{"id":25181,"date":"2014-05-08T01:35:42","date_gmt":"2014-05-08T06:35:42","guid":{"rendered":"http:\/\/prefblog.com\/?p=25181"},"modified":"2014-05-08T01:35:42","modified_gmt":"2014-05-08T06:35:42","slug":"may-7-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25181","title":{"rendered":"May 7, 2014"},"content":{"rendered":"

We can hope that Saskatchewan’s flirtation with the national securities regulator gets consummated<\/a>:<\/p>\n

The federal government is close to signing up a third province for its voluntary national securities regulator, with Saskatchewan\u2019s government now \u201coptimistic\u201d that it can reach an agreement to join Ontario and British Columbia.
…<\/b>
And now, Saskatchewan is poised to become the next province, giving needed momentum to the project by adding a province that had long held a neutral stance regarding the idea.<\/p>\n

\u201cWe are still working on it, and believe we will come to an agreement,\u201d Saskatchewan government spokeswoman Kathy Young said in response to questions, adding, \u201cwe are certainly optimistic.”<\/p><\/blockquote>\n

The Canadian preferred share market kept the rally going – barely! – today, with PerpetualDiscounts gaining 1bp, FixedResets up 8bp and DeemedRetractibles flat. Floaters did very well, dominating the good part of the Performance Highlights table. Volume was slightly above average.<\/p>\n

PerpetualDiscounts now yield 5.32%, equivalent to 6.92% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.4% (maybe just a smidgen over) so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 250bp, a slight (and perhaps spurious) widening from the 245bp reported April 30<\/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>\n1.9546 %<\/td>\n2,463.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.58 %<\/td>\n3.81 %<\/td>\n30,411<\/td>\n17.83<\/td>\n1<\/td>\n0.2899 %<\/td>\n3,752.2<\/td>\n<\/tr>\n
Floater<\/td>\n2.96 %<\/td>\n3.08 %<\/td>\n53,642<\/td>\n19.49<\/td>\n4<\/td>\n1.9546 %<\/td>\n2,659.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.34 %<\/td>\n-2.89 %<\/td>\n34,055<\/td>\n0.15<\/td>\n2<\/td>\n0.2124 %<\/td>\n2,709.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.78 %<\/td>\n4.35 %<\/td>\n67,715<\/td>\n4.18<\/td>\n5<\/td>\n0.2060 %<\/td>\n3,102.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2124 %<\/td>\n2,477.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.51 %<\/td>\n-10.92 %<\/td>\n96,426<\/td>\n0.09<\/td>\n15<\/td>\n-0.0261 %<\/td>\n2,400.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.30 %<\/td>\n5.32 %<\/td>\n124,133<\/td>\n14.91<\/td>\n21<\/td>\n0.0091 %<\/td>\n2,542.3<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.50 %<\/td>\n3.39 %<\/td>\n210,763<\/td>\n4.14<\/td>\n75<\/td>\n0.0819 %<\/td>\n2,572.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.97 %<\/td>\n-6.00 %<\/td>\n139,428<\/td>\n0.13<\/td>\n42<\/td>\n0.0028 %<\/td>\n2,528.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.67 %<\/td>\n2.34 %<\/td>\n146,838<\/td>\n4.20<\/td>\n6<\/td>\n-0.0724 %<\/td>\n2,495.4<\/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
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.18 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.32
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.05
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 22.30
\nEvaluated at bid price : 22.81
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 16.98
\nEvaluated at bid price : 16.98
\nBid-YTW : 3.11 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n2.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 16.94
\nEvaluated at bid price : 16.94
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n2.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 17.14
\nEvaluated at bid price : 17.14
\nBid-YTW : 3.08 %<\/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
TD.PR.Q<\/td>\nDeemed-Retractible<\/td>\n204,990<\/td>\nScotia crossed three blocks;; 35,000 shares, 100,000 and 68,800, all at 26.50.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-06
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.51
\nBid-YTW : -26.76 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n131,570<\/td>\nNesbitt crossed 25,000 and 100,000, both at 23.50.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-05-07
\nMaturity Price : 23.09
\nEvaluated at bid price : 23.45
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n101,434<\/td>\nScotia crossed 25,300 and 60,000, both at 25.30.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.33
\nBid-YTW : 3.81 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nDeemed-Retractible<\/td>\n101,099<\/td>\nTD crossed 50,000 at 25.35; Nesbitt crossed 42,700 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : -9.32 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n85,308<\/td>\nTD crossed 83,100 at 25.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-23
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.72
\nBid-YTW : -11.20 %<\/td>\n<\/tr>\n
BNS.PR.B<\/td>\nFloatingReset<\/td>\n82,200<\/td>\nNesbitt crossed 80,000 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-10-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 2.33 %<\/td>\n<\/tr>\n
There were 39 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.PF.A<\/td>\nFixedReset<\/td>\nQuote: 26.17 – 27.00
\nSpot Rate : 0.8300
\nAverage : 0.4668<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.17
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 25.34 – 26.16
\nSpot Rate : 0.8200
\nAverage : 0.4623<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.34
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n

IFC.PR.A<\/td>\nFixedReset<\/td>\nQuote: 24.59 – 24.98
\nSpot Rate : 0.3900
\nAverage : 0.2360<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.59
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n

RY.PR.I<\/td>\nFixedReset<\/td>\nQuote: 25.86 – 26.23
\nSpot Rate : 0.3700
\nAverage : 0.2430<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.86
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 24.01 – 24.34
\nSpot Rate : 0.3300
\nAverage : 0.2174<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.01
\nBid-YTW : 3.83 %<\/td>\n<\/tr>\n

BNA.PR.E<\/td>\nSplitShare<\/td>\nQuote: 25.63 – 25.88
\nSpot Rate : 0.2500
\nAverage : 0.1456<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.63
\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

We can hope that Saskatchewan’s flirtation with the national securities regulator gets consummated: The federal government is close to signing up a third province for its voluntary national securities regulator, with Saskatchewan\u2019s government now \u201coptimistic\u201d …<\/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-25181","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25181","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=25181"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25181\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}