{"id":33518,"date":"2016-08-23T02:23:02","date_gmt":"2016-08-23T07:23:02","guid":{"rendered":"http:\/\/prefblog.com\/?p=33518"},"modified":"2016-08-23T02:23:02","modified_gmt":"2016-08-23T07:23:02","slug":"august-19-2016-2","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33518","title":{"rendered":"August 19, 2016"},"content":{"rendered":"

Who woulda thunk it? Fiduciary rules have some drawbacks<\/a>:<\/p>\n

As brokers lay plans to satisfy new federal rules governing their relationships with retirement savers, one thing is becoming clear: Some clients will see their investment options diminished or face the prospect of higher fees.<\/p>\n

Brokerage Edward Jones, anticipating the fiduciary rule that will require brokers to put the interests of retirement savers ahead of their own, said on Wednesday that it would stop offering mutual funds and exchange-traded funds in retirement accounts that charge investors a commission. The move makes the St. Louis firm the first big player to disclose detailed plans on retirement accounts that charge a commission.<\/p>\n

Retirement savers could be forced to make decisions in the months ahead as other firms determine how they plan to operate under the Obama administration\u2019s new rule, which starts to take effect in April. The rule doesn\u2019t extend to nonretirement accounts.<\/p><\/blockquote>\n

I’ve heard that regulators everywhere are calling their kindergarten teachers and asking why everybody doesn’t just play nicely.<\/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-0.0702 %<\/td>\n1,713.2<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0702 %<\/td>\n3,129.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.79 %<\/td>\n4.46 %<\/td>\n79,258<\/td>\n16.30<\/td>\n4<\/td>\n-0.0702 %<\/td>\n1,803.6<\/td>\n<\/tr>\n
OpRet<\/td>\n4.84 %<\/td>\n-10.50 %<\/td>\n63,024<\/td>\n0.08<\/td>\n1<\/td>\n0.0396 %<\/td>\n2,881.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.07 %<\/td>\n4.62 %<\/td>\n116,443<\/td>\n2.26<\/td>\n5<\/td>\n-0.1035 %<\/td>\n3,428.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1035 %<\/td>\n2,674.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.44 %<\/td>\n-6.60 %<\/td>\n76,010<\/td>\n0.09<\/td>\n12<\/td>\n-0.0805 %<\/td>\n2,703.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.10 %<\/td>\n5.06 %<\/td>\n108,410<\/td>\n14.95<\/td>\n26<\/td>\n-0.1084 %<\/td>\n2,917.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.88 %<\/td>\n4.13 %<\/td>\n146,949<\/td>\n7.10<\/td>\n89<\/td>\n-0.0065 %<\/td>\n2,089.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.96 %<\/td>\n1.44 %<\/td>\n118,761<\/td>\n0.26<\/td>\n32<\/td>\n0.1536 %<\/td>\n2,811.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.86 %<\/td>\n3.97 %<\/td>\n32,250<\/td>\n5.08<\/td>\n11<\/td>\n0.1474 %<\/td>\n2,217.9<\/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
W.PR.K<\/td>\nFixedReset<\/td>\n-2.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-01-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
RY.PR.Q<\/td>\nFixedReset<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 22.44
\nEvaluated at bid price : 22.72
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 13.93
\nEvaluated at bid price : 13.93
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.75
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 13.64
\nBid-YTW : 10.11 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 18.11
\nEvaluated at bid price : 18.11
\nBid-YTW : 4.36 %<\/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
BIP.PR.C<\/td>\nFixedReset<\/td>\n122,110<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n106,706<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 16.26
\nEvaluated at bid price : 16.26
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
BNS.PR.E<\/td>\nFixedReset<\/td>\n99,773<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n81,136<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.23
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
NA.PR.A<\/td>\nFixedReset<\/td>\n77,390<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.33
\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n56,798<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 19.65
\nEvaluated at bid price : 19.65
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
There were 19 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.S<\/td>\nFloatingReset<\/td>\nQuote: 14.75 – 15.50
\nSpot Rate : 0.7500
\nAverage : 0.5516<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 14.75
\nEvaluated at bid price : 14.75
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n

CM.PR.O<\/td>\nFixedReset<\/td>\nQuote: 19.42 – 19.92
\nSpot Rate : 0.5000
\nAverage : 0.3041<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 19.42
\nEvaluated at bid price : 19.42
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

RY.PR.Q<\/td>\nFixedReset<\/td>\nQuote: 26.30 – 26.72
\nSpot Rate : 0.4200
\nAverage : 0.2996<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n

CU.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.70 – 25.05
\nSpot Rate : 0.3500
\nAverage : 0.2303<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.70
\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n

BNS.PR.E<\/td>\nFixedReset<\/td>\nQuote: 26.70 – 26.94
\nSpot Rate : 0.2400
\nAverage : 0.1586<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.70
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n

CU.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.72 – 23.01
\nSpot Rate : 0.2900
\nAverage : 0.2109<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-08-22
\nMaturity Price : 22.44
\nEvaluated at bid price : 22.72
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Who woulda thunk it? Fiduciary rules have some drawbacks: As brokers lay plans to satisfy new federal rules governing their relationships with retirement savers, one thing is becoming clear: Some clients will see their investment …<\/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-33518","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33518","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=33518"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33518\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}