{"id":41868,"date":"2021-01-20T20:23:20","date_gmt":"2021-01-21T01:23:20","guid":{"rendered":"http:\/\/prefblog.com\/?p=41868"},"modified":"2021-01-20T20:23:20","modified_gmt":"2021-01-21T01:23:20","slug":"january-20-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41868","title":{"rendered":"January 20, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 5.04%, equivalent to 6.55% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 2.85%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is unchanged at the 370bp reported December 30<\/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>\n0.8678 %<\/td>\n2,031.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.8678 %<\/td>\n3,727.6<\/td>\n<\/tr>\n
Floater<\/td>\n4.26 %<\/td>\n4.29 %<\/td>\n44,992<\/td>\n16.83<\/td>\n3<\/td>\n0.8678 %<\/td>\n2,148.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0293 %<\/td>\n3,635.7<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.29 %<\/td>\n38,938<\/td>\n3.73<\/td>\n8<\/td>\n-0.0293 %<\/td>\n4,341.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0293 %<\/td>\n3,387.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n-4.94 %<\/td>\n66,531<\/td>\n0.09<\/td>\n18<\/td>\n0.0239 %<\/td>\n3,233.4<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.00 %<\/td>\n5.04 %<\/td>\n69,052<\/td>\n15.40<\/td>\n13<\/td>\n-0.0980 %<\/td>\n3,693.0<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.90 %<\/td>\n3.79 %<\/td>\n141,278<\/td>\n17.48<\/td>\n56<\/td>\n0.2996 %<\/td>\n2,393.1<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.03 %<\/td>\n4.81 %<\/td>\n87,422<\/td>\n15.35<\/td>\n22<\/td>\n0.0550 %<\/td>\n3,570.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.48 %<\/td>\n0.34 %<\/td>\n25,937<\/td>\n0.12<\/td>\n3<\/td>\n0.7618 %<\/td>\n1,928.9<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n2.95 %<\/td>\n191,960<\/td>\n0.99<\/td>\n20<\/td>\n0.0864 %<\/td>\n2,701.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.93 %<\/td>\n1.97 %<\/td>\n179,290<\/td>\n1.01<\/td>\n2<\/td>\n0.0200 %<\/td>\n2,884.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.86 %<\/td>\n3.69 %<\/td>\n88,889<\/td>\n17.59<\/td>\n22<\/td>\n0.0495 %<\/td>\n2,506.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\n-2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 20.02
\nEvaluated at bid price : 20.02
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n
CM.PR.O<\/td>\nFixedReset Disc<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 19.11
\nEvaluated at bid price : 19.11
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 9.83
\nEvaluated at bid price : 9.83
\nBid-YTW : 4.38 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset Disc<\/td>\n1.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 16.52
\nEvaluated at bid price : 16.52
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\n1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 13.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 10.07
\nEvaluated at bid price : 10.07
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 19.10
\nEvaluated at bid price : 19.10
\nBid-YTW : 3.69 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 10.22
\nEvaluated at bid price : 10.22
\nBid-YTW : 4.23 %<\/td>\n<\/tr>\n
NA.PR.G<\/td>\nFixedReset Disc<\/td>\n1.51 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 22.80
\nEvaluated at bid price : 23.60
\nBid-YTW : 3.58 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 15.75
\nEvaluated at bid price : 15.75
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BNS.PR.I<\/td>\nFixedReset Disc<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 22.52
\nEvaluated at bid price : 23.14
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n2.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 16.01
\nEvaluated at bid price : 16.01
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 12.00
\nEvaluated at bid price : 12.00
\nBid-YTW : 3.08 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n3.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 20.82
\nEvaluated at bid price : 20.82
\nBid-YTW : 4.83 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n3.70 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 12.60
\nEvaluated at bid price : 12.60
\nBid-YTW : 4.04 %<\/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
PWF.PR.K<\/td>\nPerpetual-Discount<\/td>\n166,806<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 24.19
\nEvaluated at bid price : 24.45
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset Disc<\/td>\n102,630<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.34
\nBid-YTW : 3.39 %<\/td>\n<\/tr>\n
TD.PF.C<\/td>\nFixedReset Disc<\/td>\n91,615<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 20.95
\nEvaluated at bid price : 20.95
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n
BMO.PR.T<\/td>\nFixedReset Disc<\/td>\n90,900<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 19.82
\nEvaluated at bid price : 19.82
\nBid-YTW : 3.63 %<\/td>\n<\/tr>\n
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n78,090<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 3.44 %<\/td>\n<\/tr>\n
TD.PF.A<\/td>\nFixedReset Disc<\/td>\n67,350<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 20.92
\nEvaluated at bid price : 20.92
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n
There were 31 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
BAM.PR.X<\/td>\nFixedReset Disc<\/td>\nQuote: 13.00 – 14.75
\nSpot Rate : 1.7500
\nAverage : 1.1101<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 13.00
\nEvaluated at bid price : 13.00
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n

BAM.PF.I<\/td>\nFixedReset Prem<\/td>\nQuote: 25.50 – 26.50
\nSpot Rate : 1.0000
\nAverage : 0.5964<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.31 %<\/td>\n<\/tr>\n

CU.PR.H<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.89 – 26.89
\nSpot Rate : 1.0000
\nAverage : 0.6498<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-09-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.89
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n

BAM.PR.R<\/td>\nFixedReset Disc<\/td>\nQuote: 14.90 – 15.45
\nSpot Rate : 0.5500
\nAverage : 0.3040<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 4.63 %<\/td>\n<\/tr>\n

IFC.PR.G<\/td>\nFixedReset Ins Non<\/td>\nQuote: 20.02 – 20.75
\nSpot Rate : 0.7300
\nAverage : 0.5650<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 20.02
\nEvaluated at bid price : 20.02
\nBid-YTW : 4.05 %<\/td>\n<\/tr>\n

BAM.PF.G<\/td>\nFixedReset Disc<\/td>\nQuote: 17.15 – 17.66
\nSpot Rate : 0.5100
\nAverage : 0.3807<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-01-20
\nMaturity Price : 17.15
\nEvaluated at bid price : 17.15
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 5.04%, equivalent to 6.55% interest at the standard equivalency factor of 1.3x. Long corporates now yield 2.85%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is unchanged at the …<\/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-41868","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41868","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=41868"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41868\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}