{"id":26155,"date":"2014-08-29T23:37:47","date_gmt":"2014-08-30T04:37:47","guid":{"rendered":"http:\/\/prefblog.com\/?p=26155"},"modified":"2014-08-29T23:37:47","modified_gmt":"2014-08-30T04:37:47","slug":"august-29-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26155","title":{"rendered":"August 29, 2014"},"content":{"rendered":"

Times are tough indeed for the gnomes of Zurich<\/a>:<\/p>\n

Zurich\u2019s red-light district is dimming. Bankers who have been core patrons of the city\u2019s sex industry and cabarets are curbing spending.<\/p>\n

The venues of Langstrasse — or long street — are closing, replaced by hipster bars, techno clubs and even a backpackers\u2019 hostel. Like the finance industry, the sex trade has opted for a lower profile.<\/p>\n

\u201cTimes have changed,\u201d said Kevin Joliat, the manager of the Petit Prince nightclub in central Zurich. \u201cBankers really have to show who the client was, why they spent the money and was it really necessary,\u201d said Joliat, who once worked at Zuercher Kantonalbank, Switzerland\u2019s largest state-owned bank.<\/p>\n

The decline of erotic entertainment highlights a changing culture in Zurich as banking jobs ebb and public opinion turns against inflated bonuses. That and smaller budgets for entertaining customers have deprived the clubs and bars of a key customer base<\/p><\/blockquote>\n

Meanwhile, the West has a problem<\/a>:<\/p>\n

As Russian-backed separatists advance in southeastern Ukraine, the U.S. and European Union are still searching for a sanction that can force Vladimir Putin to stop and think again.<\/p>\n

More than 1,000 of the Russian president\u2019s troops are operating inside Ukraine, manning sophisticated weaponry and advising local separatists, the North Atlantic Treaty Organization said yesterday. The escalation, denied by Russia, prompted a warning of \u201cconsequences\u201d from U.K. Prime Minister David Cameron, and German Chancellor Angela Merkel said EU leaders would discuss new sanctions this weekend.<\/p>\n

The U.S. and EU have been trying since March to come up with measures that would impose sufficient costs to make Putin call off his effort to destabilize eastern Ukraine while causing only minimal harm to Russian citizens and European and U.S. economies and businesses.<\/p><\/blockquote>\n

Here’s my plan: bar Putin from Disneyland<\/a>.<\/p>\n

The Canadian preferred share market finished the month on a positive note, with PerpetualDiscounts winning 18bp, FixedResets up 12bp and DeemedRetractibles gaining 4bp. Volatility was quite good. Volume was quite low.<\/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>\n0.7254 %<\/td>\n2,636.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.16 %<\/td>\n3.40 %<\/td>\n27,886<\/td>\n18.57<\/td>\n1<\/td>\n0.0000 %<\/td>\n4,173.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.91 %<\/td>\n3.07 %<\/td>\n50,626<\/td>\n19.49<\/td>\n4<\/td>\n0.7254 %<\/td>\n2,726.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.05 %<\/td>\n-2.62 %<\/td>\n95,556<\/td>\n0.08<\/td>\n1<\/td>\n0.0395 %<\/td>\n2,729.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.24 %<\/td>\n3.75 %<\/td>\n60,337<\/td>\n3.96<\/td>\n6<\/td>\n0.0486 %<\/td>\n3,151.5<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0395 %<\/td>\n2,495.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.48 %<\/td>\n-3.46 %<\/td>\n82,812<\/td>\n0.08<\/td>\n19<\/td>\n0.1302 %<\/td>\n2,440.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.20 %<\/td>\n5.13 %<\/td>\n114,926<\/td>\n15.17<\/td>\n17<\/td>\n0.1830 %<\/td>\n2,612.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.23 %<\/td>\n3.64 %<\/td>\n185,120<\/td>\n6.65<\/td>\n74<\/td>\n0.1173 %<\/td>\n2,572.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.99 %<\/td>\n1.04 %<\/td>\n104,472<\/td>\n0.18<\/td>\n42<\/td>\n0.0380 %<\/td>\n2,566.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.63 %<\/td>\n0.48 %<\/td>\n80,882<\/td>\n0.16<\/td>\n6<\/td>\n-0.0131 %<\/td>\n2,531.5<\/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
NA.PR.M<\/td>\nDeemed-Retractible<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-28
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.33
\nBid-YTW : -17.77 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.26
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.29
\nEvaluated at bid price : 25.45
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 21.15
\nEvaluated at bid price : 21.15
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 20.70
\nEvaluated at bid price : 20.70
\nBid-YTW : 2.55 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 22.29
\nEvaluated at bid price : 23.06
\nBid-YTW : 3.72 %<\/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.W<\/td>\nFixedReset<\/td>\n49,700<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.18
\nEvaluated at bid price : 25.11
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Premium<\/td>\n41,419<\/td>\nTD crossed 40,000 at 25.45.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.45
\nBid-YTW : -10.20 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n37,578<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 21.84
\nEvaluated at bid price : 22.16
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset<\/td>\n31,523<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.22
\nEvaluated at bid price : 25.17
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n28,948<\/td>\nNesbitt bought 10,600 from anonymous at 23.93.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.86
\nBid-YTW : 3.43 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n25,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.44
\nBid-YTW : 3.72 %<\/td>\n<\/tr>\n
There were 17 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
CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 20.51 – 21.50
\nSpot Rate : 0.9900
\nAverage : 0.7688<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 20.51
\nEvaluated at bid price : 20.51
\nBid-YTW : 3.65 %<\/td>\n<\/tr>\n

NA.PR.M<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.33 – 26.67
\nSpot Rate : 0.3400
\nAverage : 0.1980<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-28
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.33
\nBid-YTW : -17.77 %<\/td>\n<\/tr>\n

TD.PF.B<\/td>\nFixedReset<\/td>\nQuote: 25.17 – 25.48
\nSpot Rate : 0.3100
\nAverage : 0.1785<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.22
\nEvaluated at bid price : 25.17
\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 25.20 – 25.49
\nSpot Rate : 0.2900
\nAverage : 0.1791<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.26
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n

TRP.PR.E<\/td>\nFixedReset<\/td>\nQuote: 25.45 – 25.70
\nSpot Rate : 0.2500
\nAverage : 0.1442<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-08-29
\nMaturity Price : 23.29
\nEvaluated at bid price : 25.45
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.41 – 25.68
\nSpot Rate : 0.2700
\nAverage : 0.1752<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-09-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.41
\nBid-YTW : -19.21 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Times are tough indeed for the gnomes of Zurich: Zurich\u2019s red-light district is dimming. Bankers who have been core patrons of the city\u2019s sex industry and cabarets are curbing spending. The venues of Langstrasse — …<\/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-26155","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26155","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=26155"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26155\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}