{"id":24523,"date":"2014-02-26T20:40:22","date_gmt":"2014-02-27T01:40:22","guid":{"rendered":"http:\/\/prefblog.com\/?p=24523"},"modified":"2014-02-26T20:40:22","modified_gmt":"2014-02-27T01:40:22","slug":"february-26-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24523","title":{"rendered":"February 26, 2014"},"content":{"rendered":"

Nothing happened today, either.<\/p>\n

It was another good day for the Canadian preferred share market, with PerpetualDiscounts gaining 16bp, FixedResets up 17bp and DeemedRetractibles winning 19bp. The Performance Highlights table was longer than usual, all winners, with one lonely DeemedRetractible listed among the dominating FixedResets. Volume was heavy.<\/p>\n

PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard 1.3x equivalency factor. Long corporates<\/a> now yield about 4.55%, so the pre-tax interest-equivalent spread is now about 270bp, unchanged from the February 19<\/a> report.<\/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-0.2270 %<\/td>\n2,423.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.76 %<\/td>\n4.35 %<\/td>\n29,491<\/td>\n17.70<\/td>\n1<\/td>\n-0.1001 %<\/td>\n3,565.6<\/td>\n<\/tr>\n
Floater<\/td>\n2.99 %<\/td>\n3.10 %<\/td>\n53,967<\/td>\n19.41<\/td>\n4<\/td>\n-0.2270 %<\/td>\n2,616.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.61 %<\/td>\n-4.92 %<\/td>\n71,503<\/td>\n0.09<\/td>\n3<\/td>\n0.2440 %<\/td>\n2,696.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.86 %<\/td>\n4.41 %<\/td>\n59,464<\/td>\n4.36<\/td>\n5<\/td>\n0.2046 %<\/td>\n3,044.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2440 %<\/td>\n2,465.5<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.65 %<\/td>\n1.77 %<\/td>\n109,342<\/td>\n0.08<\/td>\n12<\/td>\n0.0132 %<\/td>\n2,341.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.52 %<\/td>\n5.59 %<\/td>\n144,998<\/td>\n14.46<\/td>\n26<\/td>\n0.1621 %<\/td>\n2,404.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.71 %<\/td>\n3.56 %<\/td>\n224,509<\/td>\n4.50<\/td>\n77<\/td>\n0.1732 %<\/td>\n2,503.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.10 %<\/td>\n3.67 %<\/td>\n164,768<\/td>\n1.13<\/td>\n42<\/td>\n0.1925 %<\/td>\n2,442.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n2.59 %<\/td>\n153,350<\/td>\n7.13<\/td>\n6<\/td>\n0.0604 %<\/td>\n2,439.1<\/td>\n<\/tr>\n<\/table>\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
IFC.PR.C<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.82
\nBid-YTW : 3.15 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 23.67
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.20
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 21.42
\nEvaluated at bid price : 21.42
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.53
\nBid-YTW : -24.67 %<\/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
FTS.PR.H<\/td>\nFixedReset<\/td>\n652,380<\/td>\nRBC crossed two blocks of 74,800 each, both at 21.39; Nesbitt crossed 10,000 at the same price. RBC then crossed two blocks of 244,400 each, both at 21.48. Nice tickets!
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 21.45
\nEvaluated at bid price : 21.45
\nBid-YTW : 3.77 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n141,490<\/td>\nNesbitt crossed 40,000 at 25.06; TD crossed blocks of 60,100 and 24,400 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 23.13
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n126,417<\/td>\nNesbitt crossed 40,000 at 24.99; TD crossed blocks of 40,000 and 24,200 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 23.10
\nEvaluated at bid price : 24.86
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
SLF.PR.D<\/td>\nDeemed-Retractible<\/td>\n112,961<\/td>\nDesjardins crossed blocks of 80,000 and 25,000, both at 21.01.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.03
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n97,242<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 23.20
\nEvaluated at bid price : 25.16
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
BNS.PR.L<\/td>\nDeemed-Retractible<\/td>\n90,642<\/td>\nTD crossed two blocks of 40,000 each, both at 25.58.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-04-28
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.58
\nBid-YTW : 3.59 %<\/td>\n<\/tr>\n
There were 61 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
BAM.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 26.05 – 26.44
\nSpot Rate : 0.3900
\nAverage : 0.2525<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n

FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.33 – 22.65
\nSpot Rate : 0.3200
\nAverage : 0.1970<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 22.05
\nEvaluated at bid price : 22.33
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

RY.PR.T<\/td>\nFixedReset<\/td>\nQuote: 25.50 – 25.80
\nSpot Rate : 0.3000
\nAverage : 0.1887<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 2.29 %<\/td>\n<\/tr>\n

PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.18 – 25.48
\nSpot Rate : 0.3000
\nAverage : 0.1949<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.18
\nBid-YTW : 1.77 %<\/td>\n<\/tr>\n

ENB.PR.F<\/td>\nFixedReset<\/td>\nQuote: 24.50 – 24.74
\nSpot Rate : 0.2400
\nAverage : 0.1413<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-26
\nMaturity Price : 23.04
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset<\/td>\nQuote: 25.37 – 25.64
\nSpot Rate : 0.2700
\nAverage : 0.1726<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.37
\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nothing happened today, either. It was another good day for the Canadian preferred share market, with PerpetualDiscounts gaining 16bp, FixedResets up 17bp and DeemedRetractibles winning 19bp. The Performance Highlights table was longer than usual, all …<\/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-24523","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24523","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=24523"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24523\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}