{"id":41668,"date":"2020-12-02T22:10:16","date_gmt":"2020-12-03T03:10:16","guid":{"rendered":"http:\/\/prefblog.com\/?p=41668"},"modified":"2020-12-02T22:10:16","modified_gmt":"2020-12-03T03:10:16","slug":"december-2-2020","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41668","title":{"rendered":"December 2, 2020"},"content":{"rendered":"

PerpetualDiscounts now yield 5.06%, equivalent to 6.58% 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 narrowed slightly (and perhaps spuriously) to 375bp from the 380bp reported November 25<\/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>\n0.8515 %<\/td>\n1,892.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8515 %<\/td>\n3,471.8<\/td>\n<\/tr>\n
Floater<\/td>\n4.53 %<\/td>\n4.57 %<\/td>\n55,546<\/td>\n16.20<\/td>\n2<\/td>\n0.8515 %<\/td>\n2,000.8<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0262 %<\/td>\n3,600.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.81 %<\/td>\n4.18 %<\/td>\n37,489<\/td>\n3.87<\/td>\n9<\/td>\n0.0262 %<\/td>\n4,300.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0262 %<\/td>\n3,355.1<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.33 %<\/td>\n1.34 %<\/td>\n74,916<\/td>\n0.23<\/td>\n19<\/td>\n0.1589 %<\/td>\n3,198.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.00 %<\/td>\n5.06 %<\/td>\n81,406<\/td>\n15.36<\/td>\n12<\/td>\n0.1963 %<\/td>\n3,659.9<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.14 %<\/td>\n3.96 %<\/td>\n131,916<\/td>\n17.15<\/td>\n56<\/td>\n0.5600 %<\/td>\n2,263.9<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.02 %<\/td>\n4.69 %<\/td>\n92,668<\/td>\n4.96<\/td>\n22<\/td>\n0.1931 %<\/td>\n3,575.7<\/td>\n<\/tr>\n
FloatingReset<\/td>\n1.96 %<\/td>\n2.21 %<\/td>\n42,025<\/td>\n1.15<\/td>\n3<\/td>\n0.4655 %<\/td>\n1,833.6<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.16 %<\/td>\n3.05 %<\/td>\n205,908<\/td>\n0.84<\/td>\n22<\/td>\n0.1973 %<\/td>\n2,673.3<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.94 %<\/td>\n2.13 %<\/td>\n172,832<\/td>\n1.15<\/td>\n2<\/td>\n-0.0402 %<\/td>\n2,864.2<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.24 %<\/td>\n4.02 %<\/td>\n74,487<\/td>\n16.94<\/td>\n22<\/td>\n0.6250 %<\/td>\n2,330.8<\/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\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
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.42 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 24.09
\nEvaluated at bid price : 24.35
\nBid-YTW : 4.61 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 24.17
\nEvaluated at bid price : 24.48
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Premium<\/td>\n1.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 24.92
\nEvaluated at bid price : 25.15
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset Disc<\/td>\n1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 18.85
\nEvaluated at bid price : 18.85
\nBid-YTW : 4.88 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.94 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 21.37
\nEvaluated at bid price : 21.37
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
NA.PR.S<\/td>\nFixedReset Disc<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 19.30
\nEvaluated at bid price : 19.30
\nBid-YTW : 3.96 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset Disc<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 17.05
\nEvaluated at bid price : 17.05
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nInsurance Straight<\/td>\n1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 17.90
\nEvaluated at bid price : 17.90
\nBid-YTW : 5.58 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 17.60
\nEvaluated at bid price : 17.60
\nBid-YTW : 4.99 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 9.45
\nEvaluated at bid price : 9.45
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n1.19 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 13.61
\nEvaluated at bid price : 13.61
\nBid-YTW : 4.31 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset Prem<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 23.93
\nEvaluated at bid price : 24.86
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n1.29 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 10.51
\nEvaluated at bid price : 10.51
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 12.62
\nEvaluated at bid price : 12.62
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
RY.PR.M<\/td>\nFixedReset Disc<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 18.50
\nEvaluated at bid price : 18.50
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 14.65
\nEvaluated at bid price : 14.65
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 23.67
\nEvaluated at bid price : 24.19
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2023-06-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 21.27
\nEvaluated at bid price : 21.27
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.58 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 20.53
\nEvaluated at bid price : 20.53
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n
TRP.PR.G<\/td>\nFixedReset Disc<\/td>\n1.60 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 15.84
\nEvaluated at bid price : 15.84
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 20.15
\nEvaluated at bid price : 20.15
\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 22.79
\nEvaluated at bid price : 23.65
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
CM.PR.Q<\/td>\nFixedReset Disc<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 20.73
\nEvaluated at bid price : 20.73
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n1.89 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 10.81
\nEvaluated at bid price : 10.81
\nBid-YTW : 4.69 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.92 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 15.95
\nEvaluated at bid price : 15.95
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n2.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 11.51
\nEvaluated at bid price : 11.51
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
SLF.PR.H<\/td>\nFixedReset Ins Non<\/td>\n2.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 16.57
\nEvaluated at bid price : 16.57
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset Ins Non<\/td>\n2.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.00 %<\/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.S<\/td>\nFixedReset Disc<\/td>\n183,182<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 21.30
\nEvaluated at bid price : 21.60
\nBid-YTW : 3.60 %<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset Prem<\/td>\n139,400<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.57
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
TD.PF.M<\/td>\nFixedReset Prem<\/td>\n126,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 23.40
\nEvaluated at bid price : 25.35
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
BNS.PR.G<\/td>\nFixedReset Prem<\/td>\n95,525<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-07-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.53
\nBid-YTW : 3.04 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n78,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 14.65
\nEvaluated at bid price : 14.65
\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n71,715<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 9.45
\nEvaluated at bid price : 9.45
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
There were 28 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
RY.PR.M<\/td>\nFixedReset Disc<\/td>\nQuote: 20.00 – 25.50
\nSpot Rate : 5.5000
\nAverage : 4.3477<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 3.82 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 15.84 – 17.00
\nSpot Rate : 1.1600
\nAverage : 0.6782<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 15.84
\nEvaluated at bid price : 15.84
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n

BAM.PF.E<\/td>\nFixedReset Disc<\/td>\nQuote: 15.95 – 17.00
\nSpot Rate : 1.0500
\nAverage : 0.6558<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 15.95
\nEvaluated at bid price : 15.95
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n

IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.95 – 19.44
\nSpot Rate : 0.4900
\nAverage : 0.2873<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n

CU.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.48 – 24.99
\nSpot Rate : 0.5100
\nAverage : 0.3469<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 24.17
\nEvaluated at bid price : 24.48
\nBid-YTW : 5.02 %<\/td>\n<\/tr>\n

GWO.PR.R<\/td>\nInsurance Straight<\/td>\nQuote: 24.50 – 25.05
\nSpot Rate : 0.5500
\nAverage : 0.3919<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2050-12-02
\nMaturity Price : 24.24
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.06%, equivalent to 6.58% 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 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-41668","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41668","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=41668"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41668\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}