{"id":23674,"date":"2013-11-28T03:13:01","date_gmt":"2013-11-28T03:13:01","guid":{"rendered":"http:\/\/prefblog.com\/?p=23674"},"modified":"2013-11-28T03:13:01","modified_gmt":"2013-11-28T03:13:01","slug":"november-27-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23674","title":{"rendered":"November 27, 2013"},"content":{"rendered":"

Well, I haven’t done anything more on the missing posts, but I do know that they all exist quite happily on the old server. They will be imported eventually – but probably not today.<\/p>\n

So, in another foreshortened commentary …<\/p>\n

PerpetualDiscounts now yield 5.54%, equivalent to 7.20% interest at the standard equivalency factor of 1.3x. Long Corporates<\/a> now yield about 4.75% so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 245bp.<\/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>\n0.5046 %<\/td>\n2,533.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.29 %<\/td>\n3.58 %<\/td>\n31,320<\/td>\n18.19<\/td>\n1<\/td>\n-1.1171 %<\/td>\n3,910.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.93 %<\/td>\n2.95 %<\/td>\n60,988<\/td>\n19.79<\/td>\n3<\/td>\n0.5046 %<\/td>\n2,735.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n-3.19 %<\/td>\n75,874<\/td>\n0.08<\/td>\n3<\/td>\n0.1797 %<\/td>\n2,665.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.83 %<\/td>\n68,231<\/td>\n3.65<\/td>\n6<\/td>\n0.0968 %<\/td>\n2,986.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1797 %<\/td>\n2,436.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.56 %<\/td>\n4.23 %<\/td>\n125,548<\/td>\n0.09<\/td>\n11<\/td>\n0.0323 %<\/td>\n2,314.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.58 %<\/td>\n5.54 %<\/td>\n163,127<\/td>\n14.53<\/td>\n27<\/td>\n-0.1929 %<\/td>\n2,359.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.96 %<\/td>\n3.30 %<\/td>\n227,313<\/td>\n3.27<\/td>\n82<\/td>\n0.0093 %<\/td>\n2,487.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n3.92 %<\/td>\n193,305<\/td>\n1.36<\/td>\n42<\/td>\n0.0607 %<\/td>\n2,427.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n2.37 %<\/td>\n313,396<\/td>\n4.45<\/td>\n5<\/td>\n0.0079 %<\/td>\n2,464.0<\/td>\n<\/tr>\n<\/table>\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.PR.X<\/td>\nFixedReset<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-27
\nMaturity Price : 21.72
\nEvaluated at bid price : 22.02
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-27
\nMaturity Price : 22.48
\nEvaluated at bid price : 22.13
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.80
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-27
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 6.24 %<\/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.C<\/td>\nFixedReset<\/td>\n75,710<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-27
\nMaturity Price : 22.60
\nEvaluated at bid price : 22.90
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
MFC.PR.D<\/td>\nFixedReset<\/td>\n68,461<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 2.25 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n57,497<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 2.32 %<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n53,614<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.47
\nBid-YTW : 1.84 %<\/td>\n<\/tr>\n
GWO.PR.J<\/td>\nFixedReset<\/td>\n44,686<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 1.86 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n34,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-27
\nMaturity Price : 24.00
\nEvaluated at bid price : 24.45
\nBid-YTW : 3.84 %<\/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
TD.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.00 – 26.89
\nSpot Rate : 0.8900
\nAverage : 0.5520<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-27
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.00
\nBid-YTW : -2.11 %<\/td>\n<\/tr>\n

ABK.PR.C<\/td>\nSplitShare<\/td>\nQuote: 31.72 – 32.20
\nSpot Rate : 0.4800
\nAverage : 0.3540<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-10
\nMaturity Price : 31.64
\nEvaluated at bid price : 31.72
\nBid-YTW : 2.60 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.11 – 24.35
\nSpot Rate : 0.2400
\nAverage : 0.1522<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.11
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n

MFC.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.73 – 26.00
\nSpot Rate : 0.2700
\nAverage : 0.1883<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.73
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n

CGI.PR.D<\/td>\nSplitShare<\/td>\nQuote: 24.13 – 24.34
\nSpot Rate : 0.2100
\nAverage : 0.1334<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.13
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 22.13 – 22.42
\nSpot Rate : 0.2900
\nAverage : 0.2251<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-27
\nMaturity Price : 22.48
\nEvaluated at bid price : 22.13
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Well, I haven’t done anything more on the missing posts, but I do know that they all exist quite happily on the old server. They will be imported eventually – but probably not today. So, …<\/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-23674","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23674","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=23674"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23674\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}