{"id":33650,"date":"2016-09-14T20:33:12","date_gmt":"2016-09-15T01:33:12","guid":{"rendered":"http:\/\/prefblog.com\/?p=33650"},"modified":"2016-09-14T20:33:12","modified_gmt":"2016-09-15T01:33:12","slug":"september-14-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33650","title":{"rendered":"September 14, 2016"},"content":{"rendered":"<p>PerpetualDiscounts now yield 5.17%, equivalent to 6.72% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.ftse.com\/products\/FTSETMX\/Home\/Indices\">Long corporates<\/a> now yield about 3.80%, so the pre-tax interest-equivalent spread is now about 290bp, a significant narrowing from the 305bp reported <a href=\"http:\/\/prefblog.com\/?p=33596\">September 7<\/a>.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.2151 %<\/td>\n<td>1,686.8<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.2151 %<\/td>\n<td>3,081.4<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>4.90 %<\/td>\n<td>4.63 %<\/td>\n<td>90,808<\/td>\n<td>16.20<\/td>\n<td>4<\/td>\n<td>-0.2151 %<\/td>\n<td>1,775.8<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2389 %<\/td>\n<td>2,879.9<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>5.05 %<\/td>\n<td>4.78 %<\/td>\n<td>73,107<\/td>\n<td>2.19<\/td>\n<td>5<\/td>\n<td>0.2389 %<\/td>\n<td>3,439.2<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2389 %<\/td>\n<td>2,683.4<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.51 %<\/td>\n<td>4.63 %<\/td>\n<td>66,648<\/td>\n<td>2.12<\/td>\n<td>12<\/td>\n<td>0.0033 %<\/td>\n<td>2,671.5<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.14 %<\/td>\n<td>5.17 %<\/td>\n<td>96,219<\/td>\n<td>15.11<\/td>\n<td>26<\/td>\n<td>0.0603 %<\/td>\n<td>2,897.3<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>5.02 %<\/td>\n<td>4.49 %<\/td>\n<td>155,247<\/td>\n<td>6.95<\/td>\n<td>91<\/td>\n<td>-0.0219 %<\/td>\n<td>2,028.6<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.03 %<\/td>\n<td>4.48 %<\/td>\n<td>120,298<\/td>\n<td>3.22<\/td>\n<td>32<\/td>\n<td>0.0357 %<\/td>\n<td>2,796.0<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.84 %<\/td>\n<td>4.20 %<\/td>\n<td>28,950<\/td>\n<td>5.02<\/td>\n<td>12<\/td>\n<td>-0.4373 %<\/td>\n<td>2,193.5<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.D<\/td>\n<td>FloatingReset<\/td>\n<td>-3.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 19.24<br \/>\nBid-YTW : 6.68 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.B<\/td>\n<td>FixedReset<\/td>\n<td>-2.33 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 11.72<br \/>\nEvaluated at bid price : 11.72<br \/>\nBid-YTW : 4.32 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>-1.43 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 13.06<br \/>\nEvaluated at bid price : 13.06<br \/>\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>-1.07 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 14.86<br \/>\nEvaluated at bid price : 14.86<br \/>\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.A<\/td>\n<td>FloatingReset<\/td>\n<td>-1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 23.02<br \/>\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n<tr>\n<td>SLF.PR.J<\/td>\n<td>FloatingReset<\/td>\n<td>1.19 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 12.80<br \/>\nBid-YTW : 10.99 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>1.21 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 17.51<br \/>\nBid-YTW : 8.45 %<\/td>\n<\/tr>\n<tr>\n<td>VNR.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>1.32 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 18.48<br \/>\nEvaluated at bid price : 18.48<br \/>\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.H<\/td>\n<td>FixedReset<\/td>\n<td>402,304<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.45<br \/>\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.G<\/td>\n<td>FixedReset<\/td>\n<td>288,385<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-04-30<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.73<br \/>\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.M<\/td>\n<td>FixedReset<\/td>\n<td>88,668<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-10-15<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.50<br \/>\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.C<\/td>\n<td>FixedReset<\/td>\n<td>72,843<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 18.23<br \/>\nEvaluated at bid price : 18.23<br \/>\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n<tr>\n<td>TD.PF.A<\/td>\n<td>FixedReset<\/td>\n<td>63,038<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 18.47<br \/>\nEvaluated at bid price : 18.47<br \/>\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PF.C<\/td>\n<td>Perpetual-Discount<\/td>\n<td>55,512<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 22.66<br \/>\nEvaluated at bid price : 22.99<br \/>\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 49 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>HSE.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 11.91 &#8211; 12.25<br \/>\nSpot Rate  :  0.3400<br \/>\nAverage  :  0.2187<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 11.91<br \/>\nEvaluated at bid price : 11.91<br \/>\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.S<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.48 &#8211; 23.75<br \/>\nSpot Rate  :  0.2700<br \/>\nAverage  :  0.1750<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 23.10<br \/>\nEvaluated at bid price : 23.48<br \/>\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 25.01 &#8211; 25.42<br \/>\nSpot Rate  :  0.4100<br \/>\nAverage  :  0.3154<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 24.60<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.A<\/td>\n<td>FloatingReset<\/td>\n<td>Quote: 20.26 &#8211; 20.90<br \/>\nSpot Rate  :  0.6400<br \/>\nAverage  :  0.5536<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 20.26<br \/>\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n<tr>\n<td>W.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 25.10 &#8211; 25.50<br \/>\nSpot Rate  :  0.4000<br \/>\nAverage  :  0.3180<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2046-09-14<br \/>\nMaturity Price  : 24.88<br \/>\nEvaluated at bid price : 25.10<br \/>\nBid-YTW : 5.57 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.N<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 14.05 &#8211; 14.35<br \/>\nSpot Rate  :  0.3000<br \/>\nAverage  :  0.2192<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 14.05<br \/>\nBid-YTW : 9.95 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>PerpetualDiscounts now yield 5.17%, equivalent to 6.72% interest at the standard equivalency factor of 1.3x. Long corporates now yield about 3.80%, so the pre-tax interest-equivalent spread is now about 290bp, a significant narrowing from the &hellip;<\/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-33650","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33650","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=33650"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33650\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}