{"id":23687,"date":"2013-11-21T23:35:19","date_gmt":"2013-11-22T03:35:19","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=23685"},"modified":"2013-11-21T23:35:19","modified_gmt":"2013-11-22T03:35:19","slug":"november-21-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23687","title":{"rendered":"November 21, 2013"},"content":{"rendered":"

Deflation fears<\/a>?<\/p>\n

Wholesale prices in the U.S. fell in October for a second month, reflecting cheaper energy costs.<\/p>\n

The 0.2 percent drop in the producer-price index followed a 0.1 percent decline the prior month, a Labor Department report showed today in Washington. The decrease matched the median estimate in a Bloomberg survey of 75 economists. The so-called core measure, which excludes food and energy, increased 0.2 percent as the cost of cars jumped by the most in four years.<\/p><\/blockquote>\n

Server fiddling continues. PrefInfo.com<\/a> has been moved to the new server and works fine! PrefShares.com<\/a> has also been moved; the DNS change should be propogated across the Internet by 6pm Friday 22.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 24bp, FixedResets gaining 3bp and DeemedRetractibles off 3bp. BAM issues were conspicuous in the Performance Highlights, with Floaters down and PerpetualDiscounts up. Volume was well above average.<\/p>\n

PerpetualDiscounts now yield 5.57%, equivalent to 7.24% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.8%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 245bp, a slight (and perhaps spurious) decline from the 250bp reported November 6<\/a>.<\/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>\n-1.1953 %<\/td>\n2,531.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.28 %<\/td>\n3.56 %<\/td>\n31,164<\/td>\n18.24<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,924.2<\/td>\n<\/tr>\n
Floater<\/td>\n2.93 %<\/td>\n2.96 %<\/td>\n58,595<\/td>\n19.79<\/td>\n3<\/td>\n-1.1953 %<\/td>\n2,733.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n-6.76 %<\/td>\n71,484<\/td>\n0.08<\/td>\n3<\/td>\n0.1026 %<\/td>\n2,666.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.74 %<\/td>\n4.14 %<\/td>\n67,901<\/td>\n3.66<\/td>\n6<\/td>\n0.2372 %<\/td>\n2,985.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1026 %<\/td>\n2,438.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.58 %<\/td>\n4.35 %<\/td>\n123,349<\/td>\n0.28<\/td>\n11<\/td>\n0.0666 %<\/td>\n2,308.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.55 %<\/td>\n5.57 %<\/td>\n178,648<\/td>\n14.50<\/td>\n27<\/td>\n0.2445 %<\/td>\n2,372.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.97 %<\/td>\n3.38 %<\/td>\n225,655<\/td>\n3.32<\/td>\n82<\/td>\n0.0261 %<\/td>\n2,480.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.05 %<\/td>\n3.87 %<\/td>\n191,361<\/td>\n1.45<\/td>\n42<\/td>\n-0.0298 %<\/td>\n2,425.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.65 %<\/td>\n2.41 %<\/td>\n308,165<\/td>\n4.47<\/td>\n5<\/td>\n0.0396 %<\/td>\n2,460.7<\/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
BAM.PR.K<\/td>\nFloater<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 2.97 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 17.99
\nEvaluated at bid price : 17.99
\nBid-YTW : 2.94 %<\/td>\n<\/tr>\n
MFC.PR.K<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.22
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-12-21
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.47
\nBid-YTW : -2.49 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 22.98
\nEvaluated at bid price : 23.79
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n2.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 19.89
\nEvaluated at bid price : 19.89
\nBid-YTW : 6.21 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 20.08
\nEvaluated at bid price : 20.08
\nBid-YTW : 6.21 %<\/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
TRP.PR.C<\/td>\nFixedReset<\/td>\n164,084<\/td>\nScotia crossed 20,000 at 22.72 and 131,400 at 22.70. Nice tickets!
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 22.30
\nEvaluated at bid price : 22.63
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
RY.PR.W<\/td>\nPerpetual-Premium<\/td>\n84,583<\/td>\nRBC crossed 74,700 at 25.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 24.75
\nEvaluated at bid price : 24.99
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n61,779<\/td>\nScotia crossed 39,500 at 21.80.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.82
\nBid-YTW : 6.15 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\n58,650<\/td>\nScotia crossed 45,100 at 22.15.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.16
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
TD.PR.K<\/td>\nFixedReset<\/td>\n58,646<\/td>\nScotia crossed 53,400 at 25.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 2.63 %<\/td>\n<\/tr>\n
BMO.PR.N<\/td>\nFixedReset<\/td>\n58,320<\/td>\nNesbitt crossed 50,000 at 25.28.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 2.41 %<\/td>\n<\/tr>\n
There were 43 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.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.41 – 21.84
\nSpot Rate : 0.4300
\nAverage : 0.3278<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 21.41
\nEvaluated at bid price : 21.41
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n

CIU.PR.B<\/td>\nFixedReset<\/td>\nQuote: 25.55 – 25.78
\nSpot Rate : 0.2300
\nAverage : 0.1438<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 2.18 %<\/td>\n<\/tr>\n

FTS.PR.K<\/td>\nFixedReset<\/td>\nQuote: 24.11 – 24.39
\nSpot Rate : 0.2800
\nAverage : 0.2003<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 22.81
\nEvaluated at bid price : 24.11
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.80 – 23.08
\nSpot Rate : 0.2800
\nAverage : 0.2041<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 22.39
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.90 – 26.30
\nSpot Rate : 0.4000
\nAverage : 0.3266<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.90
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.84 – 18.02
\nSpot Rate : 0.1800
\nAverage : 0.1249<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-11-21
\nMaturity Price : 17.84
\nEvaluated at bid price : 17.84
\nBid-YTW : 2.97 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Deflation fears? Wholesale prices in the U.S. fell in October for a second month, reflecting cheaper energy costs. The 0.2 percent drop in the producer-price index followed a 0.1 percent decline the prior month, a …<\/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-23687","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23687","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=23687"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23687\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}