{"id":24214,"date":"2014-01-16T22:52:55","date_gmt":"2014-01-17T03:52:55","guid":{"rendered":"http:\/\/prefblog.com\/?p=24214"},"modified":"2014-01-16T22:52:55","modified_gmt":"2014-01-17T03:52:55","slug":"january-16-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24214","title":{"rendered":"January 16, 2014"},"content":{"rendered":"

Protecting investors is boring! It’s time for a brave new world of social engineering<\/a>!<\/p>\n

The Ontario Securities Commission has proposed a new rule that would require companies to report annually on their policies to add more women to their boards and executive ranks.<\/p>\n

The new rules unveiled Thursday will also require companies to report on their term limits for directors, which would bring Canada in line with many other countries that have also required companies to disclose whether they have term limits for their boards. Proponents argue term limits help ensure there is more board turnover so new directors \u2013 including women \u2013 can be added to the mix.<\/p>\n

Companies are also being asked to report on whether they have voluntarily adopted targets for women on their boards or in executive roles.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts off 3bp, FixedResets gaining 9bp and DeemedRetractibles down 21bp. Volatility was minimal. 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-0.3542 %<\/td>\n2,536.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.43 %<\/td>\n3.67 %<\/td>\n32,734<\/td>\n18.08<\/td>\n1<\/td>\n0.7046 %<\/td>\n3,830.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.95 %<\/td>\n2.96 %<\/td>\n68,981<\/td>\n19.83<\/td>\n3<\/td>\n-0.3542 %<\/td>\n2,739.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n0.23 %<\/td>\n77,743<\/td>\n0.08<\/td>\n3<\/td>\n0.0256 %<\/td>\n2,675.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.84 %<\/td>\n4.58 %<\/td>\n62,320<\/td>\n4.42<\/td>\n5<\/td>\n0.0480 %<\/td>\n3,030.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0256 %<\/td>\n2,446.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n3.45 %<\/td>\n126,472<\/td>\n0.13<\/td>\n13<\/td>\n0.1043 %<\/td>\n2,323.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.64 %<\/td>\n5.66 %<\/td>\n162,764<\/td>\n14.42<\/td>\n25<\/td>\n-0.0340 %<\/td>\n2,356.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.95 %<\/td>\n3.46 %<\/td>\n221,646<\/td>\n3.44<\/td>\n82<\/td>\n0.0894 %<\/td>\n2,487.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.16 %<\/td>\n4.50 %<\/td>\n166,136<\/td>\n2.21<\/td>\n42<\/td>\n-0.2119 %<\/td>\n2,396.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.60 %<\/td>\n2.35 %<\/td>\n221,949<\/td>\n4.32<\/td>\n5<\/td>\n-0.1663 %<\/td>\n2,469.8<\/td>\n<\/tr>\n<\/table>\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-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-16
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.60
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.81 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.51
\nBid-YTW : 4.65 %<\/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
HSB.PR.E<\/td>\nFixedReset<\/td>\n154,215<\/td>\nRBC crossed blocks of 100,000 and 50,000, both at 25.53.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.53
\nBid-YTW : 2.53 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n150,660<\/td>\nScotia crossed blocks of 80,000 and 23,700, both at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset<\/td>\n149,157<\/td>\nTD crossed 40,000 at 25.00; Scotia crossed 50,000 and RBC crossed 18,500, all at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-16
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.95
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\n130,743<\/td>\nDeleted from TXPR<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.40
\nBid-YTW : 5.51 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n107,737<\/td>\nTD crossed 49,300 at 23.85.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-16
\nMaturity Price : 22.70
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nDeemed-Retractible<\/td>\n74,100<\/td>\nTD bought 29,900 from Canaccord at 25.00; then crossed 24,700; then bought another 10,400 from Canaccord, all at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n
There were 44 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
GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 21.82 – 22.22
\nSpot Rate : 0.4000
\nAverage : 0.2695<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.82
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n

TRP.PR.B<\/td>\nFixedReset<\/td>\nQuote: 20.15 – 20.48
\nSpot Rate : 0.3300
\nAverage : 0.2153<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-16
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n

BNS.PR.B<\/td>\nFloatingReset<\/td>\nQuote: 25.00 – 25.28
\nSpot Rate : 0.2800
\nAverage : 0.1774<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 2.46 %<\/td>\n<\/tr>\n

RY.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.06 – 25.28
\nSpot Rate : 0.2200
\nAverage : 0.1456<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.06
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.36 – 25.64
\nSpot Rate : 0.2800
\nAverage : 0.2098<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 23.68 – 23.90
\nSpot Rate : 0.2200
\nAverage : 0.1543<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-16
\nMaturity Price : 23.11
\nEvaluated at bid price : 23.68
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Protecting investors is boring! It’s time for a brave new world of social engineering! The Ontario Securities Commission has proposed a new rule that would require companies to report annually on their policies to add …<\/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-24214","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24214","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=24214"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24214\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}