{"id":23746,"date":"2013-12-04T04:20:53","date_gmt":"2013-12-04T04:20:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=23746"},"modified":"2013-12-04T04:20:53","modified_gmt":"2013-12-04T04:20:53","slug":"december-3-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=23746","title":{"rendered":"December 3, 2013"},"content":{"rendered":"

Still doing some catching up … there’s a lot of catching up to do! I don’t think there will be much commentary for a little while yet!<\/p>\n

It was a negative day for the Canadian preferred share market, with PerpetualDiscounts off 13bp, FixedResets losing 24bp and DeemedRetractibles down 15bp. This compares favourably again with the TXPR and TXPL indices which were down 33bp and 45bp, respectively. Something peculiar is going on indeed! Volatility was high, with FixedResets prominent among the losers, led downward by ENB issues, which may have been affected by today’s new issue announcement<\/a>, or their superb performance in the last two days of November … or both, since the two phenomena probably have a least some relationship! Volume was high.<\/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-0.4885 %<\/td>\n2,495.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.31 %<\/td>\n3.60 %<\/td>\n36,499<\/td>\n18.14<\/td>\n1<\/td>\n-1.1670 %<\/td>\n3,890.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n3.00 %<\/td>\n64,796<\/td>\n19.66<\/td>\n3<\/td>\n-0.4885 %<\/td>\n2,694.1<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n-3.34 %<\/td>\n78,550<\/td>\n0.08<\/td>\n3<\/td>\n-0.0384 %<\/td>\n2,665.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.89 %<\/td>\n4.78 %<\/td>\n70,529<\/td>\n4.54<\/td>\n5<\/td>\n0.0728 %<\/td>\n2,994.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0384 %<\/td>\n2,437.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.60 %<\/td>\n4.50 %<\/td>\n136,532<\/td>\n0.25<\/td>\n13<\/td>\n-0.1839 %<\/td>\n2,309.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.59 %<\/td>\n5.59 %<\/td>\n153,688<\/td>\n14.46<\/td>\n25<\/td>\n-0.1259 %<\/td>\n2,349.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.97 %<\/td>\n3.40 %<\/td>\n233,952<\/td>\n3.32<\/td>\n82<\/td>\n-0.2402 %<\/td>\n2,485.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.08 %<\/td>\n4.09 %<\/td>\n190,189<\/td>\n1.42<\/td>\n42<\/td>\n-0.1507 %<\/td>\n2,425.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n2.33 %<\/td>\n329,848<\/td>\n4.44<\/td>\n5<\/td>\n-0.0474 %<\/td>\n2,465.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\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
ENB.PR.Y<\/td>\nFixedReset<\/td>\n-2.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.57
\nEvaluated at bid price : 23.53
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.32
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.94
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.52
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 23.02
\nEvaluated at bid price : 24.61
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.34
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 21.90
\nEvaluated at bid price : 22.25
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.96
\nEvaluated at bid price : 24.35
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.41
\nEvaluated at bid price : 22.02
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.81
\nEvaluated at bid price : 24.14
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
SLF.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 : 21.61
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
GWO.PR.R<\/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 : 22.63
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 19.67
\nEvaluated at bid price : 19.67
\nBid-YTW : 6.29 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nDeemed-Retractible<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-02
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.65
\nBid-YTW : -8.89 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.53
\nBid-YTW : 3.84 %<\/td>\n<\/tr>\n
RY.PR.T<\/td>\nFixedReset<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.68
\nBid-YTW : 2.70 %<\/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
MFC.PR.I<\/td>\nFixedReset<\/td>\n156,650<\/td>\nScotia crossed blocks of 40,000 and 110,000, both at 25.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.85
\nBid-YTW : 3.40 %<\/td>\n<\/tr>\n
BMO.PR.N<\/td>\nFixedReset<\/td>\n108,083<\/td>\nScotia crossed 74,100 at 25.27; Nesbitt crossed 29,300 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 2.58 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n84,900<\/td>\nDesjardins crossed 74,900 at 25.21.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 2.32 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n76,719<\/td>\nRBC crossed 35,000 at 20.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 20.32
\nEvaluated at bid price : 20.32
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n55,361<\/td>\nScotia crossed 40,000 at 25.52.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n50,310<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.50
\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n
There were 56 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.PR.C<\/td>\nFloater<\/td>\nQuote: 17.62 – 17.95
\nSpot Rate : 0.3300
\nAverage : 0.2322<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 17.62
\nEvaluated at bid price : 17.62
\nBid-YTW : 3.01 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 23.52 – 23.81
\nSpot Rate : 0.2900
\nAverage : 0.1963<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 22.84
\nEvaluated at bid price : 23.52
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.66 – 25.93
\nSpot Rate : 0.2700
\nAverage : 0.1803<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.66
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.97 – 21.82
\nSpot Rate : 0.8500
\nAverage : 0.7707<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 20.97
\nEvaluated at bid price : 20.97
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.34 – 25.59
\nSpot Rate : 0.2500
\nAverage : 0.1714<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.34
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.70 – 21.00
\nSpot Rate : 0.3000
\nAverage : 0.2277<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-03
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Still doing some catching up … there’s a lot of catching up to do! I don’t think there will be much commentary for a little while yet! It was a negative day for the Canadian …<\/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-23746","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23746","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=23746"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/23746\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}