{"id":24538,"date":"2014-02-28T19:17:53","date_gmt":"2014-03-01T00:17:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=24538"},"modified":"2014-02-28T19:17:53","modified_gmt":"2014-03-01T00:17:53","slug":"february-28-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24538","title":{"rendered":"February 28, 2014"},"content":{"rendered":"

Nothing happened today.<\/p>\n

It was another positive day for the Canadian preferred share market, with PerpetualDiscounts winning 17bp, FixedResets gaining 10bp and DeemedRetractibles up 13bp. Volatility was merely average, but the Performance Highlights table is comprised entirely of winners, all but one of them a FixedReset. Volume was average, but the highlights were uniformly FixedResets.<\/p>\n

And that’s it for another month!<\/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>\n0.1854 %<\/td>\n2,421.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.70 %<\/td>\n4.29 %<\/td>\n28,018<\/td>\n17.78<\/td>\n1<\/td>\n0.4975 %<\/td>\n3,608.5<\/td>\n<\/tr>\n
Floater<\/td>\n2.99 %<\/td>\n3.13 %<\/td>\n54,629<\/td>\n19.35<\/td>\n4<\/td>\n0.1854 %<\/td>\n2,614.0<\/td>\n<\/tr>\n
OpRet<\/td>\n4.62 %<\/td>\n-3.73 %<\/td>\n68,580<\/td>\n0.08<\/td>\n3<\/td>\n0.0513 %<\/td>\n2,693.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.86 %<\/td>\n4.67 %<\/td>\n56,760<\/td>\n4.36<\/td>\n5<\/td>\n-0.0401 %<\/td>\n3,048.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0513 %<\/td>\n2,463.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.65 %<\/td>\n0.01 %<\/td>\n96,504<\/td>\n0.08<\/td>\n12<\/td>\n-0.0049 %<\/td>\n2,343.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.50 %<\/td>\n5.58 %<\/td>\n137,896<\/td>\n14.47<\/td>\n26<\/td>\n0.1718 %<\/td>\n2,410.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.71 %<\/td>\n3.62 %<\/td>\n221,125<\/td>\n4.50<\/td>\n77<\/td>\n0.0994 %<\/td>\n2,507.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.09 %<\/td>\n3.58 %<\/td>\n168,499<\/td>\n0.97<\/td>\n42<\/td>\n0.1311 %<\/td>\n2,449.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.64 %<\/td>\n2.62 %<\/td>\n149,780<\/td>\n7.13<\/td>\n6<\/td>\n0.0603 %<\/td>\n2,439.6<\/td>\n<\/tr>\n<\/table>\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>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.13
\nBid-YTW : 2.67 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-28
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 2.70 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.58
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.64
\nBid-YTW : 4.34 %<\/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
MFC.PR.L<\/td>\nFixedReset<\/td>\n411,138<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.35
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n77,877<\/td>\nRBC crossed 28,200 at 23.93; Desjardins bought 30,000 from anonymous at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.93
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n69,643<\/td>\nScotia crossed 40,000 at 25.75.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.73
\nBid-YTW : 3.27 %<\/td>\n<\/tr>\n
TD.PR.E<\/td>\nFixedReset<\/td>\n52,979<\/td>\nTD crossed 50,000 at 25.29.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.29
\nBid-YTW : 2.05 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset<\/td>\n38,389<\/td>\nTD bought 10,900 from RBC at 25.09 and crossed 13,600 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-28
\nMaturity Price : 23.18
\nEvaluated at bid price : 25.06
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n37,161<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-28
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.32
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
There were 33 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.G<\/td>\nFixedFloater<\/td>\nQuote: 20.20 – 20.77
\nSpot Rate : 0.5700
\nAverage : 0.4367<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.20
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n

BAM.PR.J<\/td>\nOpRet<\/td>\nQuote: 26.47 – 26.79
\nSpot Rate : 0.3200
\nAverage : 0.1986<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-31
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.47
\nBid-YTW : -6.04 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 21.13 – 21.66
\nSpot Rate : 0.5300
\nAverage : 0.4142<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-02-28
\nMaturity Price : 21.13
\nEvaluated at bid price : 21.13
\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n

GWO.PR.N<\/td>\nFixedReset<\/td>\nQuote: 21.75 – 22.25
\nSpot Rate : 0.5000
\nAverage : 0.3972<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.75
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.30 – 25.55
\nSpot Rate : 0.2500
\nAverage : 0.1680<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n

BNS.PR.L<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.68 – 25.91
\nSpot Rate : 0.2300
\nAverage : 0.1638<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-26
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.68
\nBid-YTW : 1.97 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Nothing happened today. It was another positive day for the Canadian preferred share market, with PerpetualDiscounts winning 17bp, FixedResets gaining 10bp and DeemedRetractibles up 13bp. Volatility was merely average, but the Performance Highlights table is …<\/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-24538","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24538","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=24538"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24538\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}