{"id":40265,"date":"2020-02-12T21:25:20","date_gmt":"2020-02-13T02:25:20","guid":{"rendered":"http:\/\/prefblog.com\/?p=40265"},"modified":"2020-02-12T21:25:20","modified_gmt":"2020-02-13T02:25:20","slug":"february-12-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40265","title":{"rendered":"February 12, 2020"},"content":{"rendered":"

PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.03%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed slightly (and perhaps spuriously) to 380bp from the 385bp reported February 5<\/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>\n-1.3508 %<\/td>\n2,068.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.3508 %<\/td>\n3,794.7<\/td>\n<\/tr>\n
Floater<\/td>\n5.92 %<\/td>\n6.05 %<\/td>\n53,301<\/td>\n13.77<\/td>\n4<\/td>\n-1.3508 %<\/td>\n2,186.9<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0322 %<\/td>\n3,483.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.73 %<\/td>\n3.99 %<\/td>\n41,377<\/td>\n3.68<\/td>\n6<\/td>\n-0.0322 %<\/td>\n4,159.7<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0322 %<\/td>\n3,245.6<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.56 %<\/td>\n0.40 %<\/td>\n58,201<\/td>\n0.09<\/td>\n11<\/td>\n0.0573 %<\/td>\n3,071.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.20 %<\/td>\n5.26 %<\/td>\n67,903<\/td>\n14.95<\/td>\n24<\/td>\n0.0018 %<\/td>\n3,363.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.49 %<\/td>\n5.35 %<\/td>\n185,645<\/td>\n14.89<\/td>\n64<\/td>\n0.1193 %<\/td>\n2,183.6<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.10 %<\/td>\n5.20 %<\/td>\n75,726<\/td>\n14.94<\/td>\n27<\/td>\n0.1064 %<\/td>\n3,279.5<\/td>\n<\/tr>\n
FloatingReset<\/td>\n5.97 %<\/td>\n6.03 %<\/td>\n59,831<\/td>\n13.87<\/td>\n3<\/td>\n0.7797 %<\/td>\n2,563.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.07 %<\/td>\n3.49 %<\/td>\n129,549<\/td>\n1.44<\/td>\n22<\/td>\n0.0425 %<\/td>\n2,663.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.93 %<\/td>\n3.28 %<\/td>\n74,347<\/td>\n1.92<\/td>\n3<\/td>\n-0.0948 %<\/td>\n2,753.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.30 %<\/td>\n5.34 %<\/td>\n108,675<\/td>\n14.81<\/td>\n22<\/td>\n0.4331 %<\/td>\n2,213.8<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-4.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 11.27
\nEvaluated at bid price : 11.27
\nBid-YTW : 6.23 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n-2.99 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 14.61
\nEvaluated at bid price : 14.61
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
HSE.PR.G<\/td>\nFixedReset Disc<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 18.49
\nEvaluated at bid price : 18.49
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n-1.79 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 22.17
\nEvaluated at bid price : 22.44
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 17.26
\nEvaluated at bid price : 17.26
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 16.24
\nEvaluated at bid price : 16.24
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 19.81
\nEvaluated at bid price : 19.81
\nBid-YTW : 5.40 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 12.20
\nEvaluated at bid price : 12.20
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 18.15
\nEvaluated at bid price : 18.15
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 14.45
\nEvaluated at bid price : 14.45
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 16.53
\nEvaluated at bid price : 16.53
\nBid-YTW : 5.26 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n2.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 13.40
\nEvaluated at bid price : 13.40
\nBid-YTW : 5.15 %<\/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
RY.PR.J<\/td>\nFixedReset Disc<\/td>\n31,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n26,795<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 16.24
\nEvaluated at bid price : 16.24
\nBid-YTW : 5.74 %<\/td>\n<\/tr>\n
BAM.PF.J<\/td>\nFixedReset Prem<\/td>\n25,262<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 23.47
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
EMA.PR.H<\/td>\nFixedReset Prem<\/td>\n24,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.35
\nBid-YTW : 4.49 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n19,618<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 22.40
\nEvaluated at bid price : 22.66
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Disc<\/td>\n17,757<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 20.20
\nEvaluated at bid price : 20.20
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
There were 14 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
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\nQuote: 17.23 – 19.40
\nSpot Rate : 2.1700
\nAverage : 1.2582<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 17.23
\nEvaluated at bid price : 17.23
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n

RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 18.96 – 20.85
\nSpot Rate : 1.8900
\nAverage : 1.1814<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 18.96
\nEvaluated at bid price : 18.96
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 11.47 – 12.20
\nSpot Rate : 0.7300
\nAverage : 0.4354<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 11.47
\nEvaluated at bid price : 11.47
\nBid-YTW : 6.12 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 16.91 – 17.88
\nSpot Rate : 0.9700
\nAverage : 0.6795<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 16.91
\nEvaluated at bid price : 16.91
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n

TD.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 19.74 – 20.53
\nSpot Rate : 0.7900
\nAverage : 0.5305<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 19.74
\nEvaluated at bid price : 19.74
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n

IAF.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.14 – 20.74
\nSpot Rate : 0.6000
\nAverage : 0.3792<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-12
\nMaturity Price : 20.14
\nEvaluated at bid price : 20.14
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.26%, equivalent to 6.84% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.03%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has narrowed 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-40265","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40265","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=40265"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40265\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}