{"id":41634,"date":"2020-11-25T21:21:19","date_gmt":"2020-11-26T02:21:19","guid":{"rendered":"http:\/\/prefblog.com\/?p=41634"},"modified":"2020-11-25T21:21:19","modified_gmt":"2020-11-26T02:21:19","slug":"november-25-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41634","title":{"rendered":"November 25, 2020"},"content":{"rendered":"

PerpetualDiscounts now yield 5.09%, equivalent to 6.62% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 2.84%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) has widened slightly (and perhaps spuriously) to 380bp from the 375bp reported November 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>\n0.4376 %<\/td>\n1,821.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.4376 %<\/td>\n3,343.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.67 %<\/td>\n4.76 %<\/td>\n37,870<\/td>\n15.86<\/td>\n3<\/td>\n0.4376 %<\/td>\n1,926.6<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0264 %<\/td>\n3,584.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n4.43 %<\/td>\n43,795<\/td>\n3.88<\/td>\n9<\/td>\n-0.0264 %<\/td>\n4,280.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0264 %<\/td>\n3,339.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n2.31 %<\/td>\n81,378<\/td>\n0.38<\/td>\n14<\/td>\n-0.0362 %<\/td>\n3,187.2<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.11 %<\/td>\n5.09 %<\/td>\n78,684<\/td>\n15.18<\/td>\n19<\/td>\n0.1495 %<\/td>\n3,626.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.24 %<\/td>\n4.06 %<\/td>\n118,127<\/td>\n16.58<\/td>\n64<\/td>\n0.1397 %<\/td>\n2,206.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.03 %<\/td>\n4.73 %<\/td>\n98,508<\/td>\n15.16<\/td>\n22<\/td>\n0.5662 %<\/td>\n3,546.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.97 %<\/td>\n2.45 %<\/td>\n46,869<\/td>\n1.17<\/td>\n3<\/td>\n-0.4643 %<\/td>\n1,817.3<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.19 %<\/td>\n2.97 %<\/td>\n214,328<\/td>\n0.71<\/td>\n15<\/td>\n-0.0393 %<\/td>\n2,666.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n2.07 %<\/td>\n185,401<\/td>\n1.16<\/td>\n2<\/td>\n0.0000 %<\/td>\n2,864.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.36 %<\/td>\n4.10 %<\/td>\n75,836<\/td>\n16.79<\/td>\n22<\/td>\n-0.8069 %<\/td>\n2,279.5<\/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
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n-25.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n-3.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 8.65
\nEvaluated at bid price : 8.65
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset Disc<\/td>\n-2.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 13.55
\nEvaluated at bid price : 13.55
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n-1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 15.47
\nEvaluated at bid price : 15.47
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 10.53
\nEvaluated at bid price : 10.53
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
PVS.PR.F<\/td>\nSplitShare<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2024-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 4.43 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 16.52
\nEvaluated at bid price : 16.52
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 23.47
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 16.45
\nEvaluated at bid price : 16.45
\nBid-YTW : 3.98 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.10
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 23.63
\nEvaluated at bid price : 23.90
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.40
\nBid-YTW : 4.59 %<\/td>\n<\/tr>\n
CM.PR.P<\/td>\nFixedReset Disc<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 19.17
\nEvaluated at bid price : 19.17
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 23.50
\nEvaluated at bid price : 23.77
\nBid-YTW : 4.79 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 9.32
\nEvaluated at bid price : 9.32
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n1.96 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 14.02
\nEvaluated at bid price : 14.02
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
IAF.PR.B<\/td>\nInsurance Straight<\/td>\n2.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 24.22
\nEvaluated at bid price : 24.48
\nBid-YTW : 4.68 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n3.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 11.85
\nEvaluated at bid price : 11.85
\nBid-YTW : 3.89 %<\/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
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n162,730<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 20.81
\nEvaluated at bid price : 20.81
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset Disc<\/td>\n108,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 14.02
\nEvaluated at bid price : 14.02
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n89,577<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 23.85
\nEvaluated at bid price : 24.10
\nBid-YTW : 4.66 %<\/td>\n<\/tr>\n
TRP.PR.K<\/td>\nFixedReset Disc<\/td>\n72,475<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n
PVS.PR.G<\/td>\nSplitShare<\/td>\n65,600<\/td>\nYTW SCENARIO
\nMaturity Type : Option Certainty
\nMaturity Date\t: 2026-02-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : 4.85 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n49,265<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 16.93
\nEvaluated at bid price : 16.93
\nBid-YTW : 5.20 %<\/td>\n<\/tr>\n
There were 32 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.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 12.50 – 17.20
\nSpot Rate : 4.7000
\nAverage : 2.5606<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 12.50
\nEvaluated at bid price : 12.50
\nBid-YTW : 5.71 %<\/td>\n<\/tr>\n

TRP.PR.B<\/td>\nFixedReset Disc<\/td>\nQuote: 8.65 – 9.99
\nSpot Rate : 1.3400
\nAverage : 0.7628<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 8.65
\nEvaluated at bid price : 8.65
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n

BAM.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 11.95 – 13.00
\nSpot Rate : 1.0500
\nAverage : 0.5969<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 11.95
\nEvaluated at bid price : 11.95
\nBid-YTW : 4.86 %<\/td>\n<\/tr>\n

SLF.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 19.90 – 21.00
\nSpot Rate : 1.1000
\nAverage : 0.6711<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n

BAM.PR.T<\/td>\nFixedReset Disc<\/td>\nQuote: 13.55 – 14.10
\nSpot Rate : 0.5500
\nAverage : 0.3382<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 13.55
\nEvaluated at bid price : 13.55
\nBid-YTW : 5.29 %<\/td>\n<\/tr>\n

CM.PR.P<\/td>\nFixedReset Disc<\/td>\nQuote: 19.17 – 19.70
\nSpot Rate : 0.5300
\nAverage : 0.3547<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-11-25
\nMaturity Price : 19.17
\nEvaluated at bid price : 19.17
\nBid-YTW : 3.88 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.09%, equivalent to 6.62% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.84%, 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-41634","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41634","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=41634"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41634\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}