{"id":40126,"date":"2020-01-15T23:06:41","date_gmt":"2020-01-16T04:06:41","guid":{"rendered":"http:\/\/prefblog.com\/?p=40126"},"modified":"2020-01-15T23:06:41","modified_gmt":"2020-01-16T04:06:41","slug":"january-15-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40126","title":{"rendered":"January 15, 2020"},"content":{"rendered":"

PerpetualDiscounts now yield 5.33%, equivalent to 6.93% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.30%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened slightly (and perhaps spuriously) to 365bp from the 360bp reported December 18<\/a>.<\/p>\n\n\n\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>\n0.4104 %<\/td>\n2,159.1<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4104 %<\/td>\n3,961.8<\/td>\n<\/tr>\n
Floater<\/td>\n5.65 %<\/td>\n5.76 %<\/td>\n48,327<\/td>\n14.26<\/td>\n4<\/td>\n0.4104 %<\/td>\n2,283.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1440 %<\/td>\n3,439.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.49 %<\/td>\n31,999<\/td>\n3.74<\/td>\n6<\/td>\n0.1440 %<\/td>\n4,107.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1440 %<\/td>\n3,204.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.58 %<\/td>\n-2.25 %<\/td>\n57,821<\/td>\n0.09<\/td>\n11<\/td>\n0.0539 %<\/td>\n3,057.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.26 %<\/td>\n5.33 %<\/td>\n67,351<\/td>\n14.90<\/td>\n24<\/td>\n0.1059 %<\/td>\n3,302.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.39 %<\/td>\n5.59 %<\/td>\n195,128<\/td>\n14.63<\/td>\n64<\/td>\n-0.0696 %<\/td>\n2,214.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.14 %<\/td>\n5.24 %<\/td>\n70,148<\/td>\n14.90<\/td>\n27<\/td>\n0.0358 %<\/td>\n3,244.1<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.94 %<\/td>\n5.88 %<\/td>\n72,349<\/td>\n14.11<\/td>\n3<\/td>\n0.1445 %<\/td>\n2,577.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.09 %<\/td>\n3.45 %<\/td>\n139,955<\/td>\n1.52<\/td>\n22<\/td>\n-0.0213 %<\/td>\n2,647.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n3.77 %<\/td>\n64,220<\/td>\n1.99<\/td>\n3<\/td>\n-0.1497 %<\/td>\n2,735.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.21 %<\/td>\n5.52 %<\/td>\n138,746<\/td>\n14.64<\/td>\n22<\/td>\n0.2699 %<\/td>\n2,251.6<\/td>\n<\/tr>\n<\/table>\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.E<\/td>\nFixedReset Disc<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 16.51
\nEvaluated at bid price : 16.51
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 22.03
\nEvaluated at bid price : 22.40
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 15.97
\nEvaluated at bid price : 15.97
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n-1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 16.70
\nEvaluated at bid price : 16.70
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n-1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 21.47
\nEvaluated at bid price : 21.47
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 14.66
\nEvaluated at bid price : 14.66
\nBid-YTW : 6.06 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 11.88
\nEvaluated at bid price : 11.88
\nBid-YTW : 6.96 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 19.55
\nEvaluated at bid price : 19.55
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 17.92
\nEvaluated at bid price : 17.92
\nBid-YTW : 6.67 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 13.45
\nEvaluated at bid price : 13.45
\nBid-YTW : 5.55 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 18.79
\nEvaluated at bid price : 18.79
\nBid-YTW : 5.76 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 16.95
\nEvaluated at bid price : 16.95
\nBid-YTW : 5.49 %<\/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
PWF.PR.I<\/td>\nPerpetual-Premium<\/td>\n125,468<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-02-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : -2.25 %<\/td>\n<\/tr>\n
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n115,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 20.27
\nEvaluated at bid price : 20.27
\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n108,570<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 18.45
\nEvaluated at bid price : 18.45
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n90,948<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 12.98
\nEvaluated at bid price : 12.98
\nBid-YTW : 6.00 %<\/td>\n<\/tr>\n
MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\n85,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n70,200<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 13.85
\nEvaluated at bid price : 13.85
\nBid-YTW : 5.88 %<\/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
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 19.06 – 19.46
\nSpot Rate : 0.4000
\nAverage : 0.2582<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 19.06
\nEvaluated at bid price : 19.06
\nBid-YTW : 6.04 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.51 – 17.91
\nSpot Rate : 0.4000
\nAverage : 0.2903<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 17.51
\nEvaluated at bid price : 17.51
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n

BAM.PF.A<\/td>\nFixedReset Disc<\/td>\nQuote: 20.37 – 20.71
\nSpot Rate : 0.3400
\nAverage : 0.2405<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 20.37
\nEvaluated at bid price : 20.37
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 18.86 – 19.17
\nSpot Rate : 0.3100
\nAverage : 0.2137<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 18.86
\nEvaluated at bid price : 18.86
\nBid-YTW : 5.82 %<\/td>\n<\/tr>\n

BAM.PF.J<\/td>\nFixedReset Prem<\/td>\nQuote: 24.75 – 25.00
\nSpot Rate : 0.2500
\nAverage : 0.1632<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 23.30
\nEvaluated at bid price : 24.75
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n

RY.PR.H<\/td>\nFixedReset Disc<\/td>\nQuote: 17.97 – 18.17
\nSpot Rate : 0.2000
\nAverage : 0.1309<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-01-15
\nMaturity Price : 17.97
\nEvaluated at bid price : 17.97
\nBid-YTW : 5.39 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.33%, equivalent to 6.93% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.30%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened slightly (and …<\/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-40126","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40126","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=40126"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40126\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}