\/td>\n3<\/td>\n-0.1541 %<\/td>\n2,636.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.74 %<\/td>\n4.90 %<\/td>\n63,167<\/td>\n3.68<\/td>\n6<\/td>\n0.0202 %<\/td>\n2,957.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1541 %<\/td>\n2,410.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.59 %<\/td>\n3.68 %<\/td>\n126,485<\/td>\n0.31<\/td>\n11<\/td>\n-0.0613 %<\/td>\n2,298.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.53 %<\/td>\n5.52 %<\/td>\n183,016<\/td>\n14.55<\/td>\n27<\/td>\n-0.1093 %<\/td>\n2,372.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.01 %<\/td>\n3.59 %<\/td>\n227,630<\/td>\n3.37<\/td>\n82<\/td>\n-0.0277 %<\/td>\n2,454.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.08 %<\/td>\n4.20 %<\/td>\n195,601<\/td>\n1.50<\/td>\n42<\/td>\n-0.1802 %<\/td>\n2,409.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.62 %<\/td>\n2.37 %<\/td>\n310,113<\/td>\n4.53<\/td>\n5<\/td>\n-0.0317 %<\/td>\n2,454.0<\/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
BAM.PF.B<\/td>\nFixedReset<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.55
\nBid-YTW : 4.55 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.71
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 23.22
\nEvaluated at bid price : 23.52
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 20.01
\nEvaluated at bid price : 20.01
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.53
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 22.57
\nEvaluated at bid price : 23.31
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 22.28
\nEvaluated at bid price : 22.61
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 23.51
\nEvaluated at bid price : 23.81
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n2.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 21.09
\nEvaluated at bid price : 21.09
\nBid-YTW : 3.82 %<\/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
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n53,435<\/td>\nRBC crossed two blocks of 25,000 each, both at 23.26.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 22.76
\nEvaluated at bid price : 23.16
\nBid-YTW : 5.19 %<\/td>\n<\/tr>\n
CM.PR.G<\/td>\nPerpetual-Premium<\/td>\n32,900<\/td>\nDesjardins crossed 21,000 at 25.03.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.02
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n29,800<\/td>\nScotia crossed 24,700 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n21,353<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.30
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
CM.PR.E<\/td>\nPerpetual-Premium<\/td>\n18,616<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.13
\nBid-YTW : -0.36 %<\/td>\n<\/tr>\n
CM.PR.K<\/td>\nFixedReset<\/td>\n18,360<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 2.70 %<\/td>\n<\/tr>\n
There were 28 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
CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 21.09 – 21.75
\nSpot Rate : 0.6600
\nAverage : 0.5245<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-01
\nMaturity Price : 21.09
\nEvaluated at bid price : 21.09
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n

BNS.PR.O<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.24 – 26.61
\nSpot Rate : 0.3700
\nAverage : 0.2458<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-01
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.24
\nBid-YTW : -5.56 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.56 – 25.83
\nSpot Rate : 0.2700
\nAverage : 0.1857<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n

PWF.PR.I<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.20 – 25.50
\nSpot Rate : 0.3000
\nAverage : 0.2286<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : -3.49 %<\/td>\n<\/tr>\n

SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 22.48 – 22.67
\nSpot Rate : 0.1900
\nAverage : 0.1225<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.48
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.41 – 25.58
\nSpot Rate : 0.1700
\nAverage : 0.1047<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 5.70 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There was a little pop in bond yields today: Treasury 10-year note yields (USGG10YR) rose to the highest levels in two weeks after a gauge of U.S. manufacturing expanded at a faster pace than forecast, …<\/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-23531","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23531","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=23531"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23531\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}