{"id":41983,"date":"2021-02-24T22:26:01","date_gmt":"2021-02-25T03:26:01","guid":{"rendered":"http:\/\/prefblog.com\/?p=41983"},"modified":"2021-02-24T22:26:01","modified_gmt":"2021-02-25T03:26:01","slug":"february-24-2021","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41983","title":{"rendered":"February 24, 2021"},"content":{"rendered":"

PerpetualDiscounts now yield 4.97%, equivalent to 6.46% interest at the standard equivalency factor of 1.3x. Long corporates<\/a> now yield 3.16%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is slightly (and perhaps spuriously) narrower at 330bp than the 335bp reported February 17<\/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-0.6068 %<\/td>\n2,312.4<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6068 %<\/td>\n4,243.2<\/td>\n<\/tr>\n
Floater<\/td>\n3.74 %<\/td>\n3.77 %<\/td>\n51,764<\/td>\n17.86<\/td>\n3<\/td>\n-0.6068 %<\/td>\n2,445.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1609 %<\/td>\n3,672.6<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.16 %<\/td>\n36,248<\/td>\n4.19<\/td>\n8<\/td>\n-0.1609 %<\/td>\n4,385.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.1609 %<\/td>\n3,422.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n2.76 %<\/td>\n71,541<\/td>\n0.08<\/td>\n19<\/td>\n-0.0227 %<\/td>\n3,240.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.92 %<\/td>\n4.97 %<\/td>\n98,783<\/td>\n15.43<\/td>\n13<\/td>\n-0.1400 %<\/td>\n3,765.7<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n4.57 %<\/td>\n3.74 %<\/td>\n179,119<\/td>\n17.57<\/td>\n56<\/td>\n-0.0312 %<\/td>\n2,564.2<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n4.97 %<\/td>\n4.67 %<\/td>\n77,241<\/td>\n15.29<\/td>\n22<\/td>\n-0.2295 %<\/td>\n3,617.3<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.12 %<\/td>\n2.68 %<\/td>\n30,546<\/td>\n20.51<\/td>\n2<\/td>\n0.3194 %<\/td>\n2,251.2<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n5.12 %<\/td>\n3.19 %<\/td>\n235,394<\/td>\n0.90<\/td>\n20<\/td>\n0.0727 %<\/td>\n2,709.9<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n1.81 %<\/td>\n1.86 %<\/td>\n202,821<\/td>\n0.92<\/td>\n1<\/td>\n-0.0400 %<\/td>\n2,890.8<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n4.43 %<\/td>\n3.52 %<\/td>\n131,013<\/td>\n18.13<\/td>\n22<\/td>\n0.1170 %<\/td>\n2,765.5<\/td>\n<\/tr>\n<\/table>\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
TD.PF.B<\/td>\nFixedReset Disc<\/td>\n-3.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.59 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.60
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.15 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 23.84
\nEvaluated at bid price : 24.09
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset Disc<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 19.90
\nEvaluated at bid price : 19.90
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 14.45
\nEvaluated at bid price : 14.45
\nBid-YTW : 3.35 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 24.21
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n4.34 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 15.13
\nEvaluated at bid price : 15.13
\nBid-YTW : 3.66 %<\/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
BNS.PR.E<\/td>\nFixedReset Prem<\/td>\n512,825<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 3.19 %<\/td>\n<\/tr>\n
NA.PR.X<\/td>\nFixedReset Prem<\/td>\n180,000<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-05-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 2.38 %<\/td>\n<\/tr>\n
BMO.PR.Y<\/td>\nFixedReset Disc<\/td>\n133,100<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 22.10
\nEvaluated at bid price : 22.65
\nBid-YTW : 3.61 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n61,570<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 23.96
\nEvaluated at bid price : 24.25
\nBid-YTW : 4.64 %<\/td>\n<\/tr>\n
CM.PR.R<\/td>\nFixedReset Disc<\/td>\n61,043<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 23.76
\nEvaluated at bid price : 25.00
\nBid-YTW : 4.02 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset Disc<\/td>\n56,876<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 18.22
\nEvaluated at bid price : 18.22
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
There were 36 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
TD.PF.B<\/td>\nFixedReset Disc<\/td>\nQuote: 21.70 – 22.53
\nSpot Rate : 0.8300
\nAverage : 0.4829<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 21.38
\nEvaluated at bid price : 21.70
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n

BAM.PR.Z<\/td>\nFixedReset Disc<\/td>\nQuote: 21.60 – 22.08
\nSpot Rate : 0.4800
\nAverage : 0.3073<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 21.31
\nEvaluated at bid price : 21.60
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n

BMO.PR.S<\/td>\nFixedReset Disc<\/td>\nQuote: 22.30 – 22.62
\nSpot Rate : 0.3200
\nAverage : 0.2066<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 21.95
\nEvaluated at bid price : 22.30
\nBid-YTW : 3.49 %<\/td>\n<\/tr>\n

TRP.PR.D<\/td>\nFixedReset Disc<\/td>\nQuote: 18.22 – 18.88
\nSpot Rate : 0.6600
\nAverage : 0.5821<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 18.22
\nEvaluated at bid price : 18.22
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n

TRP.PR.G<\/td>\nFixedReset Disc<\/td>\nQuote: 19.75 – 20.00
\nSpot Rate : 0.2500
\nAverage : 0.1724<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 19.75
\nEvaluated at bid price : 19.75
\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n

MFC.PR.L<\/td>\nFixedReset Ins Non<\/td>\nQuote: 21.35 – 21.71
\nSpot Rate : 0.3600
\nAverage : 0.2877<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2051-02-24
\nMaturity Price : 21.35
\nEvaluated at bid price : 21.35
\nBid-YTW : 3.48 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

PerpetualDiscounts now yield 4.97%, equivalent to 6.46% interest at the standard equivalency factor of 1.3x. Long corporates now yield 3.16%, so the pre-tax interest-equivalent spread (in this context, the \u201cSeniority Spread\u201d) is slightly (and perhaps …<\/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-41983","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41983","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=41983"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41983\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}