{"id":41964,"date":"2021-02-18T01:01:16","date_gmt":"2021-02-18T06:01:16","guid":{"rendered":"http:\/\/prefblog.com\/?p=41964"},"modified":"2021-02-18T01:01:16","modified_gmt":"2021-02-18T06:01:16","slug":"february-17-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41964","title":{"rendered":"February 17, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.89%, equivalent to 6.36% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.01%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is sharply wider at 335bp than the 310bp reported February 10<\/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>\n-0.2687 %<\/td>\n2,245.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2687 %<\/td>\n4,121.0<\/td>\n<\/tr>\n
Floater<\/td>\n3.85 %<\/td>\n3.88 %<\/td>\n53,479<\/td>\n17.62<\/td>\n3<\/td>\n-0.2687 %<\/td>\n2,375.0<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0973 %<\/td>\n3,640.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.69 %<\/td>\n4.42 %<\/td>\n36,494<\/td>\n4.13<\/td>\n8<\/td>\n-0.0973 %<\/td>\n4,347.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0973 %<\/td>\n3,391.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.34 %<\/td>\n-1.39 %<\/td>\n72,294<\/td>\n0.08<\/td>\n18<\/td>\n-0.1300 %<\/td>\n3,246.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.93 %<\/td>\n4.89 %<\/td>\n83,762<\/td>\n15.44<\/td>\n13<\/td>\n-0.0406 %<\/td>\n3,757.3<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.61 %<\/td>\n3.61 %<\/td>\n172,797<\/td>\n17.91<\/td>\n56<\/td>\n0.1228 %<\/td>\n2,544.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.95 %<\/td>\n4.66 %<\/td>\n81,539<\/td>\n15.32<\/td>\n22<\/td>\n0.0144 %<\/td>\n3,634.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.27 %<\/td>\n2.59 %<\/td>\n28,940<\/td>\n20.77<\/td>\n2<\/td>\n-6.8724 %<\/td>\n2,115.0<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n2.88 %<\/td>\n229,684<\/td>\n0.92<\/td>\n20<\/td>\n-0.0803 %<\/td>\n2,713.4<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.80 %<\/td>\n1.69 %<\/td>\n174,300<\/td>\n0.94<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,892.0<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.41 %<\/td>\n3.37 %<\/td>\n115,970<\/td>\n18.34<\/td>\n22<\/td>\n-0.1793 %<\/td>\n2,760.3<\/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
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-11.94 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 12.17
\nEvaluated at bid price : 12.17
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n-2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 14.39
\nEvaluated at bid price : 14.39
\nBid-YTW : 2.59 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 24.20
\nEvaluated at bid price : 24.51
\nBid-YTW : 5.05 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.74 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 23.26
\nEvaluated at bid price : 24.27
\nBid-YTW : 5.17 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset Disc<\/td>\n-1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
EIT.PR.A<\/td>\nSplitShare<\/td>\n-1.54 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n
TD.PF.J<\/td>\nFixedReset Disc<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 23.08
\nEvaluated at bid price : 23.93
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\n-1.41 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 24.17
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 21.81
\nEvaluated at bid price : 22.18
\nBid-YTW : 3.36 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset Disc<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 22.51
\nEvaluated at bid price : 23.36
\nBid-YTW : 3.45 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 22.00
\nEvaluated at bid price : 22.50
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
BIP.PR.A<\/td>\nFixedReset Disc<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 22.38
\nEvaluated at bid price : 23.11
\nBid-YTW : 4.37 %<\/td>\n<\/tr>\n
TRP.PR.E<\/td>\nFixedReset Disc<\/td>\n1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 17.89
\nEvaluated at bid price : 17.89
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset Ins Non<\/td>\n1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 23.26
\nEvaluated at bid price : 24.25
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n2.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 23.29
\nEvaluated at bid price : 23.54
\nBid-YTW : 4.78 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n3.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 14.90
\nEvaluated at bid price : 14.90
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset Disc<\/td>\n3.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 23.05
\nEvaluated at bid price : 23.35
\nBid-YTW : 3.45 %<\/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.F<\/td>\nFloatingReset<\/td>\n100,700<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 12.17
\nEvaluated at bid price : 12.17
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n
SLF.PR.B<\/td>\nInsurance Straight<\/td>\n76,306<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 24.84
\nEvaluated at bid price : 25.07
\nBid-YTW : 4.84 %<\/td>\n<\/tr>\n
BNS.PR.H<\/td>\nFixedReset Prem<\/td>\n70,700<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-01-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.63
\nBid-YTW : 2.45 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\n68,400<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 21.34
\nEvaluated at bid price : 21.65
\nBid-YTW : 3.29 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset Prem<\/td>\n66,193<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.44
\nBid-YTW : 2.65 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset Disc<\/td>\n62,780<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 19.45
\nEvaluated at bid price : 19.45
\nBid-YTW : 3.76 %<\/td>\n<\/tr>\n
There were 43 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: 12.17 – 14.00
\nSpot Rate : 1.8300
\nAverage : 1.0818<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 12.17
\nEvaluated at bid price : 12.17
\nBid-YTW : 4.13 %<\/td>\n<\/tr>\n

IFC.PR.F<\/td>\nInsurance Straight<\/td>\nQuote: 25.85 – 27.24
\nSpot Rate : 1.3900
\nAverage : 1.1208<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2025-09-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.85
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

EIT.PR.A<\/td>\nSplitShare<\/td>\nQuote: 25.50 – 26.15
\nSpot Rate : 0.6500
\nAverage : 0.4200<\/p>\n

YTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2024-03-14
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.50
\nBid-YTW : 4.42 %<\/td>\n<\/tr>\n

BAM.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 20.00 – 20.74
\nSpot Rate : 0.7400
\nAverage : 0.5244<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

MFC.PR.Q<\/td>\nFixedReset Ins Non<\/td>\nQuote: 23.76 – 24.25
\nSpot Rate : 0.4900
\nAverage : 0.2992<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 22.97
\nEvaluated at bid price : 23.76
\nBid-YTW : 3.38 %<\/td>\n<\/tr>\n

MFC.PR.I<\/td>\nFixedReset Ins Non<\/td>\nQuote: 24.50 – 25.05
\nSpot Rate : 0.5500
\nAverage : 0.3790<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-17
\nMaturity Price : 24.17
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.89%, equivalent to 6.36% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.01%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is sharply wider 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-41964","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41964","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=41964"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41964\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}