{"id":24394,"date":"2014-02-06T23:17:27","date_gmt":"2014-02-07T04:17:27","guid":{"rendered":"http:\/\/prefblog.com\/?p=24394"},"modified":"2014-02-06T23:17:27","modified_gmt":"2014-02-07T04:17:27","slug":"february-6-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24394","title":{"rendered":"February 6, 2014"},"content":{"rendered":"

Hands up, everybody who didn’t see this coming! Suing CRAs is fashionable<\/a>!<\/p>\n

Today’s looniest financial story is surely that Italy’s state auditor, the Corte dei Conti, has opened an investigation into Standard & Poor’s, Moody’s and Fitch for downgrading Italy’s debt over the past couple of years. Loony first of all for the reasoning:<\/p>\n

Notifying S&P that it was considering legal action, the Corte dei Conti wrote: \u201cS&P never in its ratings pointed out Italy\u2019s history, art or landscape which, as universally recognised, are the basis of its economic strength.\u201d<\/p><\/blockquote>\n

But also for the size of the claim: “Standard & Poor\u2019s revealed on Tuesday it had been notified by Corte dei Conti that credit rating agencies may have acted illegally and opened themselves up to damages of \u20ac234bn.”<\/p><\/blockquote>\n

It was another mildly poor day for the Canadian preferred share market, with PerpetualDiscounts off 6bp, FixedResets down 12bp and DeemedRetractibles losing 14bp. The surprisingly lengthy performance highlights table is dominated by losers. 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-0.8006 %<\/td>\n2,306.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.60 %<\/td>\n3.85 %<\/td>\n26,998<\/td>\n17.74<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,690.7<\/td>\n<\/tr>\n
Floater<\/td>\n3.14 %<\/td>\n3.24 %<\/td>\n58,645<\/td>\n19.12<\/td>\n4<\/td>\n-0.8006 %<\/td>\n2,490.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.60 %<\/td>\n1.05 %<\/td>\n72,148<\/td>\n0.31<\/td>\n3<\/td>\n0.0256 %<\/td>\n2,682.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.86 %<\/td>\n4.99 %<\/td>\n64,406<\/td>\n4.36<\/td>\n5<\/td>\n-0.0241 %<\/td>\n3,014.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0256 %<\/td>\n2,452.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n-0.65 %<\/td>\n103,735<\/td>\n0.08<\/td>\n12<\/td>\n-0.0412 %<\/td>\n2,335.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.54 %<\/td>\n5.58 %<\/td>\n155,152<\/td>\n14.51<\/td>\n26<\/td>\n-0.0609 %<\/td>\n2,393.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.91 %<\/td>\n3.66 %<\/td>\n213,533<\/td>\n4.16<\/td>\n81<\/td>\n-0.1208 %<\/td>\n2,484.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n4.14 %<\/td>\n169,207<\/td>\n1.95<\/td>\n42<\/td>\n-0.1446 %<\/td>\n2,414.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.67 %<\/td>\n2.67 %<\/td>\n186,859<\/td>\n7.18<\/td>\n6<\/td>\n-0.1744 %<\/td>\n2,432.2<\/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
GWO.PR.N<\/td>\nFixedReset<\/td>\n-2.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.01
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-2.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-06
\nMaturity Price : 20.85
\nEvaluated at bid price : 20.85
\nBid-YTW : 4.34 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.50
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.82
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-06
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 2.87 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-06
\nMaturity Price : 21.83
\nEvaluated at bid price : 22.15
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.65
\nBid-YTW : 3.93 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.82
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.44 %<\/td>\n<\/tr>\n
BNS.PR.N<\/td>\nDeemed-Retractible<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-28
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.77
\nBid-YTW : 4.14 %<\/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
BNS.PR.A<\/td>\nFloatingReset<\/td>\n563,500<\/td>\nNesbitt crossed 550,300 at 25.20.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 2.55 %<\/td>\n<\/tr>\n
BMO.PR.P<\/td>\nFixedReset<\/td>\n255,907<\/td>\nI think Jacob Securities crossed 248,700 at 25.67, but it’s not entirely clear.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.69
\nBid-YTW : 2.48 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n89,585<\/td>\nWill reset at 3.52%<\/a>
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.74
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n80,620<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-06
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n78,500<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-06
\nMaturity Price : 23.05
\nEvaluated at bid price : 24.80
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n75,506<\/td>\nRBC crossed 50,000 at 25.50 and bought 16,600 from TD at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.48
\nBid-YTW : 2.48 %<\/td>\n<\/tr>\n
There were 51 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: 21.44 – 21.78
\nSpot Rate : 0.3400
\nAverage : 0.2452<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.44
\nBid-YTW : 6.61 %<\/td>\n<\/tr>\n

CIU.PR.B<\/td>\nFixedReset<\/td>\nQuote: 25.21 – 25.51
\nSpot Rate : 0.3000
\nAverage : 0.2129<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 2.68 %<\/td>\n<\/tr>\n

BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.56 – 25.80
\nSpot Rate : 0.2400
\nAverage : 0.1643<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-11-25
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.56
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n

SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.90 – 22.12
\nSpot Rate : 0.2200
\nAverage : 0.1493<\/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 : 6.44 %<\/td>\n<\/tr>\n

HSB.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.25 – 25.49
\nSpot Rate : 0.2400
\nAverage : 0.1757<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n

GWO.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.52 – 25.75
\nSpot Rate : 0.2300
\nAverage : 0.1668<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.52
\nBid-YTW : 5.65 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Hands up, everybody who didn’t see this coming! Suing CRAs is fashionable! Today’s looniest financial story is surely that Italy’s state auditor, the Corte dei Conti, has opened an investigation into Standard & Poor’s, Moody’s …<\/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-24394","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24394","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=24394"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24394\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}