{"id":25778,"date":"2014-07-10T00:55:53","date_gmt":"2014-07-10T05:55:53","guid":{"rendered":"http:\/\/prefblog.com\/?p=25778"},"modified":"2014-07-10T00:55:53","modified_gmt":"2014-07-10T05:55:53","slug":"july-9-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25778","title":{"rendered":"July 9, 2014"},"content":{"rendered":"

The National Securities Regulator has just gotten a little more national<\/a>:<\/p>\n

Two more provinces have agreed to join a voluntary national securities regulator expected to begin operations in the fall of 2015, bringing the total number on board to four and giving the upcoming capital markets watchdog a more pan-Canadian scope.<\/p>\n

Sources say Saskatchewan and New Brunswick will sign on to the Cooperative Capital Markets Regulator Wednesday in a ceremony in Ottawa with federal Finance Minister Joe Oliver, embracing a plan backed by Ontario and British Columbia last September.<\/p><\/blockquote>\n

Marketwatch has a nice chart on market trends<\/a>:<\/p>\n

\nThis chart shows how much money is flooding into investment vehicles \u2014 index mutual funds and exchange-traded funds \u2014 that track stock indexes. These two types of funds have grabbed about 24% of the U.S. mutual fund and ETF market, down from less than 5% in 1998, according to Deutsche Bank data.<\/p>\n

Big full-service brokerages, \u201cwhich control 50% of all invested household wealth in America, have successfully pushed the majority of their advisors\u2019 practices toward more hands-off investing approaches,\u201d said Josh Brown of The Reformed Broker in a recent blog post<\/a>, referring to charging a flat percentage fee on assets, rather than commissions. \u201cAt the same time, do-it-yourselfers have made Vanguard, State Street and BlackRock\u2019s iShares three of the world\u2019s largest asset managers \u2014 and they are primarily purveyors of passive indexing products.\u201d<\/p><\/blockquote>\n

\"cashFlows\"<\/a><\/div>\n

There were modest gains for the Canadian preferred share market, with PerpetualDiscounts winning 7bp, FixedResets gaining 1bp and DeemedRetractibles up 2bp. Volatility was minimal. Volume was average.<\/p>\n

PerpetualDiscounts now yield 5.17%, equivalent to 6.72% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield about 4.3%, so the pre-tax interest-equivalent spread (in this context, the “Seniority Spread”) is now about 240bp, a slight (and perhaps spurious) narrowing from the 245bp reported July 2<\/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>\n3.14 %<\/td>\n3.13 %<\/td>\n22,987<\/td>\n19.41<\/td>\n1<\/td>\n-0.0418 %<\/td>\n2,531.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.14 %<\/td>\n3.42 %<\/td>\n28,662<\/td>\n18.47<\/td>\n1<\/td>\n2.6846 %<\/td>\n4,148.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.87 %<\/td>\n2.98 %<\/td>\n46,793<\/td>\n19.80<\/td>\n4<\/td>\n0.2605 %<\/td>\n2,756.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.02 %<\/td>\n-4.25 %<\/td>\n87,763<\/td>\n0.08<\/td>\n1<\/td>\n-0.0392 %<\/td>\n2,717.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.26 %<\/td>\n4.01 %<\/td>\n56,618<\/td>\n4.05<\/td>\n6<\/td>\n0.0603 %<\/td>\n3,116.2<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0392 %<\/td>\n2,485.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.53 %<\/td>\n-2.41 %<\/td>\n85,341<\/td>\n0.09<\/td>\n17<\/td>\n-0.0231 %<\/td>\n2,424.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.25 %<\/td>\n5.17 %<\/td>\n111,585<\/td>\n15.23<\/td>\n20<\/td>\n0.0663 %<\/td>\n2,572.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.39 %<\/td>\n3.62 %<\/td>\n199,089<\/td>\n4.62<\/td>\n76<\/td>\n0.0076 %<\/td>\n2,558.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.98 %<\/td>\n1.63 %<\/td>\n136,042<\/td>\n0.13<\/td>\n43<\/td>\n0.0202 %<\/td>\n2,548.0<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.66 %<\/td>\n2.13 %<\/td>\n110,761<\/td>\n3.86<\/td>\n6<\/td>\n0.0526 %<\/td>\n2,516.3<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
CIU.PR.C<\/td>\nFixedReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 21.76
\nEvaluated at bid price : 22.25
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n2.68 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 22.98
\nEvaluated at bid price : 22.95
\nBid-YTW : 3.42 %<\/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
BMO.PR.T<\/td>\nFixedReset<\/td>\n334,546<\/td>\nNesbitt crossed two blocks of 100,000 each, both at 25.45. RBC crossed blocks of 10,000 shares, 12,300 and 50,000, all at 25.45. TD crossed 40,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.44
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n201,900<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.43
\nBid-YTW : 3.62 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n168,241<\/td>\nTD crossed 100,000 at 25.47. Desjardins crossed 30,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.47
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n164,150<\/td>\nRBC crossed 50,000 at 25.45. TD crossed 30,000 at the same price; Nesbitt crossed 50,000 at the same price. CIBC sold 10,000 to anonymous at the same price again.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.46
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n133,597<\/td>\nScotia crossed 75,400 at 25.12. RBC crossed 10,000 at 25.10.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 23.16
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
BNS.PR.P<\/td>\nFixedReset<\/td>\n132,946<\/td>\nRBC crossed 88,600 and 40,000, both at 25.46.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : 2.84 %<\/td>\n<\/tr>\n
There were 30 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.B<\/td>\nFloater<\/td>\nQuote: 17.70 – 18.20
\nSpot Rate : 0.5000
\nAverage : 0.3060<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 2.98 %<\/td>\n<\/tr>\n

BAM.PR.G<\/td>\nFixedFloater<\/td>\nQuote: 22.95 – 23.95
\nSpot Rate : 1.0000
\nAverage : 0.8072<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 22.98
\nEvaluated at bid price : 22.95
\nBid-YTW : 3.42 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 22.25 – 22.84
\nSpot Rate : 0.5900
\nAverage : 0.4280<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 21.76
\nEvaluated at bid price : 22.25
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n

RY.PR.L<\/td>\nFixedReset<\/td>\nQuote: 26.41 – 26.84
\nSpot Rate : 0.4300
\nAverage : 0.2895<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.41
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n

BAM.PR.C<\/td>\nFloater<\/td>\nQuote: 17.60 – 17.95
\nSpot Rate : 0.3500
\nAverage : 0.2904<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-07-09
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 3.00 %<\/td>\n<\/tr>\n

GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.87 – 24.05
\nSpot Rate : 0.1800
\nAverage : 0.1219<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.87
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

The National Securities Regulator has just gotten a little more national: Two more provinces have agreed to join a voluntary national securities regulator expected to begin operations in the fall of 2015, bringing the total …<\/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-25778","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25778","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=25778"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25778\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}