{"id":26865,"date":"2014-11-22T01:45:16","date_gmt":"2014-11-22T06:45:16","guid":{"rendered":"http:\/\/prefblog.com\/?p=26865"},"modified":"2014-11-22T01:45:16","modified_gmt":"2014-11-22T06:45:16","slug":"november-21-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=26865","title":{"rendered":"November 21, 2014"},"content":{"rendered":"

There is some thought that Canada’s inflation is normalizing<\/a>:<\/p>\n

Canada\u2019s inflation rate accelerated faster than economists predicted in October, led by gasoline and clothing and suggesting the economy may be running hotter than the central bank had thought.<\/p>\n

The consumer price index rose 2.4 percent compared with the same month a year earlier, Statistics Canada said from Ottawa. That\u2019s faster than all 21 economists in a Bloomberg News survey predicted. The core rate that excludes eight volatile products accelerated to 2.3 percent, the strongest in almost three years.<\/p>\n

Inflation has exceeded the Bank of Canada\u2019s 2 percent target in five of the past six months, making it more difficult for Governor Stephen Poloz to argue temporary factors are driving price gains. Canada\u2019s dollar rose the most in almost two months after today\u2019s report as traders speculated the central bank may have to bring forward its timetable for raising borrowing costs.
…<\/b>
Canada\u2019s dollar strengthened 0.7 percent to C$1.1229 per U.S. dollar at 10:40 a.m. Toronto time. Two-year federal government bond yields rose to 1.07 percent from 1.05 percent.<\/p>\n

Clothing and footwear price gains accelerated to 3.1 percent, from September\u2019s 2 percent pace, as retailers offered fewer discounts, Statistics Canada said today.<\/p>\n

Gasoline prices rose 0.6 percent in October from a year earlier. On a monthly basis, gasoline fell 4 percent in October, the fourth consecutive decline.<\/p>\n

The next few inflation reports may show the gains in gasoline and clothing prices receding, Ferley said, citing a recent fall in fuel prices and a slower depreciation of Canada\u2019s dollar that had boosted the cost of imported apparel. Today\u2019s inflation gain was still broad enough to suggest price gains faster than Poloz expects, he said.<\/p>\n

Food prices rose 2.8 percent in October, including a 12.4 percent surge for meat purchased at stores.<\/p><\/blockquote>\n

It was a positive day for the Canadian preferred share market, with PerpetualDiscounts winning 15bp, FixedResets flat and DeemedRetractibles up 7bp. Volatility was good, comprised entirely of FixedResets. Volume was a little 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>\n-0.1129 %<\/td>\n2,541.5<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1129 %<\/td>\n4,023.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.97 %<\/td>\n3.07 %<\/td>\n58,507<\/td>\n19.50<\/td>\n4<\/td>\n-0.1129 %<\/td>\n2,701.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.04 %<\/td>\n-4.49 %<\/td>\n98,444<\/td>\n0.08<\/td>\n1<\/td>\n0.3773 %<\/td>\n2,760.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.27 %<\/td>\n4.03 %<\/td>\n48,635<\/td>\n3.78<\/td>\n5<\/td>\n0.2377 %<\/td>\n3,192.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3773 %<\/td>\n2,523.8<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n-10.22 %<\/td>\n67,308<\/td>\n0.08<\/td>\n19<\/td>\n-0.0697 %<\/td>\n2,485.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.10 %<\/td>\n5.01 %<\/td>\n106,627<\/td>\n15.40<\/td>\n16<\/td>\n0.1474 %<\/td>\n2,685.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.17 %<\/td>\n3.55 %<\/td>\n174,850<\/td>\n4.48<\/td>\n74<\/td>\n0.0004 %<\/td>\n2,596.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.94 %<\/td>\n-1.00 %<\/td>\n98,055<\/td>\n0.11<\/td>\n40<\/td>\n0.0662 %<\/td>\n2,615.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.56 %<\/td>\n-0.95 %<\/td>\n59,866<\/td>\n0.08<\/td>\n6<\/td>\n-0.1888 %<\/td>\n2,553.1<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.K<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 21.68
\nEvaluated at bid price : 22.07
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 21.80
\nEvaluated at bid price : 22.28
\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 20.51
\nEvaluated at bid price : 20.51
\nBid-YTW : 3.67 %<\/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
RY.PR.Z<\/td>\nFixedReset<\/td>\n205,547<\/td>\nNational sold three blocks to Nesbitt, two of 14,000 each and one of 11,900, all at 25.50; it also sold blocks of 18,900 and 25,000 to Scotia at 25.51. Scotia crossed 50,000 at 25.52 and Nesbitt crossed 10,000 at 25.54.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.56
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n57,023<\/td>\nScotia crossed 43,200 at 24.41.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 23.00
\nEvaluated at bid price : 24.41
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
ENB.PF.C<\/td>\nFixedReset<\/td>\n56,385<\/td>\nTD crossed 38,200 at 25.20.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 23.21
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.08 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n41,221<\/td>\nNesbitt crossed 32,500 at 19.01
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 19.00
\nEvaluated at bid price : 19.00
\nBid-YTW : 3.79 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n40,071<\/td>\nTD crossed 26,700 at 23.75.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 22.61
\nEvaluated at bid price : 23.60
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n37,419<\/td>\nTD crossed 30,000 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-06-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
There were 27 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.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.30 – 23.00
\nSpot Rate : 0.7000
\nAverage : 0.4491<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2044-11-21
\nMaturity Price : 21.92
\nEvaluated at bid price : 22.30
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n

ELF.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.32 – 25.75
\nSpot Rate : 0.4300
\nAverage : 0.2564<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.32
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset<\/td>\nQuote: 25.71 – 26.15
\nSpot Rate : 0.4400
\nAverage : 0.2826<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n

PWF.PR.R<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.31 – 26.72
\nSpot Rate : 0.4100
\nAverage : 0.2536<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.31
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n

MFC.PR.K<\/td>\nFixedReset<\/td>\nQuote: 25.01 – 25.40
\nSpot Rate : 0.3900
\nAverage : 0.2400<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-09-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n

BMO.PR.R<\/td>\nFloatingReset<\/td>\nQuote: 25.48 – 25.85
\nSpot Rate : 0.3700
\nAverage : 0.2419<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-01-20
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.48
\nBid-YTW : 0.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There is some thought that Canada’s inflation is normalizing: Canada\u2019s inflation rate accelerated faster than economists predicted in October, led by gasoline and clothing and suggesting the economy may be running hotter than the central …<\/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-26865","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26865","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=26865"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/26865\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}