{"id":26724,"date":"2014-11-01T01:36:36","date_gmt":"2014-11-01T06:36:36","guid":{"rendered":"http:\/\/prefblog.com\/?p=26724"},"modified":"2014-11-01T01:36:36","modified_gmt":"2014-11-01T06:36:36","slug":"october-31-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26724","title":{"rendered":"October 31, 2014"},"content":{"rendered":"

Tapering, schmapering. Liquidity is now Made in Japan<\/a>:<\/p>\n

U.S. stocks jumped, sending benchmark indexes to records, as an unexpected boost in stimulus from the Bank of Japan spurred optimism in the global economy.
…<\/b>
The Standard & Poor\u2019s 500 Index advanced 1.2 percent to 2,018.05 at 4 p.m. in New York, topping its previous all-time closing high of 2,011.36 on Sept. 18. The Dow Jones Industrial Average rallied 195.1 points, or 1.1 percent, to 17,390.52, also an all-time high. The Nasdaq Composite (CCMP) Index surged 1.4 percent to the highest since March 2000.
…<\/b>
U.S. equities joined a global rally as Japan\u2019s Government Pension Investment Fund said it will put half its holdings in local and foreign stocks, double previous levels, and invest in alternative assets. The Bank of Japan raised its annual target for monetary expansion to 80 trillion yen ($724 billion) from as much as 70 trillion yen. The Topix index (VIX) soared the most in a year, leading a rally in equities around the world.<\/p>\n

Better-than-forecast corporate earnings and optimism in the economy helped the S&P 500 rebound after a 7.4 percent dip from Sept. 18 to Oct. 15. The gauge advanced 2.3 percent in October, extending its gain this year to 9.2 percent.<\/p>\n

The Russell 2000 Index rallied 6.5 percent in October for its best month since July 2013. The Dow gained 2 percent in the month and the Nasdaq Composite Index jumped 3.1 percent.<\/p>\n

The S&P 500 climbed 2.7 percent this week after posting its best week since January 2013 through Oct. 24. Equities rose yesterday after data showed the U.S. economy expanded faster than forecast last quarter, signaling growth is strong enough to withstand the end of Federal Reserve bond buying.<\/p>\n

Data today showed consumer spending in the U.S. unexpectedly dropped in September as incomes rose at the slowest pace of the year. The Institute for Supply Management-Chicago Inc.\u2019s business barometer rose to 66.2 in October from 60.5 in the prior month, according to a report today. A reading less than 50 signals contraction.<\/p>\n

The Thomson Reuters\/University of Michigan final October index of consumer sentiment increased to 86.9 from 84.6 a month earlier.<\/p><\/blockquote>\n

The Canadian preferred share market closed the month on a strong note, with PerpetualDiscounts up 10bp, FixedResets gaining 8bp and DeemedRetractibles winning 22bp. Volatility was average. Volume was very 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>\n3.33 %<\/td>\n3.33 %<\/td>\n18,243<\/td>\n18.97<\/td>\n1<\/td>\n0.0889 %<\/td>\n2,514.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2003 %<\/td>\n3,980.5<\/td>\n<\/tr>\n
Floater<\/td>\n3.00 %<\/td>\n3.12 %<\/td>\n62,522<\/td>\n19.42<\/td>\n4<\/td>\n0.2003 %<\/td>\n2,672.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.03 %<\/td>\n0.10 %<\/td>\n102,950<\/td>\n0.08<\/td>\n1<\/td>\n-0.1961 %<\/td>\n2,743.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.28 %<\/td>\n3.61 %<\/td>\n72,081<\/td>\n3.79<\/td>\n5<\/td>\n-0.1344 %<\/td>\n3,165.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1961 %<\/td>\n2,508.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.46 %<\/td>\n-1.50 %<\/td>\n70,055<\/td>\n0.08<\/td>\n18<\/td>\n-0.0589 %<\/td>\n2,466.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.25 %<\/td>\n5.09 %<\/td>\n100,919<\/td>\n15.22<\/td>\n18<\/td>\n0.0967 %<\/td>\n2,628.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.19 %<\/td>\n3.62 %<\/td>\n173,296<\/td>\n8.51<\/td>\n75<\/td>\n0.0778 %<\/td>\n2,572.5<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.99 %<\/td>\n2.73 %<\/td>\n99,408<\/td>\n0.17<\/td>\n42<\/td>\n0.2224 %<\/td>\n2,585.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.55 %<\/td>\n-4.71 %<\/td>\n68,627<\/td>\n0.08<\/td>\n6<\/td>\n0.0653 %<\/td>\n2,551.8<\/td>\n<\/tr>\n<\/table>\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
GWO.PR.N<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.51
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.09
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 2.72 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.62
\nBid-YTW : 5.46 %<\/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
NA.PR.W<\/td>\nFixedReset<\/td>\n145,360<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 23.15
\nEvaluated at bid price : 25.03
\nBid-YTW : 3.67 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset<\/td>\n67,878<\/td>\nNesbitt crossed 60,000 at 25.36.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 23.27
\nEvaluated at bid price : 25.35
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset<\/td>\n56,994<\/td>\nRBC crossed 50,000 at 24.44.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 22.98
\nEvaluated at bid price : 24.41
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
MFC.PR.H<\/td>\nFixedReset<\/td>\n54,995<\/td>\nRBC crossed 50,000 at 26.24.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-03-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.28
\nBid-YTW : 2.61 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset<\/td>\n41,192<\/td>\nRBC crossed 23,000 at 25.35.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 23.27
\nEvaluated at bid price : 25.29
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n26,620<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.09
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
There were 18 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.T<\/td>\nFixedReset<\/td>\nQuote: 24.84 – 25.40
\nSpot Rate : 0.5600
\nAverage : 0.3527<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 23.43
\nEvaluated at bid price : 24.84
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset<\/td>\nQuote: 26.20 – 26.71
\nSpot Rate : 0.5100
\nAverage : 0.3351<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset<\/td>\nQuote: 25.79 – 26.19
\nSpot Rate : 0.4000
\nAverage : 0.2502<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.79
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 22.31 – 22.72
\nSpot Rate : 0.4100
\nAverage : 0.2848<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.31
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n

BAM.PR.B<\/td>\nFloater<\/td>\nQuote: 16.95 – 17.26
\nSpot Rate : 0.3100
\nAverage : 0.1958<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-10-31
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n

TD.PR.R<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.33 – 26.63
\nSpot Rate : 0.3000
\nAverage : 0.1911<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-11-30
\nMaturity Price : 25.75
\nEvaluated at bid price : 26.33
\nBid-YTW : -20.56 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Tapering, schmapering. Liquidity is now Made in Japan: U.S. stocks jumped, sending benchmark indexes to records, as an unexpected boost in stimulus from the Bank of Japan spurred optimism in the global economy.…The Standard & …<\/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-26724","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26724","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=26724"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26724\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}