{"id":33063,"date":"2016-05-18T23:07:40","date_gmt":"2016-05-19T04:07:40","guid":{"rendered":"http:\/\/prefblog.com\/?p=33063"},"modified":"2016-05-18T23:07:40","modified_gmt":"2016-05-19T04:07:40","slug":"may-18-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33063","title":{"rendered":"May 18, 2016"},"content":{"rendered":"

PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 4.00%, so the pre-tax interest-equivalent spread is now about 325bp, a slight (and perhaps spurious) narrowing from the 330bp reported May 11<\/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>\n4.67 %<\/td>\n5.68 %<\/td>\n11,772<\/td>\n17.05<\/td>\n1<\/td>\n0.1384 %<\/td>\n1,690.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n6.62 %<\/td>\n5.74 %<\/td>\n18,540<\/td>\n16.79<\/td>\n1<\/td>\n0.0000 %<\/td>\n3,052.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.54 %<\/td>\n4.75 %<\/td>\n44,961<\/td>\n15.89<\/td>\n4<\/td>\n-0.7395 %<\/td>\n1,709.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2191 %<\/td>\n2,826.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.95 %<\/td>\n5.05 %<\/td>\n82,785<\/td>\n2.49<\/td>\n7<\/td>\n0.2191 %<\/td>\n3,307.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2191 %<\/td>\n2,580.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.76 %<\/td>\n-9.37 %<\/td>\n74,272<\/td>\n0.09<\/td>\n6<\/td>\n0.0000 %<\/td>\n2,598.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.48 %<\/td>\n5.59 %<\/td>\n103,383<\/td>\n14.50<\/td>\n33<\/td>\n-0.2022 %<\/td>\n2,675.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.21 %<\/td>\n4.69 %<\/td>\n166,294<\/td>\n13.81<\/td>\n88<\/td>\n-0.1286 %<\/td>\n1,961.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.15 %<\/td>\n5.56 %<\/td>\n131,545<\/td>\n6.76<\/td>\n33<\/td>\n-0.0773 %<\/td>\n2,665.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.16 %<\/td>\n5.00 %<\/td>\n26,458<\/td>\n5.28<\/td>\n17<\/td>\n-0.2111 %<\/td>\n2,080.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\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
TRP.PR.A<\/td>\nFixedReset<\/td>\n-2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 14.27
\nEvaluated at bid price : 14.27
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\n-2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 20.24
\nEvaluated at bid price : 20.24
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n-2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 11.51
\nEvaluated at bid price : 11.51
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
FTS.PR.I<\/td>\nFloatingReset<\/td>\n-1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 11.22
\nEvaluated at bid price : 11.22
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.36
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset<\/td>\n-1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 19.02
\nEvaluated at bid price : 19.02
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.56
\nBid-YTW : 10.15 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 22.77
\nEvaluated at bid price : 23.05
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset<\/td>\n-1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 17.91
\nEvaluated at bid price : 17.91
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 20.78
\nEvaluated at bid price : 20.78
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 18.14
\nEvaluated at bid price : 18.14
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
NA.PR.W<\/td>\nFixedReset<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 12.90
\nEvaluated at bid price : 12.90
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.62 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.70
\nBid-YTW : 9.27 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset<\/td>\n1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 19.15
\nEvaluated at bid price : 19.15
\nBid-YTW : 5.72 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 12.85
\nEvaluated at bid price : 12.85
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 18.25
\nEvaluated at bid price : 18.25
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.57
\nBid-YTW : 8.58 %<\/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
BNS.PR.O<\/td>\nDeemed-Retractible<\/td>\n30,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-06-17
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.40
\nBid-YTW : 1.63 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n24,063<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n22,186<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 21.01
\nEvaluated at bid price : 21.01
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n18,250<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 20.86
\nEvaluated at bid price : 20.86
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
EML.PR.A<\/td>\nFixedReset<\/td>\n17,080<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n
TD.PF.G<\/td>\nFixedReset<\/td>\n15,297<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.13
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
There were 16 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
FTS.PR.I<\/td>\nFloatingReset<\/td>\nQuote: 11.22 – 11.85
\nSpot Rate : 0.6300
\nAverage : 0.4375<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 11.22
\nEvaluated at bid price : 11.22
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n

SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 12.77 – 13.25
\nSpot Rate : 0.4800
\nAverage : 0.3117<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.77
\nBid-YTW : 10.80 %<\/td>\n<\/tr>\n

EML.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.80 – 26.25
\nSpot Rate : 0.4500
\nAverage : 0.2942<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-17
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 5.15 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 14.27 – 14.82
\nSpot Rate : 0.5500
\nAverage : 0.4110<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 14.27
\nEvaluated at bid price : 14.27
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n

BAM.PF.B<\/td>\nFixedReset<\/td>\nQuote: 17.30 – 17.77
\nSpot Rate : 0.4700
\nAverage : 0.3421<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 17.30
\nEvaluated at bid price : 17.30
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n

NA.PR.W<\/td>\nFixedReset<\/td>\nQuote: 17.75 – 18.09
\nSpot Rate : 0.3400
\nAverage : 0.2418<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-05-18
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.59%, equivalent to 7.27% interest at the standard equivalency factor of 1.3x. Long corporates now yield 4.00%, so the pre-tax interest-equivalent spread is now about 325bp, a slight (and perhaps spurious) narrowing …<\/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-33063","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33063","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=33063"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33063\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}