{"id":24426,"date":"2014-02-11T21:24:12","date_gmt":"2014-02-12T02:24:12","guid":{"rendered":"http:\/\/prefblog.com\/?p=24426"},"modified":"2014-02-11T21:24:12","modified_gmt":"2014-02-12T02:24:12","slug":"january-11-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24426","title":{"rendered":"February 11, 2014"},"content":{"rendered":"

There were no surprises in Yellen’s testimony to Congress<\/a>:<\/p>\n

Federal Reserve Chairman Janet Yellen pledged to maintain her predecessor\u2019s policies by scaling back stimulus in \u201cmeasured steps\u201d and signaled that the bar is high for a change in that plan.<\/p>\n

Only a \u201cnotable change in the outlook\u201d for the economy would prompt policy makers to slow the pace of tapering, Yellen said in response to a question today during testimony to the House Financial Services Committee. \u201cIt\u2019s important for us to take our time to assess\u201d the significance of recent reports showing payrolls expanded less than projected, she said.<\/p><\/blockquote>\n

It was a positive day for the Canadian preferred share market, with PerpetualDiscounts up 14bp, FixedResets gaining 1bp and DeemedRetractibles winning 18bp. Floating Rate issues were atop the Performance Highlights table. Volume was below average.<\/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>\n1.5653 %<\/td>\n2,370.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.73 %<\/td>\n4.31 %<\/td>\n28,639<\/td>\n17.78<\/td>\n1<\/td>\n-0.8889 %<\/td>\n3,585.3<\/td>\n<\/tr>\n
Floater<\/td>\n3.05 %<\/td>\n3.16 %<\/td>\n53,840<\/td>\n19.30<\/td>\n4<\/td>\n1.5653 %<\/td>\n2,559.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.60 %<\/td>\n0.72 %<\/td>\n71,951<\/td>\n0.30<\/td>\n3<\/td>\n0.0512 %<\/td>\n2,683.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.87 %<\/td>\n4.96 %<\/td>\n62,330<\/td>\n4.34<\/td>\n5<\/td>\n0.0402 %<\/td>\n3,012.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0512 %<\/td>\n2,453.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.66 %<\/td>\n-1.38 %<\/td>\n97,858<\/td>\n0.08<\/td>\n12<\/td>\n0.0363 %<\/td>\n2,336.1<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.54 %<\/td>\n5.59 %<\/td>\n152,466<\/td>\n14.49<\/td>\n26<\/td>\n0.1424 %<\/td>\n2,392.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.90 %<\/td>\n3.70 %<\/td>\n211,759<\/td>\n4.45<\/td>\n82<\/td>\n0.0134 %<\/td>\n2,484.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.12 %<\/td>\n3.97 %<\/td>\n165,060<\/td>\n1.94<\/td>\n42<\/td>\n0.1798 %<\/td>\n2,421.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.65 %<\/td>\n2.61 %<\/td>\n172,293<\/td>\n7.17<\/td>\n6<\/td>\n0.1340 %<\/td>\n2,443.2<\/td>\n<\/tr>\n<\/table>\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
CIU.PR.C<\/td>\nFixedReset<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.05 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-13
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 22.16
\nEvaluated at bid price : 22.45
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 22.55
\nEvaluated at bid price : 22.93
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 16.74
\nEvaluated at bid price : 16.74
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 16.74
\nEvaluated at bid price : 16.74
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 3.17 %<\/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
NA.PR.S<\/td>\nFixedReset<\/td>\n162,965<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.97
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n87,071<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.93
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n58,735<\/td>\nRBC crossed 50,000 at 25.17.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n52,144<\/td>\nRBC crossed 50,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.47
\nBid-YTW : 2.64 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n50,535<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 23.14
\nEvaluated at bid price : 25.00
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n43,185<\/td>\nTD crossed 30,000 at 24.56.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 23.15
\nEvaluated at bid price : 24.51
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
There were 26 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.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.23 – 25.54
\nSpot Rate : 0.3100
\nAverage : 0.1967<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-13
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.23
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 20.15 – 20.69
\nSpot Rate : 0.5400
\nAverage : 0.4355<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.23 – 21.54
\nSpot Rate : 0.3100
\nAverage : 0.2120<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 21.23
\nEvaluated at bid price : 21.23
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 16.74 – 16.99
\nSpot Rate : 0.2500
\nAverage : 0.1702<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 16.74
\nEvaluated at bid price : 16.74
\nBid-YTW : 3.16 %<\/td>\n<\/tr>\n

W.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.40 – 24.61
\nSpot Rate : 0.2100
\nAverage : 0.1436<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-11
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.13 – 21.34
\nSpot Rate : 0.2100
\nAverage : 0.1475<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.13
\nBid-YTW : 6.63 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There were no surprises in Yellen’s testimony to Congress: Federal Reserve Chairman Janet Yellen pledged to maintain her predecessor\u2019s policies by scaling back stimulus in \u201cmeasured steps\u201d and signaled that the bar is high for …<\/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-24426","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24426","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=24426"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24426\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}