{"id":24076,"date":"2013-12-24T20:01:32","date_gmt":"2013-12-25T01:01:32","guid":{"rendered":"http:\/\/prefblog.com\/?p=24076"},"modified":"2013-12-24T20:01:32","modified_gmt":"2013-12-25T01:01:32","slug":"december-24-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24076","title":{"rendered":"December 24, 2013"},"content":{"rendered":"

TD.PR.A and TD.PR.C were called for redemption yesterday<\/a>, filling in a blank in the schedule of upcoming Exchange Dates. Of the thirteen Exchange Dates between now and February 24, ten will be resolved by redemption. Next up is BMO.PR.N, (Exchange Date 2014-2-25) but with an Issue Reset Spread of +383bp, there’s not much suspense surrounding the eventual announcement. In fact, the seven following Exchange Dates (going out to June 1) are all for issues with spreads in excess of 400bp, so there’s not a lot of scope for entertaining speculation.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 14bp, FixedResets down 3bp and DeemedRetractibles off 2bp. The Performance Highlights table is surprisingly lengthy. Volume was very low, as might be expected on a half day.<\/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>\n0.1891 %<\/td>\n2,514.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.68 %<\/td>\n3.98 %<\/td>\n38,363<\/td>\n17.43<\/td>\n1<\/td>\n-1.1214 %<\/td>\n3,583.2<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n2.97 %<\/td>\n60,596<\/td>\n19.81<\/td>\n3<\/td>\n0.1891 %<\/td>\n2,715.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.65 %<\/td>\n2.56 %<\/td>\n87,938<\/td>\n0.43<\/td>\n3<\/td>\n-0.0774 %<\/td>\n2,658.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.86 %<\/td>\n4.73 %<\/td>\n76,857<\/td>\n4.48<\/td>\n5<\/td>\n0.2736 %<\/td>\n3,013.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0774 %<\/td>\n2,430.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n5.42 %<\/td>\n133,184<\/td>\n4.17<\/td>\n13<\/td>\n0.0138 %<\/td>\n2,307.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.70 %<\/td>\n5.70 %<\/td>\n185,555<\/td>\n14.36<\/td>\n25<\/td>\n0.1413 %<\/td>\n2,315.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.00 %<\/td>\n3.55 %<\/td>\n237,249<\/td>\n3.59<\/td>\n84<\/td>\n-0.0300 %<\/td>\n2,466.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n4.31 %<\/td>\n199,125<\/td>\n1.36<\/td>\n42<\/td>\n-0.0157 %<\/td>\n2,388.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.61 %<\/td>\n2.33 %<\/td>\n279,022<\/td>\n4.38<\/td>\n5<\/td>\n0.0079 %<\/td>\n2,462.6<\/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.G<\/td>\nFixedFloater<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 21.24
\nEvaluated at bid price : 20.28
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 22.69
\nEvaluated at bid price : 23.76
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.94
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.35
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 21.02
\nEvaluated at bid price : 21.02
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
CGI.PR.D<\/td>\nSplitShare<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 21.00
\nEvaluated at bid price : 21.00
\nBid-YTW : 5.42 %<\/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
TD.PR.C<\/td>\nFixedReset<\/td>\n126,309<\/td>\nCalled for redemption<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 2.01 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n24,819<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n23,394<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 19.38
\nEvaluated at bid price : 19.38
\nBid-YTW : 6.36 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n17,620<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 4.14 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n16,337<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 22.14
\nEvaluated at bid price : 22.82
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n15,330<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 22.61
\nEvaluated at bid price : 23.55
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
There were 16 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
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 20.64 – 21.07
\nSpot Rate : 0.4300
\nAverage : 0.2843<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.64
\nBid-YTW : 6.98 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 20.28 – 20.83
\nSpot Rate : 0.5500
\nAverage : 0.4240<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 21.24
\nEvaluated at bid price : 20.28
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 17.60 – 18.00
\nSpot Rate : 0.4000
\nAverage : 0.3040<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n

PWF.PR.M<\/td>\nFixedReset<\/td>\nQuote: 25.14 – 25.35
\nSpot Rate : 0.2100
\nAverage : 0.1240<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 24.26
\nEvaluated at bid price : 25.14
\nBid-YTW : 5.06 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.11 – 21.34
\nSpot Rate : 0.2300
\nAverage : 0.1644<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 21.11
\nEvaluated at bid price : 21.11
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n

PWF.PR.L<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.06 – 23.39
\nSpot Rate : 0.3300
\nAverage : 0.2657<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-24
\nMaturity Price : 22.78
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

TD.PR.A and TD.PR.C were called for redemption yesterday, filling in a blank in the schedule of upcoming Exchange Dates. Of the thirteen Exchange Dates between now and February 24, ten will be resolved by redemption. …<\/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-24076","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24076","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=24076"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24076\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}