{"id":24044,"date":"2013-12-18T00:47:53","date_gmt":"2013-12-18T05:47:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=24044"},"modified":"2013-12-18T00:47:53","modified_gmt":"2013-12-18T05:47:53","slug":"december-17-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24044","title":{"rendered":"December 17, 2013"},"content":{"rendered":"

So – are the politicians and bureaucrats fanning fear regarding financial stability so they can increase revenue<\/a>?<\/p>\n

The U.S. Securities and Exchange Commission said on Tuesday it levied a record $3.4-billion (U.S.) in sanctions in enforcement cases in the latest fiscal year, up 10 per cent from the previous year.
…<\/b>
Fiscal 2013\u2019s total sanctions were 22 per cent higher than those obtained in the 2011 fiscal year, the agency said.<\/p><\/blockquote>\n

DBRS confirmed GWO<\/a>:<\/p>\n

The Minimum Continuing Capital and Surplus Requirement ratio of the Company\u2019s major regulated operating subsidiary, The Great-West Life Assurance Company, is strong at 221%. GWO has traditionally operated with higher financial leverage than most of its Canadian peers, a reflection of its debt-financed mergers and acquisitions activity. The debt and preferred share-to-total capital leverage ratio was 32.7% as at September 30, 2013, which is higher than its Canadian peers, and higher than the 25% level for a AA rating category. Fixed-charge coverage ratios at GWO nevertheless remain healthier, with less volatile earnings than those of its peers. DBRS considers the Company\u2019s financial leverage and fixed-charge ratios acceptable for the current rating category with expectations of reduced leverage over time and views the Company as conservatively managed with a track record of consistent profitability.<\/p><\/blockquote>\n

It was a poor day for the Canadian preferred share market, with PerpetualDiscounts losing 22bp, FixedResets off 18bp and DeemedRetractibles down 21bp. Low-spread FixedResets were again prominent on the wrong side of the Performance Highlights table. Volume was extremely heavy.<\/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>\n0.0188 %<\/td>\n2,525.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.46 %<\/td>\n3.74 %<\/td>\n39,993<\/td>\n17.83<\/td>\n1<\/td>\n-1.1137 %<\/td>\n3,765.2<\/td>\n<\/tr>\n
Floater<\/td>\n2.96 %<\/td>\n2.96 %<\/td>\n61,804<\/td>\n19.84<\/td>\n3<\/td>\n0.0188 %<\/td>\n2,726.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.64 %<\/td>\n2.32 %<\/td>\n86,228<\/td>\n0.28<\/td>\n3<\/td>\n-0.0902 %<\/td>\n2,660.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.88 %<\/td>\n4.63 %<\/td>\n79,210<\/td>\n4.50<\/td>\n5<\/td>\n0.1212 %<\/td>\n2,997.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0902 %<\/td>\n2,432.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n5.45 %<\/td>\n143,470<\/td>\n4.30<\/td>\n13<\/td>\n0.1501 %<\/td>\n2,299.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.72 %<\/td>\n5.72 %<\/td>\n176,221<\/td>\n14.22<\/td>\n25<\/td>\n-0.2210 %<\/td>\n2,303.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.02 %<\/td>\n3.60 %<\/td>\n239,514<\/td>\n3.61<\/td>\n84<\/td>\n-0.1817 %<\/td>\n2,458.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n4.43 %<\/td>\n204,560<\/td>\n2.29<\/td>\n42<\/td>\n-0.2112 %<\/td>\n2,384.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n2.34 %<\/td>\n301,635<\/td>\n4.40<\/td>\n5<\/td>\n-0.0316 %<\/td>\n2,463.0<\/td>\n<\/tr>\n<\/table>\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
TRP.PR.C<\/td>\nFixedReset<\/td>\n-2.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-2.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.15
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.59 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n-1.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.24
\nEvaluated at bid price : 22.56
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.27
\nEvaluated at bid price : 22.91
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.36 %<\/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 : 5.06 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.78
\nEvaluated at bid price : 24.05
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.05
\nEvaluated at bid price : 22.60
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/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 : 22.62
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 21.78
\nEvaluated at bid price : 21.31
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.50
\nEvaluated at bid price : 23.35
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.75
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.87 %<\/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
ENB.PR.Y<\/td>\nFixedReset<\/td>\n471,124<\/td>\nRBC crossed 430,000 at 23.15. Nice ticket!
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 22.25
\nEvaluated at bid price : 23.00
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFloatingReset<\/td>\n253,150<\/td>\nNesbitt crossed 250,000 at 25.20. Another nice ticket!
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.19
\nBid-YTW : 2.32 %<\/td>\n<\/tr>\n
RY.PR.P<\/td>\nFixedReset<\/td>\n157,598<\/td>\nCalled for redemption<\/a>
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 1.96 %<\/td>\n<\/tr>\n
RY.PR.N<\/td>\nFixedReset<\/td>\n151,101<\/td>\nCalled for redemption<\/a>
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 1.96 %<\/td>\n<\/tr>\n
TD.PR.T<\/td>\nFloatingReset<\/td>\n126,550<\/td>\nNesbitt crossed 125,000 at 25.17.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 2.34 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n76,496<\/td>\nRBC crossed 55,000 at 20.55.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 5.54 %<\/td>\n<\/tr>\n
There were 70 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: 25.26 – 25.74
\nSpot Rate : 0.4800
\nAverage : 0.2983<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset<\/td>\nQuote: 25.19 – 25.61
\nSpot Rate : 0.4200
\nAverage : 0.2452<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 23.53
\nEvaluated at bid price : 25.19
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n

BAM.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.70 – 26.09
\nSpot Rate : 0.3900
\nAverage : 0.2455<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.06 %<\/td>\n<\/tr>\n

BMO.PR.J<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.24 – 25.53
\nSpot Rate : 0.2900
\nAverage : 0.1751<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.24
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n

BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.68 – 18.97
\nSpot Rate : 0.2900
\nAverage : 0.1801<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-17
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

TD.PR.Q<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.25 – 26.49
\nSpot Rate : 0.2400
\nAverage : 0.1381<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.25
\nBid-YTW : -4.52 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

So – are the politicians and bureaucrats fanning fear regarding financial stability so they can increase revenue? The U.S. Securities and Exchange Commission said on Tuesday it levied a record $3.4-billion (U.S.) in sanctions in …<\/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-24044","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24044","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=24044"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24044\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}