{"id":24080,"date":"2013-12-27T23:59:44","date_gmt":"2013-12-28T04:59:44","guid":{"rendered":"http:\/\/prefblog.com\/?p=24080"},"modified":"2013-12-27T23:59:44","modified_gmt":"2013-12-28T04:59:44","slug":"december-27-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24080","title":{"rendered":"December 27, 2013"},"content":{"rendered":"

There are some interesting battles surrounding solar energy in the States<\/a>:<\/p>\n

A system of generous net metering rules may have made sense at the outset of the solar revolution to get the party started. Now, however, it\u2019s clear that it will have enormous disruptive impacts on APS and other utilities that bear the burden of keeping the grid operating.<\/p>\n

\u201cSomebody has to pay for maintenance and upkeep,\u201d Guldner said, and solar users in the current rate structure aren\u2019t doing so.
…<\/b>
Republican and libertarian support for solar is informed by a \u201cdon\u2019t tread on me\u201d response to the utility monopoly system, making foes of those that might have been friends. It\u2019s a wing of the pro-solar coalition that no one — and certainly not the anti-solar crowd — anticipated.
…<\/b>
Inside, it was clear that APS and its supporters were out of luck. The idea for the $4.90 [grid maintenance] fee [for household solar users] came from the solar side — and very likely swung the vote.<\/p>\n

The charge won\u2019t be enough to cover the utility\u2019s grid costs until their next rate case in 2015, APS\u2019s Guldner said, and will probably require the company to ask for much bigger fees down the road.<\/p>\n

\u201cIn 2016, that rate increase could be a big one\u201d and the utility will probably win the argument, Guldner said.<\/p><\/blockquote>\n

My guess? The grid will be ignored until the next disaster.<\/p>\n

It was a mostly negative day for the Canadian preferred share market, with PerpetualDiscounts down 14bp, FixedResets flat and DeemedRetractibles off 9bp. Volatility was muted. Volume was extremely low.<\/p>\n

PerpetualDiscounts now yield 5.69%, equivalent to 7.40% interest at the standard equivalency factor of 1.3x. Long Corporates<\/a> now yield about 4.8%, so the pre-tax interest-equivalent spread is now about 260bp, a slight (and perhaps spurious) narrowing from the 265bp reported December 18<\/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-0.5473 %<\/td>\n2,501.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.55 %<\/td>\n3.85 %<\/td>\n38,372<\/td>\n17.65<\/td>\n1<\/td>\n2.9093 %<\/td>\n3,687.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.99 %<\/td>\n2.98 %<\/td>\n62,250<\/td>\n19.75<\/td>\n3<\/td>\n-0.5473 %<\/td>\n2,700.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.65 %<\/td>\n2.69 %<\/td>\n86,771<\/td>\n0.42<\/td>\n3<\/td>\n-0.0129 %<\/td>\n2,657.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.87 %<\/td>\n4.77 %<\/td>\n75,820<\/td>\n4.47<\/td>\n5<\/td>\n-0.0160 %<\/td>\n3,013.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0129 %<\/td>\n2,430.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.65 %<\/td>\n5.45 %<\/td>\n133,260<\/td>\n4.34<\/td>\n13<\/td>\n-0.0521 %<\/td>\n2,306.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.71 %<\/td>\n5.69 %<\/td>\n183,576<\/td>\n14.37<\/td>\n25<\/td>\n-0.1441 %<\/td>\n2,311.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.00 %<\/td>\n3.55 %<\/td>\n232,947<\/td>\n3.59<\/td>\n84<\/td>\n0.0002 %<\/td>\n2,466.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.17 %<\/td>\n4.35 %<\/td>\n192,684<\/td>\n2.04<\/td>\n42<\/td>\n-0.0885 %<\/td>\n2,385.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.61 %<\/td>\n2.38 %<\/td>\n275,150<\/td>\n4.37<\/td>\n5<\/td>\n0.0728 %<\/td>\n2,464.4<\/td>\n<\/tr>\n<\/table>\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
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 20.76
\nEvaluated at bid price : 20.76
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.10
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.47
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n2.91 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 21.56
\nEvaluated at bid price : 20.87
\nBid-YTW : 3.85 %<\/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
RY.PR.L<\/td>\nFixedReset<\/td>\n54,100<\/td>\nNot called for redemption<\/a>. TD bought 15,500 from Desjardins at 25.31.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 0.55 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n25,600<\/td>\nDesjardins crossed 20,000 at 20.30.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 20.34
\nEvaluated at bid price : 20.34
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n25,300<\/td>\nTD crossed 25,000 at 25.57.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.55
\nBid-YTW : 2.38 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n20,295<\/td>\nDesjardins bought 17,400 from RBC at 22.85.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.84
\nBid-YTW : 6.28 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset<\/td>\n18,550<\/td>\nCIBC sold 11,800 to anonymous at 25.15.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 23.19
\nEvaluated at bid price : 25.12
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
RY.PR.C<\/td>\nDeemed-Retractible<\/td>\n15,991<\/td>\nRBC crossed 10,600 at 25.33.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.38
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
There were 5 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
SLF.PR.G<\/td>\nFixedReset<\/td>\nQuote: 21.90 – 22.30
\nSpot Rate : 0.4000
\nAverage : 0.2612<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.90
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.10 – 21.53
\nSpot Rate : 0.4300
\nAverage : 0.3033<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.52 %<\/td>\n<\/tr>\n

TD.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.50 – 25.87
\nSpot Rate : 0.3700
\nAverage : 0.2452<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.13 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.05 – 25.37
\nSpot Rate : 0.3200
\nAverage : 0.2019<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 5.77 %<\/td>\n<\/tr>\n

FTS.PR.H<\/td>\nFixedReset<\/td>\nQuote: 21.05 – 21.42
\nSpot Rate : 0.3700
\nAverage : 0.2619<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 23.40 – 23.73
\nSpot Rate : 0.3300
\nAverage : 0.2219<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-12-27
\nMaturity Price : 22.85
\nEvaluated at bid price : 23.40
\nBid-YTW : 4.06 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There are some interesting battles surrounding solar energy in the States: A system of generous net metering rules may have made sense at the outset of the solar revolution to get the party started. Now, …<\/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-24080","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24080","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=24080"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24080\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}