{"id":24715,"date":"2014-03-17T20:16:36","date_gmt":"2014-03-18T01:16:36","guid":{"rendered":"http:\/\/prefblog.com\/?p=24715"},"modified":"2014-03-17T20:16:36","modified_gmt":"2014-03-18T01:16:36","slug":"march-17-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24715","title":{"rendered":"March 17, 2014"},"content":{"rendered":"

The wonderful thing about trade is that it’s very difficult to go half-way<\/a>:<\/p>\n

The Ukrainian crisis is putting a strain on Russia\u2019s $2 trillion economy, which grew 1.3 percent in 2013 after expanding 3.4 percent previous year.
…<\/b>
Morgan Stanley (MS) economists Jacob Nell and Alina Slyusarchuk cut their forecast for 2014 growth to 0.8 percent from 2.5 percent according to a note to clients yesterday.<\/p>\n

\u201cWe see Russia close to recession in the first half of 2014 as a result of the Ukrainian security crisis driving higher rates and risk premia, leading to weaker consumptions and contracting investment,\u201d they wrote.<\/p>\n

Capital outflow from Russia may reach $70 billion in the first quarter and there is \u201ca real risk that this could push Russia into recession,\u201d London-based Capital Economics said in a report published yesterday.<\/p><\/blockquote>\n

There hasn’t been any effect on China … yet. But it will come. Mind you, I don’t expect any road to Damascus conversion by Putin – but the consequences will have an effect on his choices.<\/p>\n

It was a good day for the Canadian preferred share market, with PerpetualDiscounts winning 17bp, FixedResets up 5bp and DeemedRetractibles gaining 3bp. Volatility was minimal. Volume was extremely low … all the players were reading PrefLetter<\/a>!<\/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-0.1561 %<\/td>\n2,439.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.76 %<\/td>\n4.37 %<\/td>\n37,775<\/td>\n17.65<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,563.8<\/td>\n<\/tr>\n
Floater<\/td>\n2.98 %<\/td>\n3.09 %<\/td>\n52,742<\/td>\n19.52<\/td>\n4<\/td>\n-0.1561 %<\/td>\n2,633.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.66 %<\/td>\n-0.03 %<\/td>\n86,325<\/td>\n0.21<\/td>\n3<\/td>\n-0.0129 %<\/td>\n2,683.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n4.39 %<\/td>\n61,716<\/td>\n4.32<\/td>\n5<\/td>\n0.0240 %<\/td>\n3,065.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0129 %<\/td>\n2,453.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n-0.06 %<\/td>\n93,210<\/td>\n0.08<\/td>\n11<\/td>\n0.1180 %<\/td>\n2,355.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.45 %<\/td>\n5.50 %<\/td>\n124,388<\/td>\n14.49<\/td>\n26<\/td>\n0.1667 %<\/td>\n2,440.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.72 %<\/td>\n3.58 %<\/td>\n217,184<\/td>\n6.83<\/td>\n79<\/td>\n0.0545 %<\/td>\n2,503.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n2.49 %<\/td>\n158,353<\/td>\n0.29<\/td>\n42<\/td>\n0.0289 %<\/td>\n2,467.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.57 %<\/td>\n2.63 %<\/td>\n199,322<\/td>\n7.10<\/td>\n5<\/td>\n0.0161 %<\/td>\n2,437.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.21 %<\/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
ENB.PF.A<\/td>\nFixedReset<\/td>\n92,395<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 23.13
\nEvaluated at bid price : 25.03
\nBid-YTW : 4.18 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n63,713<\/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 : 24.38
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n54,214<\/td>\nRBC crossed 21,000 at 25.21.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 23.22
\nEvaluated at bid price : 25.21
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n49,167<\/td>\nScotia crossed 40,000 at 24.45.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 23.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\n47,862<\/td>\nNesbitt crossed 30,000 at 25.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-16
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : -0.06 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n28,569<\/td>\nRBC crossed 20,200 at 23.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 22.87
\nEvaluated at bid price : 23.14
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
There were 16 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
CGI.PR.D<\/td>\nSplitShare<\/td>\nQuote: 24.57 – 24.98
\nSpot Rate : 0.4100
\nAverage : 0.2477<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2023-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.57
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n

IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.73 – 25.99
\nSpot Rate : 0.2600
\nAverage : 0.1523<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-03-31
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.73
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n

ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.51 – 23.94
\nSpot Rate : 0.4300
\nAverage : 0.3267<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 23.21
\nEvaluated at bid price : 23.51
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n

CU.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.58 – 21.90
\nSpot Rate : 0.3200
\nAverage : 0.2259<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 21.29
\nEvaluated at bid price : 21.58
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n

GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.95 – 24.24
\nSpot Rate : 0.2900
\nAverage : 0.2048<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n

ENB.PR.H<\/td>\nFixedReset<\/td>\nQuote: 23.20 – 23.43
\nSpot Rate : 0.2300
\nAverage : 0.1470<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-17
\nMaturity Price : 22.42
\nEvaluated at bid price : 23.20
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The wonderful thing about trade is that it’s very difficult to go half-way: The Ukrainian crisis is putting a strain on Russia\u2019s $2 trillion economy, which grew 1.3 percent in 2013 after expanding 3.4 percent …<\/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-24715","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24715","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=24715"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24715\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}