{"id":41547,"date":"2020-11-04T18:38:48","date_gmt":"2020-11-04T23:38:48","guid":{"rendered":"http:\/\/prefblog.com\/?p=41547"},"modified":"2020-11-04T18:38:48","modified_gmt":"2020-11-04T23:38:48","slug":"november-4-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41547","title":{"rendered":"November 4, 2020"},"content":{"rendered":"

PerpetualDiscounts now yield 5.15%, equivalent to 6.70% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.07%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has declined slightly (and perhaps spuriously) to 365bp from the 370bp reported October 28<\/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>\n0.4559 %<\/td>\n1,603.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4559 %<\/td>\n2,942.4<\/td>\n<\/tr>\n
Floater<\/td>\n5.31 %<\/td>\n5.36 %<\/td>\n40,712<\/td>\n14.87<\/td>\n3<\/td>\n0.4559 %<\/td>\n1,695.7<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,531.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.80 %<\/td>\n4.77 %<\/td>\n44,965<\/td>\n3.51<\/td>\n8<\/td>\n0.0000 %<\/td>\n4,216.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0000 %<\/td>\n3,290.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.36 %<\/td>\n0.86 %<\/td>\n81,018<\/td>\n0.14<\/td>\n14<\/td>\n0.0330 %<\/td>\n3,179.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.21 %<\/td>\n5.15 %<\/td>\n88,659<\/td>\n15.21<\/td>\n19<\/td>\n0.3977 %<\/td>\n3,559.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.49 %<\/td>\n4.17 %<\/td>\n131,593<\/td>\n16.54<\/td>\n64<\/td>\n0.1263 %<\/td>\n2,108.6<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.11 %<\/td>\n4.96 %<\/td>\n109,995<\/td>\n15.13<\/td>\n22<\/td>\n0.1546 %<\/td>\n3,476.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.97 %<\/td>\n2.15 %<\/td>\n48,460<\/td>\n1.23<\/td>\n3<\/td>\n0.0674 %<\/td>\n1,799.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.22 %<\/td>\n3.17 %<\/td>\n238,736<\/td>\n0.76<\/td>\n15<\/td>\n0.1614 %<\/td>\n2,649.1<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n2.03 %<\/td>\n186,350<\/td>\n1.22<\/td>\n2<\/td>\n0.2414 %<\/td>\n2,867.7<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.49 %<\/td>\n4.26 %<\/td>\n71,886<\/td>\n16.38<\/td>\n22<\/td>\n0.2280 %<\/td>\n2,200.4<\/td>\n<\/tr>\n<\/table>\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
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 16.81
\nEvaluated at bid price : 16.81
\nBid-YTW : 5.97 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 8.14
\nEvaluated at bid price : 8.14
\nBid-YTW : 5.33 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 8.10
\nEvaluated at bid price : 8.10
\nBid-YTW : 5.36 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 10.63
\nEvaluated at bid price : 10.63
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 12.85
\nEvaluated at bid price : 12.85
\nBid-YTW : 4.48 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 16.40
\nEvaluated at bid price : 16.40
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n
CU.PR.I<\/td>\nFixedReset Prem<\/td>\n1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.25
\nBid-YTW : -3.97 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n2.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 11.70
\nEvaluated at bid price : 11.70
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n2.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 10.10
\nEvaluated at bid price : 10.10
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n3.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 22.45
\nEvaluated at bid price : 22.73
\nBid-YTW : 5.44 %<\/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
BNS.PR.F<\/td>\nFloatingReset<\/td>\n60,251<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.86
\nBid-YTW : 1.90 %<\/td>\n<\/tr>\n
IFC.PR.F<\/td>\nInsurance Straight<\/td>\n45,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-09-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.55
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Prem<\/td>\n29,225<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.27
\nBid-YTW : 3.80 %<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset Prem<\/td>\n27,500<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n17,390<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 17.69
\nEvaluated at bid price : 17.69
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset Bank Non<\/td>\n15,500<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.94
\nBid-YTW : 2.03 %<\/td>\n<\/tr>\n
There were 3 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.F<\/td>\nFloatingReset<\/td>\nQuote: 9.92 – 11.22
\nSpot Rate : 1.3000
\nAverage : 0.7755<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 9.92
\nEvaluated at bid price : 9.92
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 14.65 – 15.49
\nSpot Rate : 0.8400
\nAverage : 0.5860<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 14.65
\nEvaluated at bid price : 14.65
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n

RY.PR.P<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.40 – 26.84
\nSpot Rate : 0.4400
\nAverage : 0.2522<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-02-24
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.40
\nBid-YTW : -0.86 %<\/td>\n<\/tr>\n

BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.90 – 22.50
\nSpot Rate : 0.6000
\nAverage : 0.4588<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n

BIP.PR.E<\/td>\nFixedReset Disc<\/td>\nQuote: 21.65 – 22.00
\nSpot Rate : 0.3500
\nAverage : 0.2318<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.65
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n

IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 16.75 – 17.35
\nSpot Rate : 0.6000
\nAverage : 0.4881<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-04
\nMaturity Price : 16.75
\nEvaluated at bid price : 16.75
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.15%, equivalent to 6.70% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.07%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has declined 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-41547","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41547","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=41547"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41547\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}