{"id":41597,"date":"2020-11-18T21:18:38","date_gmt":"2020-11-19T02:18:38","guid":{"rendered":"http:\/\/prefblog.com\/?p=41597"},"modified":"2020-11-18T21:18:38","modified_gmt":"2020-11-19T02:18:38","slug":"november-18-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41597","title":{"rendered":"November 18, 2020"},"content":{"rendered":"

PerpetualDiscounts now yield 5.14%, equivalent to 6.68% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 2.95%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant at the 375bp reported November 11<\/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>\n0.5267 %<\/td>\n1,767.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5267 %<\/td>\n3,243.5<\/td>\n<\/tr>\n
Floater<\/td>\n4.81 %<\/td>\n4.86 %<\/td>\n40,738<\/td>\n15.69<\/td>\n3<\/td>\n0.5267 %<\/td>\n1,869.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2806 %<\/td>\n3,566.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.75 %<\/td>\n4.42 %<\/td>\n38,385<\/td>\n3.49<\/td>\n8<\/td>\n0.2806 %<\/td>\n4,259.3<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2806 %<\/td>\n3,323.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n2.70 %<\/td>\n76,247<\/td>\n0.40<\/td>\n14<\/td>\n0.2097 %<\/td>\n3,185.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.17 %<\/td>\n5.14 %<\/td>\n78,022<\/td>\n15.15<\/td>\n19<\/td>\n-0.0459 %<\/td>\n3,589.2<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.30 %<\/td>\n4.11 %<\/td>\n120,361<\/td>\n16.51<\/td>\n64<\/td>\n0.3021 %<\/td>\n2,184.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.06 %<\/td>\n4.90 %<\/td>\n101,336<\/td>\n15.14<\/td>\n22<\/td>\n0.0701 %<\/td>\n3,506.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.98 %<\/td>\n2.34 %<\/td>\n49,037<\/td>\n1.19<\/td>\n3<\/td>\n-0.0334 %<\/td>\n1,812.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.19 %<\/td>\n2.99 %<\/td>\n220,741<\/td>\n0.72<\/td>\n15<\/td>\n0.1154 %<\/td>\n2,669.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n2.09 %<\/td>\n183,517<\/td>\n1.18<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,865.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.30 %<\/td>\n4.18 %<\/td>\n70,400<\/td>\n16.53<\/td>\n22<\/td>\n0.3599 %<\/td>\n2,279.7<\/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
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.98 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 22.52
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-1.73 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 8.50
\nEvaluated at bid price : 8.50
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 8.93
\nEvaluated at bid price : 8.93
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 17.48
\nEvaluated at bid price : 17.48
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
NA.PR.C<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 23.28
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 17.43
\nEvaluated at bid price : 17.43
\nBid-YTW : 5.24 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 11.50
\nEvaluated at bid price : 11.50
\nBid-YTW : 4.09 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nPerpetual-Premium<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2029-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 18.26
\nEvaluated at bid price : 18.26
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 22.36
\nEvaluated at bid price : 22.76
\nBid-YTW : 5.56 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 11.20
\nEvaluated at bid price : 11.20
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 11.76
\nEvaluated at bid price : 11.76
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
PVS.PR.F<\/td>\nSplitShare<\/td>\n1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n
BIK.PR.A<\/td>\nFixedReset Prem<\/td>\n1.57 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n2.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 3.95 %<\/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
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n157,850<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 14.01
\nEvaluated at bid price : 14.01
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset Disc<\/td>\n81,865<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 9.50
\nEvaluated at bid price : 9.50
\nBid-YTW : 5.32 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n81,550<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 8.50
\nEvaluated at bid price : 8.50
\nBid-YTW : 5.16 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset Bank Non<\/td>\n76,600<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.83
\nBid-YTW : 2.28 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n75,290<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 23.42
\nEvaluated at bid price : 23.80
\nBid-YTW : 4.10 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n35,310<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 17.94
\nEvaluated at bid price : 17.94
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n
There were 15 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: 10.36 – 10.99
\nSpot Rate : 0.6300
\nAverage : 0.3879<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 10.36
\nEvaluated at bid price : 10.36
\nBid-YTW : 4.96 %<\/td>\n<\/tr>\n

BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.80 – 23.54
\nSpot Rate : 0.7400
\nAverage : 0.5172<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 22.52
\nEvaluated at bid price : 22.80
\nBid-YTW : 5.44 %<\/td>\n<\/tr>\n

BIP.PR.D<\/td>\nFixedReset Disc<\/td>\nQuote: 23.11 – 23.60
\nSpot Rate : 0.4900
\nAverage : 0.2918<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 22.67
\nEvaluated at bid price : 23.11
\nBid-YTW : 5.47 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 15.18 – 15.95
\nSpot Rate : 0.7700
\nAverage : 0.6532<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 15.18
\nEvaluated at bid price : 15.18
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n

CIU.PR.A<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.90 – 23.40
\nSpot Rate : 0.5000
\nAverage : 0.3882<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-18
\nMaturity Price : 22.66
\nEvaluated at bid price : 22.90
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n

BIK.PR.A<\/td>\nFixedReset Prem<\/td>\nQuote: 25.80 – 26.40
\nSpot Rate : 0.6000
\nAverage : 0.4884<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.80
\nBid-YTW : 5.10 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.14%, equivalent to 6.68% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.95%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has remained constant at …<\/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-41597","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41597","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=41597"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41597\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}