{"id":25795,"date":"2014-07-11T19:03:40","date_gmt":"2014-07-12T00:03:40","guid":{"rendered":"http:\/\/prefblog.com\/?p=25795"},"modified":"2014-07-11T19:03:40","modified_gmt":"2014-07-12T00:03:40","slug":"july-11-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25795","title":{"rendered":"July 11, 2014"},"content":{"rendered":"<p>Tammy Schirle of Wilfrid Laurier writes a good piece titled <a href=\"http:\/\/www.theglobeandmail.com\/globe-debate\/six-questions-ontario-must-answer-before-it-starts-a-pension-plan\/article19561969\/\">Six questions Ontario must answer before it starts a pension plan<\/a> (although the headline writer confused &#8216;exhortations&#8217; with &#8216;questions&#8217;):<\/p>\n<ul>\n<li>1. Be clear about the market failures you are trying to address.\n<li>2. Be precise about the policy target.\n<li>3. Be clear about any redistribution that will occur.\n<li>4. Notice that low-income families won\u2019t benefit from a simple expansion of benefits\n<li>5. How are you going to deal with interprovincial migration and interprovincial employment arrangements?\n<li>6. Enhancing the CPP remains the Ontario government\u2019s preferred solution.<\/ul>\n<p>It was mixed day for the Canadian preferred share market, with PerpetualDiscounts gaining 1bp, FixedResets off 7bp and DeemedRetractibles up 2bp. Volatility was minimal. Volume was extremely low.<\/p>\n<p>And now it&#8217;s time to start work on the July <a href=\"http:\/\/www.prefletter.com\">PrefLetter<\/a>!<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>3.14 %<\/td>\n<td>3.13 %<\/td>\n<td>21,886<\/td>\n<td>19.40<\/td>\n<td>1<\/td>\n<td>0.0000 %<\/td>\n<td>2,531.9<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.17 %<\/td>\n<td>3.40 %<\/td>\n<td>27,277<\/td>\n<td>18.66<\/td>\n<td>1<\/td>\n<td>0.4694 %<\/td>\n<td>4,158.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.89 %<\/td>\n<td>2.99 %<\/td>\n<td>47,081<\/td>\n<td>19.78<\/td>\n<td>4<\/td>\n<td>-0.8330 %<\/td>\n<td>2,737.5<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.02 %<\/td>\n<td>-5.85 %<\/td>\n<td>83,269<\/td>\n<td>0.08<\/td>\n<td>1<\/td>\n<td>0.0784 %<\/td>\n<td>2,722.2<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.25 %<\/td>\n<td>3.94 %<\/td>\n<td>52,705<\/td>\n<td>4.05<\/td>\n<td>6<\/td>\n<td>0.1397 %<\/td>\n<td>3,119.5<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.0784 %<\/td>\n<td>2,489.1<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.53 %<\/td>\n<td>-4.80 %<\/td>\n<td>84,342<\/td>\n<td>0.09<\/td>\n<td>17<\/td>\n<td>0.0671 %<\/td>\n<td>2,427.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.25 %<\/td>\n<td>5.11 %<\/td>\n<td>109,101<\/td>\n<td>15.23<\/td>\n<td>20<\/td>\n<td>0.0086 %<\/td>\n<td>2,571.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.39 %<\/td>\n<td>3.58 %<\/td>\n<td>193,323<\/td>\n<td>4.62<\/td>\n<td>76<\/td>\n<td>-0.0651 %<\/td>\n<td>2,560.5<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>4.98 %<\/td>\n<td>1.91 %<\/td>\n<td>129,476<\/td>\n<td>0.12<\/td>\n<td>43<\/td>\n<td>0.0222 %<\/td>\n<td>2,547.8<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.67 %<\/td>\n<td>2.12 %<\/td>\n<td>107,909<\/td>\n<td>3.89<\/td>\n<td>6<\/td>\n<td>0.0658 %<\/td>\n<td>2,516.1<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>-1.51 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-07-11<br \/>\nMaturity Price  : 21.84<br \/>\nEvaluated at bid price : 22.11<br \/>\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.K<\/td>\n<td>Floater<\/td>\n<td>-1.36 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-07-11<br \/>\nMaturity Price  : 17.43<br \/>\nEvaluated at bid price : 17.43<br \/>\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.C<\/td>\n<td>Floater<\/td>\n<td>-1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-07-11<br \/>\nMaturity Price  : 17.65<br \/>\nEvaluated at bid price : 17.65<br \/>\nBid-YTW : 2.99 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.F<\/td>\n<td>FixedReset<\/td>\n<td>76,399<\/td>\n<td>Scotia crossed two blocks of 30,000 each, both at 25.55.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-09-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.54<br \/>\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>75,221<\/td>\n<td>RBC bought blocks of 11,400 and 10,400 from TD, both at 25.55. Desjardins crossed 16,000 at the same price; Scotia crossed 21,600 at the same price again.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-08-24<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Deemed-Retractible<\/td>\n<td>56,124<\/td>\n<td>RBC crossed 50,000 at 25.07.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.F<\/td>\n<td>SplitShare<\/td>\n<td>29,738<\/td>\n<td><a href=\"http:\/\/prefblog.com\/?p=25730\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2021-10-08<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.42<br \/>\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<tr>\n<td>CM.PR.O<\/td>\n<td>FixedReset<\/td>\n<td>28,267<\/td>\n<td><a href=\"http:\/\/prefblog.com\/?p=25528\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-07-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.49<br \/>\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.G<\/td>\n<td>Perpetual-Discount<\/td>\n<td>23,038<\/td>\n<td>Nesbitt crossed 20,000 at 22.50.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-07-11<br \/>\nMaturity Price  : 22.18<br \/>\nEvaluated at bid price : 22.47<br \/>\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 11 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.09 &#8211; 26.09<br \/>\nSpot Rate  :  1.0000<br \/>\nAverage  :  0.6089<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-08-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.09<br \/>\nBid-YTW : 0.38 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.X<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 22.11 &#8211; 22.51<br \/>\nSpot Rate  :  0.4000<br \/>\nAverage  :  0.2474<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-07-11<br \/>\nMaturity Price  : 21.84<br \/>\nEvaluated at bid price : 22.11<br \/>\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.87 &#8211; 26.25<br \/>\nSpot Rate  :  0.3800<br \/>\nAverage  :  0.2693<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-06-01<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.87<br \/>\nBid-YTW : 2.91 %<\/td>\n<\/tr>\n<tr>\n<td>VNR.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.52 &#8211; 25.88<br \/>\nSpot Rate  :  0.3600<br \/>\nAverage  :  0.2688<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.12 &#8211; 25.49<br \/>\nSpot Rate  :  0.3700<br \/>\nAverage  :  0.2796<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-09-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.12<br \/>\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n<tr>\n<td>IAG.PR.A<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 23.17 &#8211; 23.45<br \/>\nSpot Rate  :  0.2800<br \/>\nAverage  :  0.1963<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.17<br \/>\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Tammy Schirle of Wilfrid Laurier writes a good piece titled Six questions Ontario must answer before it starts a pension plan (although the headline writer confused &#8216;exhortations&#8217; with &#8216;questions&#8217;): 1. Be clear about the market &hellip;<\/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-25795","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25795","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=25795"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25795\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}