{"id":24255,"date":"2014-01-22T02:05:27","date_gmt":"2014-01-22T07:05:27","guid":{"rendered":"http:\/\/prefblog.com\/?p=24255"},"modified":"2014-01-22T02:05:27","modified_gmt":"2014-01-22T07:05:27","slug":"january-21-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24255","title":{"rendered":"January 21, 2014"},"content":{"rendered":"

Kevin Carmichael and Tara Perkins of the Globe are speculating about the next Superintendent of Financial Institutions<\/a>:<\/p>\n

Mark Zelmer, a former chief of the Bank of Canada\u2019s financial stability department, represents OSFI at the Basel Committee on Banking Supervision, the global club of financial regulators that sets world banking standards, and has been taking on an increasingly public role in recent months.<\/p>\n

The other deputy is Andrew Kriegler, who joined OSFI in February, 2013, after more than two decades on Bay Street, most recently as treasurer at Canadian Imperial Bank of Commerce.<\/p>\n

Another possibility is Robert Kelly, chairman of Canada Mortgage and Housing Corp. and the former chief executive of Wall Street bank BNY Mellon, although he would presumably have to step down from his relatively new post at CMHC because OSFI regulates it.<\/p>\n

The choice has added significance because Ottawa\u2019s ranks of financial experts \u2013 a strength that helped Canada weather the financial crisis \u2013 are thinning quickly.<\/p><\/blockquote>\n

My guess? The one with least back-bone. As a second choice, the youngest one, who will have the most time to cash in on those lucrative financial sector directorships that ex-Superintendents get appointed to, for some odd reason.<\/p>\n

It was a mixed day for the Canadian preferred share market, with PerpetualDiscounts up 34bp, FixedResets off 11bp and DeemedRetractibles gaining 14bp. The lengthy Performance Highlights table is dominated by losing FixedResets with low Issue Reset Spreads. 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>\n0.4245 %<\/td>\n2,469.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.47 %<\/td>\n3.71 %<\/td>\n32,847<\/td>\n18.00<\/td>\n1<\/td>\n-0.5150 %<\/td>\n3,796.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.03 %<\/td>\n3.04 %<\/td>\n71,498<\/td>\n19.62<\/td>\n3<\/td>\n0.4245 %<\/td>\n2,666.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n-0.55 %<\/td>\n78,041<\/td>\n0.08<\/td>\n3<\/td>\n0.0769 %<\/td>\n2,677.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.84 %<\/td>\n4.76 %<\/td>\n62,309<\/td>\n4.41<\/td>\n5<\/td>\n0.1120 %<\/td>\n3,031.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0769 %<\/td>\n2,447.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n3.52 %<\/td>\n124,385<\/td>\n0.12<\/td>\n13<\/td>\n0.1440 %<\/td>\n2,327.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.63 %<\/td>\n5.67 %<\/td>\n169,395<\/td>\n14.41<\/td>\n25<\/td>\n0.3427 %<\/td>\n2,357.6<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.94 %<\/td>\n3.65 %<\/td>\n223,884<\/td>\n3.80<\/td>\n83<\/td>\n-0.1134 %<\/td>\n2,490.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.15 %<\/td>\n4.48 %<\/td>\n168,151<\/td>\n1.98<\/td>\n42<\/td>\n0.1376 %<\/td>\n2,399.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.60 %<\/td>\n2.33 %<\/td>\n256,416<\/td>\n4.31<\/td>\n5<\/td>\n-0.1979 %<\/td>\n2,470.2<\/td>\n<\/tr>\n<\/table>\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
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 21.50
\nEvaluated at bid price : 21.50
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.25
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 21.63
\nEvaluated at bid price : 22.05
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
FTS.PR.G<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 22.89
\nEvaluated at bid price : 24.20
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 22.45
\nEvaluated at bid price : 23.27
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.05
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 21.72
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n3.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.22
\nBid-YTW : -33.06 %<\/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
TRP.PR.E<\/td>\nFixedReset<\/td>\n221,998<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 23.07
\nEvaluated at bid price : 24.86
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
RY.PR.L<\/td>\nFixedReset<\/td>\n93,894<\/td>\n<Will be extended<\/a>. Yield to Deemed Maturity is 3.78%.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.22
\nBid-YTW : -33.06 %<\/td>\n<\/tr>\n
TD.PR.G<\/td>\nFixedReset<\/td>\n59,457<\/td>\nNesbitt crossed 50,000 at 25.24.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 2.30 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n55,815<\/td>\nRBC crossed 50,000 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n54,367<\/td>\nNesbitt crossed 50,000 at 25.24.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 2.15 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n44,971<\/td>\nNesbitt crossed 40,000 at 25.24.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : 2.09 %<\/td>\n<\/tr>\n
There were 49 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
BNS.PR.B<\/td>\nFloatingReset<\/td>\nQuote: 25.03 – 25.35
\nSpot Rate : 0.3200
\nAverage : 0.2087<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.03
\nBid-YTW : 2.50 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.55 – 23.85
\nSpot Rate : 0.3000
\nAverage : 0.1986<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 23.21
\nEvaluated at bid price : 23.55
\nBid-YTW : 5.87 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 21.25 – 21.61
\nSpot Rate : 0.3600
\nAverage : 0.2597<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 21.74
\nEvaluated at bid price : 21.25
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n

BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.42 – 20.70
\nSpot Rate : 0.2800
\nAverage : 0.1926<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 20.42
\nEvaluated at bid price : 20.42
\nBid-YTW : 6.07 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 25.91 – 26.19
\nSpot Rate : 0.2800
\nAverage : 0.1980<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.91
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n

ENB.PR.H<\/td>\nFixedReset<\/td>\nQuote: 23.27 – 23.50
\nSpot Rate : 0.2300
\nAverage : 0.1549<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-01-21
\nMaturity Price : 22.45
\nEvaluated at bid price : 23.27
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Kevin Carmichael and Tara Perkins of the Globe are speculating about the next Superintendent of Financial Institutions: Mark Zelmer, a former chief of the Bank of Canada\u2019s financial stability department, represents OSFI at the Basel …<\/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-24255","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24255","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=24255"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24255\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}