{"id":24741,"date":"2014-03-21T02:53:19","date_gmt":"2014-03-21T07:53:19","guid":{"rendered":"http:\/\/prefblog.com\/?p=24741"},"modified":"2014-03-21T02:53:19","modified_gmt":"2014-03-21T07:53:19","slug":"march-20-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24741","title":{"rendered":"March 20, 2014"},"content":{"rendered":"

The war on traders is having one predictable effect<\/a>:<\/p>\n

Junior bankers in the United Arab Emirates are reaping almost 36 percent more salary than their counterparts in London, with bonuses almost double those paid in the U.K. capital, compensation data provider Emolument said.<\/p>\n

Fixed salaries at the analyst level in the U.A.E. average $91,000, compared with $73,000 in London, the group said in an e-mailed statement. Bonuses in the U.A.E., which consists of sheikhdoms including Dubai and Abu Dhabi, averaged $27,000 compared with $14,000. For associates, fixed pay in the U.A.E. was $107,000, compared with $108,000 in London, while bonuses of $40,000 in the U.K. were about 29 percent higher.<\/p><\/blockquote>\n

The SEC is hoping to destroy the remnants of the public bond market<\/a>:<\/p>\n

The U.S. Securities and Exchange Commission is examining how electronic bond-trading platforms allow dealers to give clients different prices on the same securities in the $40 trillion market, potentially hurting smaller investors.<\/p>\n

SEC regulators want to understand why brokers sometimes block their rivals and clients from seeing some of their prices for municipal, corporate and other bonds, according to a person with direct knowledge of the examination. They\u2019re concerned that being able to turn quotes on and off may allow market manipulation, and that smaller buyers may not get the best prices, the person said.
…<\/b>
Banks have increasingly turned to electronic systems to sell bonds on behalf of their clients as a way of aggregating a greater number of bids. That\u2019s become more appealing as it\u2019s become more expensive for dealers to use their own money to make markets because of higher regulatory capital requirements.<\/p>\n

U.S. investment firms predict that 30 percent of corporate-bond trading will occur electronically by 2015, up from 14 percent of investment-grade notes in 2012, according to an August 2013 report by Greenwich Associates and McKinsey & Co. As much as 50 percent of municipal trades already may occur electronically, according to a TMC Bonds comment letter to the SEC last year.<\/p><\/blockquote>\n

Today was something of a non-event for the Canadian preferred share market, with PerpetualDiscounts and FixedResets both flat, while DeemedRetractibles were off 3bp. Volatility was minimal. Volume was above 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>\n0.2863 %<\/td>\n2,427.8<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.73 %<\/td>\n4.33 %<\/td>\n36,952<\/td>\n17.70<\/td>\n1<\/td>\n-0.4950 %<\/td>\n3,590.6<\/td>\n<\/tr>\n
Floater<\/td>\n3.00 %<\/td>\n3.10 %<\/td>\n52,501<\/td>\n19.48<\/td>\n4<\/td>\n0.2863 %<\/td>\n2,621.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.65 %<\/td>\n-0.34 %<\/td>\n89,311<\/td>\n0.25<\/td>\n3<\/td>\n-0.0388 %<\/td>\n2,684.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.82 %<\/td>\n4.33 %<\/td>\n66,357<\/td>\n4.31<\/td>\n5<\/td>\n-0.0080 %<\/td>\n3,075.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0388 %<\/td>\n2,454.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.63 %<\/td>\n-1.87 %<\/td>\n89,383<\/td>\n0.08<\/td>\n11<\/td>\n0.0143 %<\/td>\n2,354.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.45 %<\/td>\n5.53 %<\/td>\n119,700<\/td>\n14.52<\/td>\n26<\/td>\n0.0000 %<\/td>\n2,437.5<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.70 %<\/td>\n3.54 %<\/td>\n223,762<\/td>\n6.81<\/td>\n79<\/td>\n0.0015 %<\/td>\n2,508.8<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.06 %<\/td>\n2.99 %<\/td>\n157,206<\/td>\n0.28<\/td>\n42<\/td>\n-0.0308 %<\/td>\n2,466.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.57 %<\/td>\n2.55 %<\/td>\n195,272<\/td>\n7.09<\/td>\n5<\/td>\n0.0563 %<\/td>\n2,443.1<\/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
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 21.26
\nEvaluated at bid price : 21.26
\nBid-YTW : 3.67 %<\/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
BAM.PF.E<\/td>\nFixedReset<\/td>\n144,238<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 22.91
\nEvaluated at bid price : 24.46
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
TD.PR.Y<\/td>\nFixedReset<\/td>\n134,500<\/td>\nTD crossed blocks of 55,000 and 25,000, both at 25.20. RBC crossed 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.17
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset<\/td>\n110,598<\/td>\nNesbitt crossed 25,000 at 25.29. TD crossed 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 23.25
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
RY.PR.Z<\/td>\nFixedReset<\/td>\n94,780<\/td>\nTD crossed 48,000 at 25.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 23.30
\nEvaluated at bid price : 25.49
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
ENB.PF.A<\/td>\nFixedReset<\/td>\n83,496<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.99
\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n63,641<\/td>\nTD crossed 56,300 at 26.05.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.88
\nBid-YTW : 2.88 %<\/td>\n<\/tr>\n
There were 40 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.K<\/td>\nFloater<\/td>\nQuote: 16.77 – 17.22
\nSpot Rate : 0.4500
\nAverage : 0.2868<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 16.77
\nEvaluated at bid price : 16.77
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.05 – 24.25
\nSpot Rate : 0.2000
\nAverage : 0.1198<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.05
\nBid-YTW : 5.69 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.56 – 21.88
\nSpot Rate : 0.3200
\nAverage : 0.2478<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-03-20
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.56
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n

BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.36 – 25.55
\nSpot Rate : 0.1900
\nAverage : 0.1227<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : -2.84 %<\/td>\n<\/tr>\n

MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.68 – 21.88
\nSpot Rate : 0.2000
\nAverage : 0.1383<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.68
\nBid-YTW : 6.24 %<\/td>\n<\/tr>\n

TD.PR.P<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.02 – 26.20
\nSpot Rate : 0.1800
\nAverage : 0.1225<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-19
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.02
\nBid-YTW : 0.31 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The war on traders is having one predictable effect: Junior bankers in the United Arab Emirates are reaping almost 36 percent more salary than their counterparts in London, with bonuses almost double those paid in …<\/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-24741","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24741","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=24741"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24741\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}