{"id":40329,"date":"2020-02-26T21:38:36","date_gmt":"2020-02-27T02:38:36","guid":{"rendered":"http:\/\/prefblog.com\/?p=40329"},"modified":"2020-02-26T21:38:36","modified_gmt":"2020-02-27T02:38:36","slug":"february-26-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40329","title":{"rendered":"February 26, 2020"},"content":{"rendered":"

There was a respite from the losses<\/a> today:<\/p>\n

Stocks on Wall Street were unsteady on Wednesday, dropping slightly after rebounding from back-to-back losses this week that had wiped more than 6 percent off the S&P 500.
…<\/b>
Oil prices edged lower. West Texas intermediate, the American benchmark, dipped under $50 a barrel. Brent crude, the international benchmark, was under $55 a barrel at 12 p.m.<\/p>\n

The yield on the 10-year Treasury note fell even further on Wednesday after closing at a record low of 1.335 percent on Tuesday, a sign that investors expect growth in the United States to slow.<\/p><\/blockquote>\n

PerpetualDiscounts now yield 5.27%, equivalent to 6.85% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.00%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened dramatically to 385bp from the 360bp reported February 19<\/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>\n0.6670 %<\/td>\n2,003.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.6670 %<\/td>\n3,676.2<\/td>\n<\/tr>\n
Floater<\/td>\n6.11 %<\/td>\n6.36 %<\/td>\n50,633<\/td>\n13.29<\/td>\n4<\/td>\n0.6670 %<\/td>\n2,118.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0914 %<\/td>\n3,480.2<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n4.23 %<\/td>\n46,995<\/td>\n4.12<\/td>\n6<\/td>\n-0.0914 %<\/td>\n4,156.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0914 %<\/td>\n3,242.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.56 %<\/td>\n1.31 %<\/td>\n61,274<\/td>\n0.09<\/td>\n12<\/td>\n-0.0394 %<\/td>\n3,066.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.20 %<\/td>\n5.27 %<\/td>\n68,137<\/td>\n15.03<\/td>\n24<\/td>\n-0.1450 %<\/td>\n3,363.1<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.65 %<\/td>\n5.40 %<\/td>\n178,465<\/td>\n14.74<\/td>\n64<\/td>\n-0.2112 %<\/td>\n2,123.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.12 %<\/td>\n5.24 %<\/td>\n80,806<\/td>\n14.83<\/td>\n27<\/td>\n-0.1174 %<\/td>\n3,271.4<\/td>\n<\/tr>\n
FloatingReset<\/td>\n6.25 %<\/td>\n6.31 %<\/td>\n64,212<\/td>\n13.44<\/td>\n3<\/td>\n-0.3057 %<\/td>\n2,425.4<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.07 %<\/td>\n3.52 %<\/td>\n126,798<\/td>\n1.41<\/td>\n22<\/td>\n0.0940 %<\/td>\n2,662.8<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.93 %<\/td>\n3.48 %<\/td>\n87,047<\/td>\n1.88<\/td>\n3<\/td>\n0.0272 %<\/td>\n2,750.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.49 %<\/td>\n5.34 %<\/td>\n100,764<\/td>\n14.81<\/td>\n22<\/td>\n0.1659 %<\/td>\n2,154.3<\/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\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
EMA.PR.C<\/td>\nFixedReset Disc<\/td>\n-2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 17.61
\nEvaluated at bid price : 17.61
\nBid-YTW : 5.80 %<\/td>\n<\/tr>\n
CM.PR.Y<\/td>\nFixedReset Disc<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 22.93
\nEvaluated at bid price : 24.27
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n-1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 21.98
\nEvaluated at bid price : 22.21
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
EMA.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.43 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.09
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n
PWF.PR.Q<\/td>\nFloatingReset<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 12.92
\nEvaluated at bid price : 12.92
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n-1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 22.49
\nEvaluated at bid price : 22.75
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.25 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 19.80
\nEvaluated at bid price : 19.80
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset Disc<\/td>\n-1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 16.91
\nEvaluated at bid price : 16.91
\nBid-YTW : 6.72 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 14.70
\nEvaluated at bid price : 14.70
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
HSE.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 17.80
\nEvaluated at bid price : 17.80
\nBid-YTW : 6.87 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 12.19
\nEvaluated at bid price : 12.19
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 13.68
\nEvaluated at bid price : 13.68
\nBid-YTW : 6.59 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 13.03
\nEvaluated at bid price : 13.03
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
HSE.PR.A<\/td>\nFixedReset Disc<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 10.91
\nEvaluated at bid price : 10.91
\nBid-YTW : 6.80 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.71
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n1.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 19.20
\nEvaluated at bid price : 19.20
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
MFC.PR.R<\/td>\nFixedReset Ins Non<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 23.24
\nEvaluated at bid price : 24.20
\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
IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\n56,650<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 24.63
\nEvaluated at bid price : 25.03
\nBid-YTW : 5.42 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Disc<\/td>\n36,470<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 22.93
\nEvaluated at bid price : 24.26
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n34,894<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 12.54
\nEvaluated at bid price : 12.54
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n30,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 14.19
\nEvaluated at bid price : 14.19
\nBid-YTW : 5.81 %<\/td>\n<\/tr>\n
TD.PF.I<\/td>\nFixedReset Disc<\/td>\n29,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 20.77
\nEvaluated at bid price : 20.77
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
EMA.PR.H<\/td>\nFixedReset Prem<\/td>\n28,900<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-08-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
There were 24 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
BMO.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 17.25 – 17.57
\nSpot Rate : 0.3200
\nAverage : 0.1922<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 17.25
\nEvaluated at bid price : 17.25
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.62 – 24.03
\nSpot Rate : 0.4100
\nAverage : 0.2861<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 23.33
\nEvaluated at bid price : 23.62
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n

EMA.PR.E<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.09 – 22.50
\nSpot Rate : 0.4100
\nAverage : 0.2937<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 22.09
\nEvaluated at bid price : 22.09
\nBid-YTW : 5.13 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 14.70 – 15.08
\nSpot Rate : 0.3800
\nAverage : 0.2671<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 14.70
\nEvaluated at bid price : 14.70
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n

PWF.PR.G<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.24 – 25.50
\nSpot Rate : 0.2600
\nAverage : 0.1590<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-03-27
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.24
\nBid-YTW : -0.86 %<\/td>\n<\/tr>\n

SLF.PR.E<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.70 – 21.98
\nSpot Rate : 0.2800
\nAverage : 0.1819<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-02-26
\nMaturity Price : 21.44
\nEvaluated at bid price : 21.70
\nBid-YTW : 5.25 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There was a respite from the losses today: Stocks on Wall Street were unsteady on Wednesday, dropping slightly after rebounding from back-to-back losses this week that had wiped more than 6 percent off the S&P …<\/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-40329","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40329","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=40329"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40329\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}