{"id":33374,"date":"2016-07-18T20:45:40","date_gmt":"2016-07-19T01:45:40","guid":{"rendered":"http:\/\/prefblog.com\/?p=33374"},"modified":"2016-07-18T20:45:40","modified_gmt":"2016-07-19T01:45:40","slug":"july-18-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33374","title":{"rendered":"July 18, 2016"},"content":{"rendered":"

So guess who’s financing your mortgage<\/a>!<\/p>\n

Canadian Imperial Bank of Commerce has become Canada\u2019s first bank to benefit from Europe\u2019s rush to debt with subzero yields.<\/p>\n

CIBC sold \u20ac1.25-billion ($1.79-billion) worth of six-year covered bonds \u2013 with a yield of negative-0.009 per cent \u2013 on Monday. According to a person familiar with the transaction, investor demand was so strong that the value of orders roughly doubled the deal size.<\/p>\n

Not only is CIBC the first Canadian bank to issue such debt at a negative rate, it is also the first non-European bank to do so. In March, Germany\u2019s Berlin Hype was the first lender to borrow at negative rates, cashing in on a hunger for quality debt, coupled with Europe\u2019s unique fixed-income markets.<\/p>\n

At the start of this month, nearly $12-trillion (U.S.) worth of government debt carried negative yields. As CIBC\u2019s latest foray into the market highlights, the phenomenon is now spreading to other types of bonds, as investors search for securities that pay at least a tiny yield \u2013 or cost less to own than sovereign bonds.<\/p><\/blockquote>\n

Update: Here is a link to a brief explanation of Covered Bonds<\/a><\/i><\/p>\n

Wal-Mart is continuing its battle with Visa<\/a>:<\/p>\n

Wal-Mart Stores Inc. can no longer count Marlene Gosparini and her employer as regular customers in Thunder Bay after the world\u2019s largest retailer stopped accepting Visa Inc. credit cards at its three stores in the Canadian city.
…<\/b>
Wal-Mart prepared its Thunder Bay customers for the change in June when it posted a statement on its website. There were signs in stores leading up to the shift, and on Monday store greeters, employees and managers approached customers as they walked in to remind them of the change. Some cashiers even offered customers a chance to sign up for a Wal-Mart Mastercard.
…<\/b>
Visa ran ads in Thunder Bay\u2019s newspaper Monday offering cardholders a C$25 online gift card for making purchases of C$75 or more at Thunder Bay grocery stores.
…<\/b>
Wal-Mart\u2019s Canada unit, which pays more than C$100 million to accept credit cards annually, called the fees Visa charges \u201cunacceptably high\u201d in a June 11 statement on its website.<\/p><\/blockquote>\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>\n0.3973 %<\/td>\n1,672.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.3973 %<\/td>\n3,054.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.91 %<\/td>\n4.66 %<\/td>\n91,277<\/td>\n16.14<\/td>\n4<\/td>\n0.3973 %<\/td>\n1,760.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.84 %<\/td>\n-0.49 %<\/td>\n42,239<\/td>\n0.12<\/td>\n1<\/td>\n0.0791 %<\/td>\n2,850.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.12 %<\/td>\n5.52 %<\/td>\n98,621<\/td>\n2.32<\/td>\n5<\/td>\n0.0000 %<\/td>\n3,364.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n2,625.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.49 %<\/td>\n-12.31 %<\/td>\n82,363<\/td>\n0.09<\/td>\n12<\/td>\n-0.0552 %<\/td>\n2,677.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.26 %<\/td>\n5.27 %<\/td>\n101,498<\/td>\n15.02<\/td>\n26<\/td>\n0.0763 %<\/td>\n2,813.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.07 %<\/td>\n4.39 %<\/td>\n149,974<\/td>\n7.17<\/td>\n88<\/td>\n0.0827 %<\/td>\n2,000.9<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.03 %<\/td>\n4.62 %<\/td>\n125,656<\/td>\n3.33<\/td>\n33<\/td>\n-0.1412 %<\/td>\n2,752.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.94 %<\/td>\n4.69 %<\/td>\n32,774<\/td>\n5.15<\/td>\n11<\/td>\n-0.0447 %<\/td>\n2,116.1<\/td>\n<\/tr>\n<\/table>\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
MFC.PR.K<\/td>\nFixedReset<\/td>\n-1.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.27
\nBid-YTW : 8.37 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.37
\nBid-YTW : 7.75 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.42
\nBid-YTW : 7.78 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.25
\nBid-YTW : 11.42 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.98
\nBid-YTW : 7.91 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 19.25
\nEvaluated at bid price : 19.25
\nBid-YTW : 5.62 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 13.80
\nEvaluated at bid price : 13.80
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.31
\nBid-YTW : 6.32 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 17.70
\nEvaluated at bid price : 17.70
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.28
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 14.40
\nBid-YTW : 9.49 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 11.71
\nEvaluated at bid price : 11.71
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 11.54
\nEvaluated at bid price : 11.54
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.88
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.44
\nBid-YTW : 8.63 %<\/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
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n132,750<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 23.11
\nEvaluated at bid price : 23.52
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
TRP.PR.J<\/td>\nFixedReset<\/td>\n116,945<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n74,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BNS.PR.A<\/td>\nFloatingReset<\/td>\n72,500<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.05
\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n58,897<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-10-31
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.75
\nBid-YTW : 1.56 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n46,145<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 17.91
\nEvaluated at bid price : 17.91
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
There were 23 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
SLF.PR.J<\/td>\nFloatingReset<\/td>\nQuote: 12.25 – 12.76
\nSpot Rate : 0.5100
\nAverage : 0.3143<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.25
\nBid-YTW : 11.42 %<\/td>\n<\/tr>\n

HSE.PR.A<\/td>\nFixedReset<\/td>\nQuote: 11.54 – 11.97
\nSpot Rate : 0.4300
\nAverage : 0.2887<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 11.54
\nEvaluated at bid price : 11.54
\nBid-YTW : 5.22 %<\/td>\n<\/tr>\n

FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.52 – 23.85
\nSpot Rate : 0.3300
\nAverage : 0.2357<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 23.11
\nEvaluated at bid price : 23.52
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset<\/td>\nQuote: 18.28 – 18.62
\nSpot Rate : 0.3400
\nAverage : 0.2617<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.28
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n

CM.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 19.95 – 20.28
\nSpot Rate : 0.3300
\nAverage : 0.2546<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 12.50 – 12.79
\nSpot Rate : 0.2900
\nAverage : 0.2147<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-07-18
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

So guess who’s financing your mortgage! Canadian Imperial Bank of Commerce has become Canada\u2019s first bank to benefit from Europe\u2019s rush to debt with subzero yields. CIBC sold \u20ac1.25-billion ($1.79-billion) worth of six-year covered bonds …<\/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-33374","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33374","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=33374"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33374\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33374"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33374"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33374"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}